Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 490

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 490
---
billion. The changes in sensitive amounts from December 31, 2023 to December 31, 2024 were an increase in positive fair value movement of € 261million, and an increase in negative fair value movement of € 64million. The change in positive fair value movements from December 31, 2023 to December 31, 2024 represents a 15% increase and the change in negative fair value movements represents a 5% increase. In the period, the bank has made refinements to the methodology for the calculation of L3 fair value sensitivity. These do not change the fair value of the L3 financial instruments. The Group’s sensitivity calculation of unobservable parameters for level 3 continues to align to the approach used to assess valuation uncertainty for prudent valuation purposes. This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of financial instruments for which valuation is dependent on unobservable input parameters. However, it is unlikely in practice that all unobservable parameters would be simultaneously at the extremes of their ranges of reasonably possible alternatives. Hence, the estimates disclosed above are likely to be greater than the true uncertainty in fair value at the balance sheet date. Furthermore, the disclosure is neither predictive nor indicative of future movements in fair value. For many of the financial instruments considered here, in particular derivatives, unobservable input parameters represent only a subset of the parameters required to price the financial instrument, the remainder being observable. Hence, for these instruments the overall impact of moving the unobservable input parameters to the extremes of their ranges might be relatively small compared with the total fair value of the financial instrument. For other instruments, fair value is determined based on the price of the entire instrument, for example, by adjusting the fair value of a reasonable proxy instrument. In addition, all financial instruments are already carried at fair values which are inclusive of valuation adjustments for the cost to close out that instrument and hence already factor in uncertainty as it reflects itself in market pricing. Any negative impact of uncertainty calculated within this disclosure, then, will be over and above that already included in the fair value contained in the financial statements.

| 247 |

| Deutsche Bank      |
| Annual Report 2024 |

Breakdown of the sensitivity analysis by type of instrument 1

|                                                |     |                                                          Dec 31, 2024 |     |                                                                       |     |                                                          Dec 31, 2023 |     |                                                                       |
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