Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 556

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 556
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 n/a |     | €31.64                                                    |     |                                                  1.9 |

The fair value of outstanding share-based awards was approximately € 74 million and € 72 million as of December 31, 2024 and 2023, respectively. Of the awards, approximately € 63 million and € 62 million has been recognized in the income statement up to the period ending 2024 and 2023 respectively, of which € 40 million and € 42 million as of December 31, 2024 and 2023 relate to fully vested awards. Total unrecognized expense related to share-based plans was approximately € 12 million and € 9 million as of December 31, 2024 and 2023 respectively, dependent on future share price development.

The fair value of the DWS Stock Appreciation Rights Plan awards have been measured using the generalized Black-Scholes model. The liabilities incurred are re-measured at the end of each reporting period until settlement. The principal inputs being the market value on reporting date, discounted for any dividends foregone over the holding periods of the award, and adjustment for expected and actual levels of vesting which includes estimating the number of eligible employees leaving the Group and number of employees eligible for early retirement. The inputs used in the measurement of the fair values at grant date and measurement date were as follows.

|                                           |     | Measurement dateDec 31, 2024 |     | Measurement dateDec 31, 2023 |
|:------------------------------------------|:----|-----------------------------:|:----|-----------------------------:|
| Units (in thousands)                      |     |                          367 |     |                          735 |
| Fair value                                |     |                       €17.72 |     |                       €10.81 |
| Share price                               |     |                       €39.80 |     |                       €34.80 |
| Exercise price                            |     |                       €22.33 |     |                       €24.65 |
| Expected volatility (weighted-average)    |     |                          33% |     |                          32% |
| Expected life (weighted-average) in years |     |                          0.8 |     |                          1.9 |
| Expected dividends (% of income)          |     |                          65% |     |                          88% |

Given there is no liquid market for implied volatility of DWS shares, the calculation of DWS share price volatility is based on 5-year historical data for DWS and