Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 484

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 484
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 in active marketsare instruments where the fair value can be determined directly from prices which are quoted in active, liquid markets. These include: government bonds, exchange-traded derivatives and equity securities traded on active, liquid exchanges. Level 2 – Instruments valued with valuation techniques using observable market dataare instruments where the fair value can be determined by reference to similar instruments trading in active markets, or where a technique is used to derive the valuation but where all significant inputs to that technique are observable. These include: many OTC derivatives, many investment-grade listed credit bonds, some CDS. Level 3 – Instruments valued using valuation techniques using market datawhich is not directly observable are instruments where the fair value cannot be determined directly by reference to market-observable information, and some other pricing technique must be employed. Instruments classified in this category have an input to that technique which is unobservable, and which can have a significant impact on the fair value. These include: more-complex OTC derivatives, distressed debt, highly-structured bonds, illiquid asset-backed securities (ABS), illiquid CDO’s (cash and synthetic), some private equity placements, many commercial real estate (CRE) loans, illiquid loans, and some municipal bonds.

| 242 |

| Deutsche Bank      |
| Annual Report 2024 |

Financial instruments held at fair value 1

|                                                                             |     |                          Dec 31, 2024 |     |                                                 |     |                                                   |     |                          Dec 31, 2023 |     |                                                 |     |                                                   |
|:----------------------------------------------------------------------------|:----|--------------------------------------:|:----|------------------------------------------------:|:----|--------------------------------------------------:|:----|--------------------------------------:|:----|------------------------------------------------:|:----|--------------------------------------------------:|
| in € m.                                                                     |     | Quotedprices inactive market(Level 1) |     | Valuationtechniqueobservableparameters(Level 2) |     | Valuationtechniqueunobservableparameters(Level 3) |     | Quotedprices inactive market(Level 1) |     | Valuationtechniqueobservableparameters(Level 2) |     | Valuationtechniqueunobservableparameters(Level 3) |
| Financial assets held at fair value:                                        |     |                                       |     |                                                 |     |                                                   |     |                                       |     |                                                 |     |                                                   |
| Trading assets                                                              |     |                                52,387 |     |                                          78,237 |     |                                             9,148 |     |                                53,095