Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 228

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 228
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) on Financial Assets/Liabilities at Fair Value through Profit or Loss”, Note 22 “Leases”, Note 26 “Deposits” and Note 30 “Long-Term Debt and Trust Preferred Securities”.

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Outlook [Page intentionally left blank for SEC filing purposes]

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Risks and opportunities [Page intentionally left blank for SEC filing purposes]

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Risk Report

|     | Introduction –41                            |
| 43  | Risk and capital overview                   |
|     | Key risk metrics –43                        |
|     | Risk profile –44                            |
| 46  | Risk and capital framework                  |
|     | Risk management principles –46              |
|     | Risk governance –47                         |
|     | Risk appetite and capacity –49              |
|     | Risk and capital plan –50                   |
|     | Stress testing –52                          |
|     | Risk measurement and reporting systems –53  |
|     | Recovery and resolution planning –55        |
| 56  | Risk and Capital Management                 |
|     | Capital management –56                      |
|     | Resource limit setting –56                  |
|     | Risk identification and assessment –57      |
|     | Credit Risk Management –57                  |
|     | Market Risk Management –75                  |
|     | Operational risk management –82             |
|     | Liquidity risk management –87               |
|     | Enterprise risk management –92              |
|     | Model Risk Management –95                   |
|     | Reputational Risk Management –96            |
|     | Information security –97                    |
| 102 |                                             |
|     | Capital, Leverage Ratio, TLAC and MREL –102 |
|     | Credit Risk Exposure –118                   |
|     | Trading Market Risk Exposures –154          |
|     | Non-trading Market Risk Exposures –157      |
|     | Operational risk exposure –159              |
|     | Liquidity Risk Exposure –160                |

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Introduction [Page intentionally left blank for SEC filing purposes]

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| Annual Report 2024 |

Introduction Disclosures in line with IFRS 7 The following Risk Report provides qualitative and quantitative disclosures about