Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 564

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 564
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10,532 |     | 3,912 |     | 1,003 |     | 1,071 |     | 16,518 |
| Funded status, end of year                                            |     |      28 |     |   886 |     |  -169 |     |    92 |     |    837 |
| Change in irrecoverable surplus (asset ceiling)                       |     |         |     |       |     |       |     |       |     |        |
| Balance, beginning of year                                            |     |       0 |     |     0 |     |     0 |     |  -107 |     |   -107 |
| Interest cost                                                         |     |       0 |     |     0 |     |     0 |     |    -2 |     |     -2 |
| Changes in irrecoverable surplus                                      |     |       0 |     |     0 |     |     0 |     |    13 |     |     13 |
| Exchange rate changes                                                 |     |       0 |     |     0 |     |     0 |     |    -6 |     |     -6 |
| Balance, end of year                                                  |     |       0 |     |     0 |     |     0 |     |  -102 |     |   -102 |
| Net asset (liability) recognized                                      |     |      28 |     |   886 |     |  -169 |     |   -10 |     |   7352 |
| Fair value of reimbursement rights                                    |     |       0 |     |     0 |     |     0 |     |     3 |     |      3 |

1 For funded plans only

2 Thereof € 1.1billion recognized in Other assets and € 353million in Other liabilities

| 301 |

| Deutsche Bank      |
| Annual Report 2024 |

Investment Strategy The Group’s investment objective is to protect the Group from adverse impacts of its defined benefit pension plans on key financial metrics. The primary focus is to protect the plans’ IFRS funded status in the case of adverse market scenarios. Investment managers manage pension assets in line with investment mandates or guidelines as agreed with the pension plans’ trustees and investment committees. For key defined benefit plans for which the Group aims to protect the IFRS funded status, the Group applies a liability