Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 5

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 5
---
 2024 have been omitted, as indicated therein. The included Annual Report 2024 contains the consolidated financial statements, which the bank refers to in response to Items 8 and 18. The Annual Report 2024 and consolidated financial statements included herein differ from those Deutsche Bank publishes for other purposes (the “non-SEC” versions thereof) in that the financial information presented in the Annual Report 2024 and consolidated financial statements included herein has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial information presented in the non-SEC Annual Report 2024 and consolidated financial statements included therein, by contrast, has been prepared in accordance with IFRS as issued by the IASB and endorsed by the European Union (EU), including, effective as of January 1, 2020, the application of fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in accordance with the EU carve-out version of International Accounting Standard (IAS) 39. For further information, see Note 1, “Material accounting policies and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements. Such consolidated financial statements differ from those contained in the Annual Report 2024 used for other purposes (the “non-SEC financial statements”) in that (i) Notes 42, 43 and 44 of the non-SEC financial statements, which address non-U.S. requirements, have been deleted, and (ii) Note 42, which addresses U.S. requirements, has been added to the included financial statements. The consolidated financial statements have been audited by EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, as described in their “Report of Independent Registered Public Accounting Firm” included in the Annual Report 2024. Such report is included only in the version of the Annual Report 2024 included in this Annual Report on Form 20-F.

| 5 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Cautionary Statement Regarding Forward-Looking Statements Deutsche Bank makes certain forward-looking statements in this document with respect to its financial condition and results of operations. In this document, forward-looking statements include, among others, statements relating to: – The potential development and impact on the bank of economic and business conditions, along with the legal and regulatory environment to which the bank is subject, including the challenging macroeconomic environment in