DEKA_AR24_E

DEKA_AR24_E_s

Deka Group Annual Report 2024 Deka Group at a glance BUSINESS DEVELOPMENT INDICATORS 31 Dec 2024 31 Dec 2023 Change (%) Total assets Asset management volume Deka certificate volume Total of asset management volume and Deka certificate volume €m €m €m €m Number of securities accounts thousand Asset management net sales Gross certificate sales Total sales PERFORMANCE INDICATORS Total income Total expenses Economic result Total of profit or loss before tax Return on equity before tax (balance sheet) Cost/income ratio RISK INDICATORS – NORMATIVE PERSPECTIVE Own funds Risk-weighted assets Total capital ratio Common Equity Tier 1 capital ratio Leverage ratio MREL Ratio (RWA based) MREL Ratio (leverage ratio exposure based) Subordinated MREL requirements (risk-weighted assets based) Subordinated MREL requirements (leverage ratio exposure based) Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) RISK INDICATORS – ECONOMIC PERSPECTIVE Risk appetite Total risk Utilisation of risk appetite RATING LONG-TERM (SHORT-TERM) €m €m €m €m €m €m €m % % €m €m % % % % % % % % % €m €m % 92,917 394,132 21,724 415,856 5,704 2024 13,949 14,973 28,922 2,218.0 1,325.8 892.2 964.3 13.9 59.2 84,800 357,730 23,216 380,947 5,477 2023 –11,958 17,664 5,707 2,282.9 1,311.3 971.5 1,107.2 15.8 54.4 31 Dec 2024 31 Dec 2023 7,448 30,814 24.2 19.8 8.2 53.2 20.0 37.5 14.1 117.9 192.0 4,500 2,601 57.8 7,230 30,486 23.7 19.2 9.2 54.1 23.5 37.7 17.9 120.9 209.0 4,300 2,553 59.4 9.6 10.2 –6.4 9.2 4.1 216.7 –15.2 (> 300) –2.8 1.1 –8.2 –12.9 –1.9%-Points 4.7%-Points 3.0 1.1 0.5%-Points 0.6%-Points –1.0%-Points –0.8%-Points –3.4%-Points –0.1%-Points –3.8%-Points –2.9%-Points –17.0%-Points 4.7 1.9 –1.6%-Points Moody's Standard & Poor's SUSTAINABILITY RATING MSCI ESG ISS ESG Sustainalytics Moody's ESG Solutions KEY EMPLOYEE FIGURES Number of employees Number of active employees Aa1 (P-1) A (A-1) Aa2 (P-1) A (A-1) A A C (Prime) C (Prime) 16.3 Low Risk 16.9 Low Risk 55/100 Robust 55/100 Robust 5,727 4,971 5,492 4,702 4.3 5.7 Due to roundings, numbers and percentages presented in this report may not add up precisely to the totals provided.

CONTENTS FOREWORD BY THE BOARD OF MANAGEMENT REPORT OF THE ADMINISTRATIVE BOARD GROUP MANAGEMENT REPORT At a glance Information about the Deka Group Economic report Forecast and opportunities report Risk report Sustainability report 4 6 11 12 13 30 52 59 110 ASSURANCE OF THE BOARD OF MANAGEMENT INDEPENDENT AUDITOR’S REPORT ASSURANCE REPORT ON A LIMITED ASSURANCE ENGAGEMENT ON THE CONSOLIDATED SUSTAIN- ABILITY STATEMENT CONSOLIDATED FINANCIAL STATEMENTS Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes 413 414 415 416 418 420 OTHER INFORMATION Shareholders, subsidiaries and associated companies Administrative Board and Board of Management of DekaBank Fund-related committees Glossary Headquarters and addresses 533 534 543 548 549 551 554 561 565

Foreword by the Board of Management Deka Group Annual Report 2024 Foreword by the Board of Management Dear shareholders and investors, 2024 was a year of political, social and technological upheaval. We are halfway through a decade of transformation and it is increasingly important in such a challenging environment to involve people and safeguard their prosperity. Deka is making a key contribution here. It is our job to protect and grow the assets entrusted to us. This is based on a stable, future-viable business model, which we demonstrated once again last year. We achieved our fourth-highest economic result in company history, of €892m, which was significantly above the average of the past decade. We generated a return on balance sheet equity before tax of 13.9% for our owners, and the Common Equity Tier 1 capital ratio rose to 19.8%. Deka is on stable and resilient footing, and is in a position to raise the necessary funds to invest in the expan- sion of the business model itself. The high quality of our products and services was independently confirmed once again in 2024. Deka Investment was named best investment company in the two most distinguished benchmark tests in the market in early 2025. This double win serves as particular recognition of the fruitful efforts of our staff, and as motivation to continue generating positive results for our shareholders. Total sales increased to €28.9bn in 2024 thanks to the expert advice provided at the savings banks and the tailwind from the positive global stock market trend. The main contributor, in addition to the positive sales of €3.2bn to institu- tional customers, was retail customer business, with sales of €25.7bn, of which €20bn was attributable to retail investors. We saw considerable growth in both lump-sum investments in funds and investment savings plans, with an increase in the latter of 583,000 – more than twice that of 2023 – to around 8.2 million. This forms a very good basis for our business. Customers continued to favour Deka’s open-ended real estate funds, despite the challenges in the real estate markets, because they acknowledge their good quality. Net sales of open-ended real estate funds amounted to €350m. The Private Banking & Wealth Management segment contributed almost €6bn to the high sales in the retail customer business. This increase to significantly higher sales compared to the previous year shows that the reorientation of the segment two years ago paid off. As of the start of this year, we were managing assets from funds and certificates in the amount of approximately €57bn, making us the largest private banking provider in the Sparkassen-Finanzgruppe. 4

Foreword by the Board of Management Deka Group Annual Report 2024 We are maintaining the speed of change with respect to megatrends. Customer needs and requirements are also changing at an accelerating pace as digitalisation progresses. Deka has positioned itself as a pioneer of innovation within the Sparkassen-Finanzgruppe for the benefit of its customers, by constantly working on the performance of its business model. As in the preceding years, we invested more than €100m in digitalisation, innovation and new technology across the Deka Group in 2024. We aim to digitalise the entire value chain in the securities business, which will give the savings banks a competitive edge and provide simple and bespoke investment solutions for end customers. We not only invest in technology, we also invest in people. Our employee headcount has increased by around 1,000 since the decade began, roughly one-quarter of whom joined us last year. Our employee satisfaction has been consistently high for years, with the last survey showing a level of around 90%. We invest a great deal in ensuring that our employees are willing and able to accept change, for the benefit of our customers. Flexibility, innovative spirit and agility are basic skills in an ever-accelerating world. The transformation is an immense challenge for our economy, society and each individual – but also a great opportunity to play an active role in shaping the future. For us, transformation means looking at precisely where change is worthwhile and where it is necessary. But it also means living up to the values that Deka stands for. We and the savings banks strive to achieve positive results for our customers and provide our employees with an innovative and secure working environment. Sincerely, Dr. Georg Stocker Dr. Matthias Danne Birgit Dietl-Benzin Daniel Kapffer Torsten Knapmeyer Martin K. Müller 5

Report of the Administrative Board Deka Group Annual Report 2024 Report of the Administrative Board for the 2024 financial year During the reporting year, the Administrative Board and its committees carried out the duties assigned to them by law, the Bank’s statutes and its rules of procedure. The members of the Administrative Board and its committees regu- larly advised the Board of Management on management issues and oversaw proper conduct of the Bank’s affairs by the management. They were involved in all fundamentally significant decisions regarding the company. Key issues of Administrative Board meetings A total of four ordinary meetings took place in the reporting year, during which the Board of Management informed the Administrative Board about the Bank’s current business trends and profit performance, its risk position and the Deka Group’s strategic direction. The Board of Management reported on the business and risk strategies and discussed these with the Administrative Board in the meetings. The Administra- tive Board approved the medium-term plan for the years 2025 to 2027 that was prepared on this basis and submitted by the Board of Management. The reports on the activities of Audit and Compliance, along with the remuneration report for the 2023 financial year, were also submitted to the Administrative Board. The Administrative Board was provided with regular reports about the implications of developments in the international capital markets for the Bank’s earnings, liquidity and risk position, as well as management measures taken by the Board of Management. The situation on the international real estate markets, the result- ing effects on DekaBank’s real estate financing portfolio and the real estate fund business also remained focal points in 2024. Moreover, the Administrative Board addressed the status of ongoing projects and regulatory issues, took decisions on Board of Management matters and made recommendations regarding elections to the Administrative Board. Supervisory matters were a further priority of the Administrative Board’s work in 2024. At the Administrative Board meeting on 21 March 2024, representatives from ECB Banking Supervision explained the contents of the 2023 SREP decision (“Supervisory Review and Evaluation Process”) for the Deka Group and discussed it with the Administrative Board. Between meetings, the Board of Management informed the Administrative Board in writing of any significant events. Important topics and pending decisions were discussed regularly between the Chairman of the Administrative Board and the Chairman of the Board of Management. 6

Report of the Administrative Board Deka Group Annual Report 2024 The Administrative Board also held two extraordinary meetings in 2024. At one of these meetings, the Administrative Board addressed deliberations of the Board of Management on a matter relating to an equity investment, and in this context also discussed options for modernising and refining the technical platform for DekaBank custody accounts. The other extraordinary meeting concerned ECB Banking Supervision proposals regarding the work and composition of the Administrative Board. The Administrative Board also held two training events in financial year 2024, on the topics “Practical examples of digital assets” and “Artificial intelligence – the basics and practical application examples”. The Administrative Board and its committees observed the rules on the handling of conflicts of interest. If Administrative Board members were exposed to a possible conflict of interest regarding individual matters, they did not take part in the discussion or vote on the topic concerned. The same applied to committee members. Administrative Board Committees The Administrative Board has a General and Nominating Committee, a Remu- neration Supervision Committee, an Audit Committee and a Risk and Credit Committee. The committees are made up of the members of the Administra- tive Board. They support the work of the Administrative Board and carry out preparatory work on the issues and resolutions to be discussed in the main Board meetings. The committees’ duties are specified in the Administrative Board’s rules of procedure. The General and Nominating Committee held four ordinary meetings in 2024, focusing primarily on the business model and the strategic development of the Deka Group. Another focus of its work again in 2024 was on matters relating to the Board of Management, including contractual and remuneration arrange- ments. The committee also conducted preparatory work for the Administrative Board’s discussions on supervisory matters. An extraordinary meeting of the Committee was also held in this regard in 2024, concerning the proposals of the ECB Banking Supervision on the work and the composition of the Adminis- trative Board. This meeting was held in advance of the aforementioned Admin- istrative Board meeting. The Remuneration Supervision Committee met four times in the reporting year. It discussed the remuneration report and the remuneration supervision report for 2023, gave consideration to whether the remuneration systems for the Board of Management and employees were set up appropriately and prepared resolutions on Board of Management members’ remuneration and targets. 7

Report of the Administrative Board Deka Group Annual Report 2024 The Audit Committee held four ordinary meetings in 2024. It conducted a detailed review of the annual financial statements and consolidated financial statements. It monitored the requisite independence of the auditor, Deloitte, and the quality of the audit, discussed and approved the additional services performed by the auditor, and engaged the auditor to perform the audit based on the key audit priorities established. In addition, the committee concluded the fee agreement for the auditor. The Audit Committee extensively reviewed the Deka Group’s financial account- ing. It obtained reports on the audit activities of supervisory authorities, external auditors, Internal Audit and Compliance, and on the resulting action to be taken. The committee discussed the report on the internal control system (ICS) and its effectiveness, the annual reports on outsourcing management, and of the Data Protection and Information Security Officers, as well as the Sustain- ability Report in accordance with the new European Sustainability Reporting Standards (ESRS) in preparation for implementation of the Corporate Sustain- ability Reporting Directive (CSRD). The members of the Risk and Credit Committee met four times during the reporting year. At its meetings, the committee held in-depth discussions on DekaBank’s risk situation, particularly in relation to the potential impacts of geopolitical tensions. This examination included counterparty, market price, liquidity and operational risks in this context. These risks also encompass legal and reputational risks as well as risks arising from guarantee commitments in relation to pension products. Other key areas discussed by the Risk and Credit Committee were the risk strategies, the implementation of the requirements of the ECB Guide on climate-related and environmental risks and the Digital Operational Resilience Act (DORA), the update to the recovery plan and other work on the resolution plan to be prepared by the relevant resolution authorities. In its capacity as a loan approval body, the committee passed relevant resolu- tions and familiarised itself with the risk position in the lending business. In the context of potential default risks resulting from geopolitical crises and difficult global economic conditions, it received detailed reports and explanations on the development of loan portfolios, on the estimated risks for relevant expo- sures and selected counterparties in the capital markets business, and on the risk provisioning measures taken. At its meetings, the committee regularly discussed the risk situation in the real estate financing portfolio, particularly with regard to the development of collateral value, risk provision requirements and follow-up financing risk. The Risk and Credit Committee also discussed the business focus in the lending business with the Board of Management. 8

Report of the Administrative Board Deka Group Annual Report 2024 The work of the DekaBank Security Operations Centers (SOC) on preventing cyber risks was presented to the Audit Committee and the Risk and Credit Committee during a joint on-site visit. The committees’ chairs or deputy chairs regularly reported to the Administra- tive Board on the results of the discussions held by the respective committee. Audit and approval of the annual financial statements and consolidated financial statements for 2024 The Shareholders’ Meeting of DekaBank appointed Deloitte GmbH Wirtschafts- prüfungsgesellschaft (Deloitte) as the auditor for financial year 2024. Deloitte audited DekaBank’s 2024 financial statements and management report, as well as the consolidated financial statements, notes and Group management report, and issued an unqualified audit opinion on them. The financial statements were provided to the members of the Administrative Board, along with Deloitte’s reports. The auditor attended both the correspond- ing meetings of the Audit Committee and the accounts meeting of the Adminis- trative Board held today. The auditor reported on the findings of their audit and provided additional information where required. The Administrative Board took note of the auditor’s findings and, following its own examination, raised no objections. The Administrative Board approved the 2024 financial statements and submitted a proposal to the Shareholders’ Meeting regarding the appropriation of accumu- lated profit. The Administrative Board additionally approved the consolidated financial statements for 2024. The Administrative Board also discussed the consolidated non-financial statement (consolidated sustainability statement) and the DekaBank non-financial statement for financial year 2024, which form part of the Group management report of Deka Group and the management report of DekaBank, respectively. The auditor Deloitte was also engaged to perform a limited assurance engagement on the consolidated sustainability statement. No matters came to Deloitte’s attention that could cause it to believe that the consolidated sustainability statement is not prepared, in all material respects, in accordance with the requirements of the CSRD and Article 8 of Regulation (EU) 2020/852, sections 315b and 315c of the German Commercial Code (Handelsgesetzbuch, HGB) to prepare a non- financial statement. Following its own examination, the Administrative Board also raised no objections. 9

Report of the Administrative Board Deka Group Annual Report 2024 Changes to the Board of Management and Administrative Board There were no changes in the composition of the Board of Management in the reporting year. In the course of 2024, Mr Jürgen Schäfer, Mr Peter Schneider, Mr Michael Bräuer, Mr Thomas Mang and Mr Edwin Quast left the Administrative Board. Newly elected or appointed to the Administrative Board were Ms Marion Blume (Chair- woman of the Staff Council, DekaBank Deutsche Girozentrale), Dr Matthias Neth (President of the Savings Banks Association Baden-Württemberg), Mr Cord Bockhop (President of the Savings Banks Association Lower Saxony), Mr Christoph Helmschrott (Chairman of the Man agement Board of Sparkasse Passau) and Mr Ulrich Lepsch (Chairman of the Management Board of Sparkasse Spree-Neiße). As of 1 July 2024, Mr Mang was succeeded by Mr Michael Breuer as second Deputy Chairman of the Administrative Board and Mr Walter Strohmaier as Chairman of the Risk and Credit Committee. The Administrative Board would like to thank all members who left the Board for their valuable work and the constructive support they provided to DekaBank and its Board of Management. Supervision of DekaBank is exercised by the Federal Minister of Finance. The Deka Group performed very well in the 2024 financial year, despite con- siderable geopolitical and global economic headwinds, and proved the stability of its business model even in this difficult market environment. This reflects the successful work of the Board of Management and of the Deka Group’s em ployees. The Administrative Board would like to express its thanks and appreciation for the great commitment they have demonstrated. Frankfurt am Main, 3 April 2025 The Administrative Board Prof. Ulrich Reuter Chairman of the Administrative Board 10

GROUP MANAGEMENT REPORT At a glance Information about the Deka Group Economic report Forecast and opportunities report Risk report Sustainability report 12 13 30 52 59 110

Group management report | At a glance Deka Group Annual Report 2024 Group management report At a glance The Deka Group can look back on 2024 as a year in which the global economy proved resilient overall in the face of geopolitical conflict. A marked drop in inflation and the start of a cycle of rate cuts sent stock markets soaring to new highs. Volatility on equity and bond markets started to increase towards the end of the year due to the US elections and government crises in a number of eurozone countries. Although the German economy contracted and the eurozone reported only weak growth, economic development was robust in global terms. In this environment, Deka maintained its systematic focus on supporting savings banks and institutional customers. The investment fund business picked up again in 2024. Expert advice offered by the savings banks helped customers to keep investing. This was also reflected in an encouraging increase in savings plans. In the period under review, investors signed up to around 583,000 (net figure) new investment savings plans (year-end 2023: around 222,000). The Deka Group’s total sales stood at €28.9bn, compared with €5.7bn in the previous year. The total of the asset management and Deka certificates volume came to €415.9bn at the end of 2024 (year-end 2023: €380.9bn). The Deka Group generated a good economic result of €892.2m, below the prior-year value of €971.5m as expected. The decline was mainly attributable to valuation effects from own issues due to changed market parameters. All in all, Deka is satisfied with its business development and profit performance. Income amounted to €2,218.0m (2023: €2,282.9m). There was an improvement in net interest and commission income year on year. Additions to risk provisions in the lending and securities business were down on the previous year. Net financial income and other operating profit were lower. Net commission income remained the main component of the Deka Group’s income, accounting for around 76%. Expenses came to €1,325.8m, up on the previous year’s figure (€1,311.3m), as expected. There was a slight increase in personnel and other administrative expenses, partly due to the increase in headcount to take advantage of growth opportunities and to investments in the business model. The fact that no bank levy was charged in 2024 had the opposite effect. The cost/income ratio was 59.2% (2023: 54.4%). The return on equity before tax (balance sheet) was 13.9%, compared with 15.8% in 2023. The Deka Group’s financial position remains sound. DekaBank also has one of the best capital market ratings among its peer group of German commercial banks. The Common Equity Tier 1 capital ratio at the close of 2024 stood at 19.8% (year-end 2023: 19.2%). The risk-bearing capacity analysis showed a utilisation of risk appetite of 57.8%, as against 59.4% at the end of 2023. See also: Business development and profit performance in the Deka Group: page 35 ff. See also: Sustainability report: page 110 ff. On 24 July 2024, the German cabinet unveiled the government draft of the act to transpose the Corporate Sustainability Reporting Directive (CSRD) into German law. The CSRD was to replace the existing EU Non- Financial Reporting Directive (NFRD) for reporting as at 31 December 2024. The collapse of the governing coalition meant that the changes resulting from the CSRD and the Transparency and Accounting Directives in particular could no longer be transposed into German law in 2024. The provisions of the CSRD Implem- entation Act (CSR-Richtlinie-Umsetzungsgesetz, CSR-RUG) continue to apply, among others, in accordance with the Non-Financial Reporting Directive (NFRD). The Deka Group’s sustainability reporting (consolidated non-financial statement) was prepared applying the European Sustainability Reporting Standards (ESRS) in full for the very first time and has been included as a separate section of the Group management report. It also fulfils the requirements for the consolidated non-financial statement in accordance with sections 315b and 315c of the German Commercial Code (Handelsgesetzbuch, HGB). 12

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Information about the Deka Group Deka Group profile and strategy ................................................................................................. 13 Business divisions, sales units and corporate centres .................................................................... 20 Influencing factors, market position and awards ......................................................................... 26 Risk and profit management at the Deka Group ......................................................................... 28 Deka Group profile and strategy The Deka Group, comprising DekaBank Deutsche Girozentrale (DekaBank) and its subsidiaries in Germany and other countries, is the securities service provider (the Wertpapierhaus) for the German savings banks and part of the Sparkassen-Finanzgruppe (Savings Banks Association). DekaBank is classified by the German Federal Financial Supervisory Authority (BaFin) as an “other systemically important institution”. Legal structure DekaBank is a German federal institution incorporated under public law with registered offices in Frankfurt / Main and Berlin. It is wholly owned by the German savings banks. 50% of the shares are held via Deka Erwerbs- gesellschaft mbH & Co. KG. The savings banks hold their interests via this company, which is owned by their regional savings bank and giro associations. The other 50% of the shares are held by the German Savings Bank and Giro Association (Deutscher Sparkassen- und Giroverband – DSGV ö.K.). DekaBank and thus the entire Deka Group are a key part of the Sparkassen-Finanzgruppe. DekaBank is a member of the Sparkassen-Finanzgruppe deposit guarantee system. The deposit guarantee system of the Sparkassen-Finanzgruppe protects deposits with a savings bank, a state bank (Landesbank), DekaBank or a state building society (Landesbausparkasse). Organisational structure The Deka Group divides its business into five business divisions that bring together similar activities. Asset management activities are handled by the Asset Management Securities and Asset Management Real Estate business divisions. The Group’s banking business is covered by the Capital Markets and Financing business divisions. The fifth business division – Asset Management Services – provides banking services for asset management. The cross-divisional sales units – Savings Banks Sales for private customers (which is subdivided into Retail Customers and Private Banking & Wealth Management) and Institutional Customer Sales – act as the inter- face with sales partners and customers. The corporate centres support the business divisions and sales departments throughout the value chain. Major companies and locations The Deka Group has its headquarters in Frankfurt / Main, which is also home to the investment management companies Deka Investment GmbH, Deka Immobilien Investment GmbH and Deka Vermögensmanage- ment GmbH and the robo-advisor company bevestor GmbH. A further investment management company – WestInvest GmbH – is based in Düsseldorf. S Broker AG & Co. KG has its registered office in Wiesbaden, while S-PensionsManagement GmbH (in which DekaBank has a 50% shareholding) is headquartered in Cologne. 13

Group management report | Information about the Deka Group Deka Group Annual Report 2024 In Luxembourg, the Deka Group is represented by DekaBank Deutsche Girozentrale Niederlassung Luxemburg and the investment management companies Deka International S.A. and Deka Vermögens- management GmbH (Luxembourg branch). The Austrian fund manufacturer IQAM Invest GmbH is head- quartered in Salzburg. Corporate management and supervision As an institution incorporated under public law, DekaBank is not subject to the German Corporate Governance Code. Nevertheless, the Deka Group strictly adheres to the principles of good and responsible corporate governance. The guidelines for the management and supervision of the Group ensure that the responsibilities of boards and committees are clearly defined and enable efficient decision-making processes. As a member of the Sparkassen-Finanzgruppe, the Deka Group is committed to the principles of subsidiarity and a focus on the greater good. Both the company’s own Code of Ethics and the risk culture framework are based on this commitment. The Code of Ethics serves as a binding framework for employees acting on the Deka Group’s behalf and is a key component of the corporate culture. The risk culture framework lays down binding guidelines for the responsible handling of risks in the Deka Group and for compliance among employees, managers, managing directors and Board members in relation to this. DekaBank is managed collectively by the Board of Management. The Board of Management takes a holistic approach to managing the Deka Group, always considering the strategic direction and risks. The Board is divided into divisions, each under the responsibility of a designated member. This ensures a clear distribution of roles and core competencies in the Board of Management. At the reporting date, the Board of Management consists of six members. The responsibilities are as follows: CEO: Dr. Georg Stocker Deputy CEO & Asset Management: Dr. Matthias Danne Risk (CRO): Birgit Dietl-Benzin Finance (CFO) & Operations (COO): Daniel Kapffer Sales: Torsten Knapmeyer Banking business: Martin K. Müller The Board of Management is supported by in-house management committees in an advisory capacity. DekaBank actively incorporates its sales partners’ market proximity and expertise via three specialist advisory boards, which also advise the Board of Management, and six regional sales committees (securities committees of the regional savings banks). The Administrative Board oversees the Board of Management and thus performs a supervisory role. It comprises shareholder and employee representatives as well as representatives from the Bundesvereinigung der kommunalen Spitzenverbände (German Federal Association of Central Municipal Organisations), who act in an advisory capacity. The Administrative Board’s work is performed in part by the full Board and in part by various committees. To this end, the Administrative Board has established a General and Nominating Committee, an Audit Committee, a Risk and Credit Committee and a Remuneration Supervision Committee, appointing members from within its own ranks. With the exception of the employee representatives and representatives from the Bundesvereinigung der kommunalen Spitzenverbände, the members of the Administrative Board are appointed by the Shareholders' Meeting. 14

Group management report | Information about the Deka Group Deka Group Annual Report 2024 The responsibilities of the boards and committees are assigned by the Bank’s statutes. The DekaBank Administrative Board has adopted rules of procedure and various policies, including a fit & proper policy for the Administrative Board, guidelines for the Administrative Board on the handling of conflicts of interest and on independence, succession planning guidelines for members of the DekaBank Administrative Board and Board of Management, a policy on the induction and training of new Administrative Board members, and a policy for the promotion of diversity on the DekaBank Administrative Board and Board of Management. There are additional rules of procedure for the Board of Management and for the specialist advisory boards and sales committees. Supervision of DekaBank is exercised by the Federal Minister of Finance. In order to meet the disclosure requirement, included by reference in: ESRS 2 BP-1 Business model as the Wertpapierhaus for the savings banks The Deka Group is the securities service provider (the Wertpapierhaus) for the savings banks. Through its asset management and banking activities, it acts as a service and infrastructure provider for the investment, administration and management of assets, supporting its customers at every stage in the investment and advisory process within the securities business. It also offers comprehensive advice and solutions around investment, liquidity and risk management, and refinancing. The Deka Group acts as an all-round solution provider, serving customers’ needs without bias towards particular products. This philosophy drives the development of its complete range of asset management and banking services to meet the securities business needs of savings banks and their customers. It provides targeted sales support as a partner for savings banks and makes the necessary infrastructure available. The Group’s integrated business model, combining asset management and banking business, ensures stability and competitiveness. The Deka Group divides its activities into five business divisions. The Asset Management Securities and Asset Management Real Estate business divisions focus primarily on fund-based products and services. As a banking division, Asset Management Services encompasses banking services for asset management, such as depositary business, custody account business and digital multichannel management. The Capital Markets and Financing banking divisions support the integrated model by offering additional investment products and enabling the necessary access to the money and capital markets and to financing. Capital Markets also acts as a service provider for asset management. The cross-divisional sales units – Savings Banks Sales for private customers (which is subdivided into Retail Customers and Private Banking & Wealth Management) and Institutional Customer Sales – act as the interface with sales partners and customers. The corporate centres perform essential functions and support Sales and the front office units. See also: Sales: page 24 ff. 15

Group management report | Information about the Deka Group Deka Group Annual Report 2024 The Wertpapierhaus for the savings banks at a glance (Fig. 1) In business involving securities funds and real estate funds, the Deka Group primarily earns commission income from management and transaction fees. Subject to regulatory requirements, some of this income is passed on as an “association payment” to the savings banks in their capacity as sales partners. Additional commission income comes from banking transactions, including capital market activities, which also generate net financial income from the trading book. Interest income is obtained primarily from lending business and from the investment of own funds as part of the Treasury function. In order to meet the disclosure requirement, included by reference in: ESRS 2 SBM-1 Customers The Deka Group puts its primary customers – German savings banks and their customers – at the heart of its activities. To ensure that its products and solutions meet the needs of these customers, it is in regular dialogue with the savings banks. Products that are in demand among primary customers are also sold to other institutional customers. These particularly include insurance companies, pension funds, family offices, foundations, corporates and the German public sector. Given the Deka Group’s close involvement in the savings banks sector and its focus on German institutional customers, its business activities are concentrated on the domestic market. Product and solution provider The core business is to provide suitable investments in securities and real estate as well as supplementary services throughout the investment and asset management value chain. In this regard, the Deka Group acts as finance provider, issuer, structurer, trustee and depositary. In addition to the provision of investment products such as securities and real estate funds or certificates, the Deka Group also provides execution of securities trading, management of custody accounts, asset servicing and depositary services. It also offers capital market services for savings banks, such as securities lending or the procurement and settlement of securities and financial derivatives. Advice, support and service processes – e.g. the provision of market analyses and infrastructure services – also form part of its business model. The Deka Group thus works as a solution provider to create further value added for customers and shareholders. 16

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Position and mission in the Sparkassen-Finanzgruppe The historical development of its predecessor institutions, together with its ownership structure, make the Deka Group a key part of the Sparkassen-Finanzgruppe (Savings Banks Association). The Management Agenda is an ongoing strategic action programme that sets the direction to further develop Deka’s position as the Wertpapierhaus for the Sparkassen-Finanzgruppe. This is focusing on the following elements: Customer orientation: Sales and the product and service portfolio are being geared to the needs of target customers in order to make the savings banks more competitive in the securities business and to generate profitable growth. Technology and innovation: Technology and the possibilities it brings are being used to redesign the customer experience, i.e. all of a customer’s experiences and impressions when interacting with a company. New products and services are being offered, existing products and services are being digitalised, and efficiency is being improved. Sustainability: The emphasis is on providing an appropriate range of products and services to help safeguard our competitive standing and ensure a systematic approach to everything we do, taking ESG issues into account. Modern organisation and attractiveness as an employer: Having a consistent focus on results, being able and willing to change, orienting the Group towards overarching goals and increasing Deka’s attractiveness to existing and potential employees are key issues in ensuring the Group is fit for the future. Digitalisation activities As society, industry and the financial sector are increasingly transformed by digital technology, the Deka Group is focusing on three strategic directions: digital transformation of the customer experience, new digital products and services or digitalisation of existing ones, and digital transformation of processes and infrastructure. The targeted use of technology, combined with the strength of savings banks in their respective regions, is key if we want to keep offering competitive investment services in the future. These are as follows: Interaction with savings banks and their customers: Deka is constantly enhancing interaction with the savings banks via sales platforms such as S-Invest Manager and improving the support it offers savings banks for the provision of competitive digital customer journeys via the S-Invest app and “internet branch”. To make the Sparkassen-Finanzgruppe more competitive, particularly in attracting young customers and execution-only clients, the services provided directly to end customers are being expanded. The sales support provided to the savings banks is also being further digitalised. Innovative digital product offerings: Digital product offerings are being developed in two areas. First, the digitalisation of traditional products and services, for example in asset management or brokerage. Second, the issue, trading and safekeeping of digital assets. We are also developing sales- and customer-centric services on a native cloud architecture so that we can offer customers frequent innovations and meet their needs. Blockchain infrastructure: The Deka Group is working to develop and establish an infrastructure for digital assets all along the value chain. This will complement existing infrastructure and ensure secure processing and custody of digital assets. After being granted licences for crypto securities register management and crypto custody in December 2024, DekaBank can now cover the full digital asset value chain from within the Sparkassen-Finanzgruppe for savings bank customers and its own institutional customers. The joint venture with SWIAT GmbH supports the development of relevant blockchain technologies and makes a private permissioned blockchain available. 17

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Process digitalisation: By digitalising business and IT processes both old and new, the Deka Group is aiming to boost the efficiency and resilience of core, management and support processes. In addition, process digitalisation supports end-to-end customer orientation by examining how things work from a customer perspective. To further transform the customer experience and identify customer needs early on, data is collected and analysed as part of a structured process. Based on this, we can develop sales initiatives to boost the quality of customer communication and the satisfaction of end customers. Deka is currently developing a platform to consolidate existing sales data pools. The cloud, distributed ledger technology (DLT) and artificial intelligence play a key role in our digitalisation activities. These are dovetailed by technologies to optimise processes, such as software robots (RPA) and workflow and low-code tools. The Deka Group is using artificial intelligence (AI) in three main areas: Customer centricity: AI is being used as a more targeted and efficient way to approach customers, as well as to enhance the customer experience. Quality improvement: AI is being used for ongoing data-driven optimisation of, and adjustments to, product and service quality. Efficiency gains: AI is being used to boost productivity by optimising and automating processes, making processes more reliable and ensuring efficient use of resources. These strategic initiatives are being pursued as part of an iterative approach to give us the flexibility we need to respond to new requirements and findings. All AI activities have to be consistent with our corporate policies and values, taking into account the guidelines governing use of artificial intelligence in the Sparkassen-Finanzgruppe and ensuring compliance with regulatory requirements. The Deka Group's digital building blocks (Fig. 2) 18

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Sustainability within the Deka Group (ESG) As the Wertpapierhaus for the savings banks, the Deka Group supports the Sparkassen-Finanzgruppe in its quest to ensure it is fit for the future and has made sustainability a key cornerstone of its business model. In general, the Deka Group takes sustainability issues into account from two angles. First, it looks at risks for the Deka Group and its products that could emerge from sustainability-related issues such as climate change (outside-in perspective). Second, it looks at the impacts, both positive and adverse, that the Deka Group and its products have on the environment and people (inside-out perspective). The interactions between the two perspectives can be complex in all aspects of ESG. The Deka Group’s activities are part of a drive to achieve net zero/climate neutrality by 2050, and strategic climate transition plans have been prepared for its banking business, its own operations and the Asset Management Securities and Asset Management Real Estate business divisions. The Deka Group’s ESG ratings confirm the high quality of its sustainability-related measures. ESG ratings at a glance (Fig. 3) Status of sustainability ratings according to annual ESG ratings reports: MSCI ESG ratings: 6 September 2024; ISS-ESG: 23 August 2023; Sustainalytics: 23 January 2024; Moody’s ESG Solutions (formerly V.E): December 2024 * Copyright ©2022 MSCI, ** Copyright ©2021 Sustainalytics. 19

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Business divisions, sales units and corporate centres See also: Segment reporting: page 423 ff. In order to meet the disclosure requirement, included by reference in: ESRS 2 BP-1 There is a clear separation in the Deka Group at Board of Management level between asset management and banking. Nevertheless, the business divisions, sales units and corporate centres work closely together in operational terms, reflecting the integrated business model. The business divisions form the basis for the Deka Group’s segment reporting under IFRS Accounting Standards (IFRS 8). Asset Management Securities business division The Asset Management Securities business division offers high-quality asset management solutions for private and institutional investors in every market environment with the goal of lasting value and sustainable growth. It responds to the requirements of customers and regulators by creating solutions that meet these needs for all sales channels. Customers can choose from a wide range of products for one-off investments or, where available, for savings plans: actively managed mutual funds and special funds following fundamental and quantitative strategies as well as advisory mandates in all major asset classes (equities, bonds, money market, mixed funds, capital protected funds and any combination of these), passively managed index funds (exchange-traded funds – ETFs), asset management products and services: asset management funds using both actively managed and indexed funds as target funds, fund-based asset management, savings bank asset management, individual security-based asset management and robo-advisory asset management in partnership with bevestor GmbH, pension products (e.g. fund-based private and company pension products), also including the new Deka- FutureFlex product, which does not feature a guarantee, asset servicing, which enables savings banks and institutional investors to combine various asset classes in master funds. The business division also offers a wide range of solutions for investments with sustainability features and engagement services. This includes mutual fund solutions and individual services for institutional mandates such as sustainability portfolio management. The business division also works to promote good and responsible corporate governance and helps institutional investors comply with regulatory engagement and reporting requirements. It incorporates sustainability considerations into fund, investment and business risk processes. In its investment decisions, the business division also takes into account the ESG factors that are mandatory under the EU Sustainable Finance Disclosure Regulation (principal adverse impacts – PAIs). The products offered by the fund manufacturer IQAM Invest GmbH (IQAM) expand the range of quantitative asset management products, particularly for institutional customers. The products are offered under the IQAM brand. Joint research by Deka and IQAM is conducted at the IQAM Research institute and is used in depth in order to improve quality. The business division’s product range also features bespoke and standardised securities services. These comprise macro, individual-stock and fund research, support with designing investment strategies and processes, order desk and fund reporting services. These services are also offered to external customers in some cases. The business division has already gained crucial experience for future market and product developments with the launch of its first digital special fund in 2023. 20

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Asset Management Real Estate business division The Asset Management Real Estate business division brings together the Deka Group’s real estate investment services. It provides fund products and advisory services relating to real estate, infrastructure or real estate financing for the customer and proprietary business of savings banks and other institutional investors. The division concentrates on the office, retail, hotel and logistics segments in Europe as well as selected locations in North and South America and the Asia-Pacific region. The product range comprises: open-ended real estate mutual funds, open-ended and closed-ended special funds, real estate and infrastructure funds of funds, credit funds that invest in real estate, infrastructure or transport financing, residential property funds made available via experienced external partners, advisory services for investments in real estate products. Fund products are subject to appropriate cash flow management for the purpose of lasting risk limitation and reduction. The business division’s services comprise the purchase, sale and management of real estate and all other real estate services. These include the value-oriented development of marketable commercial properties in liquid markets as well as active portfolio and risk management. With the Deka Immobilien-Kompass, the Asset Management Real Estate business division offers savings banks and other institutional investors an extensive modular service package for real estate fund investment. It thereby positions itself as a strategic partner. In order to fully address environmental and social issues and meet investors’ expectations, the Asset Management Real Estate business division is gradually expanding its range of sustainability-focused products and taking sustainability criteria into account in fund and investment processes. In its investment decisions, the business division takes into account the principal sustainability impacts (including PAIs) for real estate under the Sustainable Finance Disclosure Regulation. Asset Management Services business division The Asset Management Services business division provides banking and other services to complement the offerings of the asset management divisions. Its services comprise multichannel offerings for the savings banks, online brokerage, management of customer custody accounts and custodial services for investment funds. The Asset Management Services business division is divided into the Digital Multichannel Management and Depositary subdivisions. The Digital Multichannel Management subdivision offers savings banks an extensive range of services for an attractive customer interface and efficient processing of securities business. This enables the savings banks’ multichannel customers to seamlessly access securities products and services and complete transactions across different channels. Customers are offered efficient, competitive custody solutions based on depositary services tailored to the target group that are constantly evolving to meet customers’ needs. DekaBank custody accounts allow savings banks to offer end customers a custody account provided by DekaBank. The DekaBank custody account can be used to hold funds, certificates and ETFs. Closely related to the custody solutions are the efficient and digital securities processes available to savings bank advisory staff. As well as the sales channel itself, securities processes in OSPlus_neo – the savings banks’ multichannel sales front end – are being continuously optimised. 21

Group management report | Information about the Deka Group Deka Group Annual Report 2024 The Deka Group offers the savings banks an electronic, web-based sales support and information platform in the form of DekaNet. The S-Invest Manager platform is currently being expanded and will gradually replace DekaNet with a vastly improved range of services. Savings bank customers access the wide range of online securities products primarily through the “internet branch” and savings bank app. The mobile offering for customers is further expanded by the S-Invest app, which brings all the investment services together in a single place, making them easy to navigate. The solutions offered by bevestor GmbH and S Broker AG & Co. KG expand the multi-channel strategy for savings banks and their customers. bevestor acts as the savings banks’ central robo-advisory product for private customers and serves as a development platform for innovative digital asset management solutions. Its goal is the rapid, agile development of competitive online services. The hybrid, digital asset management product SmartVermögen and white-label services for savings banks round off bevestor’s offering. S Broker offers an extensive range of services designed principally to meet the high expectations of customers in online brokerage. The Depositary subdivision offers an extensive range of depositary services, including the regulatory control function under the German Investment Code (Kapitalanlagesetzbuch, KAGB), securities settlement and reporting. Depositary acts as a one-stop shop for its customers. If required, depositary services can be combined with other offerings from the Deka Group: the master KVG for a comprehensive asset servicing solution and services from the capital markets business such as commission business with securities and exchange-traded derivatives, foreign exchange trading, repo/lending transactions and collateral management. The subdivision offers its services to investment management companies both inside and outside the Deka Group and to asset managers. Depositary functions are additionally offered to institutional end investors. The target markets are in Germany and Luxembourg. Capital Markets business division The Capital Markets business division is the central product, solution and infrastructure provider while also acting as a service provider and driving forward innovation in the Deka Group’s customer-focused capital markets business. As such, the division connects customers to the capital markets. It offers investment solutions to both private and institutional customers and helps them to put their asset and risk management decisions into practice. With its range of services relating to securities repurchase transactions, securities lending and foreign exchange trading, the business division also acts as the central securities and collateral platform for the savings bank association. In addition to its function as a commission agent for all relevant asset classes, it serves as a centre of competence for trading and structuring capital market products as well as for DekaBank’s certificate issues. Institutional customers are provided with clearing services and support with the efficient fulfilment of regulatory requirements. Customers benefit from synergy effects and economies of scale. The business division also designs solutions for sustainable (ESG) investment and trading products in proprietary and customer business (for example, green bonds and certificates with sustainability features), and works on developing and brokering a selection of carbon offset options in the form of climate action projects for customers and savings banks alike. 22

Group management report | Information about the Deka Group Deka Group Annual Report 2024 The activities of the Capital Markets business division are divided into three subdivisions: The Trading & Structuring subdivision is the Deka Group’s centre of competence for trading and structuring capital market products (cash instruments, bonds and shares) and for all types of derivatives that are used in investment funds and in the Depot A securities account of the savings banks or by other customers. The unit also runs the structured issuance business (Deka certificates and cooperation certificates) and debt capital markets business (third-party issues business), i.e. supporting other companies as they issue financial instruments. In addition, it is establishing the syndication and placement of own and third-party lending as an additional product. The Collateral Trading & Currency subdivision brings together all securities lending products, securities repurchase transactions, their derivative equivalents and customer-oriented currency trading, acting as a liquidity hub within the savings bank association. The Commission Business subdivision executes trades in securities and exchange-traded derivatives in its own name on behalf of third parties. These services can be used by business partners inside and outside the Sparkassen-Finanzgruppe. Deka is constantly enhancing its own platform solutions to support its business activities: The main product remains the Deka Easy Access (DEA) information, management and trading platform, which helps savings banks to manage their proprietary portfolios effectively. DEA allows the savings banks to trade popular capital market products and offers broad access to information and research. As of the end of 2024, 324 savings banks were using the tool. finledger is a platform jointly developed with other market participants for processing digital promissory notes using distributed ledger technology (DLT). SWIAT is a blockchain-based decentralised financial infrastructure. It was developed to combine financial transactions for traditional and digital securities, other assets and digital financial market instruments in a single network. Financing business division The Financing business division concentrates on specialised and real estate financing and supports the savings banks with refinancing. Lending is taken onto our own statement of financial position via the banking book, as well as being packaged as an investment product for other savings banks and banks or other institutional investors via club deals or syndications. Placement within the Sparkassen-Finanzgruppe is the aim. There is the possibility to participate in loans arranged by third parties. Specialised Financing and Real Estate Financing are subdivisions of the Financing business division. The Specialised Financing subdivision concentrates on financing energy, grid, utilities and public infrastructure projects (infrastructure and renewable energy financing), on aircraft, ship and rail financing (transport financing), on export financing and on financing of the public sector. Savings bank financing involves financing for German savings banks in all maturity ranges and financing for the public sector in Germany in the interests of the Sparkassen-Finanzgruppe. The Real Estate Financing subdivision provides lending for commercial real estate in the office, logistics, retail and hotel segments. It focuses on marketable properties in markets of relevant size, transparency and liquidity, with a preference for Europe and North America. Open-ended real estate funds are also financed. 23

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Sales Sales is responsible for the Deka Group’s sales activities across all business divisions and the overall customer relationship with savings banks and other investors. It works across business divisions to generate and maintain business. With regard to the savings banks, the approach to sales and service provision varies depending on the requirements of the different end customer groups, and this is reflected in the organisational division of Sales. Deka takes an all-round approach to helping savings banks sell products and services. An example of this is the close support given to the investment and advisory process within the savings banks. This includes incorporating the product and service offering into customer advice, strategic planning processes in the savings bank securities business, joint customer-focused activities and in-depth support for savings banks and local advisers. Sales support is aligned with the Sparkassen-Finanzkonzept – the financial planning strategy offered by the savings banks – and aims to support the savings banks throughout the investment and advisory process. Savings Banks Sales (Retail Customers) Savings Banks Sales focuses on comprehensive sales support for the savings banks in business with private and individual customers in all sales channels. The savings banks have sole responsibility for directly contacting, advising and serving end customers. To provide the savings banks with optimal support, Savings Banks Sales offers systematic, in-depth assistance, provided by dedicated contacts, along with a structured product range of solution-focused, customer- friendly investment concepts. Digital execution-only clients can also make use of the services and solutions provided by bevestor and S Broker. Deka’s marketing activities are aimed directly at customers. To ensure nationwide support, Savings Banks Sales (Retail Customers) in Germany is divided into six sales regions. The sales directors responsible ensure continuous dialogue with the savings banks and savings bank associations. As a point of contact for the savings banks’ management boards and sales managers, they focus on strategic aspects of the securities business and on planning as part of the investment process. In addition, the savings banks have access to Deka sales managers to support the operational advisory process. Other Deka specialists also assist with marketing and sales activities and offer training and coaching as the topic or occasion requires. Deka’s sales directors and managers engage in continuing professional development and are certified by an external institute. In addition to collaboration on a personal level, Deka provides the savings banks with S-Invest Manager – a cloud-based, E2E process support platform used by the savings banks to organise their securities business. The future features of S-Invest Manager will cover all phases of savings banks’ securities sales process as part of a seamless, user-centric solution. These features include planning modules, sales and management measures, and features to support the closing of transactions and controlling. This means that S-Invest Manager will replace DekaNet in the long run. With its comprehensive coverage of the securities culture in market and brand communications, Deka aims to draw attention to the work of the Sparkassen-Finanzgruppe in this area. Ethical asset structuring, sustainable investments, future-proof securities saving and future trends such as digitalisation are also important issues and inspire new ideas for sales activities. The overarching aim is to put the securities expertise of Deka Investments front and centre of marketing efforts. Products and solutions are regularly expanded or adjusted to reflect expected market and regulatory developments. They are primarily marketed under the Deka Investments sales brand. 24

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Savings Banks Sales (Private Banking & Wealth Management) Private Banking & Wealth Management at the Deka Group is aimed at wealthy savings banks customers from the private banking segment and at corporates and institutions. In particular, target customers include high net worth private clients and family businesses and their shareholders (corporate and private assets). Non-profit institutions such as churches, local government and foundations are another focus. The savings banks are responsible for directly contacting, advising and serving private banking end customers. To provide them with optimal support, Private Banking & Wealth Management offers the savings banks systematic, in-depth assistance, provided by dedicated contacts, along with a structured product range of solution-focused, customer-friendly investment concepts with sustainability features. The focus is on a holistic approach to advising customers. The offering for Private Banking & Wealth Management customers comprises both universal and modular product solutions (asset management solutions such as the exclusive Deka-Vermögensverwaltung Premium, mutual and special funds, ETFs and certificates) as well as support for the savings banks’ advisory systems, such as performance and quality control, reporting and consultancy services. The target group-oriented approach and close integration with savings bank sales enable ongoing, solution-oriented evolution of the product offering based on up-to-date market analyses. Private Banking & Wealth Management offers savings bank customers tailor-made investment solutions that reflect all their individual needs. The focus in private banking has so far been on large lump-sum investments. In addition to this, there are sales approaches in private banking designed to encourage regular saving among this customer group too. Bespoke solutions for high net worth private clients are provided under the Deka Private & Wealth sales brand. Institutional Customer Sales The Institutional Customer Sales unit supports the savings banks with proprietary business and serves institutional investors in Germany and, in a number of cases, abroad. Customer advisers are responsible for the overall relationship with institutional customers and adopt a comprehensive approach that covers all products and services offered by the Deka Group across all business divisions. In addition, Deka offers institutional customers important functions such as reporting and order placement through online channels. Sustainability is an important topic when advising and supporting customers. In our business with savings banks, the Institutional Customer Sales team acts as a management partner and adviser. It develops immediately viable solutions for proprietary business (Depot A) and overall bank management. This includes methods and applications for interest rate book management and asset allocation. The solutions are based on comprehensive analyses of the earnings and risk situation. Support for savings banks and financial institutions is divided into two sales regions. Another team looks after the largest savings banks and financial institutions with special requirements. Employees in the Strategic Proprietary Business & Asset Liability Management team develop methods and applications for interest rate book management and asset allocation for institutional customers – particularly savings banks – and advise them on these topics. There are also dedicated teams for the ETF sales business, the sale of bonds and structured products and direct business with asset managers. These teams work across customer groups. The Deka Group brings together all its solution expertise for institutional customers under the Deka Institutionell brand, reinforcing its clear focus on the needs of this target group. 25

Group management report | Information about the Deka Group Deka Group Annual Report 2024 Restructuring of Institutional Customer Sales In 2024, Deka made changes to its organisational structure in the institutional business in a quest to further strengthen and expand its competitive standing in this segment. Institutional business is a growth area for the Deka Group, both in terms of Depot A securities account management for savings banks and customers within the savings bank association, and for market customers. The term “market customers” is generally used to refer to institutional customers outside the Sparkassen-Finanzgruppe. The idea behind this realignment is to make Deka even better equipped to address the specific needs and concerns of individual customer groups. To this end, the current Institutional Customer Sales unit will be developed into an institutional sales unit exclusively for savings banks and customers within the savings bank association. These customers will receive support spanning all products and services from primary contacts based on their specific requirements, in line with the tried-and-tested end-to-end relationship approach. On the other hand, decentralised, product-specific sales units are being set up in the relevant business areas for institutional market customers outside the Sparkassen-Finanzgruppe, including insurance companies and pension funds, foundations and public-sector customers, the idea being to give Deka even greater flexibility in responding to their individual needs. Corporate centres The corporate centres perform essential functions, support Sales and the front office units, and also perform administrative tasks. As at the reporting date, these comprised the Corporate Office & Communications, Internal Audit, Legal, Compliance, Strategy & HR, Organisational Development, Non-Financial Risk, Risk Control Capital Market Funds, Risk Control, Finance, IT, Business Services, Credit Risk Management, and Treasury corporate centres. Influencing factors, market position and awards In securities-related asset management, the economy, money market and capital market environment, the sales environment for the Sparkassen-Finanzgruppe, customer behaviour and product quality all influence business development and profit performance. These factors have an impact on the sale of products to private and institutional investors as well as on the performance of portfolios. In addition to this, real estate asset management is largely influenced by the situation and developments in commercial property, investment and letting markets. Real estate financing focuses on properties in Europe and selected locations in North America. The specialised financing business has an international orientation and is rounded off by its services for German savings banks. Having worked for decades in every segment, DekaBank has extensive market knowledge and experience at its disposal. Developments in the money and capital markets are also highly relevant to the Capital Markets and Financing divisions. For example, customer demand for liquidity partly depends on the volume of liquidity made available by the European Central Bank (ECB). In addition, the situation in the securities markets impacts the certificate issuance activities of the Capital Markets business division. Lending business is affected to some extent by economic trends in the sectors financed and by market interest rate developments. Changes to regulatory requirements are also of key significance for all business divisions, sales units and corporate centres. An overview of current economic conditions is provided in the economic report. With fund assets (according to the BVI, the German Investment Funds Association, as at 31 December 2024) of €183.5bn and a market share of 12.7%, Deka is the third-largest provider of mutual securities funds in Germany. It is Germany’s leading provider of mutual property funds, with fund assets (according to the BVI, as at 31 December 2024) of €42.1bn and a market share of 34.2%. 26 See also: Economic report: page 30 ff.

Group management report | Information about the Deka Group Deka Group Annual Report 2024 DekaBank’s certificates are sold through the German savings banks. According to statistics from the German Structured Securities Association (Bundesverband für strukturierte Wertpapiere, BSW), DekaBank has a good position as an issuer of structured products in Germany, with a 16.5% market share by market volume at the end of December 2024. At the 2025 Capital-Fonds-Kompass awards organised by the business magazine Capital together with Institut für Vermögensaufbau, Deka was crowned “best investment fund business of the year”. Its consistent excellent performance was also confirmed by the top 5-star rating, which Deka has now received 13 times running. Deka was named “investment fund company of the year” at the 2025 €uro FundAwards. The awards presented by the publishing house Finanzen Verlag together with the editors of “€uro”, “€uro am Sonntag” and “Börse-Online” in March 2025 recognised the best funds of the year. Deka’s funds and ETFs won a total of 24 individual awards. The German Fund Champions 2025 were crowned in January 2025. Deka was the winner again in the “bonds” category of the Liga der Fondschampions (league of fund champions) organised by f-fex and finanzen.net. It also emerged as the winner in the “ESG” category for the second time. In the “Best investment fund companies of 2025” ranking compiled by the German business magazine Wirtschaftswoche for the first time in February 2025, Deka was awarded the highest rating of 5 stars and came third in the overall ranking. Deka Immobilien Investment GmbH was honoured as Best Asset Manager in the Retail Real Estate Europe and Retail Real Estate Global categories at the Scope Alternative Investment Awards in November 2024. Deka Investment GmbH was also crowned “Best bond fund asset manager” and “Best asset manager for thematic equity funds DE/AT/CH”. The 2024 Scope Rating confirms the high quality of Deka’s real estate funds. Deka’s Real Estate business division also delivered an impressive performance again, and was awarded an AA+AMR rating for the twelfth year running. In September 2024, Deka was awarded two first-place rankings as part of the German Certificate Prize. Deka’s range of certificates won the jury over in two categories: express certificates and capital protection certificates. It also came in second for both its primary market offering and its range of ESG certificates. At the Scope Certificate Awards 2024, presented in November 2024, DekaBank was recognised as the best certificate issuer in the primary market for the ninth time. For the eighth time in a row, Deka received the top score of AAA in the Scope Certificate Management Ratings. This is testimony to Deka’s excellent quality and expertise as an issuer of investment certificates in the primary market. The evaluation process looked at Deka’s corporate profile, market position, product range, and sales and investor services. Deka emerged as the winner twice at the t-online German Publikumspreis awards ceremony, securing the top provider awards for both funds and certificates. For what is now the fifth time in a row, bevestor was recognised by the German business magazine Capital as one of the “best robo-advisors” and was awarded a maximum five-star rating. The evaluation criteria included performance, the service offered and an assessment of how good a match robo-advisors were for their customer profiles. 27

Group management report | Information about the Deka Group Deka Group Annual Report 2024 In the annual online broker test by “€uro” magazine, S Broker impressed with its wide range of securities and trading venues in Germany and other countries. Its securities offering was ranked in second place, putting it among the magazine’s “top brokers”. For certificate savings plans, S Broker took first place as “best broker” again. It was also the “top broker” for investment fund savings plans and withdrawal plans. S Broker has also been ranked as a “top broker” in a long-term comparison since 2012. Risk and profit management at the Deka Group The Deka Group has established a consistent system of targets at Group and business division level. At Group level, success is measured against three outcomes: sustainably increasing enterprise value, generating value added for the Sparkassen-Finanzgruppe and growing customer assets under management. Financial and non-financial performance indicators are used in the Bank’s management. These can be divided into key management indicators and other relevant indicators. The Board of Management and management committees that support the Board in its management role are informed through regular comprehensive reporting whether the strategic and operational measures used to manage the Deka Group are successful and whether the Deka Group risk/reward ratio is within the target range. Financial performance indicators The financial performance indicators relate to the Deka Group’s earnings position, capital adequacy and liquidity adequacy. The economic result is the key in-house management indicator within the meaning of the provisions of IFRS 8 (Operating Segments). The return on equity and cost/income ratio are also integral to internal management. See also: Glossary: page 561 ff. Return on equity is defined at Group level as the ratio of the economic result to balance sheet equity. It shows the return on the capital that has been invested in the Deka Group. For the purposes of operational management at business division level, the figure used for return on equity is the ratio of the economic result to regulatory capital employed. The cost/income ratio is an indicator of cost efficiency. The two management indicators – return on equity and the cost/income ratio – lead to a focus on profitability and efficiency, meaning that they directly support the strategic targets. The economic result, calculated based on the IFRS Accounting Standards, includes the total of profit or loss before tax (IFRS), plus or minus changes in the revaluation reserve (before tax) and the interest rate- and currency-related valuation result from financial instruments recognised at amortised cost, which are not recognised in the income statement under the IFRS Accounting Standards but are relevant for assessing financial performance. Interest expense for the AT1 (Additional Tier 1 Capital) bonds, which is recognised directly in equity, is also taken into account in the economic result. Furthermore, the economic result includes potential charges that are considered possible in the future but that are not yet permitted to be recognised under IFRS due to the fact that accurate details are not yet available. The economic result is therefore a control variable on an accrual basis with a high level of transparency that enables recipients of the external financial reporting to consider the company from the management perspective. The economic result is used in external reporting at Group and business division level. A reconciliation of the economic result to total profit or loss before tax (IFRS) can be found in the segment reporting in note [3], which shows the measurement and reporting differences in the “reconciliation” column. 28 See also: Segment reporting: page 423 ff.

Group management report | Information about the Deka Group Deka Group Annual Report 2024 See also: Capital adequacy: page 83 ff. The Internal Capital Adequacy Assessment Process (ICAAP) is based on two perspectives. In the normative perspective, the Common Equity Tier 1 capital ratio is the key management indicator. The Common Equity Tier 1 capital ratio is defined as the ratio of Common Equity Tier 1 capital to risk-weighted assets (RWAs) for all relevant credit, market and operational risk positions plus the credit valuation adjustment (CVA) risk. Other indicators that are relevant for management purposes include own funds, Tier 1 capital, RWAs and leverage ratio exposure (LRE) along with the corresponding capital ratios. The MREL ratios (RWA- and LRE-based), subordinated MREL requirements (RWA- and LRE-based) and utilisation of the large exposure limit are also relevant indicators. RWAs are managed in line with the Deka Group’s strategy, the targeted balance sheet structure and the capital market environment. In the economic perspective, risk appetite and its utilisation is the key management indicator. Risk appetite is defined as the overall aggregate risk for individual risk types that the Deka Group is willing to accept in order to achieve its strategic objectives and business plan. It forms the basis for allocating risk capital. The monthly risk-bearing capacity analysis involves comparing the Deka Group’s risk appetite and allocated risk capital with total risk determined across all risk types that have an impact on profit or loss and calculating the level of utilisation. This makes it possible to establish whether risk limits have been adhered to at Group and divisional level. See also: Liquidity adequacy: page 86 ff. The Internal Liquidity Adequacy Assessment Process (ILAAP) is also based on two perspectives. In the normative perspective, the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) serve as the relevant indicators. The funding matrices (FMs) defined by the Board of Management serve as the risk measure to be used as an indicator in the quantification, management and monitoring of liquidity risk in the economic perspective. Non-financial performance indicators Non-financial performance indicators relate to various aspects of the Bank’s operations and are an indication of the success of the products and services of the business divisions in the market. See also: Business development and profit performance in the Deka Group: page 35 ff. Total sales is the key management indicator of sales performance and customer acceptance. It comprises net sales in asset management and in the certificates business. Net sales in asset management (investment fund business) essentially consists of total direct sales of mutual and special funds, fund-based asset management, funds of cooperation partners, master funds, advisory/management mandates and ETFs. Net sales in investment fund business corresponds to gross sales less redemptions and maturities. Sales generated through proprietary investment activities are not included. Gross sales in the certificates business do not take account of redemptions and maturities, as the impact on earnings is determined primarily by the issue volume. Gross certificate sales include both certificates issued by DekaBank and cooperation certificates issued by other institutions and sold via sales support platforms. The key management indicator asset management volume comprises the income-relevant volume of mutual and special fund products (including ETFs), direct investments in cooperation partner funds, the portion of fund-based asset management activities attributable to cooperation partners, third-party funds and liquidity, advisory/management mandates and master funds. The asset management volume reflects the market position and has a significant impact on the level of net commission income that is linked to the portfolio. The performance indicators are reported by customer segment and product category at Deka Group level and for the Asset Management Securities and Asset Management Real Estate business divisions. For the Capital Markets business division, they are reported by customer segment and issuer. See also: Sustainability report: page 110 ff. When it comes to managing and monitoring climate and environmental risks, the Deka Group has defined additional indicators of business model resilience with regard to these risks in the short, medium and long term. These indicators are reviewed annually and adjusted if necessary to ensure that they are given adequate consideration when deciding on the direction of the Group’s business activities. Climate and environmental risks are used as additional indicators, in particular via the development in climate-related greenhouse gas intensities in the Group’s business activities. Details can be found in the sustainability report (consolidated non-financial statement). 29

Group management report | Economic report Deka Group Annual Report 2024 Economic report Economic environment ............................................................................................................... 30 Business development and profit performance in the Deka Group ............................................... 35 Financial position of the Deka Group .......................................................................................... 49 Economic environment Macroeconomic conditions Based on objective economic data, 2024 was another good year for the global economy. Global gross domestic product grew by 3.1% in real terms and inflation rates moved closer to central bank targets, prompting key rate cuts. 2024 brought strong gains not only in share indices; it was also a good year on the bond market. While the global economy proved resilient yet again, radical changes in global politics and the global economy became increasingly apparent. Donald Trump’s re-election as US President prompted concerns that the old rules of geopolitics will give way to uncertainty. To make matters worse, military conflicts dominated the headlines, with Russia’s ongoing war of aggression against Ukraine and the escalation of the conflict in the Middle East from October 2023 onwards. Challenges also remain as the green transformation, demographic change and digitalisation cause major upheaval. Increasingly, many people in the world’s industrialised nations are grappling with the sheer number of these challenges, and with the tensions associated with them, as something akin to a crisis. In many places across the globe, expansionary fiscal policy delivered more of a boost to economic activity than private consumer spending or corporate investment. Nevertheless, companies around the world reported much higher profits, sending stock markets soaring to new record highs. The United States came as the biggest positive surprise out of the world’s economic regions, with fiscal stimulus and a marked upward trend in employment throughout 2024 having a positive impact. Developments in the eurozone painted a very mixed picture in comparison. Some of the continent’s southern economies reported strong growth and lower unemployment, and the eurozone as a whole recorded the lowest unemployment rate in its history. Germany, on the other hand, remained locked in stagnation. Sentiment among German companies, particularly in industry, was poor, first and foremost due to structural problems affecting Germany’s standing as a business hub (including infrastructure, bureaucracy and energy costs). Geopolitical tensions also put pressure on export-heavy German companies. This was exacerbated by mediocre economic development in China, giving the country less weight as a consumer, but increasingly a better competitive standing on the global markets, including for industrial products. By contrast, the global economy was buoyed by central bank moves to loosen monetary policy and by the more moderate financing costs that emerged as a result. Sector-related conditions After the historically high wave of inflation over the past two years, inflation continued to retreat in 2024. While monthly reported inflation rates started to rise again to some extent from October onwards, this can be explained largely by the significant drop in energy prices in October of the previous year. Nevertheless, energy prices continued to help drive inflation down in the eurozone and Germany in 2024 as a whole. Food prices were also up only slightly in a year-on-year comparison. Service prices, on the other hand, are still on the rise. While this trend followed a more moderate trajectory as the year progressed, the slowdown lost considerable pace in the second half of the year. Wage increases in the eurozone were still too high at 3.5% at the mid-point of 2024 (to allow for a sustained inflation rate in the region of 2%), particularly as wage momentum accelerated again to 5.4% in the third quarter. Core inflation also remained elevated at 2.7% in the eurozone and as high as 3.3% in Germany in December 2024 (Harmonised Index of Consumer Prices). 30

Group management report | Economic report Deka Group Annual Report 2024 The European Central Bank has gained credibility over the past inflationary period. It had initially lifted its key rates significantly despite the risks this entailed for the economy and financial markets. Market trust in the ECB’s credibility despite this move, together with the downward movement in inflation, enabled the European Central Bank to loosen the monetary reins in the course of 2024. After an initial rate cut of 25 basis points in June, the ECB went on to make further cuts on the same scale in September, October and December. In the second half of the year, minutes from Governing Council meetings and public statements by Council members showed that doubts over whether the inflation target could be achieved had largely been allayed, and the money markets were poised for further key interest rate cuts. However, the speed and extent of any possible easing remained a matter of controversial debate. Some Council members stressed the risk that the inflation target would be undershot in the long term. Others cautioned against cutting interest rates too quickly given residual risks to inflation. The first key element of the new modus operandi of the European Central Bank’s monetary policy came into force in mid-September 2024, with a narrower spread between the main refinancing rate and the deposit rate. With surplus reserves still at a high level, however, this did not yet have any significant impact on money market rates. Performance of the various capital market asset classes in 2024 was similar to the previous year. Trends on the bond markets, in particular, were also very similar over the course of the year. After yields had plummeted at the turn of the year 2023/24, disappointment started to increase over what was now proving to be a sluggish decline in inflation rates. Especially in the United States, economic development delivered repeated positive surprises, pushing yields up, with a knock-on effect on Europe. The ECB’s interest rate turnaround in June then sent yields back down. Inflation data in the United States finally started to point downwards again in the summer of 2024, fuelling expectations of future rate cuts there too. In September, the US Federal Reserve (Fed) finally heralded its own interest rate turnaround, putting an end to yield curve inversion for the country’s government bonds. As Donald Trump’s return to power started to look more likely, however, concerns over inflation returned, sending yields on US Treasuries up significantly again. At the Fed’s last meeting in December 2024, the currency guardians went on to announce slower interest rate cuts, pushing yields up further again, especially on longer maturities. Alongside a much steeper yield curve, Bunds underwent another drastic change over the course of 2024: they cheapened very considerably compared to swap rates, with swap spreads for long maturities even falling deep into negative territory, mainly due to a significantly greater supply of fully accessible government bonds. On the one hand, the move by the ECB to stop reinvesting assets eliminated the massive shortage of German government bonds, while on the other, financing requirements are expected to increase considerably on the back of sluggish economic development in Germany and the much greater resources needed to finance aid for Ukraine, defence budgets and other EU aid initiatives. The changes in Bund swap spreads have also left their mark on other asset classes. Spreads on bonds issued by German federal states and supranational organisations, as well as covered bonds, which many investors assess based on the swap spread, have widened significantly. The same trend emerged for some corporate bonds, which showed very positive performance compared with German government bonds, but only moved sideways compared with swap rates. High-yield bonds performed significantly better thanks to a combination of current interest income that remained relatively high and lower spreads. 31

Group management report | Economic report Deka Group Annual Report 2024 Virtually across the globe, stock market performance was excellent. A large number of country indices, as well as the MSCI World, soared from one new all-time high to the next. High-tech stocks from the United States, which accounted for the lion’s share of US corporate profits and also price gains in the S&P 500 share index, were particularly sought-after. Germany’s leading index, the DAX, also climbed to new highs despite considerable political turbulence and the country’s ailing economy, particularly in the all- important automotive sector. The EURO STOXX 50, on the other hand, remained trapped in a sideways movement from spring 2024 onwards. Alongside a lack of the sort of strong IT heavyweights that the United States has with its “Magnificent 7”, this can be explained largely by very poor performance of French equities. Political developments such as the political escalation in France, Trump’s election as US President and the threat of higher tariffs were other factors with a negative impact in the short term. The real estate markets saw the investment market bounce back in the second half of 2024, with the global transaction volume outstripping the prior-year level by 11%. Prices have now stabilised for all use types, especially for retail and logistics properties, with yields plateauing as a result. Such conditions continued to give competitive advantages to investors who purchased property with a large proportion of equity capital and had a high level of market expertise. In the office markets in Europe in particular, employees have increasingly returned to the office. The trend towards smaller but higher-value spaces also fuelled further rises in top rents. Vacancy rates have increased only moderately. The retail sector reported stable demand in prime locations, primarily thanks to clothing shops ramping up their expansion again. Hotels benefited from higher occupancy rates and the ongoing recovery in travel, with an added boost from major international events. Demand in the logistics market stabilised at a slightly lower level. Moves to safeguard supply chains and further expansion of online capacity remained fundamental demand drivers in this segment. According to Deutsche Bundesbank statistics, the financial assets of private households rose considerably, by around €540bn as against the end of 2023 to €9,004bn (30 September 2024). The monetary easing embarked upon by the European Central Bank meant that sight deposits became less attractive than term deposits. Growth in value and new inflows led to increased financial assets in securities investments. Compared against 31 December 2023, the share of equities and investment funds in the total financial assets of private households rose by almost 1.0 percentage point to just under 21.3%. Market performance in 2024 was also reflected in the investment statistics of the German Investment Funds Association BVI. Net assets in open-ended mutual funds amounted to €1,564.3bn as at 31 December 2024 (year-end 2023: €1,382.1bn), while the net assets of open-ended special funds stood at €2,183.0bn (year- end 2023: €2,079.9bn). As at 31 December 2024, net inflows into open-ended mutual funds came to €36.2bn, up considerably on the previous year’s figure (€12.9bn). Bond, equity and money market funds recorded particularly high inflows. At €33.6bn, the sales figure for open-ended special funds for institutional investors was almost on a par with the previous year (€33.7bn). 32

Group management report | Economic report Deka Group Annual Report 2024 Regulatory environment Changes to regulations, both those already initiated and those in the pipeline, have an influence on the business model and profitability of the Deka Group. Higher capital requirements for banks could emerge from supervisory interpretations of existing legal standards and from the results of the annual Supervisory Review and Evaluation Process (SREP), for example in the context of the supervisory review of the internal models under Pillar 1 of the Basel capital framework. The main regulatory topics for the Deka Group at present are described below. Regulatory topics On 19 June 2024, CRR III, implementing the finalised Basel III rules (also known as Basel IV) in the EU, was published in the Official Journal of the European Union. The rules came into force at EU level on 1 Jan- uary 2025. With the switch to CRR III, DekaBank continues to use an internal model (IRB approach) to measure credit risk for the majority of its lending. This means that it is affected by the new output floor, which limits the benefit of internal models as compared to the standardised approach. The plan is to introduce the output floor gradually. It stands at 50% upon introduction and is to increase to its final level of 72.5% in 2030. The level of the output floor will increase by 5 percentage points each year from 2026 to 2029 and by 2.5 percentage points in 2030. The output floor will only take full effect at the beginning of 2033, as further transitional arrangements for calculating the underlying RWAs in the Credit Risk Standardised Approach will apply until that time. Risk-weighted assets (RWAs) could increase when the transitional arrangements expire. In addition, CRR III contains rules on calculating RWAs for market risk from the fundamental review of the trading book (FRTB), as well as for credit valuation adjustment risk (CVA risk) and operational risk, which may also increase RWAs. DekaBank generally uses the specified standardised approaches for these risk types. The European Commission has postponed the calculation of RWAs under the FRTB rules by means of a delegated regulation which pushes the start date back by a year to 1 January 2026, meaning that the internal market risk model in line with CRR II will still apply in 2025. Other FRTB rules (internal risk transfers, reclassifications, distinction between the trading and banking book) will now not come into force until 1 January 2026 either. A stress test by the European Banking Authority (EBA) is planned for 2025, which, as in 2023, will cover all risk types. Publication of the results is scheduled for August 2025. DekaBank is not among the banks taking part in the EBA stress test. As a bank subject to ECB supervision, it is nevertheless subjected to a stress test that is carried out in accordance with EBA methodology. The results of this ECB stress test feed into the calculation of the SREP ratios. On 2 January 2024, the ECB started its first cyber resilience stress test (CRST) at 109 institutions. 28 selected institutions had to conduct a more in-depth recovery test and create detailed logs as evidence of their activities. As part of the standard assessment, DekaBank and a large majority of the institutions completed an extensive questionnaire by the end of February 2024 and submitted cyber incident reports to the ECB. The closing meeting with the supervisory authority took place in June, and DekaBank received the final report, including the results, at the end of July 2024. The regulator’s comments will be processed and implemented by the deadlines agreed with the ECB. Regulation (EU) 2022/2554, the Digital Operational Resilience Act (DORA), was introduced by the European Union to enhance digital operational resilience in the financial sector. DORA aims to make financial organisations more resilient to cyber threats and ICT-related incidents. The Regulation harmonises cyber security and ICT risk management requirements within the EU and covers aspects such as ICT risk management, handling and reporting of ICT-related incidents, test measures to increase cyber defence capability and resilience, and the management of third-party ICT service providers. The Regulation applies as of 17 January 2025. 33

Group management report | Economic report Deka Group Annual Report 2024 See also: Sustainability report ESRS 2: page 112 ff. Sustainability-related regulatory proposals The Corporate Sustainability Reporting Directive (CSRD) is expanding sustainability reporting. The aim is to increase accountability in relation to sustainability. To this end, mandatory reporting standards – the European Sustainability Reporting Standards (ESRS) – have been introduced. DekaBank forged ahead with implementation of the CSRD in 2024, taking action aimed at data collection and preparation and also including sustainability topics that were previously classified as material in its reporting. In Germany, the collapse of the governing coalition meant that the CSRD had not been transposed into national law by 31 December 2024. The provisions of the CSRD Implementation Act continue to apply, among others, in accordance with the NFRD. The Deka Group’s sustainability reporting (consolidated non-financial statement) was prepared applying the ESRS in full for the very first time and has been included as a separate section of the Group management report. This means that the sustainability reporting also fulfils the requirements for the consolidated non-financial statement in accordance with sections 315b and 315c HGB. In 2024, European supervisory authorities (ESAs) joined forces with the ECB and the European Systemic Risk Board (ESRB) to conduct a “Fit for 55” climate risk scenario analysis, the aim being to assess the resilience of the financial sector in accordance with the EU’s “Fit for 55” package. DekaBank was one of 110 institutions in the EU to take part in the climate risk scenario analysis, which was based on three scenarios. The baseline scenario assumed a smooth and timely transition to a climate-neutral economy. The first adverse scenario incorporated short-term climate risks in the form of asset price corrections triggered by a reassessment of transition risk (run-on-brown scenario), while the second adverse scenario also included macroeconomic stress factors that were not specific to climate risk. The supervisory authorities believe that, based on the results, first-round losses from a possible run-on-brown scenario would only have a limited impact on the financial system. However, adverse macroeconomic developments could considerably increase the losses incurred by financial institutions, hindering them in their capacity to provide financing. The climate risk scenario analysis did not have any impact on the capital requirements of the participating institutions. The aggregated results were published by the supervisory authorities in November 2024. See also: Business and human rights at Deka The Corporate Sustainability Due Diligence Directive (CSDDD) came into force on 25 July 2024. EU member states have two years to transpose the legislation into national law. The transition periods are staggered, with the biggest companies affected, including DekaBank, likely to have to apply the Directive from mid- May 2027. The German Act on Corporate Due Diligence Obligations in Supply Chains (Lieferketten- sorgfaltspflichtengesetz, LkSG) already anticipates many aspects of the CSDDD. The German Act is, however, expected to be amended in the future to reflect further-reaching requirements of the CSDDD. Product- and service-related regulatory proposals The EU directive on deposit guarantee schemes (Deposit Guarantee Schemes Directive) was implemented in Germany as part of the European banking union in 2015. Under the more wide-ranging ideas put forward by the European Commission, national deposit guarantee systems would create a reinsurance system via a single European Deposit Insurance Scheme (EDIS) and centralise deposit insurance at European level in future. The design of this scheme, the role of institutional guarantee systems and the timetable have not yet been determined. In May 2023, the European Commission published its draft Retail Investment Strategy (RIS). The proposals primarily relate to processes in investment services and are therefore relevant to the Deka Group and its collaboration with the savings banks. The European Parliament and European Council have commented on the proposals. Substantive trilogue negotiations involving the European Parliament, Council and Commission have yet to start. The proposals put forward by the trilogue partners still differ considerably on key points. DekaBank continues to support the DSGV in accompanying the legislative process and is evaluating possible impacts. 34

Group management report | Economic report Deka Group Annual Report 2024 Business development and profit performance in the Deka Group Overall statement on the business trend and the Group’s position The Deka Group can look back on 2024 as a year in which the global economy proved resilient overall in the face of geopolitical conflict. A marked drop in inflation and the start of a cycle of rate cuts sent stock markets soaring to new highs. Volatility on equity and bond markets started to increase towards the end of the year due to the US elections and government crises in a number of eurozone countries. Although the German economy contracted and the eurozone reported only weak growth, economic development was robust in global terms. In this environment, Deka maintained its systematic focus on supporting savings banks and institutional customers. The expert advice offered by the savings banks helped to keep customers investing in 2024. The Deka Group generated a good economic result of €892.2m, below the prior-year value of €971.5m as expected. The decline was mainly attributable to valuation effects from own issues due to changed market parameters. All in all, Deka is satisfied with its business development and profit performance. Thanks to our economic strength, we were able to make targeted investments in technology and innovation and expand our business model. The Deka Group’s earnings position also ensures that Deka remains able to distribute profits while at the same time retaining parts of the annual profit to strengthen its capital base. Income amounted to €2,218.0m (previous year: €2,282.9m). There was an improvement in net interest and commission income year on year. Additions to risk provisions in the lending and securities business were down on the previous year. Net financial income and other operating profit were lower. Net commission income remained the main component of the Deka Group’s income, accounting for around 76%. Expenses came to €1,325.8m, up on the previous year’s figure (€1,311.3m), as expected. There was a slight increase in personnel and other administrative expenses, partly due to the increase in headcount to take advantage of growth opportunities and to investments in the business model. The fact that no bank levy was charged in 2024 had the opposite effect. The investment fund business picked up again in 2024, a trend that is also reflected in an increase in savings plans. The Deka Group’s total sales stood at €28.9bn, compared with €5.7bn in the previous year. In the private customer segment, sales increased to €25.7bn (previous year: €22.7bn), driven by sales in the investment fund and certificates business. €20.0bn was attributable to retail customers (previous year: €19.1bn) and €5.7bn to Private Banking customers (previous year: €3.6bn). In institutional business, sales came to €3.2bn. The prior-year figure of €–17.0bn was affected by a major client moving to another provider (approximately €–19bn). In the private customer segment, asset management net sales rose by €6.0bn year on year to €11.4bn. Sales performance was driven to a considerable degree by equity funds, which contributed €4.2bn (previous year: €4.0bn), and bond funds, with a contribution of €2.3bn (previous year: €–0.6bn). Real estate funds also contributed to the positive net sales, although sales were down year on year due to the market environment in this segment. €8.6bn of asset management net sales in the private customer segment was attributable to retail customers (previous year: €5.2bn) and €2.8bn to Private Banking customers (previous year: €0.2bn). Net sales to institutional customers came to €2.5bn as against €–17.3bn in 2023. The prior-year figure was affected by a major client moving to another provider. Asset management net sales stood at €13.9bn, compared with €–12.0bn in the previous year. 35

Group management report | Economic report Deka Group Annual Report 2024 At €15.0bn, gross certificate sales were, as expected, down on the high prior-year figure (€17.7bn). As in the previous year, the majority (€14.3bn) of these sales were to private customers (2023: €17.3bn). There was particular demand for stepped coupon bonds (€6.6bn) (previous year: €12.1bn) and express certificates (€5.6bn) (previous year: €4.1bn). €11.4bn of gross sales in the private customer segment was attributable to retail customers (previous year: €14.0bn) and €2.9bn to Private Banking customers (previous year: €3.3bn). Certificate sales to institutional customers in the reporting period came to €0.7bn (previous year: €0.4bn). The gross sales figure includes both Deka certificates and cooperation certificates. Deka certificates accounted for €10.6bn of the total (previous year: €9.2bn). Cooperation certificates, which complement Deka’s certificate range, accounted for €4.4bn, compared with €8.4bn in 2023. Deka Group sales in €m (Fig. 4) Asset management net sales by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Gross certificate sales by customer segment Private customers Institutional customers Total sales (Total of net sales asset management and certificates) 2024 13,949 11,410 2,540 10,278 2,440 1,232 14,973 14,308 665 28,922 2023* –11,958 5,372 –17,329 4,307 –16,163 –102 17,664 17,302 362 5,707 *The allocation of net sales to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The prior-year figures have been adjusted to aid comparison. Savings plans performed well in 2024. Investors signed up to around 583,000 (net figure) new investment savings plans (year-end 2023: around 222,000), meaning that the Deka Group manages approximately 8.2 million contracts in total, compared with around 7.6 million at the end of 2023. The appeal of securities was also reflected in the number of securities accounts, which increased by approximately 226,000 in total to 5.7 million (year-end 2023: 5.5 million). At 141.7 million, the number of transactions was significantly up on the figure for the end of 2023 (123.2 million). At €394.1bn, the asset management volume at the end of 2024 was up by €36.4bn on the figure for year- end 2023 (€357.7bn), mainly due to net sales and a market-induced positive investment performance. The asset management volume for private customers came to €215.6bn (previous year: €188.4bn). €163.4bn of this amount was attributable to retail customers (previous year: €144.3bn) and €52.2bn to Private Banking customers (previous year: €44.1bn). The Deka certificate volume fell by €1.5bn compared with the end of the previous year to €21.7bn. The volume for private customers came to €17.4bn (previous year: €18.5bn). €12.2bn of this amount was attributable to retail customers (previous year: €13.1bn) and €5.2bn to Private Banking customers (previous year: €5.5bn). The Deka certificate volume comprises only Deka certificates; cooperation certificates are not included. The total of the asset management and Deka certificates volume came to €415.9bn at the end of 2024 (year-end 2023: €380.9bn). 36

Group management report | Economic report Deka Group Annual Report 2024 Change 36,402 27,210 9,192 25,492 8,320 2,590 –1,493 –1,136 –357 10.2% 14.4% 5.4% 13.0% 5.6% 19.8% –6.4% –6.1% –7.6% Deka Group asset management volume and Deka certificate volume in €m (Fig. 5) 31 Dec 2024 31 Dec 2023* Asset management volume 394,132 357,730 by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Deka certificate volume by customer segment Private customers Institutional customers 215,612 178,520 222,279 156,161 15,693 21,724 17,397 4,326 188,402 169,329 196,787 147,841 13,103 23,216 18,533 4,683 Total of asset management and Deka certificate volume 9.2% *The allocation of the volume to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The 380,947 415,856 34,909 prior-year figures have been adjusted to aid comparison. The Common Equity Tier 1 capital ratio at the close of 2024 stood at 19.8% (year-end 2023: 19.2%). The regulatory requirement was exceeded at all times. As in the previous year, pursuant to Article 26 (2) CRR, the year-end profit less foreseeable charges and dividends was recognised in Common Equity Tier 1 capital within the same period as at 31 December 2024 (dynamic approach). See also: Capital adequacy: page 83 ff. Compared with the previous year, Common Equity Tier 1 capital increased by €256m to €6,104m. The increase was due to the inclusion of year-end effects from 2024 (mainly profit retention). RWAs increased overall by €328 m from the year-end 2023 figure of €30,486m to €30,814m. This was driven mainly by higher market risk, which was offset to a degree by lower credit risk. Credit risk fell by €672m to €19,212m, primarily as a result of lower RWAs from funds. Market risk (€5,257m) increased over the year (year-end 2023: €4,347m). The increase can be traced back first and foremost to general market risk. RWAs from operational risk amounted to €5,969m (year-end 2023: €5,727m). The CVA risk amounted to €375m (year-end 2023: €528m). At 8.2%, the leverage ratio was below the previous year’s figure of 9.2%. The minimum leverage ratio of 3.0% was adhered to at all times. The MREL requirements are calculated using an RWA- and LRE-based method in accordance with supervisory requirements. As at the reporting date, the MREL ratio in line with the RWA-based approach amounted to 53.2% (year-end 2023: 54.1%), while the figure under the LRE-based approach came to 20.0% (year- end 2023: 23.5%). Both ratios were well above the applicable minimum ratios. The subordinated MREL requirements are also calculated using an RWA- and LRE-based method in accordance with supervisory requirements. As at 31 December 2024, the subordinated MREL requirements in line with the RWA-based approach came to 37.5% (year-end 2023: 37.7%), while the figure under the LRE-based approach was 14.1% (year-end 2023: 17.9%). Both ratios were well above the applicable minimum ratios. 37

Group management report | Economic report Deka Group Annual Report 2024 See also: Liquidity adequacy: page 86 ff. The Deka Group had ample liquidity, measured using the liquidity balances and liquidity coverage ratio (LCR), throughout 2024. The LCR as at year-end 2024 stood at 192.0% (year-end 2023: 209.0%). It was always significantly above the applicable minimum limit of 100% in the reporting period. The net stable funding ratio (NSFR) came to 117.9% (year-end 2023: 120.9%) at the end of December 2024 and was thus significantly above the applicable minimum limit of 100%. Economic risk-bearing capacity was at a non-critical level overall as at the end of 2024. A slight increase in total risk was offset by much higher risk capacity due to the positive development in retained earnings and various correction and deduction items. At 57.8%, utilisation of the risk appetite (which had been increased to €4,500 m) was down slightly on the 2023 reporting date (59.4%). Utilisation of risk capacity also dropped to 42.5%, below the level at the end of 2023 (46.6%). Comparison of forecast and actual growth Most of the expectations regarding the Deka Group’s key management indicators in 2024, as set out in the forecast report of the 2023 Group management report and updated in the 2024 interim financial report, either materialised as predicted or exceeded the forecast. The Deka Group’s total sales were slightly lower than forecast at around €29bn due to caution in the real estate funds business and lower than expected net sales in the institutional business. Development of key management indicators in the Deka Group (Fig. 6) 31 Dec 2023 €m % % €bn €bn % % Economic result Return on equity before tax (balance sheet) Cost/income ratio Total of asset management and Deka certificate volume Total sales Common Equity Tier 1 capital ratio Utilisation of risk appetite Forecast 2024 in the Annual Report 2023 Forecast 2024 in the Interim Report 2024 31 Dec 2024 971.5 around 700 around 700 892.2 15.8 54.4 380.9 5.7 19.2 59.4 around 11 around 60 around 11 around 60 significant above the previous year significant above the previous year around 35 slightly below 35 appropriate above 13 appropriate above 13 at non-critical level at non-critical level 13.9 59.2 415.9 28.9 19.8 57.8 38

Group management report | Economic report Deka Group Annual Report 2024 Profit performance of the Deka Group The Deka Group generated a good economic result of €892.2m in the reporting period (previous year: €971.5m). At €2,218.0m, income was down slightly, by 2.8%, on the prior-year figure of €2,282.9m. There was an improvement in net interest and commission income year on year. Additions to risk provisions in the lending and securities business were down on the previous year. Net financial income and other operating profit were lower. Net commission income remained the main component of the Deka Group’s income, accounting for €1,675.7m. At €1,325.8m, expenses were up 1.1% on the previous year’s figure (€1,311.3m), as expected. There was a slight increase in personnel and other administrative expenses, partly due to the increase in headcount to take advantage of growth opportunities and to investments in the business model. The fact that no bank levy was charged in 2024 had the opposite effect. Net interest income came to €526.8m (previous year: €487.5m). The increase resulted primarily from the investment of liquidity from own funds by the Treasury function due to the movement in interest rates. Other major components of net interest income came from the earnings contributions made by specialised financing and real estate financing. These were virtually unchanged year on year overall. In net terms, risk provisions in the lending and securities business were increased by €23.2m in the reporting year (previous year: net increase of €126.8m). Specific provisions, primarily in real estate financing, led to a net allocation to risk provisions in the lending business of €22.3m (previous year: net allocation of €123.0m) despite a positive net effect from the reversal and recognition of post-model adjustments, largely for borrowers in the International Commercial Real Estate rating module. The Real Estate Financing subdivision recorded a net allocation amounting to €56.9m. In the Specialised Financing subdivision, on the other hand, there was a net reversal of €34.3m. The securities business recorded a net allocation of €1.0m (previous year: net allocation of €3.8m). Net commission income increased slightly to €1,675.7m (previous year: €1,636.5m). Commission from the investment fund business remained stable year on year. Sales-based commission and purchasing and construction fees were both higher than in the previous year. Commission from banking business was up, particularly thanks to higher income from securities management. Overall commission from custody account business was slightly higher than in the previous year. Net financial income came to €143.5m, a reduction on the previous year’s figure of €340.2m due to valuation effects in the context of creditworthiness-related net income from own issues. This figure includes all income and expense items from the trading book as well as the valuation and sale results from the banking book portfolios. Net financial income from the trading book increased slightly to €326.4m (previous year: €315.1m). One reason for this was the market development in 2024, which benefited customer-led derivatives trading in particular. A key component remained income from the Trading & Structuring unit, partly thanks to certificate sales. Collateral Trading & Currency also made a greater contribution to earnings than in the previous year. See also: Risk and profit management at the Deka Group: page 28 ff. Net financial income from the banking book was €–182.9m (previous year: €25.1m). In the reporting year, creditworthiness-related negative net income (around €–95m) from own issues was recorded in Treasury due to spread developments. This compared with positive earnings effects (around €68m) in the previous year. An allocation of €40.0m was made in the reporting period to the general provision for potential risks (previous year: no change). This general provision for potential charges serves to cover potential risks that could materialise in the future, but which may not yet be reported under IFRS because they are not sufficiently substantiated. Additions to or releases from the general provision are reflected in the economic result, but do not form part of the IFRS profit or loss and are not allocated to specific business divisions. 39

Group management report | Economic report Deka Group Annual Report 2024 Other operating profit in 2024 came to €–104.8m (previous year: €–54.4m). This included actuarial gains of €11.5m on provisions for pensions. In the previous year, actuarial losses of €28.0m were recognised on provisions for pensions, triggered by the actuarial interest rate. Plan assets increased in the reporting year due to market conditions. The actuarial interest rate came to 3.55% at the end of 2024 (year-end 2023: 3.50%). Actuarial effects are not included in the IFRS profit or loss as they are posted directly to equity (revaluation reserve). However, they are reported in the economic result as part of the profit or loss for the period. Other operating profit also includes the negative impact of interest paid in 2024 as a result of tax assessment notices. See also: Sustainability report, S1-6 – Own workforce: page 363 ff. Personnel expenses showed a moderate increase to €687.9m (previous year: €644.7m). Increases stemmed in particular from the increase in headcount to take advantage of growth opportunities as well as from wage and salary rises under collective agreements. Other administrative expenses including depreciation and amortisation rose slightly from €594.8m in the previous year to €618.3m. This resulted from increased investment in the business model and associated higher project expenses, primarily for developing and expanding the sales and asset management platforms and digitalisation activities. The annual contribution to the deposit guarantee scheme of the Landesbanken and Girozentralen amounted to €19.9m (previous year: €25.0m). Unlike in the previous year (€46.9m), the bank levy was not applied in 2024. As in the previous year, there were no restructuring expenses in the reporting period. The Deka Group operates in a growing market with the aim of realising potential income with an attractive cost/income ratio. The cost/income ratio, i.e. the ratio of total expenses (excluding restructuring expenses) to total income (before risk provisions in the lending and securities business), was 59.2% (previous year: 54.4%). The return on equity before tax (balance sheet) was 13.9%, compared with 15.8% in 2023. 2024 526.8 –23.2 1,675.7 143.5 –104.8 2,218.0 1,325.8 687.9 618.3 19.7 2023 487.5 –126.8 1,636.5 340.2 –54.4 2,282.9 1,311.4 644.7 594.8 71.9 1,325.8 1,311.3 892.2 971.5 Deka Group performance in €m (Fig. 7) Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) thereof: personnel expenses thereof administrative expenses (including deprecitation and amortisation) thereof bank levy and deposit guarantee scheme Total expenses Economic result Change 39.4 103.6 39.2 –196.7 –50.4 –64.9 14.5 43.2 23.5 –52.2 14.5 –79.4 8.1% 81.7% 2.4% –57.8% –92.6% –2.8% 1.1% 6.7% 4.0% –72.7% 1.1% –8.2% 40

Group management report | Economic report Deka Group Annual Report 2024 Business development and profit performance by business division Business development and profit performance in the Asset Management Securities business division The economic result for the Asset Management Securities business division was €637.8m (previous year: €567.4m). Net sales stood at €13.9bn, compared with €–13.3bn in 2023. The prior-year figure was affected by an institutional customer transferring their mandate to another provider. The positive investment performance and net sales meant that the asset management volume of €339.0bn significantly exceeded the prior-year figure (€302.2bn). Net sales and volume The division’s asset management net sales totalled €13.9bn (previous year: €–13.3bn). Business with private customers remained the sales focus, accounting for around 80% of net sales. Sales to these customers came to €10.9bn, as against €3.9bn in the previous year. Sales of mutual securities funds reached €9.1bn (previous year: €3.6bn). Sales of equity, bond and money market funds were particularly positive. Fund-based asset management recorded inflows of €0.9bn (previous year: outflows of €0.6bn). Business with institutional customers amounted to €3.0bn versus €–17.3bn in the previous year. This included net sales of special funds and mandates of €2.6bn. Sales in 2023 (€–16.3bn) had been affected by a major client moving to another provider (approximately €19bn). ETFs recorded inflows of €1.2bn, compared with net redemptions and maturities of €0.1bn in the previous year. Net sales performance in the Asset Management Securities business division in €m (Fig. 8) Special funds and mandates –16,260 * The allocation of net sales to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The 2,638 prior-year figures have been adjusted to aid comparison. At €339.0bn, the asset management volume was up considerably on the prior-year value of €302.2bn due to positive performance and net sales. Volume in the Asset Management Securities business division in €m (Fig. 9) 31 Dec 2024 31 Dec 2023* Asset management volume 338,981 302,227 by customer segment Private customers Institutional customers by product category 176,565 162,416 149,860 152,367 Mutual funds and fund-based asset management 178,812 153,464 thereof: equity funds thereof: bond funds thereof: mixed funds ETFs Special funds and mandates 80,935 23,223 25,423 15,693 144,477 66,680 21,169 22,915 13,103 135,660 Change 36,754 26,705 10,049 25,348 14,254 2,054 2,508 2,590 8,817 12.2% 17.8% 6.6% 16.5% 21.4% 9.7% 10.9% 19.8% 6.5% * The allocation of the volume to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The prior-year figures have been adjusted to aid comparison. 41 Asset management net sales by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management ETFs 2024 2023* 13,924 –13,337 10,914 3,010 10,054 1,232 3,950 –17,287 3,025 –102

Group management report | Economic report Deka Group Annual Report 2024 Profit performance in the Asset Management Securities business division At €637.8m, the division’s economic result was up significantly on the previous year’s figure of €567.4m. Net commission income was up year on year, mainly due to higher portfolio-related commission. Expenses amounted to €478.4m, compared with €447.3m in 2023. This increase was due to higher project expenses, including for investments in the business model, as well as higher personnel and other administrative expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €55.7m compared with €28.7m at the end of 2023. Profit performance in the Asset Management Securities business division in €m (Fig. 10) Net commission income Other income Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 2024 2023 1,064.7 –4.2 1,060.5 478.4 478.4 582.1 55.7 637.8 984.3 1.7 986.0 447.3 447.3 538.7 28.7 567.4 Change 80.4 –5.9 74.5 31.1 31.1 43.4 27.0 70.4 8.2% (< –300%) 7.6% 7.0% 7.0% 8.1% 94.0% 12.4% Business development and profit performance in the Asset Management Real Estate business division The economic result in the Asset Management Real Estate business division stood at €146.2m at the end of 2024 compared with €200.8m in the previous year. Asset management net sales were positive at around €26m, but fell short of the previous year’s figure. With continued sound investment performance, the business division’s asset management volume was stable at €55.2bn. Real estate assets under management grew by €0.7bn to €51.0bn. Net sales and volume Asset management net sales in this business division failed to match the previous year’s figure (€1.4bn) due to investor restraint. The asset management net sales for private customers fell to €0.5bn (previous year: €1.4bn). Net sales nevertheless fare very well in a comparison with Deka’s peers. Net sales for institutional customers came to €–0.5bn (previous year: €–0.0bn). However, sales remained positive overall. High demand was registered for WestInvest InterSelect, which focuses on Europe, and for the Deka-ImmobilienMetropolen funds, which invest internationally. Net sales performance in the Asset Management Real Estate business division in €m (Fig. 11) Asset management net sales by customer segment Private customers Institutional customers by product category Mutual property funds 2024 26 496 –470 224 2023* 1,380 1,422 –43 1,283 Special funds, individual property funds and mandates 97 * The allocation of net sales to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The –198 prior-year figures have been adjusted to aid comparison. 42

Group management report | Economic report Deka Group Annual Report 2024 The volume in the Asset Management Real Estate business division (€55.2bn) remained virtually constant despite distributions of €1.2bn, thanks largely to stable performance. €39.0bn of the volume was attributable to the private customer segment. Euro-denominated mutual property funds achieved an average volume-weighted return of 2.1% (previous year: 2.7%). Volume in the Asset Management Real Estate business division in €m (Fig. 12) 31 Dec 2024 31 Dec 2023* Asset management volume 55,151 55,503 by customer segment Private customers Institutional customers by product category Mutual property funds Special funds, individual property funds and mandates 39,047 16,104 43,467 11,684 38,541 16,962 43,323 12,181 Change –352 506 –858 144 –497 –0.6% 1.3% –5.1% 0.3% –4.1% * The allocation of the volume to the customer segments was refined, resulting in shifts between the customer segments but no effect on the Group figures. The prior-year figures have been adjusted to aid comparison. Although pricing on national and international real estate markets is still difficult following the change in interest rates, more transactions were successfully concluded in the second half of the year. At €1.7bn, the volume of real estate purchase and sale transactions was up on the previous year’s level of €1.3bn. Around 49% of the overall transaction volume concerned a total of ten contractually secured property purchases. There were twenty disposals, representing 51% of the transaction volume. Business activities continue to centre on properties in the office, retail, logistics and hotel asset classes. Profit performance in the Asset Management Real Estate business division The economic result in the Asset Management Real Estate business division stood at €146.2m at the end of 2024 compared with €200.8m in the previous year. Income remained noticeably below the prior-year figure. Portfolio-related commission was significantly lower than in the previous year, partly due to lower fund returns, whereas commission income from purchasing and construction fees was much higher than in the previous year. At €185.9m, expenses were up on the previous year’s figure of €179.9m. Along with higher project expenses, this was mainly due to increased personnel expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €15.7m compared with €12.9m at the end of 2023. Profit performance in the Asset Management Real Estate business division in €m (Fig. 13) 2024 2023 Change Net interest income Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 0.0 366.0 –0.6 2.4 367.8 179.9 179.9 187.9 12.9 200.8 0.5 –53.2 1.4 –0.3 –51.6 6.0 6.0 –57.5 2.9 –54.7 0.5 312.9 0.8 2.1 316.3 185.9 185.9 130.4 15.7 146.2 43 (> 300%) –14.5% 248.5% –13.5% –14.0% 3.3% 3.3% –30.6% 22.3% –27.2%

Group management report | Economic report Deka Group Annual Report 2024 Business development and profit performance in the Asset Management Services business division The economic result for the Asset Management Services business division was €–7.2m (previous year: €6.3m). There was an increase of around 226,000 in the number of securities accounts in Digital Multichannel Management. Custody account volume rose to €218.1bn due to market and sales developments. Assets under custody in the Depositary subdivision recorded a market-induced rise in the course of 2024 and came to €327.4bn. Business development in the Asset Management Services business division The number of custody accounts for which the division is the legal provider increased to 5.7 million in the reporting year (previous year: 5.5 million custody accounts). At 141.7 million, the number of securities transactions also exceeded the previous year’s figure of 123.2 million. This was partly due to the sales figures for savings plans, with around 583,000 additional savings plans in 2024. Due to the favourable market and sales trend, assets under custody in the Digital Multichannel Management subdivision rose to €218.1bn (previous year: €194.6bn). At S Broker AG & Co. KG, the investment volume also increased year on year to €18.5bn (previous year: €16.2bn). The number of custody accounts came to around 203,000, almost unchanged compared with the previous year (around 200,000 custody accounts). As of year-end 2024, the robo-advisory service bevestor GmbH has been integrated into the sales of 337 savings banks (previous year: 348) as part of the cooperation partner model. The decline is due to mergers in the savings bank sector. bevestor GmbH had arranged an investment volume of €506m (previous year: €299m) and managed around 138,000 customer custody accounts as of year-end 2024 (year-end 2023: around 69,000 custody accounts). Assets under custody in the Depositary subdivision were up compared with the start of 2024, mainly due to market-related factors. They increased for both mutual funds and special funds and came to €327.4bn at year-end (previous year: €290.8bn). Profit performance in the Asset Management Services business division The economic result for the Asset Management Services business division was €–7.2m (previous year: €6.3m). Net commission income of €236.6m (previous year: €222.0m) remained the main component of income. It increased moderately, thanks primarily to higher commission from the banking and custody account business. The other operating profit of €–5.6m included an addition to provisions for legal risks. The previous year’s figure of €11.0m included the partial reversal of a provision previously recognised for the implementation of a ruling by the German Federal Court of Justice (BGH) on the mechanism for amending general terms and conditions of business. It also included a positive earnings contribution from the sale of part of an equity investment. At €278.4m, expenses were up compared with the previous year (€257.1m), mainly due to higher project and personnel expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €27.6m compared with €17.3m in the previous year. 44

Group management report | Economic report Deka Group Annual Report 2024 Profit performance in the Asset Management Services business division in €m (Fig. 14) Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 2024 2023 12.1 0.0 236.6 0.5 –5.6 243.6 278.4 278.4 –34.8 27.6 –7.2 12.9 0.2 222.0 0.1 11.0 246.2 257.1 257.1 –11.0 17.3 6.3 Change –0.8 –0.1 14.7 0.3 –16.6 –2.5 21.3 21.3 –23.8 10.3 –13.5 –6.0% –79.6% 6.6% 231.7% –150.8% –1.0% 8.3% 8.3% –217.6% 59.7% –214.6% Business development and profit performance in the Capital Markets business division At €274.6m, the economic result reported by the Capital Markets business division was down on the previous year’s figure of €291.5m. The Capital Markets business division continues to fulfil its role as the Deka Group’s product, solution and infrastructure provider. It is supported in this by the DEA and finledger platforms. Business development in the Capital Markets business division In the largest subdivision, Trading & Structuring, business was stable compared with the previous year and benefited from the certificates business. At €15.0bn, gross sales of certificates remained, as expected, below the previous year’s high figure of €17.7bn. As in the previous year, business with private customers accounted for the lion’s share of demand. There was particular demand for stepped coupon bonds (€6.6bn, previous year: €12.1bn) and express certificates (€5.6bn, previous year: €4.1bn). Deka certificates accounted for 70.9% of gross certificate sales in the reporting year (previous year: 52.2%). Gross certificate sales Capital Markets business division in €m (Fig. 15) Gross sales by customer segment Private customers Institutional customers by issuer Deka certificates Cooperation certificates 31 Dec 2024 31 Dec 2023 14,973 14,308 665 10,613 4,360 17,664 17,302 362 9,220 8,444 The volume of Deka certificates reported in the balance sheet amounted to €21.7bn (year-end 2023: €23.2bn). 45

Group management report | Economic report Deka Group Annual Report 2024 Deka certificate volume Capital Markets business division in €m (Fig. 16) Deka certificate volume by customer segment Private customers Institutional customers 2024 2023 21,724 17,397 4,326 23,216 18,533 4,683 Change –1,493 –1,136 –357 –6.4% –6.1% –7.6% The Collateral Trading & Currency subdivision remains well positioned in the repo/lending business. Business was up overall in a year-on-year comparison due to higher volumes. The Commission Business subdivision was able to match the previous year’s turnover in business with shares, bonds, exchange-traded derivatives and supplementary services in a challenging market environment. Profit performance in the Capital Markets business division The Capital Markets business division achieved an economic result of €274.6m in 2024 (previous year: €291.5m). Net financial income of €325.6m was up slightly on the previous year’s value (€315.7m) due to market developments in 2024, which benefited customer-led derivatives trading in particular. Net commission income was down slightly on the 2023 figure. At €227.2m, expenses were higher than in the previous year (€212.4m), mainly due to increased personnel and other administrative expenses. The earnings contribution from the income distribution of the Treasury function fell to €122.7m, compared with €134.6m in the previous year. Profit performance in the Capital Markets business division in €m (Fig. 17) Net interest income Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 2024 2023 2.0 48.0 325.6 3.6 379.2 227.2 227.2 152.0 122.7 274.6 2.1 49.8 315.7 1.8 369.3 212.4 212.4 156.9 134.6 291.5 Change 0.0 –1.8 10.0 1.8 9.9 14.8 14.8 –4.9 –12.0 –16.9 –2.2% –3.6% 3.2% 99.0% 2.7% 7.0% 7.0% –3.1% –8.9% –5.8% 46

Group management report | Economic report Deka Group Annual Report 2024 Business development and profit performance in the Financing business division The Financing business division generated an economic result of €164.3m (previous year: €44.2m). The business division’s gross loan volume came to €25.7bn, down by 5.5% on the end of 2023. Business development in the Financing business division The business division’s gross loan volume came to €25.7bn (year-end 2023: €27.2bn). The drop resulted mainly from a smaller volume of new business. Around 57% (year-end 2023: around 59%) of the gross loan volume was attributable to specialised financing. The share of real estate financing came to around 43% (year-end 2023: around 41%). The volume of new business in the Financing business division came to €3.3bn at the end of 2024 (previous year: €4.7bn). €1.2bn of this amount was arranged in the Specialised Financing subdivision, as against €2.7bn at the end of 2023. Loans to savings banks accounted for €0.3bn (previous year: €1.6bn). At €2.1bn, the new business volume in the Real Estate Financing subdivision slightly exceeded the previous year’s figure (€2.0bn). Loans to savings banks accounted for 9% of total new business in the division (previous year: around 35%). At €0.5bn, the total volume of placements was consistent with the new business trend and was below the previous year’s figure of €0.9bn. More than half of this total was placed within the Sparkassen-Finanzgruppe. Repayments of around €4.8bn (previous year: around €3.7bn) were the main factor reducing the portfolio. Gross loan volume in the Specialised Financing subdivision in €bn (Fig. 18) Gross loan volume in the Real Estate Financing subdivision in €bn (Fig. 19) Commercial real estate financing Financing of open-ended real estate funds Total For materiality reasons, segments with a gross loan volume of less than €1bn are not reported. Commercial real estate financing continued to focus on financing in Europe (€3.9bn) and North America (€4.1bn). In the previous year, the figures were €4.3bn in Europe and €4.0bn in North America. Office properties were the main use type in commercial real estate financing with a share of 78.1% (year-end 2023: 75.8%). Hotel financing accounted for 3.8% (year-end 2023: 3.7%) and retail property financing for 6.6% (year-end 2023: 9.1%) of the gross loan volume in commercial real estate financing. For the loan to values in commercial real estate financing, Deka follows a conservative policy on lending values. 47 Infrastructure financing Renewable energies Transport financing Aviation Shipping Export financing Public sector financing Savings bank financing Total 31 Dec 2024 3.5 1.0 2.9 1.6 1.2 0.8 3.0 4.4 14.7 31 Dec 2024 8.0 3.0 11.0 31 Dec 2023 4.0 1.5 3.3 1.8 1.3 1.0 3.1 4.6 16.0 31 Dec 2023 8.3 2.9 11.2 Change –11.6% –32.6% –10.6% –14.6% –3.2% –18.9% –5.1% –3.3% –8.2% Change –3.6% 3.6% –1.7%

Group management report | Economic report Deka Group Annual Report 2024 At 8, the average rating for the loan portfolio as a whole according to the DSGV master scale was unchanged from the end of 2023. This corresponds to a rating of BB on S&P’s external rating scale. The average rating for Specialised Financing was also unchanged from the end of 2023 and stood at 7 (S&P: BB). The rating for Real Estate Financing deteriorated as against the end of 2023 from 8 to 9 (S&P: from BB to BB–). Taking account of collateralised assets, the average rating for Real Estate Financing came to 4 on the DSGV master scale (S&P: BBB–) and was unchanged as against the end of the previous year. Profit performance in the Financing business division The Financing business division closed the 2024 financial year with an economic result of €164.3m (previous year: €44.2m). Risk provisioning requirements were lower year on year. Net interest income was on a par with the previous year. Risk provisioning requirements came to €22.6m in 2024 (previous year: allocation of €121.4m). Specific provisions, primarily in real estate financing, were set against a positive net effect from the reversal and recognition of post-model adjustments, mainly for borrowers in the International Commercial Real Estate rating module. Net commission income of €17.3m, which was mainly driven by new business, was roughly on a par with the previous year (€17.9m). At €81.1m, expenses were also level with the previous year’s figure (€80.9m). There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €111.7m compared with €91.2m in the previous year. Profit performance in the Financing business division in €m (Fig. 20) Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 2024 136.9 –22.6 17.3 0.9 1.1 133.8 81.1 81.1 52.6 111.7 164.3 2023 138.2 –121.4 17.9 –1.7 1.0 33.9 80.9 80.9 –47.0 91.2 44.2 Change –1.2 98.8 –0.5 2.7 0.1 99.8 0.2 0.2 99.6 20.5 120.1 –0.9% 81.4% –3.0% 152.7% 8.6% 294.1% 0.3% 0.3% 212.0% 22.5% 271.7% 48

Group management report | Economic report Deka Group Annual Report 2024 Financial position of the Deka Group Financial management principles and objectives Via its Treasury corporate centre, DekaBank pursues an integrated approach aimed at the active manage- ment of Group-wide liquidity, thus ensuring that flexibility and investor trust are retained even in difficult market situations. The Treasury corporate centre manages Group liquidity and Deka Group refinancing across all maturities and is responsible for asset-liability management. Treasury also heads the Management Committee for Assets and Liabilities (Managementkomitee Aktiv-Passiv – MKAP), which manages the strategic position of the Bank as a whole and makes recommendations for action in this regard to the Board of Management. Treasury manages the liquidity management portfolio with a view to compliance with regulatory require- ments and safeguarding the Bank’s liquidity at all times. This portfolio comprises the liquidity buffer, which contains securities held to ensure liquidity in stress situations and liquidity shortages, other liquid assets (e.g. securities for cover registers) and the securities in the proprietary securities portfolio (Strategic Investments portfolio). The Strategic Investments portfolio is used to invest surplus financial resources and balance out differences in maturity structure. For the securities that constitute the strategic investments, liquidity investing is focused on investments in investment-grade bonds from financial services providers and corporates. Given the targets for the liquidity buffer, investment here concentrates on bonds issued by German federal states, German development banks and supranational institutions, as well as German covered bonds (Pfandbriefe) and credit balances held with central banks. Treasury assists the Board of Management with the management of existing risks from fund-based guarantee products, manages market price risks in the banking book and is responsible for Group-wide hedge accounting. In addition, Treasury manages counterparty risks in its own banking book and equity. By setting transfer prices for the whole Group, Treasury helps to ensure both that the balance sheet is evenly structured and in line with strategy, and that transactions are calculated appropriately. It also provides active support to the business divisions in meeting their business policy targets. DekaBank supports cash pooling for the savings banks and other companies of the Sparkassen-Finanzgruppe. It has high volumes of central bank-eligible highly liquid assets, which can be used to generate liquidity via various market access routes at any time. Refinancing is carried out in a diversified manner using domestic and international money market and capital market instruments. This includes issues of covered bonds, bearer bonds based on the commercial paper programme and the debt issuance programme, as well as the programmes for structured issues and certificates. These activities are supplemented by placements of registered debt securities along with promissory note loans and DekaBank’s range of certificates with sustainability features. DekaBank also uses the repo and lending markets as well as daily and time deposits to raise and invest liquidity. It participates in the various central bank tenders as necessary. As part of its ongoing efforts in the field of sustainability, DekaBank has continued to develop its Green Bond Framework in line with the ICMA Green Bond Principles 2021. This framework enables the issue of green bonds and certain certificates as required as part of ongoing issuing activities. The funds raised are used to fully or partially finance appropriate green loans – new or existing lending in renewable energy and green buildings. Derivative financial instruments are used for trading purposes and to hedge interest rate risks, currency risks and other price risks in the banking book and trading book. DekaBank does not have extensive open interest or currency positions. Detailed information on derivative transactions can be found in the consolidated financial statements. 49 See also: Green bonds See also: Consolidated financial statements: page 414 ff.

Group management report | Economic report Deka Group Annual Report 2024 Changes in the Deka Group balance sheet Total assets increased as expected by €8.1bn in financial year 2024 to €92.9bn (year-end 2023: €84.8bn). Lower new financing business was offset by higher investments in liquid securities on the assets side. There was also an increase in short-term reverse repo transactions. Amounts due from banks and customers were stable at €55.1bn (year-end 2023: €55.6bn). There was an increase of €4.3bn in financial assets reported at fair value, taking them to €21.3bn. This was attributable particularly to the increase in bonds and shares in synthetic lending transactions as a result of higher volumes. Financial investments of €14.1bn exceeded the year-end 2023 figure (€10.2bn) by a wide margin. This was primarily due to investments in liquid interest-bearing securities. Amounts due to banks and customers rose by €3.7bn in total to €39.3bn, mainly due to higher customer current account deposits. Securitised liabilities increased by €6.0bn to €16.9bn. This was due primarily to the issue of short-term securities. Financial liabilities at fair value declined to €26.4bn (year-end 2023: €28.4bn). This was partly due to the fall in capital market interest rates in the reporting year, which resulted in a lower fair value for derivatives held for hedging purposes on the liabilities side. The change was also attributable to a lower volume of trading book certificates due to maturities. Changes in the Deka Group balance sheet in €m (Fig. 21) Total assets Selected asset items Due from banks and customers Financial assets at fair value Financial investments Selected liability items Due to banks and customers Securitised liabilities Financial liabilities at fair value 31 Dec 2024 31 Dec 2023 Change 92,917 55,144 21,272 14,097 39,267 16,885 26,397 84,800 55,627 16,979 10,165 35,564 10,920 28,389 8,117 –482 4,292 3,932 3,703 5,965 –1,992 9.6% –0.9% 25.3% 38.7% 10.4% 54.6% –7.0% See also: Risk report: page 59 ff. Capital and liquidity adequacy Full details of capital and liquidity adequacy in the 2024 financial year are provided in the risk report section of the Group management report. 50

Group management report | Economic report Deka Group Annual Report 2024 Development of capital market ratings At year-end 2024, DekaBank’s capital market rating remained among the best in its peer group of German commercial banks. The ratings from Standard & Poor’s (S&P) and Moody’s enable access to the money and capital markets on stable and competitive terms. They reflect the high strategic importance of the Deka Group to the savings bank sector as well as the adequacy of the capital and liquidity base for its business model. Ratings overview (Fig. 22) Bank Ratings Issuer Rating Counterparty Rating Deposit Rating Own financial strength Short-term rating Issuance Ratings Preferred Senior Unsecured Debt Non-Preferred Senior Unsecured Debt Subordinated Debt (Tier 2) Additional Tier 1 debt Public Sector Covered Bonds Mortgage Covered Bonds Standard & Poor's A (positive) Issuer Credit Rating Moody's Aa1 (stable) Issuer Rating N/A N/A Aa1 Counterparty Risk Rating Aa1 Bank Deposits bbb+ Stand-alone Credit Profile baa2 Baseline Credit Assessment A–1 Short-term Rating P–1 Short-term Rating A Senior Unsecured Debt Aa1 (stabil) Senior Unsecured Debt A– Senior Subordinated Debt A1 Junior Senior Unsecured Debt A3 Subordinate Debt Baa2 (hyb) Preferred Stock Non-cumulative Aaa Public Sector Covered Bonds Aaa Mortgage Covered Bonds N/A N/A N/A N/A Moody’s lifted DekaBank’s long-term ratings by one notch in mid-March 2024. This was due to the reassessment of the Sparkassen-Finanzgruppe’s institutional protection scheme (IPS). Moody’s has since put the support assumed from the Sparkassen-Finanzgruppe if needed in the “affiliate-backed” category rather than the “very high” category. At the beginning of September 2024, S&P upgraded the outlook for DekaBank’s issuer rating from stable to positive. This is based on the stronger support that the Sparkassen-Finanzgruppe provides to DekaBank following the revision of the institutional protection scheme. S&P assumes that timely and sufficient support is now more likely to be provided. S&P also recognised DekaBank’s strong position within the Spar- kassen-Finanzgruppe and the positive development in its profitability and capital ratios by raising the stand- alone credit profile (own financial strength) from bbb to bbb+. 51

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 Forecast and opportunities report Forecast report ........................................................................................................................... 52 Opportunities report ................................................................................................................... 58 Forecast report Forward-looking statements The Deka Group’s planning is based on the assumptions about future economic development that appear the most probable from a current standpoint. However, plans and statements about expected developments and the course of business during 2025 are subject to uncertainty. Actual trends in the international money, capital and property markets and in the Deka Group may diverge significantly from our assumptions, which are partly based on expert estimates. See also: Risk report: page 59 ff. Opportunities report: page 58 The Deka Group’s risk position is explained in full in the risk report. If the risk scenarios referred to in the risk report should materialise, for example as a result of stress situations or counterparty default, this may result in negative differences from the forecast in the course of the 2025 financial year. Conversely, opportunities may result in expectations being exceeded. The opportunities for the Deka Group are set out in the opportunities report. The US government elected in November 2024 looks set to take action (the nature of which is currently difficult to predict) to intervene in global trade in 2025 by increasing tariffs and adopting less of a rule-based approach to geopolitical matters, which will fuel greater uncertainty. The impacts of a continuation of the wars in Ukraine and the Middle East are again impossible to fully predict in 2025. The same applies to the tensions between western industrialised nations and the emerging economies, led by China. If the hostilities worsen or if further geopolitical conflicts develop, this may hit economic growth and the capital markets. It is also difficult to estimate to what extent governments will turn to the capital market in order to finance the green transformation and demographic change, as well as higher defence spending. The monetary policy of central banks will also be a relevant factor. Future market developments therefore remain highly uncertain, and the earnings, risk and capital situation, as well as the corresponding key management indicators, may show less favourable development than that presented in the forecast report. Expected macroeconomic trends DekaBank expects average expansion of the global economy in 2025. Global gross domestic product is expected to grow at a rate of 3.0% with little fluctuation over the course of the year. Various sources of political uncertainty, particularly with regard to possible further tariff increases by the US government, as well as challenges related to corporate and economic transformation with a view to decarbonisation, demographic factors and digital transformation are putting pressure on consumer spending and corporate investment alike. While a common approach by the world’s industrialised nations would be helpful, the recent elections have made even reaching a consensus within the eurozone more difficult. DekaBank expects to see slight economic expansion as opposed to a strong upswing, partly boosted by ongoing high employment and rising real wages. Further key rate cuts by central banks will provide support. Government spending and investments are also likely to rise. The structural transformation that is urgently required in many industrialised countries, not least in Germany, will not receive the impetus it needs in the form of buoyant private-sector investment for the time being. Moderate price growth and a normalisation of monetary policy is at least likely to gradually improve sentiment among businesses and households. 52

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 Expected sector-related conditions DekaBank expects to see a further drop in inflationary pressure in the eurozone in 2025, primarily due to the weak economic and growth environment for member states. There are already signs that wage pressure is easing considerably in particularly hard-hit sectors and regions of the economy, as is evident from a number of industrial wage agreements reached in Germany at the end of 2024. With this in mind, an inflation rate of 2.2% in the eurozone and 2.4% in Germany would appear to be realistic. This means that, while the risk of inflation has not yet vanished entirely, it has been reduced enough to reverse the restrictive European monetary policy stance. Furthermore, as things stand at the moment, Donald Trump’s re-election as US President is not a serious enough shock to change the inflation landscape entirely. However, the situation would have to be reviewed if a risk scenario were to materialise with an ongoing tariff tug-of-war between the major economic areas of the United States, the eurozone and China. In this sort of scenario, not only would the upward effects on inflation in Europe and the United States be considerably greater, but a loss of prosperity would also become a real risk due to lower, or even negative, growth rates. DekaBank’s main scenario assumes that the European Central Bank (ECB) will make four further key interest rate cuts of 25 basis points each this year. The ECB is expected to conclude the normalisation of its monetary policy in September 2025 at a deposit rate of 2%. At the beginning of 2025, the ECB also fully discontinued reinvestments under its pandemic emergency purchase programme (PEPP). Nevertheless, the reduction in the ECB’s balance sheet and, as a result, banks’ excess reserves is likely to slow now that the TLTRO III long- term refinancing transactions have been repaid in full. In the longer term, the ECB is planning a money market regime in which the level of excess reserves is determined by banks’ demand for refinancing operations. We can expect EURIBOR rates to be just above the main refinancing rate in this scenario, while the €STR remains just below the deposit facility rate. Euphoria over swift and far-reaching rate cuts in the United States has been marred by a surprisingly robust economy and inflation concerns sparked by US President Donald Trump’s aggressive tariff plans. Consequently, market participants and the US Federal Reserve have lowered their expectations for further interest rate cuts significantly and revised their assessment of long-term equilibrium interest rates upwards. This has pushed yields on US Treasuries up sharply, especially for long maturities, creating a much steeper yield curve. In an environment of high real yields, this means that potential for somewhat lower yields should be realistic as soon as a clearer political picture starts to emerge. Relatively solid US growth and limited potential for interest rate cuts by the Fed will nevertheless restrict any room for manoeuvre over the next three months. Compared to previous years, politics will exert much greater influence over market developments. Trends in US Treasuries are also having an impact on euro yields at the long end of the yield curve. Although the curve has already steepened, uncertainty will remain high for the time being. As a result, market expectations of key rate cuts to a level below the 2% mark appear exaggerated. On the other hand, the very sharp rise in yields in the United States has also pushed yields on German Bunds and eurozone government bonds up significantly, meaning that yields are likely to drop moderately from the high level at the start of the year. The ECB’s deposit rate will likely remain the anchor point for the short end of the Bund curve, meaning that yields are expected to dip slightly here. The Bund curve should flatten out in general. The trend towards yield convergence in eurozone countries looks set to continue given the ever-louder calls for joint EU financing to address myriad political and economic challenges. However, spreads could also widen as a result of political uncertainty in individual countries, such as government formation in France. The ongoing reduction in ECB bond holdings and expectations of rising debt levels in Germany should confirm the elevated level of Bund yields compared to swap rates. This means that the negative situation compared to swap rates will continue for bonds issued by German federal states and supranational organisations, as well as covered bonds, although much wider spreads and higher absolute yield levels of late have attracted the interest of international investors. Once the usual wave of new issues at the beginning of 2025 has subsided, spreads should narrow again. The same applies to corporate bonds. In particular, high- yield stocks with high spreads are likely to remain in demand. 53

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 As was the case in 2024, many stock markets across the globe, especially in the United States, started the 2025 trading year close to all-time highs, which would appear to provide a difficult starting point for renewed good performance in 2025. But the outlook for the United States, in particular, remains very positive thanks to slight profit-taking in the last quarter of 2024 due to tariff concerns and corporate profit guidance that has been scaled back somewhat as a result. The positive economic development means that market expectations will likely be exceeded. The outlook is also likely to be rosy across the board, especially given that the US government elected in 2024 is expected to pursue business-friendly policies. The German economy, on the other hand, is up against considerable economic and structural challenges, with growth over the coming years set to lag well behind other parts of the globe. DAX-listed multinational corporations are also being hit by the weakness in the economy but are better able to absorb it with their broader orientation. They are reaping the benefits of global growth, which is also reflected in their earnings. At any rate, the profits of DAX-listed companies are expected to rise again slightly in 2025 after stagnating in 2024. The stock market is receiving an additional boost from the gradual easing of monetary policy. Together with a neutral assessment of the German stock market, this provides a good foundation, with regard to investments, for economic uncertainties or geopolitical shocks to trigger only moderate short-term price losses. Unlike the DAX, the EURO STOXX has been lagging far behind the global market since spring 2024 due to the lower weighting of fast-growing tech stocks and the plight of French equities. There is much to suggest that eurozone equities will trail behind investments in the United States or the global market for the foreseeable future. Nevertheless, moderate valuations, the ECB’s rate reduction cycle and attractive dividend yields in an environment characterised by less inflationary and interest rate pressure argue in favour of good long-term returns on eurozone equities. Stock markets in the emerging markets look set to struggle in a climate dominated by higher tariffs and geopolitical tension. Looking at things from a global perspective, the monetary policy pursued by the world’s major central banks, which is important for securities investments, remains focused on lowering key rates to bring them down to the long-term average. This monetary easing will provide further support to the market. Furthermore, the global economy is still growing at a solid 3% after adjustments for inflation, which is more or less the long- term average growth rate. Considerable political uncertainty remains, however, with major risks associated with what are often completely unpredictable decisions made by US President Donald Trump and the potential response to these decisions in other economic regions. Real estate asset management remains an appealing asset class. The construction cycle on office property markets is likely to have peaked in 2024. As new construction activity will decline considerably from 2025, excess demand for prime properties priced in line with the market is expected to emerge in the medium term. Rents are likely to rise further. However, DekaBank expects this to be at a significantly slower pace in the next few years. Polarisation of the market will intensify, favouring high-quality and sustainable buildings in central locations with good transport links. A more stable financing environment thanks to the key rate cuts that have already been implemented, and those that are still expected to come, should lead to growing acceptance of the new price structure and invigorate the investment market. Expected business development and profit performance The Management Agenda is an ongoing strategic action programme that sets the direction to further build on the Deka Group’s position as the customer-centric, innovative and sustainable Wertpapierhaus for the Sparkassen-Finanzgruppe. Particularly when it comes to geopolitical tensions and conflicts, it remains scarcely possible to make a full prediction of their impacts in 2025. Their spread or escalation may hit economic growth and the capital markets. The uncertainty surrounding what we can expect from the US government elected in 2024, which would appear to be turning away from the traditional rules-based order, is unsettling the markets further. Finally, future market developments remain highly uncertain, which means that the earnings, risk and capital situation, as well as the corresponding key management indicators, may show less favourable development than expected. 54

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 In 2024, the Deka Group achieved an economic result of €892.2m. In the context of continuing geopolitical tensions, conflicts and uncertainties, the Deka Group expects to report an economic result of around €800m for 2025. The Deka Group operates in a growing market with the aim of realising potential income with an attractive cost/income ratio. The cost/income ratio should come to around 60%. The Deka Group is aiming for a return on equity before tax (balance sheet) of around 12% in financial year 2025. Net commission income will remain the primary income component. The expected positive trend in the asset management volume, along with asset management net sales well into positive territory, will contribute to this. The forecast result will ensure that DekaBank remains able to distribute profits. The planned retention of parts of the annual profit will further strengthen the capital base. Sales activities will focus in particular on further expanding the investment fund business. The certificates business is expected to make another significant contribution to total sales. As part of its forecast for 2025, Deka expects total sales of around €35bn. The asset management volume is expected to chart a slight increase compared to the end of 2024. The Asset Management Securities business division will maintain its proven strategic direction in 2025 and focus on providing and enhancing digital, high-performance processes, services and products. In business with private customers, Deka’s product range is being adapted to reflect the current market environment and customer needs, and continues to focus on funds designed to maintain lasting value, multi-asset class fund solutions, regular savings, retirement provision and digital multichannel sales. Deka is pressing ahead with initiatives to make sales approaches for institutional customers more professional. The business division is also keeping a constant eye on developments in, and potential applications for, blockchain technologies in asset management for all of Deka’s business divisions. The business division expects net sales to have increased by the end of 2025. Its asset management volume is expected to rise slightly overall. Risks to the Asset Management Securities business division may arise from global political and geopolitical conflicts, changes in supply chains and structural changes in energy prices. These factors can trigger more dynamic economic fluctuations and have an impact on corporate profitability. Political uncertainties and economic weakness, particularly in the event of restrictive monetary policy, could also have an adverse impact on the securities markets and the investment fund business. In addition, a changed interest rate environment may affect Deka’s own business and that generated by the savings banks. This and other factors may hit investors’ risk appetite and result in outflows of funds and reluctance to invest. A pronounced stock market correction could also negatively affect the asset management volume. The Asset Management Real Estate business division’s mission in 2025 remains to provide the savings banks with high-quality real estate- and real estate financing-based investment products with sustainable features. These products are suitable for both customer business and proprietary investment activities. Portfolio and property risk management will be continuously developed through digitalisation. In open-ended real estate funds for private customers, the business division plans to build on its leading market position without compromising on quality or stability. In the institutional business, it is seeking to at least maintain its market position despite investment restraint among customers. Deka expects to report positive net sales in 2025. After distributions, the asset management volume at the end of 2025 is expected to match the 2024 year- end level. The division anticipates a below-average transaction volume again in 2025. Risks to the performance of the Asset Management Real Estate business division may arise from global geopolitical conflicts. Uncertainty surrounding interest rate trends and the as yet incomplete pricing process on real estate markets currently means a difficult market environment for transaction planning. There are also risks associated with continued high regulatory pressure, ongoing court proceedings against a third- party real estate investment management company, sales risks from competition with alternative yields, and potential spill-over risks in the event of turbulence in the industry. 55

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 The Asset Management Services business division is aiming to increase assets under custody in 2025 in line with asset management growth. The Digital Multichannel Management subdivision will continue with its strategic orientation. It aims to realise efficiency gains through the seamless integration of physical branches and other sales channels for the securities products offered by the savings banks. With innovative services such as the new brokerage app from S Broker, digital fund asset management and S-Invest Manager, this will safeguard and further expand savings banks’ access to their end customers. Innovative solutions including blockchain technology, artificial intelligence and data analytics are also being trialled in the securities business. The Depositary subdivision is aiming to establish a strong competitive position and grow the volume of assets under custody in its business involving mutual and special funds, third-party mandates and investment managers, focusing on developing a comprehensive asset servicing solution (master KVG and depositary). It will continue to pursue a holistic approach to asset servicing by improving connectivity with external asset managers and investment management companies and making settlement routines more flexible. Custody of crypto securities is being expanded as part of the Group-wide digitalisation activities. There are risks to Digital Multichannel Management from a stagnation of sales due to potential delays in the enhancement of the product offering for the sales channels. In the custody account business, disruption to product development could also have a knock-on effect on custody account sales. Risks to the Depositary subdivision include rising pressure on margins as well as market-induced outflows of assets under custody. A pronounced stock market correction triggered by wars and trade conflicts may adversely affect assets under custody and thus the income achievable in this subdivision. In 2025, the Capital Markets business division will maintain its proven strategic direction as a customer-centric product and solution provider focused on structured products and the derivatives, issuance and trading business. By expanding platforms such as DEA and integrating them into the savings banks’ IT landscape, it will continue to help savings banks and institutional customers manage their proprietary portfolios. This will be complemented by products and services with an ESG focus such as green bonds, certificates with sustainability features and instruments for carbon offsetting. The high level of sales achieved in the certificates business in 2024 is unlikely to be repeated. Gross sales are expected to be in clearly positive territory in 2025. Risks to the development of the Capital Markets business division arise particularly from negative capital market developments and fears of recession, which could result in lower customer activity levels. Risk factors include unpredictable consequences of military conflicts around the world and of global trade disputes and supply chain difficulties. Additional risks arise from regulatory intervention in the design of products and definition of terms and conditions and increased pressure on fees. Regulatory or adverse monetary policy escalations leading to additional capital backing or reporting obligations may also affect business performance. For its business activities in 2025, the Financing business division will continue to concentrate on its well- established segments: specialised financing and real estate financing in liquid markets. It will generate new business where this contributes to its objectives and to appropriate management of the balance sheet structure. The business division will maintain its stability-focused and risk-conscious strategy, with the loan portfolio to remain virtually stable in the course of 2025. 56

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 Risks for the Financing business division may arise from global geopolitical conflicts and the development of interest rates and inflation. This may adversely affect the quality of loan exposures, leading to higher risk provisions and increased capital requirements due to rating downgrades. Further risks are associated with specific creditworthiness risks relating to borrowers, which could adversely affect the economic outlook for the lending segments. This could also lead to a need for higher loan loss provisions, or to increased capital adequacy requirements. A worsening of global political crises may trigger similar effects. Business performance may also be negatively affected by increasing competitive pressure for project and infrastructure financing if institutional investors act as direct lenders. Expected financial and risk position The Deka Group anticipates a continued sound financial position for 2025. Total assets will be subject to business-related fluctuations over the course of the year. The planning assumption is for total assets of around €90bn at year-end 2025. The Deka Group expects to maintain an adequate capital and liquidity base in both the normative and economic perspective in 2025. To retain sufficient flexibility in the event of unfavourable market developments, the Deka Group aims for a Common Equity Tier 1 capital ratio at an appropriate level above the strategic target of 13%. Balance sheet management is geared towards ensuring compliance with an appropriate leverage ratio well above the minimum ratio of 3%, as well as compliance with the requirements for RWA- and LRE-based MREL and subordinated MREL requirements. In terms of risk-bearing capacity analysis, risk appetite utilisation is expected to remain at a non-critical level. The Group’s liquidity position is forecast to remain at a comfortable level and the relevant LCR and NSFR ratios are expected to be comfortably adhered to with sufficient flexibility. Forecast development of key performance indicators in the Deka Group (Fig. 23) Economic result Return on equity before tax (balance sheet) Cost/income ratio Asset management volume Total sales Common Equity Tier 1 capital ratio Utilisation of risk appetite 31 Dec 2024 892.2 13.9 59.2 394.1 28.9 19.8 57.8 €m % % €bn €bn % % Forecast 2025 in the Annual Report 2024 around 800 around 12 around 60 slight increase around 35 appropriate above 13 at non-critical level 57

Group management report | Forecast and opportunities report Deka Group Annual Report 2024 Opportunities report Opportunity management Opportunity management is built into the Deka Group’s overall management concept. Opportunities are continually identified and evaluated as part of the strategic process. Decisions on what resources to make available to exploit additional potential in different areas of opportunity depend on the expected impact on risks and earnings and probability of occurrence. Continuous and intensive market observation and the feedback processes established with the savings banks ensure that the assessment of the opportunities portfolio is regularly updated. This allows the Deka Group to actively manage its opportunities and react to new developments swiftly. Opportunities are defined as positive deviations from the assumptions made for planning purposes over a one-year horizon. These essentially fall into three categories: Opportunities arising from changes in circumstances result from market developments that are more favourable than expected. These include regulatory changes or changing investment trends among customers. Corporate strategy opportunities are mainly linked to the Management Agenda – the ongoing strategic action programme that sets the direction to further build on the Deka Group’s position as the Wertpapierhaus for the Sparkassen-Finanzgruppe. The positive effects of these measures could be greater or occur sooner than anticipated in the forecast report. Other opportunities lie in greater than anticipated process improvements or positive earnings effects from projects. Current opportunities The assumptions on economic trends made in the forecast report represent the most likely scenario from the point of view of the Deka Group. Nevertheless, trends may turn out better than the baseline scenario assumes. The positive macroeconomic scenario described below is considered unlikely, however. A further easing of monetary policy, major investment in digital transformation and sustainability, increased confidence and significant productivity gains could lead to surprisingly high growth without any significant rise in inflation. In this scenario, it is possible that an unexpectedly large rise in equity and bond indices could lead to stronger growth in the asset management volume and have a positive impact on net commission income. A steepening yield curve could also improve the conditions for investing own funds and managing liquidity. Opportunities from market developments could also be generated by an even stronger customer shift towards funds, ETFs and certificates for financial savings. However, the Deka Group anticipates that this process will continue to progress only gradually. Nonetheless, if the popularity of funds, ETFs and certificates should increase by more than forecast in planning, this would have a beneficial impact on total sales and asset management volume. There are strategic and other opportunities associated with the Management Agenda as our ongoing strategic action programme. The resultant effects have already been incorporated into the planning for 2025, meaning that any further positive impacts on the Deka Group’s business and results are unlikely. 58

Group management report | Risk report Deka Group Annual Report 2024 Risk report Risk policy and strategy .............................................................................................................. 59 Concept of risk appetite ............................................................................................................. 61 Capital adequacy in financial year 2024 ...................................................................................... 83 Liquidity adequacy in financial year 2024 .................................................................................... 86 Individual risk types .................................................................................................................... 88 Risk policy and strategy The basic principles underlying the Deka Group’s risk policy remain largely unchanged from the previous year. Noteworthy developments in risk management are explained in the sections below. In order to achieve its commercial objectives, the Deka Group accepts certain risks in line with strategic requirements. These risks are limited by a comprehensive risk management system that covers all types of risk and all business divisions, sales units and corporate centres in order to ensure the success of the Deka Group as a business. The framework for business and risk management is provided by the general concept of risk appetite (Risk Appetite Framework – RAF), which forms the main basis for assessing the adequacy of internal capital and liquidity (Internal Capital Adequacy Assessment Process (ICAAP)/Internal Liquidity Adequacy Assessment Process (ILAAP)) and is an integral part of the Deka Group’s strategy system. The aim of the ICAAP and ILAAP is to help ensure the Deka Group’s continued existence by maintaining adequate capital and liquidity and to contribute to effective risk management. To this end, there is a distinction within the ICAAP and ILAAP between the economic and normative perspective. A strong risk culture for the Deka Group is key to the lasting achievement of the business policy objectives set out in the business strategy. Without risk-appropriate behaviour and a sensible approach to risks, it would be impossible to limit them through overall risk management and ensure the Deka Group’s lasting business success. The concept of risk appetite and the procedures for monitoring compliance with it form one of the three fundamental pillars of the Deka Group’s risk culture. They are complemented by sound governance and a remuneration system that encourages appropriate risk behaviour. Processes are in place to ensure that these three pillars are continuously adjusted to changing circumstances. Staff and leadership behaviour – risk culture in the narrower sense – are shaped by the rules set down in the Code of Ethics and by the Deka Principles of Leadership, in addition to the aforementioned formal components. The Deka Group has adopted a risk culture framework laying down binding guidelines for the responsible handling of risks in the Deka Group and for compliance among employees, managers and Board of Management members in relation to this. The framework also sets out the guiding principles that detailed rules on processes and tools have to adhere to. All Deka Group employees receive information and undergo awareness-raising measures on risk culture-related topics through mandatory annual training. The Deka Group conducts a regular survey of the risk culture. The findings from this and other more in-depth survey tools are addressed and feed into the ongoing evolution of the risk culture. The risk position of the Deka Group presented in the risk report corresponds to the definition used as the basis for presentation of the Deka Group’s business development and profit performance in the economic report. The report focuses on risks that are relevant from the point of view of the Group. Opportunities that might be used to counteract an increase in risk are presented separately in the opportunities report. 59 See also: Economic report: page 30 ff. Opportunities report: page 58 ff.

Group management report | Risk report Deka Group Annual Report 2024 Strategy process In accordance with the German Minimum Requirements for Risk Management (Mindestanforderungen an das Risikomanagement, MaRisk), the Group uses a systematic strategic process to ensure that its Group- wide business strategy, management and structure, as well as the corresponding divisional and sales strategies and the risk strategy, are reviewed at least once a year. The reviews consider whether these items are consistent, complete, sustainable and up to date. The process covers the planning, implementation and evaluation of the strategies and any necessary adjustments to them. Division-specific targets for risk and profit are used in order to ensure that the business and risk strategy is implemented appropriately in the business divisions. The risk data aggregation strategy fleshes out the overall risk strategy in terms of the requirements and specifications for effectively aggregating risk data and for risk reporting. As part of the risk strategy, it is an integral part of the strategic architecture and systematic strategic process. Sub-risk strategies are formulated for significant types of risk identified during the risk inventory: counterparty risk, market price risk, operational risk, business risk and liquidity risk. These risk strategies are derived from the Deka Group’s overall risk strategy as well as the strategies of the business divisions and provide specific details regarding risk monitoring and management. They are also reviewed at least once a year, revised if necessary, approved by the Board of Management and discussed with the Administrative Board. Developments in risk management The Deka Group refined parts of its risk management and control in the reporting year, taking due account of regulatory requirements. In order to anticipate potential medium and long-term impacts, in particular those resulting from CO2 price increases or a scenario in which more physical climate and environmental risks materialise, a buffer is maintained in the ICAAP that reduces the upper limit for risk appetite in the economic perspective or is included in the normative perspective via the thresholds. To improve the modelling of the liquidity balance in market-wide stress scenario funding matrices, the modelling of current account positions was enhanced. There were also improvements to the modelling of loans in funding matrices, particularly to better capture unscheduled repayments. The methodology used in the business risk model to estimate expenses in the 99.9% quartile was revised in the first half of the year, resulting in a risk-increasing effect. The relevant planned earnings figures used in the business risk model were adjusted with a view to the consistency in the risk-bearing capacity calculation, and the average margin used in the model for the Asset Management Real Estate business division was enhanced. Both adjustments had a risk-reducing effect. A dedicated Non-Financial Risk unit was established on 1 April 2024, marking another milestone in realising the Board of Management’s vision for the integrated management of these risks. The Information Security Management department, which used to report directly to the Board of Management and encompassed the Information Security, Business Continuity Management, Operational Data Protection and Central Outsourcing Management functions, has been merged into this new corporate centre. Non-Financial Risk sets Group-wide rules in these areas, monitors adherence to them and identifies the resulting risks. The Operational Risk group within the new corporate centre, which used to be part of the Risk Control corporate centre, has responsibility for aggregating and plausibility checking decentralised risk assessments and for overarching reporting on non-financial and reputational risks. 60

Group management report | Risk report Deka Group Annual Report 2024 Given the introduction of the Standardised Measurement Approach (SMA) as the new method for calculating operational risk capital, the current quantification model, which has been approved as an Advanced Measurement Approach (AMA), will continue to be used as a pure Pillar 2 model from 2025. This process has involved designing various methodological improvements and approving them for implementation in the first quarter of 2025. These improvements aim to develop the scenario analyses on the ex-ante side directly on the basis of the qualitative NFR assessments and to continue to ensure conservative mapping of the observed operational loss profile in the ex-post perspective. Over and above the buffers introduced for climate and environmental risks, ESG risks were, as part of the annual risk inventory, identified and assessed systematically for the main risk types, with again greater use being made of quantitative tools to determine materiality. As before, management and reporting is calibrated to the results of the analysis of the significance of the risks, and quantitative, qualitative and process-related guidance is in place, with further details provided with regard to climate and environmental risks in particular. All of the approaches used are being enhanced continually to ensure they adequately reflect both the speed of climate change and related political initiatives, as well as developments in market standards and regulatory requirements in this regard (for example, the publication of the EBA Guidelines on the management of ESG risks). As part of the implementation of the EBA Guidelines on PD estimation, LGD estimation and treatment of defaulted assets, IRB reviews have been carried out since 2021 for a total of eight modules so far in connection with the corresponding model change notifications. Of the eight modules reviewed, seven have now gone live following supervisory approval. The most recent modules to go live were those for project financing, national real estate financing and funds. The potential economic impact of changes in CRR III to the Credit Risk Standardised Approach (CRSA) and the Internal Ratings-Based Approach (IRBA) that are currently planned as part of the finalisation of Basel III (Basel IV) continues to be monitored. The same applies to the Fundamental Review of the Trading Book (FRTB). The measures needed to meet the requirements of the new FRTB standardised approach were already implemented before the start of the parallel reporting period. When the FRTB capital backing regime comes into force, the new standardised approach will replace the internal market risk model and will be subject to enhanced reporting requirements. The planned introduction of the Standardised Measurement Approach (SMA) as the new method for calculating operational risk capital is also being monitored. The expected effects of CRR III have been taken into account in normative capital planning. Concept of risk appetite Overview The key component of the concept of risk appetite is the risk appetite statement (RAS), which provides the framework for the ICAAP and ILAAP. Within the ICAAP and ILAAP, there is a distinction between the economic and normative perspective. The first starting point for the RAS is a description of the desired risk profile that is implied by our customer- centred business model. A Group-wide risk inventory enables the Deka Group to maintain an overview of its risk profile. This combines an annual risk inventory process with ongoing discussion of the significant risks at Group level in the Management Committee for Risk. The risk inventory exercise is carried out on an annual basis, and at other times as required, in order to assess which risks could have a significant negative impact on its financial position (including in terms of capital adequacy, earnings or liquidity). Particular consideration is given here to risk concentrations to which the Deka Group consciously exposes itself in connection with its business model. The assessment has further implications for backing risks with capital, for the holding of liquidity, and for validation. Inclusion of the relevant companies is checked as part of the risk inventory. 61

Group management report | Risk report Deka Group Annual Report 2024 The second starting point for the RAS, in addition to the risk profile, is risk capacity – the maximum amount of risk that the Deka Group can accept with respect to its available funds. Risk appetite is defined, within the scope of this risk capacity, as the overall aggregate risk for individual risk types that the Deka Group is willing to accept in order to achieve its strategic objectives and business plan. There are different measures of risk capacity and risk appetite depending on the perspective and the nature of the risks (affecting profit or liquidity). The RAS also incorporates medium-term planning, which specifies and quantifies details of the business and risk strategy. Medium-term planning involves an integrated planning process for profits, balance sheets, funding, capital and risk for the next three budget years, with account being taken of potential adverse developments. The concept of risk appetite also covers procedures for monitoring compliance with risk appetite. These include management instruments, regular reporting, rulebooks, controls and processes, as well as risk governance in the sense that roles and responsibilities are laid down for implementing and monitoring risk appetite. Taking risk concentrations into account, the Deka Group has thus established limits for all risks classified as material during the risk inventory and has implemented adequate risk management. Risk definitions, concentrations and measurement The individual risks and risk types for the purposes of risk monitoring and risk management are derived from the annual risk inventory. Risk types considered to be material, which are backed by capital in the context of the ICAAP, include counterparty risk, market price risk, operational risk and business risk. Liquidity risk is also classified as material and is managed and monitored as part of the ILAAP. Liquidity is maintained to cover the main drivers of liquidity risk (in the sense of insolvency risk). Other risk types or risk drivers can also be included in the ICAAP or ILAAP. The risk types relevant for the Deka Group also include investment risk, step-in risk and reputational risk. In addition, model uncertainties and the ESG risk are regarded as relevant risks but not as standalone risk types. A distinction is drawn between financial and non-financial risks (NFR), based on the context in which risks are incurred and/or arise. Financial risks are incurred consciously in direct connection with individual transactions in order to generate income. Non-financial risks, by contrast, are inherent in a particular business activity but are not incurred in order to achieve profit. Non-financial risks include, in particular, operational risk and business risk. Another way of classifying risks is to look at how they materialise, i.e. a distinction is made between risks affecting profit and loss and liquidity risk (insolvency risk). Counterparty risk Counterparty risk is the risk of financial loss resulting from deterioration in creditworthiness (migration risk), from business partners failing to fulfil their contractually agreed obligations or to fulfil them in a timely manner (counterparty default risk), or from restructuring or liquidation (restructuring and liquidation risk). Country risk is also included in counterparty risk. There is a distinction between country risk in the narrower and broader senses. Country risk in the narrower sense equates to transfer risk, which does not result from the business partner itself, but instead is due to that partner’s location abroad. Country risk in the broader sense is the risk that countries or governments will be unable to (fully) meet their contractual obligations in respect of receivables. 62

Group management report | Risk report Deka Group Annual Report 2024 In terms of volume limitation, the Deka Group makes a distinction in counterparty risk between position risk, advance performance risk and potential future exposure (PFE). Position risk comprises borrower and issuer risk, as well as replacement risk and open position risk. Borrower risk is the risk that outstanding loan payment obligations to the Deka Group will not be paid or will not be paid in a timely manner. Similarly, issuer risk is the risk of losses caused by default on the part of issuers of debt or equity securities, underlyings of derivative instruments, or fund units. Replacement risk is the risk that if a business partner were to default, a replacement transaction would have to be conducted at less favourable market conditions. Open position risk (performance disruption) results if a delay occurs in the payment of consideration by a business partner. Advance performance risk represents the risk that a business partner will not pay their consideration after advance performance has been rendered by the Deka Group. Potential future exposure (PFE) risk comprises the risk arising from potential market price fluctuations in relation to repo loan transactions, synthetic lending transactions and other derivatives transactions. In addition to these individual counterparty risk types, counterparty risk is also used as an umbrella term that particularly includes replacement risk (for example from derivatives and their collateral), the portion of borrower risk attributable to counterparties of financial instruments (for example from repo/lending transactions) and the PFE from derivatives and repo/lending transactions. Pension risk is regarded as a sub-type of counterparty risk. It comprises potential losses from pension benefits payable or similar commitments due that may arise in comparison with the pensions and similar commitments recognised on the balance sheet. This also includes the counterparty risk for the plan assets. Management of this risk is not assigned to a specific business division. It is taken into account as a deduction from internal capital. Market price risk Market price risk describes the potential financial loss from future market price fluctuations (and from relevant valuation parameters) over a fixed time horizon and hence includes interest rate risk (including credit spread risk), share price risk, currency risk and commodity risk. Option risks are included in the above risks. General interest rate risks result from changes in currency- and tenor-specific swap curves, with different fixed-rate periods having an effect as well, and from changes in cross-currency spread curves. These risks also include volatility risk in interest rate derivatives and options (cap/floor and swaptions). Credit spread risks depend on changes in the issuer-specific premiums on the reference curves. These premiums depend primarily on the market’s assessment of the creditworthiness of individual issuers or sectors. Premiums for individual issues (residual risks) are also considered. Share price risks are identified as risk factors via the individual shares, indices or funds and are influenced by risks from share or index volatility. The associated option risks or volatility risks are also taken into account here. Currency risks reflect changes in exchange rates. Commodity risks arise from changes in the prices of commodities or commodity derivatives. The relevant commodities for the Bank particularly include metals, CO2 and electricity. The process for identifying and quantifying these risks in the economic perspective does not differentiate between the trading book and banking book; the same procedures are applied for all Deka Group portfolios, irrespective of the portfolio type. Market price risks relating to guarantees that the Deka Group has provided for individual investment funds are part of market price risk and are backed by capital as part of the ICAAP. 63

Group management report | Risk report Deka Group Annual Report 2024 CVA risk and pension risk are regarded as sub-types of market price risk: Credit valuation adjustments (CVAs) are valuation adjustments on derivative contracts which represent the expected loss from counterparty risk and are reflected accordingly in the result. CVA risk is the risk of a corresponding financial loss due to potential future changes in the risk factors determining the valuation adjustments. In the normative perspective, there is a regulatory requirement to report separate RWAs for CVAs. In the economic perspective, CVA risk is quantified as an integral part of market price risk. Pension risk comprises potential losses from pension benefits payable or similar commitments due that may arise in comparison with the pensions or similar commitments recognised on the balance sheet. This also includes market price risks in the sense of an additional shortfall in cover on the risk horizon. Management of this risk is not assigned to a specific business division. It is taken into account as a deduction from internal capital. Liquidity risk In terms of liquidity risk, the Deka Group makes a distinction between insolvency risk (liquidity risk in the stricter sense), liquidity maturity transformation risk and market liquidity risk. Insolvency risk describes the risk that the Deka Group will be unable to meet its current and future payment obligations in a timely manner because liabilities due exceed the available liquid funds. Liquidity maturity transformation risk describes the risk that arises from a change in the Deka Group’s own refinancing curve or in liquidity spreads in the event of imbalances in the liquidity-related maturity structure. Market liquidity risk is understood as the risk that transactions cannot be settled or closed out, or can only be settled or closed out with losses, due to inadequate market depth or market disruptions. Operational risk Operational risk means the risk of loss caused by the inadequacy or failure of internal processes, people and systems or by external events, including legal risks. In accordance with its overarching definition in the Deka Group’s non-financial risk taxonomy, it can be broken down into the following sub-types: compliance risk, service provider risk in the narrower sense, information and communication technology and security risk, personnel risk, project risk in the narrower sense, process risk and legal risk. Business risk Business risk concerns unexpected adverse variances from plan that result from changes in the behaviour of customers or sales partners or from market conditions, legal requirements or competitive conditions and for which the causes are not already covered by other risk types. Investment risk The Deka Group defines investment risk as the risk of financial loss due to impairment of the portfolio of equity investments, insofar as they are not consolidated for accounting purposes and therefore already included under other types of risk. Internal capital is set aside for investment risk. Currently, however, this risk has only a minor influence on the Group’s risk-bearing capacity. Step-in risk Step-in risk describes the risk of providing support, for reputational reasons or due to other considerations in connection with a stress scenario, to affiliated companies that are not fully consolidated for regulatory or accounting purposes and to business partners, despite the absence of a contractual obligation to do so. The identification and evaluation process as part of the 2024 risk inventory showed no need for the Deka Group to maintain capital or liquidity in the reporting period to cover step-in risk, given the mitigation measures taken or the lack of plausibility. 64

Group management report | Risk report Deka Group Annual Report 2024 Reputational risk Reputational risk is defined as the risk that the standing of the Deka Group will be damaged. Every business activity that harms the credibility of the Deka Group’s promise to its stakeholders (primarily shareholders, sales partners, customers, employees, financial and real estate markets and the public) can result in reduced profitability, capital or liquidity. Reputational risks may arise directly or as a result of events connected to other risk types and manifest themselves through their effects on business and liquidity risk. Model risk/model uncertainty Risks arising from the deliberate selection, specification, calibration or use of models, or from the choice of parameters, are described as model uncertainty. In part, these risks are inherent in the models and thus unavoidable, as it is not normally possible for the chosen model to capture the situation with complete accuracy. Model uncertainties can lead to unforeseen financial losses and shortcomings in the ICAAP or ILAAP, and thus to flawed decisions or other damage. These risks do not represent a standalone risk type for the Deka Group but are examined in conjunction with the individual risk and valuation models. Model risks in the narrower sense are distinguished from model uncertainties. They are defined as part of process risk, a sub-type of operational risk, and arise from errors in the implementation, use or application of valuation or risk models, or from the incorrect choice of parameters for these models. Model uncertainties combined with model risks in the narrower sense (i.e. the totality of potential negative effects resulting from the use of models) is also summarised under the term model risk in the broader sense. In the economic perspective, annual capital and risk planning uses a buffer when setting risk appetite in order to take account of uncertainties in the modelling of risks affecting profit and loss. In the context of liquidity risk, model uncertainties are taken into account via the liquidity buffer. In the normative perspective, model uncertainties from valuation models are deducted from Common Equity Tier 1 capital as part of the additional valuation adjustments under Article 34 CRR. ESG risk ESG risk describes the danger that business activities with climate and environmental, social or corporate governance implications lead to sustainability-related developments or events that result, either directly via the Deka Group’s own business operations, or indirectly via customers and business partners, in a deterioration in capital or liquidity levels. ESG risks in connection with the climate and environment are also referred to as climate and environmental risks and include physical, transition and other (climate and environmental) risks. Physical climate and environmental risks comprise the impacts of individual extreme weather events and their consequences (acute) as well as long-term changes in climatic and environmental conditions (chronic), but also natural disasters not caused by the climate. Climate and environmental transition risks comprise impacts that may occur directly or indirectly as a result of the transition to a lower- emission, more environmentally sustainable economy. Other climate and environmental risks comprise impacts of climate- and environment-related events and developments that are not attributable to physical climate and environmental or transition risks. They include, for example, the loss of biodiversity or the spread of tropical diseases. ESG risks act as drivers of relevant risk types that are material enough to warrant special attention. They are always viewed in the context of the relevant risk types rather than treated as a standalone risk type. 65

Group management report | Risk report Deka Group Annual Report 2024 Risk concentrations Risk concentrations describe those risks arising primarily from an uneven distribution of business partner relationships or an uneven sensitivity of the portfolio in relation to major risk factors which could subsequently lead to significant economic losses or a significant deterioration in the liquidity situation for the Deka Group. Risk concentrations can occur both within the major risk types (intra-risk concentrations) as well as between different material types of risk (inter-risk concentrations). These are a focus of risk management and monitoring in terms of tools looking at specific types of risk as well as those that apply across risk types. Risk profile of the Deka Group and its business divisions To successfully realise its mission as a Wertpapierhaus, the Deka Group draws on the advantages of combining asset management and banking business. It focuses on services that are in demand with savings banks and their customers, that sustainably add value to the Deka Group, that involve limited risks and that match Deka’s expertise. As part of the business strategy defined by the Board of Management and the risk strategy consistent with it, risk positions are entered into primarily in connection with customer transactions or associated services and products or when they serve risk management purposes. In addition, risks are incurred if they are conducive to liquidity management or if they are required to realise synergies along the Deka Group’s value chain. Business activities in new products or new markets, and the establishment or acquisition of new business units, are undertaken only after a thorough risk evaluation has been performed. These activities give rise principally to counterparty, market price, business and operational risks, as well as to liquidity risk (which does not directly affect the income statement). The Deka Group also consciously exposes itself to risk concentrations in the context of its business model. These include, for example, the regional focus on Germany, which is a result of the focus on German savings banks and their customers, and the concentration on certain groups of counterparties, for example in the savings banks segment or public sector, and on counterparties in the financial market. For market price risk, the business model results in a concentration in credit spread risk. Overall, an inter-risk concentration may therefore develop in relation to counterparty and market price risk from the business with savings banks and commercial banks, although this is unlikely in view of the exact risk profile. In addition, (general) interest rate risks from guarantee products make a significant contribution to the Deka Group’s market price risk. Large positions in collateralised derivatives give rise to concentrations of liquidity risk, as high sensitivity to specific market movements can trigger liquidity outflows due to the provision of collateral. The Deka Group also makes use across the business divisions of global custodians and central counterparties, which involves a conscious exposure to concentrations, not least of counterparty risk. To conduct its business, the Group mainly uses established products and markets with adequate market liquidity and market depth due to their international acceptance. No business is conducted involving physical delivery of precious metals and goods. The Deka Group’s business activities are organised into five business divisions: Asset Management Securities, Asset Management Real Estate, Asset Management Services, Capital Markets and Financing. In addition to these, the Treasury corporate centre also exposes itself to risk in the course of its activities. In principle, this structure has a diversifying effect on business activities and the resulting risks for the overall portfolio. However, it is also associated in part with the pooling of certain business activities, resulting in different risk profiles in the individual divisions. 66

Group management report | Risk report Deka Group Annual Report 2024 Asset Management Securities business division In combining securities fund business with the provision of various asset management solutions for every market environment, this business division principally generates operational and business risks for the Deka Group. These may be exacerbated by reputational risks in connection with the “Deka” brand or by the fast pace of ESG-driven developments in customer behaviour and regulatory affairs. Counterparty and market price risks also arise, particularly in relation to the guarantee funds and pension products managed by the business division. These are fund-based guarantee products, where either the investment management companies themselves issue guarantees (with a letter of comfort from DekaBank for these liabilities) or DekaBank makes use of the investment management companies’ funds for its own guarantee products (Riester products). The division also faces investment risks. Asset Management Real Estate business division As with Asset Management Securities, the principal operational and business risks in this business division arise from the provision of fund products related to real estate or (real estate) financing. They may be exacerbated by reputational and ESG risks in view of customer expectations and tighter regulatory requirements. To a small extent, counterparty and market price risks also arise for the division from real estate funds in the Group’s own investment portfolio. The division also faces investment risks. Asset Management Services business division This business division, too, principally generates operational and business risks for the Deka Group. These result from the provision of banking services for asset management. Counterparty and market price risks also arise to a small degree from the operations of S Broker AG & Co. KG, which is included in this division. The counterparty risks primarily result from S Broker’s proprietary investments. The division also faces investment risks. Capital Markets business division Customer-led business activity in the Capital Markets business division gives rise in particular to counterparty and market price risks. These may be exacerbated by ESG risks, for instance through impairments on investments in industries affected by climate and environmental risks, but also by changes in customer preferences. Counterparty risks arise primarily from currency, securities lending, securities repurchase and derivatives transactions and from trading in financial instruments in all asset classes with financial institutions, savings banks, funds and companies. Proprietary trading not directly linked to customers takes place only for the purposes of managing risks from the customer business or for overall risk management purposes. In the course of the division’s business activities, credit spread risks, share price risks, general interest rate risks and to a lesser extent also currency and commodity risks, including associated risks arising from options, arise in relation to the market price risk. Whenever economically justified, risks are covered using hedging instruments. The rules for recognising hedging relationships in the balance sheet do not always correspond with the methods used for internal bank management purposes. It is therefore possible that differences may arise between the economic and accounting hedging relationships. Operational risks also arise. The provision of liquidity and liquidity management for the Deka funds and savings banks results in higher concentrations within counterparty risk (gross risk) in relation to individual business partners, primarily in relation to the world’s largest banks and to central counterparties. Risk concentrations also exist in relation to association partners. In addition, the collateral in securities lending transactions can give rise to risk concentrations in collateral, which are limited by the collateral policy. 67

Group management report | Risk report Deka Group Annual Report 2024 Financing business division The business activities of the Financing business division (essentially business with savings banks in Germany and financing of the public sector in Germany, infrastructure, transport, export and real estate financing) create corresponding focal points, primarily in counterparty risk. These may be exacerbated by ESG risk, resulting for example in a deterioration of borrowers’ creditworthiness due to increased climate and environmental risks or in a loss in the value of collateral. In accordance with the business model, this also leads to regional concentrations of counterparty risk in Germany and Western Europe, as well as sector- based risk concentrations in relation to financing of real estate, infrastructure projects, savings banks and the public sector. This business division also generates operational risks to a small extent as well as facing investment risks. Treasury The Treasury corporate centre’s various functions, especially management of the liquidity management portfolio (consisting of Strategic Investments, the liquidity buffer and other liquid assets), give rise to counterparty and market price risks. The securities that constitute the Strategic Investments are currently focused on investments in investment-grade bonds, including from public sector issuers, financial services providers and corporates. The liquidity buffer is invested primarily in bonds issued by German federal states, German development banks, German run-off institutions, German covered bonds (Pfandbriefe), supranational institutions and investment-grade corporate bonds. Given the strategic focus, risk is concentrated on the public sector and domestic counterparties. Market price risk chiefly involves spread risks, which are closely monitored and reduced if required through disposals or credit derivatives. General interest rate risks, currency risks and share price risks also arise to a limited extent. Operational risks exist to a small degree. The Treasury corporate centre is also potentially affected by ESG risks, which particularly exacerbate liquidity risk. Organisation of risk management and control Board of Management and Administrative Board The Board of Management is responsible for the development, promotion and integration of an appropriate risk culture within the Deka Group and is clearly committed to risk-appropriate behaviour. It is also responsible for establishing, enhancing and monitoring the effectiveness of the risk management system. Within the risk management organisation, the Board of Management makes decisions on the Deka Group’s strategy, including the nature and implementation of the risk appetite concept. It defines the amount of overall risk permitted at Group level and sets the capital allocations for the different types of risk and the business divisions, including the Treasury corporate centre. The Board also sets the thresholds used for internal management purposes for the Common Equity Tier 1 capital ratio, the Tier 1 capital ratio, the total capital ratio, the leverage ratio (LR), the Minimum Requirement for Own Funds and Eligible Liabilities (MREL ratios, RWA- and LRE-based), the subordinated MREL requirements (RWA- and LRE-based), the utilisation of the large exposure limit, the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). It thereby takes decisions, in particular, on the governance framework for the internal processes used to assess the adequacy of internal capital and liquidity (ICAAP and ILAAP) and is responsible for implementing these processes. This includes setting limits at business division level for the individual risk types along with the strategic guidelines and framework for the management of ESG risks. The Administrative Board is responsible for monitoring the Deka Group’s risk management system. It has established committees – the Risk and Credit Committee and the Audit Committee – to support it in its duties. Prior to every meeting of the Administrative Board, the Risk and Credit Committee meets to discuss matters impacting the Group’s risk exposure and risk management. It also reviews the Group’s strategic direction with the Board of Management. The Risk and Credit Committee also acts as a credit approval body within the scope of the applicable authorisation guideline. The Audit Committee is an oversight body that concerns itself with the results of internal and external audits. It thereby contributes to ensuring the appropriateness and effectiveness of the Deka Group’s monitoring, control and risk management arrangements. 68

Group management report | Risk report Deka Group Annual Report 2024 Management committees The Board of Management is supported in its management role by various management committees. The role of the Risk Management Committee (Managementkomitee Risiko – MKR) is to address and analyse circumstances, developments and methodological issues that could have a material impact on the Deka Group’s current or future total risk profile and/or profitability. It helps the Board of Management to set the framework for managing capital and liquidity adequacy. The committee thus makes an important contribution to promoting a Group-wide risk culture. The meetings of the MKR are generally divided into the following parts: in part A, the risk round table on non-financial risks (NFR), the discussion centres on current NFR-related risk topics for each unit or business division. This usually takes place four times a year. In part B, the risk round table on financial risks, methods and models and current risk reporting, geopolitical risks and the economic environment, along with the regular reports from sub-committees in the context of financial risks, are presented to the committee and discussed. Part B, which usually takes place once a month, also discusses the handling of model risks. The permanent voting members of the MKR include the member of the Board of Management responsible for risk, the head of Non-Financial Risk (part A only), the head of the Risk Control department and, depending on responsibilities and the part of the meeting concerned, the heads of Credit Risk Management, Finance, and Risk Control Capital Market Funds, the COO for the Asset Management Securities division, the CRO & Asset Management Real Estate Management, the COO for the banking divisions & depositary, and the heads of Compliance, Legal, IT, Business Services, Treasury, Corporate Office & Communications, Strategy & HR, Sales/Product Management & Marketing, Digital Multichannel Management, Institutional Customer Sales, Organisational Development, Information Security Management, Capital Markets, Financing and Macro Research. The MKR is supported in this function by sub-committees, which each have individual core duties. The Management Committee for Assets and Liabilities (Managementkomitee Aktiv-Passiv – MKAP) primarily drafts resolutions on matters relating to the management of interest rates, currency, liquidity and refinancing, as well as the capital and balance sheet structure (combined in part S of the MKAP) and fund-based guarantee products (combined in part G of the MKAP). It assists the Board of Management with the operational management of capital and liquidity adequacy. Measures to be taken in the event of a liquidity crisis are also confirmed in the course of the MKAP’s regular review. Meetings of part S of the MKAP are usually held once a month. Those of part G of the MKAP take place every two months. The MKAP is supported by various sub-committees, including a Pricing Committee. Alongside the Board of Management members responsible for Treasury, Finance, Risk Control and Capital Markets (only part S), as well as Sales (only part G), the permanent voting members of the MKAP comprise, depending on responsibilities and the part of the meeting concerned, the heads of Treasury, Finance, Risk Control, Capital Markets, Sales, Product Management & Marketing, and Strategy & HR. Sub-committees of the Risk Management Committee The Stress Testing Committee supports the Board of Management in relation to the overall appraisal of the regular macroeconomic stress tests (covering all risk types) and risk type-specific stress tests. Stress tests form an integral part of the Deka Group’s risk management. The duties of the Stress Testing Committee include in particular the assessment and appraisal of stress test results as well as general responsibility for stipulating stress test scenarios and processes. The job of the Models Committee is to regularly analyse and address issues relating to DekaBank’s valuation and risk models (in both the economic and normative perspective). This involves regular examination of their adequacy using model monitoring and assessment of current trends and validation issues. In this function, the Models Committee takes decisions within the scope of the authority granted to it or prepares decisions to be taken by the full Board of Management with the involvement of the MKR. The committee thus makes an important contribution to ensuring overarching consistency in the models employed. Furthermore, the Models Committee represents the central body for assessing model risks, with the aim of ensuring appropriate treatment of model risk. 69

Group management report | Risk report Deka Group Annual Report 2024 See also: Counterparty risk: page 88 ff. Additional committees that are relevant to counterparty risk management include the Country Risk Committee, which assesses and monitors country risk, the Monitoring Committee, which monitors and manages non-performing loans and loans on the watch list, the Risk Provisioning Committee, which performs regular analysis and examination of matters relating to the planning, monitoring and management of risk provisions as well as monitoring and managing restructuring and liquidation cases, and the Rating Committee for analysing and discussing the internal rating procedures (see counterparty risk). The duties of the Risk Talk are to regularly analyse, discuss and make decisions regarding matters in connection with the risk management and monitoring processes in the Capital Markets business division’s operational processes. The emphasis is on the assessment, in relation to market or counterparty risks, of matters that could significantly influence the risk profile and/or profitability of the Capital Markets business division. The Non-Financial Risk Methodology Forum (NFR Methodology Forum) aims to take early, forward-looking action to address matters related to methodology for managing non-financial risks that could have a significant impact on the NFR profile or on processes at Group level. Business divisions and corporate centres All business divisions and the Treasury corporate centre operate within the scope of the strategic requirements. In addition, they operate within the framework set by the Board of Management on the basis of recommendations from the MKR and MKAP. On behalf of the Board of Management, the Treasury corporate centre also manages Group liquidity, Deka Group refinancing across all maturities, the liquidity management portfolio, market price risks in the banking book and counterparty risks in its own banking book, and is responsible for investing and structuring equity. The Equity Investments department in the Strategy & HR corporate centre has overall responsibility for the management of equity investments involving investment risk. This also includes monitoring in respect of compliance and other risks and liaising in this context with the relevant functions in the second line of defence. The Risk Control and Finance corporate centres have particular responsibility for developing a standardised and self-contained system to quantify and monitor all material risks associated with the Deka Group’s business activities. The two corporate centres each concentrate on different tasks as part of this work. Risk measurement procedures evolve on an ongoing basis in line with economic and regulatory requirements. The Risk Control corporate centre, which is independent of the business divisions, is primarily responsible for the economic perspective and, across both perspectives, for coordinating and choosing the parameters for macroeconomic stress testing. It also monitors compliance with the limits approved by authorised decision makers, and immediately reports any limit breaches to them. The Finance corporate centre is responsible for the normative perspective and also monitors compliance with the thresholds set for the regulatory ratios. The Credit Risk Management corporate centre is primarily responsible for providing a second opinion independent of front office operations, setting limits for trading and capital market counterparties, and analysing, preparing and/or approving ratings (except for preparing transaction ratings in the case of new business in the Financing business division). Credit Risk Management is also responsible for ongoing management of exposures for certain financing, verifying and approving specific collateral, early-stage risk identification (acting as the administrative office), risk monitoring and the management of non-performing and troubled loans (work out). 70

Group management report | Risk report Deka Group Annual Report 2024 The Non-Financial Risk corporate centre sets methodological standards for assessing non-financial risks for the Deka Group and monitors compliance with these overall guidelines. It is also responsible for aggregating and checking the plausibility of decentralised assessments and preparing the overall reporting on non- financial risks. The corporate centre is supported by Risk Control when it comes to validating the quantification model for operational risks. The functions of the Information Security Officer, the Business Continuity Management Officer, the Digital Operational Resilience Officer and the Outsourcing Officer are also assigned to this corporate centre. In this role as a central unit, Non-Financial Risk advises departments and Group companies on all issues related to the relevant risk (sub-)types and reputational risk. On behalf of the Deka Group, the Compliance corporate centre covers the regulatory functions of the Compliance Officer as set out in the German Banking Act (Kreditwesengesetz, KWG), the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) and the KAGB. It also covers those functions assigned to the Money Laundering Officer under the German Money Laundering Act (Geldwäschegesetz, GwG) and to the “Central Office” under the KWG and ensures that there is the possibility to submit anonymous tip-offs to an external ombudsman. In addition to this, the Compliance corporate centre performs the functions of the officer for the safeguarding of client assets. Alongside the provision of training and advice on relevant issues, the corporate centre assesses the controls and procedures implemented by the operational units to determine whether they are appropriate and effective, with the aim of minimising compliance risk for the Deka Group. The Internal Audit corporate centre is an independent unit that supports the Board of Management and other management levels in their control and monitoring functions. It examines and assesses all activities and processes on the basis of an annual audit plan that is drawn up with a risk-based approach, using a scoring model, and then approved by the Board of Management. One of the unit’s most important tasks is to evaluate the business organisation with a focus on whether the internal control system and, in particular, risk management and monitoring are suitable and appropriate. Internal Audit also audits compliance with legal, regulatory and internal bank requirements. The Administrative Board is responsible for monitoring the internal audit system. In addition, in all business divisions and corporate centres, the respective heads of department are responsible for ensuring that operational risks are identified, measured and managed on a decentralised basis. There are specialist functions for monitoring selected non-financial risks in the Compliance, Data Protection Officer, Strategy & HR, Organisational Development, Legal, Finance and Non-Financial Risk units. In the case of reputational risk, too, responsibility for identifying, assessing and individually managing the risks lies with the business divisions and corporate centres in which the risks arise from their business activities or from events involving other risk types. The Corporate Office & Communications corporate centre has lead responsibility for managing chiefly communication-driven reputational issues and has an overarching management role. Together with the Non-Financial Risk corporate centre, it is represented in the reputational risk task force, which acts as an oversight body to ensure the completeness and adequacy of risk assessments. This applies to reputational risk management in relation to both new and past business activities. Finally, the Risk Control and Non-Financial Risk corporate centres are responsible for the overarching methodological standards, the quantification model and reporting for reputational risks. 71

Group management report | Risk report Deka Group Annual Report 2024 Organisational structure of risk management in the Deka Group (Fig. 24) k s i r l a n o i t a r e p O k s i r t n e m t s e v n I k s i r s s e n i s u B k s i r n i - p e t S k s i r y t i d u q i L i k s i r l a n o i t a t u p e R k s i r y t r a p r e t n u o C k s i r e c i r p t e k r a M - Overview of current risk situation/risk management system - Discussion of strategic direction with Board of Management - Credit approval body - Reviews results of internal and external audits - Determines strategic direction - Responsible for Group-wide risk management system - Defines risk appetite in the economic perspective and thresholds for regulatory ratios - Allocates risk capital to risk types and business divisions, incl. setting the limits for individual risk types at business division level - Assists the Board of Management in matters relating to material existing and prospective risks and in defining a framework for management in the context of the ICAAP and ILAAP - Supports the Board of Management with the evaluation of issues that have a significant effect on the overall risk profile - Prepares draft resolutions for the Board of Management and makes decisions within the scope of the authority granted to it - Supplemented by various sub-committees - Assesses and appraises stress test results - Specifies stress testing scenarios and processes - Reports and makes recommendations for action to the Board of Management - Assesses current trends and validation issues with regard to valuation and risk models - Central body for assessing model risks - Assesses and monitors country risks (including geopolitical risks) - Assesses and further develops the methodology for limiting country risks - Approves/sets country limits - Defines, assesses and further develops the early warning indicators and classification criteria - Monitors and manages non-performing loans and loans on the watch list - Enhances and maintains internal rating procedures and rating processes - Responsible for approving policies and regulations relating to the internal rating procedures - Plans, manages and monitors risk provisions - Monitors and manages restructuring and liquidation cases - Supports the MKR/Board of Management in connection with risk management and monitoring processes in the Capital Markets business division’s operational processes - Emphasis on market price and counterparty risk - Addresses methodology and processes for managing non-financial risks - Supports the Board of Management in matters relating to interest rate and FX management, liquidity and funding management, the capital and balance sheet structure (part S of the MKAP) and fund-based guarantee products (part G of the MKAP) - Supports the Board of Management with operational ICAAP and ILAAP management - Evaluates the measures planned for liquidity crises - Prepares draft resolutions for the Board of Management - Has various sub-committees (including the Pricing Committee) 72 Administrative Board Risk and Credit Committee Audit Committee Board of Management Management Committee for Risk (Managementko mitee Risiko – MKR) Stress Testing Committee Models Committee Country Risk Committee Monitoring Committee Ratings Committee Risk Provisioning Committee Risk Talk Non-Financial Risk Methodology Forum (NFR Methodology Forum) Management Committee for Assets and Liabilities (Managementko mitee Aktiv- Passiv – MKAP)

Group management report | Risk report Deka Group Annual Report 2024 k s i r y t r a p r e t n u o C k s i r e c i r p t e k r a M k s i r l a n o i t a r e p O k s i r t n e m t s e v n I k s i r s s e n i s u B k s i r n i - p e t S k s i r l a n o i t a t u p e R k s i r y t i d u q i L i AM Securities business division AM Real Estate business division AM Services business division Capital Markets business division Financing business division Treasury (Corporate Centre) Risk Control (Corporate Centre) Finance (Corporate Centre) Credit Risk Management (Corporate Centre) Non-Financial Risk Compliance (Corporate Centre) - Conducts transactions in line with strategic guidelines - Conducts transactions in line with strategic guidelines - Conducts transactions in line with strategic guidelines - Conducts transactions in line with strategic guidelines - Makes decisions within the guidelines proposed by the MKAP and established by the Board of Management and sets limits within the division - Conducts transactions in line with strategic guidelines - Conducts transactions in line with strategic guidelines - Makes decisions within the guidelines proposed by the MKAP and established by the Board of Management and sets limits within the corporate centre - Manages market price risks in the banking book, manages the liquidity and refinancing of the Deka Group - Develops and updates system to quantify, analyse and monitor risks (economic perspective and both perspectives for the purposes of stress testing) - Reports to Board of Management and Administrative Board - Determines/monitors risk-bearing capacity - Monitors approved limits - Responsible for general controlling of operational risks and reputational risk - Develops and updates system to quantify, analyse and monitor risks (normative perspective based on actual situation) - Reports to Board of Management and Administrative Board - Determines regulatory ratios - Monitors thresholds in the normative perspective - Monitors selected NFR as a specialised function1) - Market-independent second recommendation - Sets limits for trading and capital market counterparties - Analyses, prepares and approves ratings - Verifies and approves certain collateral - Ongoing portfolio management for certain financing - Administrative office for early risk identification - Troubled loans (work out) - Loan administration - Responsible for lending-related processes1) - Methodological standards for assessing non-financial and reputational risks - Aggregation and plausibility checking of decentralised assessments and overall reporting on non-financial and reputational risks - ISM Officer, BCM Officer, Digital Operational Resilience Officer and Outsourcing Officer - Monitors selected NFR as a specialised function1) - Functions as Compliance Officer as set out in the KWG, WpHG and KAGB, as Money Laundering Officer pursuant to the GwG and KWG and as Central Office in line with the requirements of the KWG - Party responsible for processes under section 24c KWG - Independent body under sections 70, 85 KAGB - Single Officer under section 81 (5) WpHG - Monitors selected NFR as a specialised function1) 73

Group management report | Risk report Deka Group Annual Report 2024 Data Protection Officer (group reports directly to the Board of Management) Strategy & HR (Corporate Centre) Organisational Development (Corporate Centre) Legal (Corporate Centre) Corporate Office & Communications Internal Audit (Corporate Centre) k s i r y t r a p r e t n u o C k s i r e c i r p t e k r a M - Monitors selected NFR as a specialised function1) - Manages equity investment portfolio - Monitors selected NFR as a specialised function1) - Monitors selected NFR as a specialised function1) - Monitors selected NFR as a specialised function1) - Monitors reputational risk as part of the corresponding task force (together with Non-Financial Risk) k s i r l a n o i t a r e p O k s i r t n e m t s e v n I k s i r n i - p e t S k s i r l a n o i t a t u p e R k s i r y t i d u q i L i k s i r s s e n i s u B - Audits and evaluates all activities/processes (especially risk management system) All business divisions and Corporate Centres - Identify, measure and manage operational risks on a 1) Monitoring of the assigned direct risk types (e.g. counterparty risk) also takes into account reputational risks that may potentially result. In this context, there is - Identify, assess and manage reputational risks decentralised basis no second-line-of-defence function for reputational risk; this function is performed by the reputational risk task force. Three Lines of Defence model Risk management involves active management of the Deka Group’s risk position. The distribution of risk- related activities and associated controls across several organisational units requires proper assignment and delineation of the respective responsibilities and functions. Ever greater significance is attributed to an effective and properly functioning risk management system across all organisational units, which has no control gaps, conflicts of interest or redundancy and takes into consideration the risk strategy of the Deka Group. This also promotes clear-cut governance. The “Three Lines of Defence” model practised by the Deka Group is designed to ensure compliance with and verification of the risk framework stipulated by the risk strategy, including the regular review of ICAAP and ILAAP. The operational business units responsible for exposures are – as the first line of defence – responsible for identifying, assessing and managing the financial risks involved in any business conducted. This also includes transactions to minimise total risk at Group level in day-to-day operations. In terms of the non-financial risks that are inherent in the general business activities but not incurred in direct connection with individual transactions, each unit should be treated as part of the first line of defence. The controls forming the first line of defence are supplemented and enhanced by the independent downstream organisational units that carry out control functions as part of the second line of defence (e.g. the Risk Control, Credit Risk Management, Non-Financial Risk and Compliance corporate centres). These units monitor compliance with the requirements of corporate policy independently of front office and trading operations. For financial risks, the need for an independent monitoring function results from the conflict between responsibility for earnings and responsibility for risks. Translated to non-financial risks, it is therefore necessary to create a specialist function for at least those areas of risk in which the first line of defence can be assumed to have an incentive to accept higher risks with the goal of minimising costs. 74

Group management report | Risk report Deka Group Annual Report 2024 In addition, an overarching function defines methodological standards that ensure the risks are assessed in a comparable way, reported consistently and taken fully into account in the capital adequacy assessment. The third line of defence is the Deka Group’s Internal Audit department, which also exercises its functions independently. It is ensured that the requisite personnel resources are available to carry out the control functions, both in terms of the staff capacity needed to assess and monitor risks and in terms of the sufficient capability of the staff concerned. The systems and equipment provided for all control functions ensure that the ongoing processing, management and monitoring requirements arising from the nature and scope of the business carried out are met. Accounting-related internal control and risk management system The Board of Management of the Deka Group has overall responsibility for the internal control and risk management system. The system is based on a Group-wide organisational and control structure. The Finance corporate centre is responsible for preparing and coordinating monthly, quarterly and annual financial statements. The units involved in the accounting process are appropriately staffed, in terms of both the number of personnel and their qualifications. Furthermore, a regular and cross-divisional exchange of information between the units makes an important contribution to minimising the risks associated with the preparation of financial statements. In principle, risks exist in the accounting process as a result, for example, of inconsistent application of reporting and accounting standards, incorrect recognition of business transactions, and malfunctions and errors in the IT systems used for accounting purposes. The Deka Group’s internal control system ensures proper accounting in accordance with applicable statutory and legal provisions. Its key features are the rigorous integration of control activities and procedures into processes, in particular by applying the dual control principle, and risk-oriented segregation of duties in corporate centres. To this end, DekaBank performs automated routine checks and, when required, manual control and reconciliation procedures. The implementation of these activities and the procedures to be followed are documented in specialist and implementation plans. Additional checks at DekaBank – for example in order to substantiate balance sheet items – are carried out at an aggregated level by “sub-position managers”. These employees, who have in-depth product knowledge, are also responsible for regularly calculating results. The accounting recognition of business transactions is governed centrally by a Group accounting policy. This policy describes key accounting requirements and documents the standard accounting processes that apply throughout the Group. This ensures, amongst other things, that the same business transaction is accounted for uniformly in different Deka Group units and companies in compliance with the applicable accounting standards. Specific work instructions are used to implement Group policy at operational level in individual specialist departments. These instructions also describe the control mechanisms to be followed. Guidelines and authorisation procedures have been developed for the central systems that generate accounting information as part of the preparation of financial statements. Compliance with these guidelines and concepts is regularly monitored by Internal Audit. The Deka Group mainly uses standard software for accounting. The systems are safeguarded against unauthorised access by external parties and are comprehensively backed-up to protect against data loss. The internal control system is regularly reviewed by Internal Audit. 75

Group management report | Risk report Deka Group Annual Report 2024 Framework and tools for managing capital adequacy The Deka Group has defined risk capacity and risk appetite as follows, depending on the perspective. In the economic perspective, the risk capacity for profit-affecting risks is set in the course of the risk-bearing capacity analysis, while taking due account of risk concentration. It represents the upper limit of acceptable risk and corresponds to the Deka Group’s total internal capital. The risk appetite for profit-affecting risks is defined in the economic perspective as part of the risk-bearing capacity analysis as the allocated risk capital (allocation) for the total risk at Group level. The maximum permissible risk appetite is equal to risk capacity less a management buffer and a buffer for climate and environmental risks. In the normative perspective, thresholds are set that take into account the regulatory requirements. It is important that the chosen thresholds provide sufficient notice to allow for the preparation and initiation of management measures. Escalation and information processes are triggered for governance purposes when individual thresholds are hit. The thresholds are also reviewed and adjusted as necessary as part of an annual revision process. The maximum level of risk corresponds to the red threshold for the Common Equity Tier 1 capital ratio used for internal management purposes. In the current situation, this is based on the overall capital requirements (OCR) and the Pillar 2 Guidance (P2G) as part of the SREP process. For internal management purposes, there are also red thresholds for the Tier 1 capital ratio, the total capital ratio, the leverage ratio, the RWA- and LRE-based MREL ratios, the RWA- and LRE-based subordinated MREL requirements and utilisation of the large exposure limit. In the normative perspective, the level of risk that the Deka Group is willing to accept in relation to profit- affecting risks is the amber threshold for the Common Equity Tier 1 capital ratio used for internal management purposes, which comprises the overall capital requirements (OCR), the Pillar 2 Guidance (P2G) and a management buffer (including a buffer for climate and environmental risks). For internal management purposes, there are also amber thresholds for the Tier 1 capital ratio, the total capital ratio, the leverage ratio, the RWA- and LRE-based MREL ratios and subordinated MREL requirements, and utilisation of the large exposure limit. The management buffer has been determined taking into account the ECB guide to the ICAAP and is essentially based on the results of the annual risk inventory and strategic considerations as to how to respond flexibly to potential business opportunities without jeopardising capital adequacy. In order to take account of the particular features of non-financial risks, which are quantified as sub-types of operational risk, qualitative risk tolerance rules are also defined for these risks in addition to the quantitative risk appetite relating to the overall risk position. This also applies to reputational risk and ESG risk. See also: Individual risk types: page 88 ff. The Deka Group makes use of a variety of tools to manage the risks and risk concentrations resulting from its business activities and thereby ensure capital adequacy. In the course of the ICAAP, the Deka Group distinguishes here between tools that apply to all risk types at the level of strategic requirements and risk- specific tools for operational management, which are described for the economic perspective in the sections covering the individual risk types. Alongside the risk inventory, the tools used by the Deka Group for overall management and monitoring of the risks mainly comprise risk and capital planning, the economic perspective in the current situation with the monthly risk-bearing capacity and capital allocation, the normative perspective in the current situation with adherence to regulatory ratios, and macroeconomic stress testing, which covers both the economic and normative perspectives. Key performance indicators are integrated into both the recovery plan and the remuneration system. 76

Group management report | Risk report Deka Group Annual Report 2024 Risk and capital planning Medium-term planning involves an integrated planning process for profits, balance sheets, funding, capital and risk for the next three budget years, with account being taken of adverse developments. For profit- affecting risks, risk and capital planning in the economic perspective calculates risk-bearing capacity for the next three years. Based on the planned business activities and the risks associated with them, and taking into account the available risk capacity in this perspective, the Board of Management sets the risk appetite for operational activities. In accordance with the planning assumptions, certain items cannot be taken into account. Based on the risk appetite, the Board of Management also allocates capital to the individual risk types and business divisions and to Treasury. This process also allows potential risk concentrations to be effectively addressed at an early stage. Any adjustments needed during the year are adopted by a resolution of the Board of Management. The regulatory ratios (Common Equity Tier 1 capital ratio, Tier 1 capital ratio, total capital ratio, leverage ratio, the RWA- and LRE-based MREL ratios and the RWA- and LRE-based subordinated MREL requirements) are determined for each year as part of the normative risk and capital planning. The Common Equity Tier 1 capital ratio should exceed the target ratio or at least show medium to long-term adherence to the strategic target ratio. The strategic target ratio is determined based on the supervisory requirements (OCR and P2G) plus a strategic premium and is set annually as part of the planning work by the Board of Management. The lower limit is the amber threshold used for internal management purposes for the relevant year. This is calculated based on the OCR and P2G expected to apply in the relevant year plus a management buffer. In addition to planning based on expected economic developments (baseline plan), appropriate scenarios are used to assess whether the regulatory ratios can be adhered to even under adverse circumstances within the planning horizon. To this end, the Board of Management sets its own annual thresholds that deviate from the baseline plan. Economic perspective (current situation): Risk-bearing capacity and capital allocation As a basic principle, internal capital is used to determine the maximum level of risk that can be incurred (impacting the income statement), taking into account risk concentrations. Risk capacity is analysed monthly. In the course of the risk-bearing capacity analysis, the risk capacity (in the form of internal capital) and the current risk level (current situation) are determined, and compliance with the guidelines and limits is monitored. The Deka Group’s total risk, as examined in the risk-bearing capacity analysis, includes as a minimum all material risk types with an impact on the income statement, and is determined by adding these together. Diversification effects between individual types of risk are not taken into account as part of this process. The total risk of the Deka Group is measured as an economic capital amount that is highly likely to be sufficient to cover the losses from all material risk positions at any time within one year. DekaBank uses the value-at-risk approach (VaR) in order to quantify individual risks on a uniform basis and to aggregate them as an indicator for overall risk. The calculation of VaR for a one-year holding period is carried out for internal management purposes with a confidence level of 99.9%. This confidence level corresponds to the Deka Group’s target rating (stand-alone credit profile [SACP] level of “a-” [SACP based on the Standard & Poor’s scale]). The total risk of the Deka Group that is derived from the individual types of risk is compared to the Group’s internal capital available to offset losses based on the going concern assumption. Internal capital, or risk capacity, essentially consists of equity under IFRS Accounting Standards and income components. Balance sheet items whose amounts do not reflect the concept of economic value are taken into account using corresponding correction items. Deductible items for risks from pension obligations and for reputational risk also directly reduce internal capital. This internal capital is available as risk capacity – in the sense of a formal total risk limit – to safeguard risk-bearing capacity as a whole. 77

Group management report | Risk report Deka Group Annual Report 2024 Based on this risk capacity, a management buffer is set whose amount must at least correspond to the buffer for model uncertainties (depending on the risk models used). There is also a buffer for climate and environmental risks. It serves as a provision for future management with regard to potential medium to long- term impacts of climate and environmental risks. Risk appetite is the primary control parameter. In addition to the Group-level analysis, risk is also limited, based on the risk appetite, by business division (including the Treasury corporate centre) and risk type (including investment risk) in the form of allocated risk capital. Risk capacity and risk appetite (Fig. 25) The utilisation ratios for risk capacity and the risk appetite may not exceed 100%. For the utilisation of the risk appetite, an early warning threshold of 90% has also been established. The results of the risk-bearing capacity analysis and the utilisation levels for the specified allocations are determined monthly and reported to the Board of Management. The Risk and Credit Committee and the Administrative Board are informed on a quarterly basis. Normative perspective (current situation): Compliance with regulatory ratios The regulatory ratios are calculated monthly or at the end of each quarter and also include forecast values. Adherence to the internal thresholds is ensured using an ongoing monitoring process, which additionally includes a monthly plan/actual comparison and a regular forecast process. The regulatory ratios are reported monthly to the Board of Management and quarterly to the Administrative Board. If the amber threshold is undercut in internal management, the Board of Management has to be informed using ad hoc reports as part of an agreed escalation process. The Board decides on measures to resolve this. If the red threshold is undercut in internal management (i.e. if the alarm threshold for the corresponding recovery plan indicator is reached), this triggers governance measures under the integrated recovery plan. In addition to adhering to these internal thresholds, the business divisions and Treasury corporate centre are required, within the framework of this overall plan, not to exceed the RWA allocation target as a management guide (corresponds to the target RWAs specified in the medium-term planning at the start of the year) as a general rule. The allocation of RWAs to the business divisions and Treasury corporate centre can be adjusted throughout the year as required while adhering to the targeted capital ratios. In the event that individual business divisions or the Treasury corporate centre may conceivably exceed these targets, the affected business divisions and the Treasury and Finance corporate centres examine whether measures to reduce RWAs are required. From 2025 onwards, the partial use RWAs will be used for calculation and management purposes, including an output floor distribution across the business divisions and the Treasury corporate centre. 78

Group management report | Risk report Deka Group Annual Report 2024 Macroeconomic stress tests (both perspectives) Macroeconomic stress testing for all risk categories is used as an additional tool to manage capital adequacy along with the indicators for the current situation. Capital adequacy is regularly assessed by way of macroeconomic stress tests, which enable an estimate to be made of how it would be affected by extreme market developments. Macroeconomic stress tests enable action areas to be identified at an early stage as soon as crisis situations emerge. The macroeconomic stress tests examine extraordinary but nonetheless plausible scenarios. These represent appropriate historical and hypothetical (adverse) events and events relating specifically to the Deka Group’s business model and associated risk concentrations (standard stress scenarios). There are also scenarios for reputational and ESG risks (for example climate scenarios). When needed, the scenarios are supplemented with relevant ad hoc analyses. Reverse stress tests relate to specific manifestations of scenarios that would lead, in the economic perspective, to the risk capacity being reached, and in the normative perspective to a Common Equity Tier 1 capital ratio at the level of the red threshold. The effects of the various macroeconomic stress scenarios are calculated for the economic perspective for all relevant risk and earnings figures and compared to the internal capital determined for each scenario. Similarly, in the normative perspective, the effects of the stress scenarios on regulatory own funds and RWAs, the resulting capital ratios and the leverage ratio, the RWA- and LRE-based MREL ratios, and the RWA- and LRE- based subordinated MREL requirements are calculated and compared to the regulatory requirements. Utilisation of the large exposure limit is also examined. The point in time for which the stress scenarios are calculated is generally a year in the future. The results of the macroeconomic stress tests are usually determined quarterly, assessed by the Stress Testing Committee and reported to the Board of Management, the Risk and Credit Committee, and the Administrative Board. Selected scenarios that focus in greater depth on specific issues are assessed and reported annually, climate scenarios every six months. The macroeconomic stress scenarios are subject to a regular annual review. In the light of current global economic and regulatory developments, the scenarios were updated and augmented in this process as necessary and the description and choice of parameters for the historical, hypothetical and institution-specific stress scenarios adjusted accordingly. As an example, the historical “terrorist attack” scenario was replaced by the “pandemic (COVID-19)” scenario. In the Deka Group’s view, the scenarios examined continue to provide an appropriate reflection of all risks relevant to it. The climate scenarios, too, were reviewed and refined. Two scenario narratives were added to the centrally coordinated (long-term) baseline scenario, which reflects what the Deka Group considers to be the most likely expected macroeconomic and sector-specific developments for the short-, medium- and long-term perspective. These two scenario narratives show adverse developments resulting between now and 2050 from the climate targets set and focus on the resulting physical and transition risks. Observation periods can vary depending on the scenario specifics. A medium-term shock scenario combining macroeconomic, transition and physical shocks was also used to assess climate-related risks. 79

Group management report | Risk report Deka Group Annual Report 2024 Framework and tools for managing liquidity adequacy Liquidity risk is managed and monitored as an independent risk category within the framework of the Deka Group’s risk strategy. The liquidity risk strategy applies to all organisational units of the Deka Group and sets out the responsibilities for liquidity risk management and monitoring. With the ECB’s approval of the liquidity waiver for DekaBank and S Broker AG & Co. KG, the liquidity subgroup consisting of these companies has been monitored in addition to the Deka Group since April 2020. Liquidity risk in the narrower sense (insolvency risk) is not an immediate risk to the Group’s profit that can be cushioned with equity capital. Liquidity risk management therefore forms an additional management level outside the ICAAP. Like the latter, it is based on the results of the risk inventory and integrated with the recovery plan and remuneration system. The central objective of liquidity risk management is to prevent liquidity shortfalls and thus ensure that the overall solvency of the Deka Group is guaranteed on a continuous basis. In the economic perspective, the key risk measure used in the integrated quantification, management and monitoring of liquidity risk is the relevant funding matrix (FM) defined by the Board of Management. In the normative perspective, the key risk measure is the liquidity coverage ratio (LCR) for regulatory purposes and the net stable funding ratio (NSFR). The LCR is the ratio of the holdings of high-quality liquid assets (HQLA) to the total net outflows for the next 30 days, as calculated under a stress scenario. The NSFR expresses the amount of available stable funding on the liabilities side of the balance sheet in relation to the amount of assets for which stable funding is required. For liquidity risk (insolvency risk), risk capacity is defined in the economic perspective as the amount of free liquidity that is in principle available. It thus corresponds to the positive liquidity balance of the FM for normal business operations. For liquidity risk, the Deka Group has defined its risk appetite in the economic perspective such that an indefinite survival horizon exists under a hypothetical stress scenario of a simultaneous institution- specific and market-wide stress event. This hypothetical stress scenario is illustrated in the “combined stress scenario” funding matrix. Permanent solvency and an unlimited survival horizon are achieved by setting a limit of 0 on the liquidity balances of all relevant maturity bands for periods of up to 20 years. In the normative perspective, thresholds are set that take into account the regulatory requirements. It is important that the chosen thresholds provide sufficient notice to allow for the preparation and initiation of management measures. Escalation and information processes are triggered for governance purposes when the thresholds are hit. The thresholds are also reviewed and adjusted as necessary as part of an annual revision process. The maximum level of risk corresponds to the red thresholds for the LCR and NSFR used for internal management purposes. In the current situation, this threshold is based on the applicable regulatory requirement (currently 100%) plus a management buffer. In the normative perspective, the liquidity risk that the Deka Group is prepared to accept is the amber thresholds for the LCR and NSFR used for internal management purposes. These comprise the red threshold used for internal management purposes plus a management buffer. The management buffer has been determined taking into account the ECB guide to the ILAAP and is essentially based on the results of the annual risk inventory and strategic considerations as to how to respond flexibly to potential business opportunities without jeopardising liquidity adequacy. Risks impacting the income statement arising from refinancing gaps (liquidity maturity transformation risk) are currently not material because the limits placed on liquidity balances in the FM prohibit negative balances, meaning that maturity transformation is only possible to a very limited extent. Market liquidity risk is reflected in the economic and normative perspective using discounts on the market value of liquid assets. A suitable stress scenario is used to monitor the market liquidity risk affecting the income statement as part of market price risk. As market liquidity risk is not considered material, it is not currently necessary to hold capital for the purposes of risk-bearing capacity. 80

Group management report | Risk report Deka Group Annual Report 2024 Liquidity positions are managed by the Treasury corporate centre. Liquidity management involves managing and monitoring short-term and structural liquidity and offsetting liquidity costs and benefits. The Treasury corporate centre also ensures an ample liquidity buffer of central bank-eligible collateral and deposits with the Bundesbank. In addition, it is in charge of managing the Deka Group’s liquidity buffer as well as controlling the level of liquidity ratios. Operational liquidity management across all maturity bands is also handled centrally by the Treasury corporate centre. The liquidity position and compliance with risk appetite are analysed, for the economic perspective, across the entire Group by the Risk Control corporate centre and monitored independently from the front office units in organisational and procedural terms. The Finance corporate centre is responsible for determining the LCR and NSFR and monitoring compliance with the thresholds set. In the event of a liquidity emergency, a crisis committee assembles. It may decide all measures judged necessary to ensure the short-term solvency of the Group and may instruct all units of the Deka Group to implement these measures. The Board of Management, as a permanent member with a voting right, is the core of this crisis committee. Continuous monitoring of market-wide and institution-specific early warning indicators and emergency triggers ensures that potential liquidity crises can be anticipated, so that appropriate countermeasures can be implemented quickly in the event of adverse developments. Medium-term and funding planning Medium-term planning involves an integrated planning process for profits, balance sheets, funding, capital and risk at Deka Group level for the next three years. This looks at liquidity adequacy in the economic and normative perspective for planning horizons, including under adverse scenarios. Funding planning must sustainably fulfil the requirements relating to risk appetite, i.e. sustainably adhere to the limits of the combined stress scenario funding matrix and to the applicable regulatory ratios. In respect of the latter, both short-term (LCR) and medium-to-long-term (NSFR) liquidity adequacy are examined with a three-year planning horizon and under adverse scenarios. The liquidity subgroup is included in the Deka Group perspective. Economic perspective: Funding matrices Funding matrices (FMs) are the main measure of liquidity risk in the economic perspective. The purpose of the funding matrix is to show expected future cash flows across the portfolio as at the reporting date. The liquidity requirement (liquidity gap) or liquidity surplus is determined for each maturity range based on these flows. In addition, freely available financial resources, such as realisable assets in the form of securities, over- coverage in cover registers and other sources of funding, are identified as potential liquidity on an aggregated basis. The liquidity balance for each maturity band is determined from the sum of the cumulative liquidity gap and the cumulative liquidity potential. The basis for the model is cash flows as indicated by legal maturities. This approach is based on the sum of all legal net cash flows per maturity band. Reconciliation between the amount from a legal perspective and expected cash flows is performed using modelling assumptions. Securities used for liquidity potential are allocated either to the liquidity buffer or to operational securities portfolios. The liquidity buffer is used to cover possible stress-induced liquidity outflows as well as stochastic liquidity outflows that cannot be influenced by the Deka Group or can only be influenced to a limited extent (stochastic liquidity position). The liquidity buffer is the responsibility of the Treasury corporate centre. The minimum level required for the liquidity buffer is determined by Risk Control on a quarterly basis. The results are reported to the MKR and MKAP. The Treasury corporate centre may independently propose a higher liquidity buffer. The Board of Management sets the level of the liquidity buffer based on the MKAP’s recommendation. 81

Group management report | Risk report Deka Group Annual Report 2024 The operational securities portfolios comprise all freely available securities. These can be divided into securities that fall within the remit of the Capital Markets business division and portfolios that are allocated to the Treasury corporate centre and that do not form part of the liquidity buffer. As well as being used for normal business operations (going concern), funding matrices are also analysed under different stress scenarios. This ensures that even under stressed market conditions, sufficiently liquid funds are maintained to cover any potential liquidity need. The Deka Group primarily examines the “combined stress scenario” FM, which simulates the simultaneous occurrence of both the institution’s own and market-wide stress factors. The MaRisk requirements for liquidity management, including under stress scenarios, are thus fully implemented. A traffic light system in the “combined stress scenario” FM, consisting of early warning thresholds and limits, is used to manage compliance with risk appetite – i.e. to ensure that the Group is solvent at all times with an indefinite survival horizon in a stress scenario that is both institution-specific and market-wide – and is monitored daily. The use of limits means that the liquidity balance must be positive for all the maturity bands monitored. In addition, individual stress scenarios are examined separately in special FMs for which different modelling assumptions are used. Among other factors, market liquidity risks arising from a reduction in the market value of the securities in the liquidity potential are taken into account in the stress scenarios. Liquidity risks in foreign currency are monitored daily based on the “combined stress scenario” FM in the relevant foreign currency using materiality and alarm thresholds. Normative perspective: Liquidity coverage ratios The Finance corporate centre monitors the internal amber threshold as part of the daily calculation of the LCRs for DekaBank Deutsche Girozentrale (which, together with S Broker AG & Co. KG, forms the liquidity subgroup). This enables proactive management of the LCRs. An NSFR is calculated on a monthly basis at Group and subgroup level in the same way as for the LCR. Tools for both perspectives DekaBank has established a liquidity transfer pricing system (funds transfer pricing) for the source-specific internal allocation of liquidity costs, benefits and risks. The transfer prices calculated are taken into account in the management of risks and returns. The liquidity transfer pricing system is used to allocate economic costs on a source-specific basis, as well as the costs for maintaining the liquidity buffer and complying with regulatory requirements (e.g. LCR and NSFR). The use of a liquidity transfer pricing system for source-specific allocation allows liquidity to be proactively managed and efficiently allocated. Macroeconomic stress testing for all risk categories is used to manage both capital and liquidity adequacy. For the economic perspective, the impact of the stress scenarios on liquidity balances is calculated and compared to the relevant funding matrix. Similarly, in the normative perspective, the effects of the stress scenarios on the LCR and NSFR are calculated and compared to the regulatory requirements. The results of the macroeconomic stress tests in relation to liquidity adequacy, too, are determined quarterly, assessed by the Stress Testing Committee and reported to the Board of Management, the Risk and Credit Committee, and the Administrative Board. 82

Group management report | Risk report Deka Group Annual Report 2024 Reporting Appropriate and high-quality aggregation of risk data and reporting based on this provide the foundations for effectively monitoring and managing risk appetite within the framework of the risk strategy. Key instruments for risk reporting include the quarterly risk report in accordance with MaRisk to the Board of Management and the Risk and Credit Committee of the Administrative Board, as well as the monthly reporting on the economic risk situation and financial ratios to the Board of Management. The Board of Management also receives more extensive reports for individual risk types, which contain key information on the current risk situation. The Administrative Board receives a three-part quarterly report on the development of earnings, value drivers and risks at the Deka Group and in the individual business divisions (including the Treasury corporate centre). Risk concentrations in relation to individual counterparties (cluster risks and analysis of shadow banking entities) are reported on monthly to the Board of Management and the key risk committees as part of the report on the economic risk situation. In addition, a detailed analysis of all individual counterparties classified as clusters and the associated segment concentrations in comparison to the guidelines set by the credit risk strategy is conducted on a quarterly basis as part of the quarterly risk report. If necessary, adjustments are made to the number and volume of the relevant counterparties. With regard to climate and environmental risks, selected key risk indicators (KRIs), together with related developments and explanatory information, are presented in the risk report. The information is reported in the context of the relevant risk type. Further overall reports also include the quarterly stress testing report, which particularly includes the results of macroeconomic stress tests and performs a crucial early warning function in this respect. Besides these overall reports, there are also corresponding reports for every type of operational limit that is set. These reports are used to monitor compliance with the respective guidelines on a daily basis. Any breach is immediately brought to the attention of the authorised decision maker – and in the event of material breaches, also the Board of Management. If the liquidity balance exceeds the limit, the Board of Management is notified immediately. Moreover, the LCR is prepared daily and the NSFR monthly in the reporting system of the Finance corporate centre and provided to monitoring units. Capital adequacy in financial year 2024 The Deka Group held adequate capital throughout the reporting period. In particular, the Common Equity Tier 1 capital ratio and utilisation of risk capacity and of the risk appetite remained at non-critical levels relative to the limits and early warning thresholds and to the internal thresholds and external minimum requirements throughout. Economic perspective (current situation) During the reporting year, the models employed by the Deka Group for economic risk management continued to reflect the corporate and market situation in an appropriate and timely manner, taking into account the changes applied. The Deka Group’s total risk exposure (value-at-risk, VaR; confidence level 99.9%, holding period of one year) at the 2024 reporting date was €2,601m, a slight increase of €48m on the 2023 reporting date (€2,553m). This was mainly attributable to a substantial increase in market price risk. A marked drop in counterparty risk had the opposite effect to some degree. At the same time, risk capacity recorded a considerable increase of €639m, taking it to €6,117m (year- end 2023: €5,478m). This was particularly due to the positive development in retained earnings and various correction and deduction items. As a result of the developments described, the utilisation of risk capacity fell moderately as against the end of 2023 (46.6%) to 42.5%, meaning that it remains at a non-critical level. 83

Group management report | Risk report Deka Group Annual Report 2024 Utilisation of allocated risk capital was non-critical both at Deka Group level and in all business divisions. The risk appetite of €4,500m (increase compared to the end of 2023) was 57.8% utilised as at the 2024 reporting date (year-end 2023: 59.4%). Change in Deka Group risk over the course of the year €m (Fig. 26) Counterparty risk Investment risk Market price risk Operational risk Business risk Total risk 31 Dec 2024 31 Dec 2023 1,029 1,199 28 810 478 256 2,601 26 606 458 263 2,553 Change –170 2 204 19 –7 48 –14.1% 5.8% 33.6% 4.2% –2.7% 1.9% Normative perspective (current situation) Capital adequacy is determined in accordance with the CRR. Alongside counterparty risk, market risk and operational risk, CVA risk is also taken into account. Settlement risk is not shown separately here as it is of minor significance. Instead, it is included in counterparty risk. As in the previous year, pursuant to Article 26 (2) CRR, the year-end profit less foreseeable charges and dividends was recognised in Common Equity Tier 1 capital within the same period as at 31 December 2024 (dynamic approach). The Deka Group’s regulatory own funds as of 31 December 2024 stood at €7,448m (year-end 2023: €7,230m). Compared with the previous year, Common Equity Tier 1 capital increased by €256m from €5,848m to €6,104m. The increase was due to the inclusion of year-end effects from 2024 (mainly profit retention). Additional Tier 1 capital was unchanged year on year. Compared with the previous year, Tier 2 capital was down by €38m to €746m. Subordinated capital of around €90m was newly issued in the reporting year. The reduced eligibility of Tier 2 capital under the CRR in the last five years before maturity had a reducing effect. RWAs increased overall by €328 m from the year-end 2023 figure of €30,486m to €30,814m. This was driven mainly by higher market risk, which was offset to a degree by lower credit risk. Credit risk fell by €672m to €19,212m, primarily as a result of lower RWAs from funds. Market risk (€5,257m) increased over the year (year-end 2023: €4,347m). The increase can be traced back first and foremost to general market risk. RWAs from operational risk (€5,969m) also increased (year-end 2023: €5,727m). This was due to the updated assessment of various loss scenarios for tax law risks in the ex-ante perspective. CVA risk declined by €153m to €375m due to lower volumes of derivative transactions to be included. 84

Group management report | Risk report Deka Group Annual Report 2024 The table below shows the development in capital components, RWAs and capital ratios. Deka Group own funds in accordance with the CRR in €m (Fig. 27) 31 Dec 2024 31 Dec 2023 Common Equity Tier 1 (CET 1) capital Additional Tier 1 (AT 1) capital Tier 1 capital Tier 2 (T2) capital Own funds Credit risk Market risk Operational risk CVA risk Risk-weighted assets % Common Equity Tier 1 capital ratio Tier 1 capital ratio Total capital ratio Change 256 – 256 –38 218 –672 911 242 –153 328 4.4% – 4.0% –4.8% 3.0% –3.4% 21.0% 4.2% –29.0% 1.1% 0.6%-points 0.6%-points 0.5%-points 6,104 599 6,702 746 7,448 19,212 5,257 5,969 375 30,814 19.8 21.7 24.2 5,848 599 6,446 784 7,230 19,884 4,347 5,727 528 30,486 19.2 21.1 23.7 Common Equity Tier 1 capital ratio Taking account of the requirements of the SREP, DekaBank had to comply at Group level with the following regulatory minimum capital requirements. Regulatory minimum capital requirement as at 31 December 2024 (Fig. 28) Regulatory minimum requirement (Art.92(1) CRR) Additional requirements in accordance with SREP (P2R) Capital conservation buffer (Section 10c KWG) Countercyclical capital buffer (Section 10d KWG) Capital buffer for systemic risks (Section 10e KWG) Capital buffer for other system relevance (Section 10g KWG) Total requirement Tier 1 capital ratio Total capital ratio 6.0% 1.13% 7.13% 2.50% 0.72% 0.09% 0.25% 8.0% 1.50% 9.50% 2.50% 0.72% 0.09% 0.25% 10.69% 13.06% 4.5% 0.84% 5.34% 2.50% 0.72% 0.09% 0.25% 8.90% The total requirement for the Common Equity Tier 1 capital ratio, the Tier 1 capital ratio and the total capital ratio was clearly exceeded at all times. The SREP Pillar 2 requirements (P2R) remain unchanged for 2025. The leverage ratio, i.e. the ratio of Tier 1 capital to total assets adjusted in line with regulatory requirements (leverage ratio exposure), stood at 8.2% as at 31 December 2024 (year-end 2023: 9.2%). The drop was due to higher Tier 1 capital combined with a stronger increase in leverage ratio exposure. The applicable minimum leverage ratio of 3.0% was exceeded at all times. 85

Group management report | Risk report Deka Group Annual Report 2024 The MREL requirements are calculated using an RWA- and LRE-based method in accordance with supervisory requirements. The total of own funds and MREL-eligible liabilities is expressed in relation to RWA and LRE. As at the reporting date, the MREL ratio in line with the RWA-based approach amounted to 53.2% (year- end 2023: 54.1%), while the figure under the LRE-based approach came to 20.0% (year-end 2023: 23.5%). Both ratios were well above the applicable minimum ratios. As at 31 December 2024, own funds and MREL- eligible liabilities came to €16.4bn. As at the reporting date, this figure was composed of own funds of €7.4bn, senior non-preferred issues of €4.8bn, senior preferred issues of €4.8bn and unsecured subordinated liabilities of €0.1bn. The repurchases recently approved in accordance with the CRR were deducted for the calculation of the MREL ratios. The subordinated MREL requirements are also calculated using an RWA- and LRE-based method in accordance with supervisory requirements. Eligible or total own funds and all subordinated liabilities eligible based on statutory requirements are added together and expressed in relation to RWA and LRE. The repurchases recently approved in accordance with the CRR were deducted for the calculation of the subordinated MREL requirements. As at year-end 2024, the subordinated MREL requirements in line with the RWA-based approach came to 37.5% (year-end 2023: 37.7%), while the figure under the LRE-based approach was 14.1% (year-end 2023: 17.9%). Both ratios were well above the applicable minimum ratios. Macroeconomic stress tests The in-depth analysis of the results of the regular macroeconomic standard stress scenarios in both perspectives also takes into account the probability of occurrence and lead time of the scenarios, calculated each quarter, as well as the possible mitigation measures available if necessary. Under this approach, the internal thresholds were complied with at all times during the reporting period and at the reporting date in all the scenarios examined, and no immediate action was required in relation to capital adequacy. The same applies to the results of the climate scenarios calculated most recently as at the 30 September 2024 reporting date. Liquidity adequacy in financial year 2024 DekaBank had access to ample liquidity on the money and capital markets throughout the year. The Deka Group had sufficient liquidity, measured using the liquidity balances and normative indicators, throughout the reporting period. There were no breaches of the internal limits and emergency triggers or the external minimum LCR and NSFR at any time. Economic perspective There were clear positive liquidity balances in all relevant maturity bands of the “combined stress scenario” funding matrix for periods of up to 20 years. This was also the case for the alternative stress scenarios. Limits were complied with throughout the 2024 financial year, at both Deka Group and liquidity subgroup level. As at 31 December 2024, the accumulated liquidity balance of the Deka Group’s “combined stress scenario” funding matrix in the short-term range (up to one week) stood at €6.7bn (year-end 2023: €7.8bn). In the maturity band of up to one month, the liquidity surplus totalled €11.7bn (year-end 2023: €9.4bn), and in the medium-term range (three months) it amounted to €10.7bn (year-end 2023: €10.2bn). As in previous years, a substantial part of the Group’s liquidity generation and provision was attributable to business with savings banks and funds. In relation to the net cash flows of approximately €9.0bn on day 1, the Deka Group has a high liquidity potential (around €17.1bn) that is readily convertible at short notice. The Group had access to a large portfolio of liquid securities which are eligible as collateral for central bank borrowings, as well as to available surplus cover in the cover pool and corresponding repo transactions. The strict requirements concerning the liquidity potential ensure that the securities used for this purpose can generate liquidity even in a stressed market environment. 86

Group management report | Risk report Deka Group Annual Report 2024 “Combined stress scenario” funding matrix of Deka Group as at 31 December 2024 €m (Fig. 29) >D1 to D5 >D5 to 1M >1M to 3M >3M to 12M >12M to 5Y >5Y to 20Y D1 >20Y –7 Liquidity potential (accumulated) 17,070 17,492 17,779 9,157 –13 –783 –117 Net cash flows from derivatives (accumulated)1) Net cash flows from other products (accumulated) –173 –181 2,570 3,958 5,459 6,857 6,668 6,663 –8,784 –10,635 –8,646 –2,424 5,352 6,479 –1,612 –5,874 Liquidity balance (accumulated) 8,114 6,675 11,703 10,690 10,797 12,553 4,938 783 For information purposes: Net cash flows from derivatives by legal maturity (accumulated) 1) Net cash flows from other products by legal maturity (accumulated) –173 –184 –270 –317 –3 930 2,767 6,764 –24,814 –26,495 –26,252 –24,845 –27,641 –9,588 –8,066 –5,877 Net cash flows by legal maturity (accumulated) –26,679 –26,521 –25,162 –24,987 1) Including lending substitute transactions and issued CLNs As at 31 December 2024, 56.8% (year-end 2023: 51.4%) of total refinancing related to repo transactions, daily and time deposits and other money market products. The remainder of the refinancing concerned capital market products, primarily with longer maturity profiles. Structured issues made up 67% of total capital market issues. In a year-on-year comparison, the volume of commercial paper issued was built up in full to €5.3bn. The refinancing profile for lending business was well balanced, given the maturity structure. –27,644 –8,658 –5,299 887 Money market refinancing remained broadly diversified across a range of investor groups. Most of the investors in money market refinancing are financial service providers such as clearing houses, stock exchanges and funds, or large banks and savings banks. The proportion of money market refinancing attributable to funds stood at 45.0% (year-end 2023: 44.9%), while other financial institutions accounted for 9.5% (year-end 2023: 13.5%) and savings banks for 8.9% (year-end 2023: 12.6%). No funds were borrowed from the central bank (year-end 2023: 0.0%). Some 53.1% of total refinancing was obtained in Germany and other eurozone countries. Approximately 42.4% of total refinancing was accounted for by issues of bearer securities that cannot be attributed to any buyer country. Normative perspective The regulatory LCR requirements were met throughout the period under review. The LCR as at year-end 2024 stood at 192.0% (year-end 2023: 209.0%). Net cash outflows increased more strongly in percentage terms relative to holdings of high-quality, liquid assets. This was the main reason behind a reduction in the LCR at Deka Group level compared to 31 December 2023. The average LCR for the reporting year was 164.8% (previous year’s average: 153.8%). The LCR fluctuated within a range from 148.3% to 192.0%. It was thus always significantly above the applicable minimum limit of 100%. The net stable funding ratio (NSFR) came to 117.9% (year-end 2023: 120.9%) at the end of December 2024 and was thus significantly above the applicable minimum limit of 100%. The drop in the NSFR is mainly due to the fact that required stable funding increased more strongly in percentage terms compared with available stable funding. Both perspectives (macroeconomic stress tests) The internal thresholds in the normative perspective were complied with, even in the macroeconomic stress testing. In the economic perspective, there is a sufficient balance in the first few months, which are particularly important for liquidity management, meaning that there is no acute need for action. 87

Group management report | Risk report Deka Group Annual Report 2024 Individual risk types Counterparty risk Strategic framework and responsibilities The Deka Group’s credit risk strategy is based on its business strategy and overarching risk strategy. The Deka Group is committed to sustainable corporate governance and organises its lending business accordingly. The credit risk strategy stipulates the parameters for all Deka Group transactions that involve counterparty risk, and provides details on risk culture. The credit risk strategy defines, in particular, the counterparty risk principles for loans within the meaning of section 19 (1) KWG and describes the counterparty risks of the business divisions and segments, including the specific risk determinants and minimum standards to be adhered to. The credit risk strategy also distinguishes between the relevant customers, markets, products and types of business in the individual segments, risk concentrations in relation to individual counterparties (cluster risks) and the handling of cluster risks, as well as tools to manage counterparty risk and related risk concentrations. The requirements set out in the credit risk strategy are designed to ensure that loans are only issued to borrowers who are able to fulfil the terms of the credit agreement, that loans are secured as required by adequate and appropriate collateral and that lending is in line with DekaBank’s risk appetite. ESG risks, i.e. climate-related, environmental, social and governance-related factors (ESG factors), are also taken into account. In addition, a blacklist is used in line with the credit risk strategy to avoid undesirable lending business that could involve reputational risks or an increased level of risk, or that does not meet the defined sustainability requirements. The credit risk strategy is to be taken into account in all lending decisions, i.e. when limits are set, increased and extended for borrowers or borrower units (except in restructuring and liquidation cases), as well as in the event of subsequent deviations from the blacklist. Counterparty risks are monitored and managed in accordance with standard principles, regardless of whether the risks stem from trading or non-trading transactions. There must be a functional separation in the lending business between the “front office” and the “back office” that extends to the responsible member of the Board of Management. Specific tasks are performed outside the “front office”, including monitoring risks at the borrower and portfolio level, reporting, reviewing specific items of collateral and making decisions regarding loan-loss provisioning for major exposures. Responsibility for applying risk classification procedures and for establishing, reviewing and monitoring those procedures is classified as a back office function, as is management of non-performing and troubled loans. Authority levels for lending decisions are based on the net total limit and the gross limit or gross amount. The approval of the Board of Management – and potentially the additional consent of the Risk and Credit Committee – may be necessary, depending on the amount and the rating limits. Management committees have been established with responsibility for strategically managing and monitoring counterparty risks and their risk concentrations across all risk types. They include the Management Committee for Assets and Liabilities (Managementkomitee Aktiv-Passiv – MKAP) and the Risk Management Committee (Managementkomitee Risiko – MKR). A number of sub-committees have been assigned to the MKR to deal with counterparty risk. The Rating Committee regularly analyses and assesses the internal rating procedures employed for measuring risk and, where relevant, their inclusion in the pooling system developed in joint projects with Rating Service Unit GmbH (RSU) and S-Rating und Risikosysteme GmbH (SR). The Monitoring Committee is responsible for regularly analysing and discussing matters in connection with the methods and procedures employed for early risk identification as well as for monitoring and managing exposures with increased counterparty risk (non-performing loans and those on the watch list). The duties of the Risk Provisioning Committee include regularly analysing and discussing matters in connection with the planning, monitoring and management of risk provisions for loan losses, and also monitoring and managing defaulted exposures (restructuring and liquidation cases) in the lending business as well as in the securities portfolios not recognised at fair value through profit or loss. Responsibilities for the assessment and monitoring of country risks (including geopolitical risks) are consolidated in the Country Risk Committee. Among other 88

Group management report | Risk report Deka Group Annual Report 2024 things, it is responsible for discussing country ratings on both a regular and ad hoc basis, defining country limits within its scope of authority, identifying countries to be excluded (blacklist for high-risk countries) and determining measures to reduce overruns of country limits as well as other risk-reducing measures. Managing, limiting and monitoring risk The Deka Group uses different tools to manage and monitor its counterparty risk: overall analysis at the total portfolio level and a multi-level system of volume-based limits. Capital allocation for counterparty risks The starting point for the strategic analysis of counterparty risk is the allocation of capital, which is derived from the Deka Group’s risk and capital planning. It is the foundation for the limitation and monthly monitoring of counterparty risk at total portfolio level and at the level of individual business divisions, including the Treasury corporate centre, in the context of the risk-bearing capacity analysis. The allocation is quantified based on the Deka Group’s credit portfolio model, which is used to determine the portfolio’s risk of loss in the form of a credit value-at-risk (CVaR) metric for a one-year holding period and at a confidence level of 99.9%, in line with DekaBank’s target rating. Risk concentrations are taken into account directly through this model: portfolios that have a strong concentration on individual groups of counterparties, regions or sectors involve a higher economic capital commitment than those that are more diversified. The individual risk ratios are reviewed on a monthly basis to provide a foundation for overall management decisions. Operating management limits The key instrument for daily operational management of counterparty risk is a system of fixed, complementary volume-based limits. In light of the concentration on specific groups of counterparties, regions and sectors that results from the Group’s business model, the limitation of both unsecured volume (net limitation) and the total volume (gross limitation) plays a central role in this process. The amount of the limits is primarily oriented towards the internal rating of the corresponding counterparties, as well as collateralisation and maturities, and is subject to continuous monitoring. In order to limit concentration, additional targets have been set for the maximum permitted amount per counterparty (gross limit €3.5bn/net total limit €1.5bn). Particularly important counterparties from a business policy perspective (clusters) are also subject to separate monitoring and assessment above a specific amount. Further minimum requirements for the quality of collateral received apply to particularly significant repo lending transactions. These requirements are contained in the collateral policy. Furthermore, liquidation risks from securities financing associated with repo lending transactions are further limited by the application of supplementary limits in order to take into account potential fluctuations in the value of the underlying securities. Alongside counterparty, transaction and collateral-specific limits or requirements, the Deka Group has also put an explicit limit in place for shadow banking entities. In addition to limits at individual counterparty level, the overall risk vis-à-vis shadow banking entities is also limited. The Deka Group distinguishes between transparent shadow banking entities (principal approach) and less transparent shadow banking entities (fallback approach). Country risks are also subject to limits. While Deka consciously accepts its geographical focus on Germany and core Europe, the system is designed primarily to set effective limits for exposures in countries with a higher risk weighting. In S Broker AG & Co. KG’s Lombard lending business for private customers, counterparty risks are limited by the provision of collateral. Loans that involve specific project, ESG or reputational risks are not entered into. Detailed risk determinants and minimum standards have also been established for the individual financing categories. 89

Group management report | Risk report Deka Group Annual Report 2024 Quantification of counterparty risk Market prices are generally used to determine gross counterparty risk. In the case of products for which there is no observable market value, the net present value is used. The outstanding receivable amount is used for advance performance risk and open items. The adjusted gross position is then calculated by deducting specific insolvency-proof collateral. The overall net position is arrived at by deducting additional collateral and positions that reduce risk, with valuation of collateral following the internal regulations that apply in each case. In order to achieve consistency between the strategy system, management tools and risk reporting, the concepts of volume used in risk reporting – gross or net loan volume – are closely aligned with the metrics used for limit-setting, namely adjusted gross position and overall net position. Gross and net loan volumes referred to below relate to the adjusted figures. The assessment of counterparty risks for individual borrowers includes the use of internal rating systems. Borrowers are assigned to an internal rating class with corresponding estimates of the probability of default (PD). The internal rating systems currently used are tailored to different risk segments, including corporates, banks, governments, funds and specialised financing. The rating systems include conventional scorecard models and models in which the probability of default is estimated using simulated macro and micro scenarios for risk drivers and expected cash flows. The regulator has approved the rating systems for the foundation internal ratings-based approach (IRBA). The return of IRBA approval has been approved for the models for public authorities outside Germany, the DSGV joint liability scheme, insurance companies and ships, meaning that, since the end of September 2024, permanent partial use has been applied for the purposes of calculating RWA in accordance with Article 150 CRR. When measuring the transfer risk on payment obligations that are denominated in a foreign currency from the borrower’s perspective, the borrower rating is influenced by the country rating. All of the rating modules in use are calibrated to a one-year probability of default. The rating classes are uniformly assigned according to the probability of default based on the master scale of the German Savings Banks Association (Deutsche Sparkassen- und Giroverband – DSGV). This scale serves as a standard reference for a differentiated creditworthiness assessment. The DSGV master scale provides for a total of 21 rating classes for non-defaulting borrowers and three for defaulting borrowers. Counterparty risks from a portfolio perspective are assessed with the help of an internally developed credit portfolio model. The portfolio model is largely based on a credit metrics approach. In addition to default risks, the risks arising from a change in ratings are also taken into consideration. The probability distribution for changes in the value of the loan portfolio is generated using a Monte Carlo simulation. The CVaR and, for information purposes, the expected shortfall (ES) are key figures for management decisions and are both determined with a holding period of 250 trading days and a confidence level of 99.9%. Risk concentrations are taken into account by considering the dependency structure of risk factors. In particular, the modelling approach selected considers dependencies between crisis events. In addition to the CVaR from the credit portfolio model, the CVaR for fund units in the Group’s own investment portfolio and the liquidation risk are also taken into account. Risk models are validated on both a regular and ad-hoc basis, and the results play an important role in assessing whether the models are adequate. Accordingly, any requirements for further development that arise from the validation procedure are then integrated into the process for identifying and quantifying risks. Overall, the validation exercises carried out confirm that the credit portfolio model is appropriate. 90

Group management report | Risk report Deka Group Annual Report 2024 The standard risk costs incorporated into the calculation of the expected return on equity are based on an expected-loss approach and relate to the probability of default, the loss rate and the maturity of the transactions. The cost of equity is determined using risk amounts differentiated by individual transaction and corresponding sector and regional allocations. Risk concentrations are included for individual counterparties (clusters), regions and sectors by taking into account the cost of equity in the structuring of loan terms. Management and monitoring of counterparty risks The Deka Group’s counterparty risk, as determined by CVaR, is directly compared with allocated risk capital. Credit risks are thus monitored based on a redistribution of the CVaR to individual transactions and reaggregation to the business divisions. Daily management and monitoring of counterparty risk uses a volume-based limitation of the net position and the adjusted gross position. As a supplement to its volume-based limits, the Deka Group uses thresholds for risk concentrations in connection with individual counterparties, known as clusters. This entails further precautionary procedures for large exposures and monitoring routines for risk concentrations as appropriate. Thresholds for sectors are not meaningful due to the Deka Group’s specific business model and are thus not taken into account. The Risk Control corporate centre monitors the limits using a centralised limit monitoring system at both the borrower-unit level and the borrower level. A qualitative, quantitative and market-based early warning system ensures that the individual counterparties subject to limits are monitored so that, in the event of extraordinary developments, countermeasures can be taken at an early stage. At a portfolio level, an analysis of the most significant borrowers, regions and sectors is also carried out, based on CVaR. Maximum country limits are derived from a limit matrix, which is calculated based on a foreign currency (FC) country rating and the gross domestic product. Individual country limits within the limit matrix are approved by the Country Risk Committee. The Risk Control corporate centre monitors compliance with the respective country limits. Overruns are reported on the same day to the members of the Country Risk Committee and to the Capital Markets Credit Risk Management unit. This unit acts as the central administrative office for country limits. In addition to requirements concerning the liquidity and issuing characteristics of the securities, the additional investment criteria for the liquidity management portfolio managed by the Treasury corporate centre include, in particular, stipulations regarding issuers, credit rating and portfolio diversification. Compliance with these rules is monitored daily by the Risk Management unit, which is independent of trading operations. Any breaches are reported on the same day. In addition, reporting takes place monthly to the MKR and MKAP. This includes an analysis of the holdings in the portfolios and the portfolio structure. The Deka Group has issued extensive processing and valuation guidelines for collateral obtained in lending and trading transactions. The procedures for verifying valuation of collateral received in the course of lending business, including guarantees, sureties, charges on commercial and residential property, registered liens and the assignment of receivables, are applied on an annual basis. Valuation of collateral and of any discounts applied to it in accordance with the RSU’s loss given default models is primarily based, for guarantees and sureties, on the creditworthiness of the party providing the guarantee, or in the case of asset collateral, on the market value or fair value of the financed property. Management and monitoring activities also focus on financial collateral provided in the form of securities and obtained as part of repo lending transactions. Due to the business model, this comprises by far the largest share of the collateral portfolio as compared to the lending business. The Group’s collateral policy sets minimum requirements for securities borrowed by counterparties or received as collateral in repo lending transactions and OTC/CCP derivatives transactions. In addition, risk concentrations are restricted using category-specific concentration limits for equities and bonds, as well as a concentration limit (volume restriction) for each counterparty that applies across all categories. 91

Group management report | Risk report Deka Group Annual Report 2024 The Capital Markets business division is responsible for compliance with the requirements of the collateral policy. It is supported operationally in this regard by the Collateral Management unit. A review independent of trading is performed daily by the Risk Management unit. Market- and counterparty-specific matters that could significantly affect the risk profile or profitability of the Capital Markets business division are analysed in the Risk Talk. In addition, an analysis of collateral received is reported to the Risk Talk. Performance of stress tests In addition to the macroeconomic stress tests performed across all risk types, counterparty-specific stress tests are conducted regularly. Scenarios include, for example, a rating downgrade of all ratings included in the calculation by one notch or the ineligibility of physical collateral. The results of the stress tests are determined quarterly and reported to the Stress Testing Committee, the Board of Management, the Risk and Credit Committee and the Administrative Board. They therefore enable the Group to identify areas for action as early as possible if crisis situations start to unfold. Default monitoring The Monitoring Committee is operationally responsible for monitoring and managing non-performing loans and those on the watch list. In particular, this includes specifying early warning indicators and criteria to allocate exposures to different monitoring levels. Operational responsibility for identifying defaults and monitoring and managing restructuring and liquidation cases lies with the Risk Provisioning Committee. The latter is also responsible for regularly analysing and discussing matters in connection with planning, monitoring and managing risk provisions. DekaBank determines risk provisions and provisions for off-balance sheet lending business in accordance with the expected credit loss model under IFRS 9. Details of this methodology can be found in the notes to the IFRS consolidated financial statements. Current risk situation The counterparty risk determined on the basis of the credit value-at-risk (CVaR), with a confidence level of 99.9% and a holding period of one year, decreased significantly in the reporting year to €1,029m (year- end 2023: €1,199m). Risk capital allocated to counterparty risk stood at €1,535m (year-end 2023: €1,505m) and was 67.1% utilised (year-end 2023: 79.7%). The level of risk capacity utilisation was therefore non- critical. The drop in risk is due primarily to lower market-driven migration risks over the course of the year, which were offset slightly by an increase in exposures in the liquidity management portfolio. The assessment of the risk position of the cluster portfolio resulted in a significant increase compared with the previous year. The relative share of the cluster portfolio in the overall portfolio also rose. Risk concentration nevertheless remained in line with the Deka Group’s credit risk strategy. 92

Group management report | Risk report Deka Group Annual Report 2024 Gross loan volume increased by €5.5bn from the end of 2023 to reach €126.2bn. The commercial banks risk segment made the largest contribution to this increase due to higher volumes of repo lending and bond transactions. In the public sector risk segment, the gross loan volume increased owing to a bigger bond portfolio. A larger volume of securities led to an increase in the industrial sector risk segment. The gross loan volume in the funds risk segment also rose as a result of an increase in securities issued as collateral for borrowing transactions and in guarantee fund exposures. In the other financial institutions risk segment, lower lending volumes and changes in the value of derivative hedging instruments had a risk-mitigating effect. The gross loan volume also fell in the savings banks risk segment, primarily as a result of money market transactions and leases. Despite a higher bond volume, the gross loan volume fell in the state- affiliated and supranational institutions risk segment due to lower deposits with Deutsche Bundesbank. The lending business volume (particularly in the renewable energies risk segment) was down on the figure for year-end 2023. The ship portfolio accounted for 1.0% of gross loan volume at the end of 2024 (year- end 2023: 1.1%). The aviation segment had a share of 1.6% (year-end 2023: 1.7%). Real estate financing (excluding real estate funds) accounted for 6.3% of gross loan volume at the end of 2024 (year-end 2023: 6.9%). Gross loan volume €m (Fig. 30) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 31 Dec 2024 31 Dec 2023 28,247 26,723 9,110 1,264 6,096 2,667 9,338 8,714 3,433 1,041 4,600 11,200 37 13,753 126,223 20,110 28,740 13,699 949 4,233 1,733 7,047 11,611 3,445 1,471 4,337 11,355 60 11,943 120,731 Net loan volume fell by 3.0% as against the end of 2023 (€65.7bn) to €63.7bn. Collateralisation meant that the changes in gross loan volume observed for repo lending transactions (especially in the commercial banks, other financial institutions and funds segments) had relatively small effects on net loan volume. A risk- reducing effect in net loan volume resulted especially from lower deposits with Deutsche Bundesbank in the state-affiliated and supranational institutions risk segment, as well as lower volumes at savings banks. By contrast, a larger bond volume in the commercial banks and public sector risk segments, together with increased Deka fund exposures in the funds risk segment, had a risk-increasing effect. The share of real estate financing (excluding real estate funds) in net loan volume rose to 0.8% at the end of 2024 (year- end 2023: 0.7%), not least due to reduced collateral value for real estate. 93

Group management report | Risk report Deka Group Annual Report 2024 Net loan volume €m (Fig. 31) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 31 Dec 2024 11,934 5,515 8,715 292 2,585 1,234 6,326 8,473 690 1,041 3,456 3,360 37 10,039 63,697 31 Dec 2023 9,511 5,704 13,278 231 2,093 1,048 4,929 11,154 656 1,471 3,280 3,163 60 9,113 65,689 The gross loan volume in the eurozone rose by a total of €1.7bn. This was due to an increase in repo lending transactions with counterparties in France and Spain as well as increased securities volumes with Dutch, French and Spanish counterparties. Reduced deposits with Deutsche Bundesbank and lower volumes with savings banks, coupled with a decline in repo transactions with counterparties in Germany, had a risk- reducing effect. As a result, and together with a higher gross loan volume overall, the eurozone’s share of gross loan volume declined by 2.1 percentage points to 76.2% at the end of 2024. The volume movements in America resulted primarily from increased exposure to repo lending business and securities volumes with US counterparties. Gross loan volume by region €m (Fig. 32) Eurozone Europe excluding eurozone America Asia Other countries Total 31 Dec 2024 31 Dec 2023 96,148 14,038 12,460 2,109 1,467 126,223 94,477 12,861 9,752 2,419 1,222 120,731 The gross loan volume attributable to Germany fell by €4.6bn to €53.2bn and equated to 42.1% of the overall portfolio at year-end. In the eurozone, €15.1bn or 11.9% of the gross loan volume was attributable to counterparties in France. Counterparties in Luxembourg accounted for 11.0% of the gross loan volume, and counterparties in Belgium accounted for 3.5%. The gross loan volume relating to borrowers in Spain and Italy increased to €4.2bn, from €1.4bn at the end of 2023. 94

Group management report | Risk report Deka Group Annual Report 2024 Gross and net loan volume: regional concentration as at 31 December 2024 in €m (Fig. 33) Net loan volume 37,251 5,219 4,397 3,320 2,650 10,859 63,697 Percentage of Net loan volume 58.5% 8.2% 6.9% 5.2% 4.2% 17.0% 100.0% Germany France Luxembourg United Kingdom United States Other Total Gross loan volume 53,171 15,077 13,858 10,187 9,671 24,260 126,223 Percentage of Gross loan volume 42.1% 11.9% 11.0% 8.1% 7.7% 19.2% 100.0% In terms of countries of geopolitical interest, counterparties in China accounted for an unchanged 0.2% of gross loan volume and counterparties in Hong Kong for 0.1%. Counterparties in Israel accounted for an unchanged 0.1%. In all three cases, the counterparties were mostly in the transport sector. There was no gross loan volume attributable to counterparties in Taiwan. Thanks to full repayment of an energy supply loan after an indemnity payment was made by an Italian credit insurer, there was no gross loan volume for counterparties in Russia at the end of 2024. There remained no gross loan volume attributable to counterparties in Ukraine or Belarus at year-end 2024 and no country limit. 95

Group management report | Risk report Deka Group Annual Report 2024 Gross loan volume by risk segment for selected countries as at 31 December 2024 €m (Fig. 34) United States Luxembourg UnitedKingdom Germany Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total Change vs. previous year Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 8,667 2,048 9,110 192 2,799 607 5,706 7,603 634 116 2,333 4,225 37 9,094 53,171 2,460 –3,041 –4,589 –8 606 501 1,010 –3,444 274 –14 348 126 –23 1,152 –4,643 809 8,365 - - 9 32 - 0 - - 123 2 0 4,517 13,858 32 –1,474 - - –4 32 - 0 –37 - –18 2 0 516 –951 439 7,200 - 7 364 272 90 - 211 100 150 1,353 - - 10,187 –370 891 - 0 –23 –6 36 - –31 –4 –12 –215 - - 268 2,168 2,175 - - 580 751 407 - 615 - 113 2,719 - 143 9,671 833 1,745 - - 129 198 112 - –56 - 10 92 - 143 3,206 France 7,913 2,840 - 1,040 434 249 574 343 130 50 406 1,098 - - 15,077 1,913 824 - 321 134 –115 –66 191 14 –125 137 –93 - - 3,136 The gross loan volume remained focused primarily on the short-term segment at the end of 2024. The proportion of transactions with a time to maturity of less than one year was 42.5% (year-end 2023: 44.0%). The proportion of maturities longer than ten years was 4.0%, compared with 4.8% at 31 December 2023. Maturities longer than 20 years consisted primarily of financing in the public sector and conventional energies & infrastructure risk segments, as well as collateralised bonds in the public sector risk segment. The average legal residual term of gross lending was 2.8 years (year-end 2023: 2.9 years). 96

Group management report | Risk report Deka Group Annual Report 2024 Gross loan volume by maturity €m (Fig. 35) Up to 1 year 1 to 2 years 2 to 5 years 5 to 10 years 10 to 15 years 15 to 20 years >20 years No maturity Total 31 Dec 2024 31 Dec 2023 53,643 15,707 22,292 10,871 1,810 1,016 2,255 18,629 126,223 53,100 13,395 18,935 10,030 2,418 1,027 2,367 19,458 120,731 The level of risk concentration in the loan portfolio increased during the year. As at 31 December 2024, 19.7% (year-end 2023: 12.8%) of total gross loan volume was attributable to borrower units with a gross limit of at least €2.5bn or an overall net limit of at least €1.0bn (counterparty clusters). The number of counterparty clusters reduced by one to 23 compared to the previous year. Counterparties in the public sector, savings banks and state-affiliated and supranational institutions accounted for 26.5% of the total volume of the cluster portfolio. A total of 14.9% of net loan volume related to counterparty clusters (year-end 2023: 8.2%). The Deka Group also limits the shadow banking entity portfolio in accordance with EBA requirements. Shadow banking entities include, among others, money market funds, credit funds and inadequately regulated credit institutions. In addition to the overall limits imposed on shadow banking entities, limits are imposed based on the principal and fallback approaches. This does not affect the limits at the level of individual counterparties. As was already the case at the end of 2023, shadow banking entities under the principal approach (limit utilisation of total net risk position: 8%) accounted for less than 1% of the net loan volume as at the 31 December 2024 reporting date. The average rating for shadow banking entities under the fallback approach cannot be determined given the lack of limit utilisation as at the end of 2024. The levels of utilisation are considered acceptable. The shadow banking entities had an average rating of 7 on the DSGV master scale (corresponds to BB on the S&P scale). Gross and net loan volume by rating grade as at 31 December 2024 €m (Fig. 36) AAA 2 to 3 4 to 5 6 to 7 8 to 15 16 to 18 AA+ to AA– A+ to A– No rating 339 159 Gross loan volume 30,457 26,410 43,831 14,250 Net loan volume 27,645 9,685 14,793 8,828 4,613 1,150 1,458 3,921 266 744 945 427 The average rating for the gross loan volume remained constant at a score of 4 on the DSGV master scale (S&P: BBB–). The average probability of default as at 31 December 2024 was 29 basis points (bps) (year- end 2023: 31 bps), partly due to improved ratings for ECA-backed export loans and ECA-backed financing of cruise ships in the United States. This was offset by rating downgrades for various real estate financing counterparties, out of which two US counterparties defaulted in the reporting period. The average rating for the net loan volume remained at a score of 3 (S&P: BBB) with a changed probability of default of 18 bps (year-end 2023: 19 bps). 82% of net loan volume remained in the same grouping (determined by rating grade) compared with the end of 2023. The target rating under the credit risk strategy was achieved without difficulty for both the gross and net loan volumes. 97

Group management report | Risk report Deka Group Annual Report 2024 Net loan volume by risk segment and rating €m (Fig. 37) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total Avera ge PD in bps Average rating 31 Dec 2024 3 7 1 6 46 12 2 1 39 570 21 48 N/A 12 18 AA A AAA A 5 2 AA+ AAA 5 12 4 6 N/A 2 3 31 Dec 2024 11,934 5,515 8,715 292 2,585 1,234 6,326 8,473 690 1,041 3,456 3,360 37 10,039 63,697 Average PD in bps 3 6 1 14 30 14 4 1 105 436 24 52 N/A 14 19 Average rating 31 Dec 2023 AA A AAA 2 4 2 AA– AAA 7 11 4 6 N/A 3 3 31 Dec 2023 9,511 5,704 13,278 231 2,093 1,048 4,929 11,154 656 1,471 3,280 3,163 60 9,113 65,689 Market price risk Strategic framework and responsibilities The Deka Group’s market price risk strategy, based on the Group’s overall risk strategy, stipulates parameters for risk management in all organisational units regarding all positions in the trading and banking book that are exposed to market price risk. It sets objectives, priorities and responsibilities for market price risk management and, together with the liquidity risk strategy, governs the business focus of trading activities (trading strategy). Market price risks need to be considered in the Asset Management divisions, in the Capital Markets business division and in the Treasury corporate centre. Market price risks in the Financing business division are passed on to the Treasury corporate centre. The Deka Group’s investment management companies are generally not subject to any market price risks beyond those associated with the investment funds. However, market price risks can arise for the Deka Group if products are provided with a guarantee. Market price risks from guarantee products are incorporated into the analysis of risk-bearing capacity and attributed to the Asset Management Securities business division. Market price risk from guarantee products is managed by the Board of Management with the support of the Treasury corporate centre. Within the risk management organisation, the Board of Management decides the market price risk limits for the Group as a whole, as well as at the level of the business divisions, including the Treasury corporate centre. It also decides on limits for interest rate and spread risk in the banking book. The relevant department heads are responsible, in consultation with the head of Risk Control, for reallocating existing limits below the level of the Capital Markets business division and Treasury where appropriate. The allocation of limits reflects the organisational structure. In addition to this, the Risk Talk sets sensitivity limits for the Capital Markets business division. 98

Group management report | Risk report Deka Group Annual Report 2024 The MKR and MKAP generally make recommendations with respect to the definition of the framework for the management of strategic market price risk positions to the Board of Management, which then adopts resolutions accordingly. The MKR issues recommendations on thresholds for the Common Equity Tier 1 capital ratio in the normative perspective and on limiting interest rate risks in the banking book, and also provides a framework for monitoring credit spread risk in the banking book. The MKAP gives recommendations on the operational management of interest rate risks in the banking book in the earnings- based perspective and on management measures in relation to the risks assumed on guarantee products. The latter is the role of part G of the MKAP, which focuses specifically on guarantee products. In its capacity as a sub-committee, the Risk Talk supports the MKR and the Board of Management in relation to the Capital Markets business division’s operational processes for managing and monitoring market price risk. To do so, it conducts in-depth analyses focusing on a market and counterparty risk-specific evaluation of matters that could materially influence the Capital Markets business division’s risk profile or profitability. These committees facilitate communication between the departments responsible for the control and monitoring of market price risks. Execution of transactions and recording exposures are the responsibility of the operating units. In terms of market price risks, they are solely responsible for the implementation of strategic guidelines and operational management within the prescribed risk limits. Managing, limiting and monitoring risk In the economic market price risk calculation, risk ratios are calculated on a net-present-value basis using the value-at-risk approach and with scenario analyses. The basis for daily market price risk monitoring (including interest rate risk and spread risk in the banking book) is a system of operational limits that is consistent with the Group’s overall risk-bearing capacity. This system defines limits in line with the business model for the various portfolio levels and risk categories. It also takes into account the focal areas of the portfolio determined by the business model. In addition, limits are set based on operating metrics such as sensitivities. These are primarily used for operational management of the capital markets business in order to monitor adherence to the risk strategy on an ongoing basis. The Group defines a stop-loss limit as another effective management tool for limiting losses. There are also separate monitoring processes for interest rate and credit spread risks in the banking book covered by the EBA Guidelines on the management of interest rate risk and credit spread risk arising from banking book activities (EBA/GL/2022/14). Within this framework, limits are defined for interest rate risks in the banking book and an analysis threshold is set for credit spread risk in the banking book. Value-at-Risk (VaR) VaR is calculated with a confidence level of 99.9% and a holding period of one year when analysing risk- bearing capacity; when determining the utilisation of operating limits, DekaBank calculates VaR for a holding period of ten days and a confidence level of 99.0%. The operating VaR therefore corresponds to the maximum loss on a position held over a period of ten trading days, with a probability of 99.0%. VaR key ratios are determined on a daily basis for all relevant risk categories and portfolios and are compared with the associated portfolio-specific limits. To determine VaR, a sensitivity-based Monte Carlo simulation is used across all portfolios, including the banking book. This simulation ensures that all market price risks, particularly non-linear risks, are identified in an integrated manner. The selection of risk factors is based on business activities and on the focal areas of the portfolio determined by the business model. Risk factors particularly include issuer-specific spread risk curves along with sector curves for various country/industry/rating combinations, spread curves for credit derivatives, reference curves for various fixed-rate periods (tenor-specific), individual stocks, exchange rates and implicit interest rate, equity and currency volatilities. Appropriate consideration is given to basis risk. 99

100

Group management report | Risk report Deka Group Annual Report 2024 Market price risks that result from granting guarantees are measured using an approach specifically developed for this purpose and geared towards risk-bearing capacity, which does not take into account diversification effects with regard to other market price risks. Sensitivity-based management metrics The input parameters for this risk model are the sensitivity metrics delta, gamma and vega. These first and second ranking sensitivities express the price sensitivity of financial instruments to changes in underlying risk factors and are used to determine overall risk. They are also available as additional management metrics for risk assessment purposes. Sensitivity analyses are defined as absolute or relative shifts in the different risk factors for interest rate, credit spread, share price and exchange rate movements. The sensitivity analyses are used to support the operational management of the risks from trading and treasury positions. They can also be used to manage risk concentrations, for example where risk factors are highly correlated. Scenario considerations and stress analyses The limit system is supplemented with regular market price risk-specific stress tests. Using these tests, the sensitivity of the portfolio is constantly tested with regard to a wide variety of trends in the various risk factors. Once again, the focus is on risks that are particularly relevant, using separate, portfolio-specific analyses. Market price risk-specific stress tests take place both at overall portfolio level and for the banking book in isolation. Market price risks are also an important component of the analysis of significant macroeconomic scenarios across all risk types. Interest rate and credit spread risks in the banking book In accordance with the EBA guidelines (EBA/GL/2022/14), interest rate risk in the banking book (IRRBB) and credit spread risk in the banking book (CSRBB) are measured using scenarios from a net present value and earnings perspective. For IRRBB, the scenarios to be calculated include various shifts in the reference yield curve, which are used consistently for each currency in the two approaches. There are also scenarios for tenor basis risk. For CSRBB, the scenarios reflect rating-dependent shifts in market credit/market liquidity spreads. In the net present value perspective (EVE), the sensitivity of the portfolio to changes in the risk factors affected by the respective scenario is calculated. In the earnings perspective, the impact of changes in interest rates and credit spreads on net interest income (NII) is calculated along with changes in market value. The scenarios for NII look at the three years following the date on which the calculation is based. The changes in market value are calculated for the first year, and the overall result for the earnings perspective corresponds to the change in net interest income for year one plus the changes in market value. In the net present value perspective (EVE) for IRRBB, the limits defined for the scenario results are monitored on a monthly basis. In addition, the defined limits are monitored quarterly in the earnings perspective for IRRBB. In this perspective, there are rules for the results of the change in net interest income (NII) in each of the three years and rules for changes in market value of financial instruments measured at fair value in the IFRS consolidated accounts (including guarantee products and pension obligations). The combination of the two limits thus also limits total income. The limits defined at Group level apply for every scenario. A dedicated escalation process must be adhered to in the event of any limit breaches. The results for CSRBB in both perspectives are also regularly evaluated in a synchronised way. 100

101

Group management report | Risk report Deka Group Annual Report 2024 Backtesting of VaR risk ratios and validation Various steps are taken to test the quality of the VaR forecast, including regular backtesting for various portfolio levels. In this process, the daily results that are theoretically achieved assuming unchanged positions on the basis of the market developments observed on the following day are compared with the forecast value-at-risk figures for the previous day (clean backtesting). In addition, dirty backtesting regarding the actual change in value is also carried out, taking trading activities into account. The backtesting findings are also used to enhance the risk model. The results are reported on a quarterly basis. Overall, the backtesting results confirm the suitability of the market price risk measurement at both the bank level and at the level of subordinate organisational units. In addition, the approximation error of the delta-gamma approximation is reviewed on a monthly basis by carrying out a full valuation of the portfolio. Risk models are validated on both a regular and ad-hoc basis, and the results play an important role in assessing whether the models are adequate. Accordingly, any requirements for further development that arise from the validation procedure are then integrated into the process for identifying and quantifying risks. Overall, the validation exercises carried out confirm that the market risk model is appropriate. Current risk situation In the context of risk-bearing capacity, market price risk at the Deka Group (value-at-risk, confidence level 99.9%, holding period of one year) as at the reporting date stood at €810m. The increase versus the end of 2023 (€606m) was mainly attributable to significantly increased credit spread risks. The risk development was influenced chiefly by changes in positions. Utilisation of the allocated risk capital for market price risk in the amount of €1,910m (year-end 2023: €1,730m) is considered to be very comfortable at 42,4%. In setting allocated risk capital, it was taken into account that guarantee products make a major contribution to market price risk and are highly sensitive to market movements. At the end of 2024, market price risk from guarantee products totalled €89.4m (year- end 2023: €85.3m). The increase was due to a further increase in exposures due to savings, as well as to fund maturity effects. With a confidence level of 99.0% and a holding period of ten days, market price risk (value-at-risk), excluding risks from guarantee products, stood at €108.6m as at the reporting date (year-end 2023: €78.5m). Utilisation of the operational management limit at Deka Group level (excluding guarantees) amounting to €156.5m (year-end 2023: €117.5m) stood at 69% and was therefore non-critical. Deka Group value-at-risk excluding risks from guarantee products1) (confidence level 99%, holding period ten days) in €m (Fig. 38) 31 Dec 2024 Asset Manage- ment Securities business division Asset Manage- ment Real Estate business division Asset Manage- ment Services business division 2.0 0.2 2.0 0.5 0.6 0.0 0.0 0.0 0.0 0.5 0.0 0.0 10.8 10.7 7.8 0.9 0.0 0.0 Capital Markets business division 23.7 16.6 22.0 6.1 0.6 0.0 Category Interest rate risk Interest rate – general Credit spread Share price risk Currency risk Commodity risk Total risk 91.6 1) Risk ratios for interest rate risk and total risk taking account of diversification. Includes issue-specific credit spread risk. 10.8 24.1 0.5 2.1 Deka Group excluding guarantees Change in risk vs previous year Treasury 92.0 11.6 87.4 9.7 2.8 0.0 109.6 35.8% 18.6 113.4 13.0 2.6 0.0 108.6 8.9% 42.4% 93.3% –29.2% 0.0% 38.3% 101

102

Group management report | Risk report Deka Group Annual Report 2024 At the end of 2024, the VaR for credit spread risk totalled €113.4m, which was higher than the level at year- end 2023 (€79.7m). The higher figure was due to an increase in exposures. Credit spread risk continues to substantially affect market price risk at Group level. In line with the business model, the largest risk drivers are variable and fixed-rate bonds issued by the public sector, financial institutions and corporates in Germany, Western Europe and North America. Risk concentration for spread risk was consistent with the Deka Group’s market price risk strategy. The VaR for general interest rate risk (excluding risks on guarantee products) rose from €17.1m at year- end 2023 to €18.6m. In the Capital Markets business division, the increase is due to sustained high demand in the interest rate certificates business. This was offset by a decline in risk in the Treasury corporate centre due to lower interest rates and lower risk for long maturities. Value-at-risk – General interest rate risk and credit spread risk in the Capital Markets trading book over the course of 2024 €m (Fig. 39) Share price risk was up compared with the end of 2023 (€6.7m) and stood at €13.0m at year-end 2024. The conclusion of new macro hedges in the Treasury corporate centre at the year-end contributed to a marked increase. Share price risk remains of low significance at Group level. Share price risk in the Capital Markets business division trading book amounted to €6.1m (year-end 2023: €6.6m). Value-at-risk – Share price risk in the Capital Markets trading book over the course of 2024 €m (Fig. 40) 102

103

Group management report | Risk report Deka Group Annual Report 2024 Currency risk, which mainly resulted from positions in Canadian dollars, sterling and US dollars, fell to €2.6m (year-end 2023: €3.7m), largely due to market-related factors, and thus continued to be of minor significance. Currency risk in the Capital Markets business division trading book stood at €0.6m (year-end 2023: €1.5m). Value-at-risk – Currency risk in the Capital Markets trading book over the course of 2024 €m (Fig. 41) In market price risk, a new VaR limit for commodity risk was introduced in the Capital Markets business division in early June for the possibility of trading of European Emission Allowance (EUA) CO2 certificates. There was no such trading in the reporting period. Operational risk Strategic framework and responsibilities The strategy for dealing with operational risks (OR strategy) is based on the Deka Group’s overarching risk strategy. It sets out the Deka Group’s basic approach to operational risks (OR) and guidelines for managing and controlling these risks. It defines the framework for the Group-wide establishment and operation of a standard system for identifying, assessing, managing and monitoring all operational risks. The OR strategy applies to all organisational units within the Deka Group. OR management is based on coordinated collaboration between different units as part of the Deka Group’s established Three Lines of Defence model. The Board of Management has overall responsibility for appropriate and consistent handling of OR and is supported by recommendations from the Risk Management Committee (Managementkomitee Risiko – MKR). Decentralised approach to risk measurement and management by the first line of defence The Three Lines of Defence model takes a decentralised approach to risk management. This means that each unit is responsible in principle, as part of the first line of defence, for assessing and managing future risks and documenting loss events in its area of responsibility. Units such as IT, whose role is to centrally provide infrastructure or processes, are a special case and are also responsible for assessing risks related to their services across the Group. Centralised monitoring and reporting by the second line of defence The second line of defence sets out relevant guidelines and monitors adherence to them, thereby helping the units in the first line of defence to take only appropriate risks. The overarching view of the Operational Risk unit within Non-Financial Risk is complemented by specialist functions for the individual risk sub-types in the Compliance (compliance risk), Data Protection Officer (data protection risk), Finance (tax law and tax compliance risk), Legal (legal risk), Information Security Management (ICT, security and service provider risk), Strategy & HR (personnel risk) and Organisational Development (process and project risk) units. 103

104

Group management report | Risk report Deka Group Annual Report 2024 The central functions specialising in risk sub-types set specific objectives and guidelines for the design of processes and controls for the relevant risk sub-type and monitor adherence to these. They also support the units in the first line of defence with risk type-specific methods for identifying, assessing and managing the relevant risk sub-type. The Operational Risk unit defines and monitors the Group-wide, methodological guidelines and common methods of OR management. In addition, it aggregates the information collected locally and reports this to the heads of department and the Board of Management. Independent review by the third line of defence The third line of defence is the Deka Group’s Internal Audit department. It supports the Board of Management and the oversight bodies (Administrative Board, Audit Committee) with its objective and independent assessment of the appropriateness and effectiveness of risk management, of the controls put in place and of the management processes at the Deka Group. Objectives and guidelines Maintaining a complete and up-to-date operational risk profile for the Deka Group is key to the handling of operational risks in order to ensure adequate capital and proper consideration of these risks in decision making. To minimise risks for the Deka Group and its stakeholders and make the best possible use of its resources, the Deka Group aims for appropriate management based on common principles. The common methods of OR management defined for this purpose and the minimum requirements for non-financial risks provide binding guidance and ensure the achievement of these objectives. Integration into the concept of risk appetite In the context of risk-bearing capacity, operational risks are limited by allocating risk capital (risk appetite) both overall and at business division level. The basis for this is a quantification model, which has been approved as an advanced measurement approach (AMA) and is used to calculate value-at-risk based on risk assessments and loss documentation. Value-at-risk is also incorporated into the regulatory capital requirement. The allocation of risk capital for OR to the business divisions (including Treasury) is primarily based on the number of employees and observed loss events in defined categories for the scale of losses. Methods used The Deka Group uses various methods for the management and control of operational risk. These complement each other and, taken together, enable a comprehensive management process for these risks. These include methods with a forward-looking (ex-ante) perspective, such as self-assessment and scenario analysis, as well as a backward-looking (ex-post) perspective, such as Group-wide loss documentation. Alongside the common methods described below, the specialist functions in the second line of defence also use their own methods to monitor non-financial risks. The self-assessment is based on OR loss scenarios and is performed at least once a year. As well as describing and assessing risks with regard to their loss potential and the frequency with which they occur, the self- assessment process also identifies suitable measures to mitigate risk. The scenario analysis serves as an investigation and assessment of potentially serious loss events from operational risks, which, due to their cross-unit nature and extremely high maximum loss potential, cannot be adequately identified or quantified via the self-assessment process. As part of this process, regularly- updated risk factors relating to both the Group’s internal controls and its business environment are incorporated into the assessment of scenarios. These factors therefore increase the sensitivity of the scenarios to risk and help to identify developments and determine management actions in a timely manner. 104

105

Group management report | Risk report Deka Group Annual Report 2024 OR loss events are recorded in a structured manner with the help of a central loss database starting from a minimum gross limit of €5,000 at the Deka Group level. As well as providing a description of the loss, the database includes documentation that covers the causes of the loss and suitable measures to avoid similar cases in the future. The results of the loss documentation are also used to support the ex-post plausibility check on the risk assessments in the course of the self-assessment. To determine the economic capital requirement for operational risks, the Deka Group uses an advanced measurement approach (AMA) that has been approved by regulatory authorities. This approach quantifies the Bank’s operational risk based on a loss distribution approach, using the common methods described and external loss data to supplement the internal loss database. Risk models are validated on both a regular and ad-hoc basis, and the results play an important role in assessing whether the models are adequate. Accordingly, any requirements for further development that arise from the validation procedure are then integrated into the process for identifying and quantifying risks. Overall, the validation exercises carried out confirm that the operational risk model is appropriate. In addition to the macroeconomic stress tests, which cover all types of risk, specific stress scenarios are examined for operational risk. These involve, for example, a sharp deterioration in the reliability of IT infrastructure, the occurrence of serious fraud involving an internal employee or the failure of critical control processes due to a shortage of staff. Sensitivities to isolated stress factors are also analysed and the OR scenarios with the highest contribution to risk are examined. The results of the stress tests are determined quarterly and reported to the Stress Testing Committee, the Board of Management, the Risk and Credit Committee and the Administrative Board. Current risk situation The VaR for operational risk (confidence level of 99.9%, holding period of one year) increased moderately from €458m at year-end 2023 to €478m. This development was mainly due to the updated assessment of various loss scenarios for tax law risks in the ex-ante perspective. On the other hand, although the total losses from operational risks were comparatively high in the ex-post perspective in the reporting period, the number of newly occurring material loss events was lower than in the previous year, meaning that there were hardly any risk-increasing effects. In the breakdown of VaR by business division (including the Treasury corporate centre), which is used for internal management purposes, these developments in loss events led to a shift towards the Asset Management Real Estate and Asset Management Services business divisions. Following the increase in allocated risk capital for operational risks to €585m at the end of 2024 (year- end 2023: €550m), its utilisation stood at 81.6% and therefore remained non-critical. Value-at-Risk €m (Fig. 42) Asset Management Securities business division Asset Management Real Estate business division Asset Management Services business division Capital Markets business division Financing business division Treasury Corporate Centre Total 2022 119 60 78 52 14 9 331 2023 169 84 109 65 19 12 458 2024 166 94 119 66 19 13 478 At €90m, the OR loss potential identified in the Group-wide risk inventory was also higher than the figure for year-end 2023 (€83m). Along with the updated scenario analysis for tax law risks, this was due in particular to the inclusion of the specific legal risk from an ongoing legal dispute connected to the incorrect handling of a capital measure by a service provider. In contrast to VaR, which is an upper limit for losses with a specific probability that the limit will not be exceeded, loss potential is an expected value that results from the estimated frequency of occurrence and scale of losses of all OR scenarios in the Deka Group. 105

106

Group management report | Risk report Deka Group Annual Report 2024 Loss potential €m (Fig. 43) Asset Management Securities business division Asset Management Real Estate business division Asset Management Services business division Capital Markets business division Financing business division Treasury Corporate Centre Savings Banks Sales & Marketing Corporate Centres Total 2022 2023 2024 10 9 6 14 3 1 3 33 79 10 8 6 16 3 1 3 35 83 11 9 10 20 3 1 3 34 90 In the loss documentation, a total of seven major loss events, each with a loss amount of at least €100 thousand, were newly recorded in 2024. In terms of both the total losses and the number of cases, process risk accounted for the largest share but was spread across different organisational units of the Deka Group. This took the form of reimbursements to investment funds in the Asset Management business divisions, for example, or subsequent commission payments to sales partners. At the same time, significant changes were recorded for a total of ten loss events already identified in previous years. One key factor with regard to total losses was the tax law risk that materialised, resulting in the inclusion of interest effects from the tax back- payments made in connection with share trades transacted around the dividend record date. On 15 July 2021, a revised Federal Ministry of Finance (BMF) circular dated 9 July 2021 was published on the tax treatment of share trades transacted around the dividend record date. Compared to the original BMF circular dated 17 July 2017, this BMF circular sets out more specific details regarding the requirements for relief from capital yields tax (Kapitalertragsteuer), as well as with regard to the legal consequences in the event of a refusal by tax authorities to allow relief for share trades transacted around the dividend record date. Based on the revised BMF circular of 9 July 2021 on the tax treatment of share trades transacted around the dividend record date, tax risks exist in connection with relief from capital yields tax on share transactions made around the dividend record date in the years 2013 to 2015. In December 2023, the tax authority issued tax assessment notices for the period from 2013 to 2017 that refused to allow any relief from capital yields tax relating to share trades around the dividend record date for these years. Corresponding tax assessment notices for 2018 were issued in November 2024. In the context of these assessment notices, the tax authority pointed out that the content of the share trades could not be reviewed, and that changes to the tax relief amounts could be made in the future (subject to a review). An appeal has been lodged in each case. DekaBank paid all of the stipulated amounts, including interest, in 2024. DekaBank’s risk assessment regarding an ultimate victory in fiscal court proceedings has not changed. This is consistent with the view of its tax adviser. All matters are reported in the management report and consolidated financial statements as at 31 December 2024 in accordance with DekaBank’s interpretation of the relevant tax regulations and accounting standards. In the past, transactions were concluded with business partners in connection with share trades transacted around the dividend record date, for which the tax office refused in full or in part to allow the relief from capital yields tax (Kapitalertragsteuer) claimed by these business partners. Corresponding agreements were reached with some of the business partners in 2022 to settle the matter. An agreement was reached with a further business partner at the end of 2023. Such agreements may in principle be reached with other affected business partners, which may result in further payments of approximately €27m. This amount could not be reported in the annual financial statements as at 31 December 2024, as the preconditions for recognition have still not been met. 106

107

Group management report | Risk report Deka Group Annual Report 2024 In addition, DekaBank began voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. In light of ongoing investigations in relation to share trades transacted around the dividend record date, the Bank, in principle, faces the risk of a fine under section 30 of the Administrative Offences Act (Ordnungswidrigkeitengesetz, OWiG) and confiscation of potential proceeds related to these trades. Based on the findings of these investigations available to it, DekaBank considers it unlikely that the tax authority will be able to make a claim in relation to these matters beyond what has been recognised in the financial statements as at 31 December 2024 or that a fine or confiscation of proceeds will apply. The official search of DekaBank’s premises in June 2022, the additional information obtained as part of the search and further voluntary investigations carried out on this basis do not change the assessment at the present time. The situation is being constantly reviewed. Business risk The business risk strategy set by the Board of Management sets out the Deka Group’s guidelines for dealing with business risk and the requirements for risk management and control. It provides the necessary framework for the creation and operation of a Group-wide standardised system for identifying, monitoring and managing business risks and incorporating them into the risk-bearing capacity analysis. Various mutually complementary tools are used for this purpose. In the Asset Management Securities, Asset Management Real Estate and Asset Management Services business divisions, value-at-risk is calculated based on the potential negative deviation in the business risk- relevant components of the economic result (i.e. a large part of net commission income and expenses) from the proportionate contribution to annual profit for the following year. The contribution to annual profit is based on the economic result expected for the next twelve months but with a focus on earnings components that are achievable on an economically sustainable basis. This means that business risk is driven to a large extent by the fund business. Commission depends in particular on the asset management volume (for the Asset Management Securities business division and Asset Management Real Estate business division) or assets under custody (for the depositary in the Asset Management Services business division), which are also the elementary risk factors. Both the risk factors and net commission income depend on the behaviour of customers or sales partners as well as on changes in market conditions, legal requirements or competitive conditions. Business risks in the Capital Markets and Financing banking divisions and in the Treasury corporate centre are currently not material and are therefore not included in the quantification of business risk. Overall, the validation exercises carried out confirmed that the business risk model is appropriate. In addition to regular risk measurement, risk type-specific stress tests are performed for business risk to examine its sensitivity in relation to changes in the behaviour of customers or sales partners, the economic and regulatory environment and competitive conditions. In addition to hypothetical equity stress, the hypothetical scenarios also analyse the effects of concentrations and adverse conditions on the real estate market. A combined scenario additionally takes account of concentrations and stress affecting margins and expenses. Alongside the hypothetical scenarios, the stress tests also continue to involve historical scenarios including market crashes akin to those seen after the terrorist attacks in 2001 or during the financial crisis in 2008, as well as during the coronavirus pandemic. The results of the stress tests are determined quarterly and the impacts examined. They serve primarily to identify areas for action. 107

108

Group management report | Risk report Deka Group Annual Report 2024 In the year under review, the VaR for business risk dropped marginally to €256m (year-end 2023: €263m). The reduction in this risk was due in particular to the increased asset management volume in the Asset Management Securities and Asset Management Services business divisions. This was offset, with a risk- increasing effect, by the change in methodology used to estimate expenses as a whole, as mentioned above, and the higher expected economic result in the Asset Management Securities business division. The allocated risk capital, which was reduced to €425m (year-end 2023: €475m) was 60.3% utilised, meaning that it remains at a non-critical level. Should further geopolitical events increase market volatility or a return to higher interest rates result in shifts to lower-margin products, an increase in business risk would not be ruled out. Reputational risk The Deka Group Board of Management has defined guidelines, in the form of specific measures and processes, for the management of reputational risk. For example, as part of the holistic approach to reputational risks, proactive reputational risk management processes, which are designed to facilitate the handling of reputational risk for relevant business processes, are complemented by portfolio-oriented reputational risk management. The latter aims to ensure transparency along with adequate capital and liquidity backing. Qualitative assessment of reputational risks as a basis for managing them takes place in both proactive and portfolio-oriented reputational risk management. It is performed by the risk-owning units in the first line of defence in accordance with standard, Group-wide criteria based on the risk appetite set, the potential losses and the probability of occurrence. If proactive reputational risk management identifies a critical level of risk, the first line of defence must obtain a second opinion on the activity from the second line of defence. In case of doubt, however, the first line of defence is also free to obtain a second opinion for less critical risks. Reputational risks may arise directly from the business activity or as a result of events connected to other risk types and manifest themselves through their effect on business and liquidity risk. Irrespective of its cause, reputational risk has an impact on the drivers of business risk and particularly on customer behaviour and sales performance. Appropriate scenarios are used to describe chains of reputational effects, which may affect the relevant risk drivers. To transparently illustrate reputational risks, which may arise from all business activities and have a potentially adverse impact on stakeholders, these risks are separately quantified in a scenario-based approach. Overall, the validation exercises carried out confirmed that the reputational risk model is appropriate. The VaR of reputational risk was €214m at the end of 2024, up on the level at the end of the previous year (year-end 2023: €203m). The moderate increase in risk was due in particular to the higher reference figures used for reputational risk, and therefore higher expected income. The parameterisation of the reputational risk scenarios by the assessors in the business divisions, sales units and corporate centres was updated as at 31 December 2024 in accordance with the annual cycle. The scenarios considered most relevant in this context are associated with the perception of stakeholders in relation to inadequate controls, deliberate management decisions and insufficiently attractive products. Other risks and risks not treated as standalone risk types Investment risk Equity investments include all direct and indirect holdings of the Deka Group in other companies, regardless of their legal form. Equity investments held as credit substitute transactions fall under counterparty risk. In principle, the Deka Group pursues strategic interests when taking an equity interest. There is no intention to achieve short-term profit. The basis for determining the investment risk position is the IFRS carrying value of the (unconsolidated) equity investment. The risk is measured on the basis of the volatility of a benchmark index from the equity market. 108

109

Group management report | Risk report Deka Group Annual Report 2024 Overall, the validation exercises carried out confirmed that the investment risk model is appropriate. The VaR of investment risk was €28m at the end of 2024. This represented a moderate increase from the level at the end of the previous year (year-end 2023: €26m). The moderate relative risk increase was due primarily to increases in the IFRS carrying values of individual equity investments as part of the regular remeasurement of equity investments. Risk capital allocated to investment risk increased to €45m (year- end 2023: €40m). Utilisation of this amount at year-end was 62.1%. ESG risk ESG risks are identified and measured as part of the annual risk inventory by analysing their significance. The results of this analysis are used to improve the suitability of the existing management framework, which includes limits, monitoring approaches, procedural guidelines and mitigation measures. The results also serve to create transparency surrounding the potential impacts of climate and environmental risks on the business divisions, allowing them to review their strategic orientation. Overall, this review, and the management implications identified on this basis, follow the principle of materiality. The aim is to incorporate climate and environmental risks, particularly those that have significant impacts, into management and monitoring. In a comparison with the previous year, the assessment was confirmed that climate and environmental risks are significant drivers for each risk type over at least one horizon. In the long-term perspective (more than five years), climate and environmental risks are a significant driver for all of the main risk types. This is often due to second-round effects assumed in the climate scenarios (covering different risk types) examined in the reporting year (for example, macroeconomic upheaval resulting in reduced market values). However, they can also be linked to higher probability of default or reduced value of collateral. With respect to liquidity risk, climate and environmental risks are classified as particularly significant in the short term, especially with regard to transition and other climate and environmental risks. By way of example, the experience of the coronavirus pandemic has shown that pandemics can lead to turmoil on global money and capital markets, significantly impacting liquidity risk. Climate and environmental risks are being gradually integrated into risk management tools on this basis. Given the specific mechanisms of each risk type, we use risk type-specific approaches to risk management alongside the requirements and guidelines that apply to all risk types. In counterparty risk, for example, climate and environmental risks are limited by qualitative guard rails such as the blacklist and minimum standards for financing. ESG scorecards are used as part of the lending approval process to identify and measure borrower-specific ESG risks. In addition, with respect to climate and environmental risks as drivers of market price risk, measures include a sustainability filter for proprietary investments and exclusion criteria as part of the collateral policy. A review of management tools conducted in the reporting year also involved a systematic review of the relevant indicators related to climate and environmental risk context. This resulted in limits or upper thresholds being set by the Board of Management for all risk indicators (KRIs) this year and in corresponding management processes being put in place. The selected KRIs relate to aspects such as the results of the ESG scorecard, the scope of legal disputes and customer complaints related to ESG, as well as the impact of climate scenarios. The indicators are part of regular risk reporting. 109

Group management Report | Sustainability report Deka Group Annual Report 2024 Sustainability report General information ESRS 2 – General disclosures BP-1 – General basis for preparation of the sustainability reporting BP-2 – Disclosures in relation to specific circumstances GOV-1 – The role of the administrative, management and supervisory bodies GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies GOV-3 – Integration of sustainability-related performance in incentive schemes GOV-4 – Statement on due diligence GOV-5 – Risk management and internal controls over sustainability reporting SBM-1 – Strategy, business model and value chain SBM-2 – Interests and views of stakeholders SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability reporting Environmental information Reporting under Article 8 of the Taxonomy Regulation: Taxonomy alignment report 2024 Introduction Quantitative disclosures Qualitative disclosures ESRS E1 – Climate change ESRS E1 – Climate change (own operations) E1-1 – Transition plan for climate change mitigation E1-2 – Policies related to climate change mitigation and adaptation E1-3 – Actions and resources in relation to climate change policies E1-4 – Targets related to climate change mitigation and adaptation E1-5 – Energy consumption and mix E1-6 – Gross Scope 1, 2, 3 and total GHG emissions E1-7 – GHG removals and GHG mitigation projects financed through carbon credits ESRS E1 – Climate change (banking business (banking business divisions and Treasury corporate centre)) E1-1 – Transition plan for climate change mitigation E1-2 – Policies related to climate change mitigation and adaptation E1-3 – Actions and resources in relation to climate change policies E1-4 – Targets related to climate change mitigation and adaptation E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions ESRS E1 – Climate change (Asset Management Real Estate business division) E1-1 – Transition plan for climate change mitigation E1-2 – Policies related to climate change mitigation and adaptation E1-3 – Actions and resources in relation to climate change policies E1-4 – Targets related to climate change mitigation and adaptation E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions ESRS E1 – Climate change (Asset Management Securities business division) E1-1 – Transition plan for climate change mitigation E1-2 – Policies related to climate change mitigation and adaptation E1-3 – Actions and resources in relation to climate change policies E1-4 – Targets related to climate change mitigation and adaptation E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions 112 112 113 117 118 124 125 126 127 128 137 139 151 166 172 172 172 175 275 276 279 279 280 282 285 289 290 294 295 295 298 300 303 308 313 313 315 320 324 328 330 330 333 337 341 344 110

Group management Report | Sustainability report Deka Group Annual Report 2024 Social information ESRS S1 – Own workforce S1-1 – Policies related to own workforce S1-2 – Processes for engaging with own workers and workers’ representatives about impacts S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S1-6 – Characteristics of the undertaking’s employees S1-8 – Collective bargaining coverage and social dialogue S1-9 – Diversity metrics S1-10 – Adequate wages S1-12 – Persons with disabilities S1-13 – Training and skills development metrics S1-14 – Health and safety metrics S1-15 – Work-life balance metrics S1-16 – Remuneration metrics (pay gap and total remuneration) S1-17 – Incidents, complaints and severe human rights impacts ESRS S2 – Workers in the value chain S2-1 – Policies related to value chain workers S2-2 – Processes for engaging with value chain workers about impacts S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities ESRS S4 – Consumers and end-users S4-1 – Policies related to consumers and end-users S4-2 – Processes for engaging with consumers and end-users about impacts S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Governance information ESRS G1 – Business conduct G1-1 – Business conduct policies and corporate culture G1-2 – Management of relationships with suppliers G1-3 – Prevention and detection of corruption and bribery G1-4 – Incidents of corruption or bribery G1-6 – Payment practices 346 346 346 353 354 356 360 363 364 365 366 366 367 368 370 371 372 373 373 377 378 380 383 383 384 390 392 393 398 400 400 400 408 409 411 411 111

112

Group management Report | Sustainability report Deka Group Annual Report 2024 General information ESRS 2 – General disclosures The subject of sustainability, with its many aspects, has become a key concern for companies and other organisations over recent years. This is being driven by market developments, new scientific insights and regulatory requirements imposed by the European Union (EU) and the German government. The financial sector has been given a central role here, not least by the EU’s action plan on financing sustainable growth. To meaningfully address sustainability and related issues, companies must report on their processes, actions and plans transparently and on a comparable basis. The Deka Group is taking this opportunity to report in detail on the challenges of sustainability. This comprehensive report outlines the sustainability activities of DekaBank and its subsidiaries, including targets set, ESG standards already implemented, actions taken and targets achieved. The Deka Group pursues sustainability in its own business activities by offering investors products with sustainability characteristics, while also setting demanding requirements for financing partners and issuers. This report covers the corresponding ESG targets, which are a core component of the Deka Group’s strategic orientation. In this report, the Deka Group sets out the sustainability topics that are material to it and details the specific actions it has taken to meet its responsibilities to improve its environmental footprint, reinforce social responsibility in its business processes and embed good governance practices in its business conduct. On 24 July 2024, the German Federal Cabinet presented a government draft of legislation transposing the Corporate Sustainability Reporting Directive (CSRD) into national law. The CSRD was due to replace the previous EU directive, the Non-Financial Reporting Directive (NFRD), as the basis for reports for the period ending 31 December 2024. However, the collapse of Germany’s governing coalition meant that it was no longer possible in 2024 to make the legislative amendments required by the CSRD and the EU Accounting and Transparency Directive. As a result, the provisions of the German CSR Directive Implementing Act, which transposed the NFRD, continue to apply. This sustainability report (consolidated sustainability statement) is the first that the Deka Group has prepared in full compliance with the ESRS and presented as a separate section in the Group management report. The sustainability reporting also complies with the requirements relating to the consolidated non-financial statement set out in sections 315b and 315c of the German Commercial Code (Handelsgesetzbuch, HGB). The numbering used in the sustainability reporting corresponds to the disclosure requirements in the ESRS. 112

113

Group management Report | Sustainability report Deka Group Annual Report 2024 BP-1 – General basis for preparation of the sustainability reporting Scope of consolidation of the Deka Group 5 (a) For the 2024 financial year, the Deka Group has for the first time prepared its full sustainability report on a consolidated basis using the framework provided by the Corporate Sustainability Reporting Directive (CSRD) (see Directive 2022/2464, Article 29a). 5 (b) The scope of consolidation for the Deka Group’s sustainability report is the same as that for the consolidated financial statements. Accordingly, the Group’s regulatory sustainability reporting covers DekaBank as parent company and the subsidiaries (affiliated companies and structured entities) included in the consolidated financial statements; see “List of shareholdings” in the notes to the consolidated financial statements. DekaBank - DekaBank Deutsche Girozentrale, Frankfurt/Main Asset Management Real Estate - Deka Beteiligungs GmbH, Frankfurt/Main - Deka Far East Pte. Ltd., Singapore - Deka Immobilien Investment GmbH, Frankfurt/Main - Deka Real Estate International GmbH, Frankfurt/Main - Deka Real Estate Service USA Inc., New York – Deka Vermögensverwaltungs GmbH, Frankfurt/Main - WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf - WIV GmbH & Co. Beteiligungs KG, Frankfurt/Main Asset Management Securities - Deka International S.A., Luxembourg - Deka Investment GmbH, Frankfurt/Main - Deka Vermögensmanagement GmbH, Frankfurt/Main - Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg - IQAM Invest GmbH, Salzburg - IQAM Partner GmbH, Vienna Asset Management Services - bevestor GmbH, Frankfurt/Main - S Broker Management AG, Wiesbaden - S Broker AG & Co. KG, Wiesbaden - S Broker 1 Fonds, Frankfurt/Main In the Deka Group’s sustainability reporting, the name of a company including its corporate form is used if the information disclosed relates to that individual company. If a disclosure covers several companies, they are grouped together as follows: “WestInvest”: WestInvest Gesellschaft für Investmentfonds mbH and WIV GmbH & Co. Beteiligungs KG “S Broker”: S Broker Management AG and S Broker AG & Co. KG “IQAM Invest”: IQAM Invest GmbH and IQAM Partner GmbH 113

114

Group management Report | Sustainability report Deka Group Annual Report 2024 The Deka Group’s value chain 5 (c) The basis for determining the value chain of the Deka Group in accordance with the CSRD is the consolidated financial statements including the segment reporting as required by IFRS 8 (see “Segmentation by operating business division” in the notes to the consolidated financial statements). The description of the Deka Group’s value chain and its underlying principles is presented outside the sustainability reporting under “Business model as the Wertpapierhaus for the savings banks” and “Business divisions, sales units and corporate centres” in the “Information about the Deka Group” section of the Group management report. Alongside its own operations, the Deka Group divides its activities into the Asset Management Securities and Asset Management Real Estate business divisions and the three banking business divisions: Capital Markets, Financing and Asset Management Services. The Treasury corporate centre takes an integrated approach and operates Group-wide. The internal Savings Banks Sales unit interfaces directly with the savings banks and other sales partners, which are also part of the value chain. Deka Group value chain in the CSRD reporting context (Fig. 44) 114

115

Group management Report | Sustainability report Deka Group Annual Report 2024 For sustainability reporting purposes, the business activities of the Deka Group in the value chain are segmented as follows: Own operations – Own operations of the companies in the consolidated group Banking business – Capital Markets banking business division – Financing banking business division – Asset Management Services banking business division – Treasury corporate centre Asset Management Real Estate business division – Activities relating to real estate asset management Asset Management Securities business division – Activities relating to securities asset management AR 1 (a) The Deka Group’s sustainability reporting covers the upstream and downstream value chain for the assessment of material impacts, risks and opportunities (IROs) and its main features as follows: Own operations (own operations of companies in the consolidated group) The assessment of the materiality of impacts, risks and opportunities extends to the entirety of the value chain of the Deka Group’s own operations. Own operations comprise the business operations of the companies in the consolidated group. Activities in the direct and indirect upstream value chain are those which facilitate day-to-day operations (e.g. the purchasing of products, services and energy). Activities in the direct and indirect downstream value chain relate to the sale of products and services (e.g. sales via savings banks and other sales channels). The topics of energy, purchasing, mobility, waste, water and own employees in the upstream and internal value chain are categorised under own operations and are considered from an internal perspective. Responsibility for these topics lies with DekaBank’s environmental management function in the Sustainability Management unit. The savings banks and other sales partners (such as S Broker and bevestor GmbH) are included in the direct downstream value chain, reflecting the strategic alignment of the Deka Group (see the “Information about the Deka Group” section of the Group management report under “Business model as the Wertpapierhaus for the savings banks” and “Position and mission in the Sparkassen-Finanzgruppe”). For the Deka Group as the securities service provider (Wertpapierhaus) to the savings banks, the most important feature of the downstream value chain is the collaboration with the savings banks and sales partners. The Deka Group supports the savings banks, their customers and institutional investors throughout the entire securities-related investment and advisory process. This relationship is represented as follows in the value chain: Savings Banks Sales interfaces with the savings banks as sales partners. The savings banks and their employees are classified as part of the indirect downstream value chain. This means that Savings Banks Sales is the link between the Deka Group and the savings banks, and thus also an indirect link to the savings banks’ customers. Because of this indirect link between the Deka Group and the customers of the savings banks, those customers are included in the indirect downstream value chain (see “Business divisions, sales units and corporate centres” in the “Information about the Deka Group” section of the Group management report). 115

116

Group management Report | Sustainability report Deka Group Annual Report 2024 Banking business (banking business divisions and Treasury corporate centre) The assessment of the materiality of impacts, risks and opportunities in the banking business extends to the downstream value chain only. Downstream activities comprise products and corresponding carrying values reported in the balance sheet assets of the Deka Group in the banking book and trading book. When assessing the balance sheet assets in the Deka Group’s banking book and trading book, the banking business divisions (Capital Markets, Financing and Asset Management Services) and the Treasury corporate centre are considered together. In the following, they are referred to collectively as “banking business”. For the material standard ESRS E1, the assets held for trading by the Capital Markets business division are to be disregarded because they are not covered by the Partnership for Carbon Accounting Financials (PCAF) standard “Part A – Financed Emissions”. As a result of the Deka Group’s internal operating structure, the banking book is divided into two categories: financing and proprietary investments. Responsibility for collection of data lies with the relevant front office units as regards financing, and with the Treasury corporate centre as regards proprietary investments. The relevant front office units and the Treasury corporate centre are supported in this by the Credit Risk Management back office unit. For the purposes of material standard ESRS E1, the banking business (banking business divisions and Treasury corporate centre) in the downstream value chain is thus subdivided into: – Financing (lending exposures in the banking book, comprising the real estate financing and specialised financing business, including refinancing of the savings banks) – Proprietary investments (financial assets in the banking book usually held until maturity) The value chain upstream from the banking business includes refinancing, i.e. the inflow of capital. The majority of inflows comprise refinancing from the European Central Bank (ECB), interbank loans, customer deposits and other funds (such as interest and fee income). As impacts on people and the environment result from where the funds are used rather than from where funds are sourced, this part of the value chain is not considered in the CSRD materiality assessment. Opportunities and risks relating to particular funding sources in the context of the Deka Group’s compliance function (concerning e.g. bribery and corruption) are evaluated as part of the CSRD materiality assessment carried out under ESRS G1. Asset Management Real Estate business division The assessment of the materiality of impacts, risks and opportunities in the Asset Management Real Estate business division extends to the volumes of the investment management companies’ investment funds. The activities of the Asset Management Real Estate business division are focused on fund products and advisory services relating to real estate, infrastructure and real estate financing for the customer and proprietary business of the savings banks and other institutional investors. The business division’s offering also includes the purchase, sale and management of real estate and all other real estate services. Asset Management Securities business division The assessment of the materiality of impacts, risks and opportunities in the Asset Management Securities business division extends to the volumes of the investment management companies’ investment funds. The activities of the Asset Management Services business division have a particular focus on fund-based products and advisory services. 116

117

Group management Report | Sustainability report Deka Group Annual Report 2024 Disclosure on metrics within the value chain AR 1 (b) Where policies, actions and targets are listed under the topical standards, they relate to the part of the value chain described in the relevant minimum disclosure requirements. AR 1 (c) Upstream and/or downstream value chain data is included when disclosing on metrics. If a primary data source is not available, estimates are used. 5 (d) The Deka Group has not used the option to omit a specific piece of information corresponding to intellectual property, know-how or the results of innovation. 5 (e) The Deka Group has not used the exemption from disclosure of impending developments or matters in the course of negotiation, as provided for in Articles 19a (3) and 29a (3) of Directive 2013/34/EU (Accounting and Transparency Directive). BP-2 – Disclosures in relation to specific circumstances Time horizons 9 (a) For the purpose of identifying climate and environmental risks, the bank has defined the following three time horizons which are used inter alia in the assessment of material risks. Short-term time horizon: up to one year Medium-term time horizon: between one and five years Long-term time horizon: more than five years up to 2050 These time horizons are consistent with the European Sustainability Reporting Standards (ESRS 1 – General requirements) and are applied uniformly across the Group, for example in the business environment analysis and the significance analysis of climate and environmental risks. Value chain estimation 10 (a), 10 (b), 10 (c), 10 (d) Metrics relating to the upstream and downstream value chain which were determined using sector-average data or proxies are identified as such in the sustainability reporting. The basis for preparation of the proxies, the resulting level of accuracy and where applicable the planned actions to improve data quality in future are all stated. This information is provided together with the disclosure of the relevant metrics. 11 (a), 11 (b) No metrics or monetary amounts have been identified that are subject to a high degree of measurement uncertainty as referred to in ESRS 1.87 to 1.92, beyond the disclosures under paragraph 10. 15. This ESRS sustainability reporting complies with the requirements applicable to consolidated sustainability statements prepared in accordance with section 315b and c HGB in conjunction with section 289b et seq. HGB. To fulfil our reporting obligations under the HGB, we declare the following: For the first time, the ESRS have been relied on in full as a framework in accordance with section 315c (3) in conjunction with section 289 HGB. This is because of their importance as the sustainability reporting standards adopted by the European Commission. There are no material risks arising from our own business activities or from business relationships, products and services that are highly likely to cause serious adverse impacts on the non-financial aspects set out in section 289c HGB. As part of the environmental information disclosed in this sustainability report, the disclosures for the Deka Group required by Article 8 of Regulation 2020/852 (EU Taxonomy Regulation) appear in the section entitled “Reporting under Article 8 of the Taxonomy Regulation: Taxonomy alignment report 2024”. 117

118

Group management Report | Sustainability report Deka Group Annual Report 2024 Incorporation by reference 16. Some information relating to required datapoints is incorporated into this sustainability report by reference. These references are identified by the words “presented outside the sustainability reporting” in the referring text. All other references in the sustainability reporting are provided purely for information. They are not compliant with the requirements of ESRS 2.16 and have not been reviewed by the auditor. Information is incorporated by reference in accordance with ESRS 2.16 for the following ESRS disclosure requirements: ESRS 2 BP-1 5 (c): The description of the Deka Group’s value chain is located in “Business model as the Wertpapierhaus for the savings banks” and “Business divisions, sales units and corporate centres” in the “Information about the Deka Group” section of the Group management report ESRS 2 SBM-1 40 (a) i., 40 (a) ii., AR 14 (a), AR 14 (b), AR 14 (c): The description of significant products and services offered and significant markets and customer groups served by the Deka Group is incorporated by reference to the section entitled “Deka Group profile and strategy” in the “Information about the Deka Group” section of the Group management report Use of phase-in provisions in accordance with Appendix C of ESRS 1 17. In accordance with ESRS 1.136 and ESRS 1.137, some disclosure requirements are phased in over the initial years of an undertaking’s reporting. Appendix C of ESRS 1 contains a list of those ESRS disclosure requirements and datapoints which may be omitted or which are not applicable in the first year(s) of preparation of sustainability reporting. Accordingly, the Deka Group is not reporting on the following disclosure requirements for the first year of preparation of this sustainability report: ESRS 2 SBM-3 48 (e) Anticipated financial effects ESRS E1-9 chapter Anticipated financial effects from material physical and transition risks and potential climate-related opportunities ESRS S1-7 chapter Characteristics of non-employees in the undertaking’s own workforce ESRS S1-11 chapter Social protection The ESRS standards E2, E3, E4, E5 and S3 were assessed as not material (see ESRS 2 IRO-2 56). Phase-in provisions relating to these standards are therefore inapplicable. GOV-1 – The role of the administrative, management and supervisory bodies General information about the role of the administrative, management and supervisory bodies 19. The Deka Group is managed collectively by the Board of Management of DekaBank. It steers and leads the entire Deka Group in an integrated manner, taking into account strategic direction and risks. The Board is divided into divisions, each under the responsibility of a designated member. The activities of the Board of Management are governed by rules of procedure. The CEO of DekaBank has overall strategic responsibility for ESG. Composition and structure of the management bodies 21 (a), 21 (b) The Board of Management currently has six members with responsibilities as follows (see “Corporate management and supervision” in the “Information about the Deka Group” section of the Group management report): CEO: Dr Georg Stocker Deputy CEO & Asset Management: Dr Matthias Danne Risk (CRO): Birgit Dietl-Benzin Finance (CFO) & Operations (COO): Daniel Kapffer Sales: Torsten Knapmeyer Banking business: Martin K. Müller 118

119

Group management Report | Sustainability report Deka Group Annual Report 2024 The Administrative Board performs a supervisory role. It evaluates and oversees the Board of Management and the bank’s business. It also discusses strategies and risks and passes resolutions relating to the annual financial statements, planning matters and the Board of Management, among other topics. The Administrative Board has established the following committees from among its members to advise and support it in its activities: a General and Nominating Committee, an Audit Committee, a Risk and Credit Committee and a Remuneration Supervision Committee. The activities of the Administrative Board and its committees are governed by rules of procedure. (see “Information about the Deka Group” and “Risk report” in the Group management report) The Administrative Board of DekaBank has 28 members: The President of the German Savings Banks Association (Deutscher Sparkassen- und Giroverband, DSGV ö.K.) (Chairman) The Federal Chairman of the Savings Banks Nineteen members elected by the Shareholders’ Meeting upon the proposal of the voting shareholders Two further members elected by the Shareholders’ Meeting Two employees appointed by the Staff Committee of DekaBank Three (advisory) members appointed by the Federal Organisation of Central Municipal Organisations (Bundesvereinigung der kommunalen Spitzenverbände) DekaBank has various policies governing the composition of the Board of Management and Administrative Board and procedures for selection and appointment of their members, including a fit and proper policy for the Administrative Board, a policy on succession planning for members of the Administrative Board and Board of Management, a policy on promoting diversity on the Administrative Board and Board of Management, and a conflicts of interest and independence policy for the Administrative Board. The Administrative Board reviews its own composition and that of the Board of Management at least once a year. This is usually done via a survey which conforms to the relevant recommendations in the European Banking Authority (EBA) guidelines on the suitability of management body members and key function holders. The focus is on assessing collective knowledge, skills and experience as well as the cooperation within and between the two boards. Based on the results of this survey, the Administrative Board makes recommendations regarding the future composition of both boards, actions relating to any areas for development identified, and new appointments. 21 (c) Care is taken in the selection process to ensure that each Administrative Board member brings specific expertise relevant to the sectors, products and geographic locations of the Deka Group. This includes knowledge of the Deka Group’s business model and associated risks, asset management, capital markets business, lending business, accounting, risk management, compliance, auditing, IT/IT security, the regulatory environment, sales, digitalisation in the banking sector, ESG and management. The aim is to ensure that the composition of the Administrative Board is balanced and the range of expertise represented as broad as possible. This diversity of knowledge and expertise is intended to ensure that the Administrative Board is able to provide constructive support and criticism to the Board of Management. The annual evaluation of the Administrative Board and Board of Management includes a review of the extent to which this has been achieved. 21 (d) The policy on promoting diversity in the Administrative Board and Board of Management of DekaBank specifies that at least 25% of the members of the Administrative Board should be women. The deadline for achieving this quota was set for the end of 2028. At 31 May 2024, women made up 17.9% of Administrative Board members. This is below the 25% target for the end of 2028. The target for the Board of Management is that it must comprise at least one female and one male member. This target was met as at the reporting date. One of the six Board of Management positions is held by a woman, equating to 16.7% of the Board. 119

120

Group management Report | Sustainability report Deka Group Annual Report 2024 21 (e) Based on the criteria set out in the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders (EBA/GL/2021/06), all members of the Administrative Board, not taking into account employee representatives, are regarded as independent. This corresponds to 92.9% of Administrative Board members. Sustainability-related responsibilities of the management bodies 22 (a) Responsibilities for oversight of sustainability-related impacts, risks and opportunities are distributed among the Board of Management of the Deka Group as follows: The sustainability strategy is part of the business strategy, which is decided by the full Board of Management. The Chairman has overall responsibility within the Board of Management. The Strategy unit, in which the strategic ESG management function is housed, is part of the Strategy & HR corporate centre, which is within the remit of the CEO. Within the Board of Management, risk oversight is primarily the responsibility of the CRO. The Management Committee for Risk with its subcommittees is a cross-cutting body which attends to matters including management and monitoring of ESG risks. Operational responsibility for management and monitoring of sustainability-related matters falls within the Board of Management remits, see ESRS 2 GOV-2 22 (b). At Administrative Board level, oversight of ESG-related topics is primarily a matter for the Risk and Credit Committee (risk strategies, risk management, risk culture) and the Audit Committee (internal governance, compliance, corporate culture and values). 22 (b) The responsibilities of the individual bodies described above are documented in the rules of procedure of both the Administrative Board and the Board of Management and in the schedule of responsibilities for the members of the Board of Management. Responsibility for managing the Deka Group’s impacts on the economy, environment and people is discharged within the framework of defined, decentralised line responsibilities and role allocations. Responsibility for climate and environmental risks, ESG risks in the broader sense and their development is allocated in line with the remits of individual Board members. Alongside this, decentralised operational responsibilities support the approach of systematically embedding ESG issues in the corporate culture. The vision for ESG governance was established at the organisational and operational level for the entire Deka Group and documented in an ESG Governance Framework. The focus is on clearly assigning ESG-related responsibilities within the organisation and on establishing cross-cutting coordination and control processes. This includes involving the full Board of Management, as the company’s top management body, in material ESG issues. ESG issues material for the Board of Management are by definition strategic issues of economic significance. When implementing ESG governance policies, all units within the Deka Group are guided by unified rules structured across defined dimensions. These include development of the ESG strategy and ESG- related processes and ensuring the availability of the necessary ESG data. 120

121

Group management Report | Sustainability report Deka Group Annual Report 2024 ESG – responsibilities and management (Fig. 45) * Further bodies/committees for ESG/climate and environmental risks, responsibilities within the business divisions and corporate centres (Risk Management Committee, Sustainable Risk Committee, Green Bond Committee) Since 2022, the ESG Circle has become established as a cross-divisional format for information and participation in relation to ESG topics in the Deka Group. It ensures that ESG issues are addressed across divisions and in coordination with the “ESG strategy and transformation” agenda item at regular Board of Management meetings. Alongside managers and project managers, the ESG Circle includes multipliers from the corporate centres, who share information on current ESG-related topics with their corporate centres and proactively raise issues encountered in their corporate centres with the ESG Circle. Strategic and cross-cutting issues requiring coordination across the Group as a whole are steered centrally by the Strategic ESG Management function within the Strategy unit in the Strategy & HR corporate centre. Implementation of strategic objectives is carried out locally in the individual corporate centres and organisational units. The Sustainability Management unit is responsible for operational ESG management. Its activities include coordinating and carrying out various sustainability reporting activities, preparing opinions on reputational risks, supporting ESG rating agencies and maintaining relationships with other external stakeholders such as NGOs and climate change and environmental organisations. The Chief Human Rights Officer (see ESRS S2-1 17 (b)) is situated in the Sustainability Management unit. ESG-related issues raised from outside the organisation are recorded in a structured format by the complaints management function in the Sustainability Management unit and forwarded for response depending on their nature. Internal controversies relating to ESG can be escalated to top management as necessary via the responsible line units, established project reporting processes or management committees, or can be included for discussion at a meeting of the Board of Management under the agenda item “ESG strategy and transformation”. 121

122

Group management Report | Sustainability report Deka Group Annual Report 2024 Alongside these channels, there is also a whistleblowing procedure, which was introduced when implementing in Supply Chains (Lieferkettensorgfaltspflichtengesetz, LkSG). This procedure enables whistleblowers to anonymously report human rights concerns relating to Deka’s own operations or to its supply chain or procurement management. the German Act on Corporate Due Diligence Obligations Roles of management in relation to sustainability 22 (c) DekaBank’s administrative and management bodies play a central role in the procedures, controls and operations relating to monitoring and management of the impacts, risks and opportunities identified in this sustainability report. 22 (c) i. Once a month, the agenda for the Board of Management meeting includes the item “ESG strategy and transformation”, which covers ESG-related matters in the Deka Group such as status reports on fulfilment of supervisory requirements, progress towards targets, and voluntary commitments and the publication of ESG-related reports. Matters of this kind are also discussed at Board of Management meetings outside this regular agenda item as required. 22 (c) ii. ESG-related matters are also included in regular management reports and decision briefs. The reports (such as the risk report) monitor relevant metrics, with information presented as a comparison between current and target status, and check compliance with targets and limits. Decision briefs include discussions of ESG-related matters such as ESG scores. As a result, the DekaBank Board of Management has ESG-related information available to it when making financing decisions. The Board of Management is also involved at an early stage in decisions relating to the implementation and direction of project activities. The Administrative Board and its committees receive regular quarterly reports which include ESG-related issues. One notable example is the risk report, which is considered in detail by the Risk and Credit Committee. If necessary, the Risk and Credit Committee also considers ESG issues such as climate and environmental risks separately. 22 (c) iii. The DekaBank Board of Management reviews the business and risk strategy at least once a year and at other times as necessary to ensure that it is consistent, complete, sustainable and up to date. A systematic strategy and planning process exists for this purpose, in which the Board of Management is supported by the relevant organisational units. The Board of Management has established responsibilities for targeted management of risks, including climate and environmental risks, for both the Board of Management as a whole and the individual remits within the Board of Management along with the business divisions and corporate centres. This includes control functions in accordance with the Three Lines of Defence Model (see “Three Lines of Defence Model” in the “Risk profile of the Deka Group and its business divisions” section of the Group management report. Involvement of management bodies in the setting of ESG-related targets 22 (d) Targets are set in the various areas of functional responsibility within the Board of Management in line with the Deka Group’s schedule of responsibilities. The Board of Management receives regular information about the targets and progress towards them via the aforementioned management reports such as the risk report. The ESG dashboard is another internal reporting tool which gives the Board of Management an overview of the various sustainability-related topics, associated metrics, and status in relation to the targets. 122

123

Group management Report | Sustainability report Deka Group Annual Report 2024 The metrics in the ESG dashboard are organised as follows: Environment: metrics directly relating to climate and the environment are grouped under “Environment”. They include the greenhouse gas (GHG) emissions of the Deka Group’s banking business and own operations, for example. Social: the “Social” dimension distinguishes between the internal and external perspective. Metrics relating to internal stakeholders include items such as employee satisfaction and the proportion of women in management positions. External stakeholder metrics examine items such as the number of ESG- related customer complaints. Governance: the “Governance” dimension comprises ESG-related governance metrics. Market: the “Market” dimension contains metrics relating to sustainable business volumes, market changes and, for example, Deka’s offering of products with sustainability characteristics. The contents of the dashboard are regularly modified by the organisational units responsible for the individual metrics in line with regulatory requirements and the strategic development of ambitions and targets. Access to expertise on sustainability matters 23 (a) When carrying out the evaluation described (see ESRS 2 GOV-1 21 (b) and (c)), the Administrative Board reviews the composition of the Administrative Board and the Board of Management to determine how well individual areas of knowledge are covered by the expertise and experience of the boards’ existing members. This includes ESG topics. The Administrative Board organises training events to develop this expertise. These events cover requirements such as statutory rules and regulatory expectations and explain how the Deka Group complies with or implements these requirements. 23 (b) In evaluating the Board of Management’s composition, the Administrative Board focuses on topics and areas which are central to the business and sustainable success of the Deka Group. Material sustainability issues are thus among the topics covered. The role of the administrative, management and supervisory bodies related to business conduct (ESRS G1) G1 GOV-1 5 (a) The Board of Management is required to perform its duties in such a way as to safeguard the integrity of the market and further the interests of customers. It is directly involved in issues relating to governance and business conduct such as compliance with the Code of Ethics. in performing this fundamentally important control function for market integrity and good governance, it is overseen by the Administrative Board as a supervisory body. G1 GOV-1 5 (b) The professional qualifications and trustworthiness of potential appointees to the Board of Management are assessed by reviewing the application documents submitted. Under section 25c of the German Banking Act (Gesetz über das Kreditwesen, KWG), management board members of an institution must have the necessary professional qualifications, be trustworthy, and be able to dedicate sufficient time to performing their functions. Members must meet these requirements not only at the time of their appointment, but also for the duration of their service as a board member. Members of the managing bodies (Board of Management of DekaBank and the boards of management of the subsidiaries) must undergo compliance training at least every two years for as long as they remain in post. In addition, members of the management bodies receive a compliance report, usually once a quarter, which covers the topics of anti-financial crime, capital market compliance and corporate compliance. Ad hoc reports can be issued in urgent cases. At least once a year, the Administrative Board of DekaBank receives a compliance report detailing the activities of the Compliance function. 123

124

Group management Report | Sustainability report Deka Group Annual Report 2024 GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 26 (a) The Board of Management is informed about ESG-related matters in quarterly – and in some cases annual – management reports and briefing documents. These reports (such as the risk report and the ESG dashboard) monitor relevant metrics and check compliance with targets or limits by comparing current and target status. The quarterly risk report discusses operational incidents and assesses potential reputational risks. Other quarterly reports produced by the control units (e.g. Internal Audit, Compliance, Data Protection) provide information about the outcome of audit activities carried out, findings and corrective actions. The Board of Management is notified annually of the outcome of the Deka Group’s CSRD materiality assessment in relation to the E, S and G sustainability dimensions. Following receipt of the rating report prepared by the ESG rating agencies, usually on an annual basis, the Sustainability Management unit carries out a rating and benchmark analysis to evaluate the outcome of the rating process and identify actions needed to consolidate or improve the rating achieved. The rating and benchmark analysis is usually presented to a meeting of the Board of Management under the regular ESG agenda item. 26 (b) The involvement of the Board of Management also includes considering impacts, risks and opportunities connected with the business and risk strategy and associated decisions on major transactions. Decision briefs contain ESG-related information (particularly ESG scores, physical climate risks) to be considered in decision making. Alignment with the credit risk strategy, including with regard to ESG topics, is documented and presented to the full Board of Management for decision. Counterparty exposure limits for capital markets business and Treasury are submitted to the Board of Management once a year for extension. Any deviations from the credit risk strategy are made transparent. The results of the screening of counterparties with regard to ESG and physical climate risks are also reported on. Any elevated risks associated with individual counterparties are explained. The Administrative Board and the relevant Administrative Board committees receive the submitted reports and discuss them at their meetings. This applies particularly to the Risk and Credit Committee, which focuses on the risk report. If the committee acts as a loan approval body, it makes its decisions using the materials submitted to the Board of Management. 26 (c) The Board of Management and the Administrative Board of DekaBank are kept informed of sustainability-related matters through the processes and reporting formats described. In 2024, the Board of Management noted and discussed the outcome of the CSRD materiality assessment. As part of its regular discussions on ESG topics, the Board of Management also considered material impacts, risks and opportunities in the following areas: Impacts of climate and environmental risks in the context of climate scenarios Progress towards compliance with the requirements arising from the ECB Guide on climate-related and environmental risks Requirements arising from the EBA Guidelines on the management of ESG risks Strategic model for calculation and provision of ESG metrics ESG scorecards: evaluation of environmental, labour and human rights criteria and business conduct issues in the lending, limit-setting and monitoring process Results of the annual UN Principles for Responsible Investment (PRI) assessment Approval for publication of the annual principal adverse impacts (PAI) statement Publication of the sustainability report for 2023 124

125

Group management Report | Sustainability report Deka Group Annual Report 2024 As well as discussing the impacts of climate and environmental risks and sustainability-related publications, in 2024 the Administrative Board also considered the policy on promoting diversity in the Administrative Board and the Board of Management of DekaBank, the HR report, and the remuneration and remuneration supervision report. GOV-3 – Integration of sustainability-related performance in incentive schemes General information about incentive schemes with regard to sustainability matters 29 (a) Linking variable remuneration of the members of the Deka Group’s management bodies with sustainability topics creates additional incentives to drive sustainability within the business. The Deka Group’s remuneration systems are designed to support achievement of its strategic business objectives and to provide incentives for responsible, risk-conscious, sustainable and customer-oriented business conduct among employees. This creates a results-oriented corporate culture. The remuneration system for members of DekaBank’s Board of Management is modelled on the remuneration system for risk takers in accordance with the German Remuneration Ordinance for Institutions (Institutsvergütungsverordnung, InstitutsVergV) and is consistent with the Deka Group’s remuneration principles. Key factors in the Deka Group’s remuneration philosophy are sustainability, gender neutrality and a risk- oriented approach. These factors have become increasingly important in recent years as the level of regulation has increased and the supervisory environment has become more complex. Variable remuneration is a cornerstone of the remuneration systems. Key elements of individual variable remuneration are the individual bonus for achievement of targets (the “orientation bonus”) and the success of the company, business division or corporate centre and individual. A new variable remuneration system for employees and managers focusing on the jointly achieved success of the Deka Group was introduced during the reporting year. 29 (b) In the Management Agenda, an ongoing strategic action programme, the Board of Management of DekaBank has identified four areas of action, one of which is sustainability. To ensure successful implementation of the Management Agenda, the performance of the Board of Management members over the reporting year is evaluated against a number of ESG criteria. These include further integrating ESG matters into the business model of the Deka Group, addressing targets relating to climate and environmental risks set out in the business and risk strategy, ensuring ESG governance within the Deka Group and promoting diversity Group-wide. The sustainability principles embedded in the Deka Group Code of Ethics also apply. The Code includes non-negotiable values such as integrity and respect, which touch on social sustainability risks. 29 (c) The various ESG matters are included in the objectives agreed with the members of the Board of Management as qualitative requirements and are therefore collectively reflected in remuneration. They are drawn from the Deka Group’s ESG principles. The Deka Group’s targets are also applied accordingly to the management boards of the subsidiaries. Targets have a central role in determining the amount of individual variable remuneration. They are agreed at the beginning of the financial year and align with the Deka Group’s business and risk strategy. Care is taken to ensure that individual targets make an effective and sustainable contribution to achievement of corporate objectives and do not incentivise excessive risk-taking. The remuneration strategy makes it possible for Board of Management members and selected managers at the subsidiaries to receive variable remuneration based on compliance with the sustainability metrics mentioned under paragraph 29 (b), which are defined in the target agreements. The way in which sustainability matters are included in remuneration was revised during the reporting year in light of changing market perspectives and regulatory requirements. The objective is to develop reliable ESG metrics which will enable additional employee categories to participate alongside the boards of management of DekaBank and the subsidiaries in a consistent, cascading system of ESG-related targets. 125

126

Group management Report | Sustainability report Deka Group Annual Report 2024 As an integral part of the Deka Group’s corporate culture, the Code of Ethics provides a binding framework for ethically and morally correct conduct and sustainable and environmentally aware behaviour for employees and managers in the Deka Group (see ESRS G1-1, MDR-P table entitled “Policies adopted to manage material sustainability matters”). It includes non-negotiable values such as integrity, compliance and respect, which touch on ESG risks in the social dimension and are explicitly reflected in remuneration. The Code of Ethics is the basis for the annual conduct appraisal. Any breaches identified may result in bonuses being reduced or cancelled altogether. 29 (d) For members of the Board of Management, the proportion of variable remuneration dependent on sustainability-related targets and/or impacts varies within a range. Between 7.5% and 15% of the variable remuneration of individual members is dependent on ESG-related elements. 29 (e) The remuneration systems for employees of the Deka Group are set by the DekaBank Board of Management. The Strategy & HR corporate centre, the control functions within their various responsibilities, the Remuneration Officer and the Remuneration Committee (Management Committee on Remuneration) are all involved in this process. DekaBank’s Administrative Board is responsible for agreeing the specifics of the remuneration system for the Board of Management in line with the regulatory requirements. The Board of Management is supported in its decision making by the Remuneration Supervision Committee and the General and Nominating Committee. Integration of climate-related performance in incentive schemes (ESRS E1) E1 GOV-3 13) The Deka Group is currently looking into including specific remuneration mechanisms relating to climate-related considerations or linking GHG emission reduction targets with performance evaluation of management bodies. This will be developed over the coming years and application is likely to be tailored to the specific Board of Management remits. GOV-4 – Statement on due diligence 32. The CSRD materiality assessment is used to identify, assess and prioritise the information in the sustainability reporting, based on the legal requirements. Internal stakeholders and experts representing the interests of the company’s stakeholder groups are involved in this process. Existing business relationships and communications channels are analysed to identify and delineate affected internal and external stakeholders. To address the specific features of financial institutions and to identify overlaps and material sustainability matters, the individual sectors to which the Deka Group offers its banking products or which are represented in the Deka Group’s investment products are taken into account. Experts from the organisational units are also involved in relation to matters concerning own operations. The Deka Group addresses the main aspects of due diligence when designing its sustainability reporting. Overview of core elements of due diligence (Fig. 46) a) Embedding due diligence in governance, strategy and business model b) Engaging with affected stakeholders in all key steps of the due diligence c) Identifying and assessing adverse impacts d) Taking actions to address those adverse impacts e) Tracking the effectiveness of these efforts and communicating ESRS 2 GOV-2 para. 26, ESRS 2 SBM-3 para. 27 and para. 48 ESRS 2 SBM-2 para. AR 16, ESRS 2 IRO-1 para. 53, all MDR-P tables in topical chapters E1, S1, S2, S4 and G1 ESRS 2 SBM-3 para. 48, ESRS 2 IRO-1 para. 53 MDR-A tables in topical chapters E1, S1, S2, S4 and description of actions in G1-1 para. 10 (a), G1-3 para. 18, 21 (a) and (b), G1- 4 para. 33 MDR-M tables in topical chapters E1, S1 and G1 MDR-T tables in chapters E1, S1, S2 and S4 126

127

Group management Report | Sustainability report Deka Group Annual Report 2024 GOV-5 – Risk management and internal controls over sustainability reporting 36 (a) The sustainability reporting for the Deka Group appearing in the Group management report for 2024 is the first to be prepared in accordance with the framework provided by the ESRS. The Finance corporate centre is responsible for coordination. The internal control and risk management system was implemented and expanded as needed for sustainability reporting purposes. The sustainability report is prepared from contributions submitted to the Finance corporate centre by the organisational units as set out in lists specifying what the contributions should contain and who is responsible for them. The disclosures are reviewed for completeness and factual correctness by the organisational units supplying them using the double verification principle. The Finance corporate centre, assisted by internal experts as needed, coordinates the various subject-specific submissions, checks them for plausibility and compiles them to create the sustainability report appearing in the Group management report. The Finance corporate centre monitors the timely submission of contributions and escalates as necessary to ensure that the report is completed on schedule. 36 (b) The Deka Group’s internal control system ensures that sustainability reporting is carried out properly and in accordance with the applicable statutory provisions. The key feature of this system is the rigorous integration of control activities, particularly the double verification principle, into processes. The Deka Group has put in place policies specifically relating to implementation of sustainability reporting requirements and has expanded existing written rules to include CSRD-related content. The assessment of risks in the sustainability report preparation process begins with identifying and analysing the statutory provisions and associated interpretive guidance. The risks are then prioritised based on the level of urgency and the significance of the regulatory requirements. 36 (c) Risks in the process of preparing the sustainability report relate to the inconsistent application of sustainability reporting rules across the Group, incorrect or inadequate recording of ESG data, and errors in the IT systems used in sustainability reporting activities. Regular, cross-functional communication between the Deka Group units supplying the relevant information and the Finance corporate centre (in its coordinating role), with the support of the Group ESG Reporting project team responsible for implementation, contributes significantly to minimising risks during preparation of the sustainability report. 36 (d) The findings of the Deka Group’s risk assessment and internal controls as regards the sustainability reporting process are integrated into the existing external financial reporting processes and functions. The procedures and controls relating to sustainability reporting are also regularly reviewed by Internal Audit. 36 (e) The Board of Management and the Administrative Board are informed at least annually about audits carried out by Internal Audit, including the review of the sustainability report. 37 (a) The Deka Group’s business and risk strategies form the framework for its business model and business activities. These strategies contain statements regarding the sustainability strategy and encompass environmental and social issues and matters relating to responsible business conduct. The Deka Group uses various approaches to systematically identify climate-related and environmental impacts on the business model and risk landscape. The two most important of these are, for the business model, the business environment analysis and, for the risk profile, the climate and environmental risk significance analysis. 127

128

Group management Report | Sustainability report Deka Group Annual Report 2024 SBM-1 – Strategy, business model and value chain ESG management tools 38. Each of the Deka Group’s business divisions have their own tools for incorporating sustainability into its business activities. They use a range of internal mechanisms and instruments which vary in terms of their workings and applications. Own operations (own operations of companies in the consolidated group) With regard to selection of suppliers and service providers, DekaBank has defined various sustainability- related requirements concerning both the quality of products and services purchased and the business conduct of suppliers and service providers. These are reviewed as part of the annual risk assessment carried out in accordance with the LkSG. The key requirements are set out in the Purchasing Sustainability Statement. The largest suppliers and service providers sign this statement before entering into a business relationship with DekaBank. It contains commitments to comply with the core labour standards of the International Labour Organization (ILO) and rules relating to the LkSG. During the reporting year, the Sustainability Statement was signed by 391 suppliers and service providers representing around 85% of the Strategic Purchasing unit’s procurement spend. The remaining 15% relates to smaller consultancy and software companies. After weighing up the potential sustainability impacts and the administrative burden involved, it was decided not to seek signatures from these organisations. During the reporting year, a total of 51 suppliers and service providers to the Consultancy, HR and IT units signed the Purchasing Sustainability Statements for the first time. If, during a supplier audit or business partner risk evaluation, DekaBank finds that an organisation it does business with has breached the requirements set out in this statement, the organisation is first given an opportunity to remedy the situation. If it does not do so, or if DekaBank considers its response to be inadequate, a multi-stage process is set in train which can ultimately result in termination of the contractual relationship. In the year under review, no business relationships were ended due to violations of human rights or sustainability commitments. An annual risk assessment of suppliers and service providers, examining country and sector risks for the purposes of the LkSG, is carried out via an ESG platform. Suppliers and service providers found to pose a high or moderate risk are asked to provide further information on various topic areas to enable DekaBank to make an informed assessment of the facts. Banking business (banking business divisions and Treasury corporate centre) – Financing and Capital Markets banking business divisions and Treasury corporate centre DekaBank uses various ESG tools to integrate sustainability into its business activities. There are three main ESG tools: (1) The positive list (part of the business strategy) and negative list (part of the credit risk strategy), (2) ESG scorecards and (3) the sustainability filter (Treasury). To take account of ESG criteria as defined in the “Guidelines on loan origination and monitoring” (EBA- GLOM) issued by the European Banking Authority (EBA), ESG scorecards have been developed for all lending business segments and have been an integral part of the lending and loan monitoring process since July 2021. This means that the Deka Group also fulfils the requirements regarding consideration of ESG criteria in lending, which were defined in the year under review as part of the 7th amendment to the Minimum Requirements for Risk Management (MaRisk). The ESG scorecards enable DekaBank to assess the risks associated with ESG factors for both the borrower and the specific financing arrangement each time a limit is established, increased or extended and also when monitoring existing business. The ESG scorecards consider climate-related physical and transition risks, labour and human rights criteria and governance aspects on a segment-specific basis. A traffic light system is used to categorise the risk of the financing arrangement or borrower from low to high. Transactions receiving a “high” risk classification are generally declined. 128

129

Group management Report | Sustainability report Deka Group Annual Report 2024 Since July 2014, DekaBank has also used a sustainability filter to evaluate its new proprietary investments. Based on the UN Global Compact, the sustainability filter includes a catalogue of exclusion criteria and controversies, particularly in the areas of armaments, ILO core labour standards, corruption, and climate and the environment. For each new investment, issuers are assessed against the extensive set of criteria in this sustainability filter for proprietary investments. This is in addition to the sustainability assessment that is already performed centrally using the ESG scorecards when limits are set up, increased or extended. Both the ESG scorecards and the sustainability filter are refined over time, reviewed regularly for suitability and adjusted as necessary by the relevant organisational units. Positive list The Deka Group aims to increase the focus of its financing portfolio on transactions which make a positive environmental or sustainability contribution. The positive list adopted by the Board of Management sets out investment areas in which the Deka Group aims to acquire more sustainable financing business or support growth. The guiding principle applied when defining these investment areas is the potential contribution of the financing to fulfilment of the UN Sustainable Development Goals (SDGs). The version of the list presented here took effect on 1 January 2025: The Deka Group supports financing aimed at producing electricity from renewable energy and transporting or storing that electricity. The Deka Group also seeks to provide financing aimed at modernising production facilities accompanied by a significant reduction in CO2 from production (the target is 30% or more). The Deka Group seeks increasingly to finance ships that minimise pollutant emissions in accordance with the latest technical standards and which are already or will demonstrably be in a position to comply with the International Maritime Organization’s 2020 rules on the reduction of sulphur emissions (DekaBank’s accession to the “Poseidon Principles”, a global voluntary commitment to climate-aligned ship finance in line with the Paris Agreement goals in 2022). It finances ships only if they are equipped in accordance with the International Maritime Organisation’s Ballast Water Management Convention concluded in 2004 to prevent the introduction of invasive species into foreign ecosystems. The Deka Group seeks increasingly to finance vessels with technology which contributes to reducing waste in the world’s oceans. The Deka Group seeks to finance aircraft whose production and operation meet the highest possible environmental standards. The Deka Group supports financing for modernisation and expansion of freight and passenger rail transport. The Deka Group supports financing for basic utilities providers, municipal utilities companies and network operators (for the supply and disposal of energy, heat, water, waste, etc.) and their projects to maintain or expand infrastructure. The Deka Group supports financing to promote the energy transition, digital transformation and mobility transition, as well as the associated infrastructure. The Deka Group supports real estate financing for green buildings that have a net-zero energy footprint (zero-energy buildings) or that fulfil the cradle-to-cradle approach. The Deka Group is continuously advancing its sustainability efforts. If, in the context of syndicated financing, third-party lenders agree on special sustainability filters or sustainability requirements going beyond those of DekaBank for the projects, assets, or investments that are being financed, DekaBank will consider introducing them. The Deka Group also provides financing to support customers who are transforming their business model to effectively address climate-related risks and contribute to implementation of the goals of the Paris Agreement on climate change (“transformation financing”). This includes initiatives that support the strategy of the parties involved (especially the operators of the financed assets) on the path towards greater sustainability with regard to environmental, social or governance matters. 129

130

Group management Report | Sustainability report Deka Group Annual Report 2024 Negative list In order to avoid reputational risks, the Deka Group has categorised the following transactions as undesirable and/or high-risk. These transactions may only be executed with the special permission of the Board of Management: Transactions where public reports (on matters including socio-cultural, ethical, or sustainability aspects) concerning the financing itself, a business partner, business practices, or the country (country of domicile or risk) may have a lasting negative impact on public confidence in or the reputation of the Deka Group, particularly if – the borrowers have an overall “brown” or “red” score on the ESG scorecard (“brown” is the worst of three levels in the first iteration of the ESG scorecard and “red” is the worst of five levels in the second iteration) – in the case of proprietary investments, the issuer is affected by an exclusion criterion relating to the environment, armaments, human rights or corruption in the sustainability filter for proprietary investments – the reputational risk (resulting from e.g. climate and environmental risks) is internally assessed as “orange” or “red” Transactions with or borrowers in a country that is on the negative list for high-risk countries Business with companies – that generate more than 15% of their revenue from coal mining and/or more than 25% from coal- fired power generation, unless the undertaking presents a plausible climate strategy for phasing out coal-fired electricity generation – that are significantly involved in mining in controversial contexts – whose business purpose comprises, in significant part, the exploitation of tar/oil sands, fracking or drilling for the purpose of oil and gas extraction in the Arctic (Arctic drilling) – that operate in the pornography industry or similar industries (adult entertainment) – that operate games of chance (betting shops, gambling halls, etc.) – that recognisably contribute to a significant impairment of biodiversity or species diversity especially in areas of high nature conservation value – whose production activities generate high volumes of waste – which violate internationally recognised principles in the areas of human and labour rights and corporate governance and conduct (such as the ILO Declaration on Fundamental Principles and Rights at Work, provisions of the UN Global Compact, and the OECD Guidelines for Multinational Enterprises) – without proven experience and/or operating in new markets that are not comparable to home markets. This does not apply to transformation financing that supports the development of an undertaking/industry to implement sustainability with regard to environmental, social or governance matters. Transactions connected with weapons prohibited under international law and/or fully autonomous weapons (weapons prohibited under international law include anti-personnel mines, cluster munitions, chemical weapons, biological weapons, nuclear warheads, incendiary weapons, undetectable fragments, blinding laser weapons and white phosphorus weapons (except for obscurant systems); fully autonomous weapons are weapons systems which are autonomous in their critical functions and which firstly are able to select targets without human intervention, i.e. search, detect, identify, track and finally select them, and secondly can attack them without human control, i.e. use force, neutralise, damage or destroy them.) Transactions – that are directly associated with illegal logging – where protected forest areas are destroyed without simultaneously providing ecological added value Transactions of a speculative nature or which carry very unusual risk (particularly loans as defined in the ECB Guidance on leveraged transactions) Financing arrangements that pose significant risks to the environment or society per se, e.g. – uranium mining – exploration and extraction of minerals from conflict-affected and high-risk areas – exploration, mining and transport of rough diamonds – related to mountaintop removal mining (guidance is provided by the OECD environmental guidelines) – development, construction and operation of nuclear/coal-fired power plants 130

131

Group management Report | Sustainability report Deka Group Annual Report 2024 – hydropower plants in recognised conservation areas (nature conservation and Natura 2000 areas) in Germany; international dam projects may be financed only if the borrower can produce a positive assessment report on the project demonstrating compliance with the recommendations of the World Commission on Dams produced by an expert accredited by the United Nations Framework Convention on Climate Change (UNFCCC) – extraction and production of palm oil Financing directly related to the production/distribution of tobacco Financing of river cruise ships, ocean-going cruise vessels and ferries Project financing that does not meet the requirements of the Equator Principles Financing of speculative transactions with foodstuffs Venture capital financing New securitisation transactions (especially ABS, MBS, CLO, CDO) for proprietary investment purposes The criteria in the positive and negative lists are regularly reviewed and refined when the lists are updated. New versions of both lists took effect on 1 January 2025. As part of the lending process, all exposures awaiting a decision are reviewed for possible sustainability- related reputational risks. Lending business which is not aligned with the Deka Group’s credit risk strategy can only proceed with the special permission of the Board of Management. An additional approval relating to reputational risk must be obtained if the organisational unit responsible identifies a critically elevated reputational risk. In these cases the Board of Management decides on the transaction. Asset Management Services banking business division The subsidiaries S Broker and bevestor are also involved in driving the integration of sustainability factors into the asset management services and other offerings of the Deka Group that promote responsible investment. S Broker and bevestor make a contribution to sustainable development by offering solutions for customers who prefer sustainable investments. Customers can purchase the full range of the Deka Group’s sustainably labelled funds and hold them in their securities account via S Broker. Customers can also use S Broker to view all sustainability characteristics reported by the issuer. These include recognised sustainability labels or a product’s classification under the Sustainable Finance Disclosure Regulation (SFDR). A list of other sustainable products and of ESG and sustainable ETFs is also provided. The subsidiary bevestor arranges professional asset management services for its clients via its “Select” investment concept. It offers two variants: classic and sustainability-oriented. Assets are managed by Deka Vermögensmanagement GmbH. The classic variant takes sustainability risks into account but does not pursue any specific ESG investment objectives. As such, it is not categorised as a sustainable asset management product under the EU regulations. The sustainability-oriented variant Select Nachhaltigkeit qualifies as an asset management product with sustainability characteristics. Environmental and social characteristics are taken into account and, in this context, sustainability risks are analysed and evaluated in the investment process. Investments are selected in accordance with ESG criteria, and particular funds are excluded. Both products take account of negative sustainability impacts within the principle adverse impact (PAI) framework in order to minimise negative environmental, social and governance impacts. The Deka Group has put in place systematic procedures for assessing and managing PAIs and an exclusion mechanism prevents investments in controversial business areas. 131

132

Group management Report | Sustainability report Deka Group Annual Report 2024 Asset Management Real Estate business division The Asset Management Real Estate business division uses a sustainability filter provided by Moody’s ESG Solutions for fund liquidity of all mutual funds and special funds of Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH. This sustainability filter, like that used for DekaBank’s proprietary investments, is based on the principles of the UN Global Compact and excludes arms companies from investment. Issuers that generate more than 10% of their revenue from coal mining or more than 30% of their revenue from coal-fired power generation are also excluded (see ESRS E1-1 Asset Management Real Estate 22). Asset Management Securities business division The sustainability targets of the mutual funds, special funds and mandates are integrated into the business division’s investment process and system landscape using tools and criteria that are often used in combination. They are described below. – Application of exclusion criteria: Sustainability criteria which result in exclusion from the portfolio are established on a fund-specific basis. These criteria are then used to develop positive and negative lists for the investment universe. – Application of thresholds for adverse sustainability impacts: In light of the investment volumes it manages, the Asset Management Securities business division naturally takes the adverse impacts of investments in terms of the environmental, social and governance sustainability factors into account in its investment decisions as part of its due diligence obligations. Accordingly, the Deka Group has incorporated PAIs, which it is required to consider in accordance with the SFDR, into its investment decision-making processes for investment funds and asset management. The most significant adverse sustainability impacts are taken into account for each investment decision, provided meaningful data on these impacts is available. This ensures that investment objectives are not achieved at the cost of adverse impacts. During the investment decision process, possible investments are screened for compliance with thresholds for adverse sustainability impacts. If these thresholds are exceeded, the assets concerned may be excluded. This ensures that the business division does not invest in financial instruments of issuers with particularly serious adverse sustainability impacts and that issuers are excluded from the investment universe if their adverse impacts become more serious. – Application of risk level model: To supplement the data supplied by external providers, ESG experts in the Sustainability and Corporate Governance unit have developed a proprietary data model to further drive ESG integration. The “ESG risk level model” is a cascade model comprising six risk categories (A–F) which enables actual and potential ESG risks, controversies and opportunities to be recorded dynamically at company level. Information supplied by the ESG data providers is considered alongside ESG risks and controversies which come to light through analysis of individual undertakings, voting at shareholders’ meetings and shareholder engagement such as direct contact with companies, and this information is then evaluated and rated by the sustainability experts. Each risk rating is associated with a sustainability strategy/filtering system and/or products. The rating determines whether a company will remain investable or be excluded as an investment. Companies which are rated F, for example, have the most serious ESG violations and are not investable for any Deka Investment GmbH, Deka International S.A., Deka Vermögensmanagement GmbH or IQAM Invest GmbH products – regardless of whether the products are classified as sustainable. E-rated companies have serious ESG violations and are not investable for any mutual funds with the exception of ETFs and outsourcing mandates. Because of the far-reaching consequences of an E or F rating, a selected team of experts, the Sustainability Risk Committee (SRC), meets on a regular basis – and ad hoc in particularly urgent cases – to verify issuer ratings and approve them on a case-by-case basis. In addition to ESG risks and controversies, the sustainability analysis also takes into account, for example, whether issuers generate a proportion of their revenue in business areas that are assessed as problematic or fail to comply with international standards, or whether governments disregard democratic principles. The universe adjusted for the excluded issuers and those classified as controversial under the risk level model is made available to the portfolio managers as the investable universe. Together with the research analysts specialised in ESG criteria, the portfolio 132

133

Group management Report | Sustainability report Deka Group Annual Report 2024 managers are responsible for effective integration of ESG into the investment process. In addition, Deka Investment GmbH and Deka Vermögensmanagement GmbH have incorporated specific sustainability criteria for target fund investments into their investment process and are continuously working to further advance ESG integration. To that end, analysts evaluate external sustainability analyses, ESG questionnaires, and publicly available ESG information. – Net-zero strategy: Deka Investment GmbH and Deka Vermögensmanagement GmbH are members of the Net Zero Asset Managers initiative and have made a voluntary commitment to reduce CO2 emissions to net zero by 2050. By 2050, the proportion of assets managed in line with net zero will rise to 100%. Decarbonisation targets are managed via a proprietary dashboard showing all important CO2 emissions metrics for all assets under management. For detailed information about the net-zero strategy, see ESRS E1-1 Own operations 22 ff., ESRS E1-1 Banking business 22 ff., ESRS E1-1 Asset Management Real Estate 22 ff. and ESRS E1-1 Asset Management Securities 22 ff. Key elements of the general ESG strategy 40 (a) i., 40 (a) ii., AR 14 (a), AR 14 (b), AR 14 (c) The description of significant products and services offered and significant markets and customer groups served by the Deka Group is presented outside the sustainability reporting in “Deka Group profile and strategy” in the “Information about the Deka Group” section of the Group management report. 40 (a) iii. Regarding employee headcount by geographical area, please refer to chapter ESRS S1 – Own workforce, see ESRS S1-6 50 (a) iv. Germany is the relevant market for the Deka Group. No material products and services offered by the Deka Group are banned in that market. 40 (b) As the EU has not yet published its own ESRS sector classification list, it is not currently possible to provide a breakdown of total revenue by significant ESRS sectors. 40 (c) As the EU has not yet published its ESRS sector list, it is not possible to provide a list of sectors beyond the significant ESRS sectors. 40 (d) The disclosure of revenues from the fossil fuel sector, the production of specific chemicals, controversial weapons or the cultivation and production of tobacco relates to own activities and consolidated fixed assets. As the Deka Group has no own activities and no consolidated fixed assets in the sectors specified, the related disclosure obligations are not applicable. 40 (e) Sustainability matters are an integral part of the business strategy of the Deka Group and thus a key component of the Group’s business policy direction. The Group aims to offer its various customer groups a competitive range of investment solutions with sustainability characteristics, from capital market- and real estate-based investment products to financing solutions. ESG is increasingly a fully integrated component across all product value chains. With its product range, Deka Group helps customers achieve their ambition of financing and investing in a climate-friendly and sustainable way. Due to its close ties with the Sparkassen-Finanzgruppe and the focus on private and institutional customers in Germany, the Deka Group’s business activity is concentrated on the German domestic market. Information about quantitative targets and specific actions relating to the Deka Group’s product offering can be found in the topical chapters. In addition to its customers and employees, the Deka Group also takes other external stakeholder groups into account. Direct dialogue with issuers at investor meetings and engagement at shareholders’ meetings frequently cover sustainability topics. The subject of ESG also entails regular discussion with ESG rating agencies and non-governmental organisations (NGOs). Through membership of associations and other organisations, the Deka Group actively seeks to advance ESG in the financial sector in the interests of its investors and customers. 133

134

Group management Report | Sustainability report Deka Group Annual Report 2024 40 (f) Capital market and real estate funds are the most significant product group in terms of achievement of the Deka Group’s sustainability targets and are supported by services within the Deka Group. Financing in selected sectors is also significant in this regard. The most significant market for the Deka Group’s products is Germany. However, the Deka Group’s products and financing often involve investments worldwide, meaning that achievement of the sustainability targets is dependent on these other markets and sectors. The main customer groups – private and institutional customers – have different requirements that are significant for the implementation of the Group’s sustainability targets and strategy. It is expected that regulatory disclosure and transparency rules will increasingly lead institutional customers to include ESG in their investment processes in the future. Sustainability principles of the Deka Group 40 (g) The sustainability principles of the Deka Group are embedded in the Group’s business strategy and encompass environmental, social and corporate governance aspects. They are consistent with the sustainability strategy of the Sparkassen-Finanzgruppe. The Deka Group (1) … constantly reflects on external market conditions, internal activities and aspects of corporate culture in the context of sustainability, in order to align itself with them early and holistically, thereby making a significant contribution to the competitiveness and future viability of the Wertpapierhaus. (2) … offers its customers a broad, competitive and innovative range of investment solutions with sustainability features, both in asset management and in the capital markets business. (3) … supports its customers – the savings banks and their customers, institutional investors and borrowers – in achieving their individual goals and meeting their needs for sustainable action. (4) … supports the savings banks with comprehensive analysis, consulting and services in the sustainable orientation of customer business and proprietary business management. (5) … supports financing that enables sustainable growth through targeted lending. This includes financing which supports customers in transforming their business model. (6) … is continuing on its chosen path of reducing its greenhouse gas footprint, both in its internal operations and in its external business activities. (7) … integrates sustainability consistently into structures and processes across the relevant internal value chains, which also contributes to fulfilment of voluntary commitments. (8) … consistently demands compliance with ESG criteria from partners and service providers for its own operations. (9) … supports its own employees in acting sustainably and ensures that its remuneration policies and practices promote behaviour that is compatible with Deka’s approach to climate, the environment and related risks. (10) … pursues a sustainable human resources strategy that focuses on diversity and equal opportunities for all. The basis for this is an inclusive corporate culture that values and specifically incorporates the diversity of all employees and their different perspectives. (11) … sets high standards for corporate governance, undertaking to respect labour rights, protect the environment and take decisive action to combat corruption and bribery. It promotes transparent, fact- based communication and credible positioning as well as open dialogue with its stakeholders. (12) … expects its employees and suppliers to respect human rights, has taken preventive measures to this end and will take firm action in the event of violations. (13) … as an active investor, pays attention to the balance and relevance of sustainability factors when making investment decisions. In doing so, it exercises its voting rights and engages in continuous dialogue with investors and issuers in order to achieve these goals in the long term. (14) ... promotes projects in the areas of social issues, architecture, art, music, sport, education and science as part of its social engagement. 134

135

Group management Report | Sustainability report Deka Group Annual Report 2024 Challenges and topical approaches To address future challenges, the Deka Group has positioned itself as follows with regard to the material ESRS topics (see ESRS 2 IRO-1 53 ff.): ESRS E1 – Climate change (own operations) Sustainability begins in our own operations. In relation to the environment, the Deka Group has over recent years identified sources of CO2 emissions and impacts on other natural resources. The Deka Group has a certified environmental management system and continues to strive for improvements in these areas. ESRS E1 – Climate change (banking business, Asset Management Real Estate and Asset Management Securities business divisions) The Deka Group is actively working towards achievement of the goals of the Paris Agreement on climate change in the economy as a whole. Climate change mitigation and climate change adaptation are key factors for successful business. The central elements for the Deka Group are defined and specified in the climate strategy, which is part of the business strategy, in the form of a strategic framework for the business divisions. This strategic basis provides guidance for all business divisions as they gradually operationalise and facilitate transformation. Climate house (Fig. 47) The sectoral decarbonisation pathways pursued by DekaBank and the Asset Management Securities and Asset Management Real Estate business divisions are presented in the respective ESRS E1 disclosures. They are reviewed annually by the business divisions with regard to decarbonisation levers, targets and practicable measures. 135

136

Group management Report | Sustainability report Deka Group Annual Report 2024 As a provider of fund-based products and services, the Deka Group invests on behalf of its customers in companies and real estate worldwide, enabling it to support their transition towards more climate-friendly business practices. In its banking business, DekaBank takes responsibility for compliance with sustainability targets in its role as a financier to specific sectors and in relation to its strategic proprietary investments. It regularly measures the GHG intensity of relevant portfolios and aligns its management decisions with corresponding decarbonisation pathways to achieve the strategic objectives. ESRS S1 – Own workforce (own operations) The Deka Group’s most valuable asset is its employees. The Group therefore places a very high priority on its attractiveness as an employer. Occupational health and safety training and health-related initiatives are provided and refined continuously. Various measures to ensure equality of opportunity and non- discrimination strengthen diversity in the Deka Group to enable teams to develop and collaborate optimally. ESRS S2 – Workers in the value chain (own operations) A possible source of risk in the Deka Group’s upstream value chain lies in its procurement supply chains. The Deka Group’s processes provide a structured approach to addressing these potential risks. The Deka Group’s Chief Human Rights Officer works with local human rights coordinators on a quality assurance process which is carried out at least annually and includes environmental matters in the supply chain. ESRS S4 – Consumers and end-users (own operations) The most important considerations with regard to the customers and end-users of the Deka Group’s products are sustained protection of data and privacy and the provision of product information. The relevant processes are continuously evaluated. If necessary, the level of data protection is increased and the way information is communicated is modified. ESRS G1 – Business conduct (own operations) The Deka Group’s Code of Ethics is the foundation for responsible action and good governance. This document also incorporates the sustainability principles set out in the sustainability strategy. Alongside compliance and prevention of corruption, established whistleblower and complaints procedures play a significant role in efforts to actively advance transparency and ethical behaviour. The management bodies are involved in shaping governance within the Deka Group by way of regular reports to the Board of Management meetings. 41. As the EU has not yet published the ESRS sectors, it is not possible to report information relating to them. 42 (a), 42 (b), 42 (c) For information about the business model, see “Deka Group profile and strategy” in the “Information about the Deka Group” section of the Group management report. Inputs, outputs and the main features of the Deka Group’s upstream and downstream value chain are described under ESRS 2 BP-1 AR 1 (a). 136

137

Group management Report | Sustainability report Deka Group Annual Report 2024 SBM-2 – Interests and views of stakeholders General information about the identification and consideration of stakeholders 45 (a) The Deka Group’s key stakeholder groups were identified and grouped together by ESRS topic as part of the CSRD materiality assessment. The groups are as follows: Stakeholders: own workforce (ESRS S1) – Employees – Administrative Board – Board of Management – Subsidiaries and equity investments – Staff Committee and works councils – Equal opportunities officers Stakeholders: workers in the value chain (ESRS S2) – Shareholders/savings banks – Suppliers – Institutional investors/borrowers – Investee undertakings – Capital market counterparties – Business partners – Service providers – Sales partners Stakeholders: affected communities (ESRS S3) – Press and the general public – Affected communities – Associations – Suppliers – Lessees – Non-governmental organisations (NGOs) Stakeholders: consumers and end-users (ESRS S4) – Private customers – Institutional customers The Deka Group uses various methods to enter into dialogue with its stakeholders. These range from surveys and bilateral discussions to participation in conferences and active involvement in initiatives and associations. Surveys are used with employees, shareholders, sales partners, savings banks (Board of Management members, managers, advisors), retail customers, Private Banking & Wealth Management customers and institutional customers. These surveys are organised by the Strategy & HR unit (employee surveys) and the Sales Strategy unit (surveys of savings banks and customers) together with the organisational units responsible for the relevant topic areas. The purpose of the surveys is to gather information about stakeholders’ views and attitudes on sustainability topics that feed into business policy decisions. For example, the results are incorporated into the ESG dashboard and assessments of reputational risks, and are used by various organisational units such as the Sales departments and by decision makers when devising strategies and actions. 45 (b) The CSRD materiality assessment process began with an internal survey of experts within the Deka Group on various sustainability matters to identify and delineate potentially relevant topics and stakeholder views. Alongside the business model and activities of the Deka Group, the internal experts also considered the interests, views and perspectives of external stakeholders and took them into account when evaluating relevance for the purposes of the CSRD materiality assessment. 137

138

Group management Report | Sustainability report Deka Group Annual Report 2024 45 (c) The results of the surveys are communicated within the Deka Group. Detailed findings are provided to the organisational units, which use them as the basis to develop actions. The key findings are communicated to senior executives and the Board of Management once a quarter as metrics in the ESG dashboard. They also inform the strategic considerations of the management bodies. (see ESRS 2 GOV-2 21 ff., SBM-1 40 ff.) 45 (d) As well as receiving quarterly reports on sustainability matters, the Board of Management is also informed of the results of stakeholder surveys. In addition to the periodic reports it receives, the Administrative Board is informed about specific issues (e.g. the results of customer and employee surveys) at its meetings by the relevant members of the Board of Management. Interests and views of the Deka Group’s own workforce (ESRS S1) S1 SBM-2 12. The interests, views and rights of people in its own workforce inform the development of the Deka Group’s business model and strategy. The Deka Group takes personnel capacities into account when developing its business model to ensure that this model is consistent with its workforce and their human rights. As part of the business strategy, the Deka Group’s employee strategy determines the key principles of the medium- to long-term strategic direction for human resources, thereby ensuring social responsibility, fostering diversity, and taking account of the interests, views and rights of people in its own workforce, including respect for their human rights. This strategy is also informed by Deka Group corporate objectives and strategic initiatives as well as social, technological and regulatory changes. The Deka Group seeks the views of its own workforce and takes their interests into account through various actions as described in chapter ESRS S1-2. Interests and views of workers in the value chain (ESRS S2) S2 SBM-2 9. DekaBank has implemented various policies to take account of the interests, views and rights of workers in its value chain. DekaBank complies with the core labour standards in various areas: DekaBank’s service providers and suppliers are required to sign the Purchasing Sustainability Statement, which includes a commitment to comply with the core labour standards of the International Labour Organization (ILO). In addition, DekaBank focuses on service providers and suppliers from Germany and Europe, minimising the likelihood of human rights violations. DekaBank itself also complies with the ILO’s core labour standards. These are social standards within the global trade system. They are intended to ensure decent working conditions and adequate protections for workers. DekaBank does not finance undertakings that breach these standards. Financing of undertakings which do not comply with these standards is excluded across the entire Deka Group by the negative list (see ESRS 2 SBM-1 38). Transactions of this kind may only be executed with the special permission of the Board of Management. Interests and views of consumers and end-users (ESRS S4) S4 SBM-2 8. At DekaBank, various surveys are carried out to determine the interests and views of consumers and end-users with regard to sustainability topics. The results of these surveys inform business policy decisions. Specifically, these surveys are, for consumers, the Wealth Barometer (Vermögensbarometer) (conducted together with the German Savings Banks Association (DSGV)), the Market and Customer Segmentation Study (Markt- und Kundensegmentierungs-Studie or MaKuS) and the Deka Investor Monitor (Deka-Anlegermonitor). For institutional customers, they comprise surveys of the savings banks. Subsidiaries (bevestor und S Broker AG & Co. KG) also use the MaKuS study to understand customer perspectives. These subsidiaries also carry out their own customer surveys to understand how customer perspectives are shaped. 138

139

Group management Report | Sustainability report Deka Group Annual Report 2024 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model General information about the material impacts, risks and opportunities 48 (a), AR 14 (d) The impacts, risks and opportunities material for the Deka Group were identified in the CSRD materiality assessment. They are described below. Summary presentation of material impacts, risks and opportunities (Fig. 48) E1 – Climate change E1 – Climate change mitigation Value chain Impact, risk, opportunity Description Timehorizon positive impact Low-emissions sourcing and business processes in relation to buildings, energy and the vehicle fleet yield positive impacts. Short and long- term Own operations negative impact Business travel has negative impacts on climate change (air travel, rail travel and own vehicle fleet). Short and long- term Targeted financing of innovative technologies and transformative products in DekaBank’s core sectors can deliver positive impacts on climate change, especially if the counterparties can demonstrate credible decarbonisation strategies. If the transformation to a lower-emissions economy does not progress sufficiently, the financing of carbon-intensive activities may cause adverse impacts. Targeted investments in innovative technologies and transformative products in DekaBanks’s core sectors can deliver positive impacts on climate change. If the transformation to a lower-emissions economy does not progress sufficiently, investments in carbon-intensive activities may cause negative impacts. Short and long- term Short and long- term Short and long- term Short and long- term positive impact Through acquisition, letting and ownership, the Asset Management Real Estate business division can deliver positive impacts on climate change. Short and long- term Investments in renewable energies lead to growth in low-emissions energy sources. This represents a positive impact on climate change, which is recorded by the Asset Management Securities business division. Short and long- term positive impact Banking business (financing) negative impact positive impact Banking business (proprietary securities) Asset Management Real Estate negative impact Asset Management Securities positive impact E1 – Climate change adaptation Opportunity Banking business (financing) Risk Banking business (proprietary securities) Opportunity Asset Management Real Estate Opportunity Asset Management Securities Opportunity 139 Through financial support for adapted and innovative projects and industries, DekaBank can realise opportunities for its own business model. Physical and transitory hazards due to climate change for financed properties and companies entail financial risks in the main sectors of DekaBank’s business operations. Opportunities related to climate change adaptation can be achieved through targeted financing of innovative technologies and transformative products in DekaBank’s core sectors, especially if this enables long-term value increases. Material opportunities arise from the fact that the Asset Management Real Estate business division invests in buildings in which climate change adaptation has been taken into account, thereby utilising potential for value appreciation. Investments in companies with climate change adaptation measures can minimise the costs of climate risks, which can create opportunities by increasing the value of these companies. Long-term Long-term Long-term Long-term Long-term

140

Group management Report | Sustainability report Deka Group Annual Report 2024 E1 – Energy Own operations positive impact positive impact Energy-saving measures have already achieved positive impacts on energy consumption and will continue to do so. Financing of renewable energy and more energy-efficient buildings or companies engaged in these fields yields positive impacts on the energy sector. Short-term Long-term Banking business (financing) Banking business (proprietary securities) positive impact positive impact negative impact The potential discontinuation of projects may limit financing options. Long-term Investments in energy-efficient companies and companies that provide innovative technologies to reduce energy consumption can deliver positive impacts. Investments in energy-efficient buildings can deliver positive impacts on energy issues. Long-term Long-term Asset Management Real Estate negative impact Acquisition and ownership of buildings with energy class C and below yield negative impacts. Short and long- term Investments in energy-efficient companies and companies that create innovative technologies to reduce energy consumption can deliver positive impacts. Asset Management Securities positive impact S1 – Own workforce S1 – Working conditions Valuechain Impact, risk, opportunity Description Own operations positive impact DekaBank uses a series of measures, action plans and mechanisms to create attractive, fair, safe working conditions for its workforce, which has positive impacts on employees. S1 – Equal treatment and opportunities for all Valuechain Impact, risk, opportunity Description Own operations positive impact DekaBank only selects suppliers and service provider that do not violate labour law standards, which has positive impacts on working conditions in the value chain. S2 – Equal treatment and opportunities for all Own operations positive impact S2 – Other work-related rights Own operations positive impact Deka’s supplier and service provider selection process also takes the topics of equal treatment and discrimination into account to deliver positive impacts on workers in the value chain. Potential violation of other work-related rights is examined during the supplier and service provider selection process. No contracts are concluded with companies that commit such violations, which yields positive impacts on workers in the value chain. 140 DekaBank has taken steps to promote equal opportunities within the workforce, which deliver positive impacts on its own workforce. The age structure of the workforce over the coming years presents a risk to the Deka Group (retirement wave). By also offering a comprehensive range of support options outside a purely professional context, Deka Group ensures that the rights of its employees are promoted even beyond what is legally required, which can deliver positive impacts. positive impact Own operations Risk S1 – Other work-related rights Own operations positive impact S2 – Workers in the value chain S2 – Working conditions Short and long- term Timehorizon Short and long- term Short and long- term Medium-term Short and long- term Timehorizon Short and long- term Short and long- term Short and long- term

141

Group management Report | Sustainability report Deka Group Annual Report 2024 S4 – Consumers and end-users S4 – Information-related impacts for consumers and/or end-users Valuechain Impact, risk, opportunity Description negative impact positive impact Own operations G1 – Business conduct G1 – Corporate culture Impact, risk, opportunity Valuechain Threats to the Deka Group’s IT systems from cybercrime or incidents such as power outages can jeopardise the security of customer data on the Deka Group’s systems and have the potential to adversely impact consumers and end-users. Safeguards and controls can guarantee an appropriate level of protection of customers’ data and information within Deka Group. This can yield positive impacts on consumers and end-users. Description positive impact Own operations Opportunity G1 – Protection of whistleblowers Own operations positive impact G1 – Corruption and bribery positive impact Own operations Opportunity The Deka Group’s Code of Ethics provides the basis for a culture of ethical conduct within the Group. This yields positive impacts on the corporate culture. The Code of Ethics has also been viewed favourably by rating agencies and thus represents an opportunity for the Deka Group to achieve better ratings. Internal policies and training on the whistleblower system can ensure that effective whistleblower protection is guaranteed within the Deka Group. Policies, directives and regular training on corruption and bribery issues raise employee awareness and reduce the risk of compliance violations. Proper adherence to all compliance policies also strengthens Deka Group’s reputation and thus represents an opportunity. G1 – Management of relationships with suppliers, including payment practices In its contracts, DekaBank sets fair payment and performance obligations and adheres to these scrupulously, delivering perceptible positive impacts on suppliers. Timehorizon Short and long- term Short and long- term Timehorizon Short and long- term Short and long- term Short and long- term Short and long- term Short and long- term Short and long- term positive impact Own operations 48 (b) The Deka Group’s fundamental approach and long-term objective is to incorporate the ESG dimensions, depending on their materiality, in all business decisions. With that objective in mind, the Deka Group has embedded sustainability into its business strategy via its 14 sustainability principles (see ESRS 2 SBM-1 40 (g)). The principles reflect the Deka Group’s stance on sustainability and set the framework for all its ESG activities (for detailed information about impacts, see ESRS 2 SBM-3 48 (c)). The Strategy unit conducts regular and/or ad hoc analyses using methods such as market observation (particularly through media reports, discussions with consultants, other companies and associations, and studies from academia and industry) as well as analyses of trends and the business environment and monitoring of competitors. The regular, formalised discussions among the ESG multipliers (see ESRS 2 GOV-1 19 ff., GOV-2 26 ff.) play a key role in integrating the perspectives of the business divisions, sales units and corporate centres. 141

142

Group management Report | Sustainability report Deka Group Annual Report 2024 On the risk side, the significance analysis examining ESG risks, which is carried out by the Risk Control corporate centre, is particularly important. (see ESRS 2 IRO-1 53 (a) ff.) The results of the analyses are considered by the various organisational units and inform their strategic and/or medium-term planning if needed. The Deka Group’s long-term plan, in which all organisational units are involved, builds on this medium-term planning. The long-term plan informs the various areas of the Deka Group’s business activities. For their part, the relevant departments continually analyse the opportunities arising for the individual business divisions and business activities. This ensures that any adjustments that need to be made to the business model are recognised at an early stage and systematically strengthens the link between the identified impacts, risks and opportunities and the business strategy (see ESRS 2 SBM-1 38). The Deka Group’s management bodies approve the significance analysis, which is part of the risk inventory, the business environment analysis, the CSRD materiality assessment and the medium-term plan. They are also involved in making sustainability-related adjustments to the business strategy. 48 (c) Impacts on people and the environment result on the one hand from own operations, and on the other from the business activities of the Deka Group. These business activities comprise financing and proprietary investments in the banking book and in the investment funds of the subsidiaries. Accordingly, a variety of impacts have been identified both in own operations and in the value chain. The time horizons of the impacts are shown in the table in section ESRS 2 SBM-3 48 (a). Climate change (ESRS E1) Within the Deka Group’s own operations, impacts relating to climate change arise from the procurement function, the vehicle fleet and business travel. These activities are essential to the Deka Group’s business model. Avoiding negative impacts therefore depends on choosing climate-neutral products and services whenever possible, as well as on transport and travel options. (see ESRS E1-1 Own operations 22 ff.) These are addressed and integrated into the business model via the strategic projects and action plans. The IROs identified in the area of climate change are concentrated in the downstream value chain and in the sectors that the Deka Group invests in and finances. Under EU climate legislation, which aims to achieve sustainable transformation by 2050, it is especially important for financial institutions such as the Deka Group to finance and invest in low-emission and emission-reducing activities and undertakings. The Deka Group is supporting the fundamental transformation of the economy and society with specific GHG transition plans for parts of the banking book and relevant parts of the investment funds. (see ESRS E1-1 Own operations 22 ff., ESRS E1-1 Banking business 22 ff., ESRS E1-1 Asset Management Real Estate 22 ff. and ESRS E1-1 Asset Management Securities 22 ff.) Own workforce (ESRS S1) The actions and processes within the Strategy & HR corporate centre which may have positive impacts on Deka’s own workforce result directly from the Deka Group’s strategy, own activities and approaches. If particular target groups are not specified, the impacts apply to all of the Group’s own workforce. Impacts such as training and development programmes and benefits programmes are defined and shaped in the central human resources strategy of the Strategy & HR corporate centre (see ESRS S1-4 table MDR-A “Actions and resources in relation to material sustainability matters”). Workers in the value chain (ESRS S2) For the Deka Group, impacts on workers in the value chain were identified in the upstream value chain. Consequently, IROs arise only from the Deka Group’s business relations in the area of purchasing. This area is essential for the Deka Group’s business model. Careful supplier management can minimise negative impacts on workers in the value chain (see ESRS S2-2 22 ff.). Positive impacts can be fostered in the same way. There are no financial risks and opportunities stemming from this area. 142

143

Group management Report | Sustainability report Deka Group Annual Report 2024 Consumers and end-users (ESRS S4) Ensuring adequate IT security and data protection so as to avoid potential disruption to secure IT operations and prevent harmful impacts on the fundamental rights and freedoms of consumers is essential to the Deka Group’s business model. The Deka Group ensures a high standard of data protection through its policies and action lists (see ESRS S4 table MDR-A “Actions and resources in relation to material sustainability matters”). Business conduct (ESRS G1) Sound governance and ethical business conduct are fundamental for companies in the financial sector. As such, there are impacts, risks and opportunities for the Deka Group’s business model in these areas. The mechanisms described in chapter ESRS G1-2 effectively address these risks and negative impacts. This is also embedded in the Deka Group’s business strategy. 48 (d) The CSRD materiality assessment also covered material opportunities and risks that may potentially affect the Deka Group’s financial position. A current significant risk or opportunity for financial impacts exists if, firstly, the risk or opportunity is already known to exist, and secondly, its materialization has had a significant negative or positive influence on the company’s financial position or is expected to have such an influence in the next reporting period. In the context of the CSRD, a risk is significant if there is a greater than 5% probability of a negative impact on earnings of more than 10%. An opportunity is significant if there is a greater than 50% probability of a positive impact on earnings in excess of €5m. In the risk assessment conducted for this year’s materiality assessment, the Deka Group did not identify any significant current risks or opportunities relating to the areas covered by the ESRS topical standards. Resilience of the Deka Group to changes in the business environment 48 (f) The resilience of the Deka Group is assessed for each business division independently. The results are described below. Since no material risks regarding own operations have been identified, no adjustments in this area are described. Banking business (banking business divisions and Treasury corporate centre) The purpose of the annual business environment analysis, which covers short-, medium- and long-term time horizons, is to provide transparency about changes in the business environment resulting from climate and environmental risks and their impacts on the business model and business activities of the Deka Group. It also considers processes which may alter the business environment in future, such as changing customer preferences or more stringent legislation. The findings of the business environment analysis inform the other tools used in the downstream strategy process. The overall objective is to evaluate relevant identified impacts on strategic and medium-term planning, taking the time horizon into account. This means that any need to adjust the business model can be identified at an early stage. 143

144

Group management Report | Sustainability report Deka Group Annual Report 2024 The insights gained from the annual business environment analysis on the basis of climate scenarios inform necessary adjustments to strategic objectives and resulting operational control measures within the Deka Group. Gradually integrating ESG into regular internal processes ensures a continuous supply of relevant information to inform investment and financing processes. The reporting year saw the continuation of a Group-wide project to systematically record climate-related emissions for all relevant organisational units and portfolios within the Deka Group. This inventory serves as the basis for developing sector-specific decarbonisation pathways for the medium- and long-term time horizons, taking the Paris climate goals and the Deka Group’s own commitments into account, in order to create a solid foundation for the Group’s ambitions. Specifically in relation to greenhouse gases, the Board of Management addresses actual changes in financed emissions twice a year and decides on any control measures needed. These and other metrics are presented to the Board of Management each quarter via the ESG dashboard and regular risk reports. The processes described ensure that the banking business is well able to adapt to potential emerging climate risks. Suitable mitigation actions can be implemented over timeframes appropriate for the banking business. The governance structure described above, particularly its medium-term planning and fine-tuning aspects, support implementation of the necessary actions. Asset Management Real Estate business division In the Asset Management Real Estate business division, climate and environmental issues are evaluated at company level as part of the annual business environment analysis. The findings of this analysis are reflected in the business plan, which is also updated annually, through relevant planning parameters. Actions needed to address risks identified are initiated as required. These actions include adapting and developing the sustainability strategy and the resulting budget plans, analysing potential impacts on transactions or the geographical allocation of the real estate portfolios, and potentially adjusting sales plans for the investment funds. A long-term assessment of climate-related and environmental risks and opportunities highlights areas where adjustments to individual fund strategies and consequently the real estate portfolio are required. Because the investments are in illiquid assets, extensive lead time is required to plan and implement these changes. Extensive market and portfolio research enables the business division to respond rapidly and take advantage of opportunities presented by changes in the market. When purchasing real estate for the investment funds, numerous relevant sustainability indicators are gathered and systematically incorporated into the purchase documentation. These sustainability indicators are reviewed during the transaction process by the Purchase and Sale and Real Estate Project Management units and by the fund managers. The Risk Control corporate centre ensures that an additional “second line of defence” review takes place. The systematic, mandatory recording of information during the purchase approval process ensures that top management is also involved. Asset Management Securities business division In the Asset Management Securities business division, as in Asset Management Real Estate, climate-related and environmental matters are evaluated at company level in the annual business environment analysis. The findings are incorporated into the business plan, which is updated annually, and any necessary actions are initiated. 144

145

Group management Report | Sustainability report Deka Group Annual Report 2024 A long-term assessment of climate-related and environmental risks and opportunities highlights areas where adjustments to the portfolios may be required. As investments are in liquid securities, these adjustments can be implemented at any time. Extensive market and portfolio research enables the business division to respond rapidly and to take advantage of opportunities presented by changes in the market. The Asset Management Securities business division invests mainly in fungible assets, which are relatively flexible to manage and can be exchanged as required. This means that climate-related and other environmental risks can be managed and avoided over the short, medium and long term. Extensive research and continuous market observation enable the business division to respond rapidly to changing market conditions. In addition, the Asset Management Securities business division offers a broad, diversified range of products with various investment strategies, which contributes to ensuring that the Deka Group’s business model remains highly stable across market phases. Products can be modified or reissued to respond to changing conditions. The Group’s business model as a securities service provider to the savings banks, along with its diversified customer structure, also provide stability and adaptability. 48 (h) As no entity-specific impacts were identified in the CSRD materiality assessment, all impacts, risks and opportunities identified as material are covered by ESRS disclosure requirements. Material impacts, risks and opportunities relating to climate change and their interaction with strategy and business model (ESRS E1) E1 SBM-3 18 Risks relating to climate change are divided into physical risks and transition risks. These have differing implications for the strategy and business model of the Deka Group and its business divisions. Own operations Climate-related physical risks at the Deka Group’s leased office sites were identified using an external tool that identifies location risks arising from climate-related and environmental factors. No material risks presenting a significant threat to the Deka Group were identified. Nevertheless, precautionary measures relating to critical communications and IT infrastructure have been implemented. Workstations can switch to remote working at any time if needed. Banking business E1 SBM-3 18, E1 SBM-3 19 (c) For the Deka Group, the resilience analysis is essentially covered by the significance analysis and the business environment analysis. The climate scenarios described under IRO-1 53 are used for both tools. With regard to DekaBank’s portfolio, the significance analysis identified potential material financial impacts resulting from climate change adaptation in some sub-portfolios. They affect various sectors of the financing business. The time horizon of these impacts is between five and 20 years, meaning they are of a long-term nature. The table below gives an overview of the sectors affected, risk character and potential chains of effects: 145

146

Group management Report | Sustainability report Deka Group Annual Report 2024 Overview of affected sectors, risk character and potential chains of effects (Fig. 49) Sector affected Risk character Facts and impact Transitory Real estate Physical Real estate Physical Renewable energies As raw material and emission prices rise and demand for sustainable products changes, outdated buildings can have negative effects on companies’ profitability. This could increase the probability of default and lead to possible losses of the value of collateral. Destruction of or damage to buildings due to extreme weather-related events can lead to an increase in the probability of default or to a loss or reduction of the value of collateral. Investments subsequently required for reconstruction increase the debt ratio and may also increase the probability of default. Destruction of or damage to financed assets due to extreme weather-related events can lead to an increase in the probability of default or to a loss or reduction of the value of collateral. Investments subsequently required for reconstruction increase the debt ratio and may increase the probability of default. In addition, temporary or permanent production stoppages and disruptions of supply chains can increase the probability of default by reducing income. As raw material and emission prices rise and demand for sustainable products changes, outdated production facilities can have negative effects on companies’ profitability and thus increase the probability of default and lead to possible losses of the value of collateral. In addition, financing companies’ transition (including modernisation of the production facilities by the owner(s) and of the product portfolio) can increase the debt ratio, and with it the probability of default and possibly the exposure. Conventional energy & infrastructure Transitory Transitory Transport (including shipping & aviation) As emission prices rise and demand for sustainable products changes, outdated means of transport can have negative effects on companies’ profitability and thus increase the probability of default and lead to possible losses of the value of collateral. Physical Transport (including shipping & aviation) Physical Chemical industry Destruction of or damage to the infrastructure required for operation (port facilities / airports / railway lines) can significantly impair operational activities and thus increase the probability of default. In addition, temporary or permanent production stoppages and disruptions of supply chains can increase the probability of default by reducing income. Destruction of or damage to production facilities, buildings and goods due to extreme weather-related events can lead to an increase in the probability of default or to a loss or reduction of the value of collateral. Investments subsequently required for reconstruction increase the debt ratio and hence the probability of default. In addition, temporary or permanent production stoppages and disruptions of supply chains can increase the probability of default by reducing income. Asset Management Real Estate business division E1 SBM-3 18 The Asset Management Real Estate business division identifies material climate-related risks in light of the business environment analysis, which is updated annually. The business environment analysis assesses the impacts of those risks assuming the baseline scenario in the climate stress tests and taking business environment factors into account. E1 SBM-3 19 (c) No material climate-related risks at the level of the investment management companies were identified in the CSRD materiality assessment. 146

147

Group management Report | Sustainability report Deka Group Annual Report 2024 Asset Management Securities business division E1 SBM-3 18 Material climate-related risks for the Asset Management Securities business division are identified based on the joint assessment of the business division’s experts, as captured in the annual business environment analysis, the annual risk inventory and the CSRD materiality assessment. The material climate- related risks for the Asset Management Securities business division are supplemented by the results of DekaBank’s climate stress test relating to the asset management volumes. At the level of the investee undertakings, there is potential for revaluation and thus for lower valuations on the capital markets in certain areas (moving away from certain sectors or activities). Individual companies that are unable to benefit from transformation may also face losses. Other possible risks for both investment management companies and investors may arise from regulatory factors. Overall, however, the diversified business model means that no tangible financial effects are anticipated. E1 SBM-3 19 (c) For this reason, the CSRD materiality assessment did not identify any material risks for the Asset Management Securities business division at the level of the investment management companies. E1 SBM-3 19 (a), 19(b) The descriptions, metrics, time horizons and scenarios applied when analysing the significance of climate-related risks for the business divisions of the Deka Group can be found in the section describing the materiality assessment (see ESRS 2 IRO-1 53 (c)). The results of the analyses are presented in the table under para. 18 in this section. E1 SBM-3 AR 8 (b) The ability of the Deka Group to adapt its business model and strategy is described in the remarks concerning resilience (see ESRS 2 SBM-3 48 (f)). Material impacts, risks and opportunities relating to own workforce and their interaction with strategy and business model (ESRS S1) S1 SBM-3 13 (a), 14 (d) The material positive effects for the workforce stem primarily from the strategic direction of the Deka Group and especially the strategic elements focused on workers. These relate to topics such as remuneration, equal opportunities, diversity, benefits, and respect for employees’ human rights and all form part of the Deka Group’s human resources strategy. The positive impacts predominantly arise through targeted strategic engagement with these topics and only to lesser extent from the business models themselves. The material risk of an ageing workforce is not attributable to the strategy or business models. The positive effects and the risk identified inform the Deka Group’s HR strategy, which is part of the business strategy. S1 SBM-3 14 (c) Positive impacts result from feedback gathered through employee surveys, known as “pulse checks” (see ESRS S1-2 27 (a)), regular discussions with the employee representative bodies, and insights gained from direct contact with the workforce. These directly inform the development of suitable benefit programmes for employees. External employees are not involved in these processes. (see ESRS 2 SBM-3 48 (b), SBM-2 45 (a)) S1 SBM-3 13 (b) The Deka Group’s actions help it meet its qualitative and quantitative human resources requirements to support its future development and thus also take into account the risk of an ageing workforce. Competitive salaries, diverse benefits and high-quality training opportunities which address the specific requirements of the finance and asset management sectors in particular also help reinforce the Deka Group’s attractiveness as an employer. This supports employee retention and specifically addresses the Deka Group’s requirements relating to staff qualifications. S1 SBM-3 14 (a) With regard to types of employees, employees are all persons who are directly employed by DekaBank or a subsidiary under a permanent or fixed-term employment or training contract, including apprentices, sandwich students, student workers and interns. If material impacts also apply to self-employed people or agency workers, this is explicitly stated. Self-employed and agency workers are not part of the regular workforce and are used on a temporary basis to cover peaks in workload. 147

148

Group management Report | Sustainability report Deka Group Annual Report 2024 S1 SBM-3 14 (e) No negative impacts for its own workforce were identified in the transition plan for Deka Group’s own operations. S1 SBM-3 14 (f), 14 (g) No significant risks of incidents of forced labour or child labour arise in Deka Group’s own operations as a result of either its activities as a financial institution or the geographical regions in which it is located. The Deka Group’s sites are located in the EU, the UK, the USA and Singapore and are therefore subject to high labour law standards. Material impacts, risks and opportunities relating to workers in the value chain and their interaction with strategy and business model (ESRS S2) S2 SBM-3 10 (a) i. Cooperation with service providers and suppliers is essential for the business model and operations of the Deka Group. The positive impacts result from the Deka Group’s strategic orientation and careful management of relationships with service providers, suppliers and business partners. S2 SBM-3 10 (a) ii. To reinforce positive impacts and avoid potential negative impacts, the strategic basis for upholding human rights in the value chain is regularly reviewed by the Chief Human Rights Officer. S2 SBM-3 10 (b) DekaBank’s CSRD materiality assessment did not identify any opportunities or risks arising from any interaction between the impacts and dependencies on workers in the value chain on the one hand and its strategy and business model on the other. S2 SBM-3 11 (a) DekaBank regards both self-employed persons and employees of service providers and suppliers to DekaBank as workers in the value chain. These workers operate in a variety of roles and include receptionists, security staff and canteen workers. A further important group in the upstream value chain are workers employed by service providers and suppliers, particularly IT service providers. For workers in the downstream value chain, no negative impacts meeting the materiality threshold were noted. There was no indication that particularly vulnerable workers were employed. S2 SBM-3 11 (b) The risk assessment carried out annually under the German Act on Corporate Due Diligence Obligations in Supply Chains (Lieferkettensorgfaltspflichtengesetz, LkSG) includes identifying any significant risk of child labour or forced labour. No circumstances raising any suspicions in this regard were identified for the reporting period. The majority of service providers and suppliers are based in Germany and the European Union, which further reduces the risk of child labour or forced labour. S2 SBM-3 11 (d) Suppliers and service providers are screened by asking them to provide information about working conditions (including matters such as child labour and occupational health and safety generally) and matters relating to equal treatment, and only those without violations in these areas are selected. This has positive impacts for the employees of companies with which DekaBank does business. The information requested from suppliers and service providers also covers other work-related rights, including freedom of association, collective bargaining and prevention of forced labour, which produces positive impacts here too. S2 SBM-3 12, 13. The CSRD materiality assessment did not identify any material negative impacts or material risks and opportunities arising from impacts and dependencies. This assumption is based on adverse media screening, the annual risk assessment, evaluation of complaints and corresponding preventive procedures. 148

149

Group management Report | Sustainability report Deka Group Annual Report 2024 Material impacts, risks and opportunities relating to consumers and end-users and their interaction with strategy and business model (ESRS S4) S4 SBM-3 9 (a) i. In light of its activities as a provider of financial services to consumers and end-users, ensuring adequate IT security and data protection to avoid potential disruption to secure IT operations and prevent harmful impacts on the fundamental rights and freedoms of consumers is essential to the Deka Group’s business model. S4 SBM-3 9 (a) ii. The needs and requirements arising from regulatory requirements relating to data protection and information security are continuously evaluated by DekaBank on behalf of the Deka Group. S Broker is excluded from this because, although it is aligned with the Deka Group, it has its own policies and procedures for data protection and information security. New standards are swiftly incorporated into the business model and factored into strategy. This means that the material impacts also contribute to development of the business model. S4 SBM-3 10 (a) Since the Deka Group serves various different customer groups, the impacts with regard to transparency and information security were examined for each of them. S4 SBM-3 10 (a) i. The Deka Group sells financial products to private and institutional customers. Sales are primarily geared towards the savings banks, which are regarded as direct customers. Products sold by bevestor and S Broker are aimed exclusively at private customers. The products of the Deka Group do not appear to have any properties harmful to customers. S4 SBM-3 10 (a) ii. The Deka Group offers a broad range of products and services related to securities. The material impacts in the area of information security and data protection affect all end-users and customers equally and chiefly concern respect for the right to self-determination regarding information. S4 SBM-3 10 (a) iii. Financial institutions such as DekaBank are subject to specific legislation (such as the Markets in Financial Instruments Directive (MiFID II)) when offering and selling products. This legislation also requires manuals and product descriptions to be written in such a way that no harm is occasioned to either institutional customers or private investors as a result of missing information. The organisational units responsible for customer information produce this content in accordance with processes which are regularly reviewed by Compliance, Internal Audit and the statutory auditors. In addition, documents supplied to bevestor are sampled and subjected to plausibility checks and undergo extensive functional and acceptance testing. bevestor has also been certified by the German Technical Inspection Association (TÜV) in this regard. S Broker obtains data from a data service which has its own built-in plausibility checks. S4 SBM-3 10 (a) iv. All sales and marketing activities are carried out in compliance with the relevant legislation. The target group for marketing is individuals between the ages of 18 and 75. Business relationships with persons who are particularly vulnerable are not intended. S4 SBM-3 10 (b) The Deka Group has put in place information security and data protection safeguards to address material negative impacts. They mean that personal data is processed for necessary and permitted purposes only. S4 SBM-3 10 (c) Material positive impacts arise from the fact that DekaBank’s information security management system (ISMS) comprises policies, structures and processes as well as technical functions which ensure that information risks are adequately addressed. DekaBank aims to protect the bank and its customers and partners against information risks and guarantee the confidentiality, integrity and availability of business and customer information while also complying with data protection law. 149

150

Group management Report | Sustainability report Deka Group Annual Report 2024 S4 SBM-3 11 DekaBank supplies securities products for sale by the savings banks, its principal retail sales partner. DekaBank uses the savings banks’ segmentation system for target groups, which distinguishes between customers as follows: private banking customers, individual customers plus, individual customers, young adults, other “Comfort” customers and “service customers” (service customers primarily use basic banking services). In general, the products offered through the savings banks are suited to the financial means of the customers concerned. The savings banks’ target group segmentation system, which excludes service customers from the offering of securities products, protects service customers from potential risks associated with securities. Customers who purchase high-risk securities may incur financial losses and must be adequately informed so that they are aware of the potential consequences at the time of purchase. The savings banks follow a high- quality standardised customer advisory process that takes account of this risk. Suitability checks cover customers’ investment goals, knowledge and experience, financial circumstances, risk appetite and risk tolerance, and investment horizon. The aim is to ensure that customers are only offered products that are suitable for them, that they understand, and whose financial implications they are able to gauge. DekaBank supports the savings banks by providing corresponding training and development. In the depositary business, end-users can access their DekaBank, S Broker or bevestor securities accounts online. This gives them transparency about how their investments are performing at all times. The role of the information security and data protection functions here is to create a framework which protects customer data and minimises risks of harm in these areas. Sales via the subsidiary bevestor take place online and to private customers only. When arranging asset management services, it must be ensured on behalf of the asset manager Deka Vermögensmanagement GmbH that the asset management products are suitable for the customer concerned. This is achieved through a defined investment process which involves gathering information, including on the customer’s risk appetite and risk tolerance, financial circumstances, and knowledge and experience. A portfolio can be suggested only after this information has been obtained, meaning that an agreement can only be entered into on the basis of the investor profile determined. Customers are regularly prompted, in quarterly reports or when buying further products, to check whether any of their information has changed since the last update so that it can be amended as necessary. If, when customer information is updated, significant changes are identified which affect the recommended portfolio, the customer is advised of this and must make any changes needed. In addition, the website provides the customer with a transparent explanation tailored to their target group of the investment strategy pursued by the asset management service arranged for them, supplemented by an extensive list of FAQs. S Broker categorises all its customers as private customers regardless of their age or other characteristics. This means that all S Broker customers are subject to the highest level of protection. S Broker offers the following securities account models: DirektDepot: online execution-only clients DepotPlus: savings bank customers who expressly do not wish to receive advice and so use non-advisory securities services only. Sparkassen ComfortDepot: traditional savings bank customers who wish to receive advice from savings banks advisors. S Broker’s S ComfortDepot offering is limited to services specific to securities and custody accounts. At sales-oriented savings banks, advisory customers can also invest in individual security-based asset management services provided by DekaBank or its subsidiary Deka Vermögensmanagement GmbH via S Broker. Here too, S Broker only offers services specifically relating to securities accounts and does not provide advice. 150

151

Group management Report | Sustainability report Deka Group Annual Report 2024 The investment process for the DirektDepot and DepotPlus models is as follows: In non-advisory (execution- only) business, the target market assessment is less stringent with regard to the criteria of knowledge and experience, customer category and sales strategy. For the DirektDepot and DepotPlus models, information about customer knowledge and experience is usually gathered online using the customer questionnaire required under the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) on the one hand, and determined from the customer’s trading history on the other. All products which can be traded via S Broker undergo an automatic product approval process. Technical verification has been put in place to ensure that products cannot be purchased without the relevant mandatory documents (such as the PRIIP-KID) or if the target market data is not available. Customers choose their own investments from a broad investment universe without advice from S Broker. S Broker usually informs customers of the tradable product universe via the website or in general customer notices. It does not actively promote specific products. In addition, extensive warnings and risk notices have been introduced to advise customers if, for example, they lack sufficient knowledge and experience for a particular security. If relevant mandatory information is not available, customers cannot purchase the product concerned. IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities General approach to the materiality assessment 53 (a) This sustainability report is based on a CSRD materiality assessment. For the first time, that materiality assessment has been carried out in accordance with the CSRD reporting standards. The Deka Group followed a multi-stage process comprising the following steps: Establish the basic framework: Firstly, the general framework for the materiality assessment was established. The sectors and industries in which the Deka Group operates were determined and relevant stakeholders were identified. Internal experts were also surveyed. At the same time, the value chain in relation to the CSRD and the scope of the CSRD report were defined. Identify IROs: Building on the basic framework, potential positive and negative impacts, risks and opportunities (IROs) were identified and documented for each sustainability matter. For the E (environment) standards, this was done by reference to the sectors determined, and for the S (social) standards by considering relevant stakeholder groups. Existing risk assessments were also consulted to identify risks. For the G (governance) standards, IROs were identified using existing frameworks and policies. Quantitative assessment of IROs: In the final stage, the IROs determined were assessed using a quantitative evaluation scale and those exceeding a defined threshold were identified as material. The sustainability matters relevant for reporting purposes were ultimately derived from these material IROs. 53 (b) The Deka Group’s material IROs were identified and quantitatively assessed in a multi-stage process as part of the CSRD materiality assessment. 53 (d) The IROs were assessed and the topics material for CSRD reporting purposes were identified as follows: for impacts and opportunities, by carrying out a quantitative assessment of IROs identified on the basis of internal expertise within the specialist organisational units, and for risks, by evaluating the IROs on the basis of the significance analysis of risk areas. The assessment and quality assurance steps were reinforced by the double verification approach. 53 (e) The business divisions take account of climate and environmental topics in their line and project activities. The outcomes inform the Deka Group’s medium-term planning activities. By specifically identifying ESG topics as such, additional resource needs can be recognised and allocated. In addition, the business environment analysis along with the insights drawn from the annual significance analysis as part of the risk inventory process, including the results of stress tests relating to climate and environmental risks, serve as the basis for adjusting the strategic objectives and for the necessary operationalisation down to the business unit level. 151

152

Group management Report | Sustainability report Deka Group Annual Report 2024 53 (g) Analyses were carried out using data from various external databases on environmental topics, which provide insights into existing impacts, risks, opportunities and dependencies across different sectors of the economy. For assessments relating to climate and environmental risks, location-related risk forecasts, various types of geodata, and emissions data were also used. Analyses were also refined and tailored to the Deka Group’s business model using the internal expert knowledge available in the specialist organisational units. The internal experts substantiated their arguments using specialist literature on social topics and regulatory frameworks. (see ESRS 2 IRO-1 53 (b)) Identification and assessment of impacts Overarching approach to the identification and assessment of impacts 53 (a), 53 (b) i. For environmental standards E1 – Climate change, E2 – Pollution, E3 – Water and marine resources, E4 – Biodiversity and E5 – Resource use and circular economy, database research was conducted to determine the impacts of specified sectors in which Deka Group operates. These databases list sector- specific impacts which can be used as a basis for identifying potentially material topics across all the standards. The databases and tools used are internationally recognised and established resources for highlighting various impacts, risks, opportunities and dependencies for different economic sectors. The business divisions used the impacts reported by the databases to identify potentially significant IROs for each sector. They also drew on existing analyses and the expertise available within the organisational units. Further IROs were identified and assessed on the basis of the criteria of the EU Taxonomy Regulation and individual assessments by the various organisational units (e.g. the Poseidon Principles). Internal sector profiles setting out the climate strategy were also used to identify impacts in the E1 area. 53 (b) iii. For the social standards S1 – Own workforce, S2 – Workers in the value chain, S3 – Affected communities and S4 – Consumers and end-users, the various stakeholder groups were examined using pre- existing formats. An internal survey of subject experts representing the relevant external and internal Deka Group stakeholder groups was also carried out (see ESRS 2 SBM-2 45 (b)). For the governance standard G1, potential material IROs were identified on the basis of internal documents, processes and business activities. These included policies, directives, plans, guidelines and commitments relating to business ethics and compliance. Internal experts within the Deka Group also contributed their expertise to the analysis and assessment process. 53 (b) ii. The Deka Group identifies IROs stemming from both its own operations (own activities) and from its business divisions (value chain). Focusing separately on each business division in conjunction with its respective sectors and engaging with different stakeholders produces a comprehensive picture of the impacts of the Deka Group’s business relationships. 53 (b) iv. Impacts are quantified and sustainability topics material for CSRD reporting purposes are identified across all required assessment areas. This involves assessing and quantifying impacts’ magnitude and scope. The extent to which negative impacts are remediable and the likelihood of potential impacts occurring are also evaluated. Each category is rated on a scale from 1 to 4 and the individual ratings are then averaged and combined. If the overall result for a particular impact exceeds the defined materiality threshold, that impact is categorised as material. The assessment and quality assurance steps are implemented and documented using the double verification approach. Identification and assessment of impacts on climate change (ESRS E1) The impacts of the business areas were primarily assessed by examining the GHG emissions they generate. 152

153

Group management Report | Sustainability report Deka Group Annual Report 2024 – Own operations E1 IRO-1 20 (a) Impacts on climate change resulting from own operations are identified by the environmental management system. To implement the environmental guidelines adopted by the Board of Management, which commit the Deka Group to doing business in a way that is economically, environmentally and socially sustainable, the Deka Group introduced a DIN EN ISO 14001 certified environmental management system in 2009. The environmental management system was designed by examining internal and external interactions, including the resulting risks and opportunities, and developing corresponding actions. E1 IRO-1 AR 9 (b) Own emissions are calculated using internal environmental data. This data was used to identify the main sources of emissions, analyse their causes and impacts, and examine how emissions can be influenced, managed, and reduced. GHG emissions result from building operations (chiefly consumption of electricity and heat) and business travel. E1 IRO-1 AR 9 (a) Emissions management plans are reviewed at least annually in the course of internal and external audits of the environmental management system. These audits examine how emissions and their key drivers are identified and look at actions taken or planned to further reduce climate impacts. – Banking business (banking business divisions and Treasury corporate centre) E1 IRO-1 20 (a), AR 9 (b) Positive or negative impacts on climate change arise in the Deka Group’s value chain through the borrowers and counterparties to whom DekaBank provides funds, meaning that DekaBank is an indirect contributor to these impacts via its downstream value chain. Here the analysis examined the positive and negative impacts on climate change resulting from the business and transactions that DekaBank funds and invests in. The borrowers and counterparties were first divided into industries or sectors and potential impacts were then analysed using publicly available information. The criteria used to determine the relevance of an industry or sector were, first, the size of the exposure by volume, and second, the industries or sectors that are highly relevant for climate change due to their business activities. To assess the actual impacts on climate change arising solely from financed emissions in the downstream value chain for financing and proprietary securities investments, both the absolute emissions and the physical intensities of the borrowers, counterparties, or issuers concerned were considered. E1 IRO-1 AR 9 (a) The drivers of GHG emissions in the high-emission sectors are identified in the annually updated sector profiles. Actions undertaken or planned by borrowers and counterparties in these sectors to reduce emissions intensities are highlighted. The sector leads provide an assessment regarding the achievability of decarbonisation in line with the reduction pathways. (see ESRS E1-1 Own operations 16 ff., E1-4 34 (e), AR 30 (c), Banking business 16 ff., E1-4 34 (e), AR 30 (c), Asset Management Real Estate 16 ff., E1-4 34 (e), AR 30 (c), Asset Management Securities 16 ff., E1-4 34 (e), AR 30 (c)). – Asset Management Real Estate business division E1 IRO-1 20 (a), AR 9 (b) Investment assets held in trust by the Asset Management Real Estate business division have been benchmarked against CRREM in terms of energy efficiency and GHG emissions since 2019 through ongoing control and reporting activities for newly acquired and existing real estate assets. CRREM is an important basis for analysing and evaluating the emissions of specific assets and the portfolio as a whole. The science-based CRREM tool takes into account various factors, such as property type and location, to provide information about the maximum energy consumption and CO2 emissions compatible with the Paris climate goals at specific points in time. CRREM updates these 2°C decarbonisation pathways on an ongoing basis in line with current developments and improvements in the underlying data. 153

154

Group management Report | Sustainability report Deka Group Annual Report 2024 E1 IRO-1 AR 9 (a) The real estate assets in the investment funds are continually monitored for compliance with the CRREM 2°C decarbonisation pathway. Results are reported to management monthly. During the annual fund planning process, a forecast for the entire portfolio of investment funds is prepared and specific targets for the individual investment funds are set via the fund strategy. The challenge when gathering consumption data for an international portfolio lies in the lack of uniform European and international standards for recording and calculating corresponding metrics. For this reason, the Asset Management Real Estate business division is focused on continuously improving the quality of the consumption and emissions data collected for the real estate assets in the investment funds. It is clear that these efforts are reducing year-on-year fluctuations in CO2 emission levels, which can be interpreted as a sign of the increasing validity of the metrics. – Asset Management Securities business division E1 IRO-1 20 (a), AR 9 (b) The process used by the Asset Management Securities business division to identify and assess climate-related impacts, opportunities and risks comprises the following consecutive steps. A general description of the process steps is given (see ESRS 2 SBM-1 38). The assessment addresses impacts, risks and opportunities. As part of efforts to meet the Net Zero Asset Managers initiative target, CO2 metrics, particularly for the net- zero portfolio of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A., are collected every six months. The net-zero portfolio comprises actively managed mutual funds. The CO2 metrics are compared to the WACI metric. The target is to halve the CO2 figures by 2030 compared to the base year 2019. The information gathered is used to identify changes in GHG intensity both for the net-zero portfolio and for individual portfolios and issuers, especially those with the highest emissions intensity. (see ESRS E1-1 Asset Management Securities 16 ff.) In addition to the net-zero target, the business division also uses indicators of principal adverse impacts (PAIs) in accordance with the Sustainable Finance Disclosure Regulation to calculate adverse sustainability impacts and apply thresholds depending on the sustainable orientation of the products concerned. These PAIs are reviewed on a regular basis, particularly as regards the emissions intensity of the undertakings, to determine whether they should be tightened in order to meet the climate targets set and reduce climate risks. Insights gained from the collection and analysis of this information also inform stewardship activities such as shareholder engagement and voting at shareholders’ meetings. E1 IRO-1 AR 9 (a) The ESG risk level model takes account of both GHG emissions and the implementation of adequate risk mitigation actions. This enables sustainability risks relating to the assets managed by the Asset Management Securities business division to be managed and the investment universe to be specifically tailored to the product characteristics. In addition, general exclusion thresholds are used to exclude from investment issuers who generate more than a defined percentage of their revenue from coal-related activities. On 1 January 2025, a new Fossil Fuel Policy, which sets out how investments in fossil fuels and related plans should be addressed, was added to these exclusion criteria. In future, this new policy will bring stricter exclusion criteria for coal-related activities for the mutual funds actively managed by the business division (see ESRS E1-2 Asset Management Securities 22) 154

155

Group management Report | Sustainability report Deka Group Annual Report 2024 Identification and assessment of impacts on pollution, water and marine resources and circular economy (ESRS E2, E3, E5) – Own operations E2 IRO-1 11 (a), E3 IRO-1 8 (a), E5 IRO-1 11 (a) For own operations, operating and consumption data was analysed to identify potential material impacts in relation to pollution, water and marine resources and circular economy (see ESRS 2 IRO-1 53 (b), 53 (c)). No material impacts connected with own operations were identified. E2 IRO-1 11 (b), E3 IRO-1 8 (b), E5 IRO-1 11 (b) No consultations were conducted with affected communities. – Banking business and the Asset Management Real Estate and Asset Management Securities business divisions E2 IRO-1 11 (a), E3 IRO-1 8 (a), E5 IRO-1 11 (a) To provide information about impacts and dependencies on natural resources connected with the downstream value chain (business divisions), a portfolio analysis was carried out. This compared the sectors in which the Deka Group operates against external databases of climate-related and environmental impacts and dependencies (see ESRS 2 IRO-1 53 (a)). The analysis examined water, soil and air quality, meaning that topics covered by standard ESRS E2 were considered. No material impacts were identified in the value chain. E2 IRO-1 11 (b), E3 IRO-1 8 (b), E5 IRO-1 11 (b) No consultations were conducted with affected communities. Identification and assessment of impacts on biodiversity (ESRS E4) – Own operations E4 IRO-1 17 (a) Operating and consumption data was analysed to identify potential material impacts in relation to biodiversity arising from own operations. No material impacts relating to biodiversity were identified. A site study was also carried out using an external database of biodiversity risks. E4 IRO-1 17 (e) No consultations were conducted with communities potentially affected by impacts on biodiversity. E4 IRO-1 19 (a) Factors considered in the site study carried out using the external database included proximity to and protection of biodiversity-sensitive areas. No sites located in or having a negative impact on such areas were identified. E4 IRO-1 19 (b) As the sites are not located near any biodiversity-sensitive areas, no biodiversity mitigation measures are required. – Banking business, Asset Management Real Estate and Asset Management Securities business divisions E4 IRO-1 17 (a) A portfolio analysis was conducted for the downstream value chain (banking business and Asset Management Real Estate and Asset Management Securities). This compared the sectors in which DekaBank operates against external databases of impacts and dependencies on natural resources. (see ESRS 2 IRO-1 53) The analysis covered the main drivers of ecosystem and species diversity loss. The real estate business in particular does not relate to the development of new areas for settlement or soil sealing due to construction of infrastructure. Almost all of the real estate assets financed or purchased by the Deka Group are existing properties. Due to the minor importance of biodiversity risks in comparison to the total portfolio of assets under management, no material IROs were identified for the Asset Management Securities sectors. Standard E4 Biodiversity was therefore categorised as non-material for the downstream value chain. E4 IRO-1 17 (e) No consultations were conducted with communities potentially affected by impacts on biodiversity. Identification and assessment of impacts related to business conduct (ESRS G1) 155

156

Group management Report | Sustainability report Deka Group Annual Report 2024 G1 IRO-1 6. Topics considered when identifying IROs relating to business conduct were corporate culture, protection of whistleblowers, and anti-corruption and anti-bribery. The assessment looked at Deka Group locations in Frankfurt am Main, Wiesbaden, Leipzig, Luxembourg and Salzburg. It took account of the fact that these IROs result from the statutory and supervisory rules applicable to the financial sector in Germany and Europe. With regard to the value chain, it looked at the cluster of “internal services” that the Compliance corporate centre provides for the Deka Group within its own operations. Identification and assessment of risks Overarching approach to the identification and assessment of risks 53 (c) i. The regulatory requirements are taken into account when identifying material risks. Risks arising from existing impacts are determined first, followed by risks arising from causes outside the existing impacts. Existing analyses from the risk inventory were used, as described below. 53 (c) ii., E1 IRO-1 AR 11 (a), AR 11 (d), AR 12 (a), AR 12 (c) The Deka Group uses EFRAG’s suggested assessment categories to assess risks and opportunities in its materiality assessment. It notes whether a risk or opportunity arises from past or future events. The scale of the possible financial effect and the likelihood of occurrence are rated on a scale of 1 to 4. For risks and opportunities arising from future events, an approximate time of occurrence is determined. As with the impacts, the individual factors are offset against one another and a final value is determined for each opportunity or risk. If these values exceed the defined materiality threshold, the risk or opportunity concerned is identified as material. The threshold is defined so as to identify the most significant impact as required by regulations. (see ESRS 1, 3.3 42) Risks identified in existing risk analyses for the organisational units of the Deka Group are also considered when assessing the materiality of risks. In line with the ECB Guide on climate-related and environmental risks, DekaBank distinguishes between physical, transition and other climate and environmental risks. The analysis is based on fact cards containing a detailed description of the drivers of climate and environmental risks. – Own operations E1 SBM-3 19 (a) The analysis covered all office locations in the consolidated Deka Group. The following climate-related physical risks, among others, were examined using an external tool for determining climate and environmental risks at specific locations: natural hazards, tropical cyclones, flooding, sea level rise, fire risk, drought, heat, precipitation. Another tool was used to examine various drivers of biodiversity loss, including climate-related risks. E1 SBM-3 19 (b), AR 7 (b). The analysis was carried out in 2023 and covered all self-used locations of the consolidated Deka Group. E1 SBM-3 19 (c) The fact that the Deka Group companies do not own the properties they use is a potential area of uncertainty in the analysis. While the materialisation of a climate-related physical risk would require relocation to a new leased office site, this change of location would enable the Deka Group to continue its business operations and adapt to climate change in the short or medium term. The estimated financial impacts of climate-related physical risks are relatively low and primarily comprise the costs of finding and relocating to a new site. 156

157

Group management Report | Sustainability report Deka Group Annual Report 2024 – Banking business (banking business divisions and Treasury corporate centre) E1 SBM-3 19 (b) The significance analysis conducted annually as part of the regular risk inventory process is specifically focused on identifying and analysing ESG risks. It involves detailed analysis of climate and environmental risk drivers (both risk type-specific and across different risk types) in relation to the portfolio, the established material risk types, and all business activities of the bank. For each material risk type, it can therefore be determined whether risk drivers have a significant impact, and if so which ones. E1 SBM-3 19 (a) The analysis looks at all risk drivers and, alongside all relevant portfolios of the business divisions, also covers business partners such as external service providers and suppliers and the Deka Group’s own locations. E1 SBM-3 19 (b), AR 7 (b) The analysis covers the short-term (up to one year), medium-term (one to five years) and long-term (over five years) time horizons and comprises various procedures. Risk-specific approaches and sensitivity analyses are used to examine specific drivers of climate and environmental risks and their impacts on the various risk types. In addition to this, macroeconomic (stress) scenarios are also used. The objective of this approach is to assess the medium- and long-term impacts of climate and environmental risks on the various risk types. The process involves examining multiple relevant metrics, including value at risk, risk-weighted assets, net commission income and risk provisions. The climate scenarios were selected and developed based on both scientific evidence about the progression of climate change and on institution-specific vulnerabilities. They are based on the scenarios published by the Network for Greening the Financial Sector (NGFS) and are adjusted in line with the existing portfolio and expectations. The scenarios used in the reporting year were “Below 2°C”, “Delayed Transition” and “Current Policies”. They cover climate-related physical and transition risks and a time horizon until 2050. E1 IRO-1 21. An overview of the three scenarios used is presented below: Below 2°C (baseline scenario): The baseline scenario describes a future in which climate policies are gradually tightened, giving a 67% chance of limiting global warming to below 2°C by the end of the century. Assumptions in this scenario include increased electrification of transport, sustainable land use, and the introduction and large-scale expansion of carbon capture and storage technologies. The scenario also assumes a rapid transition to renewable energy, improvements in energy efficiency and higher carbon prices. Delayed Transition (adverse scenario): In the Delayed Transition scenario, geopolitical tensions cause progress on climate policy to stagnate, delaying the development of the energy system. Political decision makers initially postpone the strengthening of climate policies and largely ignore the need to accelerate the transition, with the result that annual global emissions do not fall until 2030. Strong policies are then required to limit global warning to below 2°C, leading, for example, to a sharp increase in carbon prices from 2030. In the absence of political incentives, the availability of technologies for carbon dioxide removal (CDR) is initially low, but capacity increases from 2040. The scenario assumes that the majority of energy generation will come from renewable sources starting from 2045. As in the baseline scenario, it is assumed that energy intensity will be halved by 2050, with the reduction beginning slowly and accelerating significantly from around 2035. 157

158

Group management Report | Sustainability report Deka Group Annual Report 2024 Current Policies - Hot House World (adverse scenario): Despite a reduction in energy intensity and an expansion of renewable energy, fossil fuels remain a significant part of the energy mix in 2050. In the absence of climate policy measures and carbon capture and storage technologies, and with persistently low carbon prices, extreme temperature fluctuations are expected, with global warning reaching 1.5°C by the 2030s and 2°C by 2050. This level of warming leads to significant increases in serious and irreversible climate impacts, including more frequent and extreme weather events such as floods, heatwaves and droughts. Physical risks have far-reaching impacts on performance of national economies, including infrastructure damage from natural disasters, production losses across various sectors, and disruption to global supply chains. Global economic growth continues to weaken as the scenario progresses. Climate damage reduces Germany’s gross domestic product by up to six percentage points in 2050. The significance analysis is carried out annually using portfolio data as at 31 March. 53 (c) iii. In order to capture the material risks and ensure consistency between the risk inventory/significance analysis and the materiality assessment, the results of the significance analysis are included in the materiality assessment. While climate and environmental risks require special attention given their significance, the Deka Group regards them as drivers of the established risk types. They are always viewed in this context rather than being treated as standalone risk types in themselves. ESG risks in the social and governance areas are also regarded as drivers of the relevant risk types and are assessed as part of the annual significance analysis in the same way as climate and environmental risks. E1 SBM-3 19 (a), 19 (b), 21, AR 7 (b) for Asset Management Real Estate and Asset Management Securities. At investment management company level, the Asset Management Securities and Asset Management Real Estate business divisions follow the DekaBank risk management process. The specific climate and environmental risks are analysed at investment management company level for each of the business divisions in the course of the annual risk inventory described above. Climate and environmental risks at the investment fund level are also regarded as drivers of the material risk types, particularly market price risk, liquidity risk and counterparty risk. Appropriate management of these investment-related (Asset Management Securities) and real estate-related (Asset Management Real Estate) climate and environmental risks is ensured through various investment management company-specific measures during the investment process as well as in the investment management company’s own risk control activities. – Asset Management Real Estate business division 53 (c) iii. All risk types are taken into account both during the investment process and in ongoing risk assessment activities. Alongside direct return risks, adverse market and climate developments and regulatory changes are also examined. Depending on the product, tailored risk systems are used. They are selected based on specific goals, available data sources, and the customer’s requirements. Depending on the specific characteristics of the product, various models are used to integrate ESG risks into the investment funds, ranging from limit management and scoring systems to incorporation into Monte Carlo simulations. Social and governance risks are continuously monitored using a scoring system. Environmental (E) risks are divided into physical and transition risks for measurement purposes. The climate and environmental risks of Asset Management Real Estate products are monitored and managed using the existing risk system for investment funds or, if necessary for specific products, suitable auxiliary models. The real estate risk model measures and sets limits for transition and physical risks, for example. This model compares current and future emissions with the CRREM model and quantitatively assesses physical risks based on risk events and property characteristics. The stress tests have also been expanded to include scenarios of this kind. All products are monitored with regard to ESG risks. The investment funds are subject to investment limits as per the above-mentioned classification, and compliance with those limits is reviewed during the purchase process and the holding phase. Differentiated systems for continuously monitoring and reporting on climate-related risks are also in place. Alongside these activities, Risk Control regularly analyses 158

159

Group management Report | Sustainability report Deka Group Annual Report 2024 interactions between the material risk types (counterparty, market price, liquidity, and operational risk). It does so by examining chains of cause and effect chains between risk sub-types. It is through such risk sub- types that a climate or environmental risk impacts the main risk types. – Asset Management Securities business division 53 (c) iii. To capture and assess climate and environmental risks that are not reflected in the ESG ratings available from external providers, the Asset Management Securities business division uses a risk level model specifically for the investment process. This incorporates analyses of climate and environmental risks from its own ESG research as well as external sources. Using this model, issuers are monitored for ESG controversies, downgrading of ESG ratings or ad hoc disclosures and then categorised based on the proprietary ESG research. Depending on the severity of the risks, issuers can be excluded from specific products or from all products. More extensive exclusions are submitted to the SRC. The SRC then formulates recommendations for the boards of management, which make the final decision. The investment process in the Asset Management Securities business division takes account of climate- related and environmental criteria by applying fund-specific, fund group-specific and general exclusions, by incorporating corresponding criteria into the fund selection process, by defining specific investment universes for funds and other products with sustainability characteristics, and by utilising specific research, e.g. for managing climate risk for individual issuers. The portfolio managers receive extensive training to enable them to incorporate climate-related and environmental risks into their portfolio management activities within the context of their sector-specific expertise. In addition, the Sustainability and Corporate Governance unit manages climate-related and environmental risks and opportunities using the three-part approach described for the Asset Management Securities business division. Risk Control, the second line of defence, integrates climate and environmental risks into the methods and processes of the Asset Management Securities business division as follows: During the launch process for mutual and special funds, it is ensured that climate-related and environmental requirements can be monitored. This includes monitoring of exclusions, limits and other investment restrictions and management of market price, liquidity and credit risk. In addition, particularly for mutual funds, further risks arising from climate and environmental aspects are also assessed. As a result of these checks, the product or processes can then be adjusted if required. The investment management company-wide, fund group-specific and fund-specific climate-related and environmental restrictions, such as exclusions and limits, are monitored as part of the investment limit review. This takes account of the different risk requirements and sustainability preferences of investors and investor groups, while also identifying reputational risks at the level of the investment management company and implementing regulatory requirements. As regards counterparty risk, assessments of the climate-related and environmental risks are a qualitative factor informing the overall assessment of default risk. For the market price risk of products in the Asset Management Securities business division, climate and environmental risks are taken into account in market price risk stress tests. The discounts applied in the stress tests are derived from historical events. When determining the liquidity risk of products in the Asset Management Securities business division, liquidity risk stress tests take account of climate and environmental risks in the same way as for market price risk. 159

160

Group management Report | Sustainability report Deka Group Annual Report 2024 Identification and assessment of climate-related physical risks (ESRS E1) E1 IRO-1 20 (b) The Deka Group used various risk assessment tools to analyse climate-related physical risks in own operations and in the value chain. – Own operations E1 IRO-1 20 (b) No material physical risks resulting from climate-related hazards were identified in the review of Deka Group locations. Analysis carried out using an external tool calculated a high risk score for flooding due to potential storm surges or river flooding for the Berlin, Hamburg, Munich and Amsterdam locations. However, the Deka Group does not have critical IT infrastructure at any of these locations which would impair or disrupt operations if damaged. Employees at these sites can switch to mobile working using non-location-dependant infrastructure as needed. Thus the high flood-risk score determined for these locations has no impact on business activities or assets. The sites used by the Deka Group are leased and are not Group assets. E1 IRO-1 AR 11 (c) Various parameters were referred to and taken into account in the processes to identify and assess physical risks. E1 IRO-1 AR 11 (b), AR 12 (d) The office buildings used by the Deka Group are leased, and as such are not Group assets. Thus, even if physical risks were to materialise, the Group’s own assets would not be affected. This also applies to the Deka Group’s vehicle fleet and to the IT equipment used for its own operations. Because all employees are able to work from home or switch to other sites, business operations would not be impaired if a physical risk were to materialise. – Banking business (banking business divisions and Treasury corporate centre) E1 IRO-1 20 (b) As described, various climate-related and environmental physical risks are captured and assessed in the significance analysis. (see ESRS 2 IRO-1 53 (c)) Both acute and chronic risks and risks which are independent of climate factors are examined using internal and external data sources to identity the individual risks for assets, counterparties and refinancing sources. E1 IRO-1 AR 11 (c) Various tools and data providers are used to evaluate climate-related and environmental physical risks. For the short- and medium-term time horizon, location-based business activities (e.g. financing for a wind farm project, work locations of service providers (and alternative sites), refinancing sources) are evaluated using data supplied by an external provider. This provider determines the specific climate and environmental risks applicable at precise geographical locations (e.g. an address). In the case of capital market counterparties with multiple locations, the analysis is performed together with a data provider that assesses climate-related and environmental physical risks for all of the counterparty’s material locations. Using these two external data providers allows risks to be estimated both for different points in time and for different parameters. The macroeconomic scenarios used to assess physical risks for the long-term time horizon are based on those published by the NGFS. E1 IRO-1 AR 11 (b) Likelihood of occurrence is not directly assessed but is implicitly incorporated into the assessment through historical data. Similarly, the magnitude of an event in terms of damage intensity and its duration can only be implicitly inferred from external data. Event severity and duration are taken into account when examining the individual climate-related and environmental physical risks for the specific risk types. This typically means that if an external data provider gives a negative assessment of a particular physical risk, it is assumed that the severity and duration of the event is sufficiently significant. When considering liquidity risk, for example, it is conservatively assumed that there will be a complete withdrawal of that party’s deposits (cash outflow). When assessing capital market counterparties, duration and damage intensity are automatically included in the results provided by the external data provider. The significance analysis did not identify any sectors in the existing portfolio at the reference date of the analysis as being particularly sensitive to climate and environmental physical risks. This is also reflected in the double materiality assessment, in which the physical risks for DekaBank were found not to be material. 160

161

Group management Report | Sustainability report Deka Group Annual Report 2024 – Asset Management Real Estate business division E1 IRO-1 20 (b) Over the short-term time horizon, the analysis found no material impacts for the Asset Management Real Estate business division under the baseline scenario. For the long-term time horizon, impacts for the Asset Management Real Estate business division were found under the “Delayed Transition” and “Hot House World” climate scenarios. These are due to differing approaches and impacts on performance of the investment funds and can be adequately reduced using the mechanisms described (see ESRS 2 SBM-3 48 (f)). Identification of physical risks in the Asset Management Real Estate business division: Step 1 – Exposure to relevant climate hazards. This step involves identifying the relevant climate hazards, based here on the definitions in the Taxonomy Regulation, over the useful life of the property. Climate data from a specialist market data provider is used for this. A risk value of 4 or 5 (“high” and “very high”) in the “without mitigations” view is regarded as critical and relevant. We only factor in local protections (such as flood defences) as mitigation measures if these can be checked and verified for the region concerned. Step 2 – Sensitivity to physical climate hazards. If climate hazards have been identified as relevant, the property is reviewed to determine its sensitivity to those hazards, or to determine whether countermeasures responding to the hazards have already been implemented. If safeguards have already been put in place to reduce or eliminate the building’s sensitivity to the hazard, this is taken into account. This is assumed to be the case if the hazards exist but do not change and were known about at the time of construction. If there is any uncertainty, an expert opinion from a structural engineer is obtained for the property concerned. E1 IRO-1 AR 11 (b) The timeframes used in this analysis are described earlier in this chapter. (see ESRS 2 IRO-1 53 (c)) The timeframes cover the terms of all transactions in the Asset Management Real Estate business division. E1 IRO-1 AR 11 (c) The analysis and the steps described for the banking business also apply for the Asset Management Real Estate business division. – Asset Management Securities business division E1 IRO-1 20 (b) Physical risks for the companies in the Asset Management Securities portfolio are identified by the risk level model and when shaping the net-zero strategy described earlier in this chapter (see ESRS 2 E1-IRO-1 20 (a)). As described in chapter SBM-3 (see ESRS 2 SBM-3 48 (f)), these risks can be counteracted accordingly. E1 IRO-1 AR 11 (b) The timeframes used in the analysis are described above in chapter IRO-1 (see ESRS 2 IRO-1 53 (c)). The timeframes cover the terms of all transactions (including financing transactions and contracts with service providers) at DekaBank and in the Asset Management Securities business division. The climate scenarios used by the central Risk department, with the same configuration and time horizons, are also applied to integrate physical climate risks in the Asset Management Securities business division into the risk level model. E1 IRO-1 AR 11 (c) The analysis and the steps described for the banking business also apply for the Asset Management Securities business division. 161

162

Group management Report | Sustainability report Deka Group Annual Report 2024 Identification and assessment of climate-related transition risks Climate-related transition risks in own operations and in the value chain were handled differently. The transition risks were incorporated into various risk analyses. – Own operations E1 IRO-1 20 (c), AR 12 (b), AR 12 (d) Transition risks in own operations chiefly concern the potential for rising energy and carbon prices. Actions to reduce the Deka Group’s energy consumption and GHG emissions are already planned. Elevated or rising operating expenses, particularly with regard to building operation, the vehicle fleet and business travel, may have an effect on other administrative expenses of the Deka Group. A rise in other administrative expenses may have an impact on the economic result and thus on the business risk, which is captured through the inclusion of these expenses in the annual medium-term plan. No significant financial risks to the Deka Group were identified in this regard. – Banking business (banking business divisions and Treasury corporate centre) E1 IRO-1 20 (c), AR 12 (b) Climate-related transition risks are examined and evaluated as part of the significance analysis carried out for the Deka Group. These risks relate to areas such as CO2 emissions and rising carbon prices, rising resource prices, resource shortages, and environmental and climate-related legal and compliance risks. Transition risks are assessed on a risk type-specific basis using a range of tools such as heatmaps and scenario analysis. The Deka Group’s own datasets of current risk scenarios and historical loss events arising from operational risks are an important basis for assessment of climate- and environment-driven compliance and legal risks. The datasets are systematically tagged based on their relevance in ESG terms. This was used as a basis to estimate expected frequency and loss amounts for operational risks, with a focus on climate-related and environmental legal and compliance risks, for each business division and organisational unit (see ESRS 2 IRO-1 53 (c)). Transition risks are assessed using various methods tailored to the different risk types. Transition risks are identified both at the individual counterparty level and based on industry-specific impact using resources such as sector- specific decarbonisation pathways, NGFS scenarios and external data providers. Data on potential losses in market value as a result of policy initiatives and associated rises in carbon pricing is obtained from an external data provider. Market value losses are determined based on the future cost of capital expenditure on carbon reduction or the cost of carbon pricing, relative to the current market value. Assessments for different phases of policy initiatives and carbon price levels may vary depending on the scenario selected. For the long-term outlook, transition risks, particularly those related to rising carbon prices, are analysed using the adverse “Delayed Transition” scenario, which is based on the NGFS scenario. (see ESRS 2 IRO-1 53 (c)) E1 IRO-1 AR 12 (d) The significance analysis identified sectors in which transition risks may arise. These sectors include conventional energy, aviation and shipping. They are of minor importance in terms of business volume. Corresponding strategic actions have been implemented to manage these sectors appropriately. These actions reflect the relevant objectives in the business strategy for the specific business division and the climate strategy, and support the transition to a climate-neutral economy. (see ESRS 2 SBM- 1 40, ESRS E1-1, E1-3 Banking business) The contents of the decarbonisation pathways inform DekaBank’s steering activities and link into the bank’s medium- and long-term plans. 162

163

Group management Report | Sustainability report Deka Group Annual Report 2024 – Asset Management Real Estate business division E1 IRO-1 20 (c), AR 12 (b) The Asset Management Real Estate business division identifies risks using expert knowledge and continuous in-depth research and market analysis on climate-related topics. The approach and analyses used by DekaBank are also used for managed volumes of the investment funds administered by Deka Immobilien Investment GmbH or WestInvest Gesellschaft für Investmentfonds mbH. E1 IRO-1 AR 12 (d) For the Asset Management Real Estate business division, mechanisms such as the CRREM 2°C decarbonisation pathway (see ESRS 2 E1-IRO-1 20 (b)) are used to identify business activities incompatible with a climate-neutral economy. The business division then either works with the business partners to align the property with the decarbonisation pathway or withdraws from the incompatible business if necessary. – Asset Management Securities business division E1 IRO-1 20 (c), AR 12 (b) The Asset Management Securities business division identifies risks using expert knowledge and continuous in-depth research and market analysis on climate-related topics. The approach and analyses used by DekaBank to identify climate-related transition risks for the banking business, as described above, are also used for the asset management volumes in the Asset Management Securities business division. These comprise the investment funds of the investment management companies in this business division (including the assets under administration mandates) and the asset management mandates. E1 IRO-1 AR 12 (d) The Asset Management Securities business division uses additional mechanisms such as the net-zero strategy (see ESRS 2 E1-IRO-1 20 (b)) to identify business activities incompatible with a climate- neutral economy, and either works with the other parties to move the activities towards decarbonisation, or, if necessary, withdraws from the incompatible business. The analyses are repeated in the course of the annual risk assessment so as to anticipate and respond to changing circumstances and emerging risks. As described above (see ESRS 2 SBM-3 48 (f)), the Asset Management Securities business division is capable of responding to such changes in climate-related transition risks both in the short term and in the medium and long term. As described in the various E1 chapters (see ESRS E1-1 Own operations 16 (j), 29 (a), ESRS E1-1 Banking business 16 (j), 29 (a), ESRS E1-1 Asset Management Real Estate 16 (j), 29 (a), ESRS E1-1 Asset Management Securities 16 (j), 29 (a)), additional metrics for emissions-intensive sectors are evaluated every six months, and particular importance is attached to them when devising actions. E1 IRO-1 AR (15) No critical climate-related assumptions were made in the Deka Group’s financial statements. Identification and assessment of risks related to pollution, water and marine resources and circular economy (ESRS E2, E3, E5) – Own operations E2 IRO-1 11 (a), E3 IRO-1 8 (a), E5 IRO-1 11 (a) (see IRO-1 53 (b) and 53 (c)) To identify material risks, an external tool was used to help analyse whether the Deka Group’s locations are exposed to hazards relating to natural resources. The analysis looked at soil, water and air quality. It did not identify any material risks. Water-related topics such as drought, flooding and water scarcity were also examined. The geographical and regulatory conditions specific to each location were included in the analysis. For the topics of waste and circular economy, internal operational data was analysed. No indication of any financial risks in these areas was found. No material IROs were identified for the topics of pollution, water and marine resources or circular economy. 163

164

Group management Report | Sustainability report Deka Group Annual Report 2024 – Banking business and the Asset Management Real Estate and Asset Management Securities business divisions E2 IRO-1 11 (a), E3 IRO-1 8 (a), E5 IRO-1 11 (a) (see IRO-1 53 (b) and 53 (c)) A database analysis similar to that which identified impacts for the purposes of the CSRD materiality assessment did not identify any material risks in the areas of pollution, water and marine resources or circular economy for the Deka Group’s business divisions. Identification and assessment of risks related to biodiversity (ESRS E4) – Own operations E4 IRO-1 17 (b) To identify material risks related to biodiversity, an external environmental risk analytics tool was used to determine whether any Deka Group locations are exposed to hazards relating to biodiversity. Topics examined included land use changes, invasive species, protected and sensitive ecosystems and the condition of ecosystems. The analysis considered the geographical and regulatory conditions specific to each location. It did not identify any material biodiversity risks. E4 IRO-1 17 (d) The external tool was also used to identify the Deka Group’s dependencies on ecosystems and their services. The tool included the following drivers of biodiversity loss and the direct impacts of biodiversity loss on economic activities: extreme heat, land- and water-use changes, pollution. – Banking business and the Asset Management Real Estate and Asset Management Securities business divisions E4 IRO-1 17 (b) An external database containing drivers of impacts and dependencies on ecosystems was used to identify those relevant for the Deka Group’s business portfolio. The information from the database concerning impacts and dependencies for individual economic sectors was compared with the Deka Group’s financing and investment portfolio. The database analysis covered both physical and transition risks related to biodiversity. It did not identify any biodiversity-related risks. E4 IRO-1 17 (d) Systemic risks relating to biodiversity have not yet been considered individually, as scientific models for assessing systemic risks are not yet available. Identification and assessment of risks related to business conduct (ESRS G1) G1 IRO-1 6. Risks related to business conduct are identified and assessed as described in the sub- chapter on impacts. 164

165

Group management Report | Sustainability report Deka Group Annual Report 2024 Identification and assessment of opportunities Overarching approach to the identification and assessment of opportunities 53 (f) Opportunities are identified and assessed on the basis of the specialist knowledge of internal experts and estimates of magnitude and likelihood of occurrence. Opportunities are primarily identified by departments that deal intensively with the markets. The departments continually evaluate available data and processes in order to identify and seize opportunities for the Deka Group. There are internal processes for escalating opportunities relating to material sustainability matters to the decision-making bodies and the Board of Management. An ESG item appears regularly on the agenda for certain Board of Management meetings, and there are biweekly round table discussions at which DekaBank’s heads of department can discuss potential opportunities. (see ESRS 2 GOV-1 22 (c) i.) Identification and assessment of climate-related opportunities (ESRS E1) – Banking business (banking business divisions and Treasury corporate centre) IRO-1 20 (c) For the area of climate change, the general approach is supplemented by sector profiles, in which sectoral experts from within the Deka Group provide a macroeconomic overview of developments in the sector and assess the development of GHG emissions and impacts, risks and opportunities. The sector profiles are updated annually. No climate-related scenario analysis was carried out when identifying and assessing potential opportunities. Opportunities can arise when undertakings need more capital to implement sustainable practices. DekaBank can meet this need by investing in those undertakings through its proprietary securities investments, and guide and support them by providing transformation financing. – Asset Management Real Estate business division E1 IRO-1 20 (c) The Asset Management Real Estate business division identifies opportunities using expert knowledge and continuous in-depth research and market analysis on climate-related topics. – Asset Management Securities business division E1 IRO-1 20 (c) The Asset Management Securities business division identifies opportunities using expert knowledge and continuous in-depth research and market analysis on climate-related topics. Identification and assessment of opportunities related to pollution, water and marine resources and circular economy (ESRS E2, E3, E5) E2 IRO-1 11 (a), E3 IRO-1 8 (a), E5 IRO-1 11 (a) The experts in the relevant departments analysed prevailing market conditions, data and processes using the same general approach employed to identify opportunities. They did not identify any material opportunities connected with pollution, water and marine resources or circular economy. Identification and assessment of opportunities related to biodiversity (ESRS E4) E4 IRO-1 17 (b) The experts in the relevant departments analysed prevailing market conditions, data and processes using the same general approach employed to identify opportunities. They did not identify any material opportunities connected with biodiversity. Identification and assessment of opportunities related to business conduct (ESRS G1) G1 IRO-1 6. For a description of the process for identifying opportunities, see the sub-chapter on impacts. 165

166

Group management Report | Sustainability report Deka Group Annual Report 2024 IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability reporting 56. The sustainability reporting was prepared using the results of the materiality assessment. The disclosure requirements for which disclosures are provided and the corresponding section and paragraph numbers are shown in the following index: Index of disclosure requirements (Fig. 50) Topic in general standard General ESRS ESRS 2 ESRS 2 ESRS 2 ESRS 2 ESRS 2 General basis for preparation of sustainability statements Disclosures in relation to specific circumstances The role of the administrative, management and supervisory bodies Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Integration of sustainability-related performance in incentive schemes Paragraphs BP-1 BP-2 GOV-1 GOV-2 GOV-3 GOV-4 GOV-4 SBM-1 SBM-2 SBM-3 IRO-1 IRO-2 General disclosure requirements ESRS 2 Statement on due diligence ESRS 2 ESRS 2 ESRS 2 ESRS 2 ESRS 2 ESRS 2 Risk management and internal controls over sustainability reporting Strategy, business model and value chain Interests and views of stakeholders Material impacts, risks and opportunities and their interaction with strategy and business model Description of the process to identify and assess material impacts, risks and opportunities Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement Business activity ESRS Topic in topical standard Paragraphs Own operations (own operations of companies in the consolidated group) Banking business (Banking business divisions and E1 E2 E3 E4 E5 S1 S2 S4 Climate change Pollution Water and marine resources Biodiversity and ecosystems Resource use and circular economy Own workforce Workers in the value chain Consumers and end-users G1 Business conduct E1 E2 E3 Climate change Pollution Water and marine resources 166 SBM-3 *, IRO-1 *, E1-1, E1-2, E1-3, E1-4, E1-5, E1-6, E1-7 IRO-1 (in accordance with ESRS 1.29) IRO-1 (in accordance with ESRS 1.29) IRO-1 (in accordance with ESRS 1.29) IRO-1 (in accordance with ESRS 1.29) SBM-2 *, SBM-3 *, S1-1, S1-2, S1-3, S1-4, S1-5, S1-6, S1-8, S1-9, S1-10, S1-12, S1-13, S1-14, S1-15, S1-16, S1-17 SBM-2 *, SBM-3 *, S2-1, S2-2, S2-3, S2-4, S2-5 SBM-2 *, SBM-3 *, S4-1, S4-2, S4-3, S4-4, S4-5 IRO-1*, G1-1, G1-2, G1-3, G1- 4, G1-6 GOV-3 *, SBM-3 *, IRO-1, E1- 1, E1-2, E1-3, E1-4, E1-6 IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29)

167

Group management Report | Sustainability report Deka Group Annual Report 2024 Treasury corporate centre) Asset Business division Management Real Estate Asset Business division Management Securities (Asset Management Securities) E4 E5 E1 E2 E3 E4 E5 E1 E2 E3 E4 Biodiversity and ecosystems Resource use and circular economy Climate change Pollution Water and marine resources Biodiversity and ecosystems Resource use and circular economy Climate change Pollution Water and marine resources Biodiversity and ecosystems E5 Resource use and circular economy IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) GOV-3 *, SBM-3 *, IRO-1 *, E1-1, E1-2, E1-3, E1-4, E1-6 IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) GOV-3 *, SBM-3 *, IRO-1 *, E1-1, E1-2, E1-3, E1-4, E1-6 IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) IRO-1* (in accordance with ESRS 1.29) * The disclosure obligations connected with ESRS 2 in the topical standards are published in the general standard ESRS 2. To provide a clearer overview of the various provisions of EU law concerning sustainability-related disclosures, the following table shows where disclosures relating to other legislative provisions can be found in the sustainability reporting. Disclosures below the materiality threshold are marked as not material. List of datapoints in cross-cutting and topical standards that derive from other EU legislation (Fig. 51) Datapoints specified in ESRS 2 Appendix B ESRS 2 – Disclosure requirement and related datapoint Materiality Paragraph number in sustainability report ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) mandatory ESRS 2 GOV-1 para. 21 (d) ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) ESRS 2 GOV-4 Statement on due diligence paragraph 30 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii mandatory mandatory mandatory mandatory mandatory ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv mandatory ESRS 2 GOV-1 para. 21 (e) ESRS 2 GOV-4 para. 32 ESRS 2 SBM-1 para. 40 (d) ESRS 2 SBM-1 para. 40 (d) ESRS 2 SBM-1 para. 40 (d) ESRS 2 SBM-1 para. 40 (d) 167

168

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS E1 – Disclosure requirement and related datapoint Materiality Paragraph number in sustainability report ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 ESRS E1-1 Undertakings excluded from Paris-aligned benchmarks paragraph 16 (g) Material Material ESRS E1-4 GHG emission reduction targets paragraph 34 ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 Material Material ESRS E1-5 Energy consumption and mix paragraph 37 Material ESRS E1 – Climate change: - Own operations: E1-1 para. 16 (a), (b), (h), (i) - Banking business: E1-1 para. 16 (a), (b), (d), (h), (i) - Asset Management Real Estate: E1-1 para. 16 (a), (b), (d), (h), (i) - Asset Management Securities: E1-1 para. 16 (a), (b), (d), (h), (i) ESRS E1 – Climate change (banking business), E1-1 para. 16 (g) ESRS E1 – Climate change: - Own operations: E1-1 para. 34 (a), (b), (c), (d) - Banking business: E1-1 para. 34 (a), (b), (c), (d) - Asset Management Real Estate: E1-1 para. 34 (a), (b), (c), (d) - Asset Management Securities: E1-1 para. 34 (a), (b), (c), (d) N/A (The Deka Group is not an undertaking that operates in high climate impact sectors) ESRS E1 – Climate change (own operations), E1-1 para. 37 (a), (b), (c) ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 Material N/A (The Deka Group is not an undertaking that operates in high climate impact sectors) ESRS E1 – Climate change: - Own operations: E1-1 para. 44, AR 48 (Deka Group) - Banking business: E1-1 para. 44 - Asset Management Real Estate: E1-1 para. 44 - Asset Management Securities: E1-1 para. 44 ESRS E1 – Climate change (own operations), E1-1 para. 53, 54, 55, AR 53, AR 54, AR 55 ESRS E1 – Climate change (own operations), E1-1 para. 56 (a), (b) - - - - - ESRS E1-6 Gross Scope 1, 2, 3 and total GHG emissions paragraph 44 Material ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 ESRS E1-7 GHG removals and carbon credits paragraph 56 ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c) ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c) ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69 Material Material Phase-in (as per ESRS 1 Appendix C) Phase-in (as per ESRS 1 Appendix C) Phase-in (as per ESRS 1 Appendix C) Phase-in (as per ESRS 1 Appendix C) Phase-in (as per ESRS 1 Appendix C) 168

169

Group management Report | Sustainability report Deka Group Annual Report 2024 Materiality Paragraph number in sustainability report Not material - Materiality Paragraph number in sustainability report Not material Not material Not material Not material Not material Materiality Not material Not material Not material Not material Not material - - - - - Paragraph number in sustainability report - - - - - - Materiality Paragraph number in sustainability report Not material Not material - - 169 ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) Not material ESRS E2 – Disclosure requirement and related datapoint ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil paragraph 28 ESRS E3 – Disclosure requirement and related datapoint ESRS E3-1 Water and marine resources paragraph 9 ESRS E3-1 Dedicated policy paragraph 13 ESRS E3-1 Sustainable oceans and seas paragraph 14 ESRS E3-4 Total water recycled and reused paragraph 28 (c) ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 ESRS E4 – Disclosure requirement and related datapoint ESRS 2 – SBM-3 – E4 paragraph 16 (a) i ESRS 2 – SBM-3 – E4 paragraph 16 (b) ESRS 2 – SBM-3 – E4 paragraph 16 (c) ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) ESRS E4-2 Policies to address deforestation paragraph 24 (d) ESRS E5 – Disclosure requirement and related datapoint ESRS E5-5 Non-recycled waste paragraph 37 (d) ESRS E5-5 Hazardous waste and radioactive waste paragraph 39

170

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS S1 – Disclosure requirement and related datapoint Materiality Paragraph number in sustainability report ESRS 2 SBM-3 “Material impacts, risks and opportunities relating to own workforce and their interaction with strategy and business model (ESRS S1)”, S1 SBM-3, 14 (f) ESRS 2 SBM-3 “Material impacts, risks and opportunities relating to own workforce and their interaction with strategy and business model (ESRS S1)”, S1 SBM-3, 14 (g) ESRS S1-1 para. 20 (a), (b), (c) ESRS S1-1 para. 21 ESRS S1-1 para. 22 ESRS S1-1 para. 23 ESRS S1-3 para. 32 (c) ESRS S1-14 para. 88 (b) and (c) ESRS S1-14 para. 88 (e) ESRS S1-16 para. 97 (a) ESRS S1-16 para. 97 (b) ESRS S1-17 para. 103 (a) ESRS S1-17 para. 104 (a) ESRS 2 SBM-3 – S1 Risk of incidents of forced labour paragraph 14 (f) Material ESRS 2 SBM3 – S1 Risk of incidents of child labour paragraph 14 (g) ESRS S1-1 Human rights policy commitments paragraph 20 ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 paragraph 21 ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22 ESRS S1-1 Workplace accident prevention policy or management system paragraph 23 ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c) ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) ESRS S1-17 Incidents of discrimination paragraph 103 (a) ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 104 (a) Material Material Material Material Material Material Material Material Material Material Material Material 170

171

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS S2 – Disclosure requirement and related datapoint Materiality ESRS 2 SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) ESRS S2-1 Human rights policy commitments paragraph 17 ESRS S2-1 Policies related to value chain workers paragraph 18 ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 paragraph 19 ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 Material Material Material Material Material Material ESRS S3 – Disclosure requirement and related datapoint Materiality ESRS S3-1 Human rights policy commitments paragraph 16 ESRS S3-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 17 ESRS S3-4 Human rights issues and incidents paragraph 36 Not material Not material Not material Paragraph number in sustainability report ESRS 2 SBM-3 “Material impacts, risks and opportunities relating to workers in the value chain and their interaction with strategy and business model (ESRS S2)”, S2 SBM-3, 11 (b) ESRS S2-1 para. 17 (a), (b), (c) ESRS S2-1 para. 18 ESRS S2-1 para. 19 ESRS S2-1 para. 19, ESRS S2-4 para. 32 (c) ESRS S2-4 para. 36 Paragraph number in sustainability report - - - ESRS S4 – Disclosure requirement and related datapoint Materiality Paragraph number in sustainability report Material ESRS S4-1 para. 16 (a), (b), (c) ESRS S4-1 Policies related to consumers and end-users paragraph 16 ESRS S4-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 17 ESRS S4-4 Human rights issues and incidents paragraph 35 Material Material ESRS G1 – Disclosure requirement and related datapoint Materiality ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) ESRS G1-1 Protection of whistleblowers paragraph 10 (d) ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) Material Material Material ESRS G1-4 Standards of anti-corruption and anti-bribery paragraph 24 (b) Material ESRS S4-1 para. 17 ESRS S4-4 para. 35 Paragraph number in sustainability report ESRS G1-1 para. 10 (b) ESRS G1-1 para. 10 (d) ESRS G1-4 para. 24 (a) ESRS G1-4 para. 24 (b) 59. The Deka Group used the “Flowchart for determining disclosures under ESRS” (ESRS 1 Appendix E) to identify the material disclosure obligations and information. This was based on the results of the CSRD materiality assessment carried out in 2024. Further guidance was provided by the transitional rules of the CSRD. 171

172

Group management Report | Sustainability report Deka Group Annual Report 2024 Environmental information Reporting under Article 8 of the Taxonomy Regulation: Taxonomy alignment report 2024 Introduction To achieve greenhouse gas neutrality by 2050, the European Commission is counting on the support of the financial sector. From a political and regulatory perspective, the financial sector has been assigned the central role of directing capital flows towards sustainable investments and ensuring a high level of market transparency. In order to create clarity and legal certainty as to what constitutes a sustainable investment, the European Commission enacted Regulation (EU) 2020/852 (Taxonomy Regulation), which establishes an EU-wide classification system for sustainable economic activities. The Taxonomy Regulation requires around 100 economic activities in 13 sectors to be evaluated in terms of their impact on the climate and the environment. The taxonomy also includes a catalogue of specific technical requirements that an economic activity must fulfil in to qualify as taxonomy-aligned. The Taxonomy Regulation came into force in July 2020 and initially set out a catalogue of economically sustainable activities relating to the environmental objectives of climate change mitigation and climate change adaptation (environmental objectives 1 and 2). Delegated Regulation (EU) 2022/1214 (delegated act on nuclear and gas) of 22 March 2022 added six new nuclear- and gas-related economic activities to the activities established in the Taxonomy Regulation. A total of 13 further activities for environmental objectives 1 and 2 were added in June 2023 (Regulation (EU) 2023/2485). These include manufacturing- and aviation-related activities and measures relating to flood risk prevention infrastructure. Also in June 2023, the economic activities and screening criteria for the other environmental objectives (objectives 3 to 6 – sustainable use of water resources, transition to a circular economy, pollution prevention and protection of ecosystems and biodiversity) were published in Regulation (EU) 2023/2486. The reporting obligations of the various players in the financial market, including those of banks, are specified in Regulation (EU) 2021/2178. All financial and non-financial undertakings that are required to submit a non- financial statement in accordance with the Accounting Directive 2013/34/EU are required to report under the Taxonomy Regulation. With effect for reporting periods ending on or after 31 December 2023, institutions must report on the taxonomy alignment of their assets and the Green Asset Ratio (“GAR”) for environmental objectives 1 and 2. For disclosures relating to environmental objectives 3 to 6 and the additional activities relating to environmental objectives 1 and 2 published in June 2023, a transitional period of two years applies, during which reports need only cover taxonomy eligibility. The reporting obligations for each of the environmental objectives are shown in figure 52. An environmentally sustainable (or “taxonomy-aligned”) economic activity is an economic activity that fulfils the requirements laid down in Article 3 of the Taxonomy Regulation by contributing substantially to one or more of the six environmental objectives (see figure 52) (Article 3 (a) Taxonomy Regulation) doing no significant harm to any of the environmental objectives (do no significant harm (DNSH) criteria) (Article 3 (b) Taxonomy Regulation) meeting the minimum social safeguards (Article 3 (c) Taxonomy Regulation) The basis for applying the Taxonomy Regulation lies in the delegated acts establishing technical screening criteria, as adopted by the European Commission in accordance with Article 23 of the Taxonomy Regulation (Annex I for environmental objective 1 and Annex II for environmental objective 2). The KPIs determined in accordance with the requirements of the Regulation shown in the following reporting templates must be read in light of 172

173

Group management Report | Sustainability report Deka Group Annual Report 2024 the Deka Group’s integrated business model as the Wertpapierhaus for the savings banks with its focus on asset management business, and the geographical and regulatory interpretation of the Taxonomy Regulation. The Deka Group’s business model as an end-to-end solutions provider is designed to address the needs of savings banks and their customers and to provide all the necessary asset management and banking services for the securities business of the savings banks and their customers. As a partner to the savings banks, the Deka Group also provides targeted sales support and supplies the necessary infrastructure. Reporting on taxonomy eligibility and alignment by environmental objective and reporting dates (Fig. 52) The core business of the Deka Group consists of providing customer-oriented securities and real estate investments. In this context, financing is classified as a complementary service along the entire value chain of asset investment and management. The Financing business division concentrates on specialised and real estate financing and supports the savings banks with refinancing. New business activities are concentrated on loans for placement that serve as attractive investments for institutional investors. Lending is taken onto our own statement of financial position via the banking book, as well as being packaged as an investment product for banks, savings banks and other institutional investors via club deals or syndications. There is also the possibility to participate in loans arranged by third parties. Specialised Financing and Real Estate Financing are subdivisions of the Financing business division. 173

174

Group management Report | Sustainability report Deka Group Annual Report 2024 The Specialised Financing subdivision finances asset-based transport and infrastructure projects and export financing. Infrastructure financing is focused on the national and international financing of (renewable) energy, grid, supply, transport and social infrastructure. Transport financing includes the financing of aircraft, ships and, to a lesser extent, rail transport. The Real Estate Financing subdivision provides lending for real estate in the office, retail, hotel and logistics asset classes in selected locations in Europe and North America, and financing for open-ended real estate funds. The Taxonomy Regulation aims to promote environmentally sustainable activities by providing companies, the financial sector and policy makers with definitions of which economic activities can be considered environmentally sustainable. The delegated acts to the Taxonomy Regulation (Climate Delegated Act Annex I and II) describe the taxonomy-eligible economic activities and thus also specify the scope of possible taxonomy-aligned assets. Taxonomy-eligible assets include real estate financing to private individuals (private real estate lending or retail business), which is not part of the Deka Group’s business model. Lending to borrowers outside the European Economic Area (EEA) cannot be classified as taxonomy-eligible or taxonomy-aligned, even if the economic activity (use of proceeds) can be considered environmentally sustainable. This does not apply to the same extent to special purpose vehicles (SPVs) inside and outside the EEA. In accordance with FAQ 14 in Commission Notice C/2024/6691 of 6 November 2024, exposures to SPVs can be included in the ratio of taxonomy-aligned assets under certain circumstances depending on the taxonomy eligibility or taxonomy alignment of the activity funded, even if the SPV is not required to publish a non-financial statement. The Deka Group has not implemented this FAQ as of the reporting date 31 December 2024, and lending to SPVs has not been included in the GAR. The regulation supplementing Article 8 of the Taxonomy Regulation (“Environment” and “Climate” Delegated Regulation 2023/2485) of 21 November 2023 added further types of financing, for example under activity 6.18 “Leasing of aircraft”, to those classified as taxonomy-eligible under environmental objective 1. Taxonomy eligibility for this activity is disclosed as of 31 December 2024. However, no verification of taxonomy alignment has yet taken place. 174

175

Group management Report | Sustainability report Deka Group Annual Report 2024 Quantitative disclosures Taxonomy alignment: Templates 0-5 and Green Asset Ratio (GAR) As of the current reporting date, the Deka Group is required to publish the GAR for its activities for environmental objectives 1 and 2, in line with the reporting scope for 2023. The GAR is the ratio of taxonomy-aligned business to a defined portion of the Deka Group’s assets (the “covered assets”). Covered assets are total assets excluding exposures to central governments, central banks and supranational issuers, as well as trading book exposures. The relevant KPIs are calculated using the regulatory financial reporting on the basis of the regulatory scope of consolidation. For lending where the use of proceeds is known, taxonomy eligibility and taxonomy alignment are checked and documented using a licensed taxonomy tool. For lending and exposures where the use of proceeds is not known, publicly available data and data from external data providers is used. Exposures for which there is no publicly available data on taxonomy alignment as of the reporting date are assessed and recognised as non-taxonomy-aligned. The GAR and the composition of the underlying figures are presented in the reporting templates published in conjunction with this sustainability report. Information on taxonomy eligibility and taxonomy alignment must be disclosed on both a turnover basis (showing the proportion of taxonomy-aligned activities in a company’s total turnover) and on a CapEx basis (showing the proportion of taxonomy-aligned investments in a company’s total investments). The disclosures for the previous year are not covered by Deloitte’s audit opinion. Template 0 – Summary KPIs Reporting table 0 provides an overview of the KPIs that banks are required to disclose pursuant to Article 8 of the Taxonomy Regulation. KPIs which must be disclosed at 31 December 2024 are GAR stock (main KPI) as well as GAR flow (reporting table 4) and the KPIs for financial guarantees and assets under management (reporting table 5). The figure of 0.64% for “total environmentally sustainable assets” in the main KPI represents the proportion of taxonomy-aligned financing with known use of proceeds relative to covered assets. This is the proportion of taxonomy-aligned exposures (gross carrying amounts). For the GAR, loans and advances, debt securities and equity instruments towards undertakings subject to the Corporate Sustainability Reporting Directive (CSRD) or, depending on implementation of that Directive in the Member States, the Non-Financial Reporting Directive (NFRD) (financial undertakings, non-financial undertakings and other financial undertakings) as well as households and local governments (municipalities and local authorities where the use of proceeds is to finance public housing or specialised lending) must first be analysed for taxonomy eligibility and, in a second step, for taxonomy alignment. If the economic activity funded by the financing can be assigned to environmental objective 1 (climate change mitigation) or environmental objective 2 (climate change adaptation) and fulfils the required criteria when checked using the taxonomy tool, the financing is reported as taxonomy-aligned. 175

176

Group management Report | Sustainability report Deka Group Annual Report 2024 0. Overview of KPIs (based on turnover KPI) to be disclosed by banks under Article 8 of the Taxonomy Regulation (Fig. 53) Green asset ratio (GAR) stock Main KPI Additional KPIs GAR (flow) Trading book 1) Financial guarantees Assets under management Fees and commissions income 2) Total environmentally sustainable assets KPI 4) (Turnover) KPI 5) (CapEx) % coverage (over total assets) 3) % of assets excluded from the numerator of the GAR (Article 7 (2) and (3) and Section 1.1.2. of Annex V) % of assets excluded from the denominator of the GAR (Article 7 (1)) and Section 1.2.4 of Annex V) 0.64% 1.54% 2.19% 34.81% 32.43% 32.76% Total environmentally sustainable assets 0.35% KPI 4) (Turnover) 0.57% KPI 5) (CapEx) 0.78% 0.60% 0.60% 0.60% 0.00% 2.77% 4.02% % coverage (over total assets) 3) 15.09% % of assets excluded from the numerator of the GAR (Article 7 (2) and (3) and Section 1.1.2. of Annex V) % of assets excluded from the denominator of the GAR (Article 7 (1)) and Section 1.2.4 of Annex V) 1) For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR 2) Fees and commissions income from services other than lending and AuM . Institutions shall disclose forwardlooking information for this KPIs, including information in terms of targets, together with relevant explanations on the methodology applied. 3) % of assets covered by the KPI over banks´ total assets 4) based on the Turnover KPI of the counterparty 5) based on the CapEx KPI of the counterparty, except for lending activities where for general lending Turnover KPI is used. Template 1 – Assets for the calculation of GAR (turnover and CapEx based) Reporting table 1 contains detailed information on the assets used to calculate the GAR. It discloses the composition of the banking book exposures to undertakings subject to the CSRD/NFRD (undertakings which are required to publish a non-financial report) by customer group and the amount of taxonomy-eligible and taxonomy-aligned exposures for each environmental objective. The table also shows exposures to companies not subject to the CSRD/NFRD, which do not fall under the provisions of the Taxonomy Regulation regardless of the economic activity or sustainability of the use of proceeds. The composition of covered assets in the denominator of the GAR is shown in column a. Reporting table 1 also contains information on taxonomy- eligible and taxonomy-aligned financial guarantees and assets under management. 176

177

Group management Report | Sustainability report Deka Group Annual Report 2024 1. Assets for the calculation of GAR (based on turnover KPI) at 31 Dec 2024 (Fig. 54) Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) d e f g h i Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) j Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Disclosure reference date T Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation a b Total gross carrying amount 32,478.00 5,053.50 Financial undertakings 26,500.87 3,223.18 Banks 21,415.47 1,645.97 Loans and advances 15,984.70 Debt securities, including UoP 5,420.55 Equity instruments 10.23 934.88 711.08 - c 967.70 264.85 95.97 44.43 51.54 - Other financial corporations 5,085.40 1,577.21 168.88 of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments 300.08 300.08 - - 41.54 20.91 - 20.64 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Non-financial undertakings 5,977.13 1,830.32 Loans and advances 3,861.31 1,426.62 Debt securities, including UoP 2,103.63 403.71 702.85 445.16 257.69 Equity instruments 12.20 Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances - - - - - - - - 30,261.78 26,849.20 6,267.53 6,051.17 - - - - - - - - - - - - - - - - - - - - 404.52 66.69 - - - 66.69 - - - - - - - - - 337.83 337.83 - - - - - - - - - - 177 4.11 2.36 2.36 1.08 1.28 - - - - - - - - - - - - - - 0.66 0.36 0.36 0.19 0.18 - - - - - - - - - - - - - - 71.31 11.93 11.93 9.44 2.49 - - - - - - - - - - - - - - 209.52 86.99 10.72 7.72 3.01 - 76.26 - - - - - - - - - - - - 59.38 0.67 58.71 122.53 30.80 91.73 1.75 - 1.75 0.30 - 0.30 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Of which enabling 0.12 0.06 0.06 - 0.06 - - - - - - - - - - - - - - 0.06 - 0.06 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

178

Group management Report | Sustainability report Deka Group Annual Report 2024 b c d e Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) f g h i Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) j Disclosure reference date T Based on the Turnover KPI €m of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives a Total gross carrying amount 2,297.84 - 207.36 8.99 20,581.68 16,832.98 3,748.69 0.00 59.64 On demand interbank loans 1,658.78 Cash and cash-related assets 0.01 Other categories of assets (e.g. Goodwill, commodities etc.) 1,694.13 Of which Use of Proceeds Of which transi- tional Of which enabling Of which Use of Proceeds Of which enabling 0.12 0.12 - 148.23 - 148.23 - - - - - - 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations Financial guarantees Total GAR assets 62,739.78 5,053.50 967.70 404.52 71.31 209.52 4.11 0.66 Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets 30,573.56 4,906.34 6,105.27 19,561.94 93,313.34 5,053.50 967.70 404.52 71.31 209.52 4.11 0.66 8,880.22 53.36 53.36 53.36 - - - - Assets under management 343,740.21 71,520.71 9,268.89 Of which debt securities - - - Of which equity instruments 71,520.71 1) including those for which the use of proceeds is known 343,740.21 9,268.89 - - - 461.08 4,091.66 1,206.94 261.35 - - - - 461.08 4,091.66 1,206.94 261.35 178

179

Group management Report | Sustainability report Deka Group Annual Report 2024 k Water and marine resources (WTR) m l n o p Circular economy (CE) q Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Disclosure reference date T Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances r Of which enabling Of which enabling 179

180

Group management Report | Sustainability report Deka Group Annual Report 2024 k Water and marine resources (WTR) m l n o p Circular economy (CE) q Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling r Of which enabling 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the Turnover KPI €m of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 180

181

Group management Report | Sustainability report Deka Group Annual Report 2024 s t Pollution (PPC) u v w Biodiversity and Ecosystems (BIO) x z Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Disclosure reference date T Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances Of which enabling 181 aa Of which enabling

182

Group management Report | Sustainability report Deka Group Annual Report 2024 s t Pollution (PPC) u v w Biodiversity and Ecosystems (BIO) x z Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling aa Of which enabling 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the Turnover KPI €m of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 182

183

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Disclosure reference date T Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) ae Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional af Of which enabling 209.63 87.04 10.78 7.72 3.07 - 76.26 - - - - - - - - - - - - 71.31 11.93 11.93 9.44 2.49 - - - - - - - - - - - - - - 59.38 0.67 58.71 122.59 30.80 91.79 - - - - - - - - - - - - - - - - - - - - 404.52 66.69 - - - 66.69 - - - - - - - - - 337.83 337.83 - - - - - - - - - - ab 5,057.61 3,225.54 1,648.33 935.97 712.36 - 1,577.21 - - - - - - - - - - - - 968.36 265.21 96.33 44.62 51.71 - 168.88 - - - - - - - - - - - - 1,832.07 1,426.62 405.46 703.15 445.16 257.99 - - - - - - - - - - - - - - - - - - - - 183

184

Group management Report | Sustainability report Deka Group Annual Report 2024 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the Turnover KPI €m Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets ab ac ad ae TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional af Of which enabling 5,057.61 968.36 404.52 71.31 209.63 5,057.61 968.36 404.52 71.31 209.63 Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 53.36 53.36 72,727.64 9,530.24 - 72,727.64 - 9,530.24 53.36 - - - - 461.08 - 461.08 - 4,239.89 - 4,239.89 1) including those for which the use of proceeds is known 184

185

Group management Report | Sustainability report Deka Group Annual Report 2024 1. Assets for the calculation of GAR (based on turnover KPI) at 31 Dec 2023 (Fig. 55) aj ak al am an ao ap Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds 467.84 73.55 229.48 5.90 90.72 62.43 0.73 0.73 0.73 0.73 - - - - - - - - - - - - 62.43 0.73 0.73 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Disclosure reference date T-1 Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation ag ah Total gross carrying amount 27,982.18 4,537.62 Financial undertakings 22,796.19 3,149.41 Banks 18,827.98 1,421.28 Loans and advances 14,839.74 825.23 Debt securities, including UoP Equity instruments 3,979.03 596.06 9.21 - ai - - - - Other financial corporations 3,968.21 1,728.13 73.55 of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments 636.74 636.74 - - 32.71 17.49 - 15.22 0.69 0.69 - - - - - - - - - - - - - - - - - - - - - - - - - - Non-financial undertakings 5,185.99 1,388.21 Loans and advances 3,724.58 1,208.71 394.29 316.38 1,457.80 179.50 77.91 3.61 - - - - - - - - 27,473.59 24,205.20 - - - - - - - - - - - - - - - - - - - - Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings - - - 5.90 - - - - - - - - - 223.58 223.58 - - - - - - - - - - 185 Of which enabling - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.10 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.10 - 28.29 17.88 0.10 10.40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

186

Group management Report | Sustainability report Deka Group Annual Report 2024 ah ai aj ak al am an ao ap Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Disclosure reference date T-1 Based on the Turnover KPI €m SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives ag Total gross carrying amount 7,633.12 7,549.69 2,817.88 - 81.72 1.71 16,572.08 13,206.82 3,365.26 0.00 250.74 On demand interbank loans 1,765.82 Cash and cash-related assets 0.02 Other categories of assets (e.g. Goodwill, commodities etc.) 1,251.81 Of which transi- tional Of which enabling 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Total GAR assets 55,455.77 4,537.62 467.84 229.48 0.10 90.72 0.73 0.73 Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets 29,703.52 3,048.41 10,463.55 16,191.56 85,159.29 4,537.62 467.84 229.48 0.10 90.72 0.73 0.73 - - - - - - - - - 4.55 - 4.55 - 4.39 - 4.39 Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations Financial guarantees 8,195.54 17.76 15.46 15.46 Assets under management 340,215.70 65,298.35 3,234.50 Of which debt securities - - - Of which equity instruments 65,298.35 1) including those for which the use of proceeds is known 340,215.70 3,234.50 - - - 186 Of which enabling - - - - - - - - - - - -

187

Group management Report | Sustainability report Deka Group Annual Report 2024 aq Water and marine resources (WTR) as ar Of which towards taxonomy relevant sectors at (Taxonomy-eligible) Of which environmentally sustainable au av aw Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Disclosure reference date T-1 Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Of which enabling 187 ax Of which enabling

188

Group management Report | Sustainability report Deka Group Annual Report 2024 aq Water and marine resources (WTR) as ar Of which towards taxonomy relevant sectors at (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds au av aw Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) ax Of which Use of Proceeds Of which enabling Of which enabling 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the Turnover KPI €m Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 188

189

Group management Report | Sustainability report Deka Group Annual Report 2024 ay az Pollution (PPC) ba Of which towards taxonomy relevant sectors bb (Taxonomy-eligible) Of which environmentally sustainable bc Biodiversity and Ecosystems (BIO) bd be Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Disclosure reference date T-1 Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Of which enabling 189 bf Of which enabling

190

Group management Report | Sustainability report Deka Group Annual Report 2024 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the Turnover KPI €m Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments Of which enabling ay az Pollution (PPC) ba Of which towards taxonomy relevant sectors bb bc Biodiversity and Ecosystems (BIO) bd be Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which Use of Proceeds bf Of which enabling 1) including those for which the use of proceeds is known 190

191

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Disclosure reference date T-1 Based on the Turnover KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances bg 4,538.35 3,150.14 1,421.28 825.23 596.06 - 1,728.85 - - - - - - - - - - - - 468.57 74.28 - - - - - - - - - - - - - - - - 1,388.21 1,208.71 179.50 394.29 316.38 77.91 - - - - - - - - - - - - - - - - - - - - 191 bh bi TOTAL (CCM + CCA + WTR + CE + PPC + BIO) bj Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional 74.28 5.90 bk Of which enabling 90.72 62.43 - - - - 62.43 - - - - - - - - - - - - 0.10 - - - - - - - - - - - - - - - - - - 0.10 - 0.10 28.29 17.88 10.40 - - - - - - - - - - - - - - - - - - - - 229.48 5.90 - - - - - - - - - - - - 223.58 223.58 - - - - - - - - - -

192

Group management Report | Sustainability report Deka Group Annual Report 2024 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the Turnover KPI €m Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known bg bh bi TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) bj Of which Use of Proceeds Of which transitional bk Of which enabling 4,538.35 468.57 229.48 0.10 90.72 4,538.35 468.57 229.48 0.10 90.72 17.76 65,302.89 - 65,302.89 15.46 3,238.89 - 3,238.89 15.46 - - - - - - - - - - - 192

193

Group management Report | Sustainability report Deka Group Annual Report 2024 1. Assets for the calculation of GAR (based on CapEx KPI) at 31 Dec 2024 (Fig. 56) f b d e c Disclosure reference date T g h i Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Of which Use of Proceeds a - - - - - - - - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Total gross carrying amount 32,478.00 5,551.78 1,375.55 Financial undertakings 26,500.87 3,345.24 Banks 21,415.47 1,632.91 Loans and advances 15,984.70 928.40 472.91 123.56 66.26 Debt securities, including UoP 5,420.55 704.51 57.30 Equity instruments 10.23 - - Other financial corporations 5,085.40 1,712.32 349.35 of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments 300.08 300.08 - - 41.54 20.91 - 20.64 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Non-financial undertakings 5,977.13 2,206.54 Loans and advances 3,861.31 1,498.22 902.64 513.62 Debt securities, including UoP 2,103.63 708.33 389.02 Equity instruments 12.20 Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable 31 properties Assets excluded from the numerator for GAR calculation 32 (covered in the denominator) 30,261.78 7.64 5.66 5.66 2.18 3.49 - - - - - - - - - - - - - - 1.44 0.94 0.94 0.60 0.34 - - - - - - - - - - - - - - 404.52 66.69 - - - 66.69 96.22 20.25 20.19 17.30 2.89 - 0.06 454.06 176.30 20.15 14.48 5.67 - 156.15 - - - - - - - - - - - - - - - - - - - - - - - - 75.97 3.56 277.76 116.49 1.98 - 72.41 161.27 1.98 0.50 - 0.50 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 337.83 337.83 - - - - - - - - - - 193 j Of which enabling 0.18 0.06 0.06 - 0.06 - - - - - - - - - - - - - - 0.13 - 0.13 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

194

Group management Report | Sustainability report Deka Group Annual Report 2024 Disclosure reference date T Based on the CapEx KPI €m a Total gross carrying amount Financial and Non-financial 33 undertakings 26,849.20 b c d e Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) f g h i Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) j Of which Use of Proceeds Of which Use of Proceeds Of which transi- tional Of which enabling Of which enabling 0.18 0.18 - 178.74 - 178.74 - - - - - - SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives 6,267.53 6,051.17 2,297.84 - 207.36 8.99 20,581.68 16,832.98 3,748.69 0.00 59.64 On demand interbank loans 1,658.78 Cash and cash-related assets 0.01 Other categories of assets (e.g. Goodwill, commodities etc.) 1,694.13 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Total GAR assets 62,739.78 5,551.78 1,375.55 404.52 96.22 454.06 7.64 1.44 Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets 30,573.56 4,906.34 6,105.27 19,561.94 93,313.34 5,551.78 1,375.55 404.52 96.22 454.06 7.64 1.44 Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations Financial guarantees 8,880.22 53.36 53.36 53.36 - - - - Assets under management 343,740.21 78,298.50 13,493.95 Of which debt securities - - - Of which equity instruments 78,298.50 1) including those for which the use of proceeds is known 343,740.21 13,493.95 - - - 643.40 5,902.28 1,398.93 334.58 - - - - 643.40 5,902.28 1,398.93 334.58 194

195

Group management Report | Sustainability report Deka Group Annual Report 2024 k Water and marine resources (WTR) m l n o p Circular economy (CE) q Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) r Of which enabling Of which enabling 195

196

Group management Report | Sustainability report Deka Group Annual Report 2024 k Water and marine resources (WTR) m l n o p Circular economy (CE) q Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling r Of which enabling 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the CapEx KPI €m Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 196

197

Group management Report | Sustainability report Deka Group Annual Report 2024 s t Pollution (PPC) u v w Biodiversity and Ecosystems (BIO) x z Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Of which enabling 197 aa Of which enabling

198

Group management Report | Sustainability report Deka Group Annual Report 2024 s t Pollution (PPC) u v w Biodiversity and Ecosystems (BIO) x z Of which towards taxonomy relevant sectors Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling aa Of which enabling 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the CapEx KPI €m Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 198

199

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Disclosure reference date T Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments ab 5,559.42 3,350.90 1,638.58 930.58 707.99 - 1,712.32 - - - - - - - - - - - - ac 1,376.99 473.85 124.50 66.86 57.64 - 349.35 - - - - - - - - - - - - 2,208.52 1,498.22 710.31 903.14 513.62 389.52 - - - - - - - - - - - - - - - - - - - - 199 TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional ad 404.52 66.69 - - - 66.69 - - - - - - - - - 337.83 337.83 - - - - - - - - - - ae 96.22 20.25 20.19 17.30 2.89 - 0.06 - - - - - - - - - - - - af Of which enabling 454.24 176.36 20.21 14.48 5.73 - 156.15 - - - - - - - - - - - - 75.97 3.56 72.41 277.88 116.49 161.39 - - - - - - - - - - - - - - - - - - - -

200

Group management Report | Sustainability report Deka Group Annual Report 2024 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T Based on the CapEx KPI €m Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known ab ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) ae Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional af Of which enabling 5,559.42 1,376.99 404.52 96.22 454.24 5,559.42 1,376.99 404.52 96.22 454.24 53.36 53.36 79,697.44 13,828.54 - 79,697.44 - 13,828.54 53.36 - - - - 643.40 - 643.40 - 6,081.02 - 6,081.02 200

201

Group management Report | Sustainability report Deka Group Annual Report 2024 1. Assets for the calculation of GAR (based on CapEx KPI) at 31 Dec 2023 (Fig. 57) al ah ak ai aj Disclosure reference date T-1 ag Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling am an ao ap Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Total gross carrying amount 27,982.18 4,796.46 Financial undertakings 22,796.19 3,219.32 Banks 18,827.98 1,361.34 Loans and advances 14,839.74 798.46 Debt securities, including UoP 3,979.03 562.87 Equity instruments 9.21 - 703.02 224.11 229.48 5.90 4.35 1.82 228.84 163.37 0.73 0.73 0.73 0.73 - - - - - - - - - - - - - - - - - - - - - - - Other financial corporations 3,968.21 1,857.98 224.11 5.90 1.82 163.37 0.73 0.73 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments 636.74 636.74 - - 32.71 17.49 - 15.22 0.69 0.69 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Non-financial undertakings 5,185.99 1,577.14 Loans and advances 3,724.58 1,239.99 478.90 344.86 223.58 223.58 2.54 - 65.47 41.18 Debt securities, including UoP 1,457.80 337.15 134.04 Equity instruments 3.61 Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable - - - - - - - - 31 properties - - - - - - - - - - - - - - - - - - 2.54 24.29 - - - - - - - - - - - - - - - - - - - - - - - - - - - 201 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Of which enabling - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

202

Group management Report | Sustainability report Deka Group Annual Report 2024 ah ai aj ak Climate Change Mitigation (CCM) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling al am an ao ap Climate Change Adaptation (CCA) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Disclosure reference date T-1 Based on the CapEx KPI €m ag Total gross carrying amount Assets excluded from the numerator for GAR calculation 32 (covered in the denominator) 27,473.59 Financial and Non-financial 33 undertakings 24,205.20 SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives 7,633.12 7,549.69 2,817.88 - 81.72 1.71 16,572.08 13,206.82 3,365.26 0.00 250.74 On demand interbank loans 1,765.82 Cash and cash-related assets 0.02 Other categories of assets (e.g. Goodwill, commodities etc.) 1,251.81 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 - - - - - - - - - - - - - - - - - - - - - Total GAR assets 55,455.77 4,796.46 703.02 229.48 4.35 228.84 0.73 0.73 Assets not covered for GAR 49 calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets 50 51 52 53 Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 29,703.52 3,048.41 10,463.55 16,191.56 85,159.29 4,796.46 703.02 229.48 4.35 228.84 0.73 0.73 - - - - - - - - - - 15.71 14.81 - 15.71 - 14.81 54 55 56 57 Financial guarantees 8,195.54 17.76 15.46 15.46 Assets under management 340,215.70 70,266.40 6,230.18 Of which debt securities - - - Of which equity instruments 70,266.40 1) including those for which the use of proceeds is known 340,215.70 6,230.18 - - - 202

203

Group management Report | Sustainability report Deka Group Annual Report 2024 aq Water and marine resources (WTR) as ar at Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds au av aw Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable ax (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Of which enabling 203 Of which enabling

204

Group management Report | Sustainability report Deka Group Annual Report 2024 aq Water and marine resources (WTR) as ar at Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds au av aw Circular economy (CE) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable ax (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which enabling 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the CapEx KPI €m Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known 204

205

Group management Report | Sustainability report Deka Group Annual Report 2024 ay az Pollution (PPC) ba Of which towards taxonomy relevant sectors bb (Taxonomy-eligible) Of which environmentally sustainable bc Biodiversity and Ecosystems (BIO) bd be Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Of which enabling 205 bf Of which enabling

206

Group management Report | Sustainability report Deka Group Annual Report 2024 ay az Pollution (PPC) ba Of which towards taxonomy relevant sectors bb (Taxonomy-eligible) Of which environmentally sustainable bc Biodiversity and Ecosystems (BIO) bd be Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds bf Of which enabling 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the CapEx KPI €m Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments Of which enabling 1) including those for which the use of proceeds is known 206

207

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Disclosure reference date T-1 Based on the CapEx KPI €m GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Assets excluded from the numerator for GAR calculation (covered in the denominator) Financial and Non-financial undertakings SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations Loans and advances of which loans collateralised by commercial immovable property of which building renovation loans Debt securities Equity instruments Non-EU country counterparties not subject to NFRD disclosure obligations Loans and advances Debt securities Equity instruments bg 4,797.19 3,220.05 1,361.34 798.46 562.87 - 1,858.71 - - - - - - - - - - - - bh 703.74 224.84 - - - - 224.84 - - - - - - - - - - - - 1,577.14 1,239.99 337.15 478.90 344.86 134.04 - - - - - - - - - - - - - - - - - - - - 207 TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional bi 229.48 5.90 - - - 5.90 - - - - - - - - - 223.58 223.58 - - - - - - - - - - bj 4.35 1.82 - - - - bk Of which enabling 228.84 163.37 - - - - 1.82 163.37 - - - - - - - - - - - - - - - - - - - - - - - - 2.54 - 2.54 65.47 41.18 24.29 - - - - - - - - - - - - - - - - - - - -

208

Group management Report | Sustainability report Deka Group Annual Report 2024 44 45 46 47 48 49 50 51 52 53 Disclosure reference date T-1 Based on the CapEx KPI €m Derivatives On demand interbank loans Cash and cash-related assets Other categories of assets (e.g. Goodwill, commodities etc.) Total GAR assets Assets not covered for GAR calculation Central governments and Supranational issuers Central banks exposure Trading book Total assets Off-balance sheet exposures – Undertakings subject to NFRD disclosure obligations 54 55 56 57 Financial guarantees Assets under management Of which debt securities Of which equity instruments 1) including those for which the use of proceeds is known bg bh bi bj TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Of which towards taxonomy relevant sectors (Taxonomy-eligible) Of which environmentally sustainable (Taxonomy-aligned) Of which Use of Proceeds Of which transitional bk Of which enabling 4,797.19 703.74 229.48 4.35 228.84 4,797.19 703.74 229.48 4.35 228.84 17.76 70,282.11 - 70,282.11 15.46 6,244.99 - 6,244.99 15.46 - - - - - - - - - - - 208

209

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 2 – GAR sector information (turnover and CapEx based) Reporting table 2 provides a detailed breakdown for each environmental objective of all taxonomy-aligned assets towards non-financial corporates (non-financial undertakings) that are active in relevant sectors pursuant to the Taxonomy Regulation (taxonomy-eligible sectors). 2. GAR sector information (based on turnover KPI) (Fig. 58) Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) SMEs and other NFC not Non-Financial corporates SMEs and other NFC not subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount a b (Subject to NFRD) Gross carrying amount Non-Financial corporates Of which environ- mentally sustainable (CCM) €m c d Of which environ- mentally sustainable (CCM) f Of which environ- mentally sustainable (CCA) h Of which environ- mentally sustainable (CCA) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Based on the Turnover KPI Breakdown by sector – NACE 4 digits level (code and label) C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices 9.23 7.39 6.32 11.37 23.36 3.23 14.63 9.23 1.49 5.95 - 17.49 3.23 2.07 9.13 8.26 43.11 43.11 15.53 414.76 31.06 9.71 9.78 0.08 0.71 30.32 89.69 58.79 0.41 1.19 0.89 11.87 388.36 30.26 9.71 5.01 0.02 0.71 - - 3.74 - - 0.17 1,027.33 158.21 12.27 3.95 €m 209 e €m - - - - - - - - - 0.48 - - 0.03 - - - - - - - 0.50 - - - - - - - - - - - 0.24 - - 0.03 - - - - - - - - - - 0.74 0.03 g €m

210

Group management Report | Sustainability report Deka Group Annual Report 2024 i j k Water and marine resources (WTR) l m n Circular economy (CE) o p Non-Financial corporates SMEs and other NFC not Non-Financial corporates SMEs and other NFC not (Subject to NFRD) subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Of which environ- mentally sustainable (CE) Of which environ- mentally sustainable (WTR) Of which environ- mentally sustainable (WTR) Of which environ- mentally sustainable (CE) €m €m 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Based on the Turnover KPI Breakdown by sector – NACE 4 digits level (code and label) C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices €m €m 210

211

Group management Report | Sustainability report Deka Group Annual Report 2024 q r Pollution (PPC) s t u v w Biodiversity and Ecosystems (BIO) x Non-Financial corporates SMEs and other NFC not Non-Financial corporates SMEs and other NFC not (Subject to NFRD) subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Of which environ- mentally sustainable (BIO) Of which environ- mentally sustainable (PPC) Of which environ- mentally sustainable (PPC) Of which environ- mentally sustainable (BIO) €m 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Based on the Turnover KPI Breakdown by sector – NACE 4 digits level (code and label) C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices €m 211 €m €m

212

Group management Report | Sustainability report Deka Group Annual Report 2024 y z aa ab TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Gross carrying amount Gross carrying amount Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) 9.23 1.49 Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) €m 5.95 - 17.49 3.23 2.07 8.26 43.11 12.11 388.36 30.26 9.74 5.01 0.02 0.71 - - 3.74 - - 0.17 158.21 3.98 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Based on the Turnover KPI Breakdown by sector – NACE 4 digits level (code and label) C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi- trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.11 – Retail sale in non-specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices €m 9.23 7.39 6.32 11.37 23.36 3.23 14.63 9.13 43.11 16.01 414.76 31.06 9.74 9.78 0.08 0.71 30.32 89.69 58.79 0.41 1.69 0.89 1,027.33 13.01 212

213

Group management Report | Sustainability report Deka Group Annual Report 2024 2. GAR sector information (based on CapEx KPI) (Fig. 59) c b a Climate Change Mitigation (CCM) d e f g Climate Change Adaptation (CCA) h Non-Financial corporates SMEs and other NFC not Non-Financial corporates SMEs and other NFC not (Subject to NFRD) subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Of which environ- mentally sustainable (CCM) Of which environ- mentally sustainable (CCM) Of which environ- mentally sustainable (CCA) Of which environ- mentally sustainable (CCA) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Based on the CapEx KPI Breakdown by sector – NACE 4 digits level (code and label) C10.80 – Manufacture of other food products C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C20.41 – Manufacture of soap and detergents, cleaning and polishing preparations C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.10 – Retail sale in non- specialised stores G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H51.00 – Air transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities J61.20 – Wireless telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices Q86.90 – Other human health activities €m 21.03 13.65 12.62 2.99 8.56 13.68 27.05 12.80 14.78 - 13.65 2.15 0.14 7.81 - 17.27 12.80 3.55 6.00 5.74 49.63 49.63 48.41 43.97 520.22 62.12 0.99 10.26 6.25 30.57 0.51 30.32 89.69 3.86 494.35 62.12 0.99 5.25 0.83 2.92 0.51 - - - 118.34 13.39 8.71 3.32 1.42 2.48 - 0.17 0.08 - 1,026.03 160.40 60.17 0.09 4.91 - €m 213 €m - - - - - - - - - - - - - - - - - - - - - - 0.48 0.44 - - - - - - - - - - - - 0.14 - - - 1.35 - - - - - - - - - - - - - - - - - 0.06 - €m

214

Group management Report | Sustainability report Deka Group Annual Report 2024 i Water and marine resources (WTR) k j l m n Circular economy (CE) o p Non-Financial corporates SMEs and other NFC not Non-Financial corporates SMEs and other NFC not (Subject to NFRD) subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Of which environ- mentally sustainable (CE) Of which environ- mentally sustainable (WTR) Of which environ- mentally sustainable (WTR) Of which environ- mentally sustainable (CE) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Based on the CapEx KPI Breakdown by sector – NACE 4 digits level (code and label) C10.80 – Manufacture of other food products C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C20.41 – Manufacture of soap and detergents, cleaning and polishing preparations C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.10 – Retail sale in non- specialised stores G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H51.00 – Air transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities J61.20 – Wireless telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices Q86.90 – Other human health activities €m €m 214 €m €m

215

Group management Report | Sustainability report Deka Group Annual Report 2024 q r Pollution (PPC) s t u v w Biodiversity and Ecosystems (BIO) x Non-Financial corporates SMEs and other NFC not Non-Financial corporates SMEs and other NFC not (Subject to NFRD) subject to NFRD (Subject to NFRD) subject to NFRD Gross carrying amount Gross carrying amount Gross carrying amount Gross carrying amount Of which environ- mentally sustainable (BIO) Of which environ- mentally sustainable (PPC) Of which environ- mentally sustainable (PPC) Of which environ- mentally sustainable (BIO) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Based on the CapEx KPI Breakdown by sector – NACE 4 digits level (code and label) C10.80 – Manufacture of other food products C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C20.41 – Manufacture of soap and detergents, cleaning and polishing preparations C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi-trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.10 – Retail sale in non- specialised stores G47.11 – Retail sale in non- specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H51.00 – Air transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities J61.20 – Wireless telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices Q86.90 – Other human health activities €m €m 215 €m €m

216

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Based on the CapEx KPI Breakdown by sector – NACE 4 digits level (code and label) C10.80 – Manufacture of other food products C20.16 – Manufacture of plastics in primary forms C20.59 – Manufacture of other chemical products n.e.c. C20.41 – Manufacture of soap and detergents, cleaning and polishing preparations C23.00 – Manufacture of other non-metallic mineral products C26.11 – Manufacture of electronic components C27.90 – Manufacture of other electrical equipment C29.00 – Manufacture of motor vehicles, trailers and semi- trailers C29.10 – Manufacture of motor vehicles C29.30 – Manufacture of parts and accessories for motor vehicles D35.00 – Electricity, gas, steam and air conditioning supply D35.10 – Electric power generation, transmission and distribution D35.11 – Production of electricity D35.14 – Trade of electricity E36.00 – Water collection, treatment and supply F42.99 – Construction of other civil engineering projects n.e.c. G47.10 – Retail sale in non-specialised stores G47.11 – Retail sale in non-specialised stores with food, beverages or tobacco predominating H49.31 – Urban and suburban passenger land transport H50.10 – Sea and coastal passenger water transport H50.20 – Sea and coastal freight water transport H51.00 – Air transport H52.23 – Service activities incidental to air transportation J59.10 – Motion picture, video and television programme activities J61.00 – Telecommunications J61.90 – Other telecommunications activities J61.20 – Wireless telecommunications activities L68.20 – Renting and operating of own or leased real estate M70.10 – Activities of head offices Q86.90 – Other human health activities €m 21.03 13.65 12.62 2.99 8.56 13.68 27.05 12.80 14.78 6.00 49.63 48.89 520.22 62.12 0.99 10.26 6.25 30.57 0.51 30.32 89.69 3.86 118.34 8.71 3.46 1.42 2.48 1,026.03 61.52 0.09 0.14 7.81 - 17.27 12.80 3.55 5.74 49.63 44.41 494.35 62.12 0.99 5.25 0.83 2.92 0.51 - - - 13.39 - 0.17 0.08 - 160.40 4.97 - y z aa ab TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Non-Financial corporates (Subject to NFRD) SMEs and other NFC not subject to NFRD Gross carrying amount Gross carrying amount Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) - 13.65 2.15 Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) €m Template 3 – GAR on stock (turnover and CapEx based) Reporting table 3 provides a detailed breakdown of the GAR on stock at 31 December 2024, in percent, divided by turnover and CapEx. This template shows stock as a percentage of covered assets, which are also the denominator of the GAR, for each environmental objective. 216

217

Group management Report | Sustainability report Deka Group Annual Report 2024 3. GAR KPI stock (based on turnover KPI) at 31 Dec 2024 (Fig. 60) e Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) b d a c sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds h - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - i Of which enabling 0.00% 0.00% 0.00% - 0.00% - - - - - - - - - - - - - - 0.00% - 0.00% - - - - - - - - - 0.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties f g 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - 0.11% 0.02% 0.02% 0.02% 0.00% - - - - - - - - - - - - 0.33% 0.14% 0.02% 0.01% 0.00% - 0.12% - - - - - - - - - - 0.01% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - - - 0.09% 0.00% 0.09% - - - - 0.20% 0.05% 0.15% - - - - 0.00% - 0.00% - - - - 0.00% - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8.05% 5.14% 2.62% 1.49% 1.13% - 2.51% - - - - - - - - - - 1.54% 0.42% 0.15% 0.07% 0.08% - 0.27% - - - - - - - - - - - - 2.92% 2.27% 0.64% - - - - 1.12% 0.71% 0.41% - - - - - - - - - - - - - - - - 0.64% 0.11% - - - - 0.11% - - - - - - - - - - - - 0.54% 0.54% - - - - - - - - - - Total GAR assets 8.05% 1.54% 0.64% 0.11% 0.33% 0.01% 0.00% 1) including those for which the use of proceeds is known 217

218

Group management Report | Sustainability report Deka Group Annual Report 2024 j Water and marine resources (WTR) k l m n o Circular economy (CE) p Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds q Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets Of which enabling 1) including those for which the use of proceeds is known 218

219

Group management Report | Sustainability report Deka Group Annual Report 2024 r s Pollution (PPC) t u v Biodiversity and Ecosystems (BIO) w x Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds z Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 Of which enabling 1) including those for which the use of proceeds is known 219

220

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known aa ab ae TOTAL (CCM + CCA + WTR + CE + PPC + BIO) ad ac Proportion of total covered assets funding taxonomy relevant 8.06% 5.14% 2.63% 1.49% 1.14% - 2.51% - - - - - - - - - - - - 2.92% 2.27% 0.65% - - - - - - - - - 8.06% sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling 1.54% 0.42% 0.15% 0.07% 0.08% - 0.27% - - - - - - - - - - - - 1.12% 0.71% 0.41% - - - - - - - - - 1.54% 0.64% 0.11% - - - - 0.11% - - - - - - - - - - - - 0.54% 0.54% - - - - - - - - - - 0.64% 0.11% 0.02% 0.02% 0.02% 0.00% - - - - - - - - - - - - - - 0.09% 0.00% 0.09% - - - - - - - - - 0.11% 0.33% 0.14% 0.02% 0.01% 0.00% - 0.12% - - - - - - - - - - - - 0.20% 0.05% 0.15% - - - - - - - - - 0.33% af Proportion of total assets covered 34.81% 28.40% 22.95% 17.13% 5.81% 0.01% 5.45% 0.32% 0.32% - - 0.04% 0.02% - 0.02% - - - - 6.41% 4.14% 2.25% 0.01% - - - - - - - - 67.24% 220

221

Group management Report | Sustainability report Deka Group Annual Report 2024 3. GAR KPI stock (based on turnover KPI) at 31 Dec 2023 (Fig. 61) ag ak Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) ah ai aj sectors (Taxonomy-eligible) Proportion of total covered assets funding Of which Use of Proceeds Of which transi- tional Of which enabling am an ao Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Of which specialise d lending al taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Total GAR assets 8.18% 0.84% 0.41% 0.00% 0.16% 0.00% 0.00% 1) including those for which the use of proceeds is known 221 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties 8.18% 5.68% 2.56% 1.49% 1.07% - 3.12% - - - - - - - - - - 0.84% 0.13% - - - - 0.13% - - - - - - - - - - - - 2.50% 2.18% 0.32% - - - - 0.71% 0.57% 0.14% - - - - - - - - - - - - - - - - 0.41% 0.01% - - - - 0.01% - - - - - - - - - - - - 0.40% 0.40% - - - - - - - - - - 0.00% - - - - - - - - - - - - - - - - 0.16% 0.11% - - - - 0.11% - - - - - - - - - - - - 0.00% - 0.00% - - - - 0.05% 0.03% 0.02% - - - - - - - - - - - - - - - - 0.00% 0.00% - - - - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - 0.00% 0.00% - - - - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - Of which enabling - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

222

Group management Report | Sustainability report Deka Group Annual Report 2024 ap Water and marine resources (WTR) aq ar as at au Circular economy (CE) av aw Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known 222

223

Group management Report | Sustainability report Deka Group Annual Report 2024 ax ay Pollution (PPC) az ba bb Biodiversity and Ecosystems (BIO) bd bc be Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T-1 Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 Of which enabling 1) including those for which the use of proceeds is known 223

224

Group management Report | Sustainability report Deka Group Annual Report 2024 bf TOTAL (CCM + CCA + WTR + CE + PPC + BIO) bg bh Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) bi bj Of which Use of Proceeds Of which transi- tional Of which enabling 0.84% 0.13% - - - - 0.13% - - - - - - - - - - - - 0.71% 0.57% 0.14% - - - - - - - - - 0.84% 0.41% 0.01% - - - - 0.01% - - - - - - - - - - - - 0.40% 0.40% - - - - - - - - - - 0.41% 0.00% - - - - - - - - - - - - - - - - - - 0.00% - 0.00% - - - - - - - - - 0.00% 0.16% 0.11% - - - - 0.11% - - - - - - - - - - - - 0.05% 0.03% 0.02% - - - - - - - - - 0.16% bk Proportion of total assets covered 32.86% 26.77% 22.11% 17.43% 4.67% 0.01% 4.66% 0.75% 0.75% - - 0.04% 0.02% - 0.02% 0.00% 0.00% - - 6.09% 4.37% 1.71% 0.00% - - - - - - - - 65.12% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the Turnover KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known 8.18% 5.68% 2.56% 1.49% 1.07% - 3.12% - - - - - - - - - - - - 2.50% 2.18% 0.32% - - - - - - - - - 8.18% 224

225

Group management Report | Sustainability report Deka Group Annual Report 2024 3. GAR KPI stock (based on CapEx KPI) at 31 Dec 2024 (Fig. 62) e Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) b d a c sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds h - - - - - - - - - - - - - - - - - - - - - - - - - - - i Of which enabling 0.00% 0.00% 0.00% - 0.00% - - - - - - - - - - - - - - 0.00% - 0.00% - - - - - - - - - 0.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties f g 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - 0.15% 0.03% 0.03% 0.03% 0.00% - 0.00% - - - - - - - - - - 0.72% 0.28% 0.03% 0.02% 0.01% - 0.25% - - - - - - - - - - 0.01% 0.01% 0.01% 0.00% 0.01% - - - - - - - - - - - - - - 0.12% 0.01% 0.12% - - - - 0.44% 0.19% 0.26% - - - - 0.00% - 0.00% - - - - 0.00% - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8.85% 5.33% 2.60% 1.48% 1.12% - 2.73% - - - - - - - - - - 2.19% 0.75% 0.20% 0.11% 0.09% - 0.56% - - - - - - - - - - - - 3.52% 2.39% 1.13% - - - - 1.44% 0.82% 0.62% - - - - - - - - - - - - - - - - 0.64% 0.11% - - - 0.11% - - - - - - - - - 0.54% 0.54% - - - - - - - - - Total GAR assets 8.85% 2.19% 0.64% 0.15% 0.72% 0.01% 0.00% 1) including those for which the use of proceeds is known 225

226

Group management Report | Sustainability report Deka Group Annual Report 2024 j Water and marine resources (WTR) k l m n o Circular economy (CE) p Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds q Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets Of which enabling 1) including those for which the use of proceeds is known 226

227

Group management Report | Sustainability report Deka Group Annual Report 2024 r s u t Pollution (PPC) v z Biodiversity and Ecosystems (BIO) w x Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 1) including those for which the use of proceeds is known 227

228

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known aa TOTAL (CCM + CCA + WTR + CE + PPC + BIO) ab ad ac ae Proportion of total covered assets funding taxonomy relevant 8.86% 5.34% 2.61% 1.48% 1.13% - 2.73% - - - - - - - - - - - - 3.52% 2.39% 1.13% - - - - - - - - - 8.86% sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling 2.19% 0.76% 0.20% 0.11% 0.09% - 0.56% - - - - - - - - - - - - 1.44% 0.82% 0.62% - - - - - - - - - 2.19% 0.64% 0.11% - - - 0.11% - - - - - - - - - 0.54% 0.54% - - - - - - - - - - 0.64% 0.15% 0.03% 0.03% 0.03% 0.00% - 0.00% - - - - - - - - - - - - 0.12% 0.01% 0.12% - - - - - - - - - 0.15% 0.72% 0.28% 0.03% 0.02% 0.01% - 0.25% - - - - - - - - - - - - 0.44% 0.19% 0.26% - - - - - - - - - 0.72% af Proportion of total assets covered 34.81% 28.40% 22.95% 17.13% 5.81% 0.01% 5.45% 0.32% 0.32% - - 0.04% 0.02% - 0.02% - - - - 6.41% 4.14% 2.25% 0.01% - - - - - - - - 67.24% 228

229

Group management Report | Sustainability report Deka Group Annual Report 2024 3. GAR KPI stock (based on CapEx KPI) at 31 Dec 2023 (Fig. 63) ag ak Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) sectors (Taxonomy-eligible) ah aj ai Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding Proportion of total covered assets funding taxonomy relevant sectors taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling an Of which Use of Proceeds Total GAR assets 8.65% 1.27% 0.41% 0.01% 0.41% 0.00% 0.00% 1) including those for which the use of proceeds is known 229 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties 1.27% 0.40% - - - - 0.40% - - - - - - - - - - 8.65% 5.81% 2.45% 1.44% 1.01% - 3.35% - - - - - - - - - - - - 2.84% 2.24% 0.61% - - - - 0.86% 0.62% 0.24% - - - - - - - - - - - - - - - - 0.41% 0.01% - - - 0.01% - - - - - - - - - 0.40% 0.40% - - - - - - - - - - 0.01% 0.00% - - - - 0.00% - - - - - - - - - - 0.41% 0.29% - - - - 0.29% - - - - - - - - - - - - 0.00% - 0.00% - - - - 0.12% 0.07% 0.04% - - - - - - - - - - - - - - - - al 0.00% 0.00% - - - - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - am 0.00% 0.00% - - - - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - ao Of which enabling - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

230

Group management Report | Sustainability report Deka Group Annual Report 2024 ap Water and marine resources (WTR) aq ar as at au Circular economy (CE) av aw Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known 230

231

Group management Report | Sustainability report Deka Group Annual Report 2024 ax ay Pollution (PPC) az ba bb Biodiversity and Ecosystems (BIO) bd bc be Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds (Taxonomy-aligned) Of which Use of Proceeds Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T-1 Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 Of which enabling 1) including those for which the use of proceeds is known 231

232

Group management Report | Sustainability report Deka Group Annual Report 2024 bf TOTAL (CCM + CCA + WTR + CE + PPC + BIO) bg bh Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T-1 Based on the CapEx KPI % (compared to total covered assets in the denominator) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 8.65% 5.81% 2.45% 1.44% 1.01% - 3.35% - - - - - - - - - - - - 2.84% 2.24% 0.61% - - - - - - - - - 8.65% bi bj Of which Use of Proceeds Of which transi- tional Of which enabling 1.27% 0.41% - - - - 0.41% - - - - - - - - - - - - 0.86% 0.62% 0.24% - - - - - - - - - 1.27% 0.41% 0.01% - - - 0.01% - - - - - - - - - 0.40% 0.40% - - - - - - - - - - 0.41% 0.01% 0.00% - - - - 0.00% - - - - - - - - - - - - 0.00% - 0.00% - - - - - - - - - 0.01% 0.41% 0.29% - - - - 0.29% - - - - - - - - - - - - 0.12% 0.07% 0.04% - - - - - - - - - 0.41% bk Proportion of total assets covered 32.86% 26.77% 22.11% 17.43% 4.67% 0.01% 4.66% 0.75% 0.75% - - 0.04% 0.02% - 0.02% 0.00% 0.00% - - 6.09% 4.37% 1.71% 0.00% - - - - - - - - 65.12% 1) including those for which the use of proceeds is known Template 4 – GAR on new business (turnover and CapEx based) Reporting table 4 provides an overview of new business flows at 31 December 2024. It gives a detailed presentation of the GAR on new business for the reporting year. Reporting table 4 is structured in the same way as reporting table 1. Like table 1, table 4 is duplicated to provide separate disclosures based on turnover and CapEx. This template shows flow as a percentage of covered assets, which are also the denominator of the GAR, for each environmental objective. 232

233

Group management Report | Sustainability report Deka Group Annual Report 2024 4. GAR KPI flow (based on turnover KPI) at 31 Dec 2024 (Fig. 64) e Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) b d a c sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds h - - - - - - - - - - - - - - - - - - - - - - - - - - i Of which enabling - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties f g 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - 0.04% 0.01% 0.01% 0.01% 0.00% - - - - - - - - - - - - 0.12% 0.05% 0.01% 0.01% 0.00% - 0.04% - - - - - - - - - - 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - - - 0.03% - 0.03% - - - - 0.06% - 0.06% - - - - 0.00% - 0.00% - - - - 0.00% - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.82% 1.63% 1.27% 1.10% 0.16% - 0.37% - - - - - - - - - - 0.57% 0.22% 0.07% 0.06% 0.01% - 0.16% - - - - - - - - - - - - 1.19% 1.02% 0.17% - - - - 0.35% 0.24% 0.10% - - - - - - - - - - - - - - - - 0.35% 0.11% - - - 0.11% - - - - - - - - - 0.24% 0.24% - - - - - - - - - Total GAR assets 2.82% 0.57% 0.35% 0.04% 0.12% 0.00% 0.00% 1) including those for which the use of proceeds is known 233

234

Group management Report | Sustainability report Deka Group Annual Report 2024 j Water and marine resources (WTR) k l m n o Circular economy (CE) p Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds q Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets Of which enabling 1) including those for which the use of proceeds is known 234

235

Group management Report | Sustainability report Deka Group Annual Report 2024 r s Pollution (PPC) t u v Biodiversity and Ecosystems (BIO) w x Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds z Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets Of which enabling 1) including those for which the use of proceeds is known 235

236

Group management Report | Sustainability report Deka Group Annual Report 2024 TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) ab 0.57% 0.22% 0.07% 0.06% 0.01% - 0.16% - - - - - - - - - - - - 0.35% 0.24% 0.10% - - - - - - - - - 0.57% ac ad Of which Use of Proceeds Of which transi- tional 0.35% 0.11% - - - 0.11% - - - - - - - - - 0.24% 0.24% - - - - - - - - - 0.35% 0.04% 0.01% 0.01% 0.01% 0.00% - - - - - - - - - - - - - - 0.03% - 0.03% - - - - - - - - - 0.04% ae Of which enabling 0.12% 0.05% 0.01% 0.01% 0.00% - 0.04% - - - - - - - - - - - - 0.06% - 0.06% - - - - - - - - - 0.12% af Proportion of total new assets covered 15.09% 14.47% 11.60% 10.18% 1.42% - 2.86% 1.75% 1.75% - - - - - - - - - - 0.63% 0.56% 0.07% - - - - - - - - - 15.09% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the Turnover KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known aa 2.82% 1.63% 1.27% 1.10% 0.16% - 0.37% - - - - - - - - - - - - 1.19% 1.02% 0.17% - - - - - - - - - 2.82% 236

237

Group management Report | Sustainability report Deka Group Annual Report 2024 4. GAR KPI flow (based on CapEx KPI) at 31 Dec 2024 (Fig. 65) e Proportion of total covered assets funding taxonomy relevant Climate Change Mitigation (CCM) b d a c sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds Of which transi- tional Of which enabling Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds h - - - - - - - - - - - - - - - - - - - - - - - - - - i Of which enabling 0.00% - - - - - - - - - - - - - - - - - - 0.00% - 0.00% - - - - - - - - 0.00% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties f g 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - 0.06% 0.02% 0.02% 0.02% 0.00% - - - - - - - - - - - - 0.22% 0.10% 0.02% 0.02% 0.00% - 0.08% - - - - - - - - - - 0.00% 0.00% 0.00% 0.00% 0.00% - - - - - - - - - - - - - - 0.04% - 0.04% - - - - 0.11% - 0.11% - - - - 0.00% - 0.00% - - - - 0.00% - 0.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.06% 1.72% 1.29% 1.13% 0.16% - 0.43% - - - - - - - - - - 0.78% 0.34% 0.09% 0.08% 0.01% - 0.25% - - - - - - - - - - - - 1.33% 1.02% 0.32% - - - - 0.43% 0.24% 0.19% - - - - - - - - - - - - - - - - 0.35% 0.11% - - - 0.11% - - - - - - - - - 0.24% 0.24% - - - - - - - - - Total GAR assets 3.06% 0.78% 0.35% 0.06% 0.22% 0.00% 0.00% 1) including those for which the use of proceeds is known 237

238

Group management Report | Sustainability report Deka Group Annual Report 2024 j Water and marine resources (WTR) k l m n o Circular economy (CE) p Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds q Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T Based on the CapEx KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 Of which enabling 1) including those for which the use of proceeds is known 238

239

Group management Report | Sustainability report Deka Group Annual Report 2024 r s Pollution (PPC) t u v Biodiversity and Ecosystems (BIO) w x Proportion of total covered assets funding taxonomy Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds z Of which enabling 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Disclosure reference date T Based on the CapEx KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 31 32 Of which enabling 1) including those for which the use of proceeds is known 239

240

Group management Report | Sustainability report Deka Group Annual Report 2024 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Disclosure reference date T Based on the CapEx KPI % (compared to flow of total eligible assets) GAR – Covered assets in both numerator and denominator Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation Financial undertakings Banks Loans and advances Debt securities, including UoP Equity instruments Other financial corporations of which investment firms Loans and advances Debt securities, including UoP Equity instruments of which management companies Loans and advances Debt securities, including UoP Equity instruments of which insurance undertakings Loans and advances Debt securities, including UoP Equity instruments Non-financial undertakings Loans and advances Debt securities, including UoP Equity instruments Households of which loans collateralised by residential immovable property of which building renovation loans of which motor vehicle loans Local governments financing Housing financing Other local government financing Collateral obtained by taking possession: residential and commercial immovable properties Total GAR assets 1) including those for which the use of proceeds is known aa 3.06% 1.73% 1.30% 1.14% 0.16% - 0.43% - - - - - - - - - - - - 1.33% 1.02% 0.32% - - - - - - - - - 3.06% ab 0.78% 0.34% 0.09% 0.09% 0.01% - 0.25% - - - - - - - - - - - - 0.43% 0.24% 0.19% - - - - - - - - - 0.78% ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) ae Of which enabling 0.22% 0.10% 0.02% 0.02% 0.00% - 0.08% - - - - - - - - - - - - 0.11% - 0.11% - - - - - - - - - 0.22% af Proportion of total new assets covered 15.09% 14.47% 11.60% 10.18% 1.42% - 2.86% 1.75% 1.75% - - - - - - - - - - 0.63% 0.56% 0.07% - - - - - - - - - 15.09% Of which Use of Proceeds Of which transi- tional 0.35% 0.11% - - - 0.11% - - - - - - - - - 0.24% 0.24% - - - - - - - - - 0.35% 0.06% 0.02% 0.02% 0.02% 0.00% - - - - - - - - - - - - - - 0.04% - 0.04% - - - - - - - - - 0.06% 240

241

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – KPIs on off-balance sheet exposures (turnover and CapEx based) Reporting table 5 gives an overview of taxonomy-eligible and taxonomy-aligned financial guarantees and assets under management (AUM). The table is disclosed twice: once for stock at the reporting date and once for new business. For each environmental objective, stock and flow are shown as a percentage of covered assets for financial guarantees and AUM, which also form the denominator of the financial guarantee KPI and AUM KPI respectively. The new business disclosures relate to financial guarantees that were newly issued in the 2024 reporting year. The information on new business in assets under management is based on gross sales for the products in the reporting period. 5. KPI off-balance sheet exposures (loan stock KPI – based on turnover KPI) (Fig. 66) 1 2 1 2 1 2 Disclosure reference date T Stock KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Stock KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Stock KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) c 241 a b d e f g h Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding Proportion of total covered assets funding eligible) taxonomy relevant sectors (Taxonomy- Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds 0.60% - Of which transi- tional - 0.13% Of which enabling - 1.19% - 0.35% - 0.08% aligned) Of which Use of Proceeds - - 0.60% 20.81% 0.60% 2.70% Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) j r l m n Of which Use of Proceeds s Pollution (PPC) t Of which enabling u v k Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Biodiversity and Ecosystems (BIO) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling Of which enabling - 0.04% q i z p x Of which Use of Proceeds Of which enabling o w

242

Group management Report | Sustainability report Deka Group Annual Report 2024 5. KPI off-balance sheet exposures (loan flow KPI – based on turnover KPI) (Fig. 67) c Of which Use of Proceeds l t ab k s j r m n Of which enabling u v Of which enabling - 0.00% q Of which Use of Proceeds Of which enabling p x o w 1 2 1 2 1 2 1 2 1 2 Disclosure reference date T Stock KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Turnover KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- ac ad aa 0.60% 21.16% ab 0.60% 2.77% aligned) Of which Use of Proceeds 0.60% - Of which transitional - 0.13% Of which enabling - 1.23% a b d e f g h Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding Proportion of total covered assets funding eligible) taxonomy relevant sectors (Taxonomy- Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- taxonomy relevant sectors (Taxonomy-aligned) 0.07% 1.24% Of which Use of Proceeds 0.07% - 0.07% 0.23% Of which transi- tional - 0.01% Of which enabling - - - 0.03% - 0.01% aligned) Of which Use of Proceeds - - Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Pollution (PPC) Biodiversity and Ecosystems (BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling aa ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- 0.07% 1.27% 0.07% 0.24% aligned) Of which Use of Proceeds 0.07% - Of which transitional - 0.01% 242 Of which enabling - 0.00% ae i z ae

243

Group management Report | Sustainability report Deka Group Annual Report 2024 Disclosure reference date T 5. KPI off-balance sheet exposures (loan stock KPI – based on CapEx KPI) (Fig. 68) e Climate Change Mitigation (CCM) d b a c f g h Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding Proportion of total covered assets funding eligible) taxonomy relevant sectors (Taxonomy- Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds 0.60% - Of which transi- tional - 0.19% Of which enabling - 1.72% - 0.41% - 0.10% aligned) Of which Use of Proceeds - - 0.60% 22.78% 0.60% 3.93% Water and marine resources (WTR) Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which enabling - 0.05% q p Of which Use of Proceeds Of which enabling x z o w i ae 1 2 1 2 1 2 1 2 Stock KPI – based on the CapEx KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Stock KPI – based on the CapEx KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Stock KPI – based on the CapEx KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Stock KPI – based on the CapEx KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) l m n Of which Use of Proceeds Of which enabling t u v j r k s aa Proportion of total covered assets funding taxonomy Pollution (PPC) Biodiversity and Ecosystems (BIO) Proportion of total covered assets funding relevant sectors (Taxonomy-eligible) taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling ab ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- 0.60% 23.19% 0.60% 4.02% aligned) Of which Use of Proceeds 0.60% - Of which transitional - 0.19% 243 Of which enabling - 1.77%

244

Group management Report | Sustainability report Deka Group Annual Report 2024 Disclosure reference date T 5. KPI off-balance sheet exposures (loan flow KPI – based on CapEx KPI) (Fig. 69) e Climate Change Mitigation (CCM) d b a c f g h Climate Change Adaptation (CCA) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding Proportion of total covered assets funding eligible) taxonomy relevant sectors (Taxonomy- Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- taxonomy relevant sectors (Taxonomy-aligned) Of which Use of Proceeds 0.07% - Of which transi- tional - 0.02% Of which enabling - 0.19% - 0.04% - 0.01% aligned) Of which Use of Proceeds - - Of which enabling - 0.01% 0.07% 1.44% 0.07% 0.37% j k l Water and marine resources (WTR) m Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) n o p q Circular economy (CE) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which Use of Proceeds Of which enabling t u v Of which Use of Proceeds Of which enabling x z Pollution (PPC) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Biodiversity and Ecosystems (BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) (Taxonomy-aligned) Of which Use of Proceeds Of which enabling Of which Use of Proceeds Of which enabling r s aa ab ac ad TOTAL (CCM + CCA + WTR + CE + PPC + BIO) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy- 0.07% 1.47% 0.07% 0.38% aligned) Of which Use of Proceeds 0.07% - Of which transitional - 0.02% 244 Of which enabling - 0.20% 1 2 1 2 1 2 1 2 Flow KPI – based on the Capex KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Capex KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Capex KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) Disclosure reference date T Flow KPI – based on the Capex KPI % (compared to total eligible off- balance sheet assets) Financial guarantees (FinGuar KPI) Assets under management (AuM KPI) i ae w

245

Group management Report | Sustainability report Deka Group Annual Report 2024 Nuclear and gas energy: Annex XII templates for the disclosure referred to in Article 8 (6) and (7) In March 2022, six new activities relating to nuclear and gas energy were added to the list of potentially sustainable economic activities. In order to ensure a high degree of transparency regarding investments in nuclear and gas, the Regulation contains separate disclosure requirements for these exposures. The templates relating to nuclear and gas energy are disclosed for all KPIs in reporting template 0 (GAR stock (main KPI), GAR flow and the KPIs on financial guarantees and assets under management). Template 1 on nuclear- and fossil gas-related activities shows which of the six defined economic activities in the nuclear and gas fields the Deka Group is active in. Template 1 – Nuclear- and fossil gas-related activities (Fig. 70) Row 1. 2. 3. 4. 5. Activities Nuclear energy related activities The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. Fossil gas related activities The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. Yes Yes Yes Yes Yes 6. Template 2 discloses the amount in EUR million and percentage of taxonomy-aligned economic activity in the six nuclear- and gas-related economic activities. The disclosures relate exclusively to the covered assets shown in template 1. Yes Template 3 differs from template 2 in that the disclosures relate to the numerator of the GAR and not the covered assets. Template 4 discloses the amount and percentage of taxonomy-eligible but not taxonomy-aligned economic activities for the six nuclear- and gas-related economic activities. Template 5 discloses the amount and percentage of taxonomy-non-eligible economic activities for the six nuclear- and gas-related economic activities. Templates 2 to 5 must be disclosed on both a turnover basis (showing the proportion of taxonomy-aligned activities in a company’s total turnover) and on a CapEx basis (showing the proportion of taxonomy-aligned investments in a company’s total capital expenditure). 245

246

Group management Report | Sustainability report Deka Group Annual Report 2024 Templates on nuclear and gas energy: KPI GAR stock Template 2 – Taxonomy-aligned economic activities (denominator) – based on turnover KPI – GAR stock (Fig. 71) Row Economic activities amounts and as percentages) Amount and proportion (the information is to be presented in monetary Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 52.33 0.08% 52.33 0.08% - - - - - - - - 0.54 0.00% 0.54 0.00% - - 0.28 0.00% 0.28 0.00% - - 915.21 968.36 1.46% 1.54% 914.55 967.70 1.46% 1.54% 0.66 0.66 0.00% 0.00% 246 1. 2. 3. 4. 5. 6. 7. 8.

247

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 2 – Taxonomy-aligned economic activities (denominator) – based on CapEx KPI – GAR stock (Fig. 72) Row Economic activities amounts and as percentages) Amount and proportion (the information is to be presented in monetary CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI 1. 2. 3. 4. 5. 6. 7. 8. - - - - - - 7.25 0.01% 7.25 0.01% - - 41.42 0.07% 41.42 0.07% - - 2.06 0.00% 2.06 0.00% - - 0.83 0.00% 0.83 0.00% - - 3.49 0.01% 3.49 0.01% - - 1,321.94 1,376.99 2.11% 2.19% 1,320.50 1,375.55 2.10% 1.44 0.00% 2.19% 1.44 0.00% 247

248

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on turnover KPI – GAR stock (Fig. 73) Amount and proportion (the information is to be presented in monetary amounts Row Economic activities Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8. and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 52.33 5.40% 52.33 5.41% - - - - - - - - 0.54 0.06% 0.54 0.06% - - 0.28 0.03% 0.28 0.03% - - 915.21 94.51% 914.55 94.51% 0.66 100.00% 968.36 100.00% 967.70 100.00% 0.66 100.00% 248

249

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on CapEx KPI – GAR stock (Fig. 74) Amount and proportion (the information is to be presented in monetary amounts Row Economic activities and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI - - - - - - 7.25 0.53% 7.25 0.53% - - 41.42 3.01% 41.42 3.01% - - 2.06 0.15% 2.06 0.15% - - 0.83 0.06% 0.83 0.06% - - 3.49 0.25% 3.49 0.25% - - 1,321.94 96.00% 1,320.50 96.00% 1.44 100.00% 1,376.99 100.00% 1,375.55 100.00% 1.44 100.00% 249 1. 2. 3. 4. 5. 6. 7. 8.

250

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on turnover KPI – GAR stock (Fig. 75) Amount and proportion (the information is to be presented in monetary Row Economic activities amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 1.17 0.00% 1.17 0.00% - - 47.40 0.08% 47.40 0.08% - - 6.67 0.01% 6.67 0.01% - - 5.69 0.01% 5.69 0.01% - - 4,028.32 6.42% 4,024.87 6.42% 3.45 0.01% 4,089.25 6.52% 4,085.80 6.51% 3.45 0.01% 250 Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8.

251

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on CapEx KPI – GAR stock (Fig. 76) Amount and proportion (the information is to be presented in monetary Row Economic activities amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 0.24 0.00% 0.24 0.00% - - 26.28 0.04% 25.61 0.04% 0.67 0.00% 14.43 0.02% 14.43 0.02% - - 9.94 0.02% 9.94 0.02% - - 4,131.54 6.59% 4,126.01 6.58% 5.53 0.01% 4,182.43 6.67% 4,176.23 6.66% 6.20 0.01% 251 Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8.

252

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – Taxonomy non-eligible economic activities – based on turnover KPI – GAR stock (Fig. 77) Row Economic activities Amount (€ million) % 1.55 0.00% 8.18 0.01% 11.58 0.02% 0.01 0.00% - - 1.55 0.00% 57,659.30 91.90% 91.94% Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 57,682.17 252 1. 2. 3. 4. 5. 6. 7. 8.

253

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – Taxonomy non-eligible economic activities – based on CapEx-KPI – GAR stock (Fig. 78) Amount (€ million) % Row 1. 2. 3. 4. 5. 6. 7. 8. Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI - - 42.06 0.07% 7.29 0.01% 0.01 0.00% 0.16 0.00% - - 57,130.84 57,180.36 91.06% 91.14% Nuclear and gas exposures rose slightly compared with the previous year. This rise is due to exposures with unknown use of proceeds. Exposures with known use of proceeds are limited to taxonomy-eligible activities connected with the construction or operation of electricity and heat generation facilities using fossil gaseous fuels, which equal 0.02% of covered assets (previous year: 0.03% of covered assets). 253

254

Group management Report | Sustainability report Deka Group Annual Report 2024 Templates on nuclear and gas energy: KPI GAR flow Template 2 – Taxonomy-aligned economic activities (denominator) – based on turnover KPI – GAR flow (Fig. 79) Row Economic activities amounts and as percentages) Amount and proportion (the information is to be presented in monetary Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 9.56 0.02% 9.56 0.02% - - - - - - - - - - - - - - - - - - - - 958.80 968.36 1.53% 1.54% 958.14 967.70 1.53% 1.54% 0.66 0.66 0.00% 0.00% 254 1. 2. 3. 4. 5. 6. 7. 8.

255

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 2 – Taxonomy-aligned economic activities (denominator) – based on CapEx KPI – GAR flow (Fig. 80) Row Economic activities amounts and as percentages) Amount and proportion (the information is to be presented in monetary CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI - - - - - - 1.33 0.00% 1.33 0.00% - - 7.78 0.01% 7.78 0.01% - - - - - - - - - - - - - - - - - - - - 1,367.88 1,376.99 2.18% 2.19% 1,366.44 1,375.55 2.18% 1.44 0.00% 2.19% 1.44 0.00% 255 1. 2. 3. 4. 5. 6. 7. 8.

256

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on turnover KPI – GAR flow (Fig. 81) Amount and proportion (the information is to be presented in monetary amounts Row Economic activities and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI - - - - - - - - - - - - 9.56 0.99% 9.56 0.99% - - - - - - - - - - - - - - - - - - - - 958.80 99.01% 958.14 99.01% 0.66 100.00% 968.36 100.00% 967.70 100.00% 0.66 100.00% 256 1. 2. 3. 4. 5. 6. 7. 8.

257

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on CapEx KPI – GAR flow (Fig. 82) Amount and proportion (the information is to be presented in monetary amounts Row Economic activities and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI - - - - - - 1.33 0.10% 1.33 0.10% - - 7.78 0.56% 7.78 0.57% - - - - - - - - - - - - - - - - - - - - 1,367.88 99.34% 1,366.44 99.34% 1.44 100.00% 1,376.99 100.00% 1,375.55 100.00% 1.44 100.00% 257 1. 2. 3. 4. 5. 6. 7. 8.

258

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on turnover KPI – GAR flow (Fig. 83) Amount and proportion (the information is to be presented in monetary Row Economic activities amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - 0.70 0.00% 0.70 0.00% - - 10.92 0.02% 10.92 0.02% - - 3.80 0.01% 3.80 0.01% - - 3.81 0.01% 3.81 0.01% - - 4,070.02 6.49% 4,066.57 6.48% 3.45 0.01% 4,089.25 6.52% 4,085.80 6.51% 3.45 0.01% 258 Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8.

259

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on CapEx KPI – GAR flow (Fig. 84) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI - - - - - - - - - - - - - - - - - - 4.49 0.01% 4.20 0.01% 0.29 0.00% 9.84 0.02% 9.84 0.02% - - 6.93 0.01% 6.93 0.01% - - 4,161.17 6.63% 4,155.26 6.62% 5.91 0.01% 4,182.43 6.67% 4,176.23 6.66% 6.20 0.01% 259 1. 2. 3. 4. 5. 6. 7. 8.

260

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – Taxonomy non-eligible economic activities – based on turnover KPI – GAR flow (Fig. 85) Row Economic activities Amount (€ million) % Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 57,682.17 57,678.95 Template 5 – Taxonomy non-eligible economic activities – based on CapEx KPI – GAR flow (Fig. 86) Amount (€ million) - - - - 3.22 0.01% - - - - - - 91.93% 91.94% % Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 260 - - 8.11 0.01% 1.80 0.00% - - - - - - 57,170.45 57,180.36 91.12% 91.14% 1. 2. 3. 4. 5. 6. 7. 8. Row 1. 2. 3. 4. 5. 6. 7. 8.

261

Group management Report | Sustainability report Deka Group Annual Report 2024 Templates on nuclear and gas energy: financial guarantees Template 2 – Taxonomy-aligned economic activities (denominator) – based on turnover KPI – financial guarantees (Fig. 87) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53.36 0.60% 53.36 0.60% 0.60% - - - - Total applicable KPI 53.36 0.60% 53.36 261 1. 2. 3. 4. 5. 6. 7. 8.

262

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 2 – Taxonomy-aligned economic activities (denominator) – based on CapEx KPI – financial guarantees (Fig. 88) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53.36 0.60% 53.36 0.60% 0.60% - - - - Total applicable KPI 53.36 0.60% 53.36 262 1. 2. 3. 4. 5. 6. 7. 8.

263

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on turnover KPI – financial guarantees (Fig. 89) Row Economic activities Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8. Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53.36 100.00% 53.36 100.00% - - 53.36 100.00% 53.36 100.00% - - 263

264

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on CapEx KPI – financial guarantees (Fig. 90) Row Economic activities Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8. Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53.36 100.00% 53.36 100.00% - - 53.36 100.00% 53.36 100.00% - - 264

265

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on turnover KPI – financial guarantees (Fig. 91) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 265 1. 2. 3. 4. 5. 6. 7. 8.

266

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on CapEx KPI – financial guarantees (Fig. 92) Amount and proportion (the information is to be presented in monetary Row Economic activities amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 266 Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8.

267

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – Taxonomy non-eligible economic activities – based on turnover KPI – financial guarantees (Fig. 93) % Amount (€ million) Row Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI - - - - - - - - - - - - 99.40% 99.40% % 1. 2. 3. 4. 5. 6. 7. 8. Row 1. 2. 3. 4. 5. 6. 7. 8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 8,826.86 8,826.86 Template 5 – Taxonomy non-eligible economic activities – based on CapEx KPI – financial guarantees (Fig. 94) Amount (€ million) Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 267 - - - - - - - - - - - - 8,826.86 8,826.86 99.40% 99.40%

268

Group management Report | Sustainability report Deka Group Annual Report 2024 Templates on nuclear and gas energy: assets under management Template 2 – Taxonomy-aligned economic activities (denominator) – based on turnover KPI – assets under management (Fig. 95) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI 6.47 0.00% 6.47 0.00% - - 22.70 0.01% 22.70 0.01% - - 164.65 0.05% 164.64 0.05% 0.00 0.00% 6.55 0.00% 6.55 0.00% - - 27.81 0.01% 27.71 0.01% 0.10 0.00% 5.70 0.00% 5.70 0.00% - - 9,296.35 9,530.24 2.70% 2.77% 9,035.11 9,268.89 2.63% 261.24 0.08% 2.70% 261.35 0.08% 268 1. 2. 3. 4. 5. 6. 7. 8.

269

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 2 – Taxonomy-aligned economic activities (denominator) – based on CapEx KPI – assets under management (Fig. 96) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI 1.41 0.00% 1.41 0.00% - - 43.05 0.01% 43.05 0.01% - - 114.15 0.03% 114.15 0.03% - - 26.82 0.01% 26.82 0.01% - - 18.52 0.01% 18.52 0.01% - - 47.63 0.01% 47.63 0.01% - - Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total applicable KPI 13,576.96 13,828.54 3.95% 4.02% 13,242.37 13,493.95 3.85% 334.58 0.10% 3.93% 334.58 0.10% 269 1. 2. 3. 4. 5. 6. 7. 8.

270

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on turnover KPI – assets under management (Fig. 97) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts CCM + CCA Amount (€ million) % and as percentages) Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 6.47 0.07% 6.47 0.07% - - 22.70 0.24% 22.70 0.24% - - 164.65 1.73% 164.64 1.78% 0.00 0.00% 6.55 0.07% 6.55 0.07% - - 27.81 0.29% 27.71 0.30% 0.10 0.04% 5.70 0.06% 5.70 0.06% - - 9,296.35 97.55% 9,035.11 97.48% 261.24 99.96% 9,530.24 100.00% 9,268.89 100.00% 261.35 100.00% 270 1. 2. 3. 4. 5. 6. 7. 8.

271

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 3 – Taxonomy-aligned economic activities (numerator) – based on CapEx KPI – assets under management (Fig. 98) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) Climate Change Mitigation CCM + CCA Amount (€ million) % (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI 1.41 0.01% 1.41 0.01% - - 43.05 0.31% 43.05 0.32% - - 114.15 0.83% 114.15 0.85% - - 26.82 0.19% 26.82 0.20% - - 18.52 0.13% 18.52 0.14% - - 47.63 0.34% 47.63 0.35% - - 13,576.96 98.18% 13,242.37 98.14% 334.58 100.00% 13,828.54 100.00% 13,493.95 100.00% 334.58 100.00% 271 1. 2. 3. 4. 5. 6. 7. 8.

272

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on turnover KPI – assets under management (Fig. 99) Row Economic activities Amount and proportion (the information is to be presented in monetary amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 7.58 0.00% 7.58 0.00% - - 8.92 0.00% 8.92 0.00% - - 44.47 0.01% 44.47 0.01% - - 604.37 0.18% 655.82 0.19% 604.37 511.15 0.18% 0.00 0.00% 0.15% 144.68 0.04% 52.07 0.02% 52.07 0.02% - - 61,824.18 17.99% 61,023.26 17.75% 800.91 0.23% 63,197.41 18.39% 62,251.82 18.11% 945.59 0.28% 272 1. 2. 3. 4. 5. 6. 7. 8.

273

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 4 – Taxonomy-eligible but not taxonomy-aligned economic activities – based on CapEx KPI – assets under management (Fig. 100) Amount and proportion (the information is to be presented in monetary Row Economic activities amounts and as percentages) CCM + CCA Amount (€ million) % Climate Change Mitigation (CCM) Amount (€ million) % Climate Change Adaptation (CCA) Amount (€ million) % 2.11 0.00% 2.11 0.00% - - 0.07 0.00% 0.07 0.00% - - 8.08 0.00% 8.08 0.00% - - 386.04 0.11% 381.44 0.11% 4.60 0.00% 497.67 0.14% 497.67 0.14% - - 99.94 0.03% 99.94 0.03% - - 64,874.98 18.87% 63,815.23 18.56% 1,059.75 0.31% 65,868.90 19.16% 64,804.55 18.85% 1,064.35 0.31% 273 Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of taxonomy- eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-eligible but not taxonomy- aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI 1. 2. 3. 4. 5. 6. 7. 8.

274

Group management Report | Sustainability report Deka Group Annual Report 2024 Template 5 – Taxonomy non-eligible economic activities – based on turnover KPI – assets under management (Fig. 101) Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Amount (€ million) % 7.19 0.00% 50.32 0.01% 72.30 0.02% 1.84 0.00% 144.88 0.04% 7.67 0.00% Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 271,012.56 270,728.36 78.76% 78.84% Template 5 – Taxonomy non-eligible economic activities – based on CapEx KPI – assets under management (Fig. 102) Row Row 1. 2. 3. 4. 5. 6. 7. 8. 1. 2. 3. 4. 5. 6. 7. 8. Economic activities Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI 274 Amount (€ million) % 0.00 0.00% 81.34 0.02% 49.82 0.01% 1.04 0.00% 145.81 0.04% 0.18 0.00% 263,764.57 264,042.77 76.73% 76.81%

275

Group management Report | Sustainability report Deka Group Annual Report 2024 Additional KPIs under Annex V to Delegated Regulation (EU) 2023/2178 In June 2023, economic activities and technical screening criteria were established for environmental objectives 3– 6, and further potentially sustainable activities were established for environmental objectives 1 and 2. For reporting years 2023 and 2024, disclosures relating to these activities need only cover taxonomy eligibility. At the reporting date of 31 December 2024, the Deka Group had taxonomy-eligible exposures relating to environmental objectives 3 to 6 totalling €147.1m (turnover-based) and €109.0m (CapEx-based), corresponding to 0.23% and 0.17% of covered assets respectively. The Deka Group had no taxonomy- eligible exposures to the new activities relating to environmental objective 2. It had taxonomy-eligible exposures to the new activities relating to environmental objective 1 in the amount of €317.6m (previous year: €326.6m), measured on both a turnover and a CapEx basis. This corresponded to 0.51% (previous year: 0.59%) of covered assets. Qualitative disclosures The qualitative disclosures on compliance with Regulation (EU) No 2020/852 in the business strategy, in the product design processes and when working with customers and counterparties are described below. The Deka Group aligns its sustainability strategy with the global challenges of climate change and sustainable development across all ESG dimensions and with the associated political, regulatory, social and customer- related requirements. To implement and comply with regulatory and supervisory requirements relating to ESG, the Deka Group has integrated ESG into its organisational structure and processes and has designated responsible roles. The Taxonomy Regulation continues to impose new requirements, and these too are coordinated and implemented within the Deka Group. If needed, adjustments are made to the business strategy in the course of the annual strategy process. For the mandatory reporting on the proportion of assets that are taxonomy-aligned (GAR), only exposures to customers who are required to publish non-financial statements (those subject to the NFRD) were taken into account. Customers established in the EEA and subject to the NFRD were identified by excluding small and medium-sized enterprises. Due to the Deka Group’s business model, these exposures often take the form of lending to special-purpose vehicles (SPVs). In accordance with FAQ 14, taxonomy-aligned exposures to SPVs may be included in the GAR under certain circumstances even if those SPVs are not required to publish a non-financial statement. The Deka Group has not implemented this FAQ at the reporting date of 31 December 2024, and SPV exposures have not been included in the GAR. If the taxonomy-aligned exposures to such customers established in the EEA had been included, the turnover- based GAR would have been 1.67 percentage points higher, at 3.21%. The CapEx-based GAR would have risen to 3.86%. The above often relates to financing of renewable energies, but also to real estate financing business. It can be assumed that more information will be available when the taxonomy is implemented in full, which will significantly increase transparency around the sustainability of business partners and their activities. The impetus generated by this will inform the ongoing development of the business model. 275

276

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS E1 – Climate change The Deka Group recognises that the financial sector has a crucial role to play in achieving the Paris climate goals. Through its activities, the Group aims to achieve net zero (or climate neutrality) by 2050. It is publishing its transition plans for this transformation in this report. Separate disclosures due to structural differences The Deka Group’s business model comprises four business activities (for information on how the value chain is segmented, see ESRS 2 BP-1 5 (c)). To reflect the specific structural characteristics of these activities within the Deka Group, disclosures are made separately for the following areas: ESRS E1 – Climate change (own operations) ESRS E1 – Climate change (banking business) ESRS E1 – Climate change (Asset Management Real Estate business division) ESRS E1 – Climate change (Asset Management Securities business division) Structural differences between these areas result from the varying asset classes and business activities they deal with and the different monitoring and management activities they implement to reduce GHG emissions (see figure “Brief overview of the Deka Group’s transition plans”). Due to these structural differences, there is no standardised, Group-wide approach to management of GHG emissions and intensities. The various transition plans in place in the Deka Group as a result of these structural differences are summarised below: 276

277

Group management Report | Sustainability report Deka Group Annual Report 2024 Brief overview of the Deka Group’s transition plans (Fig. 103) No. Criteria Own operations Banking business Asset Management Real Estate Asset Management Securities Commitment external communication 1.5 degree net-zero strategy 2050 1.5 degree (real estate: < 2.0 degree) net-zero strategy 2050 < 2.0 degree climate neutrality 1.5 degree net-zero strategy 2050 Sectoral targets No Yes Yes No Time horizon for milestones 2030, 2045 (“low GHG”), 2050 2030, 2050 2030, 2050 2030, 2050 Consideration of and dependency on external drivers (e.g. district heating and air travel) Savings banks climate and severability commitment, UN PRI Strategic approach Separate external commitments Sector-based decarbonisation pathways: IEA, CRREM, Poseidon Principles CRREM sector-based decarbonisation pathway, PAI thresholds Portfolio approach, IEA Net Zero Emissions by 2050 Scenario, AOA Target Setting Protocol, exclusions, PAI thresholds, product strategy Poseidon Principles, UN PRI UN PRI NZAM, UN PRI Differences in transition plan: Decarbonisation levers and actions Yes, own decarbonisation levers and actions (including electrification of company car fleet) Yes, decarbonisation levers and actions specific to the business division (including focus on GHG-intensive sectors) Yes, decarbonisation levers and actions specific to the business division (e.g. various technical measures relating to the buildings) Targets for real estate (direct) funds (including implicit funds-of-funds with exclusively internal target funds) of the investment funds Yes, decarbonisation levers and actions specific to the business division (notably management of net-zero target attainment and stewardship) Funds in NZAM class 1 2 3 4 5 6 7 8 9 Sector-specific assumptions for the seven sectors of the banking book Several variables depending on driver (e.g. decarbonisation of electricity supplier / district heating) Including the monitoring process within the environmental management system Different thresholds and escalation bodies Different thresholds and escalation bodies (trustees) Different thresholds and escalation bodies (trustees) Due to the diversity of scientifically substantiated company-specific GHG emissions targets, approaches to operationalisation and responsibilities for managing GHG emissions, the various transition plans are disclosed separately. Assumptions used to define targets Escalation / management processes Structural differences The transition plans (ESRS E1-1) for each business activity and related policies (ESRS E1-2), actions and levers (ESRS E1-3), targets and reduction pathways (ESRS E1-4) and current gross GHG emissions (ESRS E1-6) are therefore disclosed separately in the respective ESRS E1 chapters. In addition, information on own operations also includes disclosures on energy consumption and mix (ESRS E1-5) and GHG removals and GHG mitigation projects financed through carbon credits (ESRS E1-7) for own operations, as well as the absolute GHG emissions and GHG intensity per net revenue for the Deka Group (ESRS E1-6). Disclosures on material impacts, risks and opportunities are contained in ESRS 2 SBM-3. 277

278

Group management Report | Sustainability report Deka Group Annual Report 2024 The datapoints for own operations are disclosed as follows: for own operations of the companies in the Deka Group, with reference to consolidated Deka Group; for banking operations, based on the balance sheet assets in the Deka Group’s banking book (financing and proprietary investments); and for the Asset Management Real Estate and Asset Management Securities business divisions, based on the investment funds under management. In chapter “ESRS E1 – Climate change (banking business)”, the balance sheet assets in the trading book, i.e. assets held for trading by the Capital Markets business division, are to be disregarded when collecting specific datapoints regarding CO2 emissions because they are not covered by the Partnership for Carbon Accounting Financials (PCAF) standard “Part A – Financed Emissions”. The banking book is subdivided into two categories: Financing (lending exposures in the banking book, comprising the real estate financing and specialised financing business, including refinancing of the savings banks) Proprietary investments (financial assets in the banking book usually held until maturity) Consolidated disclosures on the GHG emissions of the Deka Group Alongside the separate disclosures for the four business activities, the chapter “ESRS E1 – Climate change” presents a consolidated view covering the whole Deka Group for the following datapoints: 1. Absolute GHG emissions and targets: The table entitled “Absolute GHG emissions and targets” (see Own operations ESRS E1-6 AR 48) presents the Scope 1, 2 and 3.1 to 3.14 emissions of the Deka Group’s own operations and the Scope 3.15 emissions of the banking business together as emissions of the Deka Group. The GHG emissions of the investment funds of the Asset Management Real Estate and Asset Management Securities business divisions are not reported as part of Group emissions under the Scope 3.15 emissions. Instead they are reported both separately and as a total value for the Deka Group in the qualitative text. 2. Greenhouse gas intensity based on net revenue: The table entitled “Greenhouse gas intensity based on net revenue of the Deka Group” (see Own operations ESRS E1-6 53) shows greenhouse gas intensity based on consolidated net revenue as a metric for the Deka Group. 278

279

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS E1 – Climate change (own operations) E1-1 – Transition plan for climate change mitigation 16 (a) The Deka Group’s transition plan for climate change mitigation in its own operations is aligned with the goal set by the 2015 Paris UN Climate Conference of limiting global warming to 1.5°C. This includes reducing CO2e from operations to a low level by 2045 (equivalent to approximately 7% of base year emissions) then reducing the residual emissions to zero by 2050 using neutralisation measures. The target of reducing CO2e emissions by over 90% by 2045 compared with the 2024 baseline aligns with the 1.5°C scenarios of the IEA (International Energy Agency) and the Paris Agreement on climate change. For a detailed presentation of the GHG emission reduction targets, see ESRS E1-4. The transition plan was developed in 2024 in the course of work on the Deka Group’s climate strategy. The targets will be reviewed annually and adjusted if appropriate. This will always take account of the Deka Group’s ambition to align targets for its own operations with the goals of the Paris Agreement on climate change. The German Savings Banks Association (Deutscher Sparkassen- und Giroverband, DSGV) is currently working to establish specific guidance for signatories of the German Savings Banks’ Commitment on Climate-Friendly and Sustainable Business (Selbstverpflichtung der deutschen Sparkassen für klimafreundliches und nachhaltiges Wirtschaften) on achieving the commitment’s goals. 16 (b) The decarbonisation levers identified and the key actions are an essential component of the transition plan. The Deka Group has published an environmental report every year since 2009. On the basis of this report and the DIN EN ISO 14001 environmental management system, the significant sources of CO2e emissions have been identified and classified as decarbonisation levers. Since it is not realistically possible to reduce all gross emissions to zero, some residual emissions, also known as unavoidable CO2e emissions, will remain. These must be offset using suitable neutralisation measures. The Group assumes that economically and environmentally compatible neutralisation measures, such as carbon capture and storage (CCS), will be commercially viable by 2045. The following decarbonisation levers have been identified: Electricity District heating Vehicle fleet Air travel Paper Commuters Data centres Neutralisation measures (beginning no later than 2045). Actions have been developed to reduce emissions from the above levers, covering both own operations and the upstream and downstream value chain. Together, the decarbonisation levers are one of the most important key performance indicators (KPIs) for informing the Board of Management on how climate and environmental risks are quantified and managed. The Deka Group will also be introducing the Eco-Management and Audit Scheme (EMAS) in 2025. For a more detailed description of all actions and how they relate to the decarbonisation levers, see ESRS E1-3. 16 (h) The core content of the transition plan was devised in 2024 and will be integrated into the business strategy from 2025. Targets and actions and progress towards them are also documented in the Deka Group’s environmental report. 16 (i) The transition plan was approved by the full Board of Management on 29 October 2024 and acknowledged by the Administrative Board at its meeting on 5 December 2024. 279

280

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-2 – Policies related to climate change mitigation and adaptation Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 104) Policies 1. Car Policy 2. Travel Policy 3. Environmental Management directive 4. Business strategy of the Deka Group Key contents re: 1. The Car Policy contains provisions governing the purchase of company cars, such as prioritising the purchase of electric cars and, as far as possible, incentive systems for private charging infrastructure. re: 2. The Travel Policy establishes the guiding principles for business travel and gives priority to sustainable means of transport in the Deka Group. re: 3. The “Environmental Management” directive governs the responsibilities and duties relating to the management of an environmental management system in accordance with standard DIN EN ISO 14001. re: 4. As an element of the business strategy, the climate strategy establishes guiding principles and targets that apply throughout the Group and thus to its own operations as well. General objectives re: 1. The objective of the Car Policy is to establish the basic principles for the allocation of company cars. re: 2. The objective of the Travel Policy is to establish rules for the process of organising business trips. re: 3. The objective of the Environmental Management directive is to ensure a functioning environmental management system in accordance with DIN EN ISO 14001 that guarantees continuous reduction of the Deka Group’s environmental impact. re: 4. The objective of the business strategy – specifically its sustainable orientation – is to promote a climate-friendly, sustainable approach to business. Material impacts, risks and opportunities re: 1. The Car Policy addresses the positive impact of replacing vehicles powered by combustion engines with electric cars. re: 2. The Travel Policy establishes rules for the use of modes of transport and prioritises sustainability considerations to limit the emissions resulting from business travel. re: 3. This directive governs the collection of corporate environmental data for calculating consumption and emission figures (Scopes 1, 2 and 3.1 to 3.14). re: 4. Anchoring the concept of sustainability in the business strategy establishes a positive, committed stance in which the Group assumes responsibility for society in meeting global climate targets. Monitoring process re: 1. to 3. Compliance with the policies is ensured through the internal and external audits required by DIN EN ISO 14001. The audits assess whether it has been possible to further reduce the Deka Group’s negative environmental impacts. This also includes the vehicle fleet. re: 4. The Deka Group’s Board of Management reviews the strategy system at least once a year (and also as needed) to ensure that it is consistent, complete, sustainable and up to date. A systematic strategy and planning process exists for this purpose, in which the Board of Management is supported by the coordinating corporate centres, namely Strategy & HR, Credit Risk Management and Risk Control, and by Finance, as part of medium-term planning. Scope of application re: 1. The Car Policy does not apply to all Deka Group employees in Germany and abroad, but rather within a specified area. Differences due to local circumstances are possible. re: 2. This Travel Expenses policy is binding for all Deka Group employees in Germany and abroad. For employees at locations abroad, insofar as the rules set out in this document do not apply, the respective local rules apply. re: 3. Applies to the locations in Germany. Data from Luxembourg and other locations abroad is also used for calculating the carbon footprint. re: 4. The business strategy applies to the entire Deka Group and therefore to all Deka Group geographies and customer groups. Responsible organisational level re: 1. to 4. As part of the preparations for the regular surveillance audits, Sustainability Management organisational unit supports DekaBank’s Board of Management in preparing an environmental management review. This documents the results of internal audits, provides a transparent description of any non-conformances and communicates information on actions that have been implemented/planned. The Deka Group’s Board of Management is responsible for the business strategy. 280

281

Group management Report | Sustainability report Deka Group Annual Report 2024 Reference to third-party standards or initiatives re: 1. to 4. DIN EN ISO 14001 Consideration of stakeholders’ interests re: 1. to 4. The policies listed here take into account the interests of employees and, indirectly, of nature as a silent stakeholder. Availability of policies to stakeholders re: 1. to 4. All employees have access to the policies via the Process Portal. Cross-reference to other topical ESRSs re: 1. to 4. All of the policies listed here primarily address climate change mitigation issues, but also cover social issues in the form of policies for employees. Scope limitations re: 1. Car Policy: Deka Group (EU). re: 2. Travel Policy: Deka Group. re: 3. The DIN EN ISO 14001 certification covers the buildings used by the Deka Group in Frankfurt am Main (Trianon up to 31 October 2024, FOUR as of 9 September 2024 and LS 13). The Luxembourg, Berlin and Leipzig locations are also included in the calculation of GHG emissions. re: 4. There are no limits to the scope of application. 24. Material impacts, risks and opportunities (IROs) connected with climate change mitigation and climate change adaptation are addressed for own operations by the following policies. The Car Policy is the basis for reducing emissions from the vehicle fleet. It states that, as a rule, the organisation should lease electric vehicles, and that vehicles with internal combustion engines should only be used in exceptional cases. The Travel Policy, which governs business travel, states that public transport should always take precedence: Domestic flights within Germany should generally be avoided in favour of train travel, as should the use of cars. To implement the environmental guidelines adopted by the Board of Management, which commit the Deka Group to doing business in an economically, environmentally and socially sustainable way and to continuously reducing its environmental impact, the Deka Group introduced a DIN EN ISO 14001 certified environmental management system in 2009. 25 (a) The policies and especially the business strategy address climate change mitigation and serve as guidelines for transformation of the Deka Group’s own operations. They contribute significantly to addressing the impacts of climate-related risks. The Car Policy and the Travel Policy are intended to reduce consumption of fossil fuels and make business travel more climate friendly. Environmental management activities and the business strategy ensure reduced consumption of electricity and heat. 25 (b) The policies address climate change adaptation. The Deka Group seeks both to adapt its own activities to an environment that is increasingly being altered by climate change and to support service providers and suppliers in their transformation. 25 (c) The policies address energy efficiency. Resource-conscious energy use, purchasing green electricity and using energy-saving technologies all help improve energy efficiency. 25 (d) The Deka Group does not have any policies explicitly relating to use of renewable energies. The German Savings Bank Commitment addresses the use of renewable energies and requires signatories to use renewable and environmentally friendly energy, with due regard for environmental and economic considerations. At present, the electricity purchased is predominantly green electricity. Since 2019, only green electricity has been purchased in Germany. 25 (d) The Deka Group does not have any policies explicitly relating to other areas. 281

282

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-3 – Actions and resources in relation to climate change policies Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 105) Actions / action plans 1. Engaging with service providers and suppliers to reduce emissions from purchased services and goods 2. Relocating to more energy-efficient buildings 3. Purchasing low-emissions district heating 4. Purchasing green electricity with a lower emission factor 5. Eliminating the option of ordering hybrid vehicles, requiring electric cars to be ordered and electrifying the company car fleet; using incentives for switching from combustion to electric vehicles 6. Incentivising use of public transport 7. Expanding innovative, technology-supported methods of work 8. Centralised management of paper demand, taking all relevant sustainability criteria into account (e.g. switching to recycled paper) 9. Reporting on internal paper consumption, including offering advice on digitalisation of paper-based processes 10. Using CCS Outcome / contribution of key actions in the reporting year re: 1. to 10. In the reporting year, it was not yet possible to quantify real reductions in GHG emissions from the actions already initiated, as these are mostly at various stages of design and implementation. One exception is Action 2, relocation to a more energy efficient building in Frankfurt am Main, which took place in 2024 (135 tCO2e). Outcome / contribution of key future actions re: 1. to 10. See table “Decarbonisation levers and actions” and ESRS E1-3 29 (a) and 29 (b) Scope re: 1. to 10. These actions target around 92% of the CO2 emissions from the Deka Group’s own operations. Time horizon re: 1. to 4. and 6. to 9. 2024 – 2045 re: 5. 2024 – 2035 re: 10. 2045 – 2050 Mitigation measures re: 1. to 10. No direct harm occurred in the reporting year, so no direct actions were necessary and none were taken. Type of resources applied in the reporting year re: 1. to 10. In the reporting year, resources from the regular budgets of the respective organisational units were used for the actions. No separate resources were allocated to the actions. If additional budget is required, this is requested using the appropriate approval process. Type of resources planned for the future re: 1. to 10. Future actions will be implemented using the regular budgets of the relevant organisational units. If additional resources are required for action implementation, the Board of Management will decide on the allocation of these resources. 29 (a), 29 (b) Actions to reduce emissions are presented individually below. The emissions saved by each action are shown. The numbering is the same as that used in the “Action” column in the table entitled “Decarbonisation levers and actions”. 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods: This engagement relates to actions aimed at reducing emissions over which the Deka Group has only limited influence. It also concerns actions that the Deka Group cannot reduce any further through its own efforts without impacting on business. This action is used in connection with the electricity, district heating, air travel, commuters and data centres levers. The aim is to work together with the suppliers to determine ways of achieving reductions in the value chain. One example of this is the use of sustainable aviation fuel for business travel. This action is expected to save approximately 3,170 tCO2e (2024–2045). 2. Relocation to more energy-efficient buildings: During the reporting year, part of the Deka Group’s workforce moved out of the Trianon tower and into new and more energy-efficient premises (“FOUR”) in central Frankfurt am Main. This action, which relates primarily to the electricity and district heating levers, is expected to achieve savings of approximately 135 tCO2e (2024–2045). 282

283

Group management Report | Sustainability report Deka Group Annual Report 2024 3. Purchase of low-emissions district heating: The Deka Group has already secured a special tariff for the supply of lower-emissions district heating to the Frankfurt am Main location. The provider is expected to expand this offering in future. This will take place together with the transformation of the district heating supply, including at locations outside Germany. A reduction in emissions of approximately 600 tCO2e (2024–2045) is anticipated. 4. Purchase of green electricity (with a lower emission factor): The Deka Group has already secured a special tariff for the supply of lower-emissions electricity. The provider is expected to expand this offering in future. A reduction in emissions of approximately 400 tCO2e (2024–2045) is anticipated. 5. Eliminating the option to order hybrid vehicles, requiring fully electric vehicles to be ordered and electrifying the company car fleet; using incentives for switching from combustion to electric vehicles: The Deka Group plans to switch its entire vehicle fleet over to electric vehicles in the coming years. This transition has already begun and will be taken further with a revised Car Policy in 2025. The transition will be complete by 2035 and will lead to a reduction of approximately 2,500 tCO2e (2024–2035). 6. Incentivising use of public transport: All employees at sites in Germany are entitled to a Deutschland-Jobticket travel card, towards which they pay a monthly contribution. This incentivises the use of public transport. In addition, it is assumed that the energy used by public transport will become more climate-friendly over the coming years. A reduction in emissions of approximately 150 tCO2e (2024–2045) is anticipated. 7. Expansion of innovative, technology-supported methods of work: The Deka Group has already introduced many opportunities for remote working and plans to expand them further with the goal of reducing emissions from air travel. The current projected emissions reduction potential is approximately 750 tCO2e (2024–2045). 8. Centralised management of paper demand, taking all relevant sustainability criteria into account: Reduction of paper consumption across the group will be managed centrally. A switch to recycled paper for customer correspondence will play a key role here. The possibilities for savings are limited due to statutory and regulatory requirements that e.g. require customers to be notified of amendments to the general terms of business by post. Despite this, the Deka Group expects a reduction of approximately 250 tCO2e (2024–2045). 9. Reporting on internal paper consumption, including offering advice on digitalisation of paper-based processes: The Deka Group’s holistic approach is underpinned by ongoing progress reports across the Group, with individual business divisions/corporate centres being identified as top performers, and advice on saving paper tailored to the organisational unit concerned. A reduction of approximately 100 tCO2e (2024–2045) is expected. 10. Use of CCS: After all actions up to 2045 have been implemented, CCS will be used to offset residual emissions (approximately 7% of the initial value in the base year 2024). It is not currently possible to quantify precisely how efficient the technologies then available will be. On the basis of the IEA’s current scientific assumptions, the Deka Group anticipates that it will be able to reduce the residual emissions of around 640 tCO2e in order to achieve the net-zero target in 2050. As shown in the table entitled “Decarbonisation levers and actions”, the emission reduction actions are divided among eight decarbonisation levers. These levers are based on the key drivers of the carbon footprint (GHG items) in the greenhouse gas inventory. Within a decarbonisation lever, one or more actions are implemented, some of which are repeated depending on the lever concerned. The most important actions for climate change mitigation and climate change adaptation are shown. 283

284

Group management Report | Sustainability report Deka Group Annual Report 2024 Decarbonisation levers and actions (Fig. 106) Decarbo- nisation- levers Action 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods Electricity 2. Relocation to more energy-efficient buildings 4. Purchasing green electricity (with a lower emission factor) 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods District heating 2. Relocation to more energy-efficient buildings 3. Purchase of low-emissions district heating 5. Eliminating the option of ordering hybrid vehicles, requiring fully electric vehicles to be ordered and electrifying the company car fleet; using incentives for switching from combustion to electric vehicles Time horizon When will the topic be addres- sed? When will the action be completed? 2024-2045 2024 2024-2045 2024-2045 2024 2024-2045 2024-2035 Scope of the action (activities [e.g. financingbusiness], geographical areas or stakeholder- groups, if applicable) Electricity consumption of the Deka Group around 4000 employees at the Frankfurt site Electricity consumption of the Deka Group District heating purchased by the Deka Group around 4000 employees at the Frankfurt site District heating purchased by the Deka Group Deka Group vehicle fleet Deka Group vehicle fleet Vehicle fleet Air travel Paper Commuters 6. Incentives for using public transport 2024-2045 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods 7. Expansion of innovative, technology- supported methods of work 8. Centralised management of paper demand, taking all relevant sustainability criteria into account (e.g. switching to recycled paper) 9. Reporting on internal paper consumption, including offering advice on digitalisation of paper-based processes 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods 6. Incentives for using public transport 2024-2045 Deka Group air travel 2024-2045 Deka Group air travel 2024-2045 Paper use in the Deka Group 2024-2045 Paper use in the Deka Group 2024-2045 2024-2045 Commuting in the Deka Group Commuting in the Deka Group Expected / achieved results / GHG emission reduction (in tCO2e) of the actions 300 65 400 570 70 600 2,500 150 750 750 250 100 650 500 284

285

Group management Report | Sustainability report Deka Group Annual Report 2024 Decarbo- nisation- levers Action Data centres Neutral- isation act- ions 1. Engagement with service providers and suppliers to reduce emissions from purchased services and goods 10. Use of carbon capture and storage Time horizon When will the topic be addres- sed? When will the action be completed? 2024-2045 2045-2050 Scope of the action (activities [e.g. financingbusiness], geographical areas or stakeholder- groups, if applicable) Electricity consumption associated with Deka Group data centres Residual emissions Expected / achieved results / GHG emission reduction (in tCO2e) of the actions 900 640 E1-4 – Targets related to climate change mitigation and adaptation Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets (Fig. 107) Specifying the target (general) For its own operations, the Deka Group has set a target of operating with low emissions (at most 10% of the emissions of the base year 2024) by 2045 and plans to subsequently use neutralisation measures for the residual emissions in order to achieve the target of net-zero emissions by 2050. Relationship between target and policy The policies do not set any specific targets, but, through their requirements, they support the attainment of the targets listed here. For further information about the policies, see ESRS E1-2. Target type and level The level is expressed in tonnes of emissions. The targets, measured in tCO2e, are absolute targets. Scope The seven areas for which specific targets have been set (electricity, district heating, air travel, vehicle fleet, commuters, data centres and paper) cover around 92% of the CO2e emissions from own operations (see E1-6). All Deka Group locations are taken into consideration. For further information see ESRS E1-6. The targets presented here pertain to the Deka Group’s upstream and internal value chain (see ESRS 2 BP-1. 5 (c)). Baseline value and reference year The base year used is 2024 and the baseline value is 9,872.8 tCO2e, 9,072.5 tCO2e of which is covered by decarbonisation levels and 800.3 tCO2e of which is not (see table “Absolute GHG emission reduction targets”). Time period and interim targets The target is set for 2050, with interim targets in 2030, 2035, 2040 and 2045. Methodology and assumptions Disclosures made by the main suppliers and service providers were consulted when setting the targets. These consisted mainly of their transition plans, the information in which was consolidated and analysed for each driver. Taking assumptions relating to specific drivers into account, such as for the automotive sector the ban on new combustion engine vehicles from 2035, this information was then applied to our own reduction pathway. Current and planned legislation in Germany and the European Union (such as Germany’s “energy transition” legislation) was also examined. In addition, the assumptions were also compared to the IEA’s net-zero sector projections. For further details see ESRS E1-3 34 (e). Use of scientific evidence The GHG emission reduction targets defined were compared to the assumptions in the IEA-NZE2050 scenario and subjected to a plausibility check on this basis. All the targets are within the parameters described by the IEA, so they are deemed to have a scientific basis. Involvement of stakeholders No stakeholders were involved. 285

286

Group management Report | Sustainability report Deka Group Annual Report 2024 Progress and monitoring The effectiveness of the actions for target attainment is reviewed at least once a year and reported to the Board of Management as part of the environmental reporting process. Monitoring is carried out using an ESG dashboard in which metrics from the Group’s own operations are presented to the Board of Management twice a year. In a defined escalation process involving the affected organisation units, possible deviations from targets and mitigation measures associated with these are presented to the Board of Management for their decision. Internal and external audits of the environmental management system are also carried out. The Deka Group has introduced policies to systematically reduce the emissions of its business operations. 33. The decarbonisation levers described in ESRS E1-1 16 (b) support achievement of the sectoral GHG emission reduction targets and thus address the climate-related IROs identified in the CSRD materiality assessment by means of the actions set out in ESRS E1-3 to continuously reduce emissions in own operations. Particular attention is paid to the positive impacts resulting from transitioning the vehicle fleet to electric cars and the positive impacts resulting from purchasing low-emissions district heating and relocating to more energy-efficient buildings at the Frankfurt am Main location (LS 13 and FOUR). The negative impacts of business travel are also addressed. The targets relating to the vehicle fleet and air travel play a primary role here. 34 (a), 34 (d) The following table entitled “Absolute GHG emission reduction targets” shows the GHG emission reduction targets in absolute tCO2e starting from the base year 2024 in five-year increments until 2050. Absolute GHG emission reduction targets (Fig. 108) GHG emission reduction targets Scope 1 Thereof Scope 1 material Base year 2024 1,475.8 1,412.4 (in metric tonnes of CO2eq) 2025 731.8 670.8 2030 600.9 539.9 2035 78.7 20.7 2040 78.7 20.7 Scope 2 2,225.1 2,090.5 1,586.4 906.3 231.8 Scope 3 (3.1 – 3.14) 6,171.9 5,126.8 3,729.4 2,181.7 1,142.0 2045 74.7 20.7 224.4 333.4 Thereof Scope 3 (3.1 –3.14) material 5,435.0 4,422.1 3,185.7 1,799.0 920.2 272.6 2050 0.0 0.0 0.0 0.0 0.0 34 (b) The decarbonisation levers set out in ESRS E1-1 16 (b) and ESRS E1-3 29 (a) were determined on the basis of the greenhouse gas inventory specified in ESRS E1-6 AR 48. This ensures consistency of the targets with the greenhouse gas inventory. The major drivers that the decarbonisation actions are intended to address together account for approximately 92% of total GHG emissions from own operations. The minor drivers for which no active decarbonisation actions exist together account for approximately 8% of GHG emissions from own operations. The minor drivers are as follows: working from home, emergency diesel power, fossil fuels (building-related), potable water, waste, refrigerant loss, employee vehicles and rail travel. It is assumed that decarbonisation will be linear. Changes in GHG emissions from these drivers will be monitored under the annual steering model and mitigation actions will be taken if necessary. 286

287

Group management Report | Sustainability report Deka Group Annual Report 2024 34 (c) For this report, the first to be prepared in accordance with the CSRD, the Deka Group has restructured the GHG emission reduction targets and harmonised them with the regulatory recommendations. The overarching target of reducing GHG emissions by 5% annually has been replaced by interim targets for 2030 and 2045. In light of these new Group-wide targets, 2024 was set as the base year; from 2030, the base year will be updated every five years. Even before the base year, the Deka Group achieved significant success in reducing GHG emissions by relocating to more energy-efficient buildings, using green electricity and taking various other actions. As a result of this, GHG emissions fell by more than 25% between 2019 and 2023. These reductions are described in previous Deka Group environmental management reports. AR 25 (a) Based on a comparison with the last four years, as set out in the Deka Group environmental management report, the base year 2024 was selected as a representative year due to the low level of fluctuation. 34 (e) The Deka Group is pursuing the 1.5°C target in its own operations. The specified reduction targets take into account the IEA NZE2050 roadmap, which is geared towards a 1.5°C target. Taken overall, the reduction targets under ESRS E1-4 34 (a) are below the expected percentage reduction specified by the IEA. Disclosures by service providers and suppliers were consulted when setting the targets. These disclosures primarily included Lufthansa’s transition plan for long-haul flights and the transition plan of utilities provider Mainova in Frankfurt regarding green district heating (coal to be phased out by 2026 and natural gas to be replaced by hydrogen by 2035). With regard to the vehicle fleet, it was assumed that emissions from combustion engine cars will have ceased by 2035 at the latest (when the purchase of new combustion engine cars will be prohibited). When forecasting the reduction in emissions from electricity use, it is assumed that decarbonisation in the energy generation sector (e.g. from the expansion of renewable energies) will cause emissions to fall. Further savings will be achieved by reducing paper consumption and continuing to use recycled paper. Savings connected with data centres will be achieved notably by using renewable energies and through technical progress (more energy-efficient hardware, improved structural ventilation solutions and the virtualisation of servers and storage). In addition, current and planned legislation in Germany and the European Union (such as Germany’s “energy transition” legislation) were examined. The assumptions were also compared to the IEA’s sectoral net-zero projections. AR 26, AR 28. Reduction pathways in line with the GHG emission reduction targets for the Deka Group’s own operations under ESRS E1-4 34 (a) are shown for the three categories of GHG emissions (Scopes 1 to 3) with the exception of the values for Scope 3.15 emissions. The latter are not applicable to own operations and are reported under the business activities of the Deka Group. The following table entitled “GHG emission reduction pathways” shows the emission reduction pathways for 2030 and 2050 starting from the base year 2024 (for the underlying data, see the table entitled “Absolute GHG emission reduction targets”). GHG emission reduction pathways (Fig. 109) GHG emission reduction pathways in line with the targets, taking 2024 as base year Scope 1 Scope 2 Scope 3 (3.1 – 3.14) 2030 –59% –29% –40% 2050 –100% –100% –100% 34 (f) The following table entitled “Contribution of decarbonisation levers to achievement of targets” shows the decarbonisation levers and their total quantitative contribution to achievement of the GHG emission reduction targets. 287

288

Group management Report | Sustainability report Deka Group Annual Report 2024 Contribution of decarbonisation levers to achievement of targets (Fig. 110) Estimated contribution in metric tonnes of CO2eq (between 2024 and 2050) Decarbonisationlevers Electricity District heating Vehicle fleet Air travel Paper Commuters Data centres Neutralisation actions Scope 1 Scope 2 Scope 3 (3.1 – 3.14) - - 1,563.5 - - - - 75.0 765.0 1,240.0 - - - - - 225.0 - - 1,086.5 1,500.0 350.0 1,150.0 900.0 340.0 The Deka Group has identified eight areas as decarbonisation levers containing a technical solution for reducing residual emissions. These areas relate to the seven significant sources of emissions for which actions have been devised. For the residual emissions that will remain in 2045 after all actions in the transition plan have been implemented – approximately 7% of emissions in the base year – the plan is to use neutralisation measures such as CCS. AR 30 (c) A diverse range of climate scenarios was not considered. 288

289

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-5 – Energy consumption and mix Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 111) Metrics Total energy consumption in MWh by energy source (see table “Total energy consumption & energy mix”). Methodology, assumptions and limitations Actual energy consumption data is available for the Deka Group at its Frankfurt and Luxembourg locations and the emissions were determined on that basis. Emissions for the other German locations and locations outside Germany and Luxembourg were estimated. This was done using the floor area of those locations in square metres or, for the locations outside Germany where the organisation only rents individual workstations, using the number of employees. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description See table “Total energy consumption & energy mix”. 37 (a), 37 (b), 37 (c) The following table entitled “Total energy consumption and energy mix” shows the total energy consumption of the Deka Group. Total energy is disaggregated by fossil energy, consumption from nuclear sources and renewable energy. Renewable energy is further disaggregated by fuel consumption, purchased or acquired renewable energy and self-generated renewable energy. Total energy consumption and energy mix (Fig. 112) Total energy consumption and energy mix Total fossil energy consumption Consumption from nuclear sources Total renewable energy consumption thereoff fuel consumption for renewable sources thereof consumption of purchased or acquired electricity, heat, steam and cooling thereof consumption of self-generated renewable energy Total energy consumption (MWh) Total consumption in MWh 4,751.7 42.0 11,951.5 0.0 11,951.4 0.1 16,745.2 Percentage 28.4% 0.3% 71.3% 0.0% 71.3% 0.0% 100.0% 289

290

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-6 – Gross Scope 1, 2, 3 and total GHG emissions Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 113) Metrics Scope 1, Scope 2 and Scope 3.1 to 3.14 emissions in the base year (2024), in the current reporting year and for the years 2025, 2030 and 2050, in tCO2e. For Scope-3.15 emissions, see ESRS E1-6 for the banking business. Methodology, assumptions and limitations Actual CO2 emissions were calculated using the ESG emissions metrics tool. Gross Scope 1, Scope 2 and Scopes 3.1, 3.3, 3.5, 3.6 and 3.7 emissions are given for the Deka Group’s operations. The other Scope 3 emissions are not relevant (for detailed information, see ESRS E1-6 AR 39 (b), for the target values see E1-4). External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes and have been checked for plausibility by an external service provider. Categorisation and description See tables “Absolute GHG emissions and targets” and “GHG intensity based on net revenue of the Deka Group”. 44, 48 (a), AR 45 (d), 51, 52 (a), 52 (b) Gross Scope 1, Scope 2 and Scope 3.1, 3.3, 3.5, 3.6 and 3.7 emissions are given for the Deka Group’s own operations. AR (48) The following table entitled “Absolute GHG emissions and targets” shows the Scope 1, 2, and 3.1 to 3.14 emissions from own operations of the companies in the consolidated group and the Scope 3.15 emissions from banking business based on the balance sheet assets in the banking book (excluding the trading book). Figures are shown for the base year, the reporting year and the target years. The GHG emissions of investment funds under management by Asset Management Real Estate and Asset Management Securities are not included in the table “Absolute GHG emissions and targets”. Together with the GHG emissions from the investment funds under management by the Asset Management Real Estate (662,774.4 tCO2e) and Asset Management Securities (91,929,293.7 tCO2e) business divisions, total location-based GHG emissions are 103,038,877.4 tCO2e and total market-based GHG emissions are 103,034,615.6 tCO2e (for a detailed account of how GHG emissions data was collected, see ESRS E1 – Climate change (banking business), ESRS E1 – Climate change (Asset Management Real Estate) and ESRS E1 – Climate change (Asset Management Securities)). The “base year” column and the “milestones and target years” columns for 2025, 2030 and 2050 show the baseline value, i.e. the GHG emissions for the year concerned, including the related Scope emissions. The figures for own operations (Scope 1, 2 and 3.1 to 3.14 emissions) are based on the target values and the base year 2024 reported under ESRS E1-4 34 (a) and 34 (b). For the banking business (Scope 3.15 emissions), the figures are based on the target values and the base year 2024 under ESRS E1 – Climate change (banking business), E1-4 44. The current total GHG emissions are disclosed in the column with the reference year 2024. The coverage of the Scope 3.15 emissions of the banking business is below 100%, meaning that the GHG emissions for the base year and the associated target years are not directly comparable with the values for 2024. The “Annual % target / Base year” column shows the average reduction in emissions in percent that must be achieved each year, assuming a linear reduction, to achieve the 2050 target starting from the base year. In line with ESRS 1 136, no comparative information is disclosed in this first year of reporting. For this reason, the comparison year columns in the table “Absolute GHG emissions and targets” are blank. 290

291

Group management Report | Sustainability report Deka Group Annual Report 2024 Absolute GHG emissions and targets (Fig. 114) Retrospective Milestones and target years Base year 2023 1,475.8 - N/A N/A 2024 1,475.8 - % 2024 / 2023 N/A N/A 2025 2030 (2050) 731.8 600.9 - - Annual % target / Base year 3.85% - 0.0 - 6,486.9 N/A 6,486.9 N/A 6,094.5 4,624.9 0.0 3.85% 2,225.1 7,657,501.6 1,323.1 - - 18.2 - 92.1 3,253.3 1,485.2 - - - - - - - 7,651,329.7 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2,225.1 10,438,846.6 1,323.1 - - 18.2 - 92.1 3,253.3 1,485.2 - - - - - - - 10,432,674.7 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2,090.5 1,586.4 0.0 6,944,053.9 5,209,004.6 134,771.6 1,230.8 726.6 0.0 - - 18.2 - 88.1 2,385.6 1,404.1 - - - - - - - - - 18.2 - 68.4 1,917.9 998.3 - - - - - - - - - 0.0 - 0.0 0.0 0.0 - - - - - - - 3.85% 3.78% 3.85% - - 3.85% - 3.85% 3.85% 3.85% - - - - - - - 6,938,927.1 5,205,275.2 134,771.6 3.78% 6,950,880.2 5,214,230.4 134,771.6 6,946,876.2 5,211,191.9 134,771.6 3.78% 3.78% Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2eq) Percentage of Scope 1 greenhousegas emissions from regulated emission trading schemes (in %) Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2eq) Gross market-based Scope 2 GHG emissions (tCO2eq) Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 1 Purchased goods and services [Optional sub-category: Cloud computing and data centre services] 2 Capital goods 3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) 4 Upstream transportation and distribution 5 Waste generated in operations 6 Business traveling 7 Employee commuting 8 Upstream leased assets 9 Downstream transportation 10 Processing of sold products 11 Use of sold products 12 End-of-life treatment of sold products 13 Downstream leased assets 14 Franchises 15 Investments Total GHG emissions Total GHG emissions (location- based) (tCO2eq) 7,665,464.3 N/A 10,446,809.3 Part-time and temporary employees 7,661,202.5 N/A 10,442,547.5 AR 39 (b), AR 39 (c) The GHG emissions were calculated using an ESG emissions metrics tool established in the financial sector. The tool applies the established industry-standard metrics and indicators and offers a schematic approach to implementation in the financial sector of the GHG Protocol Standard for calculating corporate carbon footprints across the Scope 1, 2 and 3.1 to 3.14 emissions. The tool was modified during the reporting year to reflect the requirements of the CSRD. CO2 emissions were calculated using emission factors for specific drivers. These emission factors were provided by the relevant suppliers, taken from the database in the ESG emissions metrics tool, or determined from internal research (EEA, IEA, etc.). The utmost care was taken to determine appropriate emission factors for the driver and country concerned. As well as ensuring that the data used was available and up to date, attention was also paid to its accuracy. If a specific proxy value could not be determined for 2024, the nearest available value and/or a value determined by research was used instead. The approach employed, including any assumptions and limitations for various drivers, is described in detail below: Emissions from air travel were calculated based on distance travelled as per the booking information. Distances were divided into long haul and short haul (<500 km). 291

292

Group management Report | Sustainability report Deka Group Annual Report 2024 Road transport emissions were calculated using direct petrol and diesel consumption figures. These were provided by the leasing company directly. Emissions from rail travel were calculated using travel distance data supplied by a service provider. Paper consumption is divided into the categories printing paper, letter paper, envelopes and copy paper. Quantities were determined from orders placed with suppliers. Paper consumption is subdivided into recycled paper and virgin paper. Potable water consumption was partly determined from direct meter readings. At locations where meter readings could not be taken, consumption was estimated using a per capita figure. No specific emission factors were available for the locations outside Germany. The German factors were used here as an assumption. Waste generated at the locations was determined using data from the waste management companies regarding the weight of the different waste fractions collected. For waste fractions that were not weighed on collection, the weight was calculated based on the number of times the containers were emptied and an average weight determined in advance. All values were converted using factors taken from the ESG emissions metrics tool. At locations where it was not possible to determine what proportion of waste generated should be allocated to the Deka Group, a per capita figure was used. No specific emission factors were available for the locations outside Germany. The German factors were used here as an assumption. Emissions from commuting were calculated using the modal shares determined by the German Federal Statistical Office. The modal share for car use was adjusted. The figure of 68.8% quoted by the Federal Statistical Office is not applicable to Deka, as all of the locations together provide parking spaces for only 10% of employees. To calculate the emissions of the data centres, reported electricity consumption was multiplied by the power usage effectiveness factor. The emission factor for green electricity or Germany’s electricity mix was then applied. Where consumption data was unavailable, estimates were used. Emissions from electricity use were calculated using direct meter readings. For locations shared with other tenants, an additional electricity usage figure was calculated based on the share of the rental space. At locations where consumption could not be allocated, it was calculated by reference to rental space using a defined factor. Emissions were calculated using local emission factors supplied by the provider, or general factors from the ESG emissions metrics tool. Corresponding local conversion factors were used for the locations outside Germany. Emissions from use of heat were calculated in the same way as emissions from electricity use. The location- and market-based Scope 2 emissions were calculated using emission factors provided by the energy suppliers, where available. Market-based factors were not available for all locations. Since market- based factors were unavailable for locations outside Germany, emissions were calculated and reported using the location-based factors. Refrigerant losses were taken from maintenance logbooks for the equipment concerned, and fuel consumption was estimated from the annual operating hours of the power generators. Distance driven by employees using their own cars for business purposes was taken from travel expenses claims. The GHG inventory for DekaBank GHG has been calculated based on the recommendations in the GHG Protocol. Emissions were recorded as GHG equivalents using the ESG emissions metrics tool. In addition to carbon dioxide (CO2), six other greenhouse gases under the Kyoto Protocol are reported. These are methane (CH4), nitrous oxide/laughing gas (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3). The GHG emission reduction targets for 2025, 2030 and 2050 in the table entitled “Absolute GHG emissions and targets” were established as explained in ESRS E1-4. No forecasts were made for location-based Scope 2 emissions, as the Deka Group’s planning is founded on market-based emissions and does not include location-based emission factors. 292

293

Group management Report | Sustainability report Deka Group Annual Report 2024 45 (a), 45 (b), 45 (c), 45 (d), AR 43 (c), AR 45 (e), AR 46 (j) The Deka Group’s Scope 1 emissions are not subject to an emissions trading scheme. These emissions – especially those caused by the vehicle fleet – have a direct effect on the climate chiefly due to the fossil fuels used. GHG emissions can be reduced by increasing the proportion of electric vehicles in the fleet. The Deka Group’s Scope 2 emissions are not subject to an emission trading scheme. The emissions produced from the generation of district heating have a direct effect on the climate. This is chiefly due to the fossil fuels used. The less district heating is used in the buildings, the lower the GHG emissions will be. The Scope 3.1 to 3.14 emissions are mostly generated by business travel and the consumption of fossil fuels by company cars. Employee travel is indirectly connected with the emission of greenhouse gases. These emissions can only be reduced by employees travelling less and by the airlines attaining their climate targets. The service providers were not able to provide information regarding the amount of biogenic CO2 emissions from combustion for any of the three emissions categories. 46. It is not possible to disaggregate DekaBank’s Scope 1, Scope 2 and Scope 3.1 to 3.14 emissions from those of the subsidiaries because the buildings are used jointly. 48 (b) The Scope 1 emissions are not subject to a regulated emission trading scheme. 49 (a) 2024: The gross location-based Scope 2 GHG emissions are 6,486.9 tCO2e. 49 (b) 2024: The gross market-based Scope 2 GHG emissions are 2,225.1 tCO2e. AR 46 (g) The percentage of Scope 1, 2 and 3.1 to 3.14 emissions calculated using primary data is 51.7%. 50 (a), 50 (b), AR 46 (h) It is not possible to disaggregate DekaBank’s emissions from those of its subsidiaries. Employees of both DekaBank and the subsidiaries work at the same locations. It is not possible to separate their consumption data. The time and effort involved in disaggregating the fuel consumption of company cars used by DekaBank employees from that of cars used by its subsidiaries’ employees would be out of all proportion to the resulting benefit. The decision was taken not to determine these figures. AR 46 (i) The following categories of emissions were identified as material Scope 3 GHG (3.1 to 3.14) emissions in a materiality assessment: Purchased goods and services Fuel- and energy-related activities Waste generated in operations Business travel Employee commuting The other categories have no significant influence on total emissions, or the data needed to calculate emissions was not available. Greenhouse gas intensity based on net revenue 53, 54, 55, AR 53, AR 54, AR 55. The Deka Group discloses its GHG intensity on the basis of net revenue (total GHG emissions in relation to net revenue). AR 53 (c) The total GHG emissions shown in the table entitled “Greenhouse gas intensity based on net revenue of the Deka Group” comprise the Scope 1, 2 and 3.1 to 3.14 emissions from own operations, the Scope 3.15 emissions from banking business activity and the GHG emissions of the Asset Management Real Estate and Asset Management Securities business divisions (for an overview of GHG emissions, see ESRS E1-6 AR 48). AR 53 (e) The net revenue shown in the table entitled “Greenhouse gas intensity based on net revenue of the Deka Group” comprises interest income, commission income and other operating profit of the Deka Group (see “Net interest income”, “Net commission income” and “Other operating profit” in the notes to the consolidated financial statements ). 293

294

Group management Report | Sustainability report Deka Group Annual Report 2024 AR 53 (b), AR 54, AR 55. The following table shows total GHG emissions in tonnes of CO2 equivalent calculated using the location-based and the market-based method in relation to net revenue in euros. Greenhouse gas intensity based on net revenue of the Deka Group (Fig. 115) Net revenue used to calculate GHG intensity (in € million) Total GHG emissions (in t CO2e) GHG intensity per net revenue in 2024 (tCO2/€ million) Total GHG emissions (location- based) per net revenue Total GHG emissions (market- based) per net revenue 6,313.5 103,038,877.4 103,034,615.6 16,320.4 16,319.7 E1-7 – GHG removals and GHG mitigation projects financed through carbon credits Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 116) Metrics CO2 emissions offset in tCO2e. Methodology, assumptions and limitations Not applicable, as this is done using purchased emission reduction certificates and not via our own projects. External validation The emission reduction certificates are guaranteed by quality standards, see ESRS E1-7 62 (c). Categorisation and description See ESRS E1-7 59 (a), AR 62 (a), AR 62 (c), AR 62 (d), AR 62 (e). 56 (b) To compensate for currently unavoidable CO2 emissions from own operations, DekaBank has since 2020 offset 100% of these emissions by purchasing emission reduction certificates from selected international projects. 57 (b), AR 61. The climate mitigation projects from which the emission reduction certificates are purchased must meet stringent requirements. Not only must they fulfil high quality standards, but they must also actively and verifiably contribute to achievement of at least one of the UN’s 17 Sustainable Development Goals (SDGs). The fact that the projects are predominantly implemented in countries in the Global South also helps ensure this. The quality of the projects is reviewed by an independent expert who ensures that the projects demonstrate additionality, carries out a plausibility check on calculations of GHG emissions offset and verifies that the allocation of funds is irrevocable and clear. 59 (a), 59 (b) For the 2024 reporting year, 9,872.8 tCO2e were offset using emission reduction certificates. The emission reduction certificates were secured from the project providers in 2024 and will be cancelled in the registry during the second quarter of 2025. AR 62 (a) 0% of the carbon credits relate to removal projects and 100% to reduction projects. AR 62 (c) 30% of the carbon credits are certified under quality standard 1 (Gold Standard) and 70% under quality standard 2 (Verified Carbon Standard, VCS). AR 62 (d) 0% of the carbon credits were issued from projects in the EU. AR 62 (e) 0% of the carbon credits qualify as an adjustment under Article 6 of the Paris Agreement. 294

295

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS E1 – Climate change (banking business (banking business divisions and Treasury corporate centre)) E1-1 – Transition plan for climate change mitigation 16 (a) A transition plan for DekaBank’s GHG-intensive sectors was created for the first time during the 2024 reporting year. It covers financing and proprietary investments relating to the greenhouse-gas-intensive sectors in the banking book (see ESRS E1-4 tables entitled “Absolute GHG emission reduction targets” and “Physical intensities of GHG emission reduction targets”). Where the treatment of financing and proprietary investments in the transition plan differs, the information is presented separately below. Financing and proprietary investments To implement the 2015 Paris Agreement on climate change, DekaBank’s targets for the greenhouse-gas- intensive sectors in its portfolio are geared towards the 1.5°C target. The following sectors were identified as greenhouse-gas-intensive or climate-relevant: electricity, burning of fossil fuels (coal, oil and gas), automotive sector (including trucks and passenger cars), aviation, maritime transport, chemical products, iron and steel production, coke production and metal manufacturing, cement, clinker and lime production and real estate and housing (currently decarbonising in line with the CRREM 2°C pathway). DekaBank was not active in iron and steel production, coke production and metal manufacturing, or cement, clinker and lime production during the reporting year. The financing portfolio contains undertakings in the greenhouse- gas-intensive sectors electricity, burning of fossil fuels (coal, oil and gas), automotive (including trucks and passenger cars), aviation, maritime transport and real estate and housing. The proprietary investments portfolio contains undertakings from the sectors electricity, burning of fossil fuels (coal, oil and gas), automotive (including trucks and passenger cars), aviation, chemical products and real estate and housing. In most sectors, DekaBank is following the IEA’s Net Zero Emissions by 2050 (NZE2050) scenario when pursuing its climate targets. For the maritime transport sector, the reference pathways under the Poseidon Principles (“striving trajectory”) apply. The “striving trajectory” is a GHG emission reduction trajectory based on the absolute emission reduction targets set out in the International Maritime Organisation’s GHG Strategy, the most recent version of which dates from 2023. In the real estate and housing sector, DekaBank is following the Carbon Risk Real Estate Monitor (CRREM) decarbonisation pathways, with a focus on the CRREM 2°C pathway. As a general rule, the sectoral GHG emission reduction targets are linked with the business strategy and the relevant targets for the specific business divisions. Monitoring and management of GHG emission reduction targets are reflected in the business strategy and, depending on the extent of management needed, may have impacts on the achievement of the business division targets. In addition, the way in which the GHG emission reduction targets are addressed is reviewed as part of the annual update process. If necessary, the business strategy is updated based on the latest assessment of the reduction targets. DekaBank’s business strategy also supports achievement of the sectoral GHG emission reduction targets (see ESRS E1-4, tables entitled “Absolute GHG emission reduction targets”, “Physical intensities of GHG emission reduction targets” and “GHG reduction pathways”). Financing Reporting will in future cover all sectors in the banking book. The strategy and thus the management activities only apply to the climate-relevant sectors. DekaBank provides financing solutions that aim to support the transition to a lower-carbon economy. It supports companies that are transforming their business model to contribute to the goals of the Paris Agreement on climate change. As a rule, it uses the existing financing segments to achieve the targets set. These are primarily determined by the choice of properties and projects financed and the technical standard of those properties and projects. Key drivers of GHG emission reductions are technological change in the real economy and corresponding financing of modern technologies. In addition, DekaBank will in future selectively pursue new business relating to hydrogen projects and seek to provide financing for advanced technologies such as sustainable fuel and carbon capture and storage as soon as the market offers resilient economic structures that match DekaBank’s risk appetite. Overall, the medium-term plan is for the product range and the total volume of the financing portfolio to remain unchanged. 295

296

Group management Report | Sustainability report Deka Group Annual Report 2024 Proprietary investments Reporting will in future cover all sectors in the banking book. The strategy and thus the management activities only apply to the climate-relevant sectors. If available, the individual GHG emission reduction targets of investee undertakings in these sectors are taken into account. Due to the risk diversification approach already pursued and the regulatory requirements, there is no prioritisation of investment segments beyond the current focus areas. Alongside this, the sustainability filter used in the selection of new investments addresses ESG aspects. The overall approach is to ensure that investments offer an appropriate balance between returns, opportunities and risks and are compatible with the GHG emission reduction targets defined. 16 (b) The decarbonisation levers identified and corresponding actions planned are a further essential component of DekaBank’s transition plan. As different actions apply to financing and proprietary investments, they are described separately below. The decarbonisation levers and actions fall into the categories “sectors”, “processes” and “counterparties/issuers”. (see ESRS E1-3 29 (a) and ESRS E1-4 34 (a), 34 (c), 34 (d)). Financing Decarbonisation efforts are focused on new financing business in particular. As the average maturities of the portfolios are shorter than the intervals at which targets are set, DekaBank can use new business to finance companies (and their capital expenditure) working with the latest technologies, thereby contributing to compliance with the targets. Decarbonisation lever “Focusing on greenhouse-gas-intensive sectors” with the following key actions: Focusing on greenhouse-gas-intensive sectors by continuously expanding financing activities that support transformation towards a lower-carbon future. Implementing sector-specific policies for the carbon-intensive sectors. The policies contain investment principles and exclusions, possible risks and impacts, and the various sectoral targets and verification processes. Decarbonisation lever “Incorporating climate factors into processes” with the following key actions: Using the ESG scorecard (see ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)) in the lending process, adding CO2e emissions and physical intensities to the credit application, and screening using the positive and negative lists. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards from an external provider. This switch allows the inclusion of additional quantitative datapoints on emissions, water consumption and waste. Establishing a process for annual/ad hoc monitoring of the entire portfolio with regard to current emissions and achievement of the GHG emission reduction targets set. This includes monitoring the carbon-intensive existing business. Establishing or expanding escalation processes for deviations from the decarbonisation pathway and determining countermeasures. Decarbonisation lever “Detailed examination of counterparties” with the following key actions: Focusing on new business based on transformation-related property/product characteristics, including technical progress. 296

297

Group management Report | Sustainability report Deka Group Annual Report 2024 Proprietary investments In general, the investment strategy does not provide for early disposal of proprietary investments in the banking book. Therefore, the focus is on decarbonisation in new investment business. Given the comparatively short average maturity of the securities in the proprietary investments portfolio, reinvestment decisions can be made on a case-by-case basis when securities mature. This enables a response to any deviations from the reduction pathway as needed. Decarbonisation lever “Focusing on greenhouse-gas-intensive sectors” with the following key actions: Continual monitoring: Bonds with a short residual term to maturity in particular can be reviewed in terms of their contribution to sustainability (achievement of climate targets), as the reinvestment dates fall within the short-term planning horizon. This means that the portfolio alignment can be considered when making reinvestment decisions. In the case of investment decisions, a simulation can be run if needed. The purpose of this simulation is to assess how the decision will influence achievement of the overall targets, particularly adherence to the reduction pathway, and where applicable to determine the impacts on income if particular investments cannot be made due to the climate targets. The revenue limits for undertakings in the coal sector were reduced on 1 January 2025: Transactions with companies that generate more than 15% of their revenue from coal mining (2024: 30%) and/or more than 25% of their revenue from coal-fired power generation (2024: 40%) are now on the negative list. (for information on the negative list see ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)). Implementing sector-specific policies for the carbon-intensive sectors: The policies contain investment principles and exclusions, possible risks and impacts, and the various sectoral targets and verification processes. Decarbonisation lever “Incorporating climate factors into processes” with the following key actions: Using the ESG scorecard when setting, increasing or extending limits and using the sustainability filter prior to any new business. Considering physical intensity and absolute emissions in the limit specification. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards from an external provider. This switch allows the inclusion of additional quantitative datapoints on emissions, water consumption and waste. Establishing a process for monitoring the entire portfolio (including existing CO2-intensive business) every six months or as required with regard to current emissions and achievement of the GHG emission reduction targets set; deviations are analysed and countermeasures put in place where necessary. Decarbonisation lever “Detailed examination of issuers” with the following key actions: Screening every issuer or counterparty against the positive and negative list in relation to limit decisions (see ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)). 16 (d) In the context of the transition plan, potential locked-in GHG emissions in the financing and proprietary investments portfolio play a role in jeopardising the achievement of the GHG emission reduction targets and driving transition risk. Financed emissions are regarded as locked-in GHG emissions. The Deka Group has formulated a climate strategy and identified the sectors that are relevant in terms of that strategy for the Financing business division and for proprietary investments. Each of these sectors with relevance for climate strategy is aligned with a sectoral decarbonisation pathway to 2050, such as the IEA NZE2050 roadmap; all existing financing business and proprietary investments, and their maturities, are taken into account. There is currently no evidence of jeopardy to the GHG emission reduction targets or transition risks up to 2050. In addition, there are no significant commitments with terms beyond 2050 in the portfolios. 16 (g) DekaBank is not excluded from the EU Paris-aligned benchmarks (Benchmark Regulation) under Article 12 (1) (d) to (g) of Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks, as the proportional revenues do not exceed the thresholds specified in paragraph 1 subparagraphs (d) to (g). 297

298

Group management Report | Sustainability report Deka Group Annual Report 2024 16 (h) The transition plan for the greenhouse-gas-intensive sectors in DekaBank’s financing and proprietary investments portfolios is linked with the bank’s strategic objectives, especially regarding the promotion of “lower-emissions” financing and proprietary investments business to support the transition to a low- emissions economy. The direction of the climate strategy and the sectoral GHG emission reduction targets for the GHG-intensive sectors in the portfolio are rooted in the business strategy. The contents of the transition plan inform DekaBank’s governance rules and steering activities. CO2e emissions and physical intensities and their influence on the sectoral targets are included in the lending decision and limit-setting process. The current status in terms of achievement of the GHG emission reduction targets is taken into account in DekaBank’s medium and long-term plans. 16 (i) DekaBank’s transition plan was accepted by the full Board of Management at its meeting on 29 October 2024. It was approved by the Administrative Board on 5 December 2024. E1-2 – Policies related to climate change mitigation and adaptation Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 117) Policies 1. Business strategy of the Deka Group in accordance with the Minimum Requirements for Risk Management (MaRisk) and the Minimum Requirements for Risk Management of Capital Management Companies (KAMaRisk), including the positive list 2. Credit risk strategy including negative list Key contents re: 1. The business strategy comprises the Group strategy, the sales, business division and functional strategies, and Group steering and Group structure, including the climate strategy (see ESRS 2 GOV-3 40 (g)). The central elements for the Deka Group were determined and specified in the climate strategy as part of the business strategy in the form of a strategic framework for the business divisions. The positive list specifies the areas the Deka Group wants to prioritise to sharpen the focus of its financing portfolio on climate change mitigation (see ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)). re: 2. As a sub-risk strategy, the credit risk strategy forms the framework that determines how environmental matters, among other considerations, are taken into account when selecting counterparties. As part of the credit risk strategy, the negative list establishes rules for excluding certain business activities, such as dealings with companies whose revenue from extraction/burning of fossil fuels exceeds a specified threshold (see ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)). General objectives re: 1. Based on the Group strategy, the business strategy provides answers about the business policy objectives and the business model with which the Deka Group positions itself in the market. Building on this, the sales units pursue their sales strategies, and the business divisions pursue divisional strategies that are formulated individually but subject to overarching coordination. Through the guiding principles of the positive list, the Deka Group intends to increase transactions that have a positive environmental or sustainability impact and contribute to the expansion of renewable energies or limit the production of emissions. re: 2. The credit risk strategy forms the basis for the Deka Group’s lending business. Based on the targets and guiding principles set out in the Deka Group’s business strategy, including those relating to sustainable business conduct, it provides the framework for action for all activities in the lending business. Using the negative list, which is part of the credit risk strategy, the Deka Group excludes various types of lending business, such as financing activities that pose significant risks to the environment, as a matter of principle. The objective of the negative list is to prevent undesirable business activities. Accordingly, the Deka Group has categorised some transactions as undesirable and/or high-risk, for reasons including avoidance of reputational risks. Material impacts, risks and opportunities re: 1. As part of the business strategy, the positive list primarily addresses positive impacts and opportunities, meaning investment areas in which DekaBank wants to be more active. re: 2. As part of the credit risk strategy, the negative list primarily addresses risks, meaning types of business activities that are excluded on principle. Monitoring process re: 1. The Deka Group’s Board of Management reviews the strategy system at least once a year, and at other times as needed, to ensure that it is consistent, complete, sustainable and up to date. A systematic strategy and planning process exists for this purpose, in which the Board of Management is supported by the coordinating corporate centres, namely Strategy & HR, Credit Risk Management and Risk Control, and by Finance, as part of medium-term planning. re: 2. The credit risk strategy establishes guiding principles – for example, in the form of the negative list – for the lending and investment business. The resulting requirements must be met in the lending process and are monitored through review mechanisms. 298

299

Group management Report | Sustainability report Deka Group Annual Report 2024 Scope of application re: 1. The business strategy applies to the entire Group and therefore to all Deka Group geographies and customer groups. re: 2. The credit risk strategy covers the business divisions/corporate centres – and thus all of the Deka Group’s geographies and customer groups. Responsible organisational level re: 1. The Board of Management of the Deka Group. re: 2. The Board of Management sets the credit risk strategy and, at least once a year, reviews it and discusses it with the Administrative Board. Reviews and/or any necessary adjustments are coordinated by the Credit Risk Management corporate centre. The credit risk strategy is published and communicated to employees on the internal Process Portal. Reference to third-party standards or initiatives re: 1. The business strategy takes the following into account: - Commitment of the German Savings Banks on Climate-Friendly and Sustainable Business (Selbstverpflichtung deutscher Sparkassen für klimafreundliches und nachhaltiges Wirtschaften) - Poseidon Principles - NZAM - CRREM re: 2. The credit risk strategy takes the following into account: - Core labour standards of the International Labour Organization (ILO) - UN Global Compact - OECD Guidelines for Multinational Enterprises - International dam projects can only be financed if the borrower is able to produce a positive assessment report on the project demonstrating compliance with the recommendations of the World Commission on Dams produced by an expert accredited by the United Nations Framework Convention on Climate Change (UNFCCC) - Equator Principles Consideration of stakeholders’ interests The policies named here take nature into account indirectly as a silent stakeholder. re: 1. The Board of Management is supported in the annual review by the coordinating corporate centres, namely Strategy & HR, Credit Risk Management and Risk Control, and by Finance as part of medium-term planning. The strategies are submitted to and discussed with the Administrative Board at least once a year. re: 2. The Board of Management sets the credit risk strategy and, at least once a year, reviews it and discusses it with the Administrative Board. Reviews and/or any necessary adjustments are coordinated by the Credit Risk Management corporate centre. The decision-making process incorporates recommendations from non-governmental organisations and sustainability rating agencies concerning environmental and social considerations. Availability of policies to stakeholders re: 1. The business strategy, including the positive list, is accessible to all Deka Group employees via the Process Portal on the intranet. re: 2. The credit risk strategy, including the negative list, is accessible to all Deka Group employees via the Process Portal on the intranet. 24. By providing financial support for adapted and innovative projects and industries related to climate, DekaBank can realise opportunities for its own business model. These transaction types are included in the positive list, which forms part of the business strategy. Financial risks arising from physical climate change hazards related to financed projects, assets and undertakings are prevented by excluding certain transactions in the negative list as part of the credit risk strategy. 25 (a) The business strategy including the positive list and the credit risk strategy including the negative list address climate change mitigation and serve as guidelines for DekaBank as they support customers seeking to transform their business model. These policies effectively address climate-related risks. The positive list sets out the investment areas in which DekaBank aims to increase its activity, for example by financing projects to modernise production facilities and significantly reduce their CO2e emissions. Alongside this, the negative list rules out business with companies that harm climate change mitigation efforts, for example companies that generate more than 15% of their revenue from coal mining or more than 25% from coal- fired power generation (see positive/negative list, ESRS 2 SBM-1 38 Banking business (banking business divisions and Treasury corporate centre)). 25 (b) The business strategy including the positive list and the credit risk strategy including the negative list address climate change adaptation. The Deka Group seeks both to adapt its own activities to an environment that is increasingly being altered by climate change and to support customers in their transformation. 299

300

Group management Report | Sustainability report Deka Group Annual Report 2024 25 (c) The business strategy including the positive list addresses energy efficiency. The positive list emphasises that DekaBank aims increasingly to finance green buildings that have a net-zero energy footprint (zero- energy buildings). The purpose of the negative list is to exclude particular transactions. It therefore does not actively promote “energy efficiency” or “renewable energy deployment” (see positive/negative list ESRS 2 SBM-1 Banking business (banking business divisions and Treasury corporate centre)). 25 (d) The business strategy including the positive list addresses renewable energy deployment. DekaBank has set itself the target of supporting electricity generation from renewable sources through the provision of financing. Through investments, it will also support technologies for transporting and storing renewable energies. E1-3 – Actions and resources in relation to climate change policies Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 118) Actions / action plans The following actions make significant contributions to achievement of the defined targets (for a detailed description and more detailed actions, see ESRS E1-3 29 (a)). The numbering refers to the tables “Actions for the financing business” and “Actions for proprietary investments”. Financing: 1. to 6. Focusing on GHG-intensive sectors. 7. Implementing sector-specific policies for the carbon-intensive sectors. 8. Using the ESG scorecard in the lending process, expanding the credit request, and screening using the positive and negative lists. 9. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards by an external provider. 10. and 13. Establishing a monitoring process including regular monitoring of the carbon-intensive existing business. 11. Establishing/expanding the escalation processes for deviations from the decarbonisation pathway and determining countermeasures. 12. Focusing on new business based on transformation-related property/product characteristics, including technical progress. Proprietary investments: 14. Continuous monitoring – taking internal bank requirements into account, such as those concerning sustainable income and risk management. 15. Making investment decisions: Simulation as needed of potential GHG emissions from new business to estimate the influence on overall target attainment (achieving the reduction pathway). 16. Lowering revenue thresholds in the negative list for companies in the coal sector. 17. Implementing sector-specific policies for the carbon-intensive sectors. 18. Using the ESG scorecard when setting, increasing or extending limits and using the sustainability filter before any new business. 19. Establishing a monitoring process to achieve the defined GHG emission reduction targets (including monitoring the carbon-intensive existing business). 20. and 22. Screening against the positive and negative list when setting, increasing or extending limits. 21. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards by an external provider. Outcome / contribution of key actions in the reporting year re: 1. to 22. In the reporting year, it was not yet possible to quantify GHG reductions from the actions already initiated, as these are mostly at various stages of design and implementation or function as support actions. Outcome / contribution of key future actions re: 1. to 22. For the disclosure on the outcome/contribution, see table “Actions for the financing business” and “Actions for proprietary investments”. Scope re: 1. to 22. The actions apply to DekaBank’s financing and proprietary investments portfolio in the following sectors: electricity, burning of fossil fuels (coal, oil and gas), automotive sector (including trucks and passenger cars), aviation, maritime transport, chemical products and real estate and housing. As a rule, the actions address emissions across the value chain of the financed assets or companies in accordance with the GHG protocol, except for GHG intensity in the maritime transport, real estate and housing, automotive and aviation sectors, where only use-phase or operational- phase emissions are included. Time horizon re: 1. to 22. For information on the time horizon, see table “Actions for the financing business” and “Actions for proprietary investments”. Mitigation measures re: 1. to 22. No direct harm occurred in the reporting year, so no direct actions were necessary, and none were taken. 300

301

Group management Report | Sustainability report Deka Group Annual Report 2024 Type of resources applied in the reporting year re: 1. to 22. Realisation of these actions incurs no significant additional costs. Therefore, no indirect costs (economically detrimental impacts) are currently anticipated as a result of implementation of the decarbonisation levers and the resulting actions. 29 (a), 29 (b) The following two tables show the most important climate-related actions for financing and proprietary investments. The list is organised by decarbonisation lever and contains both actions taken in the reporting year and those planned for the future. All actions relate to DekaBank’s Scope 3.15 emissions. Due to the nature of the business activity, both climate change mitigation actions and climate change adaptation actions are shown. As realisation of the actions creates no significant additional costs for DekaBank, a corresponding disclosure is not relevant. No capital or operational expenditures were incurred for implementation of the levers during the reporting year, and there are currently no plans for any such expenditures in future. Actions for the financing business (Fig. 119) Action Time horizon Decarbonisation lever: Focusing on greenhouse-gas-intensive sectors 1. Cross-sectoral: Continually expanding financing activities that support DekaBank customers in their transformation towards a lower-carbon future (e.g. using ESG-linked debt) and ensuring agility through short loan terms 2. Financing lower-emissions buildings 3. Transformation financing for undertakings in the fossil fuel sector, and exclusion of dedicated CO2-intensive transactions 4. Financing lower-emissions ships 5. Financing lower-emissions aircraft 6. Financing lower-emissions electricity generation e.g. using renewable energies 7. Implementing sector-specific policies for the carbon-intensive sectors. The policies contain investment principles and exclusions, possible risks and impacts, and the various sectoral targets and verification processes. Commenced and ongoing Commenced and ongoing Commenced and ongoing Commenced and ongoing Commenced and ongoing Commenced and ongoing Implemented in 2025 Expected / achieved results / (physical) GHG reduction from the actions Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own –50% compared to the base year 2024 by 2030 in the real estate portfolio –45% compared to the base year 2024 by 2030 in the fossil fuels portfolio –49% compared to the base year 2024 by 2030 in the shipping portfolio –29% compared to the base year 2024 by 2030 in the aviation portfolio –23% compared to the base year 2024 by 2030 in the electricity portfolio Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own 301

302

Group management Report | Sustainability report Deka Group Annual Report 2024 Decarbonisation lever: Incorporating climate factors into processes 8. Using the ESG scorecard in the lending process, adding CO2e emissions and physical intensities to the credit application, and screening using positive and negative lists Commenced and ongoing 9. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards from an external provider. This switch allows the inclusion of additional quantitative datapoints on emissions, water consumption and waste. Commenced 2024 and completed 2025 10. Establishing a process for annual/ad hoc monitoring of the entire portfolio with regard to current emissions and achievement of the GHG emission reduction targets set Commenced in 2024 and completed in 2025 11. Establishing/expanding the escalation processes for deviations from the decarbonisation pathway and determining countermeasures Commenced in 2024 and completed in 2025 Decarbonisation lever: Detailed examination of counterparties 12. Focusing on new business based on transformation-related property/product characteristics, including technical progress Commenced and ongoing 13. Regular monitoring of carbon-intensive existing business Commenced and ongoing Decarbonisation lever: Focusing on greenhouse-gas-intensive sectors Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own 14. Continual monitoring – particularly bonds with a short residual term to maturity can be reviewed in term of their contribution to sustainability (achievement of climate targets), as the reinvestment dates fall within the short-term planning horizon. This means that the portfolio alignment can be considered when making reinvestment decisions. The bank’s internal requirements regarding e.g. sustainable income and risk management must be taken into account here. 15. In the case of investment decisions (particularly for larger trades, for undertakings in climate-relevant sectors or for medium-term planning purposes), an ad hoc simulation can be conducted to assess the impact on overall targets (compliance with the reduction pathway). This review is carried out internally using a simulation tool. This tool can be used to assess the potential GHG emissions from the new business and the associated impacts on achievement of sectoral targets. The results of the simulation can be used when making the investment decision. If particular investments cannot be made due to climate targets, the impact on income is determined. 16. The revenue limits for undertakings in the coal sector have been reduced: Transactions with companies that generate more than 15% of their revenue from coal mining (2024: 30%) and/or more than 25% of their revenue from coal-fired power generation (2024: 40%) are now on the negative list. 17. Implementing sector-specific policies for the carbon-intensive sectors. The policies contain investment principles and exclusions, possible risks and impacts, and the various sectoral targets and verification processes. Commenced and ongoing Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Commenced in 2024 and ongoing Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own implemented in 2025 implemented in 2025 Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own 302

303

Group management Report | Sustainability report Deka Group Annual Report 2024 Decarbonisation lever: Incorporating climate factors into processes 18. Using the ESG scorecard when setting, increasing or extending limits and using the sustainability filter before any new business. In addition, considering physical intensity and absolute emissions in the limit specification. Commenced and ongoing 19. Establishing a process for annual/ad hoc monitoring of the entire portfolio with regard to current emissions and achievement of the GHG emission reduction targets set. Deviations are analysed and countermeasures put in place where necessary. Commenced in 2024 and completed in 2025 20. Ah hoc review during the investment decision process regarding compliance with sectoral decarbonisation pathways and associated climate targets. Commenced 2025 and ongoing 21. Gradually replacing DekaBank’s internal ESG scorecards with ESG scorecards from an external provider. This switch allows the inclusion of additional quantitative datapoints on emissions, water consumption and waste. Commenced in 2024 and completed in 2025 Decarbonisation lever: Detailed examination of issuers Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own 22. Screening using positive and negative lists when setting, increasing or extending limits. Commenced and ongoing Action in support of the lever “Focusing on greenhouse-gas- intensive sectors” not producing any GHG reduction of its own E1-4 – Targets related to climate change mitigation and adaptation Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets (Fig. 120) Specifying the target (general) Target values and reduction pathways were defined for the following GHG-intensive sectors: electricity, burning of fossil fuels (coal, oil and gas), automotive sector (including trucks and passenger cars), aviation, maritime transport, chemical products and real estate and housing. 1. Financed GHG emissions (absolute emissions – Scope 3.15) 2. Greenhouse gas intensities (physical intensities) 3. Sector-specific reduction pathways Relationship between target and policy re: 1. to 3. The defined targets and reduction pathways contribute to the targets named in the policies (see ESRS E1-2 MDR-P, table “Policies”) (business strategy of the Deka Group in accordance with MaRisk/KAMaRisk including positive list, credit risk strategy including negative list and relevant voluntary commitments). Target type and level re: 1. in tCO2e re: 2. In the respective physical metric (see table “Physical intensities of GHG emission reduction targets”) re: 3. For each, the percentage reduction up to 2030 and 2050, with 2024 as the base year Scope re: 1. to 3. The defined targets apply to DekaBank’s financing and proprietary investments portfolio in the following sectors: electricity, burning of fossil fuels (coal, oil and gas), automotive sector (including trucks and passenger cars), aviation, maritime transport, chemical products and real estate and housing. The targets relate to the Scope 1, Scope 2 and Scope 3 emissions across the value chain in accordance with the GHG Protocol of financed assets or companies. The exception to this is the automotive sector, where only use-phase emissions are included. In the real estate and housing sector only Scope 1 and Scope 2 emissions are included. For the remaining items (e.g. central banks, banks/other financial undertakings, central governments, municipalities and towns/cities), no target values and reduction pathways are set in the current reporting year. Geographical areas, financing: Global orientation with a focus on Central and Western Europe, Scandinavia, the UK and North America. Geographical areas, proprietary investments: Global orientation with a focus on G7 countries. The targets presented here pertain to the Deka Group’s downstream value chain (see ESRS 2 BP-1 5 (c)). 303

304

Group management Report | Sustainability report Deka Group Annual Report 2024 Baseline value and reference year re: 1. Base year 2024; baseline values for the financed emissions were determined for each sector (see table “Absolute GHG emission reduction targets”). re: 2. Base year 2024; baseline values for the physical intensities were determined for each sector (see table “Physical intensities of GHG emission reduction targets”). re: 3. Base year 2024; baseline values are the physical intensities at sector level (see table “GHG reduction pathways”). Time period and interim targets re: 1. and 2. For the periods from 2025 to 2050, in five-year increments re: 3. Percentage reductions for the years 2030 and 2050 Methodology and assumptions Financing: re: 1. to 3. The target values in tCO2e and the physical intensities were determined on the basis of the actual values as described in ESRS E1-6. Total portfolio size remains nearly constant throughout the entire period due to reinvestment. In new business, properties financed have up-to-date technical features in terms of their emissions. The portfolios show a constant reduction in CO2e emissions compared to the base year 2024 (for details on the assumptions and methodology, see ESRS E1-4 34 (e)). Proprietary investments: re: 1. to 3. The basic assumption is that the proprietary investments portfolio will remain unchanged in terms of sector allocation. The targets set by the respective companies were used to determine the target values (for details of the assumptions and methodology, see ESRS E1-4 34 (e) and ESRS E1-4 AR 30 (c)). Use of scientific evidence re: 1. to 3. The IEA-NZE2050 scenario provides a key basis for DekaBank’s strategic climate targets. For the maritime transport sector (Poseidon Principles) and real estate and housing sector (CRREM 2°C pathway), extended or adapted scientific pathways are also used as the basis for defining the reduction pathways. Involvement of stakeholders re: 1. to 3. Target values were determined for the following sustainability matters: “Climate change adaptation” and “Climate change mitigation”. The targets published by the respective issuers themselves were used for this purpose. Insofar as stakeholders have published target values in the Financing business division, these have been taken into account in the course of the business activities. Progress and monitoring re: 1. to 3. The physical intensity of the financing business is determined continuously (at least once a year) and compared with the sector-specific decarbonisation pathways to ensure that these are in line with the Paris Agreement on climate change and the sector-specific climate targets. In the event of deviations from the defined targets, the causes of these deviations are analysed in light of market and competitive developments and the aggregated view at the business division and overall bank levels, and possible countermeasures are implemented. The organisational units responsible for controlling in the Financing business division and the Treasury corporate centre play a key role in monitoring and managing these processes. The Board of Management acknowledges the status quo, deviations from targets and progress reports on actions that have been initiated and decides on new actions. The Board of Management also acknowledges the qualitative sector assessments, the market developments and the competitor view. 33. The abovementioned decarbonisation levers for DekaBank’s financing and proprietary investments support achievement of the sectoral GHG emission reduction targets in ESRS E1-4 34 (a), 34 (c) and 34 (d) and address the climate-related impacts, risks and opportunities (IROs) identified in the materiality assessment. They involve continually expanding transformation financing activities and focusing investments on technology-oriented and energy-efficient companies. 34 (a), 34 (c), 34 (d) The following tables entitled “Absolute GHG emission reduction targets” and “Physical intensities of GHG emission reduction targets” show the GHG emission reduction targets for DekaBank’s financing and proprietary investment, starting from the base year 2024 in five-year increments up to 2050, both in absolute tCO2e and as physical intensities. 304

305

Group management Report | Sustainability report Deka Group Annual Report 2024 Absolute GHG emission reduction targets (Fig. 121) Base year (in tonnes of CO2e) Gross- carrying value (€ million) with Scope 1, 2 & 3 counterpart y emissions GHG emission reduction targets Financed GHG emissions – Scope 3.15 (in metric tonnes of CO2e) Annual % target / Base year 2024 2025 2030 2035 2040 2045 2050 2,940.7 2,211,782.9 1,987,540.2 1,445,747.2 1,100,207.6 697,351.9 378,024.4 27,909.2 3.80% 591.7 1,698,683.1 1,387,000.0 1,022,000.0 766,500.0 511,000.0 255,500.0 0.0 3.85% 43.8 289,112.1 251,702.8 158,179.7 126,096.3 94,013.0 61,929.6 29,846.2 3.45% 418.1 353,396.6 287,190.3 205,668.3 140,887.4 76,106.5 45,878.7 15,650.9 3.68% 1,588.0 2,110,518.6 2,165,833.3 1,695,000.0 1,282,550.0 870,100.0 457,650.0 45,200.0 3.76% 1,123.2 625,387.8 513,000.0 378,000.0 283,500.0 189,000.0 94,500.0 0.0 3.85% 150.0 280,682.2 277,746.2 263,090.4 191,951.7 120,813.0 64,730.2 8,647.4 3.73% Sector Non-financial- companies: Electricity Non-financial- companies: Burning of fossil fuels Non-financial- companies: Automotive sector, trucks Non-financial- companies: Automotive sector, passenger cars Non-financial- companies: Air transport Non-financial- companies: Marine transport Non-financial- companies: Chemical products Non-financial- companies: Real estate activities Total 10,900.1 17,755.6 81,766.4 7,651,329.7 68,914.3 6,938,927.1 37,589.6 5,205,275.2 30,071.7 3,921,764.7 Physical intensities of GHG emission reduction targets (Fig. 122) Base year Gross carrying value (€ million) 22,553.8 2,580,938.2 15,035.8 1,373,248.7 7,517.9 134,771.6 3.49% 3.78% Intensity 2024 2025 2030 2035 2040 2045 2050 225.38 kg CO2e/MWh 210.81 kg CO2e/MWh 174.31 kg CO2e/MWh 129.29 kg CO2e/MWh 80.64 kg CO2e/MWh 42.23 kg CO2e/MWh 2.63 kg CO2e/MWh 94.43 g CO2e/MJ 48.79 g CO2e/tkm 141.27 g CO2e/vkm 122.67 g CO2e/pkm 4.18 g CO2e/tkm 79.15 g CO2e/MJ 42.07 g CO2e/tkm 121.67 g CO2e/vkm 119.67 g CO2e/pkm 3.34 g CO2e/tkm 52.13 g CO2e/MJ 25.35 g CO2e/tkm 89.07 g CO2e/vkm 87.31 g CO2e/pkm 2.15 g CO2e/tkm 30.11 g CO2e/MJ 20.61 g CO2e/tkm 60.27 g CO2e/vkm 65.94 g CO2e/pkm 1.33 g CO2e/tkm 11.25 g CO2e/MJ 14.73 g CO2e/tkm 30.37 g CO2e/vkm 44.20 g CO2e/pkm 0.61 g CO2e/tkm 5.21 g CO2e/MJ 8.84 g CO2e/tkm 14.62 g CO2e/vkm 21.78 g CO2e/pkm 0.28 g CO2e/tkm 0.00 g CO2e/MJ 2.95 g CO2e/tkm 1.28 g CO2e/vkm 2.44 g CO2e/pkm 0.00 g CO2e/tkm 2,940.7 591.7 43.8 418.1 1,588.0 1,123.2 150.0 10,900.1 4,559.27 kg CO2e/t output 4,168.92 kg CO2e/t output 2,211.00 kg CO2e/t output 1,607.56 kg CO2e/t output 1,001.57 kg CO2e/t output 536.60 kg CO2e/t output 71.26 kg CO2e/t output 33.86 kg CO2e/m² 32.85 kg CO2e/m² 16.88 kg CO2e/m² 12.43 kg CO2e/m² 8.35 kg CO2e/m² 5.77 kg CO2e/m² 3.55 kg CO2e/m² 305 Sector Non-financialcompanies: Electricity Non-financialcompanies: Burning of fossil fuels Non-financialcompanies: Automotive sector, trucks Non-financialcompanies: Automotive sector, passenger cars Non-financialcompanies: Air transport Non-financialcompanies: Marine transport Non-financialcompanies: Chemical products Non-financialcompanies: Real estate activities

306

Group management Report | Sustainability report Deka Group Annual Report 2024 The sum of the gross carrying values of the balance sheet assets in the Deka Group banking book (excluding the trading book) for which targets were set is €17,755.6m. That corresponds to 26.9% of total gross carrying value (see ESRS E1-6 44). 34 (b) The GHG emission reduction targets set apply to DekaBank’s financing and proprietary investment portfolio (Scope 3.15 emissions) in the following sectors: electricity, burning of fossil fuels (coal, oil and gas), automotive sector (including trucks and passenger cars), aviation, maritime transport, chemical products and real estate and housing. As a general rule, the Scope 1, 2 and 3 emissions of the projects, assets or investments financed or of the counterparties were examined when defining targets. In the automotive sector, only the Scope 3.11 emissions were considered. In the real estate and housing sector, only Scope 1 and Scope 2 emissions were included. For the remaining items under ESRS E1-6 44, 51, AR 46 (g), such as central banks, banks/other financial undertakings, central governments, municipalities and towns/cities, no target values or reduction pathways were set for the current reporting year. The intention is for the greenhouse gas inventory to be updated and reviewed annually when the sector profiles are reviewed. AR 25 (a) The baseline value is regarded as representative despite the presence of external factors such as the war in Ukraine and the resulting abnormal energy consumption in the base year 2024. However, these factors did not significantly distort the GHG emissions used to determine the baseline values. 34 (e), AR 30 (c) The IEA-NZE2050 scenario is an important basis for DekaBank’s climate strategy and targets in its financing and proprietary investments portfolio. It defines pathways for selected sectors which can be followed to achieve the GHG emission reduction targets (warming limited to 1.5°C) by 2050. Additionally, for some sectors, extended or adapted scientific pathways are also used as the basis for defining the reduction pathways. These include, for example, the CRREM scenario – the industry-standard scenario in the building and housing sector (currently following the CRREM 2°C decarbonisation pathway specifically for real estate) – which is based on IEA- NZE2050. For the maritime transport sector, the reference pathways under the Poseidon Principles (“striving trajectory”) apply. The scenarios and sectoral targets are reviewed at least annually. The review includes an assessment of whether future developments need to be considered and also covers the impacts on the organisation’s own GHG reduction targets. The targets have not been externally assured. Various methods and assumptions were used to determine the GHG emission reduction targets. They are described separately and in detail for financing and proprietary investments. Financing The target values in tCO2e and the physical intensities were determined on the basis of the actual values (see ESRS E1-6), assuming across all sectors that the portfolio size remains nearly constant over the entire period due to reinvestment. In new business, financing of properties with the latest technical equipment is carried out with a view to their emission levels. The portfolios show a steady reduction in CO2e emissions compared to the base year 2024. The following points are relevant for specific sectors: Marine transport: The Poseidon Principles reduction pathway (“striving curve”) was used as the key control element for CO2e emissions from ships. Focusing on this pathway in advance of any new business justifies the assumption that the Deka-specific reduction pathway will be adhered to over the entire term. Aviation: The Deka-specific reduction pathway is not as steep as the IEA’s NZE2050 pathway, because it assumes slower growth in the availability of sustainable air fuel. Overall, progress with the aviation sector’s transition depends heavily on technical developments, efficiency improvements and, most crucially, the state of development and availability of sustainable fuel types. In the aviation sector, the use of sustainable fuels is not expected to increase appreciably, and technical developments are not expected to have a market-influencing effect, until after 2030. Real estate and housing: The CRREM scenario, which is standard for this sector, was used: it is currently aligned with the real estate-specific CRREM 2°C decarbonisation pathway and is based on the IEA NZE2050 scenario. To determine the targets, consumption values were collected for all real estate assets in the reporting year: some were estimated, and some were taken from energy performance certificates or extrapolated. Worst-case assumptions were generally used for estimates. 306

307

Group management Report | Sustainability report Deka Group Annual Report 2024 Electricity: In contrast to the sectors described above, DekaBank has focused on the counterparty rather than the property level for this sector. The long-term goal is to shape the portfolio as follows: more than 50% renewable energy financing (of which 60% wind energy and 40% photovoltaics), around 40% municipal utility financing and just under 10% grid infrastructure and hydrogen financing. Note that a significantly different energy mix (with a higher proportion of coal) underlies the IEA pathway in the initial phase for this sector and that the Deka-specific reduction pathway takes this into account. Where company data was unavailable, statistical input data was used to make a back-calculation. Fossil fuel combustion: Publicly available company data was used for this sector. Proprietary investments The fundamental assumption made for the proprietary investment portfolio was that its sector allocation would not change. The target values were derived from the targets set by the specific companies. The target value of the financed emissions was calculated, based on the absolute actual financed values (see ESRS E1- 6), by assuming a linear reduction of the emissions towards the interim targets. A physical intensity was determined for each relevant capital market counterparty (proprietary investments), (see ESRS E1-6, table entitled “2024 gross GHG emissions by asset class (financing and proprietary investments)”). Assumptions were made, based on the actual emissions intensities, concerning the development of the emissions and volume components at the level of the individual counterparties up to 2050. The development of the emissions component was inferred from the GHG emission reduction targets that the companies had published in their reports. This involved examining whether the targets were science-based and had been validated externally, for example by the Science Based Targets initiative. If a company had not published its own reduction targets, the IEA’s GHG emission reduction target from the NZE2050 for the relevant sector was used. The development of the volume component was based on the future volume change assumed by the IEA NZE2050 scenario. The target values were aggregated at the sector level and compared with the IEA NZE2050 targets. IEA decarbonisation pathways exist for all GHG-intensive sectors in the proprietary investment portfolio. The sector-specific reduction pathways were derived from the forecast development of physical intensities up to 2030 and 2050 for the base year 2024. AR 26, AR 28. The following table entitled “GHG reduction pathways” shows the GHG reduction pathways for DekaBank’s Financing and Proprietary Investments business divisions for the years 2030 and 2050, starting from the base year 2024 (for the base data, see the table entitled “Physical intensities of GHG emission reduction targets”). 2030 –23% –45% –48% –37% –29% –49% –52% –50% 2050 –99% –100% –94% –99% –98% –100% –98% –90% GHG reduction pathways (Fig. 123) Sector-specific GHG emission reduction pathway, taking 2024 as the base year Non-financial companies: Electricity Non-financial companies: Burning of fossil fuels Non-financial companies: Automotive sector, trucks Non-financial companies: Automotive sector, passenger cars Non-financial companies: Air transport Non-financial companies: Marine transport Non-financial companies: Chemical products Non-financial companies: Real estate activities 307

308

Group management Report | Sustainability report Deka Group Annual Report 2024 34 (f) The targets for the above-mentioned climate-relevant sectors were derived from DekaBank’s overarching climate targets. If the emissions did not match the self-imposed targets, countermeasures were formulated to address this. The decarbonisation levers described for financing and proprietary investments (see ESRS E1-3 29 (a)) provided the basis for the forecast and planned GHG reduction in the financing and proprietary investment business divisions and worked together to achieve the established sector-level targets. As a financial institution, DekaBank can support its business partners in the transformation process, but it is dependent above all on the effectiveness and speed of technological progress (especially in the sectors it finances and invests in), the general development of the real economy and the behaviour of market participants. All explanations relate to DekaBank’s Scope 3.15 emissions. The quantitative contribution of the decarbonisation levers and actions is noted in the tables in ESRS E1-3 entitled “Actions for the financing business” and “Actions for proprietary investments”. E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 124) Metrics 1. Absolute CO2 values in tCO2e subdivided by sector, including the percentage of emissions calculated using primary data, the Partnership for Carbon Accounting Financials (PCAF) score and the respective gross carrying values (see table “2024 gross emissions by sector and counterparty” and “2024 gross GHG emissions by asset class [financing and proprietary investments”]). 2. Physical intensity CO2e values, including the percentage of emissions calculated using primary data, the PCAF score and the respective gross carrying values for climate-intensive sectors of non-financial undertakings (see table “2024 CO2 intensity by sector”). Methodology, assumptions and limitations Financing and proprietary investments: If no primary data was available, the emission and quantity components were determined using approximations or estimates. There is always a possibility when using this approach that approximations will under- or overestimate a counterparty’s actual emissions. Financing re: 1. Absolute CO2e values. - Financed Scope 3.15 emissions: Attention was paid to compliance with the PCAF standard when calculating financed GHG emissions. Data published by counterparties was given preference. Where such data was not available, approximations or estimates were used. - PCAF weighted quality score/percentage of primary data: The PCAF score is calculated using the formulae specified by the PCAF. The aggregated share is determined through weighting by gross carrying values. re: 2. Intensities: The physical intensities were determined according to the specified sector-specific measured values (units of the CO2e measured values or output measurement units). Priority was given to actual customer data when doing this, and it was combined with publicly available, obtained, and estimated data, sorted in descending order of priority. Proprietary investments re: 1. Absolute CO2e values (actual): Attention was paid to compliance with the PCAF standard when calculating the absolute financed emissions. The emissions data is either collected from documents published by the companies or obtained from sustainability data providers (primary data). re: 2. Intensities (actual): The physical intensities are determined for counterparties in nine carbon-intensive sectors. The physical intensity is determined for each relevant corporate counterparty with a capital market limit (a bottom-up approach). The emission and quantity components are either compiled/calculated from company reports or obtained from sustainability data providers. For detailed information, including sector specifics, see ESRS E1-6 AR 39 (b), AR 46 (h), AR 46 (i). External validation re: 1. and 2. The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description See tables “2024 gross emissions by sector and counterparty”, “2024 gross GHG emissions by asset class (financing and proprietary investments)” and “2024 CO2 intensity by sector”. 308

309

Group management Report | Sustainability report Deka Group Annual Report 2024 44, 51, AR 46 (g) The following tables entitled “2024 gross emissions by sector and counterparty” and “2024 Gross GHG emissions by asset class (financing and proprietary investments)” show the absolute gross GHG emissions for DekaBank’s Financing and Proprietary Investments business divisions, broken down by sector, counterparty and asset class (financing and proprietary investments) in the reporting year. The table entitled “2024 CO2 intensity by sector” also shows the CO2 intensities by sector in 2024. 2024 gross GHG emissions by sector and counterparty (Fig. 125) Gross carrying value (€ million) with Scope 1, 2 & 3 counterparty emissions 2,940.7 591.7 2,211,782.9 1,698,683.1 Financed GHG emissions – Scope 3.15 (Scope 1, Scope 2 and Scope 3 counterparty emissions) (in metric tonnes of CO2e) Of which financed Scope 1 and 2 emissions Of which financed Scope 3 emissions Primary data (percentage of primary data used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to grosscarrying- value) 668,211.9 1,543,571.0 70.4% 2.6 114,298.0 1,584,385.1 10.4% 3.4 43.8 289,112.1 37,985.5 251,126.6 100.0% 2.0 418.1 1,588.0 353,396.6 2,110,518.6 1,652,888.8 457,629.8 2,771.0 350,625.6 73.2% 2.3 5.7% 5.9% 3.4 3.5 1,123.2 625,387.8 450,279.2 175,108.6 150.0 280,682.2 59,904.5 220,777.7 100.0% 2.0 81,766.4 - 1.6% 3.5 305,476.7 2,302.4 25,698.3 1,267,876.7 - 485,765.0 55.7% 79.1% 93.7% 2.8 2.5 2.8 694,225.9 - 13.3% 4.1 4,095,808.6 6,336,866.1 40.0% 3.1 309 10,900.1 4,041.7 13,599.6 1,995.6 81,766.4 1,573,353.4 2,302.4 511,463.3 4,739.7 694,225.9 10,432,674.7 Sector Non-financial companies: Electricity Non-financial companies: Burning of fossil fuels Non-financial companies: Automotive sector, trucks Non-financial companies: Automotive sector, passenger cars Non-financial companies: Air transport Non-financial companies: Marine transport Non-financial companies: Chemical products Non-financial companies: Real estate activities Non-financial companies: other sectors Banks Other financial institutions Sovereigns, municipalities, cities Total 42,132.2

310

Group management Report | Sustainability report Deka Group Annual Report 2024 2024 gross GHG emissions by asset class (financing and proprietary investments) (Fig. 126) Financed GHG emissions – Scope 3.15 (Scope 1, Scope 2 and Scope 3 counterparty emissions) (in metric tonnes of CO2e) Of which financed Scope 1 and 2 emissions Of which financed Scope 3 emissions Primary data (percentage of primary data used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to grosscarrying- value) Asset class PCAF category Gross carrying value (€ million) with Scope 1, 2, 3 counterparty emissions Listed Equity & Bonds (PCAF 5.1) Unlisted Equity & Business Loans (PCAF°5.2) 344.0 7,489.8 Financing Project Finance (PCAF 5.3) Commercial Real Estate (PCAF 5.4) 4,063.0 10,856.3 Mortgages (PCAF 5.5) Motor Vehicle Loans (PCAF°5.6) - - Sovereign Debt (PCAF 5.7) Listed Equity & Bonds (PCAF 5.1) Unlisted Equity & Business Loans (PCAF°5.2) Proprietary investments Project Finance (PCAF 5.3) Commercial Real Estate (PCAF 5.4) Mortgages (PCAF 5.5) Motor Vehicle Loans (PCAF°5.6) 2,325.4 5,993.3 8,619.1 27.0 - - - Sovereign Debt (PCAF 5.7) 2,414.3 Total for Deka Group assets (banking book, excluding trading book): 182,647.5 2,792,666.9 3,470,304.2 80,640.5 - - 413,344.7 1,617,567.7 1,594,267.5 354.5 - - - 280,881.2 10,432,674.7 79,757.7 457,883.2 2,370,576.5 102,889.8 2,334,783.7 1,099,727.7 62.6% 2.6 31.7% 2.9 3.5% 3.5 80,640.5 - 0.2% 3.5 - - - - - 413,344.7 276,312.7 136,409.8 - - - - 1,341,255.0 1,457,857.7 0.0% 4.7 92.6% 2.2 91.5% 2.5 2.3 352.2 0.0% 5.0 - - - - - - - - - 280,881.2 - - - - 32.9% 3.5 42,132.2 The total gross carrying value of the balance sheet assets in the Deka Group’s banking book (without the trading book, including derivatives, balances with central banks, cash and other asset categories) was €65,979.0m. CO2e emissions were reported for €42,132.2m, which corresponded to a coverage rate of 63.9%. The remaining 36.1% was not covered by PCAF. 4,095,808.6 6,336,866.1 40.0% 3.1 310

311

Group management Report | Sustainability report Deka Group Annual Report 2024 2024 CO2 intensity by sector (Fig. 127) Gross carrying value (€ million) Intensity Primary data (Percentage of primarydata used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to gross- carryingvalue) Sector Non-financial companies: Electricity Non-financial companies: Burning of fossil fuels Non-financial companies: Automotive sector, trucks Non-financial companies: Automotive sector, passenger cars Non-financial companies: Air transport Non-financial companies: Marine transport Non-financial companies: Chemical products Non-financial companies: Real estate activities 2,940.7 225.38 kg CO2e/MWh 591.7 94.43 g CO2e/MJ 70.4% 10.4% 43.8 48.79 g CO2e/tkm 100.0% 418.1 141.27 g CO2e/vkm 73.2% 1,588.0 122.67 g CO2e/pkm 1,123.2 4.18 g CO2e/tkm 150.0 4,559.27 kg CO2e/t output 10,900.1 33.86 kg CO2e/m² 5.7% 5.9% 100.0% 1.6% 2.6 3.4 2.0 2.3 3.4 3.5 2.0 3.5 AR 39 (b), AR 39 (c), AR 46 (h), AR 46 (i) Various methodologies and assumptions were used to determine the absolute CO2e values and CO2 intensities for the reporting year; and these are explained separately below for financing and proprietary investments. The determination of DekaBank’s Scope 3.15 emissions took the counterparties’ Scope 1, Scope 2 and Scope 3 emissions into account. Exceptions are explained separately below for financing and proprietary investments and by sector. Financing The calculation of the financed GHG emissions endeavoured to ensure compliance with the PCAF standard. Preference was given to data published by counterparties. If no counterparty data was available, the following procedure was followed: Electricity and fossil fuel combustion sectors: Emissions were allocated by, among other methods, approximating industry values on the basis of NACE codes and using a size component (total assets, revenue) of the corresponding counterparties. For producers of electricity generated from renewable sources, data provided by the German Federal Environment Agency (Umweltbundesamt, UBA) was used to extrapolate the CO2e emissions from the amount of MWh generated. Aviation and marine transport sectors: Actual data collected by an external data provider was used. The data included the Scope 1 values. The Scope 2 and 3 values were derived according to the distribution observable in the market. Real estate and housing: In the real estate and housing sector, only Scope 1 and Scope 2 emissions were taken into account. The data was collected or estimated (together with an external real estate service provider) from available data. The physical intensities were determined from the sector-specific metrics (units of the CO2e or output measurement units). Priority was given to actual customer data, followed by publicly available data, obtained data and estimated data, sorted in descending order of priority. 311

312

Group management Report | Sustainability report Deka Group Annual Report 2024 Proprietary Investments The calculation of the absolute financed emissions endeavoured to ensure compliance with the PCAF standard. The emissions data was either collected from documents published by the bond issuers or obtained from sustainability data providers (primary data). The Scope 1 emissions recommended in the PCAF standard – as defined in the national UNFCCC emissions inventory but excluding various forms of land use and ecosystem management (land use, land-use change and forestry (LULUCF)) – were used to calculate the financed emissions from government bonds (including municipalities and cities/towns). Scope 2 and 3 emissions were not included in the calculation of financed emissions from government bonds. The gross domestic product (GDP) adjusted for purchasing power, which is required to calculate the attribution factor of government bonds, came from publicly available data (e.g. from the World Bank or national statistical offices) or, when necessary, from other data providers. The calculation of financed emissions did not include exposures to central banks, because the European Central Bank (ECB) acts as a depositary and the funds are not restricted to any specific use. As long as the ECB does not provide guidance on or a uniform interpretation of this issue and the PCAF standard does not cover it, these deposits will not be included in the calculation of financed CO2e emissions. The corresponding carrying value is therefore reported as “no CO2e emissions”. This reduces the coverage rate accordingly, as a small share of the total gross carrying value is reported without associated CO2e emissions. The PCAF concedes that the comparability, coverage, transparency and reliability of Scope 3 data still vary widely by sector and data source. Due to the insufficiency of available data on financed GHG emissions of banks (Scope 3.15), the presented metrics are of only limited significance. For this reason, the calculation of financed emissions for exposures to banks only took Scopes 1 and 2 emissions into account. The phase-in approach that the PCAF is pursuing for the disclosure of Scope 3 emissions will improve the pool of available data on the financed GHG emissions of banks, so it may become possible to include them in the calculation in the future. Where no primary data was available for a counterparty, estimates were made on the basis of the bond issuers’ commercial activities. The physical intensities were determined for counterparties in nine GHG-intensive sectors. In this process, the physical intensity was determined for each relevant corporate entity with a capital market limit (a bottom- up approach). The emissions and volume components were taken from corporate reports, calculated or obtained from an external data provider. Scope 1, 2 and 3 emissions were generally used for the emissions component. Location-based emissions were selected for the Scope 2 emissions, as this represented a more conservative approach than the market-based method. In the automotive sector (including trucks and cars), unlike the other sectors, only the emissions from the vehicles’ utilisation phase were used. If a company did not provide information on its CO2e emissions or its volume component, they were estimated on the basis of the sector average. 312

313

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS E1 – Climate change (Asset Management Real Estate business division) E1-1 – Transition plan for climate change mitigation 16 (a) In 2024, the Asset Management Real Estate business division, which includes Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, continued its consistent pursuit of the climate targets set out in its 2020 sustainability strategy for the funds under its management. In doing so, it focused on actions for combating the causes of climate change and adapting to impacts of climate change that have already occurred or are anticipated. The Asset Management Real Estate business division’s long-term target is to achieve climate neutrality by no later than 2050, both for its own business activities and for its entire portfolio. This is compatible with the target of limiting global warming to well below 2°C in accordance with the Paris Agreement on climate change. Reducing the CO2e emissions of the real estate portfolio is central to this effort. The following remarks therefore apply primarily to the real estate direct funds under this business division’s management. The sustainability objective of the Asset Management Real Estate business division is to significantly reduce the CO2e emissions that can be influenced by the investment management company for a large portion of its real estate portfolio by 2030, thereby helping to limit global warming to well below 2°C compared to pre-industrial levels. The strategies for addressing the principal adverse impacts (PAIs) on sustainability factors include determining, measuring and weighting them and then defining actions to limit and reduce them. For a real estate investment management company, the focus when addressing PAIs is on the PAI indicators for investments in real estate assets: Share of investments in real estate assets involved in the extraction, storage, transport or manufacture of fossil fuels, and Share of investments in energy-inefficient real estate assets (for further details, see ESRS E1-4 34 (e)). 16 (b) The objective with respect to a climate neutral building stock is to align the real estate investment funds that take environmental characteristics into account for investment decisions with the CRREM 2°C decarbonisation pathways. The CRREM 2°C decarbonisation pathways serve as measurable references for limiting global warming to well below 2°C in accordance with the Paris Agreement on climate change. Currently, the fund strategies of all mutual funds of Deka Immobilien Investment GmbH, one mutual fund of WestInvest Gesellschaft für Investmentfonds mbH and one special fund (all classified as Article 8 products) have environmental characteristics and therefore include GHG emission reduction targets. In total, over 69.6% of the asset management volume consists of Article 8 products, whose fund strategies promote environmental characteristics and therefore report GHG emission reduction targets. Further expansion of this volume is planned for the future. Actions to reduce energy consumption – such as improving buildings’ energy efficiency, foregoing inessential user comforts in consultation with building users (sufficiency) or reducing CO2e emissions through the use of sustainable, decarbonised energy sources – are important levers to continuously reduce the carbon footprint of the real estate assets held in the funds. The portfolio management strives to reduce the CO2e intensity of the real estate assets. The specific actions are broken down from the portfolio level to the property level. This applies primarily to building refurbishment and transactions such as the purchase or sale of real estate assets. When properties are bought and sold, their carbon footprint is factored into investment decisions in the same way as the PAIs for real estate assets and other criteria. In the funds classified under Article 8, the PAIs that are relevant for real estate investment management companies form part of the fund strategy as environmental characteristics to be complied with. This concerns the proportion of real estate investments that have a connection to fossil fuels and/or are energy-inefficient. These PAI targets are designed in such a way that products with sustainability characteristics are permitted to exceed the defined portfolio-specific ratios only in justified exceptional cases. The defined upper limits were not exceeded in the reporting year. 313

314

Group management Report | Sustainability report Deka Group Annual Report 2024 Further information on the individual products can be found in the prospectuses and publications on the relevant product pages on the Deka website (www.deka.de). The Asset Management Real Estate business division is endeavouring to provide additional fund products that have environmental characteristics incorporated into their investment strategies (in accordance with Article 8 SFDR), particularly for institutional customers. Coordination with individual investors is very important in this process, as they must unanimously agree to change the investment conditions. The Asset Management Real Estate business division implements important decarbonisation levers with specific actions to meet the targets set in the sustainability strategy (for details, see ESRS E1-3 29 (a)). These include: Technical actions: These are actions that reduce the CO2e emissions or energy consumption of the specific real estate assets. One such action is replacing the heating system (if the real estate asset is available for use) to take advantage of a more efficient system’s potential CO2e savings effect; and another is optimising the operation and control of technical systems, for example by introducing intelligent building control that make it possible to adjust usage periods to the availability of renewable energy. Other potential actions are renovating the building envelope or installing photovoltaic systems. Transactions: Transactions – i.e. the purchase or sale of real estate – represent an active tool to continuously reduce the CO2e emissions intensity of the real estate funds. In accordance with the defined fund strategy, properties that are and will remain below the CRREM 2°C decarbonisation pathway are purchased, and any properties that are above this reduction pathway are sold. Each purchase decision takes account of the future time period during which the building would remain below the CRREM 2°C decarbonisation pathway without any additional modernisation actions. This approach achieves a step-by-step decarbonisation of the real estate portfolio. Renewable energy purchase and infrastructure decarbonisation: The energy consumed in managing real estate assets, including lighting and ventilation, has a crucial impact on their carbon footprint. The Asset Management Real Estate business division therefore switched its electricity sourcing in Germany over to renewable energy sources as early as 2013 and has gradually increased the share of properties supplied with this type of electricity. In the course of re-commissioning the energy procurement, the requirements for the quality of green electricity were raised again in the reporting year to ensure that future purchasing obtains the best possible quality currently available on the market. This is causing the Asset Management Real Estate business division to generate greater demand for renewable electricity from energy supply companies, and the resulting demand pressure is supporting decarbonisation in the energy sector. Green leases: Meeting climate targets requires close cooperation between lessors and lessees, as coordinated actions and shared commitment enable both parties to make significant contributions to the reduction of CO2e emissions. Lessors can establish a general framework by implementing sustainable actions, while lessees can actively contribute to meeting these targets through environmentally conscious behaviour and using energy-efficient solutions. At Deka Immobilien, this is achieved through extensive use of green leases as an integral part of asset management. For this purpose, rules have been developed to support the overarching sustainability strategy, while also ensuring regular assessment and continuous improvement of the quality of use for the lessees in the buildings. These model clauses are used in new leases and other negotiations regarding leases. 16 (d) The average holding period of the properties in the real estate funds is far below the 27 years required to specify locked-in emissions beyond 2050. It is not known which properties the real estate investment funds will include from 2050 onwards, so the assumption is that there are no locked-in emissions in the form of unalterable CO2 emissions that could undermine the GHG emission reduction targets. 314

315

Group management Report | Sustainability report Deka Group Annual Report 2024 16 (h) The transition plan for the Asset Management Real Estate business division is an essential part of the corporate and fund strategies. These strategies are reviewed and updated at least once a year as part of the institutionalised strategy process. The metrics necessary for the transformation are derived from these and planned explicitly. This applies in particular to the investment funds of the Asset Management Real Estate business division. On the corporate side, see the above description of the Deka Group’s planning process. The plan’s values reflect the investment funds’ financial and investment plans, and how well the plans are implemented is monitored continuously. 16 (i) The information presented here regarding the transition plan has been approved by the Boards of Management of Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH. E1-2 – Policies related to climate change mitigation and adaptation Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 128) Policies 1. Sustainability strategy of the Asset Management Real Estate business division 2. Guidelines for implementation of energy generation systems (PV guidelines) 3. Cross-product risk management 4. New Product Process (NPP), Asset Management Real Estate business division 5. Real estate purchasing 6. Fund-specific GHG emission reduction targets for products with an ESG strategy 7. Processes for renovating and refurbishing existing real estate 8. Guidelines for green electricity procurement 9. Fund planning of the Asset Management Real Estate business division Key contents re: 1. Ambition level of qualitative sustainability targets (product and investment management company) and derived actions re: 2. Producing and using renewable energy to reduce CO2e emissions in the portfolio re: 3. Description of how ESG risks are generally taken into account and assessed in investment decisions and ongoing management re: 4. Determining sustainability characteristics in the launch process for potential new products re: 5. Review of all purchases against specified ESG criteria and the resulting ESG risks re: 6. Fund strategies define the fund’s GHG emission reduction targets (CRREM target) re: 7. Setting parameters for determining the effectiveness of renovation and refurbishment actions, which are incorporated into the decision on actions in order to improve sustainability re: 8. Green electricity standards for the purchase of green electricity re: 9. Taking sustainability characteristics into account in fund planning General objectives re: 1. Reduce CO2e emissions (by 2030, large parts of the real estate funds under management will noticeably reduce the CO2e emissions under their influence); limit global warming to well below 2°C above pre-industrial levels; adhere to the fund-specific decarbonisation pathways and the targeted energy consumption; green leases; exclude coal mining and coal-fired power generation from liquidity investments. Energy efficiency not as an end, but rather a means to reduce CO2e. re: 2. Reduce CO2e emissions by using renewable energy generation systems. re: 3. Identify and assess potential risks in investment decisions and general portfolio management. re: 4. When new products or structures are launched, they are checked against the business strategy/sustainability strategy. re: 5. Numerous ESG criteria and data are collected for each property purchase. These provide information on how the property can be assessed in terms of sustainability. This assessment is incorporated into the purchase decision process. re: 6. Fund-specific GHG emission reduction targets (CRREM). Limit exposure to fossil fuels through real estate assets to 5% of the market value. Limit exposure to energy-inefficient real estate assets to 85% of the market value. re: 7. Before renovation and refurbishment actions are carried out, their effectiveness is assessed with a view to improving sustainability. The results are incorporated into the decision on the corresponding action. re: 8. Quality standards for the purchase of green electricity have been set in order to reduce the CO2 emissions associated with the electricity supplied to the properties in the real estate portfolios as much as possible. re: 9. Describe the requirement for planning sustainability characteristics. 315

316

Group management Report | Sustainability report Deka Group Annual Report 2024 Material impacts, risks and opportunities re: 1. to 9. The Asset Management Real Estate business division contributes to the reduction of CO2e emissions in its portfolios by acquiring and owning efficient buildings below the CRREM 2°C decarbonisation pathway. CO2e emissions can be reduced further by continuously increasing the share of green leases. The Asset Management Real Estate business division is also implementing a continual decarbonisation strategy with corresponding technical measures for its real estate portfolios. At the same time, the Asset Management Real Estate business division contributes to the reduction of energy consumption in cases where existing buildings’ energy consumption can be reduced through individual actions. Monitoring process re: 1. to 9. The basic governance structures of the investment management companies and management level responsibilities for orderly operations ensure compliance with the policies at a higher level. In addition, compliance monitoring activities are carried out by the “second line of defence”, and these are supplemented by audit checks carried out by the “third line of defence”. Finally, external auditors examine implementation of the policies in their work relating to the annual financial statements. re: 4. As part of the NPP, the organisational unit “Real Estate Business Division Management” also carries out checks against the defined business strategy. re: 5. For each real estate purchase and for fund planning, the organisational unit “Real Estate Business Division Management” issues statements examining the ESG risks. These cover both qualitative and quantitative parameters. The Board of Management of the subsidiary has the ultimate decision-making authority. Scope of application re: 1. to 9. For all real estate investment funds in the Asset Management Real Estate business division Responsible organisational level re: 1. to 9. Subsidiary Board of Management Reference to third-party standards or initiatives re: 1. to 9. - Fund-specific GHG emission reduction targets for the Article 8 funds are based on the CRREM 2°C decarbonisation pathway - EU climate targets - Signing of UN Principles for Responsible Investment (UN PRI) - Sustainable Development Goals (SDG) (especially SDG 13: “Take urgent action to combat climate change and its impacts”) - Partnership for Carbon Accounting Financials (PCAF) - Greenhouse Gas Protocol (GHG Protocol) Industry standards published by associations (e.g. the German Investment Funds Association [BVI], the German Property Federation [ZIA] and the Gesellschaft für Immobilienwirtschaftliche Forschung [GIF]) Consideration of stakeholders’ interests re: 1. to 9. The policies listed here take nature into account indirectly as a silent stakeholder. Retail investors: Publication of selected items in the pre-contractual information and in the sustainability strategy on the internet to present the ambition and objectives to investors in a transparent form, allowing them to compare the ESG criteria to their own sustainability requirements. Institutional investors: Must consent to the incorporation of ESG criteria into an existing fund strategy. This is discussed in advance at investor committee meetings, meaning that institutional investors’ interests are taken into account. Lessees: Support provided to lessees in reducing the properties’ resource consumption, for example by signing green leases. Green leases also allow lessees to set their own sustainability requirements (e.g. a certain number of e-charging points). Demand-driven provision of real estate that meets market requirements to support the fulfilment of the fund strategies. Investment management companies: Active participation in associations, thereby helping to shape industry standards (BVI, ZIA and GIF). Availability of policies to stakeholders re: 1. to 9. Pre-contractual information, including the environmental characteristics appearing in the appendix, are provided to investors. Excerpts from the sustainability strategy can be accessed on Deka’s website (www.deka-immobilien.de). Scope limitations re: 1. to 9. The CSRD review focuses on real estate investment funds. 316

317

Group management Report | Sustainability report Deka Group Annual Report 2024 The Asset Management Real Estate business division’s sustainability strategy 22 The Asset Management Real Estate business division’s sustainability strategy summarises the division’s sustainability strategy. The strategic components that are relevant for the investment management company are embedded in the Deka Group’s business strategy. The sustainability strategy includes the level of ambition for ESG, qualitative and quantitative sustainability targets at the product level, qualitative sustainability targets at the investment management company level and the derived actions to meet the targets. Its focus is on reducing the CO2e emissions of the real estate assets. The Asset Management Real Estate business division’s sustainability objective is to significantly reduce the CO2e emissions that are under the investment management company’s influence in a large proportion of the real estate funds by 2030. This should contribute to limiting global warming to well below 2°C compared to pre-industrial levels. The aim of this environmental characteristic is to reduce CO2e emissions from real estate assets through active management until the benchmarks set for the climate target – which are determined on a fund-specific basis – are met. Active management means data collection and analysis, as well as planning and implementation of targeted actions. The Article 8 product strategies are aligned with the CRREM 2°C decarbonisation pathway. CRREM, which is the result of a research project involving several universities, translates the requirements of the target of limiting global warming to 2°C by 2100 for the real estate industry in numerous countries. This science-based tool is used to calculate property-specific decarbonisation pathways, derived from the property type and location, which indicate how much carbon dioxide can be emitted at any given time while still attaining the target. The research project continuously adjusts the CRREM 2°C decarbonisation pathways to current developments and better data, while the climate target remains unchanged. Risk management, control and reporting are subject to continuous and proactive refinement in terms of qualitative and quantitative parameters, taking account of all available information, in accordance with the requirements for sustainability and for identifying, managing and limiting direct climate risks for the portfolios. Creating transparency is essential for meeting the targets and is a precondition for all targets. Gradual improvement and digitalisation of the database with reference to final energy consumption and primary energy demand is therefore itself a target. There are also plans to collect further necessary information on consumption (e.g. water consumption and waste quantities). The ability to subject this information to a structured analysis represents a starting point for assessing sustainability risks and the actions that have already been taken. Creating transparency also involves determining the carbon footprint of the Asset Management Real Estate business division’s own activities. In the interests of industry-wide transparency and comparability, the Asset Management Real Estate business division reports on its sustainability activities in a standardised form, including in UN PRI reports. Active participation in associations and exchange within the industry also foster continuous development and transfer of knowledge about sustainability-related problems and possible solutions. Innovative methods and actions that help reduce the energy consumption or CO2e emissions of real estate assets (such as energy- efficient facilities technology, sensor technology, energy and environmental management systems and ecological and resource-saving construction materials) are especially relevant to these efforts and contribute to the fight against climate change. Guidelines for implementation of energy generation systems (PV Guidelines) To meet the targets set in the sustainability strategy, the Asset Management Real Estate business division has established guidelines for implementing renewable energy generation systems. These guidelines describe how to systematically analyse the real estate portfolio to make the potential for renewable energy in the real estate assets transparent and to exploit this potential. Consistent expansion of photovoltaic systems is another significant component of the efforts to reduce the portfolios’ CO2e emissions. 317

318

Group management Report | Sustainability report Deka Group Annual Report 2024 Cross-product risk management The directive describes how ESG risks are generally and assessed and addressed in investment decisions. The process involves identifying and assessing potential ESG risks in investment decisions and general portfolio management. New product process of the Asset Management Real Estate business division Decisions about the sustainability characteristics to be defined are made during the process of launching potential new products. When products or new structures are revised, they are aligned with the Asset Management Real Estate business division’s corporate and sustainability strategies. Purchase of real estate assets Purchases are always checked against established ESG criteria and the ESG risks that can be derived from them; and these are then documented in a standardised way in the New Product Process Guideline. In addition to the numerous property criteria, a wide range of ESG criteria and data are collected, such as an asset’s carbon footprint, its compliance with PAIs and the length of time before it crosses the CRREM 2°C decarbonisation pathway, as well as any physical or other climate risks. These provide information for assessing the asset in terms of sustainability. This assessment is incorporated into the purchase decision process. Effective portfolio management can also serve as an action to reduce the carbon footprint by selling off properties with higher CO2e emissions and purchasing more efficient properties, insofar as the market situation and general conditions allow. The aim of these steps is to further reduce the CO2e emissions intensity of the specific real estate portfolios through transactions. Fund-specific GHG emission reduction targets for products with an ESG strategy The pre-contractual information on the six Article 8 products that existed in the reporting year set out GHG emission reduction targets along the CRREM 2°C decarbonisation pathway and stipulated compliance with the PAIs (limiting exposure to fossil fuels through real estate assets to 5% of their market value and limiting exposure to energy-inefficient real estate assets to 85% of their market value) in their fund strategies. This is having a positive impact on climate change mitigation. Processes for renovation and refurbishment of existing real estate Before renovation and refurbishment actions are taken, their effectiveness is assessed from the point of view of improving sustainability, for instance by examining the extent to which they will save energy or reduce CO2e emissions. The results are incorporated into the decision on the actions to be taken. Guidelines for green electricity procurement Green electricity has been purchased for general electricity consumption since as early as 2013 for most of the German real estate assets. The development of the Green Electricity Policy has set special standards for purchasing green electricity. This policy envisages three stages of decarbonisation for electricity procurement in the real estate portfolio: Purchase of green electricity with the defined quality criteria Integration of offsite power purchase agreements (PPAs) with wind power and photovoltaic systems Integration of on-site PPAs with the photovoltaic systems at properties in the Deka portfolio 318

319

Group management Report | Sustainability report Deka Group Annual Report 2024 24 The policies incorporate the material IROs identified so far in connection with climate change mitigation and adaptation. By acquiring and owning energy-efficient buildings below the CRREM 2°C decarbonisation pathway, the Asset Management Real Estate business division is contributing to the reduction of CO2e emissions in its portfolios. Continued expansion of green leases can further reduce energy consumption and CO2e emissions. The division has a consistent decarbonisation strategy for its real estate portfolios. Its decarbonisation of electricity and heat is having a positive impact on the environment (energy as a sustainability issue). Increasing the proportion and quality of green electricity purchased will make it possible to take advantage of the low CO2e emission factor in the long term despite the regulations being tightened. The division is also helping to reduce energy consumption by obtaining improved energy performance certificates for existing buildings through individual actions or by reducing their energy consumption (e.g. through predictive air conditioning control technology). 25 (a) Incorporating climate change mitigation in its internal policies is very important to the Asset Management Real Estate business division. Reducing the CO2e emissions of the real estate assets it holds is therefore one of the main goals of its sustainability strategy for the coming years. All business processes and actions that work to achieve this also contribute to climate change mitigation. These include a wide variety of actions taken on buildings that both contribute to decarbonisation of the energy they consume and reduce their basic energy consumption. In addition, six real estate funds have already embedded GHG emission reduction targets in their strategies (Article 8 products). ESRS E1-3 29 (a) and 29 (b) explain the defined actions for CO2e reduction. 25 (b) Climate change adaptation is embedded in the property acquisition process. This identifies and evaluates physical risks, and this information is incorporated into the decision-making process. This enables the Asset Management Real Estate business division to minimise physical risks to the properties that could arise as a result of climate change and to better adapt its real estate portfolio to climate change. 25 (c) For the Asset Management Real Estate business division, energy efficiency is a significant criterion for achieving the objective of limiting global warming to well below 2°C. It is therefore reflected in the business division’s sustainability strategy, in the fund strategies’ specific ESG criteria and in the PAI strategy at the corporate level. The Asset Management Real Estate business division is making a positive contribution through its acquisition and ownership of energy-efficient buildings, such as buildings that have an A or B energy performance certificate, meet the Nearly Zero Energy Building (NZEB) standard, or are among the top 15% of the national building stock as measured by their energy efficiency and primary energy consumption. It also plans and executes property-specific actions to reduce the basic energy consumption of particular real estate assets. These actions are explained further in ESRS E1-3 29 (a) and 29 (b). 25 (d) Renewable energy deployment is addressed in the PV Guidelines. These describe how continuous expansion of photovoltaic systems on the buildings in the real estate portfolio can gradually reduce its CO2e intensity. In addition, the Green Electricity Policy addresses the quality of purchased green electricity. 319

320

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-3 – Actions and resources in relation to climate change policies Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 129) Actions / action plans 1. Replacing heating systems 2. Optimising operations (introducing software to reduce energy consumption, including building technology control optimisation) 3. Renovation and refurbishment (heating and building envelope) 4. Installing photovoltaic systems 5. Property purchases 6. Property sales 7. Infrastructure decarbonisation (energy suppliers) 8. Purchasing green electricity 9. Green leases Outcome / contribution of key actions in the reporting year re: 1. to 9. The primary objective of the actions listed is to reduce CO2e emissions. This can be achieved both through decarbonisation of the required energy sources (electricity and heat) during ongoing operations and through general reduction of energy consumption in the properties. Actions are planned and implemented annually on a property-specific basis. The CRREM 2°C decarbonisation pathways are especially relevant as a control mechanism for planning of actions. Outcome / contribution of key future actions re: 1. to 9. The future outcomes will have a positive impact primarily on the further reduction of CO2e emissions and energy consumption at both the property level and the fund portfolio level. Scope re: 1. to 4. Significant and permanent reduction of CO2e emissions and energy consumption. The appropriate actions must always be taken on a property-specific basis and range from operational optimisation and replacement/installation of energy-efficient building technology to comprehensive renovation measures. The CRREM 2°C decarbonisation pathway is used as a benchmark for assessing and managing the savings. re: 5. and 6. According to the market situation on the basis of the fund planning. re: 7. to 9. Progress is controlled by the energy suppliers; the Asset Management Real Estate business division generates demand for 8. and 9. Permanent. Time horizon re: 1. to 4. Actions are planned and implemented annually on a property-specific basis. The implementation period corresponds to the scope of the respective action. re: 5. to 9. Permanent rolling implementation of the actions. Mitigation measures re: 1. to 9. Due to the focus on acquisition and ownership of real estate and compliance with the PAIs defined for this purpose, no mitigation measures were necessary during the period under consideration. Progress re: 1. to 9. The Asset Management Real Estate business division has reported on its comprehensive sustainability activities for many years in the DekaBank Group’s sustainability report. Every year since the 2020 report, the report has also included transparent information about carbon footprint, actions taken to reduce it, and success of those actions. Type of resources applied in the reporting year Financial resources are used in the following investment processes. All resources used are covered by the investment funds and are therefore not expenses of the investment management company: re: 1. to 4. In the existing portfolio of the investment funds, efforts are made to achieve a positive impact on the energy consumption and CO2e emissions of the real estate as part of the operational management and ongoing maintenance and renovation measures. These include smaller-scale measures, such as switching to LED lighting, as well as larger-scale measures, such as switching to energy-efficient heating systems or corresponding building technology, optimising the energy efficiency of the building envelope (renovation) or implementing green façades. Smart building control is being introduced into further properties in the portfolio. re: 5. and 6. Purchases and sales contribute significantly to meeting the sustainability targets. The impact of each individual transaction on potential ESG risks (individual and portfolio view) is assessed during the transaction processes. re: 7. and 8. There are no significant additional costs for green electricity (they are passed on to lessees). re: 9. No quantifiable costs are currently incurred for green leases. Type of resources planned for the future re: 1. to 9. The above-mentioned actions are taken into account in the annual fund planning in accordance with the fund strategies. 320

321

Group management Report | Sustainability report Deka Group Annual Report 2024 29 (a) To meet the climate change mitigation targets and implement the climate change adaptations described in ESRS E1-4 34 (a), the Asset Management Real Estate business division has introduced policies as described in ESRS E1-2 22 that pursue the overarching goal of gradually reducing CO2e emissions in its real estate portfolio. As the funds’ real estate portfolios grow over time, the absolute CO2e emissions may increase temporarily, even if the emissions intensity per square metre decreases. Actions whose implementation will contribute directly to reducing the CO2e emissions intensity are subordinate to the policies. The following paragraphs describe the specific actions being taken by the Asset Management Real Estate business division to reduce the CO2e emissions of the real estate assets that it holds. The actions are grouped into various thematic clusters of business actions to form “decarbonisation levers”. These include technical actions, transactions and infrastructure decarbonisation. The decarbonisation levers and the associated actions are described in detail below. Technical actions: This decarbonisation lever primarily addresses technical improvements to real estate assets within the real estate funds with the aim of significantly reducing CO2e emissions. The four most important actions are described below. – Replacement of heating systems: One contribution to climate change mitigation consists in replacing heating systems with new, more efficient systems if CO2e emissions can be achieved during operation. This involves a review of the options for the particular real estate asset, the commercial feasibility of replacement and its impact on the asset’s carbon footprint. This action includes options such as switching from fossil fuels to renewable energy sources like heat pumps or connecting to district heating networks. It takes factors like energy efficiency, useful life, historical cost and maintenance costs into account. – Optimising operation (introducing software to reduce energy consumption, including building technology control optimisation): This is another element of the “technical actions” decarbonisation lever: its primary objective is to further reduce the energy consumption of real estate assets through the technical optimisation of existing building technology. Introducing smart data technology, which uses a digital twin to optimise a building’s operation, significantly reduces energy consumption in the building without any loss of comfort for users. A large volume of relevant data is integrated into the control process, such as energy prices and demand rates, building physics, technology and weather forecasts. Reducing energy consumption can also reduce CO2 emissions, which will in turn have a positive impact on climate change mitigation. – Renovation and refurbishment: Renovation and refurbishment of real estate assets form another component of technical actions. These processes involve modernising a building’s envelope, heating system and/or other technical equipment, such as its ventilation and air conditioning systems or pumps. This action improves a real estate asset’s energy efficiency and can significantly reduce the emissions that arise through heating and cooling. – Installation of photovoltaic systems: Where technically and commercial feasible, photovoltaic systems are installed on real estate assets. The electricity these generate is used directly in the buildings to operate the technical building services, which reduces the amount of electricity drawn from the grid. This helps to reduce the real estate assets’ CO2e emissions and achieve compliance with the CRREM 2°C decarbonisation pathway. The division plans to install large photovoltaic systems on further selected logistics facilities. In this context, it is currently developing the fundamental legal and economic principles for electricity generation at the portfolio level. In the reporting year, it initiated a technical baseline evaluation of the first logistics facilities, tested grid compatibility and prepared an invitation to tender for potential photovoltaic operators. 321

322

Group management Report | Sustainability report Deka Group Annual Report 2024 Transactions: The Asset Management Real Estate business division understands the “transactions” decarbonisation lever as comprising the acquisition or sale of real estate assets to reduce the CO2e intensity (the CO2e emissions per square metre) of a real estate fund. Specifically, the defined fund strategy provides that, for purchases of real estate assets, preference should be given to properties that are and will remain below the CRREM 2°C decarbonisation pathway and, for sales of real estate assets, preference should be given to properties that are above the pathway. Before any decision to purchase a building, information is obtained about the length of time during which the building would remain below the CRREM 2°C decarbonisation pathway without the need for any additional modernisation actions. This approach achieves a step-by-step decarbonisation of the portfolio. Sustainability-related criteria (such as the assets’ certifiability, energy performance certificates, compliance with sustainability-related regulations, carbon footprints and energy consumption) are also taken into account when purchasing real estate assets. Infrastructure decarbonisation: The goal of this action is to increase the use of renewable energies for real estate assets, thereby minimising their carbon footprints and contributing to climate change mitigation. – Green electricity procurement: A key action for reducing the real estate funds’ carbon footprint is purchasing green electricity. In accordance with the market-based approach, an emission factor of zero applies to an amount of energy when calculating CO2e emissions. Real estate assets that are powered by green electricity therefore have smaller carbon footprints. In the course of re-commissioning its electricity procurement in Germany, the division raised its requirements for the quality of green electricity to ensure that it purchases the best possible quality that is available on the market. Most of the general areas in the German real estate portfolio therefore receive green electricity that carries Grüner Strom Label e. V.’s seal of approval. The Asset Management Real Estate business division has also developed a framework on the basis of its green electricity sourcing guidelines for raising the quality of its green electricity up to the PCAF standard. It plans to conclude PPAs with power plants that generate electricity from renewable energy sources for the funds’ real estate assets. Its goal is to ensure that the supply and price for renewable energy remain stable by concluding long-term electricity supply agreements. The Asset Management Real Estate business division plans to continue to expand independent generation of renewable energy at its real estate assets through the actions described above, including installing photovoltaic systems (see ESRS E1-3 29 (a) for the “Technical actions” decarbonisation lever). – Infrastructure decarbonisation: Energy suppliers are also subject to regulatory requirements to continue decarbonising their electricity generation. The Asset Management Real Estate business division can stimulate demand for CO2e-free electricity and heat through targeted selection of suitable suppliers. Greater decarbonisation of electrical grids will have a further positive impact on CO2e reduction over time. It will also reduce the carbon footprint of the electricity used by lessees of real estate assets and thereby reduce the overall carbon footprints of the assets in operation. Concluding green leases: Deka Immobilien uses green leases consistently and extensively to ensure the long-term quality of its real estate portfolio. With the help of green leases, it concludes agreements with the users of real estate assets to reduce their energy and water consumption and their waste generation (including agreements on the energy performance of buildings) and thereby encourages more sustainable use of the assets. As the lessees of real estate assets are generally responsible for sourcing electricity for the leased spaces, the agreements also provide for energy consumption data to be shared. These provisions are based on national market standards. The green leases also provide for additional minimum or optional content. The Asset Management Real Estate business division incorporates green lease clauses into new leases and, where possible, into existing ones. As at 31 December 2024, the proportion of green leases was 29.5% of net contract rents. 322

323

Group management Report | Sustainability report Deka Group Annual Report 2024 29 (b) In its sustainability strategy, the Asset Management Real Estate business division has committed to continue to decarbonise its real estate portfolio. The actions described in ESRS E1-3 29 (a) above also apply here. The CO2e reductions that these actions can achieve must be assessed individually for each property, depending on factors such as the property type, building technology conditions, applicable building law, location, etc. The actions described below have made material contributions to decarbonisation and will make corresponding contributions in the coming years as they are pursued further. Optimising operation: In the reporting year, software-supported optimisation of energy consumption saved around 48,000 MWh/year of electricity and thermal energy, which corresponded to CO2e savings of around 10,000 tonnes. In 2024, the international roll-out continued, with two projects in Canada and four in Luxembourg. The specialised service provider is now working on projects for Deka Immobilien Investment GmbH involving a total of 145 properties in thirteen countries. By the end of the reporting year, a total of 90 real estate assets from nine different funds had been equipped with this technology. Renovation and refurbishment: Actions are implemented on a yearly basis to ensure that the Asset Management Real Estate business division contributes to CO2e emission savings – and thus to climate change mitigation. The CRREM 2°C decarbonisation pathways – a science-based tool that calculates decarbonisation pathways for specific real estate assets in accordance with their property type and location – indicate how much carbon dioxide can be emitted at any given time while still ensuring that the target of limiting global warming to 2°C by 2100 can be met. The research project continuously adjusts the CRREM 2°C decarbonisation pathways – which are based on the 18 August 2023 version – to current developments and better data, while the climate target remains unchanged. Photovoltaic systems (renewable energy generation): Where technically and commercial feasible, photovoltaic systems are installed on real estate assets. The electricity these generate is used directly in the buildings to operate the technical building services, which reduces the amount of electricity drawn from the grid. With an appropriate electricity supply agreement, this helps to reduce the real estate assets’ CO2e emissions and achieve compliance with the CRREM 2°C decarbonisation pathway. Purchase of green electricity: Almost 28,000 tonnes of CO2e per year can now be saved by procuring green electricity for the communal areas and shared technical installations in a large portion of the German and Austrian real estate assets in Deka Immobilien’s portfolio. Purchase and sale of real estate assets: Achieving further CO2e emissions intensity reductions through purchase and sale of real estate assets depends on the market situation and relies on individual fund planning. As a general principle, the CRREM 2°C target and the associated decarbonisation pathway is incorporated into investment decisions for transactions. Infrastructure decarbonisation: The Asset Management Real Estate business division has no direct influence on infrastructure decarbonisation. Progress in reducing emissions from electricity generation is primarily under the control of the energy supply companies. However, market conditions, such as increases or decreases in the demand for green electricity, can indirectly influence this progress. By purchasing green electricity, the Asset Management Real Estate business division helps to increase demand for it and thereby contributes to climate change mitigation. The Asset Management Real Estate business division has also signed a supply agreement for green district heating, which is helping it to gradually decarbonise its Frankfurt real estate portfolio. Green leases: Standard-form green clauses are gradually being incorporated into new and existing leases. At present, 29.5% of net contract rents are classified as green leases (2023: 21.4%). 323

324

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-4 – Targets related to climate change mitigation and adaptation Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets (Fig. 130) Specifying the target (general) 1. Fund-specific GHG emission reduction targets in line with the CRREM 2°C decarbonisation pathway for Article 8 products 2. The following targets apply to Article 8 products: Thresholds for exposure to energy-inefficient real estate assets and limits on investments in real estate assets linked to fossil fuels. Relationship between target and policy re: 1. and 2. The defined targets support the CO2e emission reduction specified in the policies (see ESRS E1-2 22). Target type and level re: 1. The unit of measurement for target attainment is “kg CO2e/m²” (see ESRS E1-4 34 (e)). re: 2. The following targets apply to Article 8 products: Limit exposure to fossil fuels through real estate assets to 5% of the market value of the real estate under management. Limit exposure to energy-inefficient real estate assets to 85% of the market value. The values are measured on four reporting dates per year and published at the end of the year in the form of an average in accordance with Regulation (EU) 2019/2088 of 27 November 2019 on sustainability related disclosures in the financial services sector (SFDR). Scope re: 1. and 2. The environmental characteristics documented in the fund strategies (SFDR Article 8 products) that lead to a long-term reduction in CO2e emission intensities apply to all properties of the respective fund in the respective countries. These investments of the Article 8 products break down as follows (as at 31 December 2024; real estate assets): - Germany €11,317.3m - European Monetary Union countries, excluding Germany: €14,735.7m - Other European countries (non-eurozone): €8,019.8m - Americas: €3,303.3m - Asia/Pacific: €1,502.8m. Thus 76.8% of real estate assets in the real estate (direct) funds exhibit environmental characteristics. The targets presented here pertain to the Deka Group’s downstream value chain (see ESRS 2 BP-1 5 (c)). Baseline value and reference year re: 1. Outcomes are measured against the baseline value for the achieved CO2e reduction of “kg CO2e/m² per year” and the base year is 31 December 2020. re: 2. PAIs: Adverse fossil impact as a percentage of the investment fund; energy inefficiency ratio as a percentage of the investment fund. Time period and interim targets re: 1. For Article 8 products: No interim targets, as there is an annual comparison to CRREM 2°C decarbonisation pathways and GHG emission reduction targets must be achieved every year. The CRREM 2°C decarbonisation pathways is defined up to 2050. The interim targets required by the regulations are shown in table “Intensity-based GHG emission reduction targets”. re: 2. The defined PAI targets must be met continuously. Methodology and assumptions re: 1. The CRREM 2°C climate scenario (V2) is used to determine the benchmark values. The additional city-/region- specific benchmark values are taken into account for the US. A benchmark value is determined for each economic entity. This is done by calculating a weighted CRREM decarbonisation pathway on the basis of the floor-area- weighted share of CRREM asset classes within the economic entity. To determine the average decarbonisation pathway of a portfolio, the property-specific pathways are aggregated, weighted by floor area. re: 2. The PAI thresholds are determined on the basis of currently available data and the conclusions that can potentially be drawn from it (for assumptions, see also ESRS E1-4 34 (e)). The following applies to the fossil fuel PAI: This PAI shows the share of investments in properties in the real estate portfolios that are actively involved in the extraction, storage, transportation or production of fossil fuels for consumption or use by third parties (in particular, fuel distribution facilities or resale storage facilities). The relevant share of market value is determined by an external valuer. The following applies to the energy inefficiency ratio PAI: If no letter scale for energy performance certificates exists in a given country (e.g. for commercial real estate in Germany), the conversion method agreed upon by BVI is used. For products that invest exclusively outside Europe (and therefore outside the scope of Directive (EU) 2024/1275 of 24 April 2024 on the energy performance of buildings), that pursue an ESG strategy and that therefore also take the PAIs into account, real estate is deemed energy inefficient if its primary energy consumption is categorised as energy inefficient according to national regulations or standards. If neither national regulations nor national standards exist, real estate is deemed energy-efficient if compared to similar real estate in a suitable geographical comparison area its primary energy consumption is lower than that of 75% of the real estate in the comparison group (e.g. according to the Energy Star label). On the basis of these assumptions, thresholds were set for both PAI ratios that take into account both the strategic sustainability ambitions and realistic attainability in an environment where regulations continue to undergo dynamic change. Use of scientific evidence re: 1. The basis for the GHG emission reduction targets is the CRREM 2°C decarbonisation pathway. 324

325

Group management Report | Sustainability report Deka Group Annual Report 2024 Involvement of stakeholders re: 1. and 2. No stakeholders were involved in setting the targets. Progress and monitoring re: 1. and 2. Internal processes are documented and implemented to monitor the environmental characteristics and how the targets are achieved. Information on achievement of targets relating to environmental characteristics is published in the annual reports for the relevant Article 8 real estate funds. At the corporate level, information on the fulfilment of PAI requirements is published in the annual PAI statement. The environmental characteristic targets are currently met in the fund strategies of the Article 8 products. 33 The Asset Management Real Estate business division pursues GHG emission reduction targets as shown in the following table entitled “Intensity-based GHG emission reduction targets” under ESRS E1-4 34 (a). For the exact methodology, see ESRS E1-4 34 (e). 34 (a), 34 (c) and 34 (d) The goal is to continuously reduce the CO2e emissions (CO2e in kg/m² per year) of the real estate assets in the real estate (direct) funds from the CRREM reference period in 2020 up to the target year of 2050. The following table entitled “Intensity-based GHG emission reduction targets” shows the GHG emission reduction targets for the Asset Management Real Estate business division in five-year periods starting from the base year of 2020. Intensity-based GHG emission reduction targets (Fig. 131) Base year Intensity Asset class Assets (€ million) 2020 2025 2030 2035 2040 2045 2050 Real estate (direct) funds (implicitly including funds-of-funds with exclusively internal target funds) 50,612.5 48.7 kg CO2e/m² 36.1 kg CO2e/m² 24.8 kg CO2e/m² 16.7 kg CO2e/m² 11.0 kg CO2e/m² 7.1 kg CO2e/m² 4.2 kg CO2e/m² The total assets of the Asset Management Real Estate business division for which targets have been set amount to €50,612.5m. This corresponds to a coverage rate of 85.4% of the total assets under management (AuM) (see ESRS E1-6 44). In the included assets for the real estate (direct) funds, the difference between the actual values from ESRS E1-6 (€49,858.0m) and the target values in ESRS E1-4 (€50,612.5m) is due to the fact that ESRS E1-6 only includes assets for which Scope 1, 2 and 3 emissions have been reported, while ESRS E1-4 includes the assets of all of the real estate (direct) funds. The Asset Management Real Estate business division has also set the following targets for Article 8 products: limiting exposure to fossil fuels through investing in real estate assets to a maximum of 5% of the market value; and limiting exposure to energy-inefficient real estate assets to 85% of the market value. 34 (b) The intensity target values shown in the table entitled “Intensity-based GHG emission reduction targets” under ESRS E1-4 34 (a) above relate to the funds shown in ESRS E1-6 44 under “Real estate (direct) funds”. AR 25 (a) The CRREM 2°C decarbonisation pathways have been selected as the baseline value. CRREM provides these values for every year from 2020 to 2050. The calculation takes changes over time in influencing factors (e.g. changes in CO2e emission factors for electricity and district heating) into account. The current CRREM 2°C decarbonisation pathways were determined on the basis of 2020, so 2020 is the base year for the indicated target reduction. 325

326

Group management Report | Sustainability report Deka Group Annual Report 2024 34 (e) The Asset Management Real Estate business division has opted for the science-based CRREM model for setting its GHG emission reduction targets. CRREM, which is the result of a research project involving several universities, translates the requirements of the target of limiting global warming to 2°C by 2100 for the real estate industry in numerous countries. This science-based tool is used to calculate property-specific decarbonisation pathways that are derived from the property type and location and indicate how much carbon dioxide can be emitted at any given time while still attaining the target. The research project continuously adjusts the CRREM 2°C decarbonisation pathways to current developments and better data, while the climate target remains unchanged. The Asset Management Real Estate business division has set a goal of developing a sustainable product range, thereby supporting climate change reduction. To achieve this, an ESG strategy has been implemented in all open-ended mutual funds and one special fund (as at 31 December 2024), so these products are now classified as Article 8 products. This ESG strategy focuses primarily on CO2e reduction and thus makes a significant contribution to climate change mitigation. These funds’ GHG emission reduction targets are aligned with the CRREM 2°C decarbonisation pathways that apply to them. They are described specifically in the relevant pre-contractual information and can be summarised as follows: The CO2e emissions caused by real estate assets are compared with the maximum value of the benchmark applicable to them depending on their use and location (currently the CRREM 2°C decarbonisation pathways) on fixed dates, but at least once per calendar year. As a result of the comparison, either (i) the sum of the CO2e emissions of all real estate assets in the investment fund must fall below the maximum value determined from the benchmark for the investment fund, or (ii) the CO2e emissions of a portion of real estate assets making up 20% – or 25% in one product – of the total market values of all real estate assets in the investment fund must fall below the maximum value determined from the benchmark for the specific property. If an investment decision is to be made concerning the acquisition of a real estate asset, the asset must be included in the comparison described above. CRREM is derived from the various states’ and countries’ policy objectives. Country- and sector-specific CRREM benchmarks are available and are used in accordance with the property-specific distribution of property types. The CRREM 2°C climate scenario is used to determine the benchmarks. For the USA, the additional city-/region-specific benchmarks are included. A benchmark is determined for each economic entity by calculating a weighted CRREM decarbonisation pathway on the basis of the floor area-weighted proportions of CRREM property types within the business entity. To determine the average decarbonisation pathway of a portfolio, the property-specific pathways are aggregated, weighted by floor area. Principal Adverse Impact (PAI) The Asset Management Real Estate business division has also set the following targets for Article 8 products: limiting exposure to fossil fuels through real estate assets to a maximum of 5% of the market value and limiting exposure to energy-inefficient real estate assets to 85% of the market value. The values are measured on four dates per year and published at the end of the year in the form of an average in accordance with the SFDR. The PAI thresholds are determined on the basis of currently available data and the conclusions that could potentially be drawn from it. The following applies to the fossil fuel PAI: This PAI shows the share of investments in properties in the real estate portfolios that are actively involved in the extraction, storage, transportation or production of fossil fuels for consumption or use by third parties. These include fuel distribution facilities and resale storage facilities. They do not include buildings with heating oil tanks or gas tanks for direct operation of heating systems within properties, or with diesel tanks for emergency generators, for example. The relevant share of the market value is determined by an external valuer as part of the market value update process. 326

327

Group management Report | Sustainability report Deka Group Annual Report 2024 The following applies to the energy inefficiency PAI: If no letter scale for energy performance certificates exists in a given country (e.g. for commercial real estate in Germany), the conversion method agreed upon by the German Investment Funds Association (BVI) is used. For products that invest exclusively outside Europe (and therefore outside the scope of Directive (EU) 2024/1275 of 24 April 2024 on the energy performance of buildings), pursue an ESG strategy and therefore address the PAIs, real estate assets are deemed energy- inefficient if their primary energy consumption is categorised as energy-inefficient: in accordance with the national regulations applicable to it, or in the absence of national regulations, in accordance with appropriate national standards. If neither national regulations nor national standards exist, real estate assets are deemed energy-efficient if, compared to similar real estate assets in a suitable geographical comparison area, their primary energy consumption is lower than that of 75% of the real estate assets in the comparison group (e.g. according to the Energy Star label). Based on the given assumptions, thresholds were set for the two PAI ratios that address both the strategic sustainability objectives and realistic attainability in an environment where the regulations continue to change dynamically. AR 26 and AR 28 The following table entitled “GHG reduction pathways” shows the GHG reduction pathways for 2030 and 2050 for the Asset Management Real Estate business division in accordance with CRREM, starting from the base year of 2020 and the CRREM 2°C climate scenario (V2) (for the base data, see the table entitled “Physical intensities of GHG emission reduction targets”). GHG reduction pathways (Fig. 132) GHG emission reduction pathways in line with CRREM, taking 2020 as base year Real estate (direct) funds (implicitly including funds-of-funds with exclusively internal target funds) 2030 –49% 2050 –91% 34 (f) The decarbonisation levers and actions described in ESRS E1-1 16 (b) and ESRS E1-3 29 (a) are the basis for the CO2e emission reduction planned by the Asset Management Real Estate business division and work together to achieve the targets. AR 30 (c) This science-based tool provides information on the maximum permissible level of energy consumption and CO2e emissions at specified points in time (taking a real estate asset’s property type, location and other factors into account) in order to meet the EU climate targets. The research project constantly adjusts the CRREM decarbonisation pathways to reflect current developments and improved data; and the Asset Management Real Estate business division uses the relevant 2°C target pathway. The most recent such adjustment, which took the smaller remaining CO2e budget into account, was made in 2023. Besides target pathways related to CO2e emissions, CRREM also determines target pathways that take emissions from volatile gases into account. The division uses the target pathways without addressing volatile gases. At the end of 2024, although the CRREM targets were significantly more demanding, a total of 68.2% of the market values in the overall portfolio were below their property-specific CRREM 2°C decarbonisation pathway, and therefore in line with the EU’s climate targets. Although not all products in the Asset Management Real Estate business have Article 8 status, collecting information on the carbon footprint of all real estate assets in the investment funds under management serves as the basis for a division-wide assessment of the extent to which the long-term target of climate neutrality can be achieved. In the reporting year, work continued as in previous years to improve the data available for calculating the carbon footprint. Further progress was made in filling in data gaps with real data. New CO2 conversion factors were applied, analogous to the CRREM procedure. 327

328

Group management Report | Sustainability report Deka Group Annual Report 2024 CO2e emissions are calculated on the basis of energy consumption values, using generally recognised conversion factors and taking heating, cooling, general electricity consumption and lessees’ electricity consumption into account. This conversion from consumption values to emissions is based on the CO2e factors for the relevant energy mix that are usual for the specific country or real estate asset. E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 133) Metrics Absolute CO2e values in tCO2e, divided into various asset classes (real estate [direct] funds including implicit funds of funds with exclusively internal target funds), other (capital market) funds and liquidity assets, including the percentage of emissions calculated using primary data, the PCAF score and the respective asset value. Methodology, assumptions and limitations re: real estate (direct) funds (including implicit funds of funds with exclusively internal target funds): - Consumption data collected from the property managers. - Processing, data plausibility verification and filling in of data gaps by service providers. - Vacancy and weather adjustment: To ensure comparability of data, energy consumption values are adjusted for fluctuations due to vacancy and weather conditions. - Limited in part due to data availability: Gaps in a property’s data are filled in by extrapolating its energy consumption from other comparable time intervals; if this is not possible: use benchmark data. - Energy consumption values are converted into CO2e emissions using the relevant energy-source-specific emission factors provided by CRREM. If no CRREM factor is available for a given energy source, the service provider also consults other statistical and scientifically validated sources. re: other (capital market) funds: - This category comprises funds of funds with exclusively external target funds and credit funds. Therefore, the emissions represent the sum of the two product categories. re: funds of funds with exclusively external target funds: - Consumption data collected from the target fund managers. - Processing, data plausibility verification and, if necessary, coordination with the target fund managers. - The target fund data is incorporated according to the ownership share of the fund of funds. - The emissions cannot be divided into Scopes 1, 2 and 3 due to insufficient information. Efforts are being made to improve the pool of data available. re: credit funds: Attention was paid to compliance with the PCAF standard when calculating financed GHG emissions. Data published by counterparties was given preference. If no counterparty data was available, the procedure for commercial real estate was as follows: Working with an external real estate service provider, the data was collected or estimated on the basis of available data. re: liquidity assets: For the absolute GHG emissions, the provider’s data is used. This approach is used to provide data on the issuers of the portfolio positions in the investment funds and external target funds. For target funds from our own Group (excluding IQAM Invest GmbH, real estate funds), the look-through approach is used, and the attributable emissions are calculated independently. In each case, the data represents the most recently available information as at the analysis cut-off date and is prorated by the amounts attributable to Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. (by volume held). If data on issuers or external target funds is not available, the volume of the portfolio position is not taken into account. re: PCAF weighted quality score: (high quality = 1, low quality = 5) - The percentage stated relates to the underlying energy consumption values; otherwise, the emission factors would distort the result. PCAF scoring assumptions: 1: recorded value, 3: extrapolation/purchase model, 5: benchmark. The emissions cannot be divided into Scopes 1, 2 and 3 due to insufficient information. Efforts are being made to improve the pool of data available. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. An external service provider is used for validation and plausibility verification of the underlying consumption data for the properties. Categorisation and description The quality of the consumption data is shown with a corresponding indication (recorded value / extrapolation / benchmark) for each data record. 44, 51, AR 46 (g) The following table entitled “2024 gross GHG emissions” shows the absolute gross GHG emissions for the Asset Management Real Estate business division for the reporting year 2024, broken down by asset class. The CO2e intensities are also shown in the table entitled “2024 CO2e intensities”. 328

329

Group management Report | Sustainability report Deka Group Annual Report 2024 It is currently not possible to clearly differentiate these and allocate them among Scope 1, 2 and 3 emissions, because the only available data on total energy also includes lessees’ electricity. 2024 gross GHG emissions (Fig. 134) GHG emissions Asset class PCAF category Assets (€ million) with Scope 1, 2, 3 counterparty emissions (Scope 1, Scope 2 and Scope 3 counterparty emissions) (in metric tonnes of CO2eq) Of which financed Scope 1 and 2 emissions Of which financed Scope 3 emissions Primary data (Percentage of primarydata used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to grosscarrying- value) Real estate (direct) funds (implicitly including funds- of-funds with exclusively internal target funds) Other (capital market) funds Liquidityassets Total Commercial Real Estate (PCAF 5.4) Unlisted Equity & Business Loans (PCAF°5.2) Commercial Real Estate (PCAF 5.4) 49,858.0 454,678.7 N/A N/A 50.5% 581.1 135,412.2 995.8 51,434.9 72,683.5 662,774.4 N/A N/A N/A N/A N/A N/A 1.0% 0.1% 34.9% 2.4 3.7 4.0 2.4 The total value of the real estate assets and liquidity assets managed in the real estate (direct) funds plus the loan volumes and real estate assets managed in the other (capital market) funds amounted to €59,299.3m. CO2e emissions were reported for €51,434.9m, which corresponded to a coverage rate of 86.7%. The remaining 13.3% were not covered by PCAF or lacked data coverage. 2024 CO2 intensity (Fig. 135) Asset class Assets (€ million) Intensity Primary data (percentage of primary data used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to gross- carryingvalue) Real estate (direct) funds (implicitly including funds-of-funds with exclusively internal target funds) 49,858.0 38.9 kg CO2e/m² 50.5% 2.4 AR 39 (b), AR 39 (c), AR 46 (h) The Asset Management Real Estate business division’s reporting on GHG emissions relied on the assumptions and methods explained below. The data on the real estate assets’ energy consumption was provided by the property managers and was based on consumption data read off meters. The data was collected quarterly. An external service provider prepared the data and carried out a plausibility check. Gaps in the data due to data unavailability or implausibility were filled in by (a) extrapolating from existing data in adjacent time periods or, if this was not possible, (b) using benchmark data. This ensured that consumption data was available for evaluation of all the real estate assets. Information on the data quality (recorded value, extrapolation, benchmark) was added to the data records. The energy consumption data was reported with adjustments for vacancies and the weather. To determine the CO2e emissions, the energy consumption figures were converted on the basis of the relevant emission factors (depending on the energy source). The CRREM emission factors were used. If no CRREM factor was available for a given energy source, the service provider also consulted other statistical and scientifically validated sources or derived data 329

330

Group management Report | Sustainability report Deka Group Annual Report 2024 from existing sources. The energy consumption and CO2e emission data supplied by the service provider underwent an internal plausibility check based on random samples. Any anomalies were addressed appropriately. The reported GHG emissions included CO2e emissions based on energy consumption. Emissions based on volatile gases are not currently addressed. AR 42 (c) There is a delay in data availability in relation to the collection date due to the scale of the process of collecting the consumption data, subjecting it to plausibility checks and preparing it. Analyses are always based on the last calendar year for which complete consumption data is available. ESRS E1 – Climate change (Asset Management Securities business division) E1-1 – Transition plan for climate change mitigation 16 (a) The companies belonging to the Asset Management Securities business division, namely Deka Investment GmbH and Deka Vermögensmanagement GmbH, joined the Net Zero Asset Managers (NZAM) initiative in 2021. NZAM has three recognised approaches for setting targets that it recommends to participants. The one selected for the business division’s targets was the Net Zero Asset Owner Alliance Target Setting Protocol (TSP), which is in line with the target stated by the 2015 Paris Climate Change Conference of reducing global warming by 1.5°C. By joining NZAM, the division made a voluntary commitment to reduce CO2 emissions in its AuM to net zero by 2050. In general, “net zero” means that CO2 emissions are reduced to the greatest extent possible, and any remaining CO2 emissions that cannot be reduced are removed from the atmosphere or offset. The division is currently focusing its objectives on reducing CO2 emissions. Its interim goal is to halve the CO2 intensity of a specified sub-portfolio by 2030. To this end, it uses the weighted average carbon intensity (WACI = CO2e / € million revenue of the holdings; Scopes 1 and 2), compared to the base year of 2019 in the self-managed mutual funds (not yet including ETFs). Overall, the division’s net zero strategy also applies to the assets of Deka Investment International S.A. that are managed by Deka Investment GmbH or Deka Vermögensmanagement GmbH. The goal is to gradually increase the proportion of assets that are managed in line with NZAM to 100% by 2050. To this end, an internal project is examining what requirements must be met for the various products and what preparations can already be undertaken to increase the proportion that is managed in line with NZAM (for details on the reduction targets, see ESRS E1-4 34 (a)). Climate change mitigation plays a central role for the division. This is underscored by activities such as membership of the Principles for Responsible Investment (UN PRI) network. These principles, which were formulated by the UN, cover environmental, social and governance topics that are relevant to the financial markets. Deka Investment GmbH, Deka Vermögensmanagement GmbH, Deka International S.A. and IQAM Invest GmbH have signed these principles, emphasising their commitment to integrating ESG factors into their investment processes as part of their fiduciary responsibilities. The division reports annually to UN PRI on its own climate targets and efforts to limit global warming to 1.5°C and publishes its Climate Action Plan in accordance with market practice. These reports are published and evaluated by UN PRI. Complementary to the net zero target, thresholds for the PAIs that are based on the SFDR are used in the investment decision-making processes for Deka investment funds and asset management companies. The companies’ emissions intensity is regularly examined to determine whether these thresholds should be tightened in order to meet the climate targets and reduce climate risks. 16 (b) To manage target attainment, the Asset Management Securities business division has defined a number of actions that can be divided into three decarbonisation levers (and a precise description of the actions can be found under ESRS E1-3 29 (a)): Decarbonisation levers in the investment process Exclusion criteria for direct investments by the self-managed, active mutual funds: Issuers that exceed a specified percentage of revenue deriving from coal activities are excluded from investment. For coal extraction, a revenue share of 30% or more excludes the company from investment; and for coal-based power generation, the exclusion threshold is 40% of revenue. For products with sustainability characteristics, including those of IQAM Invest GmbH, even stricter requirements apply in respect of coal 330

331

Group management Report | Sustainability report Deka Group Annual Report 2024 in the form of tighter thresholds for excluding companies. Since 1 January 2025, the exclusion criteria have been supplemented by a new Fossil Fuel Policy, which describes the approach and plans regarding investments in fossil fuels (www.deka.de/privatkunden/ueber-uns/deka-vermoegensmanagement-im- profil/nachhaltigkeit). This new policy will apply stricter exclusion criteria to coal activities for direct investments by active, self-managed mutual funds: For coal extraction, a revenue share of 15% or more will result in exclusion; and for coal-based power generation, the exclusion threshold will be 25% of revenue. Further details and information about its scope and various exceptions can be found in the Fossil Fuel Policy. Direct investments by active, self-managed mutual funds with sustainability characteristics are subject to individual revenue limits, which can be found in the funds’ prospectuses; and the revenue limits and the activities to be included will be tightened up in the first half of 2025 for investments in fossil fuel issuers. PAI thresholds to reduce adverse sustainability impacts: The PAI indicators’ thresholds for direct investments and target funds are applied depending on the specific product’s alignment with sustainability in accordance with the SFDR, and thus according to its classification as an Article 6, 8 or 9 product. There is also a threshold for companies’ emissions intensities and one for specified emissions-intensive sectors. These thresholds have already been applied to exclude some investments and have thereby contributed to the reduction in CO2 emissions from the AuM. Details are available in the Article 4 SFDR disclosures for calendar years 2022 and 2023 (see www.deka.de/deka-gruppe/unsere-verantwortung/wie-wir- nachhaltigkeit-leben/nachhaltigkeitsbezogene-offenlegung). Application of the risk level model: The Asset Management Securities business division has developed an internal ESG risk level model in order to identify and manage climate-related risks in the investment process. Issuers are categorised into one of six risk classes (A–F) depending on their ESG risk profiles. An issuer’s ESG risk level determines its degree of exclusion, i.e. whether the exclusion applies only to products with sustainability characteristics or to all products of Deka Investment GmbH, Deka International S.A., Deka Vermögensmanagement GmbH and IQAM Invest GmbH. The risk level model can also function as a lever for the decarbonisation targets if an issuer’s sustainability risk – taking the specific sector into account – is mainly caused by high GHG emissions and associated climate-related risks. Decarbonisation levers as part of the net-zero strategy Reduction of WACI Scope 1 and 2 emissions in the net-zero portfolio: As participants in the NZAM initiative, Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. are aiming to achieve net-zero GHG emissions for all AuM by 2050. Their interim target is to halve the weighted GHG intensity in the self-managed mutual funds (excluding exchange-traded funds (ETFs)) by 2030 compared to 2019. The activities that result from participation in the initiative are an important decarbonisation lever. Target attainment is monitored every six months through Asset Management Securities’ special-purpose internal control dashboard, and appropriate actions are initiated if necessary. To date, the weighted CO2 intensity (WACI) metric of the net zero portfolio has been below the IEA’s 1.5°C target pathway. 331

332

Group management Report | Sustainability report Deka Group Annual Report 2024 issuers: Deka Engagement with the most GHG emissions-intensive Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. regularly identify the most GHG-intensive issuers in the self-managed mutual funds (excluding ETFs) in order to focus on them in their dialogue with companies. These issuers are called upon to set science-based climate targets. This increases the likelihood that the companies will meet their targets and thereby have a positive impact on the investment management companies’ decarbonisation and target attainment. Ideally, the climate targets that are set should be validated by SBTi and adhere to the 1.5°C target. The overall aim is to increase the proportion of Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. issuers with SBTi-validated targets in the portfolios of Deka Decarbonisation levers as part of Deka Stewardship Active dialogue/engagement: The Asset Management Securities business division examines various ESG factors (including GHG intensity) for the issuers in its portfolios. It regularly investigates, in direct dialogue with the representatives of the investee companies, whether and to what extent the issuers invest in sustainable technologies and forego new coal, oil and gas projects. Companies that continue to invest in fossil fuels can be downgraded in the risk level model and categorised as non-investable for some or, possibly, all products. Exercise of voting rights: The division also takes climate-related factors into account when exercising voting rights at companies’ general meetings. As part of PAI management of proxy voting, issuers are assessed during the voting process with regard to their GHG intensity, their energy intensity and their overall climate strategy. Minimum standards are set for the individual criteria. If the companies fail to meet the minimum standards, votes can be cast against re-election of board members and/or formal discharge of the supervisory board and board of management. Deka Investment GmbH has established the fundamental principles of its voting behaviour in its “Principles of the Voting Policy for General Meetings”, which are published at www.deka.de/luxembourg/deka-international/governance, along with an overview of the general meetings at which Deka Investment GmbH voted during 2024. 16 (d) Issuers with higher GHG emissions may potentially be investable for Asset Management Securities products without sustainability characteristics, as less strict exclusion criteria and/or thresholds apply to these products in the investment process. Specifically, this relates to products classified under Article 6 SFDR. These have higher (absolute) thresholds for PAI 3 (GHG intensity of investee companies) and PAI 6 (Energy consumption intensity per high impact climate sector) than the thresholds of products classified under Articles 8 or 9 SFDR. (For details, see ESRS E1-3 29 (a) and 29 (b).) The initial portfolio target, adopted from the NZAM initiative, of halving the CO2 intensity (Scopes 1 and 2) by 2030, starting from the base year of 2019, has so far included the self-managed mutual funds (excluding ETFs), as Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. have direct control only over these AuM. In order to gradually increase the proportion of fund products that fall under the net-zero strategy, efforts are being made through direct dialogue and engagement to persuade relevant parties, such as external asset managers and investment management companies, to adopt the net zero strategy. However, this does not mean that products that are not yet covered by the net-zero strategy target necessarily include higher GHG emissions or threaten to undermine the target attainment. In general, the plan is to extend the net-zero strategy over time to other fund products in addition to the self-managed mutual funds. For this reason, the division-internal ESG Integration project is already examining what actions are required to reduce emissions in these products (for details, see ESRS E1-4). During the reporting year, transition risks in the emissions-intensive sectors were assessed relative to each other for the first time, and the process of setting up net-zero management took the findings into account. These findings are integrated into engagement activities and the sector-specific issuer assessments (for details, see ESRS E1-3 29 (a) and 29 (b)). 332

333

Group management Report | Sustainability report Deka Group Annual Report 2024 16 (h) The NZAM targets are an essential element of the Asset Management Securities business division’s transition plan and support the overarching goals of the Deka Group’s business strategy. The strategic ESG actions in the business division, including the actions in the transition plan, are being planned, coordinated and budgeted as part of the division-internal ESG Integration project. The project budget is being funded in accordance with the cross-divisional project financing process. 16 (i) The Boards of Management of the above-mentioned companies and DekaBank approved the decision for Deka Investment GmbH and Deka Vermögensmanagement GmbH, including Deka International S.A., to join the NZAM initiative. This is the fundamental principle of the transition plan. The division-specific transition plan was published as part of the UN PRI report in accordance with the NZAM guidelines. 16 (j) As part of their participation in NZAM, the weighted emissions intensity of the actively managed mutual funds (the WACI metric) is being determined for Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. for the portfolio target every six months starting from the base year of 2019. The starting point in 2019 was a WACI of 185 tCO2e / € million of revenue, which has continuously reduced since then. As at the reporting date of 31 December 2023, the WACI was below the target pathway. No further action has been required so far (for details, see ESRS E1-4 34 (a)). E1-2 – Policies related to climate change mitigation and adaptation Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 136) Policies 1. ESG Policy (see www.deka.de/privatkunden/ueber-uns/deka-vermoegensmanagement-im-profil/nachhaltigkeit and www.deka.de/privatkunden/ueber-uns/deka-vermoegensmanagement-im-profil/corporate-governance) 2. Deka Stewardship (www.deka.de/privatkunden/ueber-uns/deka-vermoegensmanagement-im-profil/corporate-governance) 3. Principles of Deka’s voting policy for Annual General Meetings (see www.deka.de/privatkunden/ueber-uns/deka- vermoegensmanagement-im-profil/corporate-governance) Key contents re: 1. Presentation of ESG implementation at the relevant investment management companies – Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. – with a focus on the following elements: - ESG strategy / engagement / NZAM - Stewardship (fiduciary duty) - Investment process (tools and criteria for sustainable investments and addressing sustainability risks in the investment process) - Products and exclusions - Strategies for incorporating sustainability risks into investment decisions re: 2. Understanding and implementation of stewardship (monitoring function) re: 3. Description of how the relevant investment management companies exercise their voting rights and the principles they follow when doing so. The focus includes the following topics: - Exercise of voting rights - Social & environmental responsibility (human rights, climate change mitigation and protection of biodiversity) - Deka’s voting principles General objectives re: 1. Explain how ESG is implemented at the relevant investment management companies to ensure that ESG issues are embedded in business activities such as investment processes and stewardship re: 2. Describe how the relevant investment management companies exercise their voting rights and the principles they follow when doing so re: 3. Transparency about how investment management companies vote as fiduciaries for customers Material impacts, risks and opportunities re: 1. to 3. The ESG policy reflects the positive impact of investments in companies in the renewable energy sector and in non-energy-intensive industries. The opportunity to minimise/prevent costs due to climate-related physical and transition risks is reflected in both the ESG policy and the voting policy. Monitoring process re: 1. to 3. Compliance with the policies is comprehensively ensured through the following monitoring processes: - Double verification principle during execution - Management of ESG units (ongoing process) - - Compliance monitoring activities (ad hoc) - Environmental audit (once a year) Internal audit (ad hoc) 333

334

Group management Report | Sustainability report Deka Group Annual Report 2024 Scope of application re: 1. to 3. Deka Investment GmbH, Deka Vermögensmanagement GmbH, Deka International S.A. (Luxembourg). Additional information on NZAM: Deka International S.A. has not formally joined NZAM, but, to reduce reputational risks, the decision has been taken to include the assets under management of Deka International S.A. insofar as Deka Investment GmbH or Deka Vermögensmanagement GmbH is responsible as the asset manager. Affected stakeholder groups: All existing and potential customers and other stakeholders, such as NGOs (non-governmental organisations). Responsible organisational level re: 1. to 3. Member of the Board of Management responsible for Asset Management Reference to third-party standards or initiatives re: 1. to 3. Compliance with the following principles, guidelines and indicators: - UN Global Compact - EU climate targets - Sustainable Development Goals (SDGs; especially SDG 13: “Take urgent action to combat climate change and its impacts”) - Task Force on Climate-Related Financial Disclosures (TCFD) - Carbon Disclosure Project - Science Based Targets initiative (SBTi) - German Corporate Governance Code - DVFA Scorecard for Corporate Governance (German Association for Financial Analysis and Investment Consultancy [Deutsche Vereinigung für Finanzanalyse und Anlageberatung]) - UN PRI - NZAM, TSP - BVI Guidelines/Rules of Conduct (Bundesverband Investment und Asset Management e.V.) - DVFA Stewardship Guidelines Consideration of stakeholders’ interests The policies listed here take nature into account indirectly as a silent stakeholder. re: 1. to 3. The following stakeholders have been taken into account: - Investors (private customers & institutional customers): flow of information among the affected units/transparent presentation, customer surveys Investee undertakings: transparent presentation of requirements in dialogue/engagement - - Association work Availability of policies to stakeholders re: 1. to 3. The policies are made available to stakeholders on the Deka website. 22 ESG Policy: The ESG Policy of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. describes the key processes and fundamental principles of their approach to ESG. It serves to ensure that ESG considerations are embedded in their business activities and has the following elements: ESG strategy / NZAM: A description of the targets and activities within the NZAM initiative that play a central role in the climate strategy. Commitment: A description of the basis of the division’s committed activities, including the principles, guidelines and indicators in relation to the EU climate targets, the SDGs and the Task Force on Climate- Related Financial Disclosures (TCFD). Stewardship: A description of how engagement activities are taking greater account of ESG considerations, including environmental issues, not only in targeted dialogue with companies but also in proxy voting. Investment process: A description of tools and criteria for sustainable investments and how sustainability risks are addressed in the investment process. The description of the investment process specifically mentions the sustainable thematic funds that focus on climate issues and environmental protection. Products and exclusions: A list of the exclusion criteria, including the defined revenue limits for coal. These have been tightened up with effect from 1 January 2025. The ESG Policy is being updated accordingly with a new Fossil Fuel Policy (as an appendix). Strategies for incorporating sustainability risks into investment decisions: Mitigation of sustainability risks and negative impacts on sustainability (including climate change mitigation issues), for example by downgrading issuers (within the risk level model) that exhibit and/or cause climate-related risks and fail to take countermeasures. Deka Stewardship: This document describes the stewardship activities of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A., i.e. the active and committed exercise of shareholder rights in a fiduciary capacity and its integration into the investment process. It also describes actions to avoid and manage conflicts of interest. 334

335

Group management Report | Sustainability report Deka Group Annual Report 2024 Deka’s Principles of Voting Policy for General Meetings: This document describes the principles on which Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. exercise their voting rights, including their criteria for discharging board of management and supervisory board members, their requirements for transparency and sustainability, and their expectations for remuneration structures and for companies’ social and environmental responsibilities. It establishes detailed policies for various voting issues to encourage responsible and sustainable corporate governance. It includes the following: Principles for exercising voting rights Exercise of voting rights by Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. Deka’s requirements in respect of annual reports and financial statements, appropriation of profits and governance Guidelines for formal discharge of board members Voting on the remuneration of boards of management and supervisory boards 24 The following sections describe how the Asset Management Securities business division handles the main IROs related to climate change mitigation. Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. are having a positive impact on the environment and climate change through their investments in companies in the renewable energies sector and their increased investments in non-energy-intensive sectors and in companies that reduce their energy consumption through progress and innovation. This is formalised in the ESG Policy, for example through NZAM and the sustainable thematic funds. There is an opportunity to invest in companies that are actively adapting to climate change and setting their own decarbonisation targets to mitigate climate risks, which can reduce or avoid costs caused by physical or transition climate risks. The ESG Policy implements this approach by including sustainability risks in investment decisions, the risk level model, the net-zero strategy and PAI management. The voting policy also offers an escalation option if requirements from the engagement activities are not met for climate-related risks. 25 (a) The ESG Policy addresses the topic of climate change mitigation at various points, including (a) the NZAM initiative, stewardship, the principles of engagement activities, sustainable thematic funds, and exclusion criteria, (b) the risk level model, which downgrades issuers that exhibit and/or cause climate-related risks and fail to take countermeasures for climate change mitigation, and (c) the description of the application of PAI thresholds for “Climate and other environment-related indicators”, including PAI 3 (GHG intensity of investee companies), which also contribute to climate change mitigation. The Deka Stewardship Policy refers to the 17 SDGs of the UN 2030 Agenda as a source of guidance on stewardship activities, such as addressing environmental targets. The issues to be addressed when analysing portfolio companies/issuers explicitly include an assessment of the resilience of their business models with regard to climate change mitigation. The EU’s climate targets and the TCFD’s requirements are key topics in the dialogue with companies. The Principles of Voting Policy for General Meetings also refer to the 17 SDGs of the UN 2030 Agenda for the topic of environmental responsibility. Especially significant topics include the environmental targets and the TCFD requirements that serve the purpose of climate change mitigation. The stewardship activities also address the net-zero strategy. 335

336

Group management Report | Sustainability report Deka Group Annual Report 2024 In their engagement discussions, Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. encourage companies to develop climate strategies in line with the IEA’s 1.5°C scenario and to set appropriate interim targets. They support issuers in aligning their climate targets with the Paris Agreement on climate change and basing them on scientific evidence as far as possible. In sectors for which SBTi has formulated standards, they require companies to have the SBTi validate their strategies, as this achieves demonstrable progress towards transformation. They require companies not only to formulate climate strategies but also to invest in the transition and achieve observable GHG emission reductions immediately. Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. reserve the right to vote against the formal discharge of supervisory board and board of management members if companies fail to present a plausible climate strategy, invest sufficiently in the transition and achieve perceptible GHG emission reductions. They support shareholder proposals requiring companies to align their climate strategies with the Paris climate targets, with the exception of companies that already demonstrate a science-based climate strategy. The policy describes how ESG-related shareholder proposals are reviewed and, if found to be in line with the principles of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A., approved. This applies especially in respect of climate change mitigation. The section on the formal discharge of boards of management emphasises the expectation that the boards will develop climate strategies that are committed to achieving net-zero emissions by 2050 at the latest, set specific interim targets and communicate and implement progress transparently. In critical sectors – most notably, electricity generation – companies should set science-based climate targets and submit them to the SBTi for validation. If a company’s management is unable to demonstrate such a climate strategy or repeatedly falls short of the targets, Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. reserve the right to vote against the formal discharge of its board of management. They also reserve the right not to formally discharge the board of management if the company does not ensure sufficient transparency with regard to its management of sustainability-related risks. 25 (b) The ESG Policy addresses climate change adaptation at various points, including through the NZAM initiative, stewardship, the principles of the engagement activities, the sustainable thematic funds and the exclusion criteria. The description of negative impacts on sustainability also addresses indicators that provide information on an issuer’s adaptation to climate change. Applying the appropriate PAI thresholds excludes issuers that fail to adapt or transform sufficiently. As described in ESRS E1-3 25 (a), the Deka Stewardship Policy requires an assessment of the resilience of portfolio companies/issuers’ business models with respect to climate change adaptation. 25 (c) The ESG Policy addresses the topic of energy efficiency at various points, including through the NZAM initiative, stewardship, the principles of engagement activities, the sustainable thematic funds and the exclusion criteria. It describes the application of the PAI thresholds, specifically including PAI 6 (Energy consumption intensity per high impact climate sector) in the context of mitigating sustainability risks and reducing adverse impacts on sustainability. If the issuer’s indicator exceeds the established threshold, it will be excluded. 25 (d) The ESG Policy addresses the topic of renewable energy deployment at various points, including through the NZAM initiative, stewardship and the principles of engagement activities. It addresses PAI 5 (Share of non-renewable energy consumption and production) in the context of mitigating sustainability risks and reducing negative impacts on sustainability. As described in ESRS E1-3 25 (a), the Deka Stewardship Policy is used to assess the resilience of portfolio companies/issuers’ business models with regard to their use of renewable energy. 336

337

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-3 – Actions and resources in relation to climate change policies Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 137) Actions / action plans 1. Exclusion criteria for investment decisions 2. PAI thresholds to reduce adverse sustainability impacts 3. Application of risk level model 4. Managing achievement of the net-zero target a) Reducing the WACI Scope 1 and 2 emissions of the companies in the net-zero portfolio b) Engaging the most emissions-intensive issuers in the net-zero portfolio 5. Cooperation policy/engagement a) Active dialogue/Deka Stewardship b) Exercising voting rights Outcome / contribution of key actions in the reporting year re: 1. Specification of sustainability criteria that can lead to an issuer being excluded from a portfolio re: 2. PAI thresholds which use defined criteria to assess the severity of issuers’ impacts and exclude them from the portfolio if the threshold is exceeded or, for funds without explicit sustainability characteristics, only permit investment under certain conditions – i.e. if the investment is well-founded – depending on the threshold re: 3. Risk level model for the investment process, which uses defined criteria to assess the severity of issuers’ risks and excludes them from the portfolio if these criteria are not met re: 4. a) Reduction in WACI Scope 1 and 2 emissions of the companies in the net-zero portfolio by 51% at the end of 2023 for 37.4% of the AuM compared to the base year 2019 re: 4. b) The most emissions-intensive issuers in the net-zero portfolio identified and CO2 reduction targets in line with the 1.5°C target actively required re: 5. a) Targeted dialogue with companies to induce them to operate more sustainably and responsibly re: 5. b) Exercising of voting rights to induce companies to operate more sustainably and responsibly Outcome/contribution of key future actions The “Climate change mitigation” and “Climate change adaptation” actions that are already ongoing will continue in the future: re: 1. The exclusion criteria limit the investment universe so that it is not possible to invest in issuers whose adverse sustainability impacts are deemed especially severe and unacceptable according to the company’s understanding of sustainability. re: 2. and 3. Reduction of adverse sustainability impacts in the portfolio by continuously monitoring issuers. re: 4. a) Reduction of WACI Scope 1 and 2 emissions of the companies in the net-zero portfolio for the self-managed mutual funds (excluding ETFs) of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. by 50% up to 2030 and by 100% up to 2050 compared to the base year 2019. re: 4. b) Reduction of GHG emissions and negative impacts on sustainability by actively approaching the most emissions-intensive issuers in the self-managed mutual funds (excluding ETFs) of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. re: 5. a) and b) Reduction of GHG emissions in the self-managed mutual funds of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. by actively requiring CO2 reduction targets in line with the 1.5°C target. In addition, a Fossil Fuel Policy with stricter exclusion limits for coal activities has been in place since 1 January 2025. Scope re: 1. The climate-related exclusion criteria apply to all actively managed mutual funds of Deka’s capital management companies until further notice. They were tightened up by the implementation the Fossil Fuel Policy of the Asset Management Securities business division in January 2025. In addition, Deka funds with sustainability characteristics (SFDR Article 8 or Article 9 funds) are subject to additional exclusion criteria and different thresholds, which can be found in the pre-contractual information for the specific fund. re: 2. Portfolios managed by the Asset Management Securities business division, unless they are excluded at the express request of the customers by a decision of the subsidiary Board of Management. re: 3. The risk level model is being implemented in the Asset Management Securities business division. re: 4. a) NZAM applies to the self-managed mutual funds (excluding ETFs) of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. re: 4. b) Contacting the most emissions-intensive issuers in the self-managed mutual funds (excluding ETFs) of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. as part of NZAM. re: 5. a) and b) Active dialogue and the voting policy are being implemented in the Asset Management Securities business division and taken into account at IQAM Invest GmbH on an individual basis for selected equity mutual funds. 337

338

Group management Report | Sustainability report Deka Group Annual Report 2024 Time horizon re: 1. to 5. The overarching target of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. is to achieve net zero by 2050. Therefore, implementation of the above actions and other measures will continue in this or a similar form until 2050. Mitigation measures re: 1. to 5. The actions listed cause no harm to stakeholders through actual material impacts. For this reason, no mitigation measures are carried out. Type of resources applied in the reporting year re: 1. to 5. The ongoing actions listed are already covered by the operating activities. They do not require any additional financial resources. 29 (a) The policies of the Asset Management Securities business division that have been presented in ESRS E1-2 22 above include specific actions that can be associated with three decarbonisation levers: “Investment process” decarbonisation lever Exclusion criteria for investment decisions: Specific product-specific sustainability criteria are established to exclude companies from the portfolio. A distinction is made based on the requirements of Directive (EU) 2019/2088 on sustainability-related disclosures in the financial services sector of November 27, 2019 (SFDR): Active self-managed mutual funds without specific sustainability characteristics (Directive (EU) 2019/2088 on sustainability-related disclosures in the financial services sector of November 27, 2019 [SFDR] on Article 6 products and excluding ETFs): – The company generates at least 30% of its revenue from coal mining. – The company generates at least 40% of its revenue from coal-based electricity generation. – These limits were tightened with effect from 1 January 2025. Further details can be found in the Fossil Fuel Policy, which is published at www.deka.de/privatkunden/ueber-uns/deka-vermoegensmanagement- im-profil/nachhaltigkeit. Mutual funds with sustainability characteristics: For active self-managed mutual funds that promote environmental and social characteristics (Article 8 or 9 SFDR), stricter fund-specific exclusion criteria, which can be found in the associated prospectuses, apply in addition to the company-wide exclusion criteria for all actively managed and self-managed funds. PAI thresholds to reduce adverse sustainability impacts: Thresholds for adverse impacts on sustainability and PAIs for specific PAI indicators have been defined depending on the alignment of the Asset Management Securities products with the sustainability objective and their classification in accordance with the SFDR. PAI 3 (GHG intensity of investee companies) and PAI 6 (Energy consumption intensity per high impact climate sector) are addressed with respect to climate impacts. The PAI thresholds are defined both for products without sustainability characteristics (Article 6 SFDR) and for products with sustainability characteristics (Article 8 or 9 SFDR), and for both their direct investments and their investments in target funds. For example, higher GHG intensity is permitted for issuers in Article 6 products than in Article 8 or 9 products. Application of these thresholds has already led to the exclusion of some investments or, in the case of Article 6 products, to an investment only in justified exceptional cases and depending on which threshold has been exceeded. This has contributed to progress in CO2 reduction for the AuM. 338

339

Group management Report | Sustainability report Deka Group Annual Report 2024 Besides implementing the thresholds in the internal monitoring systems, the ESG analysts in the Asset Management Securities business division monitor and evaluate as part of their sector responsibilities how the issuers’ PAI values develop. If they identify any deficiencies in complying with the principles of sustainable development or the principles and targets mentioned above, these will be addressed in the engagement dialogue with the issuers. If a company fails to address the deficiencies, it can be excluded from the investment universe as a last resort. In principle, it can be excluded not just from specific sustainability products, but from all relevant investment products of the Asset Management Securities business division. The PAI thresholds for both direct investments and target fund investments are reviewed regularly, and the plan is to gradually tighten them over the coming years to further reduce the risk of adverse sustainability impacts. The focus is on the companies reducing their CO2 emissions and implementing climate strategies. Application of the risk level model: The purpose of the risk level model is to reduce climate-related and other sustainability risks in the self-managed assets and to drive the transformation of emissions-intensive companies. The risk level model, a cascade model consisting of six risk classes (A–F), is based on the results of proprietary ESG research and integrates data and information from qualified external providers. Irregularities in the overall universe or of exposed issuers are identified on the basis of an established catalogue of criteria, either through automatic signals when changes in ESG data occur (based on inside- out and outside-in information) or through the division’s own ESG analysts’ proprietary research on risk detection and assessment. This allows additional ad hoc identification of event-related sustainability risks, as (external) ESG data is published with a time lag. Issuers are assigned to one of six risk levels depending on their ESG risk profile. Issuers that appear risky from an ESG perspective are assigned to the upper risk levels (D–F), while lower-risk issuers are classified in the lower levels (A–C). The ESG risk level of an issuer determines the degree of their exclusion from the products of the Asset Management Securities business division, i.e. whether the exclusion only applies to products with sustainability characteristics or to all products. These classifications are reviewed regularly and on an ad hoc basis and are integrated into the investment process. In this way, sustainability risks in the self-managed assets can be controlled, and the investment universe can be specifically aligned with the product characteristics. “Net-zero target attainment management” decarbonisation lever Reduction of WACI Scope 1 and 2 emissions in the net-zero portfolio: The voluntary commitment to the NZAM initiative is concerned with the reduction of WACI Scope 1 & 2 emissions in the net-zero portfolio. As already discussed in ESRS E1-1 16 (a), Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. are pursuing the target of net-zero GHG emissions in the self-managed assets by 2050. When they Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. set themselves an interim sub-portfolio target of halving the weighted GHG intensity (Scopes 1 & 2) in the self-managed mutual funds (so far excluding ETFs) by 2030, taking 2019 as the base year. The weighted GHG intensity is expressed by the WACI metric (CO2e / € million of revenue of the holdings; Scope 1 & 2). joined the NZAM initiative in 2021, Deka The goal is to increase the proportion of assets managed in line with the net-zero target to 100% over time up to 2050. To this end, a project is already examining what requirements must be met for the various products and what preparations for the expansion of the net-zero scope could be initiated immediately. The activities that result from joining the NZIAM Initiative are important actions for Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. Target attainment is monitored every six months, and appropriate actions are initiated if necessary. Engagement with the most emissions-intensive issuers: The NZAM Initiative’s defined interim target of reducing the Scope 1 and 2 emissions by 50% by 2030 is used as the basis for screening the portfolios of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. for the most emissions-intensive issuers. 339

340

Group management Report | Sustainability report Deka Group Annual Report 2024 The initial focus of the engagement is the most GHG-intensive issuers in the self-managed mutual funds (excluding ETFs). These issuers are required to set themselves science-based climate targets, as this will increase the likelihood that they will meet the targets and thereby have a positive impact on decarbonisation and target attainment for Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. Ideally, these climate targets should be validated by SBTi and be in line with the 1.5°C target. Overall, the aim is to increase the proportion of issuers with SBTi-validated targets in the overall Asset Management Securities portfolio, as target attainment and GHG reduction by the issuers will also reduce the GHG emissions in the portfolios. Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. actively support and encourage companies on their path of transformation to climate neutrality. However, if a company fails to achieve a comprehensible transition over time, disinvestment will be considered. Any actions are presented to the Sustainability Risk Committee (SRC); and the committee will then formulate recommendations to the Boards of Management of DekaBank and its subsidiaries, which will decide on the possibility of exclusion. The signatories of the voluntary commitment monitor the development of emissions-intensive sectors by comparing the financed emissions and physical intensities with the IEA’s sector-specific reduction pathways, which are aligned with the 1.5°C target. The focus is on issuers that exercise an especially strong impact on the carbon footprint, with the goal of involving them in future engagement activities. “Stewardship” decarbonisation lever Engagement (active dialogue): The Asset Management Securities business division reviews various ESG factors and metrics for the issuers in its portfolio, including their GHG intensities in a sector comparison. If an issuer fall short of the sector average, the division will raise the issue in a dialogue with representatives of the issuer and will require appropriate actions, which will then be tracked over the appropriate time period. It also examines and discusses whether the issuers invest in sustainable technologies and, if so, to what extent. With companies that operate in the fossil fuel sector, the engagement activities will include discussions of any expansion plans that they may have. In these discussions, the companies are encouraged to forego new coal, oil and gas projects. This is regularly reviewed within the division. Companies that continue to expand through new fossil fuel projects may, depending on the scope of the projects, be downgraded through the internal ESG risk level model, making them no longer investable for some or all products. Exercise of voting rights: The division’s exercise of voting rights, either directly or through proxies, is governed by clearly defined criteria, in accordance with which the Bank exercises its shareholder voting rights in a fiduciary capacity for its fund investors. The “Principles of the Voting Policy for General Meetings” summarise these criteria (see ESRS E1-2 22). These principles provide a framework to enable transparent, accountable decisions in each case. They are based on the division’s extensive experience as part of the Deka Group, which itself is one of the largest fund providers and therefore shareholder representatives. Voting behaviour is also used to oppose emissions-intensive projects and support climate-friendly initiatives. The division aims in this way to contribute to emissions reductions in its portfolio companies. 29 (b) The outcomes of the climate change mitigation actions – whether achieved or expected – for the Asset Management Securities business division are presented below, broken down by action: Exclusion criteria for investment decisions: As an outcome of this action, issuers that exceeded the revenue limits for coal – or, for funds with sustainability characteristics, the then fund-specific additional revenue limits for oil and gas – have already been excluded from the relevant products. In addition, financial incentives are being created for companies to implement more sustainable practices. The action of excluding carbon-intensive industries from investment decisions also helps to channel more capital into lower-emissions sectors, such as renewable energies and sustainable infrastructure. The division is thereby actively contributing to global CO2 emissions reduction. Reduction of adverse sustainability impacts: An outcome of applying the climate-related PAI thresholds is that issuers that exceeded the defined issuer-specific thresholds for SFDR Article 6, 8 or 9 products have already been excluded. 340

341

Group management Report | Sustainability report Deka Group Annual Report 2024 Application of the risk level model: The Deka-internal ESG risk level system – a cascade model consisting of six risk classes (A–F) which is firmly embedded in the investment process – is based on the results of proprietary ESG research and integrates data and information from qualified external providers. Irregularities in the overall universe or of exposed issuers are identified on the basis of an established catalogue of criteria, either through automatic signals when changes in ESG data occur (based on inside- out and outside-in information), or through the division’s own ESG analysts’ proprietary ESG research on risk detection and assessment. This allows additional ad hoc identification of event-related sustainability risks, as (external) ESG data is published with a time lag. Net-zero target attainment management: - Starting from the base year of 2019, the weighted emissions intensity, measured by the WACI Scope 1 & 2 emissions metric, had already reduced by more than half to 89 tCO2e / € million of revenue as at the reporting date of 28 June 2024 (2019: 185 tCO2e / € million of revenue). A further reduction of around 8% from the figure for mid-June 2023 has been achieved. – Progress has already been made by engaging with the most emissions-intensive issuers in the net-zero portfolio and actively demanding CO2 reduction targets in line with the 1.5°C target. The emissions data shows a reduction in most cases. Exercise of voting rights: In 2024, Deka Investment GmbH exercised voting rights in the interests of fund investors at 1,292 general meetings. German general meetings accounted for around 11% of these. Votes were cast on a total of 19,288 agenda items. Deka Investment GmbH opposed around 18% of the agenda items and abstained on 1%. Deka Investment GmbH participated and exercised its right to speak or, in the course of virtual general meetings, submitted questions to companies at 27 general meetings. E1-4 – Targets related to climate change mitigation and adaptation Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets (Fig. 138) Specifying the target (general) Reduction targets were defined in the form of intensity values (tCO2e/€m of revenue). The target values apply to the mutual funds actively managed under NZAM (not yet including ETFs). The aim is to halve GHG intensity by 2030 and achieve net-zero GHG for 100% of the AuM by 2050. Relationship between target and policy The ESG policy sets out the ESG strategy of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. and describes the net-zero strategy and its targets. Target type and level The aim is to halve the WACI metric for the net-zero strategy (actively managed mutual funds) by 2030, reducing it to 92.5 tCO2e/€ million of revenue from a baseline of 185 tCO2e/€m of revenue in the base year 2019. By 2050, the aim is to meet the net-zero GHG target in 100% of the AuM. Scope The targets pertain to the actively managed mutual funds (excluding ETFs) of Deka Investment GmbH and Deka Vermögensmanagement GmbH and the assets under management of Deka International S.A., insofar as Deka Investment GmbH or Deka Vermögensmanagement GmbH acts as the asset manager for these investment funds. All asset classes and portfolios for which the required emissions data and an accepted emissions calculation method exist are included. Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. follow the TSP recommendations. For this reason, some asset classes, including government bonds and derivatives, have not yet been included. The emissions included are mainly Scope 1 and 2 emission of the undertakings or issuers; Scope 3 emissions are included if available. The targets presented here pertain to the Deka Group’s downstream value chain (see ESRS 2 BP-1 5 (c)). Baseline value and reference year Baseline value: WACI 185 tCO2e/€m of revenue Reference year: 2019 Time period and interim targets 2019–2050 is taken as the time period. The interim target is set for 2030. The initial portfolio target (interim target) up to 2030 pertains to a portion of the self-managed mutual funds (excluding ETFs) and includes a voluntary commitment to initially reduce the WACI for the self-managed mutual funds (excluding ETFs) by 50% up to 2030. For the entire period up to 2050 (final period), the target is to expand the scope to up to 100% of AuM. In addition, the current status of the WACI is ascertained every six months and compared with the IEA 1.5°C target pathway. 341

342

Group management Report | Sustainability report Deka Group Annual Report 2024 Methodology and assumptions - Targets are set on the basis of the method recommended by NZAM: the TSP. - The initial portfolio target was set on the basis of IEA’s 1.5°C target pathway. For detailed information, see ESRS E1-4 34 (e). Use of scientific evidence The target is based on NZAM, which is derived from Report of the Intergovernmental Panel on Climate Change (IPCC report). Deka Investment GmbH and Deka Vermögensmanagement GmbH have also decided to implement NZAM using the TSP. Involvement of stakeholders The focus of NZAM is primarily on the actively managed mutual funds of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. Other stakeholders are informed transparently and publicly (through channels including the website). Nature is taken into account indirectly as a silent stakeholder. Progress and monitoring To monitor the WACI metric, data is collected every six months on 30 June and 31 December of each year. The result obtained is then compared with the IEA’s 1.5°C target pathway using the management dashboard (data repository). In accordance with the ESG governance rules of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A., the results are then presented to the “Net Zero” operational steering committee and the SRC. The SRC uses the results to develop action recommendations for the boards of management of the various subsidiaries, which then decide on them. So far, there have been no significant changes in company performance; the trend shows corresponding decarbonisation in line with the target. 33 GHG emission reduction targets are being pursued in accordance with the table set out under ESRS E1- 4 34 (a). For the exact methodology, see ESRS E1-4 34 (e). 34 (a), 34 (c), 34 (d) The WACI of the net-zero portfolio, which consists of actively managed mutual funds, is to be halved from 185 tCO2e / € million of revenue in 2019 to 92.5 tCO2e / € million of revenue by 2030, thereby addressing Scopes 1 and 2 emissions. The following table entitled “Intensity-based GHG emission reduction targets” presents the GHG emission reduction targets for 2030 in intensities (tCO2e / € million of revenue), starting from the base year of 2019. Intensity-based GHG emission reduction targets (Fig. 139) Base year 2019 Intensity 2030 Asset class NZAM class (fund for NZAM scope) Assets (€ million) 133,678.0 185 t CO2e/€ million of revenue 92.5 t CO2e/€ million of revenue The total assets of the Asset Management Securities business division for which targets have been set amounted to €133,678.0m. This corresponded to a coverage rate of 39.4% of the total AuM (see ESRS E1- 6 44). With a value of 82.6 tCO2e / € million of revenue, the WACI as at 31 December 2024 was already below the 2030 target value. In the assets included for the NZAM class, the difference between the actual values from ESRS E1-6 (€111,469.5m) and the target values in ESRS E1-4 (€133,678.0m) was due to the fact that ESRS E1-6 44 only included assets for which Scopes 1, 2 and 3 emissions were reported, while ESRS E1- 4 included the assets of the entire NZAM fund holdings. 34 (b) The GHG emission reduction targets shown relate to the funds shown in ESRS E1-6 44 under the “NZAM class”. AR 25 (a) The baseline value, which is measured with the WACI metric (2019 value: 185 tCO2e / € million of revenue), was selected on the basis of the NZAM Initiative and TSP recommendations. In the base year of 2019, the initial net-zero portfolio represented around 37% of the AuM, and the data covered around 26% of the emissions. 2019 was chosen as the base year in accordance with common market practice, as there were no distortions at that time due to the subsequent COVID-19 pandemic. 342

343

Group management Report | Sustainability report Deka Group Annual Report 2024 AR 25 (b) Neither the baseline value nor the base year have yet been changed. 34 (e) Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. aim to manage all of their assets in accordance with the NZAM targets in the long term. Taking the current methods and data coverage into account, around 40% of the AuM were managed in accordance with a 1.5°C pathway as at 28 June 2024. Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. are following the TSP recommendations and using the IEA’s 1.5°C target pathway as a basis. The target is to halve the WACI metric for the net-zero portfolio, which consists of actively managed mutual funds, by 2030. This metric describes the WACI of a portfolio by measuring the GHG emissions of a company in which a fund invests relative to that company’s revenue. The figure determined for the company’s GHG emissions is then multiplied by the investment’s share in the overall portfolio. The result provides information on whether a portfolio invests in companies with higher or lower GHG intensities compared to other portfolios or a suitable benchmark. WACI is therefore an important metric both for specific investment decisions about individual companies and for portfolio management. The plan is to increase the entire portfolio’s coverage gradually from around 40% in 2024 until all portfolios of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. meet the net- zero emissions target by 2050. With effect from the base year of 2019, data is collected and documented every six months to form a historical time series and manage the development of the relevant portfolios’ emissions intensities in accordance with the NZAM targets. Data on Scopes 1 and 2 emissions is also available for portfolios that are not subject to the NZAM requirements. Data on Scope 3 emissions is also available for some of the portfolios managed by Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. This data is provided by the ESG rating agency MSCI. The respective metrics for all securities in the portfolio have been published in aggregated form on the respective Deka capital management companies’ websites since 30 June 2023. AR 26, AR 28. The following table entitled “GHG reduction pathways” shows the GHG reduction pathway according to NZAM for Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. based on the base year of 2019 and the 1.5°C climate scenario for 2030 and 2050 (for the base data, see the table entitled “Physical intensities of GHG emission reduction targets”). GHG reduction pathways (Fig. 140) GHG emission reduction pathways to net zero, taking 2019 as base year NZAM class (fund for NZAM scope) 2030 –50% 2050 –100% 34 (f) The decarbonisation levers described in ESRS E1-1 16 (b) and ESRS E1-3 29 (a) are the basis for the planned GHG emission reduction and work together to achieve the established targets. AR 30 (c) Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A. have based their GHG emission reduction targets on the NZAM recommendations and the IEA scenario’s 1.5°C target pathway. 343

344

Group management Report | Sustainability report Deka Group Annual Report 2024 E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 141) Metrics Absolute CO2 values in tCO2e and CO2 intensities in tCO2e/€m of revenue (WACI), subdivided into various asset classes (NZAM class [funds for NZAM scope], mutual funds [non-NZAM of Deka Investment GmbH, Deka Vermögensmanagement GmbH and Deka International S.A.], special funds and IQAM funds), including the percentage of emissions calculated using primary data, the PCAF score and the corresponding asset values. Methodology, assumptions and limitations For the absolute GHG emissions, the provider’s data is used. For detailed information, see ESRS E1-6 AR 39 (b). External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description See tables “2024 Gross GHG emissions” and “2024 CO2 intensity” 44, 51, AR 46 (g) The following table entitled “2024 gross GHG emissions” shows the absolute gross GHG emissions for the Asset Management Securities business division for the reporting year 2024, broken down by asset class. The CO2 intensities are also shown in the table entitled “2024 CO2 intensities”. 2024 gross GHG emissions (Fig. 142) GHG emissions Asset class PCAF category Assets (€ million) with Scope 1, 2, 3 counterparty emissions (Scope 1, Scope 2 and Scope 3 counterparty emissions) (in metric tonnes of CO2eq) Of which financed Scope 1 and 2 emissions Of which financed Scope 3 emissions Primary data (percentage of primary data used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to gross carrying- value) NZAM class (fund for NZAM scope) Listed Equity & Bonds (PCAF 5.1) 111,469.5 43,466,685.4 5,028,030.9 38,438,654.5 10.7% 3.8 3.9 3.8 3.9 3.8 Mutual funds (DI, DIL, DVM not NZAM) Special funds / asset management mandates IQAM-funds Total Listed Equity & Bonds (PCAF 5.1) Listed Equity & Bonds (PCAF 5.1) Listed Equity & Bonds (PCAF 5.1) 33,929.0 14,897,368.9 1,767,378.5 13,129,990.4 10.8% 75,411.2 31,519,241.8 4,143,434.3 27,375,807.5 12.0% 6,289.1 2,045,997.6 245,775.3 1,800,222.3 227,098.8 91,929,293.7 11,184,619.0 80,744,674.7 10.4% 11.2% The total value of the NZAM class (funds for NZAM scope), mutual funds (DI, DIL, DVM excluding NZAM and ETFs), special funds, asset management mandates and IQAM funds was €338,981.1m. CO2e emissions were reported for €227,098.8m, which corresponded to a coverage rate of 67.0%. The remaining 33.0% were not covered by PCAF or lacked data coverage. 344

345

Group management Report | Sustainability report Deka Group Annual Report 2024 2024 CO2 intensity (Fig. 143) Asset class Assets (€ million) Intensity (WACI) Primary data (percentage of primary data used for Scope 1, 2 & 3 emissions calculations) PCAF (weighed quality score from 1 to 5 with regard to gross carryingvalue) NZAM class (fund for NZAM scope) 111,469.5 82.6 t CO2e/€ million of revenue 10.7% 3.8 AR 39(b), AR 39(c), AR 46(h) The underlying methods, assumptions and emission factors for calculating and measuring GHG emissions are described below. The provider’s data was used for the absolute GHG emissions. This approach provided data on the issuers of the portfolio positions in the investment funds and external target funds. Target funds from the Group itself (excluding IQAM Invest GmbH and real estate funds) are not addressed, as this would lead to double counting. Derivatives and negative portfolio positions are not currently included in the calculation. The methodology is limited in that it cannot take the volume of the portfolio positions into account if data on issuers or external target funds is not available. 345

346

Group management Report | Sustainability report Deka Group Annual Report 2024 Social information ESRS S1 – Own workforce To establish and safeguard a permanent basis for success in its business, it is essential for the Deka Group to attract and retain appropriately qualified employees. The policies set by the Deka Group establish a clear framework within which employees can apply their skills and abilities and develop them further. Various procedures exist to involve employees in further developing the policies and the offerings to them. This is also the approach taken for developing and implementing actions to promote positive impacts and minimise the risk of an ageing workforce. As a result, the Deka Group is an attractive employer, and it aims to remain so in the future. Accordingly, the targets are defined as objectives to be achieved on an ongoing basis and are reviewed regularly. In ESRS S1, the Deka Group presents this procedure in detail and provides relevant quantitative evidence. The Deka Group’s Strategy & HR corporate centre is responsible for all companies within the CSRD consolidation scope except IQAM Invest. IQAM Invest generally follows the Deka Group’s procedures. The required disclosures are therefore made jointly for the entire Deka Group. S1-1 – Policies related to own workforce Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 144) Policies 1. Deka Group Code of Ethics 2. DekaBank Declaration of Principles 3. Agreements with employee representative bodies 4. Deka Group Equality Plan 5. Diversity strategy 6. Inclusion agreement of DekaBank, Deka Immobilien Investment GmbH (DII) and Deka Investment GmbH (DI) 7. “Occupational Safety” work instruction Key contents re: 1. The Deka Group’s Code of Ethics is a framework that guides the behaviour of employees and is intended to ensure a work environment characterised by integrity (error culture, respect and tolerance). re: 2. DekaBank publishes a Declaration of Principles in accordance with the LkSG. This declaration describes how respect for human rights and environmental considerations are tracked in own operations and how they are promoted and tracked in the organisations of service providers and suppliers (including a risk analysis and prevention and mitigation measures). re: 3. The agreements with the employee representative bodies include rules governing remuneration, benefits, working conditions, IT systems, reintegration after prolonged absence due to illness and skills development. They ensure that the interests of staff are taken into account in the event of changes to general working conditions. re: 4. The Equality Plan strives for equality of opportunity for women and men and seeks to anchor this commitment in the company’s culture for the long term. To achieve equality of opportunity at all levels, it is essential to identify and eliminate structural disadvantages. The plan also serves to ensure a good work–life balance. re: 5. The diversity strategy defines medium-term diversity management targets along the diversity dimensions and derives actions from them. re: 6. The inclusion agreements contain rules governing HR planning, workplace design, working hours, the work environment, awareness-raising among managers, prevention and reintegration following illness. re: 7. This directive addresses compliance with, implementation of and monitoring of the laws and internal rules concerning occupational and travel safety within the Deka Group in Germany. It also describes individual actions in the areas of occupational and travel safety. 346

347

Group management Report | Sustainability report Deka Group Annual Report 2024 General objectives re: 1. To promote and bolster integrity, professionalism, responsibility and trust, collegiality, compliance, sustainability, respect, communication and consistency in the company. re: 2. To provide transparency about how human rights and environmental considerations are addressed in our own operations and the supply chain. re: 3. To establish clear rules for employees, weighing all interests. re: 4. Four objectives have been defined: a) Equality of opportunity: Significantly increase the proportion of women in management and specialist career roles, in project management, in positions with salaries above the collectively negotiated pay scale and in junior staff programmes. b) Sustainably ensure a positive framework supporting the compatibility of work and family life for women and men. c) Motivate male colleagues to make greater use of options supporting the compatibility of work, family and caring responsibilities. d) Anchor equality targets in the diversity strategy. re: 5. Strengthen the organisational environment and corporate culture for greater diversity within the Deka Group. re: 6. Support the professional integration of persons with severe disabilities or equivalent status. re: 7. Ensure compliance with German law and internal occupational safety regulations while guaranteeing effective occupational health and safety. Material impacts, risks and opportunities re: 1. The Code of Ethics has an overarching impact on all IROs by establishing rules of cooperation and ensuring ethically and morally correct conduct and action within the Deka Group’s own workforce. This fosters the material positive impacts with regard to working conditions, equal treatment and opportunities for all and other work-related rights and reduces potential negative impacts. re: 2. The Declaration of Principles describes DekaBank’s overarching stance on human rights and the environment. Due to the high standards in Germany, no material IROs are addressed. re: 3. The agreements with employee representative bodies ensure that the interests of the organisation’s own workforce are taken into account in relation to the sustainability matters of working conditions and other work-related rights, and so foster the material positive impacts associated with these. re: 4. The Deka Group’s Equality Plan has a positive impact on equal treatment and opportunities for all, as well as on working conditions. This is reflected in the targets under the plan, which are to significantly increase the proportion of women in management and specialist career roles, ensure a positive framework supporting the compatibility of work, family and caring responsibilities, and to motivate male colleagues to make use of options supporting the compatibility of work, family and caring responsibilities. re: 5. The diversity strategy counteracts the risk associated with an ageing workforce and promotes equal treatment and opportunities for all by incorporating the targets under the strategy into the relevant HR activities such as recruitment, talent management, succession planning and flexible and part-time working arrangements. The actions focus among other things on the dimensions of sex/gender and age/generational mix. re: 6. The inclusion agreements positively impact equal treatment and opportunities for all and working conditions because the rules they contain have positive impacts for these sustainability matters. re: 7. The Occupational Safety directive has a positive impact on working conditions and other work-related rights by ensuring compliance with the relevant laws and regulations. Monitoring process re: 1. As part of the employee review, all employees are evaluated annually for compliance with the Code of Ethics by their managers. Managers and employees are responsible for monitoring compliance throughout the year. re: 2. The Chief Human Rights Officer monitors compliance as part of the control processes (see ESRS S2-1). re: 3. Where possible, conduct contrary to the agreements is prevented by technical means. If specific individuals fail to comply with the agreements, a reporting and escalation process can be initiated. Regular reviews are carried out to identify possible violations. re: 4. The Board of Management and all managers are responsible for pursuing the objectives and regularly receive personnel-related data to enable them to assess personnel changes within their areas of responsibility. They are supported in this by the Equal Opportunities Officer and the Strategy & HR corporate centre. Objective 4d is also considered by the Diversity Council. re: 5. Progress is reviewed and further actions are discussed in regular communication between Diversity Management, members of the Board of Management and the head of the Strategy & HR corporate centre. re: 6. To ensure prompt, targeted action, the employer, the Staff Committee or Works Council, the Equal Opportunities Officer, and the bodies representing employees with severe disabilities and young employees and apprentices work together closely. This includes regularly discussing personnel changes with a focus on inclusion. re: 7. Compliance is ensured first and foremost by the managers, who inform their staff about occupational safety in an appropriate manner and keep an eye on the behaviour of employees in the Deka Group’s office buildings. The Strategy & HR corporate centre also monitors compliance with occupational safety via the systems used. 347

348

Group management Report | Sustainability report Deka Group Annual Report 2024 Scope of application re: 1. Applies to all employees regardless of activities, business operations and location re: 2. Applies to DekaBank’s own operations and to its service providers and suppliers re: 3. Applies to all employees in Germany and Luxembourg regardless of their activities and business operations; where applicable, the policies also apply outside Germany re: 4. Applies to all Deka Group employees in Germany, regardless of their activities, business operations and location re: 5. Applies to all employees regardless of activities, business operations and location re: 6. Applies to persons with severe disabilities or equivalent status in Germany who are employees of DekaBank, DI or DII, regardless of their activities re: 7. Applies to all employees in Germany regardless of their activities and business operations Responsible organisational level re: 1. The Board of Management of the Deka Group re: 2. DekaBank’s Chief Human Rights Officer is responsible for operational implementation on behalf of the Board of Management re: 3. Group Board of Management and boards of management of Deka Group subsidiaries re: 4. The Board of Management of the Deka Group re: 5. Diversity Council consisting of members of the Board of Management, head of the Strategy & HR corporate centre, Diversity Management re: 6. Head of the Strategy & HR corporate centre re: 7. Head of the Strategy & HR corporate centre Reference to third-party standards or initiatives re: 1. Diversity Charter re: 2. Act on Corporate Due Diligence Obligations in Supply Chains (Lieferkettensorgfaltspflichtengesetz, LkSG) re: 3. Collective agreement for public banks, German Staff Representation Act (Personalvertretungsgesetz, PersVG), German Works Constitution Act (Betriebsverfassungsgesetz, BetrVG) re: 4. Women’s Empowerment Principles, German Federal Equal Opportunities Act (Bundesgleichstellungsgesetz, BGleiG), workandfamily audit (berufundfamilie) re: 5. Sustainable Development Goals, Diversity Charter re: 6. Ninth Book of the German Social Code (Sozialgesetzbuch, SGB IX) and German Federal Participation Act (Bundesteilhabegesetz, BTHG) re: 7. German Occupational Health and Safety Act (Arbeitsschutzgesetz, ArbSchG), German Occupational Safety Act (Arbeitssicherheitsgesetz, ASiG), German Technical Rules for Workplaces (Technische Regeln für Arbeitsstätten, ASR), German Workplace Ordinance (Arbeitsstättenverordnung, ArbStättV), German Social Accident Insurance (Deutsche Gesetzliche Unfallversicherung, DGUV) regulations, SGB 7 Consideration of stakeholders’ interests re: 1. The Code of Ethics was developed jointly by the employee representative bodies and the Board of Management. re: 2. The Chief Human Rights Officer drew up the policy together with the Human Rights Coordinators and fine-tuned it with top management. re: 3. The company and the employee representative bodies negotiated the agreements to give due consideration to both sides. re: 4. The Equality Plan serves to achieve the objectives of the Federal Equal Opportunities Act and is a key tool for personnel planning and especially personnel development. As an elected representative, the responsibilities of the Equal Opportunities Officer include identifying actions needed to achieve the equality targets and obtaining the opinions of those potentially affected by those actions, via surveys for example. She is also available to advise and support all employees and offers regular opportunities for discussion. re: 5. To take the interests of employees into account, regular feedback is obtained through activities including surveys. This knowledge is incorporated into the design and further development of the diversity strategy. re: 6. As an elected body, the representative body for employees with severe disabilities has the task of promoting participation of those it represents, advising them and monitoring compliance with laws and agreements. re: 7. This directive was drawn up by the organisational unit and fine-tuned with the interfaces involved. Availability of policies to stakeholders re: 1. The Code of Ethics is published on the Deka Group’s intranet and website. re: 2. The Declaration of Principles is published on the Deka Group’s intranet and website. re: 3. The agreements are published on the intranet. re: 4. The Equality Plan is published on the Deka Group’s intranet and website. re: 5. The Diversity Strategy is published on the Deka Group intranet. re: 6. The inclusion agreements are published on the Deka Group intranet. re: 7. The “Occupational Safety” work instruction is published on the Deka Group intranet. 348

349

Group management Report | Sustainability report Deka Group Annual Report 2024 Cross-reference to other topical ESRSs re: 1. No cross-references re: 2. ESRS S2 re: 3. to 7. No cross-references Scope limitations re: 1. to 5. Applies only to employees of the Deka Group, not to external employees, service providers or suppliers. re: 6. Applies only to employees of DekaBank, DII or DI within Germany, not to other segments of the own workforce of Deka Group, DekaBank, DII or DI outside Germany. re: 7. Applies only to employees of the Deka Group within Germany, not to other segments of its own workforce outside Germany. 20 (a), 20 (b) In addition to the policies listed for managing the material impacts on its own workforce and the material risk (an ageing workforce), the Deka Group has established processes and mechanisms for monitoring the observance of human rights. In the context of observing human rights, including labour rights, the responsibilities of HR Management include successful recruitment, suitable placement, long-term retention and continuous development of the employees, the design of a sustainable and healthy working environment and the promotion of diversity and equality of opportunities. To meet these responsibilities, which are embedded in a sustainable human resources (HR) strategy, and to safeguard its own operations, the Deka Group strives for permanent employment contracts for its own work force and implements them wherever possible. The Deka Group’s employee benefits (see ESRS S1-4 38 (a), 38 (b) and 38 (c)) mostly apply to both temporary and permanent employees. The Strategy & HR corporate centre ensures through regular communication at various levels that HR actions are aligned with current and future needs. The fundamental impetus for the alignment and further development of HR tools and offerings is derived from discussions with and within the management, including DekaBank’s Board of Management. Specific professional development needs for individual employees are identified on the basis of direct feedback in the context of HR support, the annual appraisals and feedback from managers. Specific actions for all employees or for individual groups of employees result from, among other things, surveys, consultation hours, direct contact and continuous dialogue with the Equal Opportunities Officer and the representative bodies for the employees, employees with severe disabilities, and young employees and trainees (although the latter has been vacant since 1 June 2024). Embedding diversity management within the Strategy & HR corporate centre ensures that all HR processes take a diverse range of requirements into account. The various communications channels are announced to all employees in induction sessions, on the intranet and through individual contacts. These are generally available to all employees. (see At the end of the reporting year, the Deka Group signed various voluntary commitments to develop the sustainability of the entire Group and its projects. It thereby demonstrated a dedication to sustainable development that goes well beyond compliance with the regulatory requirements. These commitments are publicly available the Deka Group’s website: https://www.deka.de/deka-gruppe/unsere- verantwortung/wie-wir-nachhaltigkeit-leben/in-der-unternehmensfuehrung/wirtschaft-menschenrechte). Respect for human rights and labour rights is a matter of course in the Group’s implementation of its human rights policy and is covered by the commitments it has made and its Code of Ethics. The UN Global Compact, the Diversity Charter and the Women’s Empowerment Principles (WEPs) are especially relevant in this context. The above commitments apply to all activities related to the Group’s own workforce and, where applicable, must also be fulfilled for the upstream and downstream value chains. They also apply to all geographical areas in which the Deka Group operates and, where relevant, to all affected stakeholder groups, insofar as the commitment is applicable and the Deka Group is able to exert influence. DekaBank’s Board of Management is responsible for establishing the general framework and ensuring compliance; and the Strategy & HR corporate centre supports it in this. 349

350

Group management Report | Sustainability report Deka Group Annual Report 2024 To ensure that it fulfils its commitments, the Deka Group annually examines key performance indicators (KPIs), such as employees’ compliance with the Code of Ethics (the number of violations), the number of complaints related to HR issues, gender distribution in management roles (both relative and absolute) and options for minority group advancement (target quotas). These are examined as part of HR management and in the strategic dialogue between HR and the specialist units. If individual KPIs show a significant deterioration, the Deka Group will take appropriate countermeasures. These include escalation procedures for violations of the Code of Ethics, investigation and corrective action addressing the causes of a complaint, and support programmes for individual groups within the Group’s own workforce. When hiring additional workers through third parties (i.e. temporary agency work), the Deka Group ensures that working conditions for these individuals correspond to the working conditions of its own employees. In the reporting year, only service providers from Germany and Luxembourg were used for this purpose, so compliance with the applicable standards of the International Labour Organization (ILO) was ensured by national legislation. When deploying workers provided by service providers or suppliers, the safety or the workers and the avoidance of precarious employment relationships must be addressed by the third parties. The Deka Group does not work with service providers or suppliers that are associated with human trafficking, forced labour or child labour. 20 (c) Providing or contributing to remedial actions for negative impacts on human rights is another concern. No negative impacts on such rights were identified in the reporting year. If it emerges that the human rights of the Deka Group’s own workforce are being negatively impacted within the Group, the causes will be identified and corrective actions will be taken. The actions will be selected to suit the specific situation. For example, if individual employees discriminate against others, thereby failing to act in accordance with the Code of Ethics, their variable remuneration may be reduced. 21 When developing and implementing labour-related policies, the Deka Group always ensures that it complies with the UN Guiding Principles on Business and Human Rights. This is guaranteed by Germany’s high legal standards, which provide the basis for developing and implementing Deka-wide policies. In some cases, the policies go beyond the legal requirements, for example with respect to mobile working. 22 The Deka Group takes a zero-tolerance approach to modern slavery and human trafficking. It has explicitly addressed the goals of excluding forced labour and participating in the abolition of child labour by joining the UN Global Compact. 23 The Deka Group has policies for the prevention of occupational accidents. The prevention of occupational accidents is one of the actions within the framework of the Deka Group’s workplace health management (WHM) programme, which focuses on employees’ needs and offers comprehensive services in various subject areas throughout the employee lifecycle. These include far-reaching actions related to occupational health and safety support in cooperation with experts such as the company doctor and the safety officer. These actions are accompanied by regular mandatory occupational safety training for the Group’s entire workforce. 24 (a) The Deka Group promotes diversity, inclusion and equality of opportunity through its policies. The diversity of experience and perspectives among the whole workforce is a key factor in keeping the Group competitive and prepared for the future and is reflected in a variety of policies. These are based on the principle of actively encouraging an open, respectful and inclusive corporate culture that promotes equal opportunities and eliminates discrimination. This is codified in the Diversity Strategy and applies in particular to the following diversity dimensions: sex/gender, age structure and generational mix, cultural background / national origin (including ethnicity and skin colour), physical and mental abilities (disability), social origin and sexual orientation. This strategy forms part of the business strategy and represents a long-term commitment by the Group to diversity and equal opportunities. The current objectives of the Equality Plan are an integral part of the strategy. 350

351

Group management Report | Sustainability report Deka Group Annual Report 2024 The Deka Group’s Diversity Strategy (Fig. 145) The Deka Group’s first step in this context is to focus on reducing the under-representation of women in management, specialist career and project management positions and on establishing a balanced age structure and sustainable generational mix. To pursue these objectives, the relevant HR management tools and the structural conditions (such as service agreements) are undergoing continuous fine-tuning and development. Openness to diversity is firmly embedded in the HR strategy and forms the basis for all HR actions, including the targeted promotion of diversity during the life-phases in the employee lifecycle. Besides DekaBank’s Board of Management, the Diversity Council is the most important body for promoting diversity in the Deka Group. Its members are the Chairman of DekaBank’s Board of Management and two other members of the Board of Management, the head of the Strategy & HR corporate centre, the Equal Opportunities Officer and the Diversity Management team. This body discusses and reviews the progress of the Diversity Strategy actions on a quarterly basis. The bodies representing employees with severe disabilities discharge another important element of the responsibilities for implementing the Diversity Strategy. They have professionally qualified contact partners and trusted representatives who are available to all employees. The inclusion agreements of DekaBank, Deka Immobilien Investment GmbH and Deka Investment GmbH form the basis for their actions and supplement the Diversity Strategy with a special focus on persons with severe disabilities or an equivalent status. The aim is to promote and further develop the inclusion of persons with severe disabilities or an equivalent status. It is crucially important to establish a general framework to ensure the prevention of discrimination, sexual harassment and bullying. The Code of Ethics provides this framework, and all employees must adhere to it. Violations of the Code of Ethics and other actions that legally constitute discrimination, as well as threatening, hostile or abusive behaviour, are not tolerated. 24 (b) The protected characteristics and actions to prevent discrimination are explicitly set out in the Deka Group’s policies (especially the Code of Ethics), which all employees must follow. As the basis for preventing discrimination, it requires equal treatment regardless of origin, skin colour, gender, nationality, age, ideology, religion, disability, marital status, pregnancy, sexual orientation, identity or any other characteristics that are protected by local law. The Diversity Strategy also addresses these protected characteristics. The inclusion agreements focus on disability as a protected characteristic. 351

352

Group management Report | Sustainability report Deka Group Annual Report 2024 24 (c) The Deka Group pursues policy-related commitments in terms of inclusion and support actions to support particularly vulnerable groups within its own workforce. For example, it is working to address under- representation of women in management, specialist career and project management positions, as stipulated in agreements with the employee representative bodies and in the Equality Plan. The inclusion agreements of DekaBank, Deka Investment GmbH and Deka Immobilien Investment GmbH support the participation in working life of all persons with severe disabilities or an equivalent status and apply to all employees in these companies. The Group has overarching regulations governing the reintegration of employees who return to work after a prolonged absence (at least six weeks) due to illness. The managers and employees implement these agreements with the support of the Strategy & HR corporate centre, the Equal Opportunities Officer and the Disability Officer. Employees can view on the intranet how the obligations arising from the German Act on Gender Equality (Bundesgleichstellungsgesetz, BGleiG), the German General Act on Equal Treatment (Gleichbehandlungsgesetz, AGG) and the Ninth Book of the German Social Security Code (Neuntes Buch Sozialgesetzbuch, SGB IX) have been implemented. 24 (d) The Diversity Strategy is being implemented to prevent or curtail discrimination and to promote diversity and inclusion. Two employees have been hired who are exclusively responsible for this action. Centralised training in the form of in-person and online training via DekaLearning (a Group-wide internal training tool) is being offered to all employees and managers to raise their awareness of the broad range of issues that surround diversity in the workplace. In addition, unconscious bias training has been provided to managers specifically to teach them how to deal with their unconscious thought patterns. Networks and communities offer additional points of contact for employees who are affected or interested. A guide to gender-sensitive language is also available to support inclusive writing. Various management and other events during the reporting year included activities for raising awareness of the need for inclusivity in order to promote an inclusive corporate culture. For example, Diversity Weeks were celebrated during the reporting year, offering a wide range of activities for all employees, both on-site and digitally: workshops and presentations, information booths and interactive activities (including a wheelchair obstacle course) helped to raise awareness of diversity and inclusion. The Equal Opportunities Officer and the representative body for persons with severe disabilities are involved on an ad hoc basis, or are actively included, during employee-oriented processes (e.g. recruitment, professional development and appraisals) in order to prevent potential discrimination. As part of the operational reintegration programme, the Strategy & HR corporate centre offers employees support to make their return to work easier. Since people with invisible disabilities often keep their disabilities secret out of fear of prejudice or discrimination, the Deka Group actively promotes a culture that builds trust to support people with limited physical or mental abilities. For this purpose, various communication actions were taken in 2024 to counteract prejudice against persons with disabilities. The Deka Group has designed its offices to provide a good working and development environment for employees with physical disabilities. All of its buildings are fully accessible and the equipment provided is generally of a higher standard than required by law. The Employee Assistance Programme offers another point of contact to support employees with disabilities in the Deka Group, in addition to the bodies representing employees with severe disabilities and the ombudsman. If a case of discrimination within the Deka Group is reported, HR Management will immediately conduct a systematic investigation. The first step is direct dialogue with the persons concerned. If there is no improvement, the Deka Group will then consider additional steps and weigh the options on a case-by-case basis. These may extend to disciplinary or employment-law actions. 352

353

Group management Report | Sustainability report Deka Group Annual Report 2024 S1-2 – Processes for engaging with own workers and workers’ representatives about impacts 27 (a) The Deka Group has several processes in place to incorporate its workforce’s views into its decisions and activities. These include employee surveys, individual dialogue and regular communication with the employee representative bodies. Employee surveys Surveys are an important tool for systematically collecting information on the opinions and requirements of the Deka Group’s employees. Compact anonymous employee surveys, known as pulse checks, are being conducted with increasing frequency – not only as a strategic tool but also to support the continuous, participative and sustainable development of the Deka Group. Involving employees through pulse checks is considered a crucial factor in meeting the corporate objectives and achieving the sustainable development of the Deka Group. Individual dialogue This provides a direct channel of communication through which the Deka Group can involve its employees. They can submit their concerns by email, by chat message, by telephone, in direct conversations, as comments on the intranet or the ideas platform, or through the familiar complaints procedures. In addition, two mandatory meetings are scheduled each year between the managers responsible for the specialist units and their employees; and these meetings offer an opportunity for structured one-to-one dialogue. Regular dialogue with the employee representative bodies and the equal opportunities officers Employees are represented in Germany by staff and works councils and in Luxembourg by staff councils. HR Management also receives suggestions in monthly dialogue sessions with the employee representative bodies and the equal opportunities officers, and in consultation hours for employees; and they incorporate these suggestions into the refinement of existing HR tools and the development of new ones. HR also provides feedback on the suggestions and issues raised. An overarching framework agreement exists with the Group’s staff and works councils concerning the introduction and use of IT systems, which provides the basis for discussing and regulating IT applications. This ensures that, when new software is introduced, it does not disadvantage any specific groups of employees. Communication, involvement and co- determination in connection with HR tools are standard practice and go beyond the legal requirements. A monthly regular meeting has been instituted between the chairs of the employee representative bodies and the head of the Strategy & HR corporate centre, at which overarching topics are discussed without a fixed agenda. For significant pilot projects, members of the employee representative bodies are actively involved or are given an opportunity to participate in the pilot phase. The Deka Group maintains regular dialogue with the employee representative bodies concerning the Group’s actual and potential impact on its own workforce. Depending on the specific issues involved, it may also involve members of its workforce when making decisions. This is done through direct contact with the HR corporate centre, additional committees, project work and consultation hours. 27 (b) In the reporting year, a total of three pulse checks were carried out as tools to actively involve the Deka Group’s employees. The feedback from them is directly incorporated into further developing the topics they addressed. Pulse checks are normally carried out every six months on selected topics. The Deka Group involves the employee representative bodies, representative bodies for persons with severe disabilities, and any other interested employees, when key decisions are to be made, or in the potentially iterative development process when an initial result is available to present, so that it can incorporate the employees’ views in the development (or further development) of HR tools. The Group considers it important to involve the employees at an early stage, so that it can take adequate account of its workforce’s needs. It does this when it is in its own interest, and also when required by law or requested by stakeholders. The equal opportunities officer is also involved in parallel. The results of this involvement are incorporated into the relevant decision-making process. The participants are not required to possess any special skills, qualifications or capacities in order to give feedback. 353

354

Group management Report | Sustainability report Deka Group Annual Report 2024 27 (c) Involving the Deka Group’s workforce in decisions and activities that affect them is one of the core responsibilities of the head of Strategy & HR, and the HR corporate centre’s employees all support this process as well. DekaBank’s Board of Management has ultimate responsibility for the pulse checks and for using their results. 27 (d) Respect for the human rights of the Deka Group’s workforce is embodied in the employee representative bodies, the service and works agreements on variable remuneration, and the appraisals. The Code of Ethics is used as the standard for correct conduct. Every employee’s compliance with the Code of Ethics is reviewed annually. Substantive changes to the Code of Ethics are discussed in advance with the co- determination bodies insofar as they involve issues relevant to co-determination. 27 (e) Various KPIs reflect the Deka Group’s successful engagement with its own workforce. These include employee satisfaction (measured in the pulse checks) and the staff turnover and sickness rates. The Group’s high level of employee satisfaction and low staff turnover and sickness rates demonstrate its attractiveness as an employer. This shows that the approach of involving the employees is working. The employee representative bodies, the equal opportunities officer and the representative bodies for persons with severe disabilities also contribute suggestions actively, which are then refined in a collaborative process. 28 The Deka Group has filled various positions to gain insights into the perspectives of individuals who are especially vulnerable to negative impacts or marginalisation. The Diversity Management team, the employee representative bodies, the representative bodies for persons with severe disabilities and the equal opportunities officer are available as internal points of contact for problems in the workplace. The representative body for youth and trainees represents the interests of trainees and interns within the Group. Alongside the employee representative bodies, these representatives are regularly involved in assessing potential impacts and represent a mouthpiece for the affected groups. This can take the form of early involvement of the representatives in initial development or refinement of the Group’s HR tools and benefits for its own workforce, for example. This ensures that such developments do not disadvantage particular minorities. S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns 32 (a) Across the Deka Group, there are procedures to address potential negative impacts on the Group’s workforce and channels through which concerns can be raised. If negative impacts on the Group’s workforce are observed whose cause lies within the Group, the Strategy & HR corporate centre will discuss with the responsible parties how they can be remedied. If no solution can be found through direct discussion, further persons (such as the immediate superior) will be involved. This approach is considered effective, given that the number of material negative impacts is consistently very low and that, when such impacts arise, they are rapidly remediated. 32 (b) Various channels are available for the Deka Group’s workforce to raise concerns, which will then be investigated by the relevant Group units. These channels include the Group’s employee representative bodies, the anti-discrimination officer, the equal opportunities officer, the disability officer and the representative bodies for youth and trainees, as well as direct contact with the Strategy & HR corporate centre by phone, by email, by chat message, in dialogue meetings, through the pulse checks and in person. There is also an official complaints management system (including a whistleblower system address) through which complaints can be submitted (including anonymously) via an ombudsman from an external law firm; and the Group is required to respond to the complaints promptly. Regular dialogue with the employee representative bodies and the equal opportunities officers ensures continuous communication so that any concerns raised by the Group’s workforce can be addressed and followed up. 354

355

Group management Report | Sustainability report Deka Group Annual Report 2024 32 (c) Complaints from the Deka Group’s own workforce can be communicated through a variety of processes: direct contact with the Strategy & HR corporate centre, discussions with line managers and the official complaints procedure via the Group’s ombudsman (for further details, see the Group’s website: https://www.deka.de/deka-gruppe/wer-wir-sind/unsere-kultur-und-standards/hinweisgeberstelle and ESRS S4-3 25). Complaints are addressed through the complaints management process. Issues can also be raised with the employee representative bodies, which will then address them in their regular monthly meetings with the Strategy & HR corporate centre. 32 (d) Employees have an opportunity to choose their representatives through regular elections for the employee representative bodies, the equal opportunities officer, the Disability Officer and youth and trainee representatives. The Deka Group provides the necessary financial and human resources to support the elections. Information on the contact persons and all further channels is published on the intranet. Information events are advertised via the intranet. All employees have access to the technical equipment necessary for them to make direct use of these various channels. If no one stands for a particular representative role in a given election, the role will remain vacant for the term of office. By supporting the elections, the Group ensures that the representatives that its workforce elects – and thus identifies as suitable representatives – are able to address potential complaints as representatives of the workforce. 32 (e) Problems reported through these channels are forwarded to the responsible person for further processing. In dialogue with the employee representative bodies, the Strategy & HR corporate centre documents the status of the processing and the responses to problems submitted by the employee representative bodies and tracks them to ensure that the processing is transparent. During topic-specific consultation hours for the workforce, the Strategy & HR corporate centre regularly requests feedback and enquires whether consultation hours are needed for other topics. At the end of the pulse checks, employees always have an opportunity to raise further issues. If the feedback identifies a particular issue as especially important, it will be followed up on. Solutions to complaints are found through dialogue with the affected parties, to ensure that the solutions are in the interest of the affected parties. The individual target groups make regular use of all these channels, and the fact that any issues that are raised are addressed within the expected timeframe indicates a high level of effectiveness. If a particular channel goes unused, the Group will investigate the causes and will then communicate with potential users or their representatives about the channel. 33 To make sure that the Deka Group’s own workforce is aware of the structures and procedures for raising concerns, the various channels are advertised on the intranet and at various opportunities, such as Group- wide events and meetings of the staff and works councils. All employees receive information about the various channels and points of contact when they join the Group. To increase confidentiality, the channels that offer anonymous use are specifically identified as such. The Group attaches great importance to discretion in the handling of the issues that are raised in order to increase confidentiality. To prevent retaliation, complainants’ express permission is required before their names are disclosed. Local legislation protects the employee representative bodies in carrying out their activities and beyond. The complaints procedures are also described in ESRS S4-3 (see also the Group’s website: https://www.deka.de/deka- gruppe/kontakt). As all available channels are used regularly, there is no procedure in place to specifically evaluate whether the Group’s workforce trusts the channels available to it. 355

356

Group management Report | Sustainability report Deka Group Annual Report 2024 S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 146) Actions / action plans 1. Offering suitable and relevant professional development opportunities: a. Monitoring utilisation figures for learning offerings b. Planning learning offerings annually c. Focusing on short online formats that can be easily integrated into everyday work activities 2. Transformation to a modern Deka: a. Trying out new approaches to specific problems b. Training “multipliers” in all organisational units 3. Regular dialogue with employee representative bodies on topics relevant to co-determination and agreements on the general conditions in the company (supports implementation, see ESRS S1 MDR-P table “Policies adopted to manage material sustainability matters”, point 3): a. Regular monthly meetings between the individual employee representative bodies and Strategy & HR b. Regular discussion of the list of negotiation topics, including prioritisation c. Regular monthly meetings between the chairs of the employee representative bodies and Strategy & HR d. Regular meetings between the specialised committees of the employee representative bodies and Strategy & HR 4. Fair treatment and appropriate development of junior staff: a. Standard market salary, regardless of duration of employment b. Providing employee benefits to junior staff 5. Providing comprehensive benefits, as well as counselling and information services for employees in problematic professional and personal situations: a. Announcing the offerings via intranet messages and informational events 6. Risk: Retirement of older members of the workforce: a. Increasing recruitment of young employees b. Motivating employees to extend their working years within the Deka Group past the standard retirement age 7. Feedback from our own employees on selected topics and engagement: a. Implementing the employee survey b. Evaluating and publishing the results for our own workforce, including actions derived from them Outcome / contribution of key actions in the reporting year re: 1. Employees continue their education independently through the training offered in order to remain employable in the future. The focus is on soft skills for communication, presentation and impact, as well as collaboration, which the majority of the workforce can benefit from. In addition, information about trending topics like AI and ESG is communicated uniformly throughout the Group to ensure a common understanding. The Deka Group does this using short and digital formats which can be easily used and integrated in everyday work activities and allow mobile access. Another objective is to expand skills relating to use of digital tools and media. These programmes are supplemented by external professional development training, which departments book as needed and which is more closely tailored to individual development needs. re: 2. The organisational units are making further substantial progress in the following dimensions: ability to change, a results orientation and overarching cooperation. re: 3. Maintaining regular communication with employee representative bodies and taking their interests into account help to expand and further develop existing HR tools. re: 4. Junior staff are integrated into work processes in the same way as permanent employees and receive adequate remuneration. This gives them realistic insight into what it is like to work for the Deka Group and allows them to meet their living expenses. This approach, along with other benefits, increases the attractiveness of the Deka Group for students, apprentices and graduates, ensuring that junior staff positions can be filled quickly and that junior staff want to work in the Deka Group long-term. re: 5. The benefits make the Deka Group more attractive as an employer and increase employee loyalty. Employees can get straightforward, no-cost support at short notice for handling difficult situations. re: 6. Increased recruitment of young employees is rejuvenating the workforce. Extending working years is helping to delay the outflow of know-how caused by retirement. re: 7. The Deka Group receives an up-to-date picture of employee sentiment and feedback on selected topics at regular intervals. All employees are also able to propose additional topics. This approach makes it possible to identify any “blind spots” and align the Deka Group’s actions more closely with its employees’ interests. In addition, the progress described in point 2 is measured, which makes it easier to manage the action. 356

357

Group management Report | Sustainability report Deka Group Annual Report 2024 Outcome / contribution of key future actions re: 1. It is intended that professional development opportunities will remain available in the future and will be developed on an ongoing basis to ensure employability. re: 2. The organisational units are making further substantial progress in the following dimensions: ability to change, a results orientation and overarching cooperation. re: 3. The Deka Group continues to work together with employee representative bodies in a relationship built on trust. re: 4. The Deka Group remains an attractive employer for students. re: 5. The benefits make the Deka Group more attractive as an employer and increase employee loyalty. Employees can get straightforward, no-cost support at short notice for handling difficult situations. re: 6. The Deka Group’s capabilities remain intact. re: 7. The Deka Group gets a long-term picture of its attractiveness as an employer. Scope re: 1. to 7. The key actions have potential impacts on all employees, regardless of their business activity and location. Exceptions exist due to local circumstances, rules applying to junior staff and the usability of support services. Time horizon re: 1. to 7. All actions are implemented with a long-term time horizon or do not have fixed endpoints, but rather represent ongoing endeavours to be pursued continuously. 38 (a), 38 (b), 38 (c) The materiality assessment did not identify any material negative impacts or material opportunities related to the Group’s own workforce. The material positive impacts and one material risk that has been identified are presented below. To increase its attractiveness as an employer, the Deka Group offers a comprehensive range of HR programmes and tools for its employees, most of which go well beyond the legal requirements. For this purpose, the Group realises as many potential material positive impacts as possible for its workforce, and shapes impacts – for example, through legal requirements – to ensure that they have a positive effect. In doing so, the Group weighs the costs and benefits of the individual programmes offered to ensure their cost- effectiveness. The specific form they take is determined by considering the interests of the employees, represented by the employee representative bodies, and the interests of the Group, represented by the Boards of Management of DekaBank and its subsidiaries. This could have positive impacts on working conditions, equal treatment, equal opportunities and other employee rights. The Group’s employees are able to further develop their skills through a large number of voluntary professional development opportunities that are available via an internal learning platform. The offerings undergo continuous improvement and refinement. The Group expects that this action will ensure that its employees will continue to have the skills they need to meet new challenges. In addition, managers hold individual meetings with employees at least annually as part of the appraisals to consider and discuss their individual professional development needs. These meetings offer opportunities to agree on individual training or professional development actions to be carried out using the DekaLearning training tool or external service providers. Both sides can make suggestions. These actions could have positive impacts on the working conditions. The goal of the transformation to a modern Deka is to achieve substantial progress in the following dimensions: ability to change, results orientation and overarching engagement. The Strategy & HR corporate centre imparts the relevant know-how to the Group’s specialist units with the help of agile decision-making structures and working methods that focus more on the end-to-end process perspective. New forms of work are thereby mastered, the employees get more involved and more decision-making authority is delegated. As the key driver of a successful transformation, the organisation’s management has engaged intensively with the newly developed #TeamLead leadership concept. A management feedback system is being introduced, and further specifications are being developed in the context of “sustainable leadership”. A Group-wide network of multipliers from all specialist units is working together with the Organisational Development unit to support this change with the appropriate skill set and make it permanent. These actions could have positive impacts on the working conditions. 357

358

Group management Report | Sustainability report Deka Group Annual Report 2024 German law strengthens employees’ rights on many issues related to operational co-determination. This ensures far-reaching protection of the employees’ interests, for instance through employee representative bodies, protection against dismissal and occupational safety regulations. For example, agreements have been reached with the employee representative bodies on corporate rules concerning flexible work hours, mobile working (in Germany and abroad) and using work-time accounts. Work-time accounts allow employees to save up time for paid leave and to temporarily reduce their working hours while maintaining the same salary. Additional offerings, such as job tickets, canteens and occupational retirement provision, are also subject to co-determination by the employee representative bodies, which ensures that employees’ interests are protected in these contexts as well. The resulting positive impacts for employees are strengthened by trusting engagement with the employee representative bodies; and this is also reflected in the large number of collective agreements with the employee representative bodies. These actions could have positive impacts on the working conditions, equal treatment, equal opportunities for all and other work-related rights. The Group attaches great importance to the fair treatment and appropriate advancement of junior staff. Junior staff receive a fair salary and other selected benefits regardless of the duration of their employment. The actions associated with this could have positive impacts on equal treatment and equal opportunities for all employees. Besides the benefits described above, the Group offers its employees additional benefits. These include a health platform with a budget for every employee to use as they wish, bicycle leasing and a wide range of information and support services for assistance with professional or personal issues. Through the latter, the Group supports its employees in handling stressful situations. A large number of different points of contact (internal and external, including anonymous) are available for advice and assistance: the employee representative bodies, the equal opportunities officer, the representative bodies for persons with severe disabilities, the Employee Assistance Programme (INSITE), Viva Familienservice, pme Familienservice and the ombudsman. These actions could have positive impacts on the working conditions. 38 (d) The most important indicator of a good professional development programme is the number of its users; and the Deka Group can extract this information directly from the learning platform and use it to measure the effectiveness of the actions it takes. The Group voluntarily offers the training courses to its employees. Employees can provide feedback on their satisfaction with the internal professional development programmes. The Group uses this feedback to ensure that its employees have access to high-quality professional development programmes. The variety of formats, the assortment of topics – which has been further refined – and the individual support for employees in planning their professional development actions are regularly identified as strengths of the DekaLearning training tool. This is also reflected in the utilisation figures, which have risen as the variety of formats in the learning programmes has increased. The Organisational Development unit uses regular top-down discussions of perceived effectiveness with DekaBank’s Board of Management and regular bottom-up pulse checks to monitors the effectiveness of the Group’s evolution into an organisation that is more modern and capable of change. The positive results of the pulse checks demonstrate that the chosen approach is working and, at the same time, enable continuous refinement of the approach to transformation. The Group’s success in addressing its employees’ interests and in implementing compliance with the applicable labour regulations is reflected in its high level of attractiveness as an employer, as recorded by the regular pulse checks. In addition, the constructive engagement with the employee representative bodies demonstrates the success of the Group’s policy of maintaining a regular and timely dialogue with them. The Group is considered an attractive employer for junior staff because of the targeted development it offers. As a result, junior positions can be filled quickly, and applications outnumber the positions the Group can offer. 358

359

Group management Report | Sustainability report Deka Group Annual Report 2024 Regarding benefits, the Group is confident that these are having a positive impact on its attractiveness as an employer. This is surveyed in the pulse checks. More than 85% of the employees agree that they enjoy working for the Group. The utilisation rates for the support services have increased steadily over the years since they were introduced. This serves as the key indicator of their effectiveness for the Group because, when companies offer good support programmes, employees spread the word. Users of the services can also report their level of satisfaction at the end of the consultation process. The Group uses this information to assess the effectiveness of the programmes it offers. As these frequently involve sensitive issues, specific individual-level analysis is not possible. 39 If potential or actual negative impacts on its workforce become apparent, the Deka Group involves the affected employees or their representatives and identifies possible actions. The Group then discusses the actions thereby identified with the employee representative bodies to determine what actions are necessary and to implement them adequately. 40 (a) The Deka Group has planned actions to mitigate material risks in a targeted manner. Its workforce is ageing. A possible wave of retirements could lead to a large workforce outflow in a relatively short period of time if steps are not taken promptly to counteract this. The Group is reducing its average employee age and working to build a younger workforce through increased efforts to recruit young employees, for example by hiring more trainees. In addition, the Group is planning actions for the coming years to ensure productive and motivating employment for employees in the final phase of their working lives. The aim is to encourage employees to stay with the Group for as long as possible, up to and potentially beyond the standard retirement age. For both actions, success is measured through the age distribution. 41 The Deka Group acknowledges its responsibility to ensure that its products, services and business activities comply not only with the legal and regulatory requirements but also with ethical and social values and standards. In this context, it takes care not to cause or contribute to any material negative impacts on its workforce. The Code of Ethics serves as a binding framework for ethically and morally correct conduct and action for employees, managers, members of the Board of Management and third parties which are acting on behalf of the Group. The Code of Ethics neither restricts nor extends any legal obligations or internal rules. To ensure that its business activities cause no material negative impacts on its employees, the Group maintains a continuous dialogue with the employee representative bodies, the equal opportunities officer, the representative bodies for persons with severe disabilities and Diversity Management, as well as direct contact with the workforce, on issues relating to business development. If, despite these efforts, negative impacts do arise, they will be mitigated and eliminated as quickly as possible. 43 In order to realise the material positive impacts described below, several teams exist in the Deka Group that cover these topics and act as points of contact for the employees: The Group has established an internal learning platform managed by a dedicated team that is responsible for planning, evaluating and further developing the internal professional development programme. The Strategy & HR corporate centre coordinates engagement with the employee representative bodies, monitors the legal regulations and works with the employee representative bodies to develop operational and collective regulations. The employee representative bodies, the equal opportunities officers and representative bodies for persons with severe disabilities or equivalent status are provided with the financial and technical support and equipment that they require to do their work effectively. If the agreements that are developed require further resources (e.g. setting up technical infrastructure and know-how), the necessary resources are provided or obtained. Examples include laptops and VPN access for mobile working, as well as expert advice on occupational retirement provision and work-time accounts. As a result, the Group is able to ensure that the agreements’ potential positive impacts on employees can actually be realised. Junior staff are supported by central contact persons in the Strategy & HR corporate centre, who are available to answer questions from the units, managers and junior staff. The general conditions for junior staff are fixed throughout the Group. 359

360

Group management Report | Sustainability report Deka Group Annual Report 2024 The counselling services have become established as part of the benefits landscape and are a fixed element of the budget planning. Like other benefits programmes, they are managed and further developed by a dedicated team. Since the Management Agenda was first put in place, the process of transformation to a modern organisation has been a separate action area in which the conceptual foundations are laid and from which transformation initiatives are promoted throughout the entire Group. The workflow management documentation (process map) has been revised, and new roles and work formats have been introduced with relevance for the entire process chain, to systematically strengthen the end-to- end process orientation and improve the overarching engagement. The quarterly business review (QBR), a dialogue among all links in a value chain leading up to DekaBank’s Board of Management concerning improvement potential and its realisation, explicitly including the customer perspective, has played a key role in this development. Multipliers and process digitalisation specialists are being trained as part of the transformation initiatives in order to ensure that the Group continues to develop sustainably. These employees from the participating units receive additional training on dealing with change, as well as on specialised methodology and its application. Besides intensive support for the divisions as part of the transformation initiatives, employees and managers have the opportunity, either individually or together with their teams, to take advantage of communication, dialogue and professional development programmes with regard to their own objectives and the DekaWay. S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through measurable targets (Fig. 147) Specifying the target (general) 1. The Deka Group aims to achieve an employee satisfaction rate of around 80% in the regular employee surveys. Relationship between target and policy re: 1. This target reflects the attractiveness of the Deka Group, which can also be influenced by the individual policies. Target type and level re: 1. The target is 80% agreement, meaning 80% of employees should tick the “agree” or “strongly agree” box for the statement “Deka remains an attractive employer for me in the future”. Scope re: 1. This target pertains to all employees worldwide in all business activities. Baseline value and reference year re: 1. The rate of agreement with the statement “Deka remains an attractive employer for me in the future” on a scale of 1 (“strongly disagree”) to 5 (“strongly agree”) is an absolute target value without progress measurement; previous years’ results are used for comparison to identify changes. Time period and interim targets re: 1. The target applies to all surveys in the reporting year. This level of agreement has already been reached in previous years, so there are no interim targets. Methodology and assumptions re: 1. The target was set when introducing the employee survey on the assumption that the survey results are representative of the Deka Group. No connection to policy objectives exists. Involvement of stakeholders re: 1. The employee representatives, the Equal Opportunities Officer and the head of the Strategy & HR corporate centre participated in introducing the employee survey and are involved in every new survey. Progress and monitoring re: 1. The surveys are taken every six months and compared with the previous results. The rate of agreement remains consistently high – over 80%. 360

361

Group management Report | Sustainability report Deka Group Annual Report 2024 Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets that cannot be measured quantitatively (Fig. 148) Setting targets The Deka Group has not currently set any measurable, time-bound targets in the following topic areas and does not plan to do so in the future, as capturing objective results would not be possible without considerable time and effort due to the general conditions, or because setting such targets is impossible or does not make sense. Nevertheless, the Deka Group envisages desired states in the material IROs. These are: 1. Creation of a comprehensive learning programme used by as many employees as possible. 2. Progress by the organisational units in the following dimensions: ability to change, a results orientation and overarching objectives. 3. Early involvement of the employee representative bodies on all relevant topics and ongoing constructive cooperation with the employee representative bodies. Annual negotiation planning together with the employee representative bodies to prioritise and schedule future negotiation topics. Formulation of new agreements in a way that fosters positive impacts. 4. Fair treatment of junior staff. 5. Employees can choose from a wide range of benefits and find the right options for themselves. Employees can get rapid, straightforward counselling in problem and crisis situations. 6. The objective is to mitigate the impact of the large number of retirements currently anticipated in order to slow the outflow of know-how and work capacity. 7. Employees take advantage of the pulse checks as an opportunity to provide feedback. Tracking effectiveness without targets re: 1. to 7. When implementing the policies and actions, the Deka Group takes care to maximise the positive impacts and minimise the risks. To achieve this, regular feedback is sought from the affected parties and their representative bodies, and data in the system is used to determine whether the envisaged objectives are being met. Procedures and processes for tracking effectiveness To ensure that the policies and actions are implemented in the interest of stakeholders, the Deka Group maintains regular communication with the stakeholder groups and their representatives. re: 1. The professional development programme is planned annually in consultation with the employee representative bodies and in line with the Deka Group’s strategic objectives (e.g. from the Management Agenda) and can be added to throughout the year as needed. Users can give feedback and introduce additional needs. re: 2. Since the Management Agenda was established, the process of transformation into a modern organisation has been a separate action area in which the conceptual foundations are laid and so-called transformation initiatives are promoted throughout the entire Deka Group. The initiatives involve three phases that build on one another, during which a central team works with employees and managers at all hierarchical levels from two to three areas of the Deka organisation. The objectives are defined individually for each area and initiative. The defined objectives are reviewed regularly with managers and teams throughout the course of the initiatives. During the intensive support phase, which lasts from four to six months, all managers and selected teams from the participating areas work closely with agile coaches on specific, relevant problems. Then, in the scaling phase, the learnings of the teams that have received intensive support are carried over to all other teams in the areas concerned. These activities feed into the third phase: consolidation. In this phase, the areas are supported in their efforts to establish and continuously refine the modified procedures by constantly applying them. Multipliers and process digitalisation specialists are trained as part of the transformation initiatives to ensure the sustainable further development of the Deka Group. These are employees from the participating areas of the company who receive additional training on topics including handling change, specialised methodological knowledge and the application of this method. re: 3. The Deka Group maintains regular dialogue with the employee representative bodies to ensure that they are involved in all relevant topics from an early stage. Negotiations on new agreements follow a structured process that also involves examining the feasibility of implementing the agreements and options for verifying compliance with them. The Strategy & HR corporate centre verifies compliance with the existing agreements through various metrics. re: 4. The intern support team maintains regular contact with the interns. Review procedures examine options for refining the existing programmes. re: 5. The Group’s own workforce takes advantage of the benefits on its own initiative. Depending on the specific programmes, the Deka Group uses internal channels, platforms and third parties to provide them. The benefits are refined in consultation with the employee representative bodies and interested employees. The support programmes are announced on the intranet. The Deka Group receives an annual evaluation from the providers with various indicators to enable it to determine whether the programmes on offer remain relevant. re: 6. The age profile of the workforce is reviewed regularly to provide insights into the effectiveness of actions taken to cushion the risks of an ageing workforce. re: 7. The content and analyses of the pulse checks are coordinated in advance with the stakeholders and employee representative bodies. After the survey there is a follow-up process involving all heads of departments and specialist teams. The Strategy & HR corporate centre also supports the process of applying of the results. 361

362

Group management Report | Sustainability report Deka Group Annual Report 2024 Progress re: 1. to 7. The Deka Group applies a zero-tolerance principle to deviations from the policies. Thus the objective is compliance with policy and the associated follow-up and investigation processes for violations. At the end of each year, the Deka Group takes stock and introduces measures if necessary. In the regular pulse checks, the Deka Group uses a standardised set of questions with multiple dimensions to measure the progress of transformation in the specialist departments. The target is an agreement score of at least 4 on a scale of 1 (“strongly disagree”) to 5 (“strongly agree”) in each specialist department. As the targets are permanent, there is no fixed reference period. The targets are meant to be met annually. For some targets, the general conditions are such that progress measurement is not possible or useful. 47 (a) The Strategy & HR corporate centre ensures through regular communication at various levels that HR- related targets are in line with current needs and oriented towards the future. Discussions within and with the management, including DekaBank’s Board of Management, based on direct feedback from HR support, on HR development and on feedback from managers, form the basis for the development of targets, which are then agreed on with all stakeholders and updated regularly. Specific targets for individual employee groups result from dialogue with the equal opportunities officer, the employee representative bodies, the representative bodies for persons with severe disabilities, Diversity Management and the youth and trainee representative bodies. The employee representative bodies were involved in setting the HR-related targets as well as the transformation targets for all units as part of the transformation initiative. 47 (b) Target tracking is made transparent through regular reports to the management, including DekaBank’s Board of Management, and the employee representative bodies. The Strategy & HR corporate centre informs the Deka Group’s workforce about progress towards the individual targets via the intranet, information events and newsletters. 47 (c) In parallel with its direct pursuit of targets, the Deka Group constantly seeks feedback and opportunities for improvement to ensure that the actions taken to meet the targets correspond to the current state of knowledge and are in the employees’ interest. For this purpose, the Group communicates with stakeholders, the employee representative bodies and the Group’s employees in various formats and compares the procedure with prevailing market standards. The prevailing market standards are derived from a comparison with common practices on the market that the Strategy & HR corporate centre carries out independently. 362

363

Group management Report | Sustainability report Deka Group Annual Report 2024 S1-6 – Characteristics of the undertaking’s employees Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 149) Metrics The following metrics are primarily used to draw conclusions about and reflect on the long-term effectiveness of the management of actions. 1. Total number of employees, broken down by sex, country, and type of employment 2. Staff turnover rate Company-specific metrics 3. The employee surveys (pulse checks) are used to determine index values (employee satisfaction: engagement index, ability to change, results orientation, and overarching objectives: transformation index). Methodology, assumptions and limitations re: 1. The number of employees is determined by counting the number of employment contracts (temporary and permanent) in existence at the reporting date, including inactive employees, trainees and interns. re: 2. The staff turnover rate corresponds to the number of employees who have left in relation to all “turnover- eligible” employees. “Turnover-eligible” employees are senior executives (corporate centre heads, departmental heads), temporary and permanent employees, inactive employees (employees on parental leave, childcare leave or other leave). They do not include those employed under a training contract (apprentices, sandwich students, interns, student workers). re: 3. The employee surveys rely on voluntary employee participation. The more employees take part, the more representative the results are, and vice versa. The items are derived from the objectives of the topics they address and are developed taking psychological quality criteria into account. The items are generally formulated positively. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description In the employee surveys, the Deka Group works with agreement scales from 1 (“strongly disagree”) to 5 (“strongly agree”) and calculates the unweighted average of all responses for each item. In addition, an index value is calculated from the averages of the items for each topic as an unweighted average. 50 (a) As at 31 December 2024, the Deka Group had a total of 5,727 employees, of whom 2,293 were female and 3,434 were male. The majority of employees in the Group had permanent contracts (5,395), and there were more full-time employees (4,316) than part-time employees (1,411). As at the reporting date, seven temporary agency workers worked at the Group. Total number of employees by headcount and gender breakdown as at 31 Dec 2024 (Fig. 150) Male Female Other Not reported Total employees Number of employees by country as at 31 Dec 20241 (Fig. 151) Country Germany Number of employees 3,434 2,293 0 0 5,727 Number of employees 5,241 1) Limitation of at least 50 employees and 10 percent. 50 (b) The total number of employees with permanent and temporary employment contracts is shown below, broken down by gender, as well as the number of non-guaranteed-hours employees as at 31 December 2024. The non-guaranteed-hours employees represent temporary agency workers provided by other companies. 363

364

Group management Report | Sustainability report Deka Group Annual Report 2024 Total headcount, by type of employment and gender, as at 31 Dec 2024 (Fig. 152) Female Male Other Total employees Type of employment contract Number of employees 2,293 3,434 0 5,727 Number of permanent employees 2,147 3,248 0 5,395 Number of temporary employees 139 160 0 299 Number of non- guaranteed hours employees 0 0 0 7 Number of full- time employees 1,326 2,990 0 4,316 Number of part-time employees 967 444 0 1,411 50 (c) A total of 200 employees left the Deka Group during the reporting year. The rate of employee turnover in 2024 was 3.6% and thus above the previous year’s level (3.0%). 50 (d) In compiling the data, all employees, i.e. active and inactive employees, were taken into account regardless of their employment relationship. Trainees and students in dual-study programmes were counted as full-time employees due to their training situations but were not counted among the permanent or temporary employment contracts. Interns and student employees were counted as temporary employees. The data is stated in the form of a headcount and represents the data available as at 31 December 2024. As the system does not record the gender of non-guaranteed-hours employees, it is not possible to provide a gender breakdown. 50 (e) In the Deka Group, employees can switch from a full-time position to a part-time position, on either a temporary or a permanent basis, at any time. This supports a work-life balance and is required by German law for all German employees. This can lead to changes in the ratio of full-time to part-time employees over time. Where the table entitled “Total headcount, by type of employment and gender, as at 31 Dec 2024” indicates “Various” and “No data”, this data is not recorded in the HR database. It is therefore impossible to provide any information on it. 50 (f) This information corresponds to the number of employees in the Deka Group’s annual financial statements and was calculated using the same methodology. S1-8 – Collective bargaining coverage and social dialogue Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 153) Metrics 1. Percentage of employees covered by collective agreements by country 2. Percentage of employees covered by employee representative bodies Methodology, assumptions and limitations re: 1. and 2. The proportion of employees covered was determined for countries with a significant number of employees according to the regulatory thresholds. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description re: 1. and 2. The metrics are reported in the “Collective bargaining coverage” and “Social dialogue” columns in the prescribed table in accordance with the required percentage ranges. 60 (a) In the Deka Group, 26.4% of employees worldwide are covered by collective bargaining agreements, with the majority of employees working in Germany and Luxembourg. 364

365

Group management Report | Sustainability report Deka Group Annual Report 2024 Collective bargaining coverage and social dialogue by country as at 31 Dec 2024 (Fig. 154) Collective Bargaining Coverage Social dialogue 1 Coverage Rate 0-19 % 20-39 % 40-59 % 60-79 % 80-100 % Employees – EEA (for countries with > 50 employees representing > 10% of total employees) – Workplace representation (EEA only) (for countries with > 50 employees representing > 10% of total employees) – Germany – – – – – – Germany 60 (b), 60 (c) In Germany, the collective bargaining agreement for public banks (Tarifvertrag der öffentlichen Banken) applies; and in Luxembourg, the Convention Collective de Travail de Salariés de Banque applies. The collective bargaining agreements applied to a total of 27.8% of the employees in the two countries. In Austria, all 59 employees were covered by collective bargaining agreements. Beyond that, the employees were not covered by the country-specific collective agreements. 61 Employees who receive remuneration above the highest pay scale are salaried exempt employees whose employment contracts are not covered by a collective bargaining agreement. The working and employment conditions of salaried exempt employees mostly follow the basic principles of the collective bargaining agreements that apply to other employees. 63 (a) Almost 100% of the Deka Group’s employees in Germany are represented by the employee representative bodies. One German subsidiary, which has an insignificant number of employees, has opted not to form a works council. The Group does not have a significant number of employees in any other countries. There are corresponding employee representative bodies in Luxembourg and Austria. 63 (b) As the Deka Group does not meet the requirements of either section 3 (1) or section 3 (2) of the German Act on European Works Councils (Europäische Betriebsräte-Gesetz, EBRG), it does not fall within the Act’s scope (there being no EU-wide activity within the meaning of the EBRG), and there is therefore no requirement for it to form a European Works Council. S1-9 – Diversity metrics Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 155) Metrics 1. Proportion of women 2. Proportion of women in management positions 3. Age distribution Methodology, assumptions and limitations re: 1. to 3. The counts do not differentiate between full-time and part-time employees. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description re: 1. The proportion of women indicates the percentage of women among all employees. The metric is calculated using the total number of all employees. Formula: number of women/number of employees. re: 2. The proportion of women in management positions is calculated with respect to the total number of active managers. To verify attainment of the targets in the Equality Plan, the metric is limited to the Deka Group Germany, as these targets only pertain to the Deka Group Germany. Formula: number of active female managers/number of active managers. re: 3. The age distribution is based on the age of the employees as at the analysis date. 365

366

Group management Report | Sustainability report Deka Group Annual Report 2024 66 (a) The top management level is DekaBank’s Board of Management. Below it are the heads of departments as the first management level for individual specialist units. DekaBank’s Administrative Board sits above its Board of Management as a supervisory body. Gender distribution by number and percentage at top management level as at 31 Dec 2024 (Fig. 156) Gender distribution one level below the administrative and supervisory bodies Gender distribution two levels below the administrative and supervisory bodies Male Female Other Not reported Total employees 5 1 0 0 6 83.3% 16.7% 0.0% 0.0% 100.0% 30 6 0 0 36 83.0% 17.0% 0.0% 0.0% 100.0% 66 (b) The following table entitled “Distribution of employees by age group as at 31 Dec 2024” shows the numbers of employees in the following age groups: “under 30”, “30–50 years” and “more than 50 years”. Distribution of employees by age group as at 31 Dec 2024 (Fig. 157) Age group below 30 years 30 to 50 years more than 50 years Total employees Number of employees Share of employees 736 2,897 2,094 5,727 12.9% 50.6% 36.6% 100.0% S1-10 – Adequate wages 69 All employees are paid an adequate wage in line with applicable benchmarks. S1-12 – Persons with disabilities Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 158) Metrics 1. Number of persons with severe disabilities or equivalent status 2. Mandatory positions for employees with severe disabilities Methodology, assumptions and limitations re: 1. The Deka Group assumes that persons with severe disabilities or equivalent status will notify the Deka Group of this status as their employer. Nonetheless, it is possible that their status was not reported and thus not documented in the HR systems. In such cases, persons with severe disabilities or equivalent status would not be included in the metrics. External validation re: 1. and 2. The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description re: 1. and 2. This quantity is an absolute number corresponding to the employees with this status. Mandatory positions are required by law in Germany relative to the number of employees. 79, 80, AR 76. The number of persons with severe disabilities also includes employees with an equivalent status, i.e. employees with less than a 50% degree of disability. These counts are stated as whole numbers, regardless of the employees’ levels of employment. The Deka Group had a total of 159 employees who fell under this definition. Compared to the total number of employees, 1.5% (84 employees) of the employees with severe disabilities were male and 1.3% (75 employees) were female. 366

367

Group management Report | Sustainability report Deka Group Annual Report 2024 Number and percentage of employees with disabilities by gender as at 31 Dec 2024 (Fig. 159) Male Female Other Not reported Total of employees with disabilities Total employees Employees with disabilities Employees with disabilities 84 75 0 0 159 5,727 1.5% 1.3% 0.0% 0.0% 2.8% 100.0% S1-13 – Training and skills development metrics Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 160) Metrics 1. Training hours in the internal learning programme 2. Average training hours per employee Methodology, assumptions and limitations re: 1. Internal training hours are recorded for all learning offerings. Training hours for the reporting year are determined by adding up the utilisation figures for the learning offerings. External training not provided via the internal programme and mandatory training are not included. re: 2. Average training hours per employee is the total number of training hours during the reporting year divided by the total number of employees on 31 December of the reporting year. The percentage of full time hours worked is not taken into account. External validation re: 1. and 2. The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description re: 1. and 2. Training hours are stated in clock hours. 81, 82 At least annually, employees and managers work together to identify development needs and determine individual development paths on the basis of them. In this process, a wide range of actions is available and is continuously refined in line with the strategy and needs. It includes programmes for the development of personal, methodological, social and specialist skills. The Deka Group supports internal and external professional development activities for its employees, both financially and by releasing them from work when required. The form and scope of employees’ involvement in co-determining their professional development are based on the internal Skills Development agreement. The continuous development programme gives preference to short digital formats, alongside in-person training. The agreed development actions are carried out either as part of the employees’ respective job duties (e.g. by taking on project tasks) or “off the job” through training courses or longer-term continuous development programmes that conclude with certificates. Examples of the latter include in-person training, virtual e-learning and appropriate blended learning programmes. The central DekaLearning tool is used for internal training. 83 (a), 83 (b) All employees are assessed in terms of their performance as part of their annual appraisals. This includes a discussion of their continuous development actions. Employees who are absent for a full calendar year, as well as interns, student employees and trainees, are excluded from this process. 367

368

Group management Report | Sustainability report Deka Group Annual Report 2024 Percentage of employees who participated in regular performance and career development reviews, and average number of training hours per employee, broken down by gender, in 2024 (Fig. 161) Average number of training hours per employee Employees that participated in regular performance and career development reviews 4.5 6.9 0 0 6.3 100.0% 100.0% 0.0% 0.0% 100.0% Male Female Other Not reported Total employees These figures only reflect the internal training programmes that were offered via the learning platform. External continuous development activities are not included in the above figures. In total, over 31,000 training hours were completed in the reporting year via the DekaLearning training tool. S1-14 – Health and safety metrics Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 162) Metrics 1. Sickness rate 2. Reported injuries (commuting and workplace accidents, as well as accident log entries in Germany) Company-specific metrics 2. a. In addition to 1. and 2., the Deka Group also calculates the injury rate. 3. For the programmes offered to employees (benefits and support services), the Deka Group examines the utilisation figures and satisfaction scores insofar as these exist. Methodology, assumptions and limitations re: 1. and 2. The Deka Group assumes that employees report sick days and injuries truthfully and records them in the HR systems for analysis. Unreported sick days and injuries cannot be recorded and are not included in the analysis. A more detailed presentation of sick days is not possible, as employees are not required to disclose the type of illness. re: 3. The utilisation figures are recorded by the systems or providers and can be analysed through reports. It is assumed that one utilisation unit corresponds to full utilisation of the programme concerned. Direct information on effectiveness cannot be derived from the utilisation figures, but it can be assumed as utilisation increases across the workforce, the greater the effectiveness achieved. External validation re: 1. and 2. The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Sick leave of more than three days (in Germany) – or, in Luxembourg, three or more days – must be documented with a medical certificate. re: 3. As part of the workandfamily (berufundfamilie) audit, a number of metrics were validated by berufundfamilie Service GmbH (under the auspices of the Federal Ministry for Family Affairs, Senior Citizens, Women and Youth). Categorisation and description re: 1. The sickness rate shows absences due to illness in hours in proportion to contractually agreed regular hours of work for active employees. Absences due to illness are illnesses covered by a medical certificate, partial-day illness, illnesses not covered by a medical certificate, workplace accidents, commuting accidents, stays at health resorts and doctor’s visits to the during the day. These include both short-term and long-term illnesses. This metric pertains to the entire reporting year. re: 2. Reported injuries must be documented by the employees themselves or by first aiders in the form of accident reports or entries in the accident log. The total for the reporting period comprises the number of commuting accidents and the number of workplace accidents in the reporting year at locations in Germany. The recording of this information is based on German legislation, so no measurement is performed for other countries. a. The injury rate indicates the number of documented work-related injuries per million regular hours of work during the reporting period. re: 3. The utilisation figures are stated as absolute numbers. The utilisation of a programme corresponds to one numerator. 368

369

Group management Report | Sustainability report Deka Group Annual Report 2024 88 (a) 91.5% of the Deka Group’s workforce is covered by the German legal requirements. Comparable legal requirements apply in Luxembourg to a further 6.8% of the workforce. The Group’s WHM programme focuses on employees’ needs and offers comprehensive services throughout the employee lifecycle. The key pillars of the WHM programme are exercise & sport, nutrition, medicine & prevention, and mental health. With respect to occupational safety, the Group complies with all relevant legislation, ordinances and regulations, as well as the collective bargaining agreement for the public and private banks. These include the German Occupational Safety Law (Arbeitssicherheitsgesetz, ASiG), Working Conditions Act (Arbeitsschutzgesetz, ArbSchG), Ordinance on workplaces (Arbeitsstättenverordnung, ArbStättV) and the DGUV accident prevention regulations 1 (“Principles of Prevention”) and 2 (“Occupational Physicians and OHS Professionals”). Important actions under the applicable laws include preventive occupational medical examinations, systematic risk assessments to identify and analyse risks, and regular meetings of the Occupational Health & Safety Committee (OHSC). In the interests of employee participation, all of the Group’s employee representative bodies are members of the OHSC, which enables them to represent the interests of the workforce on specific issues. The OHSC meets at least four times a year and is responsible for providing advice on occupational health & safety (OHS) and accident prevention issues. All employees are required to complete an online course on key aspects of OHS every two years; and managers also receive in-depth training on these topics and are required to instruct their employees on them when the employees first join the company or if their working conditions change. Employees can report work-related hazards and dangerous situations to their line managers, the employee representative bodies, the OHS team or the OHS officer at any time. The OHS officer carries out inspections to identify hazards in the Group’s workplaces. Any defects identified are then corrected with the support of other responsible units, such as Building Management. Regularly assessing the OHS risks inherent in the Group’s buildings as required by section 5 ArbSchG contributes to the systematic risk assessment. 88 (b), 88 (c), 88 (d), 88 (e) In the reporting year, 23 work-related injuries (injuries due to workplace or commuting accidents) occurred, and there were no fatalities as a result of work-related injuries or ill health. As Deka Group employees are not required to disclose the nature of their illnesses, it is not possible to determine the extent to which illnesses were work-related. Employees are encouraged to report injuries and to document them in order to ensure follow-up and support in case they suffer any consequential illnesses. During the reporting year, there were a total of 175 days of absence due to work-related injuries. 369

370

Group management Report | Sustainability report Deka Group Annual Report 2024 S1-15 – Work-life balance metrics Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 163) Metrics 1. Percentage of employees entitled to family-related leave 2. Percentage of entitled employees that took family-related leave, broken down by gender Company-specific metrics 3. Average duration of parental leave 4. Proportion of part-time employees Methodology, assumptions and limitations re: 1. HR determines this metric from the figures reported by employees. If employees do not disclose the relevant information (e.g. birth of a child), it cannot be included in the analysis. re: 2. This metric is based on the total number of employees who took leave in the reporting year. The duration of the leave is immaterial. re: 3. This metric is calculated by adding together the number of full months of parental leave taken during the reporting year and dividing that number by the number of employees who took parental leave. Employees who work part time during their parental leave are not included. re: 4. This metric is derived from the ratio of active employees who work part time in relation to the number of all active employees. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description Due to the wide variety of regulations governing entitlement to family-related leave, the Deka Group restricts the analysis to Germany, as this is the only country with a significant proportion of employees for calculating the metrics under 1 and 2. These are defined as follows: re: 1. Number of entitled employees divided by all employees in Germany. re: 2. Number of employees on parental leave and maternity leave in Germany divided by the number of entitled employees. The number of employees who were or are on parental leave is counted over a specific time period, e.g. a financial year. The data is also broken down by gender. re: 3. The average duration of parental leave specifies how long parental leave lasted on average during the reporting year. It is stated in months. re: 4. The proportion of part time employees is the percentage of active employees who were working part-time or less than 100% of full-time hours at the reporting date. 93 (a) The Deka Group aims to continuously improve the work-life balance for all of its employees by regularly reviewing the general conditions and the associated additional offerings and expanding them where reasonable and justifiable. All of its employees are entitled to take family-related leave. Specifically, employees in Germany are entitled to up to 36 months of parental leave, from the child’s birth to the start of its fourth year of life; and a portion of this entitlement can be carried over up to the start of its eighth year of life. Women are also entitled to maternity leave for up to six weeks before the expected due date and eight weeks after the birth, with the period after the birth being offset against the parental leave. A statutory entitlement also exists for employees who need to take time off to care for family members. The German Family Caregiver Leave Act (Familienpflegezeitgesetz, FPfZG) provides for between ten working days and 24 months of leave, depending on specific needs. Additional voluntary benefits, such as using a work-time account, provide further opportunities for achieving a good work-life balance. 93 (b) The table below shows the employees entitled to take family-related leave and employees who took such leave, broken down by gender. 370

371

Group management Report | Sustainability report Deka Group Annual Report 2024 Percentage of entitled employees that took family-related leave, by gender, as at 31 Dec 2024 (Fig. 164) Entitled employees that took family- related leave Entitled employees that took family- related leave 113 167 0 0 280 5,727 2.0% 2.9% 0.0% 0.0% 4.9% 100.0% Male Female Other Not reported Employee family-related leave, total Total employees S1-16 – Remuneration metrics (pay gap and total remuneration) Minimum disclosure requirements – Metrics MDR-M – Disclosure requirements for metrics (Fig. 165) Metrics 1. Gender pay gap 2. Ratio of annual total remuneration of the highest paid individual to the median annual total remuneration for all employees Methodology, assumptions and limitations re: 1. To calculate the gender pay gap, the difference between the average gross earnings of male and female employees was divided by the average gross earnings of male employees. The gross earnings of all employees were taken into account. re: 2. To calculate the ratio, the annual total remuneration for the highest-paid person in the company was divided by the median annual total remuneration for the employees. The denominator does not include the remuneration of the highest-paid person. The remuneration of all employees during the reporting year was included (excluding future remuneration in respect of the reporting year, for example bonuses). External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description All active employees and their fixed and variable remuneration (including the individual “orientation bonus”) during the reporting year were included. 97 (a) The unadjusted pay gap between female and male employees was 23.65%. 97 (b) The ratio of the remuneration of the highest-paid individual to the median total remuneration of all of the Group’s employees was 21.43 to 1. 97 (c) The calculation of the figures under 97 (a) and 97 (b) included all employees who were active as at the cut-off date, including junior staff. This excluded the information on IQAM Invest (59 people), as its remuneration data was not managed within the Deka Group’s HR system. Employees who were on paid leave, or who were on pre-retirement leave and subsequently departed, were not included. For 97 (a), the remuneration of part-time employees was converted to the full-time equivalent. For 97 (b), the remuneration as at 31 December 2024 was used, regardless of the level of employment. Bonus payments were included in accordance with the granting principle (Gewährungsprinzip): the orientation bonus for the reporting year was used to calculate the potential amount of the bonus payment for the reporting year. Since the bonus for the reporting year will not be paid out until the following year, the bonus that is actually granted cannot be included in the reporting. All other special payments, daycare centre allowances and company cars were included as absolute values. 371

372

Group management Report | Sustainability report Deka Group Annual Report 2024 S1-17 – Incidents, complaints and severe human rights impacts Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 166) Metrics 1. Total number of reported incidents of discrimination 2. Number of complaints 3. Total amount of fines, penalties and compensation for damages as a result of incidents of discrimination and complaints 4. Number of severe human rights incidents 5. Total amount of fines, penalties and compensation for damages as a result of severe human rights incidents Methodology, assumptions and limitations re: 1. to 5. In each case, the count includes the number of individuals who have engaged in discriminatory behaviour or the number of official complaints submitted using available reporting channels. All complaints are examined in detail. If one or more complaints relating to an individual are confirmed, this is counted as one case, and appropriate action is taken. Resulting legal action may extend beyond the reporting year, meaning that it may not be possible to include the consequences of that action when reporting on the reporting year. External validation The greatest care has been taken in preparing all the disclosures. The data and information have undergone multiple levels of internal quality assurance and validation processes to ensure that they are accurate and reliable, even without further external verification. Categorisation and description re: 1. to 5. The total is the number of individuals who engaged in discriminatory behaviour. Fines and compensation for damages are paid in €. 103 (a) A total of five reported incidents of discrimination occurred in the reporting period. 103 (b), 103 (c), 103 (d) The employment contracts with these five employees were terminated for cause and without notice. Beyond these, no complaints were submitted during the reporting year via the recognised channels for raising concerns. No fines, penalties or compensation for damages were incurred. Complaints documentation, processing and follow-up are handled through the complaints management process (see ESRS S2-3 and ESRS S4- 3 25). If incidents of discrimination are substantiated, they will constitute violations of the Deka Group’s Code of Ethics. The resulting actions can range from reduction of the employee’s annual remuneration to termination for cause and without notice, depending on the severity of the offence. 104 (a), 104 (b) In the reporting year, there were no work-related severe incidents or complaints, or severe human rights impacts, within the Deka Group’s workforce. No fines, penalties or compensation for damages were incurred. 372

373

Group management Report | Sustainability report Deka Group Annual Report 2024 ESRS S2 – Workers in the value chain DekaBank falls within scope of the LkSG, which applies not only to its own business area but also to its service providers and suppliers. Its own business area includes all of its own employees and all of the employees of the subsidiaries over which it exercises a decisive influence. The following companies are not part of its business area: Deka Investment GmbH Deka Immobilien Investment GmbH Deka Vermögensmanagement GmbH IQAM Invest GmbH S Broker Management AG and S Broker AG & Co KG (S Broker) Deka International S.A. WestInvest Gesellschaft für Investmentfonds mbH As parts of the Deka Group, most of the above-listed subsidiaries use DekaBank’s purchasing as a procurement channel for their own operations. The exceptions are IQAM Invest GmbH and S Broker. Any differences from the rest of the Group are presented separately in the respective data points. A large number of international standards and principles provide a framework for protecting human rights, including human rights in the supply chain in accordance with the LkSG. The Deka Group has been committed for many years to complying with various such principles and regulations that apply to its business model and are internationally recognised. In this context, implementing the LkSG’s requirements and thereby protecting the human rights of workers in the value chain have played an important role for DekaBank since 2023. S2-1 – Policies related to value chain workers The Deka Group applies various policies in connection with workers in its value chain. The table below shows the most important of these policies. It contains more detailed explanations of the objectives that the policies pursue. Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 167) Policies 1. LkSG compliance rules set out in writing 2. Purchasing directive: Sustainability Statement 3. Business strategy of the Deka Group in line with MaRisk/KAMaRisk Key contents re: 1. The following human rights risks are addressed: a) Child labour, forced labour, slavery b) Disregard for occupational safety and health c) Disregard for freedom of association d) Unequal treatment in employment e) Withholding an adequate wage f) g) Hiring/use of private/public security forces in violation of human rights h) Harmful contamination of soil, water and air, harmful noise emissions and excessive water consumption Unlawful forced eviction and unlawful taking of land, forests and waters 373

374

Group management Report | Sustainability report Deka Group Annual Report 2024 Social responsibility Proactivity Environmental protection Product contents and declaration of harmful substances Packaging materials Logistics Renewable energies Eco-labels Human rights Discrimination re: 2. This covers the following contents: a) b) c) d) e) f) g) h) i) j) k) Health and safety l) m) Child labour n) o) Corruption p) Behaviour towards competitors Forced labour Freedom of association LkSG re: 3. The contents include: a) b) OECD Guidelines for Multinational Enterprises c) German Sustainability Code d) German General Equal Treatment Act (Allgemeines Gleichbehandlungsgesetz, AGG) e) f) German Anti-Corruption Act (Gesetz zur Bekämpfung der Korruption, KorrBekG) European Convention on Human Rights (ECHR) General objectives re: 1. The LkSG requires affected companies to “exercise due regard for the human rights and environment-related due diligence obligations” set out in sections 3 to 10 of the Act “with the aim of preventing or minimising any risks to human rights or environment-related risks or of ending the violation of human rights-related or environment-related obligations” (section 3 (1) sentence 1 LkSG). This is intended to improve the international human rights situation and strengthen the rights of affected persons. The LkSG also aims to increase legal certainty and ensure fair conditions of competition. re: 2. The Purchasing Sustainability Statement addresses the principles of social responsibility, environmental protection and business ethics standards and requires adherence to them. These are indispensable elements in the sustainable purchase of goods and services. For contractual business relationships with service providers and suppliers of DekaBank, it is necessary to work with the service provider or supplier to ensure that the Purchasing Sustainability Statement is signed. re: 3. Taking European and German legislation into account in the purchasing process minimises the risk of negative impacts on workers in the value chain. Material impacts, risks and opportunities Gathering information concerning working conditions, including child labour and occupational safety, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Gathering information concerning equal treatment, including discrimination, diversity, fairness and inclusion, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Gathering information concerning other work-related rights, including freedom of association, collective bargaining and forced labour, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Monitoring process re: 1. The Chief Human Rights Officer monitors LkSG compliance at DekaBank and reviews the effectiveness of risk management activities annually and at other times as necessary. The German Federal Office of Economics and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle, BAFA) is responsible for verifying compliance with the LkSG. The LkSG authorises the Federal Office of Economics and Export Control (BAFA) to carry out random checks and take coercive measures in the event of non-compliance. re: 2. The central outsourcing management process includes a check as to whether service providers and suppliers have signed Purchasing Sustainability Statements or have signed or follow corresponding commitments to meet sustainability standards. It covers a wide range of sustainability issues, including human rights. re: 3. As part of the annual risk analysis, all service providers and suppliers are reviewed for risks, and employees can also contact DekaBank using the complaints procedure. 374

375

Group management Report | Sustainability report Deka Group Annual Report 2024 Scope of application re: 1. DekaBank must meet the due diligence obligations in its own operations and in its relationships with its direct service providers and suppliers. Indirect service providers and suppliers become involved as soon as DekaBank obtains substantiated knowledge of human rights violations at that level. re: 2. Central requirements exist for all purchasing units. re: 3. Central rules exist for all purchasing units, insofar as this is feasible. Responsible organisational level re: 1. to 3. Overall responsibility lies with the Board of Management or the leadership of the Group subsidiaries. Reference to third-party standards or initiatives re: 1. LkSG re: 2. Equator Principles / UN Global Compact / German Sustainability Code re: 3. See “Contents” Consideration of stakeholders’ interests re: 1. See above under “Contents” re: 2. Deutscher Sparkassen- und Giroverband e. V. (German Savings Banks and Giro Association, DSGV) the United Nations (UN) Universal Declaration of Human Rights the Fundamental Principles of the UN International Labour Organization (ILO) the UN Convention on the Rights of the Child and the UN Convention on the Elimination of All Forms of Discrimination against Women the Equator Principles the principles of the UN Global Compact the OECD Guidelines for Multinational Enterprises the German Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG) the BME Code of Conduct the German General Equal Treatment Act (Allgemeines Gleichbehandlungsgesetz, AGG) the Universal Declaration of Human Rights (UDHR) the European Convention on Human Rights (ECHR) Act on Corporate Due Diligence Obligations in Supply Chains (LkSG) the German Minimum Wage Act (Mindestlohngesetz, MiLoG) German Anti-Corruption Act (Gesetz zur Bekämpfung der Korruption, KorrBekG) re: 3. See above under “Contents” Availability of policies to stakeholders re: 1. Stored on DekaBank’s internal Process Portal. re: 2. The Purchasing directive is an internal working document that is only accessible to employees of the Deka Group via the internal Process Portal on the intranet. As a rule, the Purchasing Sustainability Statement is available to every service provider and supplier that Deka has been in negotiations with. However, due to the large number of employees concerned, it would be nearly impossible to make the policy available to every single employee in the value chain. re: 3. Internal policy which is accessible to employees of the Deka Group via the internal Process Portal on the intranet. Cross-reference to other topical ESRSs re: 1. to 3. ESRS S1 (Own workforce) and ESRS S4 (Consumers and end-users) Scope limitations re: 1. to 3. Downstream value chain/indirect service provider 17 (a) DekaBank mitigates human rights risks to the workers its value chain by focusing on its service providers and suppliers in Germany and the rest of Europe and carrying out annual risk assessments in accordance with the LkSG. In addition, its Purchasing Sustainability Statement requires its service providers and suppliers to meet legal requirements and apply internationally recognised standards to take social responsibility for their employees. In the Strategy & HR corporate centre and the Strategic Purchasing unit, human rights coordinators have been appointed who work closely with the Chief Human Rights Officer and are responsible for the design, implementation, effectiveness review and further development of risk management for the Group’s own business area and its direct and indirect service providers and suppliers. 375

376

Group management Report | Sustainability report Deka Group Annual Report 2024 DekaBank and its contractual partners are committed to upholding international human rights standards and have stated this in a Declaration of Principles for the LkSG concerning their responsibilities for human rights and the environment in their supply chains. In this way, DekaBank guarantees occupational safety, protection of health, fair wages and freedom of association and is committed to preventing environmental change, forced evictions and other severe human rights violations in its value chain. Because of its proximity to and familiarity with its regional service providers and suppliers, IQAM Invest GmbH (an Austrian fund manufacturer) has not taken any actions to ensure human rights with regard to service providers or suppliers for the services it procures independently of the Deka Group for its own operations. Because S Broker does not fall within the scope of the LkSG, it has its own policies and written rules governing its purchase of goods and services, outsourcing management and operational service provider control in its own operations. These should ensure that human rights are not violated. 17 (b) The engagement with value chain workers is initially indirect and consists of assessing the integrity of the engagement with specific service providers and suppliers. The aim of this assessment is to determine whether a service provider’s or supplier’s employees could suffer any negative impacts as a result of the business relationship. DekaBank acknowledges its responsibility for human rights and the environment in its supply chains and extends its Declaration of Principles to its business relationships with its service providers and suppliers. International standards such as the Equator Principles and the ILO core labour standards offer a framework for ensuring that human rights are protected along the entire supply chain. By joining the UN Global Compact, DekaBank has committed to implementing the ten principles of human rights, labour standards, environmental protection and anti-corruption, and to fulfilling its social responsibility. DekaBank’s Chief Human Rights Officer has assumed responsibility on behalf of DekaBank’s Board of Management for implementing these obligations, in particular to protect the human rights of workers in the value chain, operationally. DekaBank and its contractual partners are committed to complying with all legal requirements, including addressing workers along the entire supply chain. The Strategic Purchasing organisational unit maintains communication with the responsible persons at the service providers and suppliers. The corresponding policy can be accessed through the process portal and is publicly available on the internet. 17 (c) If suspicions arise of any negative impacts on employees in the value chain, DekaBank will seek a dialogue with the relevant service provider or supplier. If such suspicions are substantiated, audits will be carried out and, in a further step, training will be provided to the service provider or supplier. In a suspected case, the training will be tailored to the specific situation and designed to eliminate the negative impacts. These steps are governed by the Purchasing Sustainability Statement and other policies. If the situation does not improve, the final step may be to terminate the contractual relationship. There were no suspected cases in the reporting year. DekaBank takes preventive actions to reduce the risk of such cases occurring. 376

377

Group management Report | Sustainability report Deka Group Annual Report 2024 The preventive actions under the LkSG include an annual risk assessment of all service providers and suppliers and of the Group’s own business area. In this process, the relevant service providers and suppliers are assessed in terms of industry and country risks. For procurements over €500,000, the Strategic Purchasing unit also makes enquiries concerning the service provider’s or supplier’s ESG risks. These ESG-risk enquiries are part of a supplier risk assessment, which supplements the annual risk inventory. The working conditions in the relevant industries and countries and other factors are considered in order to determine the ESG risk of the service provider or supplier. In addition, DekaBank expects its service providers and suppliers to sign the above-mentioned Purchasing Sustainability Statement. This includes the right to require training and continuous development to be delivered in order to raise awareness with respect to human rights protection. It entitles DekaBank to assess the service provider’s or supplier’s measures once a year or whenever sufficient cause exists, to verify that they are effective by carrying out an on-site audit and/or through other suitable actions at DekaBank’s own expense and using its own employees or third parties. Sufficient cause exists if DekaBank anticipates a significant change in or elevation of the service provider’s or supplier’s risk profile. The service provider or supplier must grant adequate access to the relevant areas and documents. 18 DekaBank categorically rejects any form of slavery, forced labour or child labour, as expressed in the Modern Slavery Act (see: https://www.deka.de/deka-gruppe/unsere-verantwortung/wie-wir-nachhaltigkeit- leben/in-der-unternehmensfuehrung/wirtschaft-menschenrechte). The Purchasing Sustainability Statement reinforces DekaBank’s own rejection of these activities and explicitly prohibits its service providers and suppliers from engaging in them. DekaBank performs an annual risk assessment of its service providers and suppliers for potential risks related to these issues. 19 Regardless of the implementation of DekaBank’s policies and the framework presented here, no human rights violations were identified in DekaBank’s upstream value chain or in its own business area in the financial year 2024. S2-4 describes DekaBank’s reliance on internationally recognised standards (see ESRS S2-4 32 (c)). S2-2 – Processes for engaging with value chain workers about impacts 22 (a), 22 (b) The Deka Group (with the exception of S Broker) has not established a format for engaging with employees in its value chain, as it has not identified any significant risk in this regard for the category of products that it procures. However, the service providers and suppliers have an opportunity to address relevant issues in dialogue sessions with the Group. The same is true of IQAM Invest GmbH. On the one hand, the views of the workers in the value chain can be considered indirectly when meetings are held to discuss setting the contractual conditions for specific services. On the other hand, the service providers and suppliers of the Deka Group’s own operations have an opportunity to raise relevant issues during routine meetings every one or two weeks regarding ongoing operational coordination. This ensures ongoing discussion of relevant topics. S Broker’s employees in charge of outsourcing maintain close communication with the service providers and suppliers to ensure risk-based monitoring and control of its own operations. 22 (c) The Strategic Purchasing unit manages the risk assessment required by the LkSG. It is responsible for gathering the results and sharing them with the relevant department heads, DekaBank’s Board of Management and – through publication on the website (see www.deka.de) – other stakeholders. The Chief Human Rights Officer is responsible for monitoring the assessment on behalf of DekaBank’s Board of Management and conducting plausibility checks. Ultimate responsibility resides with DekaBank’s Board of Management and (if applicable) the management of the relevant subsidiary. Regardless of the LkSG, the Deka Group is committed to ensuring that any human rights incidents are investigated thoroughly and will not recur. This is done through procedural adjustments that result from detailed analysis of the specific cases. 377

378

Group management Report | Sustainability report Deka Group Annual Report 2024 22 (d) The DekaBank Purchasing Sustainability Statement is a fundamental component of the process of negotiating with and commissioning service providers and suppliers. DekaBank has not signed any agreements with global union federations, but it complies with the global framework agreements on respect for human rights (see ESRS S2-4 32 (c)). These also include the right to collective bargaining. Insights into the perspectives of workers in the value chain are obtained indirectly through the service providers, which can communicate their employees’ needs to DekaBank at any time. Feedback from service providers and suppliers on topics that are important to their employees represents an important element for DekaBank’s Strategic Purchasing unit and is used to adjust processes when necessary. 22 (e) DekaBank uses various means to ensure effective engagement with the value chain workers of the service providers and suppliers for its own operations. An annual risk assessment is carried out to validate the effectiveness of the above-mentioned means of coordinating engagement with the service providers and suppliers. In the current financial year, this analysis has not uncovered any incidents relating to workers in the value chain. Furthermore, DekaBank focuses on German and other European service providers and suppliers. These are subject to German and other European laws, which already mitigates the risk of negative impacts on workers in the value chain. The Purchasing Sustainability Statement should support the effectiveness of the corresponding actions. S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 168) Policies 1. Rules of procedure concerning the LkSG Key contents re: 1. The document contains DekaBank’s rules of procedure for addressing complaints in accordance with the LkSG. General objectives re: 1. The rules of procedure enable human rights and environmental risks or violations to be reported (those making the reports are referred to hereinafter as “whistleblowers”) and describes the complaints procedure set up by DekaBank for this purpose. Material impacts, risks and opportunities Gathering information concerning working conditions, including child labour and occupational safety, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Gathering information concerning equal treatment, including discrimination, diversity, fairness and inclusion, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Gathering information concerning other work-related rights, including freedom of association, collective bargaining and forced labour, ensures that only service providers and suppliers with no violations related to these topics are selected. This has positive impacts on the employees of companies we enter into a business relationship with. Monitoring process re: 1. The Chief Human Rights Officer monitors LkSG compliance at DekaBank and reviews the effectiveness of risk management activities annually and at other times as necessary. The German Federal Office of Economics and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle, BAFA) is responsible for verifying compliance with the LkSG. The LkSG authorises the Federal Office of Economics and Export Control (BAFA) to carry out random checks and take coercive measures in the event of non-compliance. Scope of application re: 1. DekaBank (excluding S Broker and IQAM Invest GmbH) Responsible organisational level re: 1. Overall responsibility lies with the Board of Management or the leadership of the Group subsidiaries. Reference to third-party standards or initiatives re: 1. The rules of procedure are based on the requirements of the LkSG. 378

379

Group management Report | Sustainability report Deka Group Annual Report 2024 Consideration of stakeholders’ interests re: 1. The interests of workers in the upstream value chain are taken into account notably by enabling them to make complaints anonymously. Availability of policies to stakeholders re: 1. The rules of procedure are publicly available on the internet. Cross-reference to other topical ESRSs re: 1. No cross-reference to other topical ESRSs Scope limitations re: 1. Downstream value chain/indirect service provider 27 (a) For the provision or contribution to remedies, refer to the remarks on audits of service providers and suppliers (see ESRS S2-1 17 (c)). These actions have not yet been taken, as there has been no need for remedies so far. In the reporting year 2024, no violations of human rights or sustainability obligations were identified, and therefore no contracts with service providers or suppliers were terminated. 27 (b) Various channels exist in the Deka Group for receiving and processing information on the concerns or needs of workers in the value chain. In addition to email, telephone and post, DekaBank and its German subsidiaries (with the exception of bevestor GmbH) have ombudsmen, and, in accordance with LkSG, DekaBank has a Chief Human Rights Officer; and these persons are also available for contact. These channels have been supplemented since the reporting year by the whistleblower procedure, which (through implementation of the LkSG) enables anonymous reports to be made concerning human rights in the Group’s own operations, in its supply chain or in its procurement management. DekaBank also participates in dispute resolution proceedings pursuant to the rules of Deutscher Sparkassen- und Giroverbandes e.V. (German Savings Banks Association, DSGV). Complaints can also be lodged with the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) insofar as they concern alleged violations of regulations whose compliance the Authority supervises. Further information is published on the DekaBank website. The same applies to IQAM Invest GmbH and S Broker. 27 (c) The Chief Human Rights Officer continuously monitors DekaBank’s accessibility via the relevant channels for the electronic receipt of complaints (Beschwerden) within the meaning of the LkSG. If the availability of some channels is limited, it is possible to switch to the other channels named above (see: https://www.deka.de/privatkunden/kontakt/kundenbeschwerdemanagement and ESRS S2-3 27 (b)). 27 (d) When issues are brought to DekaBank’s attention, the Chief Human Rights Officer will pass the matters on to the responsible human rights coordinators for investigation. DekaBank employs a total of four human rights coordinators. Operational responsibility for the complaints process at DekaBank lies exclusively with the specialist units that are responsible for their content. The Chief Human Rights Officer focuses on monitoring and verifying the effectiveness of the process. The relevant human rights coordinators are the only recipients of the specialist units’ reports of possible violations and suggestions for further actions. The Chief Human Rights Officer subjects the reports to plausibility checks for monitoring purposes. The Chief Human Rights Officer is also responsible for various administrative tasks in the complaints procedure. These include accepting and acknowledging complaints, entering them into the customer relationship management (CRM) system, reviewing the contents to identify which specialist units are responsible, and forwarding the response to the ombudsman or the person who made the report. These tasks are performed in cooperation with other departments and are subject to routine checks by the responsible organisational units. Complaints are documented in such a way that the inputs and outputs in the system can be tracked at all times. 379

380

Group management Report | Sustainability report Deka Group Annual Report 2024 28 In this context, DekaBank has explicit rules of procedure, which are published on its website, that enable the protection of external workers against retaliation for whistleblowing. These include the option of contacting DekaBank’s Chief Human Rights Officer directly and the appointment of an external ombudsman to handle complaints under the LkSG. The external ombudsman is responsible in particular for ensuring confidentiality concerning the whistleblowers’ identities. Beyond that, there is no procedure in place to specifically assess whether workers in the value chain trust the channels available to them. If such trust is lacking, affected persons have the option of contacting the relevant authorities or institutions or of taking legal action (for an explanation of the whistleblower system, see ESRS G1-3 18 (a)). S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 169) Actions / action plans 1. Annual risk analysis: Within the scope of the LkSG, DekaBank carries out an annual risk analysis of all service providers and suppliers and its own operations. In this process, the relevant service providers and suppliers are reviewed for industry and country risks. 2. Approval of Strategic Purchasing re ESG risks: The approval of the Strategic Purchasing organisational unit is required for procurements over €500,000. This involves requesting information about the financial and ESG risks of service providers and suppliers. The requested ESG score takes account of the working conditions in the respective sectors and countries concerned, among other considerations. 3. On-site training courses/audits: As a mitigation measure, the service providers and suppliers grant DekaBank the right to provide training and education to enforce the expectations set out in the above paragraph. DekaBank is entitled to verify, at its own expense and using its own employees or a third party, that the service provider or supplier’s measures are effective by carrying out an on-site audit and/or taking other suitable steps once a year or whenever sufficient cause exists. Outcome/contribution of key actions in the reporting year re: 1. Annual risk analysis: No specific risks were identified for any service provider or supplier. re: 2. ESG risks approval process: For contracts over €500,000, in addition to the annual risk analysis, the risks of a service provider or supplier are determined as part of the approval process. This is meant to minimise financial and ESG risks. re: 3. On-site training courses/audits: No ad hoc on-site training/audits took place during the reporting year 2024. Outcome/contribution of key future actions re: 1. to 3. No actions are planned. Scope re: 1. Annual risk analysis: All service providers and suppliers worldwide with transactions from the past two years are analysed for human rights and environmental protection. re: 2. ESG risks approval process: Examination of an individual service provider or supplier provider and the intended contract over €500,000. The approval covers the service to be provided, the units involved, the financial and ESG risk assessment, and other important points. re: 3. On-site training courses/audits: Both of these actions can be carried out on an ad hoc basis as mitigation measures for a particular service provider or supplier. Time horizon re: 1. Annual risk analysis re: 2. ESG risks approval process: for procurements over €500,000 re: 3. On-site training courses/audits: ad hoc Mitigation measures re: 1. Annual risk analysis: this action has a control function. re: 2. ESG risks approval process: the action represents a further instance for the weighing of risks. re: 3. On-site training courses/audits: this action has a control function. 380

381

Group management Report | Sustainability report Deka Group Annual Report 2024 32 (a) DekaBank has undertaken various actions to prevent negative material impacts on workers in its value chain: Carrying out risk assessments: This is done on an annual and an event-driven basis to identify risks that may exist within DekaBank’s business area or at its service providers or suppliers. Actions to prevent corresponding risks in the context of procurement: The contractual terms and conditions are structured to take these risks into account. Remedies: Appropriate processes have been established to allow an adequate response in the event that DekaBank becomes aware of human rights and/or environmental violations. Complaints procedure: This can be used to discuss risks and potential violations. In addition to the annual risk assessment, the Strategic Purchasing unit reviews and approves orders over €500,000. Part of its review involves using an external service provider’s tool to screen for any financial and/or ESG-related risks in the orders. DekaBank has defined sustainability requirements for the selection of service providers and suppliers that concern both the quality of the products and services purchased and the business conduct of the service providers and suppliers. The key company-specific requirements are set out in the Purchasing Sustainability Statement, which the largest service providers and suppliers must sign before a business relationship is initiated (see ESRS S2-1 17 (a)). In it, the service providers and suppliers undertake, among other things, to meet the core labour standards of the International Labour Organization (ILO). 32 (b) With regard to the action taken to provide or enable remedy in relation to actual material impacts, please refer to the information about supplier and service provider audits (see ESRS S2-1 17 (c)). No negative impacts on workers in the value chain were reported for the Deka Group in the reporting year 2024. IQAM Invest GmbH does not have a standardised process for the products and services it procures directly and instead responds on a case-by-case basis. S Broker’s responsible employees (outsourcing managers) maintain a direct dialogue with the service providers and suppliers. If an outsourcing manager becomes aware of human rights violations by a service provider or supplier, they can report them to their superiors, Central Outsourcing Management, Compliance (including the member of DekaBank’s Board of Management who is responsible for compliance) and/or Purchasing. If grounds for suspicion exist, the HR risk assessment could be raised as part of the risk assessments for outsourcing, which would result in S Brokers taking actions, possibly going as far as termination of the contractual relationship. Termination clauses have been included to this effect in the contracts for significant outsourcings. 32 (c) In addition to the above-mentioned actions, DekaBank addresses the following initiatives, declarations and laws, which are also included in the Purchasing Sustainability Statement, to deliver positive impacts for workers in its value chain: UN Universal Declaration of Human Rights Fundamental Principles of the UN International Labour Organization (ILO) UN Convention on the Rights of the Child and UN Convention on the Elimination of All Forms of Discrimination against Women Equator Principles Principles of the UN Global Compact Principles for Responsible Investment (UN PRI) OECD Guidelines for Multinational Enterprises German Sustainability Code (Deutscher Nachhaltigkeitskodex, DNK) German Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG) German General Act on Equal Treatment (Allgemeines Gleichbehandlungsgesetz, AGG) Universal Declaration of Human Rights (UDHR) European Convention on Human Rights (ECHR) 381

382

Group management Report | Sustainability report Deka Group Annual Report 2024 German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz, LkSG) German Minimum Wage Act (Mindestlohngesetz, MiLoG) EU Taxonomy Regulation (EU 2020/852) 32 (d) Annual risk assessments are carried out in accordance with the LkSG; these must also indicate what actions have been taken in the past. These are reviewed for effectiveness in an annual review meeting involving the human rights coordinators and the Chief Human Rights Officer and are checked for plausibility by the Chief Human Rights Officer. BAFA also reviews the risk assessments and evaluates their effectiveness. DekaBank submitted its first report to BAFA on its implementation of the LkSG in financial year 2024 in respect of financial year 2023. This allowed BAFA to evaluate the effectiveness of the relevant processes. It did not identify any need for adjustment. 33 (a) In determining the above actions, DekaBank complied with German law, which standardises the actions to be taken in accordance with the LkSG. DekaBank also refined its implementation of the LkSG, including the appropriateness of the relevant actions, in the course of preparing its report on the implementation project. In addition, DekaBank’s membership in the above-mentioned initiatives can serve as a basis for deriving actions in line with their principles. 33 (b) With regard to forms of engagement for addressing negative material impacts, see the list of actions (see ESRS S2-4 32 (a)). The Purchasing Sustainability Statement requires product-related sustainability criteria to be addressed during the product selection process for standard products such as office supplies and office communication equipment, with particular reliance on relevant certificates (e.g. the Blue Angel label). Another approach that DekaBank pursues on the basis of the applicable legislation is its annual review of service providers and suppliers as part of LkSG compliance, which includes taking appropriate actions (see ESRS S2-1 17 (c)) if negative impacts on employees in the value chain are identified. 33 (c) DekaBank communicates its remedies through its Declaration of Principles for the LkSG (see https://www.deka.de/deka-gruppe/unsere-verantwortung/wie-wir-nachhaltigkeit-leben/in-der- unternehmensfuehrung/wirtschaft-menschenrechte). BAFA reviews the effectiveness of the actions that correspond to the remedies set out in the Declaration of Principles. BAFA may investigate complaints about the availability and effectiveness of the complaints channels established by DekaBank, e.g. through the Chief Human Rights Officer. 35 In addition to the above-mentioned actions for selecting and assessing service providers and suppliers, Strategic Purchasing will, when setting targets with service providers and suppliers, only agree to targets that (a) take legal requirements into account and (b) have no impacts on value-chain workers that could raise labour law concerns or cause negative impacts on employees of service providers and suppliers. 36 In the reporting year 2024, no human rights incidents were reported at service providers or suppliers within the upstream and downstream value chain. 38 As part of its project, DekaBank identified its capacity requirements for managing its material impacts. It then appointed the Chief Human Rights Officer and the human rights coordinators to handle the relevant issues. DekaBank also works with external service providers that carry out the corresponding risk assessments for it. 382

383

Group management Report | Sustainability report Deka Group Annual Report 2024 S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets that cannot be measured quantitatively (Fig. 170) Setting targets DekaBank sets no targets and requirements for itself under the standards listed beyond those legally required. Its fundamental aim is to meet legal requirements such as those arising from the LkSG; this is set out in the LkSG compliance rules set out in writing. The constant objective is to avoid and prevent any adverse impact on or interference with human rights. It does not seem appropriate to make targets measurable (or set negative targets). The ultimate goal is for there to be no incidents. Tracking effectiveness without targets The effectiveness of the actions taken is analysed via various channels. An important tool in this context is the close communication that occurs among the relevant bodies (e.g. Purchasing, the Chief Human Rights Officer and the Complaints Office), which helps to ensure that relevant complaints and whistleblower reports can be addressed within a reasonable amount of time. Procedures and processes for tracking effectiveness Regular communication with key service providers and suppliers. No negative feedback was received in this context during the reporting year 2024. Complaints management system. Risk analysis in collaboration with external service providers. Progress Indicators: industry risks, country risks, evaluation of completed assessment documents Reference period: 2023 42 (a), 42 (b) See ESRS S2-5 MDR-T table. 42 (c) Once the risk assessments have been carried out, the results are processed and evaluated so that appropriate preventive measures or remedies can be formulated, and the Chief Human Rights Officer is informed. ESRS S4 – Consumers and end-users The concerns of consumers and end-users are a central element of the Deka Group’s business activities. It is essential that these activities are always conducted in compliance with applicable law. This should increase customers’ and business partners’ confidence in the proper functioning of the financial market as a whole, as well as in DekaBank and its domestic and foreign subsidiaries as parts of it. Such confidence should in turn help to safeguard the Deka Group’s reputation. In addition to compliance with the legal requirements, reliable and stable functioning of information-related processes have great significance for the Group. Personal data processing is very important in this context. These considerations determine the overarching objective: to protect the Group, its customers and its business partners from information risks. Such protection also achieves the objectives of confidentiality, integrity and availability of and for business and customer information. The Deka Group fulfils all data protection obligations under the General Data Protection Regulation (GDPR) and the German Federal Data Protection Act (Bundesdatenschutzgesetz, BDSG) and all information security requirements. This applies to all companies in the scope of consolidation in accordance with CSRD, BP-1. DekaBank’s Data Protection Officer and Deputy Data Protection Officer are responsible for DekaBank and its domestic subsidiaries, with the exception of S Broker AG & Co. KG (S Broker), which has appointed its own data protection officer. In doing so, S Broker follows the Deka Group’s requirements closely to ensure a uniform level of data protection. 383

384

Group management Report | Sustainability report Deka Group Annual Report 2024 DekaBank’s information security management system (ISMS) includes policies, structures, processes and technical functions to ensure an adequate level of information risk management. DekaBank also operates an effective business continuity management (BCM) system to ensure the continuity of time-critical business processes in an emergency. In terms of information security and business continuity management (ISM/BCM), S Broker exhibits special characteristics and has its own rules and processes, but is still closely aligned with the Deka Group’s requirements. The Deka Group’s business model, as the securities service provider of the German savings banks, is closely aligned with the needs of the savings banks as its shareholders and customers. Beyond that, the Group attaches great significance to consumers’ and end-users’ expectations, especially concerning the security of their data. Protection against information risks and a guarantee of data protection should give consumers and end-users confidence that their data is being handled and processed securely. Therefore, this section of the report focuses on data protection and information security, as well as business continuity management (“Security of customer information”). The report considers which additional perspectives and issues the Deka Group addresses in order to protect consumers and end-users (“Distribution of information”). This additional content was obtained via DekaBank’s Digital Multichannel Management and Savings Banks Sales units. The report also addresses the S Broker and bevestor GmbH subsidiaries (“Additional information from subsidiaries”) and indicates for the relevant data points when the information differs from the Group’s. S4-1 – Policies related to consumers and end-users Security of customer information 13 Data protection requirements are implemented as part of the processes and guidelines of the data protection management system (DPMS). The DPMS is based on the requirements of DIN EN ISO 27701 and version 3.0 of the Standard Data Protection Model. The Standard Data Protection Model describes a method for data protection consulting and evaluation on the basis of standardised protection goals. The processes include safeguarding data subject rights, fulfilling duties to provide information to customers and employees, and documenting processing activities. The data protection requirements are observed when processing the personal data of natural persons, regardless of whether they are private or institutional customers. This should give customers confidence that their personal data is being handled securely and in accordance with the law. If the Deka Group provides personal data to third parties, it always does so in strict observance of the regulatory requirements (this applies in particular to requests from public authorities) and only for the specific purposes. Processes and guidelines relating to data protection requirements are set out in internal policies, which apply to all Deka Group employees and are made available accordingly. This applies, for example, to the rights of affected persons as set out in the GDPR, such as the right to receive information on the processing of personal data, the right of access and the right to erasure. The basis for the erasure of personal data follows directly from the GDPR: Data must be erased if it is no longer necessary for the purposes for which it was collected. The obligation to store and archive personal data follows from special laws such as the HGB, the German Banking Act (Kreditwesengesetz, KWG) and tax laws. DekaBank follows the principles of data minimisation and data economy strictly by collecting and processing no more data than is absolutely necessary. Compliance with data protection regulations is reviewed on the basis of a monitoring plan, which is updated annually. Legal developments, case law and publications by data protection supervisory authorities are regularly monitored in order to identify any need for adjustment of internal guidelines. If this process determines that actions are necessary, they are implemented within the scope of the DPMS processes and guidelines. 384

385

Group management Report | Sustainability report Deka Group Annual Report 2024 Central management of information security is the responsibility of DekaBank’s Information Security Officer, who has a direct reporting line to DekaBank’s Board of Management. Based on the Deka Group’s strategy for managing operational risks, the Information Security Officer sets adequate security requirements to achieve the defined security level for the entire Deka Group; and these requirements also apply to specific DekaBank service providers. The information security management system (ISMS) is designed to meet the requirements of DIN EN ISO 27001. This is an internationally recognised standard for the design of a management system that safeguards the confidentiality, integrity and availability of information through adequate risk management processes. For consumers and end-users, this means their data is reliably protected by proven risk management processes. Throughout the process of defining information security methods and procedures, DekaBank maintains contact with security organisations, government authorities and industry associations and coordinates with other banks in the Sparkassen-Finanzgruppe to allow prompt identification of and response to information security developments that could present risks. This dialogue also helps to keep the information security approaches and methods current in order to continuously ensure customer data security. In DekaBank’s view, managing security incidents and ensuring operational resilience are integral elements of its security and continuity strategy. In this context, the mounting cybersecurity challenges require a proactive approach to meet the challenges of the market. DekaBank uses procedures for early detection of and effective response to security incidents to ensure that (personal) customer data and services are protected. DekaBank also strengthens its operational resilience through continuous risk assessment and comprehensive business continuity management. This directly contributes to ensuring the stability and continuity of its services for consumers and end-users. DekaBank operates an effective BCM system, which ensures the continuity of time-critical business processes in an emergency. In addition to emergency preparedness, this addresses the management of crisis situations. The focus is on four possible failure scenarios: Infrastructure failure (e.g. buildings) IT system failure (e.g. applications and office communication) Staffing shortage Service provider failure These scenarios also include possible physical climate and environmental risks as a sub-domain of ESG risks, such as an infrastructure failure due to extreme weather events. To systematically identify risks, all business processes are regularly reviewed with regard to the potential impacts of the scenarios in the course of a business impact analysis (BIA). If necessary, actions are taken and resources are made available to reduce the risk of failures and their potential consequences. An example is redundant hosting of time-critical applications in data centres. The organisational units prepare contingency and business continuity plans for all time-critical processes and resources and update them at least annually. These include both fallback procedures in case of a resource failure and the procedure for restoring normal operation of the affected process. All actions are regularly reviewed for their effectiveness and adequacy and are tested in practice. The tests cover all four failure scenarios: for example, the fallback locations and IT solutions planned in case of a building failure can be tested for functionality. In addition to its internal tests, DekaBank checks its service providers to ensure, for example, that the IT service providers can meet the contractually agreed availability times for specific applications in emergency situations. It also carries out annual risk-oriented BCM audits to assess whether the service providers are capable of providing their services on a durable basis. 385

386

Group management Report | Sustainability report Deka Group Annual Report 2024 Distribution of information The Digital Multichannel Management unit in the Asset Management Services business division is implementing various legal regulations regarding customer communications (e.g. for opening securities accounts, for transactions and for the delivery of quarterly reports, annual securities account statements and legally required product information). The organisational units responsible for the products (the Asset Management Securities, Asset Management Real Estate, Asset Management Services, Capital Markets and Financing business divisions) maintain specific policies for this. In this context, there are explicit rules governing topics such as how promotional material should be structured and how it can be tailored to the needs of the savings banks. This requires coordination with the savings banks, and DekaBank’s Savings Bank Sales unit provides it. This should ensure that information communicated to customers is complete, correct and complies with the legal requirements. Additional information from subsidiaries on the distribution of information As a subsidiary, S Broker is integrated into the Deka Group’s business and risk strategies. Operationalising the strategies through processes, structures, policies and work directives at S Broker ensures uniform compliance with the regulatory and supervisory requirements. S Broker’s objectives include compliance with the regulations (including the Markets in Financial Instruments Directive, MiFID II) regarding information, advice, documentation, reporting and supervision, and other applicable supervisory and regulatory requirements. S Broker documents the processes for sharing information with customers in the form of work directives and policies. These include directives on product governance, target market deviation reporting, tradability query processing, information and reporting obligations to customers, annual cost reporting and product campaigns. Defined processes also govern sending short-term customer notifications and ad hoc information. As a subsidiary, bevestor GmbH is likewise integrated into the Deka Group’s business and risk strategies. Operationalising the strategies through processes, structures, policies and work directives at bevestor GmbH ensures uniform compliance with the regulatory and supervisory requirements. In addition, outsourcing agreements govern DekaBank’s handling of data protection, compliance, ISM and BCM on its behalf. bevestor GmbH’s objectives include compliance with the regulations (including the German Financial Investment Brokerage Ordinance [Finanzanlagenvermittlungsverordnung, FinVermV]) regarding information, advice, documentation, reporting and supervision, and other applicable supervisory and regulatory requirements. The KWG and German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) provisions that are taken into account relate in particular to (a) brokering asset management services, (b) the associated requirements for customer suitability assessments on behalf of Deka Vermögensmanagement GmbH, and (c) the outsourcing of this process to bevestor GmbH. The agreements governing the outsourcings by Deka Vermögensmanagement GmbH and DekaBank to bevestor GmbH also address the relevant provisions of the KWG and WpHG. This means, in summary, that the Deka Group takes comprehensive actions to protect consumers’ and end- users’ data and to ensure the continuity of its services. Compliance with legal and regulatory requirements ensures transparent and ethical customer communication. The table below shows the key policies that form the governing framework for the Deka Group’s information and data security. It contains more detailed descriptions intended to clarify the policies DekaBank uses to manage material sustainability matters in this context. 386

387

Group management Report | Sustainability report Deka Group Annual Report 2024 Minimum disclosure requirement – MDR-P – Policies adopted to manage material sustainability matters (Fig. 171) The contents of the MDR-P table reflect the strategies, guidelines and policies of DekaBank’s Data Protection and ISM/BCM units, which apply to all Deka Group companies except S Brokers. The latter has its own strategies, guidelines and policies and its own processes for implementing them. Policies Data protection: 1. General Data Protection Policy 2. Directive on data subject rights 3. “Data Breach” work instruction 4. Data protection impact assessment 5. “Deletion Policy” work instruction 6. “Mandatory Data Protection Training” work instruction 7. Records of processing activities 8. Monitoring activities of the data protection officer ISM/BCM: 1. ICT risk management guidelines Key contents Data protection: re: 1. to 8. Operationalisation of the General Data Protection Regulation (GDPR) and the German Federal Data Protection Act (Bundesdatenschutzgesetz, BDSG) requirements/rules, and requirements on the processing of personal data. Operationalisation includes implementing responsibilities and processes for fulfilling data subjects’ rights, handling data breaches, carrying out data protection impact assessments, storing and erasing personal data, training employees on data protection issues, complying with the requirements in the records of processing activities and monitoring activities of the data protection officer per the requirements of the applicable data protection laws. These measures ensure compliance with data protection requirements and protection of personal data. ISM/BCM: re: 1. ICT risk management guidelines: describe the structure of the Deka Group’s business strategy and operational risk strategy. As an independent unit of the second line of defence, the Deka Group’s ICT risk management system includes responsibilities, tasks, roles, committees and interfaces, as well as core processes and regular controls. There also exists a catalogue of target measures and requirements for the implementation of ICT risk management by the first line of defence. General objectives Data protection: re: 1. to 8. Rules to ensure compliance with personal data protection regulations. The rules and processes include measures to ensure compliance with data protection regulations, including data subject rights, data breaches, data protection impact assessments, storage and erasure of personal data, training employees on data protection issues, records of processing activities and monitoring activities of the data protection officer. These measures ensure that all legal requirements related to data protection are implemented consistently and properly. ISM/BCM: re: 1. The fundamental objective is to ensure the confidentiality, integrity (including authenticity) and availability of data. Material impacts, risks and opportunities Positive impact: Information Security Management (ISM)/Business Continuity Management (BCM) and a Data Protection Management System (DPMS), including safeguards and controls, have been established to guarantee an adequate level of protection. Negative impact: Adverse impact on the availability, integrity and confidentiality of customer data due to Information and Communication Technology (ICT) risks and security risks (cyberattacks, human error, technical failure and intentional acts, taking into account safeguards including controls). The same applies to the data protection objectives. Negative impact: Adverse impacts on the availability, integrity and confidentiality of customer data due to physical climate risks and environmental risks (lightning, intense heat exposure, flooding) including protective measures and controls/with respect to A locations (more than 50 employees) and essential service providers. 387

388

Group management Report | Sustainability report Deka Group Annual Report 2024 Monitoring process Data protection: re: 1. to 8. The first line of defence is responsible for compliance with and implementation of data protection requirements. According to Article 39 (1) (b) GDPR, the data protection officer is responsible for monitoring compliance with the GDPR and certain policies of the company in this regard. ISM/BCM: re: 1. Internal instructions require compliance with the information security requirements applicable in the Deka Group, and contractual provisions require the same of external service providers. Compliance with the requirements is monitored as part of the ICT risk management processes. In addition, Internal Audit provides independent monitoring (based on the “three lines of defence” model). Scope of application Data protection: re: 1. to 8. Throughout the Deka Group. A data protection officer and deputy have been appointed for DekaBank and its domestic subsidiaries, excluding the subsidiary S Broker, which has its own data protection officer. ISM/BCM: re: 1. Throughout the Deka Group. Information security, business continuity management and data protection officers, and deputies for each, have been appointed for DekaBank and its subsidiaries, excluding the subsidiary S Broker, which has its own officers. Responsible organisational level Data protection and ISM/BCM: As a general rule, top level responsibility for implementation lies with DekaBank’s full Board of Management and the leadership of the subsidiaries. Reference to third-party standards or initiatives Data protection: re: 1. to 8. GDPR, BDSG and other data protection regulations. Interpretative guidance from the data protection supervisory authorities and relevant judgments. The data protection processes are based on DIN EN ISO 27701 and the Standard Data Protection Model. ISM/BCM: re: 1. DIN EN ISO 27001 and BSI 200-4. Consideration of stakeholders’ interests Data protection: re: 1. to 8. Examples of data subjects include end-customers, employees, interested parties, suppliers and job applicants. The interests of data subjects are guaranteed by the data protection processes implemented. ISM/BCM: re: 1. Via the implemented standards Availability of policies to stakeholders Data protection: re: 1. to 8. Internal document; not published (privacy notices are provided to data subjects before their personal data is processed). ISM/BCM: re: 1. Internal document; not published. The internal documents are available to employees via the internal Process Portal on the intranet. Cross-reference to other topical ESRSs Data protection: re: 1. to 8. ESRS S1 (Own workforce) and ESRS S2 (Workers in the value chain) ISM/BCM: re: 1. ESRS S1 (Own workforce) and ESRS S2 (Workers in the value chain) 388

389

Group management Report | Sustainability report Deka Group Annual Report 2024 Scope limitations Data protection: re: 1. to 8. Scope of application: Throughout the Deka Group, excluding S-Broker, which has its own data protection policies and procedures. ISM/BCM: re: 1. Scope of application: Throughout the Deka Group, excluding S-Broker, which has its own information security policies and procedures. Data protection and ISM/BCM: Additionally, there may be particular regulatory requirements in countries outside the EU where rules that apply in the relevant local jurisdictions must be observed. 16 (a) DekaBank acknowledges its responsibility for human rights and the environment (see ESRS S1-1 20 (a), 20 (b) and ESRS S2-4 32 (c)). A large number of international standards and principles provide the framework for respecting human rights. DekaBank has been committed to several of these internationally recognised principles and guidelines for many years. These include the Equator Principles and the International Labour Organization’s core labour standards. By joining the UN Global Compact, DekaBank has become part of the world’s largest and most important initiative for corporate sustainability and responsibility and has committed itself to implementing the ten principles – which relate to respecting human rights and labour standards, protecting the environment and combating corruption and bribery. Security of customer information 16 (b) Engagement with consumers and/or end-users in connection with the standards and principles mentioned above occurs reactively in response to the GDPR’s requirements. It focuses on the exercise of data subject’s rights and is therefore also addressed by the Deka Group’s human rights policy. These rights include the right to information, the right to erasure and the right to transparency (e.g. data protection notices). Compliance with these obligations applies to personal data, regardless of whether it comes from natural persons or institutional customers. The ISM/BCM organisational unit focuses on the security of data, including personal data. In this way, the interests of consumers and end-users are addressed indirectly. There is therefore no direct engagement with end customers in the context of information security. 16 (c) The Deka Group has processes that ensure the protection of affected persons’ rights and thus, in a broader sense, of human rights in accordance with the applicable data protection regulations. These processes are directly aimed at reducing or eliminating potentially negative impacts for affected persons. As affected persons’ rights are also considered human rights, they are an integral element of the Deka Group’s human rights policy. There are, in particular, defined processes for handling rights to information, rights to erasure, rights to object, and data protection violations; and these processes are strictly aligned with the applicable regulations in order to prevent potentially negative consequences by taking appropriate actions. 17 The Deka Group has implemented the applicable data protection regulations (e.g. the GDPR) in policies as part of the processes of the DPMS. The GDPR’s recitals refer, consistently with its protection objectives, to the fact that personal data also falls within the scope of human rights. The operational work directives, in the form of guidelines and manuals, are themselves aligned with the applicable data protection regulations (e.g. the GDPR) and therefore cover human rights in the broadest sense. The GDPR, the UN Guiding Principles and the OECD Guidelines aim to protect the rights and dignity of individuals. Corporates like the Deka Group that align themselves with these principles promote transparency and accountability and enable remedies in the event of violations of the data protection regulations. No incidents of non-compliance with the UN Guiding Principles during the reporting period have yet emerged. 389

390

Group management Report | Sustainability report Deka Group Annual Report 2024 AR 9 Any changes to the regulatory requirements, such as new legislative frameworks, are also very significant, as these can influence an assessment of the facts to be reported and the contractual circumstances. Such changes would be material to the Deka Group’s strategies in relation to consumers and end-users, as they would require an adjustment of its due diligence process and its approaches to remedy. This would lead to procedural adjustments, as new review processes would have to be established and aligned in the organisational units. In the reporting year, there were no material strategic changes in this context beyond implementation of the Digital Operational Resilience Act (DORA). AR 11 The Deka Group’s Data Protection Policy is also primarily based on affected persons’ rights to informational self-determination, which can be derived from the requirements of the applicable data protection laws (and thus, in the broadest sense, from the UN Guiding Principles). The data protection strategy remains tied to the goal of high customer satisfaction and retention. The Deka Group’s data protection strategy is therefore also linked to human rights (see Recital 4 GDPR). AR 12 DekaBank’s goal is to provide the savings banks with a comprehensive range of products and services for all their customer groups. Which product or service the customer ultimately receives is for the savings bank and the customer to decide. DekaBank provides the customers, via the savings banks, with all the information they need to make high-quality investment decisions. The information it provides is guided by the regulatory requirements, which are standardised in MiFID II and the SFDR in particular. The savings banks create various customer segments so that they can offer their customers a needs-oriented customer service. In this context, the interaction of business strategies between DekaBank and the savings banks, which act as DekaBank’s primary customers, plays a key role. The business strategies reflect this strategic cooperation to ensure a coherent and targeted alignment of offerings and information flows. The processes for engaging with consumers and end-users play an important role. This will be examined in more detail below with a view to data protection and information security. S4-2 – Processes for engaging with consumers and end-users about impacts Security of customer information 19 In the context of data protection, customer contact takes place on an ad hoc basis, for example when the Deka Group is contacted in connection with data subject rights, such as requests for information or erasure. In addition, the GDPR standardises the scenarios in which engagement with customers is required. However, no general survey of customer perspectives specifically regarding data protection is carried out. DekaBank ensures within the ISM framework that customer data is indirectly protected by comprehensive security actions, including regular security checks and risk assessments. Distribution of information When customers open securities accounts in over-the-counter distribution, DekaBank itself involves them through advice provided by the savings bank adviser (if requested by the customer). Otherwise, product information and securities account information are provided when the securities account is opened and the product is sold (on- or offline). A key component of this is working through the WpHG disclosure process. This is also a high priority for S Broker. In addition, the Savings Banks Sales unit conducts regular surveys of savings banks and end customers. 390

391

Group management Report | Sustainability report Deka Group Annual Report 2024 Additional information from subsidiaries on the distribution of information S Broker actively engages with customers in developing and optimising its information services and interfaces, for example through user tests and surveys. There are also regular exchanges with savings bank advisers and annual partner dialogues to determine and address customers’ needs for information. Security of customer information 20 (a) In the context of data protection, engagement with affected persons takes place in the course of customer enquiries and requests, such as requests for information or erasure. This engagement depends on the specific requests that are made. In the ISM/BCM unit, engagement with customers takes place indirectly. Its focus is on implementing legal and regulatory requirements and addressing recognised standards, especially those arising from MaRisk, BaFin’s Requirements for IT in Financial Institutions (Bankaufsichtliche Anforderung an die IT, BAIT) and the EBA guidelines on information and communication technology (ICT) and security risk management. Contracts concluded with customers may contain specific requirements regarding information security or emergency preparedness. These may include reporting and information obligations towards customers. 20 (b) The timing of the engagement with affected persons will depend on the individual case and cannot unequivocally be assigned to any specific phase. Customers’ concerns can cover a broad spectrum of issues, ranging from the disclosure of data protection information to requests for information or erasure. This diversity makes a specific assignment difficult and necessitates a flexible approach to handling requests. 20 (c) In accordance with the GDPR, overall responsibility for adopting and integrating the data protection requirements resides with the Board of Management of DekaBank or the relevant subsidiary. However, operational responsibility lies with the specific organisational units and the relevant managers within them. The Data Protection Officer’s unit monitors implementation of, and compliance with, the applicable requirements. Overall responsibility for adopting and integrating the results into the business strategy lies with DekaBank’s Board of Management as the highest level within DekaBank. 20 (d) The effectiveness of the engagement with customers is demonstrated by the fact that every concern is processed completely and to a high standard. Contact with customers may arise in connection with data subject rights, for example, and its objective is to meet the customers’ requests. The process is therefore completed once the legal obligations have been met. 21 The Deka Group does not have a process to get insights into the perspectives of specific groups of individuals or customers in the context of data protection or information security management. 22 There are no plans to enter into a business dialogue with vulnerable groups of customers or individuals. Nor are there any plans to implement a process with regard to data protection or information security that is aimed at obtaining insights into the perspectives or behaviour of groups of customers or individuals who have been classified as vulnerable. If any of the negative impacts examined below have occurred, the following paragraphs describe how consumers and end-users can report them to the Deka Group. 391

392

Group management Report | Sustainability report Deka Group Annual Report 2024 S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns 24 The complaints channels are available online via the Deka Group website, by post, by telephone and by email. The aim is to resolve the matter in question conclusively within ten banking days or to work with the person who submitted the complaint to find a solution. Customers can also contact the relevant supervisory authority and/or arbitration board in respect of their complaints; and these are indicated on the Deka Group’s website (see https://www.deka.de/deka-gruppe/kontakt). The annual report on complaints management covers the entire Deka Group. The Group’s data, including that of its subsidiaries, is collected centrally in both the annual and the quarterly reports. However, each division has its own complaints coordinators. S Broker has not yet been integrated into the CRM system, so it records its complaints in a separate system without an interface to the CRM. On the other hand, bevestor GmbH records its complaints directly in the CRM system. 25 (a) DekaBank’s general approach to and processes for providing or contributing to remedy is determined by means of established standards and the requirements for regulated operating procedures to avoid failures. The complaints mechanisms ensure that each incident is first examined individually and that any actions are derived specifically from the findings. The actions range from notifying the management and/or initiating actions to prevent future incidents to informing the affected persons and notifying the relevant supervisory authority. This approach includes plans for various emergency scenarios and regular exercises to prepare for such situations. The Deka Group maintains close contact with industry associations, data protection supervisory authorities and working groups of the Sparkassen-Finanzgruppe for interpreting and implementing new regulatory developments. Data protection violations and risks are managed on a case-by-case basis, compliance with data protection standards being an integral element of the DPMS. The effectiveness of the remedial actions is continuously assessed to ensure that they meet the required standards and provide effective solutions for identified negative impacts on consumers and end-users. Their effectiveness results in complaints being formally closed, provided there is no further reaction from the relevant customers within the framework of the complaints process. 25 (b) Customers can submit data protection complaints, including reports of possible data protection violations, or other reports to the Deka Group through various channels of communication. These channels include contact with the complaints management unit by telephone, post and/or email. Data protection complaints can also be lodged with the responsible arbitration board and/or BaFin. 25 (c) The availability of the channels of communication is ensured as part of the IT infrastructure. In addition, consumers can also contact the arbitration board or the ombudsman, whose contact details are published on the DekaBank website (see https://www.deka.de/deka-gruppe/kontakt). In this context, DekaBank has a BCM system that ensures the continuity of time-critical business processes in an emergency. For further details, see ESRS S4-1 13. 25 (d) Submitted complaints are processed, tracked and monitored in accordance with the Deka Group’s written policies for complaints handling. The stakeholders are involved as needed to ensure the effectiveness of the channels of communication, and their feedback is important to ensuring the efficiency and accessibility of the channels. On the basis of this feedback, adjustments are made if necessary to ensure the best possible handling of concerns. The channels are also regularly reviewed and analysed to ensure that they meet users’ needs and contribute effectively to resolving the concerns that are raised. 26 DekaBank ensures a suitable HR, organisational and technical environment in accordance with the rules of procedure published on its website. Consequently, when complaints and reports are received, the whistleblowers’ identities are kept confidential and they are well protected from disadvantages or retaliation as a result of making their complaints. The persons entrusted with the complaints procedure are required to 392

393

Group management Report | Sustainability report Deka Group Annual Report 2024 maintain confidentiality and comply with data protection. Beyond that, there is no procedure in place to specifically evaluate whether consumers and end-users trust the channels available to them. If such trust is lacking, affected persons have the option of contacting the relevant authorities or institutions or taking legal action. For further information, see ESRS G1-1 “Business conduct policies and corporate culture”. For a better understanding of the actions that DekaBank takes to protect consumers and end-users from potential negative impacts, the most important actions are explained in more detail below. S4-4 – Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions Minimum disclosure requirement – Actions MDR-A – Actions and resources in relation to material sustainability matters (Fig. 172) The contents of the MDR-A table reflect the actions and action plans of DekaBank’s Data Protection and ISM/BCM units, which apply to all Deka Group companies except S Brokers. The latter has its own actions and action plans. Actions / action plans 1. Preventive measures: a. Implementing regulatory and legal requirements: The Deka Group ensures that all relevant regulatory and legal requirements in the ISM/BCM and data protection areas are met. This involves regularly reviewing and adjusting internal processes to ensure ongoing compliance with the general legal conditions as they evolve. b. Training Deka Group employees, awareness-raising activities (e.g. sending employees phishing test e-mails). c. Regularly updating the work instructions: The work instructions are continuously reviewed and updated to ensure that they meet the current requirements and implement current best practices. This helps to ensure the efficiency and security of work processes. d. Defining target measures: to provide a consistent and effective response to potential risks. e. Designing a methodical procedure in advance to enable appropriate responses to incidents. If necessary, this may also include communication with customers (drawing up plans) and internal and external communication. 2. Reactive measures: a. Analysing/handling data breaches and other data protection risks: Based on the results, action is taken to appropriately counter potential risks and prevent future data breaches. b. Processing requests arising from data subject rights (e.g. requests for access to data, rights to rectification, erasure of data; this also involves notifying data subjects about the processing of their data). c. Applying and implementing the plans that are in place when incidents occur: This entails activating and implementing the plans that have been developed and kept at the ready. These plans contain the steps needed to respond effectively and minimise the impacts on the Deka Group. Outcome / contribution of key actions in the reporting year re: 1. and 2. A consistently high level of data protection and information security maintained on the basis of the legal requirements. Outcome / contribution of key future actions re: 1. and 2. Implementation of the DORA Act (ISM/BCM). Scope re: 1. and 2. Applicable throughout the Deka Group, taking into account local requirements in the various jurisdictions (excluding S Broker, which has its own rules). Time horizon re: 1. and 2. Continuous monitoring, new actions added or existing actions modified if required. 393

394

Group management Report | Sustainability report Deka Group Annual Report 2024 Mitigation measures re: 2. DekaBank takes the following steps to offer redress for individuals who have been harmed by actual material impacts: First, the facts are investigated and the incident assessed thoroughly based on its severity and likelihood of occurrence. If necessary, the incident is reported to the competent authorities, such as the data protection supervisory authority, the European Central Bank (ECB), the German Federal Office for Information Security (Bundesamt für Sicherheit in der Informationstechnik, BSI) and other relevant bodies. The affected persons are also notified if necessary. Following this process, action is taken to raise awareness among the persons who caused the incident in order to prevent future violations. These measures ensure that both the immediate and long-term effects of the incidents are addressed and counteracted. Security of customer information 28 In the context of material impacts and actions, data protection notices inform affected persons of the processing of their personal data and of their rights. Affected persons can also contact the Data Protection Officer to ensure that their rights are being protected. Distribution of information The Deka Group endeavours to provide accurate, comprehensible, high-quality information to its customers at all times. If a complaint is made concerning possible flaws in the content of an information document, an error analysis will be carried out and documented. If this analysis actually identifies errors and customers have suffered harm due to the errors in individual cases, any claims for damages or rescission asserted by customers will be honoured. If defective information has been provided, procedural and/or technical adjustments will be reviewed and implemented to prevent the error from recurring. When customers open investment and securities accounts with bevestor GmbH, they are required to provide the necessary information online and to do so independently and accurately. In the finalisation process, customers must confirm the accuracy of the information they have provided. If it later emerges that a customer provided incorrect information and that this has resulted in an unsuitable investment, the customer can at any time contact bevestor GmbH or update their data themselves via the online platform. If necessary, the product will then be exchanged, or the investment will be sold, in accordance with the updated information. If quality controls – for example, bevestor GmbH’s outsourcing control – identify an error, the customer will be informed immediately. Ensuring data security impacts information distribution by controlling who has access to what information, thereby providing a uniform structure for the use and distribution of the information. It should be noted in this connection that S Broker has implemented its own rules and processes for this purpose. Security of customer information 31 (a) A large number of actions are taken to ensure fundamental information security and data protection, as well as the Deka Group’s operational resilience, and these also affect the integrity of customer information. These include: The information security and data protection policies are continuously developed and updated in accordance with DIN EN ISO 27001 and DIN EN ISO 27701. For example, encryption requirements are defined to ensure confidentiality. Clear responsibilities are established to determine who should have access to what data. Risk assessments are carried out, both regularly and on an ad hoc basis, to identify potential vulnerabilities at an early stage. This includes carrying out data protection impact assessments. Redundant systems and data centres are used. If a security incident occurs, there will be an immediate response, and the circumstances that led to the incident will be analysed. The offering of IT security training and awareness-raising courses is continuously maintained and expanded. Regulatory actions are continuously implemented and put into practice. 394

395

Group management Report | Sustainability report Deka Group Annual Report 2024 Processes and work directives that govern data handling are constantly being established, adapted and refined. This is partly to raise awareness of data security among the employees and to train them accordingly on data handling. Regular risk assessments are carried out as part of the risk culture and data security programmes, which also helps to ensure a high level of information security. There is a close and regular dialogue in this context with the relevant organisational units in the Deka Group in order to promote continuous improvement and assurance (lessons learned). If an information security incident occurs, the impacts on those affected will be analysed immediately. This analysis will include examining any additional remedial actions that need to be taken to reduce the potential impact on affected persons. It will also assess whether a reportable data protection violation has occurred. If one has, the competent data protection supervisory authority will be notified. Each case is analysed and assessed individually and, if necessary and depending on the specific situation, actions will be taken and adjustments will be made to reduce the potential risk. If the risks to the affected persons are high, there will be a duty to inform them. 31 (b) With regard to actions taken, every data protection violation is first reviewed individually to assess its circumstances and impact on affected persons. The initial step is a detailed review, which also examines possible financial or social impacts on affected persons and summarises them in a specific risk assessment. The actions that need to be taken will depend significantly on the level of damage caused by, and probability of recurrence of, the data protection violation. They range from adjustments of processes to dialogue with the competent data protection supervisory authorities, communication with service providers and correspondence with the affected persons. DekaBank’s Board of Management and the management teams of the subsidiaries are promptly informed about any potential risks arising from data protection violations. 31 (c) Data protection and information security training and awareness-raising activities for employees are material components of the Deka Group’s strategy and are intended to make an additional positive contribution for the Group’s customers. These initiatives aim to raise everyone’s awareness of data protection issues and to emphasise the need to handle data carefully. They also address the questions of what information can be used and for what purposes, and what information can be communicated to the savings banks providing customer support. 31 (d) The process criticality analysis, which is part of a business impact assessment (BIA) and serves as a central tool for identifying process-related requirements, is used to measure the effectiveness of information security actions. This analysis focuses on assessing the importance of individual processes and is carried out regularly across all business processes. A catalogue of target information security actions is produced based on the results of the analysis, and its implementation is continuously monitored. The appropriateness of the catalogue of target actions is scrutinised through a regular assessment of threats and vulnerabilities, as well as findings from the continuous improvement process. Further potential for improvement may be identified in the process of analysing and handling security incidents. The effectiveness of the actions and initiatives is tracked and assessed as part of the DPMS through the plan- do-check-act (PDCA) cycle. The PDCA cycle describes the phases of the Deka Group’s continuous improvement process. The aim of this process is to achieve greater data protection efficiency and consistently high customer satisfaction by improving the processes and procedures. 32 (a) DekaBank maintains contact with security organisations, government authorities and industry associations to define methods and procedures for data protection and information security and to categorise them by necessity and appropriateness (see ESRS S4-1 13). 395

396

Group management Report | Sustainability report Deka Group Annual Report 2024 32 (b) A variety of actions have been taken in connection with data protection to minimise specific negative impacts of data protection violations on consumers and end-users in the context of approaches and actions. Complaints can be addressed to the relevant organisational unit directly and immediately, and the Deka Group ensures that the units will be easily contactable. Customers always have the option to use the above- mentioned channels of communication to submit their complaints. The Deka Group relies on close and trusting cooperation in the area of alignment with standards and engagement with security organisations, government authorities and industry associations. DekaBank regularly coordinates with other banks in the Sparkassen-Finanzgruppe to ensure compliance with and refinement of the required standards in these areas. This collaborative approach enables the Deka Group to meet the constantly changing requirements and challenges and to uphold the high security and sustainability standards. 32 (c) Processes have been implemented in the context of data protection to ensure that affected persons can exercise their data protection rights, such as the rights to information and rectification. Potential negative impacts are regularly identified through data protection impact assessments, and remedial actions are taken to mitigate them if necessary. The effectiveness of the procedures maintained for identifying and managing information risks ensures that risk profiles related to information security threats within the Deka Group undergo continuous review. The Information Security Officer reports on them to DekaBank’s Board of Management on a quarterly basis, presenting a complete overview. This process of gaining assurance is embedded in the Deka Group’s overall governance and is supported by a risk-based approach. It ensures that, in the event of material negative impacts, remedial actions will be available and effective – with solutions being found through close dialogue with the organisational units. Actions are developed and implemented collaboratively to ensure consistency. DekaBank’s Board of Management is kept informed of identified risks. 34 DekaBank’s DPMS aims to safeguard the informational self-determination of customers, prospects, suppliers and employees in order to avoid any significant negative impacts on consumers and end-users. In doing so, it also addresses potential impacts on the Deka Group, such as reputational damage and financial losses. Parallel to this, the ISM and BCM units focus on protecting the Deka Group’s information systems, including personal data. The impacts on the entire customer base, especially in the form of potential damage to the Deka Group (such as reputational damage or financial losses due to violations or incidents) are addressed. Identification procedures and access controls are based on an authorisation management system, which (in the Deka Group) is governed by abstract rules and the “need-to-know” principle in accordance with the DIN EN ISO 27001 standard. It should be noted that S Broker has its own rules in this regard. The actual implementation is carried out by the responsible organisational units and the IT department. The close interlinking of data protection and information security ensures that data confidentiality and integrity are both maintained, while also protecting the Deka Group’s business processes. 35 No severe human rights issues or incidents occurred in the reporting period. 36 The aim of the DPMS is to effectively ensure and continuously improve data protection within the Deka Group. The effectiveness of the data protection guidelines is reviewed regularly in the course of monitoring activities. PDCA-cycle processes are used to ensure continuous improvement of the data protection arrangements. Appropriate KPIs are derived to measure the adequacy and effectiveness of the data protection arrangements. Time comparisons and observation periods serve as aids for monitoring and assessing progress. 396

397

Group management Report | Sustainability report Deka Group Annual Report 2024 DekaBank’s high standards and the low incidence of customer complaints contribute to a positive assessment of the arrangements. The absence of complaints from the supervisory authorities also validates DekaBank’s goal of acting sustainably in terms of data protection as well. A defined degree of protection for security within the Deka Group is compared with the potential risks and the outcome suggests a course of action. S Broker has its own guidelines and processes in this regard. The goal is to establish actions for identified target measures and scenarios and to implement these consistently in order to mitigate potential risks. Instead of an absolute quantitative target, continuous control is carried out on the basis of aggregated risks and transparent reports to DekaBank’s Board of Management. The degree of implementation of these actions is also reviewed by the supervisory authority and is therefore subject to regulatory control. 37 The Deka Group provides sufficient financial and human resources to ensure and maintain a high and appropriate level of data protection and information security. AR 25 The threat and risk assessment provides the basis for investigating factual circumstances, assessing risks and taking appropriate actions. Data protection is an ever-present issue that is addressed on a continuous basis and through project-based activities. The central goals are constant improvement of digital resilience and protection of personal data, both in continuous compliance with the evolving legal requirements. AR 38 The Deka Group has information security policies that must be followed both within the Bank and by suppliers to ensure that information remains accurate, current, confidential and available. Deviations from these guidelines are assessed in terms of their risks, and adequate countermeasures will be taken if a risk threshold is exceeded. Similarly, personal data of data subjects is also protected within the Deka Group and service providers to ensure compliance with the data protection regulations. Although S Broker is aligned with the Deka Group’s rules, it has implemented its own processes to ensure data availability and confidentiality. AR 40 Risks related to ensuring information security and data protection as protection objectives are managed through the Deka Group’s non-financial risk management (indirectly addressing their impact on customers). For this purpose, there are specialised functions in the second line of defence that set guidelines for managing these risks and monitor compliance with them. In addition, the data protection unit, which was established in accordance with legal requirements, works to maintain and continuously improve the level of data protection. The methods and processes for identifying, assessing, managing and reporting risks are based on uniform minimum requirements, ensuring that they are fully integrated into the Deka Group’s overarching risk appetite policy (see the Group Management Report – Risk report). The following section examines the goals that DekaBank is pursuing in connection with potential negative impacts on consumers and end-users. 397

398

Group management Report | Sustainability report Deka Group Annual Report 2024 S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets that cannot be measured quantitatively (Fig. 173) The contents of the MDR-T table refer to the targets of DekaBank’s Data Protection and ISM/BCM organisational units, which apply to all Deka Group companies except S Broker. The latter has its own targets, which are aligned with DekaBank’s business and risk strategy, but can nonetheless be considered independent targets. Setting targets 1. With its data protection management system, the Deka Group pursues a continuous improvement process with the aim of maintaining a consistently high level of data protection. 2. High level of customer satisfaction (objective derived from the GDPR of protecting fundamental rights and freedoms [of consumers/end-users]). 3. High level of basic data security. 4. Further developing the degree of maturity of the data protection management system. 5. High level of security that identifies threats and risks early on and determines appropriate target measures. Tracking effectiveness without targets re: 1. to 5. Effectiveness is ensured by reviewing the regulatory requirements for data protection regularly to assess whether they remain current and amending them if necessary. The completeness and effectiveness of the data protection management system’s processes are analysed as part of the PDCA cycle. Regular monitoring of the implementation of measures (self-assessments and external audits). Procedures and processes for tracking effectiveness re: 1. to 5. Efforts are made to ensure compliance with data protection requirements. Case-by-case analyses / PDCA cycle / reports to the Group/subsidiary Board of Management (at the end of the processes). Progress re: 1. to 5. The Board of Management is informed on a quarterly basis about the appropriateness and effectiveness of the data protection measures that have been taken (level of data protection). Baseline value re: 1. to 5. No baseline value currently exists for measuring progress in implementation of internal policies. Customer complaints and legal disputes relating to ESG are reported to the Board of Management on the ESG dashboard (see ESRS 2 GOV-1 22 (d)), which must be updated quarterly. 38 (a) The actions implemented by the Deka Group ensure a high level of data protection and information security, while also complying with regulatory requirements. The Deka Group pursues qualitative targets to ensure a consistently high level of data protection and to avoid or reduce potential negative impacts as far as possible. These targets are geared towards preventing data protection violations and, in the event of an incident, analysing its causes thoroughly to prevent a recurrence of similar incidents in the future. The Deka Group’s qualitative targets are divided into various areas: Advice and support: The goal is to ensure a high level of data protection awareness among employees. Being competently involved in issues as a relevant organisational unit and able to provide support. Management and monitoring: Ongoing identification of non-financial risks and management of them through suitable thresholds Quality standards: Continuous optimisation and hardening of data protection processes to achieve and maintain a robust level of data protection ICT and information security risks are managed by the Non-Financial Risk unit to ensure a high level of information security and minimise potential negative impacts. As a fundamental objective, the Deka Group aims to minimise operational risks that could arise from ICT. 398

399

Group management Report | Sustainability report Deka Group Annual Report 2024 The Deka Group implements regulatory compliance with consistency and due diligence. This also influences how published information is handled and what legal requirements are associated with it. 38 (b) For data protection, positive impacts on data subjects result from employee awareness-raising and training activities, and from advice for organisational units and project support employees. For ISM/BCM, positive impacts on customers are fostered by project-related activities, including activities connected with critical infrastructure (protection of critical infrastructures in accordance with the German Act on the Federal Office for Information Security [Gesetz über das Bundesamt für Sicherheit in der Informationstechnik, BSIG]), DORA and, in the IT department, by the implementation of the Deka Group’s catalogue of target actions. 38 (c) If a data protection incident occurs, the material impacts are first assessed through a comprehensive and detailed analysis that individually evaluates the risks for the data subjects. The objective is to prevent further incidents and ensure sustainable protection of the data subjects. The management of such impacts aims to maintain an effective and high level of data protection. This includes regularly reviewing existing actions and continuously optimising the data protection processes for sustainable compliance with security and prevention requirements. 41 (a) The targets are indirectly set on the basis of the legal requirements and the Deka Group’s quality standards to avoid any possible adverse impacts on information and data security. Any information released externally must also be sufficiently protected against unauthorised access. 41 (b) Performance tracking in connection with data protection includes reporting to DekaBank’s Board of Management on the state, effectiveness and completeness of data protection management. The Data Protection Officer collects the relevant findings and reports them to the Board of Management. The suitability of the processes related to data protection management is continuously reviewed, and process optimisations are monitored through action management. The ultimate aim is to protect consumers and end-users as far as possible from negative impacts. This includes protecting information against unauthorised access. Effectiveness is tracked through reporting to DekaBank’s management and supervisory bodies, i.e. the Board of Management and the Administrative Board. The basis of this reporting includes the results of self- assessments (internal assurance) and audits (external assurance and validation). Security of customer information 41 (c) Identifying lessons and potential improvements are key components of the Deka Group’s risk culture. The focus is on promptly initiating and implementing process improvements to provide consumers and end- users with continuous access to an ethical business environment. Additional information from subsidiaries on the security of customer information As part of their auditing and monitoring activities, the Internal Audit and Compliance corporate centres systematically identify and collect lessons and potential improvements and then bring them to the attention of all parties involved (except S Broker and bevestor GmbH, which are not covered by DekaBank’s Internal Audit or Compliance corporate centres). Addressing identified opportunities for optimisation continuously and pursuing them consistently are key parts of this process. The aim is to provide customers with accurate, comprehensible and high-quality information that meets all relevant regulatory requirements. This is supported by internal quality control, the four-eyes principle for publications and audits by independent third parties such as TÜV Saarland (for bevestor GmbH). S Broker supplements these actions by providing electronic mandatory publications and continuously optimising its presentation of information – for example, by introducing a product finder for greater clarity. In addition to the product finder, S Broker’s new app offers explanations of technical terms, as well as overviews of securities and ratings by analysts. 399

400

Group management Report | Sustainability report Deka Group Annual Report 2024 Governance information ESRS G1 – Business conduct G1-1 – Business conduct policies and corporate culture 9 DekaBank is a federal institution incorporated under public law and is a member of the Sparkassen-Finanzgruppe. It is therefore bound by the principles of subsidiarity, alignment with the common good and sustainability. As DekaBank’s sole owners, the savings banks are, like its customers, at the core of its business model. Its corporate culture is aligned with these principles. Integrity is crucially important to the Deka Group for ensuring its long-term and sustainable business success. DekaBank acts responsibly with regard to the trust of its owners, customers, employees, governing bodies, sales partners, supervisory authorities and the interested public to establish, develop, promote and evaluate its corporate culture. It sets high standards of business conduct and encourages transparent, fact-based communication and an open dialogue with its stakeholders. Within this framework, it is committed to respecting labour rights, protecting the environment and preventing and consistently sanctioning bribery and corruption. It behaves as a competent business partner and employer with a clear focus on customers and performance and demands integrity from its employees. As part of this corporate culture, the Deka Group’s employees – as well as its management – must follow the Code of Ethics and also support others in following it. The Code of Ethics represents the Deka Group’s values and attitudes, and its fundamental principles of integrity, professionalism, accountability, trust, collegiality, compliance, sustainability, respect and consistency in addressing violations play an important role within the Group. To emphasise the importance and binding nature of the principles of conduct set out in the Code of Ethics, managers and employees work together in annual appraisals to assess whether the employees’ conduct has complied with the Code of Ethics. Any violations by the employees of the ethical guidelines and principles are documented as part of the reviews and could lead to disciplinary action, civil proceedings or termination of employment. The principles of business conduct derive from the Deka Group’s business strategy. The Deka Group aims, as the securities service provider of the savings banks, to ensure sustainable and adequate profitability and return on equity in order to achieve a sustainable increase in its own value. Although, as an institution incorporated under public law, DekaBank is not subject to the German Corporate Governance Code, the principles of good and responsible corporate governance are deeply embedded in the Deka Group. The corporate governance policy for the management and supervision of the Deka Group ensures that boards’ and committees’ responsibilities are clearly defined and enables efficient decision-making processes. A strong risk culture is key to the Deka Group sustainably achieving the business policy objectives set out in its business strategy. Without appropriate risk-taking behaviour and deliberate management of risks, it would be impossible to limit the risks within a framework of overarching risk management and thereby ensure the Deka Group’s sustainable business success. The concept of risk appetite and the procedures for monitoring compliance with it form one of the three fundamental pillars of the Deka Group’s risk culture. It is complemented by sound governance and a remuneration system that encourages appropriate risk-taking behaviour. Processes are in place to ensure that these three pillars are continuously adjusted to changing circumstances. Staff and leadership behaviour – risk culture in the narrower sense – are shaped by the rules set down in the Code of Ethics and by the Deka Principles of Leadership, in addition to the above- mentioned formal components. 400

401

Group management Report | Sustainability report Deka Group Annual Report 2024 The Deka Group has adopted a risk culture framework that lays down binding guidelines for the responsible management of risks in the Deka Group and for ensuring that the actions of employees, managers and members of the Board of Management are aligned with this goal. As an organisation, the Deka Group is positioning itself strategically and sustainably with respect to the ESG requirements, so that it can act in a risk- and opportunity-oriented manner. This involves integrating sustainability considerations into its structures and workflows in a consistent and systematic way. Potential ESG risks in relevant business processes are identified and managed systematically. In doing so, regulatory requirements are reliably implemented with a long-term focus. The compliance culture is part of the corporate culture. It is intended to encourage employees to act in accordance with applicable law and is geared towards communicating and fostering compliance values throughout the Deka Group. In this sense, a compliance culture means that employees are aware of their obligations and carry out all their business tasks in compliance with the prescribed standards and rules. To foster a good compliance culture and ensure public trust, compliance with legal and regulatory requirements, and customer protection, the Group has established a permanent, effective and independent compliance function that implements and maintains processes, procedures and directives in order to prevent, among other things, money laundering, market abuse and other criminal actions. The Deka Group has adopted various policies in connection with its corporate culture and its corporate policy. The table below shows the most important policies. It contains more detailed descriptions to explain the objectives that the policies pursue. 401

402

Group management Report | Sustainability report Deka Group Annual Report 2024 Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 174) Policy 1. Code of Ethics 2. Business strategy of the Deka Group in line with MaRisk/KAMaRisk 3. Risk culture framework 4. Framework for ESG governance in the Deka Group 5. Compliance framework in the Deka Group 6. Guidelines for the Deka Group’s fraud prevention system (including the whistleblower system) 7. Gifts and Invitations work instruction Key contents re: 1. The Code of Ethics describes the values and attitudes that make up part of the corporate culture in the form of its cornerstones: integrity, professionalism, responsibility, trust, collegiality, compliance, sustainability, respect and consistency in addressing violations. re: 2. The Deka Group’s business strategy specifies that adequate, sustainable profitability and return on equity must be ensured in order to sustainably increase the value of the company. re: 3. This framework contains a uniform definition of the Deka Group’s risk culture and risk culture process, including the specific persons responsible, as well as measurement, control and monitoring tools across all risk types. It lays down binding guidelines for the responsible handling of risks in the Deka Group and for ensuring that the actions of employees, managers and members of the Board of Management are aligned with this goal. re: 4. The framework’s content includes the ESG-specific responsibilities, rules and processes, as well as the functions and tasks of the Deka Group that cross-cut different remits and business divisions. As a result, the framework applies to the entire Deka Group. re: 5. Compliance works to ensure that the Deka Group has an appropriate system for managing compliance risk, as well as procedures and principles that serve to prevent criminal conduct and protect the Deka Group’s assets. Compliance supports leaders, managers and employees in further developing and strengthening the compliance culture through training, coordination and cooperation with the corporate centres, as well as Group-wide communication and guidelines. re: 6. Arrangements put in place to implement the requirements of the German Whistleblower Protection Act (Hinweisgeberschutzgesetz, HinSchG) and the internal principles for the prevention of criminal conduct in the sense of section 25h of the German Banking Act (Kreditwesengesetz, KWG) include the option of contacting the Compliance department and the Deka Group’s ombudsman as internal reporting points the mechanisms for identifying, reporting on and investigating potential cases of fraud the essential elements and principles of an effective fraud prevention system. re: 7. The rules governing gifts and invitations that employees accept from or intend to give to business partners. These rules apply across all internal hierarchical levels of the Deka Group, with possible differences in details to satisfy the requirements of different target groups. General objectives re: 1. The Code of Ethics serves as a binding framework for ethically and morally correct conduct and action for employees, managers, members of the Board of Management and third parties acting on behalf of the Deka Group. re: 2. The Deka Group’s business strategy sets out the business strategy for the entire Group in accordance with the Minimum Requirements for Risk Management (MaRisk) and for the associated investment management companies in accordance with the Minimum Requirements for Risk Management of Capital Management Companies (KAMaRisk). It identifies sustainability as a central cornerstone of the business model. re: 3. The risk culture framework serves to define a strong risk culture. This is of crucial importance to the Deka Group, as it is a prerequisite for the sustainable achievement of the business policy objectives described in the business strategy. re: 4. The framework aims to achieve an integrated understanding of ESG governance. re: 5. The compliance framework within the Deka Group ensures the functionality of the compliance function and a good compliance culture within the Deka Group. Compliance culture is an aspect of risk culture and is an area where sufficient training is particularly important. Informing employees about topics including criminal conduct also protects them against penalties resulting from potential disregard for these rules. re: 6. The requirements of the Deka Group’s fraud prevention system make a significant contribution to preventing and combating fraud. The objective is to protect the institution’s assets against serious damage and safeguard the reputation of the Deka Group, as well as to protect employees and customers. re: 7. The Gifts and Invitations work instruction contributes significantly to preventing incidents of corruption and conflicts of interest. The objective is to protect the institution’s assets against serious damage and safeguard the reputation of the Deka Group, as well as to protect employees and customers. 402

403

Group management Report | Sustainability report Deka Group Annual Report 2024 Material impacts, risks and opportunities The Deka Group’s Code of Ethics, which all employees commit to follow, presents Deka’s corporate culture in a transparent form for all employees, customers and business partners. Compliance with the Code factors into variable employee remuneration. As a document publicly available on the website, the Code of Ethics is included in assessments by ESG rating agencies. This yields a positive impact on the Deka Group’s overall rating and reputation. In the Code of Ethics, the Deka Group and its employees have committed to acting with fairness, respect, loyalty and dependability in their relationships with all business partners. Business relationships with external service providers and suppliers are based on objective, commercial and factual criteria. Internal work instructions on corruption and bribery issues (e.g. gifts and invitations) can mitigate the risk of compliance violations. This has a positive impact on the banking market. New legal regulations require the Deka Group to behave in compliance at all times. This leads to reputational gains and can prevent consequential costs due to violations (e.g. legal costs). The risk of compliance violations can be mitigated through internal training on preventing corruption and bribery. This has a positive impact on the banking market. All Deka Group employees regularly participate in mandatory training on prevention of corruption and bribery. Based on internal training on the whistleblower system (including the ombudsman), employees can report violations internally without fear of disciplinary consequences. This has a positive impact on the company and other undertakings. Deka Group employees are encouraged to report violations or suspicions to their superiors, Compliance or the ombudsman. Reports can be made confidentially and anonymously. Information on the whistleblower system is available to all employees on the intranet. The internal work instruction on the whistleblower system ensures that employees are able to report irregularities to their employer. This has a positive impact on the financial market (allowing irregularities to be uncovered). Monitoring process re: 1. Compliance with the requirements of Code of Ethics is monitored in the same way for all Deka Group employees. The respective manager evaluates compliance with the Code in the annual target attainment assessments. Violations can lead to consequences ranging from sanctions under labour law to civil and criminal proceedings and termination of employment. re: 2. to 4. Compliance is ensured by the Board of Management and the organisational units. The rules, which are set out in writing, are reviewed annually for consistency and adapted as necessary. Regular internal and external audits address compliance. re: 5. to 7.Compliance is ensured by the Compliance corporate centre and is addressed by the control and monitoring plans. The rules, which are set out in writing, are reviewed annually for consistency and adapted as necessary. The Compliance corporate centre regularly undergoes internal and external audits and monitoring activities. Employees are given sufficient notice before a mandatory training course is due so they can complete it on time. If they fail to do so, they are prompted to make up the training; at the same time, this failure is reported via various escalation levels up to the member of the Board of Management responsible. Scope of application re: 1. Deka Group re: 2. Deka Group re: 3. Deka Group re: 4. Deka Group re: 5. Deka Group re: 6. Deka Group re: 7. Deka Group – excluding IQAM Invest GmbH, S Broker Management AG and S Broker AG & Co KG, which have their own rules Responsible organisational level re: 1. Board of Management, Compliance corporate centre re: 2. Board of Management re: 3. Non-Financial Risk area re: 4. Strategy & HR re: 5. to 7. Compliance corporate centre 403

404

Group management Report | Sustainability report Deka Group Annual Report 2024 Reference to third-party standards or initiatives re: 1. Commitment to the common good of the Sparkassen-Finanzgruppe. re: 2. Directive 2013/36/EU of 26 June 2013, section 25a KWG, Minimum Requirements for Risk Management. re: 3. SSM supervisory statement on governance and risk appetite, June 2016. re: 4. ECB Guide on climate and environmental risks, November 2020. re: 5. Compliance and the compliance function in banks, EBA Guidelines on internal governance under Directive 2013/36/EU of 26 June 2013. re: 6. Directive (EU) 2019/1937 of 23 October 2019 and section 25h KWG. In accordance with section 25h (1) KWG, DekaBank must have procedures and principles in place to prevent criminal conduct that could jeopardise the institution’s assets. The interpretation and application guidance publications of the German Banking Industry Committee (Die Deutsche Kreditwirtschaft, DK) have so far provided the Deka Group with a binding planning basis for implementing the obligations under section 25h (1) KWG. re: 7. Section 25h (1) KWG and offences such as those under section 263 et seq. and section 299 of the German Criminal Code (Strafgesetzbuch, StGB), as well as corruption offences under section 331 et seq. StGB. Consideration of stakeholders’ interests re: 1. to 4. Protecting customers and business partners, protecting employees, protecting the financial market – to ensure a healthy, sustainable corporate culture characterised by integrity. re: 5. Maintaining a good compliance culture and providing training on compliance requirements, including fraud prevention, takes stakeholders’ interests into consideration. Awareness is raised among employees, and they are taught how to comply with safety and security measures, identify violations early on and respond appropriately. re: 6. The rules and appropriate prevention and investigation measures are intended to prevent or thwart – or, failing that, identify and penalise – criminal conduct by managers, board members and all other employees, as well as persons external to the company. The established whistleblower system provides a channel for reporting illegal conduct or conduct that does not comply with the Code of Ethics to allow effective, rigorous investigation. Swift and rigorous action in critical situations should help to minimise financial losses and reputational damage and thus is in the interests of customers, business partners and the public. Ethical conduct of leaders, managers and employees strengthens the trust of customers, business partners and the public in the integrity of the Deka Group as such and thus generates indirect added value for stakeholders in general. re: 7. The rules on gifts and invitations primarily serve to prevent incidents of corruption. Employees are protected. This can reduce the risk of reputational damage, which is also in the interests of all stakeholders. Availability of policies to stakeholders re: 1. to 7. Available to all employees via the internal Process Portal on the intranet. The essential content is covered in initial training (in-person/web-based training) and recurring training (web-based training) and, if necessary, deepened/refreshed in ad hoc training courses. In the training formats, employees are also informed of the corresponding options and rights under the whistleblower system. re: 2. The following directive applies to employees in the Compliance corporate centre who carry out training: “Implementation of compliance training”. re: 1. and 6. Available on the DekaBank website. Scope limitations re: 1. to 7. There are no limits to the scope of application. 9 The Compliance department combines capital market and real estate compliance, anti-financial crime and corporate compliance. Within it, the central Anti-Financial Crime unit combines anti-money laundering, prevention of terrorist financing, actions to prevent criminal actions and implementation of financial sanctions and embargoes. The Compliance department develops Group-wide standards and policies for the Deka Group, based on the applicable laws and regulations, in the subject areas for which it is responsible. It also supports DekaBank’s organisational units and the relevant subsidiaries with appropriate training and advice on the implementation, realisation and refinement of the regulatory requirements. This department is also involved in projects and processes, especially the new product and market processes, product approval processes, significant changes to the operational and organisational structure, and outsourcing. As part of its responsibilities, it ensures that the Deka Group meets the regulatory requirements and that it identifies potential conflicts of interest at an early stage and prevents or manages them as far as possible or, as a last resort, discloses them. 404

405

Group management Report | Sustainability report Deka Group Annual Report 2024 Procedures and controls have been implemented in the organisational units and the Compliance department to meet the applicable legal and regulatory requirements. The relevant tax requirements are addressed and complied with in the context of tax compliance. These procedures and controls serve to identify and manage compliance risks and to prevent and detect irregularities. In the “three lines of defence” (3LOD) model, this department plays a central role as the second line of defence for identifying and mitigating compliance risks. This involves carrying out extensive monitoring and control activities to identify potential risks at an early stage and mitigate them through targeted actions. These are an integral part of the Deka Group’s compliance management system. Another component of the Deka Group’s compliance management system is the fraud prevention system, including the whistleblower system. The whistleblower system ensures that both employees and individuals outside the Group can report potential or actual violations of legal regulations and requirements, as well as illegal or dishonest conduct, to internal and external reporting points. One of the reporting points is the DekaBank ombudsman, who reviews the facts and forwards the relevant information to DekaBank confidentially. As a lawyer, the ombudsman is subject to the legal duty of confidentiality. The whistleblower system ensures that whistleblowers are protected from retaliation for submitting reports. The whistleblower system has been expanded to meet the requirements of section 8 LkSG. 10 (a) The Deka’s Group Code of Ethics serves as a binding framework for ethical and correct conduct for all employees, managers, members of DekaBank’s Board of Management and third parties acting on behalf of the Deka Group. The current version of the Code is available on DekaBank’s website (see https://www.deka.de/deka-gruppe/wer-wir-sind/unsere-kultur-und-standards/ethikkodex). The preamble states that managers and employees must work together in the annual appraisals to assess whether the employee’s conduct has been in accordance with the Code of Ethics, and that this can influence the employee’s variable remuneration. Serious violations of the Code of Ethics can result in consequences under labour law, civil law and criminal law or even termination of employment. An escalation matrix establishes the penalties for employee violations. Its goal is to safeguard the Deka Group’s assets against significant damage and to protect customers. At DekaBank, implementing the requirements to prevent criminal actions in accordance with section 25h (1) KWG is the responsibility of the Compliance department and is carried out by the head of the department and the Group’s money laundering reporting officer or their deputy. On an operational level, the tasks of advising, monitoring and imposing penalties are primarily handled performed by the Anti-Financial Crime unit. The Deka Group’s fraud prevention system includes internal safeguards and mechanisms for identifying, reporting and investigating concerns about conduct violating the law or the Deka Group’s Code of Ethics. It should also serve to protect the Deka Group’s reputation and take account of the interest that the public, business partners and customers have in the Group’s integrity. It describes the key elements and principles of an effective fraud prevention system, as well as the duties, responsibilities and competencies of the offices and organisational units that play a particular role in preventing and combating fraud. These elements are subject to the same reporting system as criminal actions in accordance with section 25h (1) KWG. In line with this, the Deka Group must have procedures and policies in place to prevent criminal conduct that could jeopardise the institution’s assets. The interpretation and application guidance publications of the German Banking Industry Committee (Deutsche Kreditwirtschaft, DK) provide the Deka Group with a binding basis for implementing these obligations. In addition to the organisational guidelines, especially the requirement to establish a “Central Office” (Zentrale Stelle) for preventing money laundering and fraud, they provide details of the obligations to prevent criminal actions. Violations that do not directly jeopardise the institution’s assets are handled similarly. 405

406

Group management Report | Sustainability report Deka Group Annual Report 2024 The internal safeguards required by section 25h KWG to prevent criminal actions and the implementation of the safeguards in the Deka Group are regulated in terms of content in the guidelines for the fraud prevention system. These also describe the whistleblower system with its various internal and external reporting points. In addition, they include rules to protect whistleblowers so that they need not fear negative consequences (retaliation) for making a report. The written rules describe the process of identifying and investigating (potential) cases of fraud. This includes recording, processing, assessing, initially reviewing and investigating these cases, deriving and refining preventive measures, and initiating appropriate consequences. The written rules are made accessible through initial and refresher training and ad hoc training as needed. 10 (b) The Deka Group supports the UN Convention against Corruption by meeting the requirements of section 25h KWG and maintaining a comprehensive anti-corruption programme, which can be adjusted as needed at any time to combat and prevent corruption as far as possible. The risk assessment for criminal actions in the sense of section 25h (1) KWG regularly assesses and evaluates risks for the Deka Group, including the risk of corruption. The guidelines of the Code of Ethics and its elaboration in written rules comply with section 25h (1) KWG. The written rules cover topics such as gifts and entertainment, the whistleblower system, employee reliability examinations in accordance with the German Money Laundering Act (Geldwäschegesetz, GwG), block absences (leaves of absence of ten consecutive working days) and the associated safeguards, including escalation and penalty mechanisms. 10 (c) i, 10 (d), 11. The Deka Group has implemented the requirements of the German Whistleblower Protection Act (Hinweisgeberschutzgesetz, HinSchG) in connection with establishing an internal reporting channel for whistleblowers. The HinSchG serves to transpose Directive 2019/1937 of 23 October 2019 into German law. DekaBank is subject to this law. When the law came into force, all employees were informed of the corresponding guidelines and structures within the Deka Group. The internet and intranet sites also meet the legal requirements. They identify the reporting channels and make them publicly accessible. These include the option of communicating anonymously with the relevant contact partners in the Compliance department and the Deka Group’s ombudsman as internal reporting points. The institutions designated by law in Germany (BaFin’s Contact Point for Whistleblowers, the German Federal Office of Justice and German Federal Cartel Office) are identified as external reporting points. There are also rules to protect whistleblowers against negative consequences (retaliation). In the training formats, employees are also informed of the relevant options and rights. 10 (c) ii Individuals who use the reporting channels to report suspicious conduct are protected against retaliation. They need not fear consequences under labour law or other adverse consequences, as long as they are not involved themselves and do not abuse the whistleblower system. This protection applies even if the report proves unfounded. If whistleblowers experience negative consequences in their professional environment and claim that this is because they have made a report or disclosure, the burden of proof is reversed: it is then presumed that the negative consequences result from their having made a report. 10 (e) The guidelines of the Deka Group’s fraud prevention system govern the material elements and principles, including the associated processes and actions, for an effective fraud prevention system to prevent criminal actions that could jeopardise the assets of the institution and/or the individual companies. In connection with the fight against corruption, the Deka Group has also specified the conditions under which gifts and entertainment, or any other benefits, can be granted to or accepted from third parties. The documentation and authorisation process is mandatory for all employees, including management. As a matter of principle, employees are not permitted to grant, accept or request gifts or entertainment in connection with their work, either for themselves or for third parties, if doing so could harm the interests of the Deka Group or its customers. Giving gifts and entertainment is, to a certain degree, compatible with market practice, provided it complies with applicable laws and standards. However, this activity risks calling the professional independence of everyone involved into question, so employees are required to avoid even the mere appearance of a conflict of interest. 406

407

Group management Report | Sustainability report Deka Group Annual Report 2024 The experts in the Compliance department are available to all employees as contact partners for any questions about integrity issues. As part of their induction training, new employees are given contact information for these experts when they first join the Deka Group, and this information is available at all times on the intranet. The risk assessment for criminal actions in the sense of section 25h (1) KWG regularly assesses and evaluates risks for the Deka Group, including the risk of corruption. The analysis of criminal actions also covers special issues such as the prohibition of greenwashing, unauthorised tax structuring models and the prohibition of using private means of communication for business purposes. The Deka Group’s policies establish responsibilities and procedures for handling reports received in connection with criminal actions, including bribery and corruption. These govern the processes of investigation, escalation, reporting and deriving actions in the event of criminal actions, regardless of how the facts of the cases became known. Criminal actions against the Deka Group could cause considerable financial damage (e.g. financial penalties imposed by the supervisory authority) and/or reputational harm. Accordingly, any damage that occurs must also be investigated for its causes, so that actions to prevent or mitigate future risks can be derived. Within the Deka Group, the Compliance department is responsible for the investigations. The head of the department or their deputy is responsible as the Group’s money laundering reporting officer. This ensures that an objective and independent investigation is carried out. On an operational level, the tasks are carried out in the Anti-Financial Crime – Advice, Monitoring & Penalties unit and can include involving or hiring auditors, law firms or forensic service providers if necessary. This ensures an immediate and independent investigation. The incidents can, if necessary, be used as case studies for ad hoc training in response to the incidents. 10 (g) The corresponding content is communicated to employees in training activities. In these, the Deka Group focuses on the prevention of criminal actions in accordance with section 25h KWG and on other compliance issues. The Deka Group’s policies and training programmes include extensive rules for the prevention of criminal actions. These define the organisational framework for the internal training courses (hybrid: in-person, online and web-based) that all employees must complete: once when they join, and every two years after that. The training is comprehensive and covers, among other things, the safeguards built into the Deka Group’s fraud prevention system; and it includes interactive involvement of the participants. There is also mandatory training for employees on other compliance issues like capital market compliance and MiFID II. 10 (h) Purchasing, IT and the Asset Management Real Estate business division, as well as persons with access to confidential information, are classified as most at risk in respect of corruption and bribery. 407

408

Group management Report | Sustainability report Deka Group Annual Report 2024 G1-2 – Management of relationships with suppliers DekaBank has a directive governing invoice processing. Minimum disclosure requirement – Policies MDR-P – Policies adopted to manage material sustainability matters (Fig. 175) Policy 1. Work instruction on invoice processing 2. Sustainability Statement, see ESRS S2-1 MDR-P table Key contents re: 1. This work instruction establishes rules for invoice processing by the Purchasing Systems & Invoice Processing organisational unit. It describes the process for invoice receipt and verification in accordance with the current version of the “Purchase of Goods and Services” directive. General objectives re: 1. The objective of this work instruction is to establish rules for correct and timely processing of the central incoming invoices with subsequent invoice verification after the procurement process, as well as invoices from the exception list in accordance with the “Purchase of Goods and Services” directive. Material impacts, risks and opportunities re: 1. Payment and performance obligations, including liability provisions, are governed by contracts concluded with service providers and suppliers. This ensures that service providers and suppliers are paid on time (except in the event of underperformance/defective performance). This has a positive impact on the liquidity and delivery capacity of service providers and suppliers. Monitoring process re: 1. The Purchasing Systems & Invoice Processing organisational unit is responsible. The work instruction is regularly reviewed for consistency and, if necessary, adapted outside the normal cycle (e.g. in the event of changes to the process or system). It is regularly reviewed by Internal Audit and audited by the auditor. Scope of application re: 1. The scope of application is the Deka Group (excluding IQAM Invest GmbH, which however meets the same Group-wide minimum standards). Responsible organisational level re: 1. The Purchasing Systems & Invoice Processing organisational unit is part of Group Operational Purchasing and is the responsibility of the Group leadership; the head of the Organisational Development corporate centre is the responsible level. Reference to third-party standards or initiatives re: 1. The Purchasing Systems & Invoice Processing organisational unit follows generally accepted accounting principles (GAAP). Consideration of stakeholders’ interests re: 1. Through the policy, the company protects its own assets and all services providers and suppliers. Availability of policies to stakeholders re: 1. This policy is for internal use only and is available to all employees via the internal Process Portal on the intranet. Cross-reference to other topical ESRSs re: 1. ESRS S2 (Workers in the value chain). Scope limitations re: 1. The policy applies to the indirect upstream value chain (employees of service providers and suppliers). 14 DekaBank has established the Invoice Processing directive for managing relationships with its service providers and suppliers to ensure that all service providers and suppliers are paid properly and to prevent, as far as possible, late payments to small and medium-sized enterprises. The Purchasing Systems & Invoice Processing unit is responsible for implementing this directive. 408

409

Group management Report | Sustainability report Deka Group Annual Report 2024 15 (a), 15 (b) DekaBank’s mandatory principles of sustainability and sustainable purchasing of goods and services must be observed when purchasing goods or services. DekaBank has set sustainability-related requirements for the selection of service providers and suppliers that relate to both the quality of the products and services purchased and the business conduct of the service providers and suppliers. The key company- specific requirements are set out in the Purchasing Sustainability Statement, which the largest service providers and suppliers must sign before a business relationship is initiated. In it, they undertake, among other things, to meet the core labour standards of the International Labour Organization (ILO). Rules relating to the LkSG were added to the statement as part of a revision in 2023. Other topics covered in the statement include social responsibility, environmental protection, renewable energy and environmental labelling. Its goal is to ensure a proper, efficient, transparent, reliable and simple purchasing process. DekaBank’s purchasing process addresses the legal and regulatory requirements and internal directives and is designed to ensure a competitive level of prices and services. The principles of social responsibility, environmental protection and business ethics are indispensable components of sustainable purchasing of goods and services. Product-related sustainability criteria are addressed during the product selection process for standard products, such as office supplies and office communication equipment, with particular reliance on relevant certificates (e.g. the Blue Angel label). In cases of doubt (for example, if the provider is only willing to commit to its own sustainability principles), the relevant purchasing unit will decide whether a business relationship should be initiated. DekaBank’s overarching sustainability concerns are an integral part of its business strategy. There is also an annual risk assessment of service providers and suppliers in terms of sustainability and human rights, as required by the LkSG. As a subsidiary of DekaBank, IQAM Invest GmbH works primarily with service providers and suppliers with which it has a geographical and/or personal relationship. Its contracts with service providers and suppliers have no separate sustainability-related provisions. G1-3 – Prevention and detection of corruption and bribery 18 (a) The Deka Group has formulated internal procedures as described below for preventing, detecting and addressing allegations or incidents of corruption and bribery in order to prevent criminal actions in accordance with section 25h KWG (which implicitly includes the UN Convention against Corruption). The fraud prevention guidelines govern the handling of identified cases of misconduct (including employee misconduct). They describe the whistleblower system, which establishes several reporting channels, including the mandatory confidential reporting channel, to make submitting reports easier (including psychologically). Misconduct can be detected and investigated on the basis of findings from the controls of the organisational units or the central control functions (such as Compliance or Information Security Management) or from reviews by the Internal Audit department, or on the basis of reports from third parties. A tripartite approach applies, consisting of prevention, detection and penalties. An employee’s misconduct, as defined in the Code of Ethics, could in principle lead to an appraisal that affects their remuneration. If necessary, an examination of the employee’s reliability will be initiated in accordance with the GwG. A sanction and escalation matrix exists for penalties, which governs the handling of violations in general. The preventive measures (including the above-mentioned controls, appropriate training, the rules on gifts and entertainment, block absences and employee reliability examinations) also serve to prevent corruption and bribery. For further information, see ESRS G1-1 10 (e). 18 (b) The Deka Group has defined responsibilities for investigating potential cases of corruption and bribery as part of its process of identifying and investigating possible criminal actions generally. Within the Compliance department, the Anti-Financial Crime unit is responsible for this, reporting directly to DekaBank’s Board of Management. The independence of the employee responsible for the investigation is ensured by organisational separation from the employees involved. 18 (c) Internal policies govern the involvement of the administrative, management and supervisory bodies and reporting to them on a regular or an ad hoc basis in cases of fraud. The Compliance department’s annual 409

410

Group management Report | Sustainability report Deka Group Annual Report 2024 reports also provide standardised reporting for the management on cases of fraud. At the management level, the reports are also submitted to the Chair of the Corporate Governance Committee. 20 The Compliance department regularly conducts mandatory training for employees on the subjects for which it is responsible in order to inform them about the rules and processes for compliance with the legal requirements governing the prevention of criminal actions that have been implemented in accordance with section 25h of the KWG and are relevant to them. At the end of the web-based training, participants’ knowledge of the content covered is assessed by means of a test. The in-person training includes interactive engagement with the participants. Ad hoc training is also offered on selected topics as necessary. In the reporting year, training was held in all the formats mentioned above. In the reporting year, as in previous years, all new employees participated in the initial compliance training. In addition, all employees are required to complete web-based training, both when they join the company and at regular intervals subsequently. This training covers topics such as prevention of money laundering and terrorist financing, fraud prevention, financial sanctions, capital market compliance and risk culture. 21 (a) Various training and awareness-raising actions are carried out on the topic of detecting and preventing corruption and bribery. The training policy requires initial training, which covers fraud prevention and corruption and bribery, for all new employees. Throughout the duration of the employment, regularly recurring training is provided every two years in the form of web-based courses on the legal requirements, possible approaches and the company’s internal safeguards in connection with fraud prevention. The training programme also includes ad hoc training. The duration of the training courses usually ranges from 0.8 to two hours, depending on the requirements and the training medium. Besides the policies, further selected information on specific topics is made available on the Deka Group’s internet and intranet sites. 21 (b) The training actions extend to all employees of the Deka Group. Specialised training is provided for specific target groups as required and on an ad hoc basis, for example as a risk mitigation action in the event of fraud investigations or due to findings of the Compliance function’s monitoring activities. Normally, the training first addresses the existing rules, followed by a special section discussing abnormalities, case studies and questions. The introductory training for new employees, which covers topics such as corruption and bribery, and the web-based training course, which must be taken every two years, are mandatory. The completion rate is therefore 100% of all active employees. 21 (c) The members of DekaBank’s Board of Management and the management teams of the subsidiaries are involved in the compliance training activities. The members of the subsidiaries’ supervisory boards receive training if they are also employed by a Deka Group company. Members of DekaBank’s Administrative Board receive training on the topic of defence against corruption and bribery in individual cases if they express a need for it. 410

411

Group management Report | Sustainability report Deka Group Annual Report 2024 G1-4 – Incidents of corruption or bribery Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters (Fig. 176) Metrics 1. In this context, bribery and corruption represent a significant category of offences which encompasses relevant offences. The inclusion of offences in the process of preventing criminal conduct follows from legal and regulatory principles. Company-specific metrics re: 1. There are no additional company-specific parameters that supplement the regulatory requirements. Methodology, assumptions and limitations re: 1. According to the “Fraud Prevention System” guidelines, the Compliance corporate centre must be notified of any salient irregularities or suspected criminal conduct. In addition, Compliance regularly asks other organisational units and responsible functions about possible irregularities (including the loss database for operational risks). For this purpose, a database is maintained which contains all known possible types of criminal conduct and assigns them to corresponding offence categories (relevant for the risk analysis of criminal conduct). External validation re: 1. Both Internal Audit and the external auditor regularly review activities that have raised suspicions and/or been investigated. Categorisation and description re: 1. This primarily includes the taking and giving of benefits and the taking and giving of bribes. 24 (a) No violations of corruption and bribery regulations came to light in the reporting year 2024. Accordingly, no action had to be taken in this regard. 24 (b) In the reporting year 2024, no cases of fraud or violations relating to the human rights impacts of the Deka Group’s activities were reported. Therefore, no actions had to be taken in this regard. 25 (d) If legal proceedings were initiated against the Deka Group or its employees on the basis of allegations of corruption or bribery, the responsible organisational unit within DekaBank would pass the results of these proceedings on to the relevant organisational unit (the Legal unit). In the past reporting period, there were no such legal proceedings. G1-6 – Payment practices The Deka Group applies uniform payment practices to its service providers and suppliers. 33 (a) The average invoice processing time is 15 calendar days. 33 (b) All service providers and suppliers are subject to 59 uniform, standardised payment terms that are based on the legal requirements. The conditions vary in terms of the discount and the number of days until invoice payment. As a rule, the payment term is 30 days. 33 (c) No legal proceedings for late payments are pending against DekaBank. 33 (d) A system query was carried out to obtain the information on the average invoice processing time. Uniform payment terms are applied to all contracts with service providers and suppliers. As a preventive measure to avoid late payment, receivables are always settled as soon as they are approved by the budget manager or requisitioner, regardless of the size of the service providers or suppliers. Payment of an invoice is not permitted, if the relevant budget manager or requisitioner has not approved it. In this case, the underlying problem will be investigated with the service provider or supplier before payment is made. 411

CONSOLIDATED FINANCIAL STATEMENTS Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes ASSURANCE OF THE BOARD OF MANAGEMENT INDEPENDENT AUDITOR’S REPORT ASSURANCE REPORT ON A LIMITED ASSURANCE ENGAGEMENT ON THE CONSOLIDATED SUSTAINABILITY STATEMENT 414 415 416 418 420 533 534 543

414

Consolidated financial statements | Statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 Consolidated financial statements Statement of profit or loss and other comprehensive income €m Interest income (thereof calculated using the effective interest method) Interest expenses Net interest income Risk provisions in the lending and securities business Net interest income after provisions Commission income Commission expenses Net commission income Net income from the derecognition of financial assets measured at amortised cost Trading profit or loss Profit or loss on financial assets mandatorily measured at fair value Profit or loss on financial instruments designated at fair value Profit or loss from fair value hedges Profit or loss on financial investments Administrative expenses (thereof expenses for the bank levy and deposit guarantee scheme) Other operating profit Total of profit or loss before tax Income taxes Interest expenses for atypical silent capital contributions Total of profit or loss Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank Changes not recognised in profit or loss Items reclassified to profit or loss Change in reserve for financial assets measured at fair value through other comprehensive income Change of the foreign currency basis spread of hedging derivatives Change in currency translation reserve Deferred taxes on items reclassified to profit or loss Items not reclassified to profit or loss Revaluation gains/losses on defined benefit pension obligations Change in valuation reserve for own credit risk of financial liabilities designated at fair value Deferred taxes on items not reclassified to profit or loss Other comprehensive income Comprehensive income for the period under IFRS Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank Notes [32] [17], [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [24], [43] [30], [65] [53], [62] [53], [62] 2024 2,700.3 1,973.5 2,468.0 232.2 –23.2 209.0 3,592.3 1,916.0 1,676.3 –0.1 506.1 20.2 0.2 –12.3 0.7 1,325.8 19.7 –110.0 964.3 319.0 – 645.3 – 645.3 3.0 –0.8 0.2 –0.7 11.5 –0.1 14.1 27.1 672.4 – 672.4 2023 2,705.9 2,059.7 2,362.4 343.5 –126.8 216.6 3,209.7 1,572.0 1,637.6 5.2 554.1 19.0 –1.3 –7.5 –2.0 1,311.4 71.9 –3.2 1,107.2 354.0 – 753.2 – 753.2 25.3 –28.4 –0.1 1.0 –28.0 1.0 18.4 –10.9 742.3 – 742.3 Change –0.2% –4.2% 4.5% –32.4% 81.7% –3.5% 11.9% 21.9% 2.4% –101.6% –8.7% 6.5% 119.8% –63.9% 135.3% 1.1% 72.7% (< –300%) –12.9% –9.9% o.A. –14.3% o.A. –14.3% –88.3% 97.0% 235.7% –167.3% 141.0% –111.3% –23.5% (> 300%) –9.4% o.A. –9.4% 414

415

Consolidated financial statements | Statement of financial position Deka Group Annual Report 2024 Statement of financial position €m Assets Cash reserves Due from banks Due from customers Financial assets at fair value (of which deposited as collateral) Trading portfolio Financial assets mandatorily measured at fair value and shareholdings Financial assets designated at fair value Positive market values of derivative hedging instruments Financial investments (of which deposited as collateral) Financial assets measured at amortised cost Financial assets measured at fair value through other comprehensive income Shares in at-equity accounted companies Intangible assets and purchased Goodwill Property, plant and equipment and right-of-use assets for leases Current income tax assets Deferred income tax assets Other assets Total assets Liabilities Due to banks Due to customers Securitised liabilities Financial liabilities at fair value Trading portfolio Financial liabilities designated at fair value Negative market values of derivative hedging instruments Provisions Current income tax liabilities Deferred income tax liabilities Other liabilities Subordinated capital Equity Subscribed capital Additional capital components Capital reserve Retained earnings Revaluation reserve Accumulated profit/loss (consolidated profit) Minority interest Total liabilities Notes [44] [16], [17], [45], [47] [16], [17], [46], [47] [18], [48] [77] [10], [19], [49] [17], [20], [47], [50] [77] [21], [51] [14], [22], [52] [24], [53] [24], [53] [23], [54] [25], [55] [25], [56] [25], [57] [18], [58] [10], [19], [59] [17], [26], [27], [60], [61] [24], [62] [24], [62] [14], [28], [63] [29], [64] [30], [65] 31 Dec 2024 31 Dec 2023 378.2 30,437.0 24,707.3 21,271.7 4,143.5 19,548.5 1,723.1 – 59.6 14,097.0 1,642.5 11,289.7 2,788.3 19.0 284.4 443.3 279.8 210.2 748.8 328.2 30,202.6 25,424.0 16,979.2 3,303.1 16,183.3 795.9 – 250.7 10,165.2 1,656.0 8,475.0 1,670.4 19.8 228.9 301.1 191.2 312.3 416.6 92,917.3 84,800.0 9,214.8 30,052.6 16,884.6 26,397.2 26,266.6 130.7 362.3 237.1 35.5 32.6 966.7 1,134.3 7,599.6 191.7 598.6 239.5 6,236.0 33.7 300.1 – 92,917.3 8,613.9 26,950.5 10,919.9 28,389.3 28,243.8 145.5 192.5 222.1 143.6 91.9 872.9 1,150.2 7,253.1 191.7 598.6 239.5 5,916.6 6.6 300.1 – 84,800.0 Change 15.2% 0.8% –2.8% 25.3% 25.4% 20.8% 116.5% o.A. –76.2% 38.7% –0.8% 33.2% 66.9% –4.0% 24.3% 47.2% 46.4% –32.7% 79.8% 9.6% 7.0% 11.5% 54.6% –7.0% –7.0% –10.2% 88.3% 6.7% –75.3% –64.5% 10.7% –1.4% 4.8% 0.0% 0.0% 0.0% 5.4% (> 300%) 0.0% o. A. 9.6% 415

416

€m Equity as at 1 January 2023 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Other changes2) Allocation to reserves from retained earnings Distribution Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Other changes2) Allocation to reserves from retained earnings Distribution Equity as at 31 December 2024 191.7 – – – – – – – 598.6 239.5 5,489.4 – – – – – – – – – – – – – – – – – – –25.8 453.1 – – – – – – – – – – – – – – – – – – – – – – – – – – –25.8 345.2 – 6,236.0 191.7 598.6 239.5 Provisions for pensions1) 200.2 753.2 – 753.2 – – –453.1 –200.2 300.1 645.3 – 645.3 – – –345.2 –300.1 300.1 34.8 – –28.0 –28.0 – – – – 6.8 – 11.5 11.5 – – – – 18.3 Consolidated financial statements | Statement of changes in equity Deka Group Annual Report 2024 Statement of changes in equity Subscribed capital (including own shares) Additional capital components Capital reserve Retained earnings Consoli- dated profit Equity as at 31 December 2023 191.7 598.6 239.5 5,916.6 1) Revaluation gains/losses on defined benefit obligations 2) Comprises the payment of interest of the Additional Tier 1 bonds, which are classified as equity capital under IFRS. Further information on equity is provided in notes [30] and [65] “Equity”. 416

417

Consolidated financial statements | Statement of changes in equity Deka Group Annual Report 2024 Revaluation reserve Total before minority interest Minority interest Equity Change of the foreign currency basis spread of hedging derivatives Financial assets measured at fair value through other comprehensive income Own credit risk of financial liabilities designated at fair value Currency translation reserve Deferred taxes –0.8 – –28.4 –28.4 – – – – –29.2 – –0.8 –0.8 – – – – –30.1 –27.8 – 25.3 25.3 – – – – –2.5 – 3.0 3.0 – – – – 0.4 –1.3 – 1.0 1.0 – – – – –0.3 – –0.1 –0.1 – – – – –0.4 0.7 – –0.1 –0.1 – – – – 0.6 – 0.2 0.2 – – – – 0.8 11.8 – 19.4 19.4 – – – – 31.3 – 13.4 13.4 – – – – 44.7 6,736.8 753.2 –10.9 742.3 – –25.8 – –200.2 7,253.1 645.3 27.1 672.4 – –25.8 – –300.1 7,599.6 – – – – – – – – – – – – – – – – – 6,736.8 753.2 –10.9 742.3 – –25.8 – –200.2 7,253.1 645.3 27.1 672.4 – –25.8 – –300.1 7,599.6 417

Consolidated financial statements | Statement of cash flows Deka Group Annual Report 2024 Statement of cash flows €m Total of profit or loss Non-cash items in net income and adjustments to reconcile net profit with cash flow from operating activities Depreciation, amortization, impairment losses and reversals of impairment losses on receivables, property, plant and equipment, equity investments and intangible assets Changes in provisions Changes in other non-cash items Other adjustments Sub-total Change to assets and liabilities arising from operating activities and reconciliation to cash flow from operating activities Due from banks Due from customers Financial assets at fair value Financial investments Other assets arising from operating activities Due to banks Due to customers Securitised liabilities Financial liabilities at fair value Other liabilities arising from operating activities Interest received Dividends received Interest paid Income tax payments or refunds Cash flow from operating activities Proceeds from the disposal of equity investments Disbursements for the purchase of property, plant and equipment Disbursements for the purchase of intangible assets Proceeds from sale of shares in subsidiaries, non-consolidated companies Dividends received Changes in the scope of consolidation Cash flow from investing activities Payments to company owners and minority interests Dividends paid Proceeds from issues of subordinated capital Payments from the repayment of subordinated capital Cash flow from financing activities 2024 645.3 78.4 55.3 951.4 –108.9 1,621.5 –64.8 702.6 –6,568.0 –3,786.4 –170.1 586.4 3,100.6 5,884.5 –490.7 –190.0 2,937.8 12.0 –2,406.7 –459.5 709.2 0.2 –15.6 –68.9 – 1.4 – –82.9 –247.6 –300.1 – –28.6 –576.3 2023 753.2 194.2 16.2 –195.6 –314.3 453.7 9,180.5 3,260.7 3,320.1 22.8 –240.0 –8,688.6 1,737.9 –396.1 –8,286.8 –462.6 1,333.6 7.7 –872.3 –312.6 58.0 – –8.2 –48.8 0.0 1.2 –3.6 –59.4 –25.8 –200.2 208.9 – –17.1 418

419

Consolidated financial statements | Statement of cash flows Deka Group Annual Report 2024 €m Cash and cash equivalents at the start of the period Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at the end of the period 2024 328.2 709.2 –82.9 –576.3 378.2 2023 346.7 58.0 –59.4 –17.1 328.2 The statement of cash flows shows the change in the Deka Group’s cash balance during the financial year. The item “Cash and cash equivalents”, which comprises cash on hand and balances with central banks, corresponds to the balance sheet item “Cash reserves” (see note [44] “Cash reserves”). Cash flow from operating activities was determined using the indirect method. In other words, the total of profit or loss was adjusted to eliminate non-cash items such as valuation results and additions to provisions. The item “Other adjustments” mainly includes the reclassification of interest and dividends received as cash and interest and income tax payments made during the financial year which have to be reported separately in accordance with IAS 7. In addition to the disbursements relating to short-term leases and leases of low- value assets reported under administrative expenses, disbursements for payments of principal and interest were also reported under cash flow from operating activities within the Deka Group. Of this total, €6.0m (previous year: €4.1m) was attributable to interest payments and €34.3m (previous year: €42.1m) to payments of principal. Cash flow from investing activities shows the proceeds and disbursements relating to items whose purpose relates in principle to long-term investment or use. Changes in equity and subordinated capital are shown in cash flow from financing activities. The table below provides an overview of movements in financing liabilities. €m Subordinated capital Cash changes Non-cash change Position as at 1 January 2024 1,150.2 Fair value changes Position as at 31 December 2024 –28.6 12.7 1,134.3 The statement of cash flows is of minor importance for banks as it does not provide any information about the actual liquidity position. For details of the Deka Group’s liquidity risk management, please see the risk report within the Group management report. 419

Consolidated financial statements | Notes Deka Group Annual Report 2024 Notes Accounting standards 1 2 Accounting principles Accounting standards applied for the first time and to be applied in future Segmentation by operating business divisions Segmentation by geographical markets Segment reporting 3 4 Accounting policies 5 6 7 8 9 10 Hedge accounting 11 Structured products 12 Currency translation 13 Genuine repurchase agreements and securities General information Consolidation principles Scope of consolidation Financial instruments Fair value measurement of financial instruments lending transactions Lease accounting 442 442 14 443 15 Revenue from contracts with customers 444 16 Amounts due from banks and customers 17 Risk provisions in the lending and securities business 444 18 449 Financial assets and financial liabilities at fair value 19 Positive and negative market values of derivative hedging instruments Financial investments Intangible assets and goodwill 20 21 22 Property, plant and equipment and right-of-use assets for leases 23 Other assets 24 Income taxes 25 Liabilities 26 Provisions for pensions and similar commitments 27 Other provisions 28 Other liabilities 29 Subordinated capital 30 Equity 31 Contingent liabilities and other obligations Notes to the statement of profit or loss and other 457 comprehensive income 32 Net interest income 457 33 Risk provisions in the lending and securities business 458 34 Net commission income 459 35 Net income from the derecognition of financial assets measured at amortised cost 36 Trading profit or loss 37 Profit or loss on financial assets mandatorily measured at fair value 38 Profit or loss on financial instruments designated at fair value 39 Profit or loss from fair value hedges 40 Profit or loss on financial investments 41 Administrative expenses 42 Other operating profit 43 Income taxes 421 421 421 423 423 428 429 429 430 432 432 436 437 441 441 450 450 451 451 452 452 453 453 454 455 455 455 456 460 461 461 461 462 462 463 464 464 420 466 Notes to the statement of financial position 466 44 Cash reserves 466 45 Due from banks 46 Due from customers 466 47 Risk provisions in the lending and securities business 467 48 478 49 Positive market values of derivative hedging instruments 479 480 50 51 480 52 Property, plant and equipment and right-of-use Financial investments Intangible assets and goodwill Financial assets at fair value Income tax liabilities Fair value disclosures Financial liabilities at fair value assets for leases Income tax assets 482 483 53 485 54 Other assets 485 55 Due to banks 486 56 Due to customers 486 57 Securitised liabilities 58 487 59 Negative market values of derivative hedging instruments 488 489 60 Provisions for pensions and similar commitments 492 61 Other provisions 62 494 495 63 Other liabilities 496 64 Subordinated capital 496 65 Equity 497 Notes on financial instruments 497 66 Result by measurement category 498 67 508 68 Offsetting financial assets and liabilities 69 510 512 70 Derivative transactions 513 71 Breakdown by remaining maturity 516 72 519 Other disclosures 73 Equity management 519 520 74 Regulatory capital (own funds) 521 75 Contingent liabilities and other obligations 522 76 Assets transferred as collateral 77 Assets received as collateral 522 Financial instruments transferred but not derecognised 523 78 79 524 Letter of comfort 80 Information on holdings in subsidiaries, joint ventures and associated companies Information on holdings in unconsolidated structured entities List of shareholdings Information on the quality of financial assets Further information on hedge accounting 81 82 83 Related party disclosures 84 Average number of staff 85 Remuneration of Board members 86 87 Additional miscellaneous information Fees for auditors 524 524 527 529 531 531 532 532

421

Consolidated financial statements | Accounting standards Deka Group Annual Report 2024 Accounting standards 1 Accounting principles These financial statements are the consolidated financial statements of DekaBank Deutsche Girozentrale (parent company). DekaBank is a German institution incorporated under public law with registered offices in Frankfurt/Main and Berlin (Germany) and is entered in Commercial Register A of the Local Court (Amtsgericht) of Frankfurt am Main under the number HRA 16068. The Deka Group is the fully-fledged securities service provider (the Wertpapierhaus) for the savings banks. DekaBank Deutsche Girozentrale (DekaBank) and its subsidiaries in Germany and other countries make up the Deka Group. Through its asset management and banking activities, it acts as a service and infrastructure provider for the investment, administration and management of assets, supporting its customers at every stage in the investment and advisory process within the securities business. It also offers comprehensive advice and solutions for investing, liquidity and risk management, and refinancing (see note [3] “Segmentation by operating business divisions”). The Deka Group’s business is managed from the head office in Frankfurt am Main (Große Gallusstraße 14, 60315 Frankfurt am Main). These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (IFRS). The applicable IFRS rules are those published by the International Accounting Standards Board (IASB) and adopted by the European Union (EU) into European law at the time the financial statements are prepared. The national regulations contained in the German Commercial Code (Handelsgesetzbuch, HGB) under section 315e HGB are also taken into account. The Group management report was prepared in accordance with section 315 ff. HGB. These consolidated financial statements are reported in euros, the Bank’s functional currency, and comprise the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows and the notes. All amounts are rounded in accordance with standard commercial practice. This may result in small discrepancies in the calculation of totals within tables. 2 Accounting standards applied for the first time and to be applied in future The following new or amended standards and interpretations that are significant to the Deka Group were applied for the first time in the reporting year: Amendments to IAS 1 On 31 October 2022, the IASB published the final amendments to IAS 1 “Non-current Liabilities with Covenants”. According to the standard, liabilities are generally to be split into current or non-current liabilities in the balance sheet. The amendments also provide for additional disclosure requirements for non-current liabilities with covenants. The published amendments to IAS 1 supplement the amendments to IAS 1 published by the IASB back in January 2020 regarding classification of liabilities as current or non-current. All of the amendments to IAS 1 are to enter into force – as set out in the final version of the standard – for financial years beginning on or after 1 January 2024. The amendments did not have any impact on the consolidated financial statements, as DekaBank’s balance sheet is structured in order of liquidity, meaning that it contains more relevant information for users of financial statements. 421

422

Consolidated financial statements | Accounting standards Deka Group Annual Report 2024 Amendments to IFRS 16 On 22 September 2022, the IASB published amendments to IFRS 16 “Lease Liability in a Sale and Leaseback”. The amendments clarify how a seller-lessee subsequently measures lease liabilities. For the purposes of sub- sequent measurement, lease liabilities are to be measured in a way that does not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee. The seller-lessee’s choice of accounting policy must ensure compliance with the new requirement. While the IASB does not explicitly stipulate a specific method, IFRS 16 has been expanded to include an example of two possible methods in the Illustrative Examples. Application of the new rules is mandatory for financial years beginning on or after 1 January 2024. Implementation of these amendments did not have any effect on the consolidated financial statements. New standards and interpretations and amendments to existing standards and interpretations published by the IASB and IFRIC which do not have to be applied until subsequent financial years were not applied early. Changes relevant to the Deka Group are presented below. Standards and interpretations already adopted into European law Amendments to IAS 21 On 15 August 2023, the IASB published amendments to IAS 21 “Lack of Exchangeability”. The amendments to IAS 21 add provisions that must be applied if a currency is not exchangeable into another currency. New disclosures have also been introduced to help users of financial statements evaluate how a currency’s lack of exchangeability affects, or is expected to affect, an entity’s financial performance, financial position and cash flows. Application of the new rules is mandatory for financial years beginning on or after 1 January 2025. Voluntary early adoption is permitted. Application of the amendments is not expected to have any impact on the consolidated financial statements. Standards and interpretations not yet adopted into European law Amendments to IFRS 9 and IFRS 7 On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”. These amendments result from the post-implementation review, conducted in 2022, of the corresponding part of IFRS 9 “Financial Instruments”. The amendments adopted clarify the classification of financial assets with ESG-linked or similar features. The extent to which these ESG-linked features of financial instruments affect subsequent recognition, i.e. recognition at amortised cost or fair value, has been a topic of debate among practitioners. Subsequent recognition depends on the cash flow characteristics of the financial asset. The IASB is using the amendments to clarify how the contractual cash flows of these instruments are to be assessed within this context. The amendment also addresses the settlement of liabilities using electronic payment systems. The debate focused on problems applying the derecognition rules in IFRS 9 for financial assets or liabilities in cases involving electronic payment transfer. First, the amendments clarify when a financial asset or financial liability is derecognised. Second, they introduce an accounting policy choice to allow an entity to derecognise a financial liability before it delivers cash on the settlement date if specified criteria are met. Application of the new rules is mandatory for financial years beginning on or after 1 January 2026. Voluntary early application is permitted subject to an endorsement of the amendments, which is still outstanding. The Deka Group is currently examining the impact that this amendment will have on the classification and measurement of financial instruments and on the corresponding disclosures. 422

423

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 IFRS 18 On 9 April 2024, the IASB published its new standard IFRS 18 “Presentation and Disclosures in Financial Statements” that will replace IAS 1 “Presentation of Financial Statements”. IFRS 18 sets out new rules on the presentation of the income statement, as well as new disclosure requirements regarding what are known as management-defined performance measures. Going forward, IFRS 18 will provide for three categories, “operating”, “investing” and “financing”, to which income and expenses are to be allocated in the statement of profit or loss. Different regulations apply to entities with specific business activities, including banks, with respect to allocation to the “operating” category. Two mandatory sub-totals have also been defined: “operating profit or loss” and “profit or loss before financing and income taxes”. The fundamental require- ments set out in IAS 1, for example those relating to significant accounting policies and sources of estimation uncertainty, have been adopted unchanged. The new rules are mandatory for financial years beginning on or after 1 January 2027. Voluntary early application is permitted subject to the endorsement that is still outstanding. The Deka Group is currently reviewing the impact of the new IFRS 18 on the presentation of future annual financial reports, as well as implications for the reporting process. Annual Improvements to IFRS Accounting Standards (Volume 11) On 18 July 2024, the IASB published amendments to five existing standards (IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) as part of its Annual Improvements Project. The amendments include clarifications, simplifications, corrections and changes to improve the consistency of several IFRS Accounting Standards. Application of the new rules is mandatory for financial years beginning on or after 1 January 2026. Voluntary early application is permitted subject to an endorsement of the amendments, which is still outstanding. The Deka Group is currently examining the impact of the amendments on the consolidated financial statements. Segment reporting 3 Segmentation by operating business divisions Segment reporting under IFRS 8 is based on the management approach. Segment information is presented in line with internal reporting as submitted to the Chief Operation Decision Maker on a regular basis for decision-making, resource allocation and performance assessment purposes. The Deka Group’s management reporting is based on IFRS Accounting Standards. As total of profit or loss before tax is of limited suitability for the internal management of the business divisions, the economic result has been defined as the key management indicator. Due to the requirements of IFRS 8, the economic result has also been included in external reporting as material segment information. In addition to total profit or loss before tax (IFRS), the economic result also includes results from scenarios that are recognised in other comprehensive income in IFRS accounting. These include the change in the revaluation reserve (before taxes) and the interest expense (accrued interest) associated with AT1 bonds recognised directly in equity (in retained earnings) in line with IAS 32. In addition, the economic result reflects scenarios that cannot be reflected in IFRS accounting. These include the interest rate-induced and currency-induced valuation result of financial instruments recognised at amortised cost that are economically hedged using derivatives. This allows economic hedges that do not meet the criteria for hedge accounting under IFRS to be fully reflected for internal management purposes. Provisions for management-related effects are also recognised in the economic result for business management purposes. This general provision for potential charges serves to cover potential risks that could materialise in the future, but which may not yet be reported under IFRS because they are not sufficiently substantiated. The general provision is recognised in the segment reporting under “Other”. It is not allocated to the individual reporting segments. 423

424

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 There are also differences in how income and expense items are recognised for management reporting purposes on the one hand and are presented in the IFRS consolidated financial statements on the other. The measurement and presentation differences between the economic result and total profit or loss before tax (IFRS) are shown in the segment reporting in a separate “Reconciliation” column. For further information, please refer to the explanatory information on the reconciliation column provided in this note. In addition to the economic result, return on equity and the cost/income ratio are fixed components of internal management. At Group level, return on equity is defined as the ratio of the economic result to balance sheet equity and shows the return on the capital that has been invested in the Deka Group. For the purposes of operational management at business division level, the figure used for return on equity is the ratio of the economic result to regulatory capital employed. The cost/income ratio is an indicator of cost efficiency. The two management indicators – return on equity and the cost/income ratio – lead to a focus on profitability and efficiency, meaning that they directly support the strategic targets. Furthermore, the asset management volume and the Deka certificate volume represent other key ratios for the operating segments. The total of the asset management volume plus the Deka certificate volume primarily comprises the income-relevant assets of the mutual and special funds under management (including ETFs) in the Asset Management Securities and Asset Management Real Estate business divisions, as well as Deka certificates issued by the Deka Group. Other components are the volume of direct investments in cooperation partner funds, the cooperation partner, third-party fund and liquidity portions of fund-based asset management as well as advisory/management mandates and master funds. The asset management volume also includes fund units of €0.2bn held as part of the proprietary portfolio (31 December 2023: €0.3bn). These mainly relate to start-up financing for investment funds. Based on the definition of section 19 (1) of the German Banking Act (Kreditwesengesetz, KWG), gross loan volume includes additional risk exposures such as underlying risks from equity derivative transactions and transactions for the purposes of covering guarantee payments on guarantee funds, as well as the volume of off-balance sheet counterparty risks. The following segments are essentially based on the business divisional structure of the Deka Group, as also used in internal reporting. The segments are defined by the different products and services of the Deka Group. Asset Management Securities The Asset Management Securities reporting segment focuses on the active fundamental and quantitative management of mutual securities funds and special funds, advisory mandates and asset management products and services, passive exchange-traded funds and combinations of these forms of investment. This offering is rounded off by services covering all aspects of the fund value chain. These include asset servicing in particular, which is used by institutional investors to pool various asset classes in master funds. The Deka Group’s investment funds cover all major asset classes: equity, bond, money market and mixed funds, capital protected funds and combinations of these funds. A wide range of solutions for investments with sustainability features and engagement services is also offered. The range of quantitative asset management services is supplemented and enhanced by the products and services offered by the fund manufacturer IQAM Invest GmbH, primarily for institutional customers. Asset Management Real Estate The Asset Management Real Estate reporting segment provides fund products and advisory services relating to real estate, infrastructure or real estate financing for the savings banks’ and other institutional investors’ customer and proprietary business. The product range includes open-ended mutual property funds, special property funds with either an open-ended or closed-ended structure, real estate and infrastructure funds of funds, credit funds that invest in real estate, infrastructure or transport financing, and residential property funds offered together with external partners that are experienced in this segment. In order to meet environmental and social criteria and to respond to investor requirements, sustainability issues are taken into account in the fund and investment processes. In addition to portfolio 424

425

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 management, risk management and development of property-related products, the segment also covers the purchase and sale of real estate and the management of such assets, including all other property- and fund-related services (property and fund management). Asset Management Services The Asset Management Services reporting segment provides banking and other services that complement the offerings of the asset management divisions. These range from supporting the sales departments with multichannel solutions to managing custody accounts for customers and offering custodial services for investment funds. Capital Markets The Capital Markets reporting segment is the central product, solution and infrastructure provider and service provider in the Deka Group’s customer-focused capital markets business. It offers investment solutions to savings banks, their customers and institutional customers and helps them to put their asset and risk management decisions into practice. With its range of services relating to securities repurchase transactions, securities lending and foreign exchange trading, the segment also acts as the central securities and collateral platform for the Savings Banks Association. In addition to its function as a commission agent for all relevant asset classes, it serves as a centre of competence for trading and structuring capital market products, for structured issues (Deka certificates and cooperation certificates) and for the debt capital markets business (third-party issues). Institutional customers are provided with clearing services and support with the efficient fulfilment of regulatory requirements. Financing The Financing reporting segment is made up of real estate financing and specialised financing, including financing of the savings banks. Lending is taken onto our own statement of financial position via the banking book, as well as being packaged as an investment product for other banks and savings banks or other institutional investors via club deals or syndications. Priority is given to placements within the Sparkassen-Finanzgruppe. The specialised financing business concentrates on selected core segments, such as infrastructure financing, transport financing, financing covered by ECAs, public sector financing and savings bank financing. Real estate financing relates mainly to commercial real estate and is focused on marketable properties in the office, logistics, retail and hotel segments in liquid markets in Europe and North America. Open-ended real estate funds are also financed. Other The Other segment primarily comprises income and expenses that are not attributable to the reporting segments. These essentially comprise overheads, actuarial gains and losses resulting from the measurement of pension obligations, the bank levy and the deposit guarantee scheme, as well as a general provision for potential losses that are not directly allocable to any operating segment. The income and expenses of the Treasury function are allocated to the other segments on a source-specific basis and are therefore shown in the presentation of the economic result of the respective segments. 425

426

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 €m Net interest income Risk provisions Net commission income Net financial income1) Other operating profit2) Total income without income distribution from Treasury function Administrative expenses (including depreciation and amortisation) Restructuring expense2) Asset Management Asset Management Asset Management Securities Real Estate Services Capital Markets 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 Economic result –5.5 – 1,064.7 5.2 –4.0 –4.9 – 984.3 5.1 1.5 0.5 – 312.9 0.8 2.1 –0.0 – 366.0 –0.6 2.4 12.1 0.0 236.6 0.5 –5.6 12.9 0.2 222.0 0.1 11.0 2.0 0.0 48.0 325.6 3.6 2.1 – 49.8 315.7 1.8 1,060.5 986.0 316.3 367.8 243.6 246.2 379.2 369.3 478.4 – 447.3 – 185.9 – 179.9 – 278.4 – 257.1 – 227.2 – 212.4 – Total expenses 478.4 447.3 185.9 179.9 278.4 257.1 227.2 212.4 (Economic) result before tax excluding income distribution Treasury function Income distribution of Treasury function (Economic) result before tax Cost/income ratio3) in % Return on equity before tax (balance sheet)4) in % Return on equity before tax (regulatory)5) in % Risk-weighted assets Total risk6) Gross loan volume Total of Asset Management and Deka certificate volume 582.1 538.7 130.4 187.9 –34.8 –11.0 152.0 156.9 55.7 637.8 45.1 28.7 567.4 45.4 15.7 146.2 58.8 12.9 200.8 48.9 27.6 –7.2 17.3 6.3 114.3 104.5 122.7 274.6 59.9 134.6 291.5 57.5 N/A N/A N/A N/A N/A N/A N/A N/A 88.6 4,819 584 8,745 97.7 4,956 570 8,054 60.1 1,537 152 33 103.1 1,613 175 57 338,981 302,227 55,151 55,503 –11.8 2,231 313 969 – –4.2 2,232 302 945 14.2 8,343 484 12.9 8,739 504 68,559 60,218 – 21,724 23,216 1) This includes the result from assets held for trading (trading book portfolio), the result from non-trading assets (banking book portfolio), the result from other financial investments, the net income from the derecognition of financial assets measured at amortised cost as well as the result from repurchased own issues. 2) Restructuring expense are disclosed in the Group financial statements under Other operating profit. 3) Calculation of the cost/income ratio does not take into account the restructuring expense or risk provisions 4) The return on equity before tax (balance sheet) is calculated as the annualised economic result divided by the average adjusted equity (excluding additional Tier 1 capital (AT1) and adjusted for intangible assets). The average is calculated on the basis of the previous year's end-of-year financial statements and the most recent quarterly financial statements. 5) The return on equity before tax (regulatory) is calculated as the annualised economic result (before allocation of income to the treasury function) in relation to the average regulatory equity. The average is calculated using the monthly risk-weighted assets multiplied by 13 percent (as the strategic target level of regulatory capital) starting at the end of the previous year. 6) Value-at-risk for risk capacity with confidence level of 99.9% and holding period of one year. Due to the diversification within market price risk the risk for the Deka Group are not cumulative. 7) No cost/income ratio is presented for the segment Other because as this is deemed of limited economic informative value. 426

427

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 Financing Other Deka Group Reconciliation Deka Group 31 Dec 2024 31 Dec 2023 136.9 –22.6 17.3 0.9 1.1 133.8 81.1 – 81.1 138.2 –121.4 17.9 –1.7 1.0 33.9 80.9 – 80.9 Economic result 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 Total profit or loss before tax (IFRS) 31 Dec 2024 31 Dec 2023 380.7 –0.7 –3.8 –189.6 –102.0 84.6 74.8 – 74.8 339.3 –5.6 –3.5 21.6 –72.1 526.8 –23.2 1,675.7 143.5 –104.8 487.5 –126.8 1,636.5 340.2 –54.4 –294.6 –144.0 – 0.6 371.3 –5.2 – 1.1 227.3 51.2 232.2 –23.2 1,676.3 514.8 –110.0 343.5 –126.8 1,637.6 567.5 –3.3 279.6 2,218.0 2,282.9 72.2 135.6 2,290.2 2,418.5 133.7 –0.0 133.7 1,325.8 1,311.4 – –0.0 1,325.8 1,311.3 – – – – – – 1,325.8 1,311.4 – –0.0 1,325.8 1,311.3 52.6 –47.0 9.9 145.9 892.2 971.5 72.2 135.6 964.3 1,107.2 111.7 164.3 51.9 N/A 3.9 10,281 289 91.2 44.2 52.1 N/A –3.9 9,865 458 –333.4 –323.5 – 7) –284.7 –138.7 – 7) – 892.2 59.2 – 971.5 54.4 N/A N/A 13.9 15.8 – 3,603 917 – 3,082 753 – 30,814 2,601 – 30,486 2,553 25,673 27,171 22,244 24,287 126,223 120,731 – – – – 415,856 380,947 – 72.2 – – – 135.6 964.3 1,107.2 427

428

Consolidated financial statements | Segment reporting Deka Group Annual Report 2024 Reconciliation of segment results to the total profit or loss (IFRS) In principle, income and expenses are allocated on a source-specific basis to the relevant segment. Segment expenditure comprises direct expenses plus expenses allocated on the basis of cost and service accounting. At €892.2m, the Deka Group’s economic result for the 2024 reporting year was €72.2m lower than the total profit or loss before tax (IFRS) of €964.3m. This difference was essentially due to the following effects: The recognition of the change in the revaluation reserve before taxes in the economic result had an impact of €13.7m (previous year: €–30.3m). Of this total, €11.5m (previous year: €–28.0m) was attributable to the change in the revaluation reserve in connection with defined benefit pension obligations. The provision to cover potential risks came to €–375.0m in the year under review (previous year: €–335.0m). In the current reporting year, this had an effect on the economic result of €–40.0m (previous year: €0.0m). The economic result also reflects a valuation loss of €–26.4m (previous year: €–70.6m) from the interest rate-induced and currency-induced valuation of financial instruments recognised at amortised cost that are economically hedged using derivatives. The interest expense (accrued interest) associated with the AT1 bond in the amount of €–25.9m (previous year: €–25.8m) was also recognised in the economic result (see note [65] “Equity”). The reconciliation column also shows the differences in the presentation of income items between management reporting and the IFRS consolidated financial statements, mainly between net interest income and net financial income. 4 Segmentation by geographical markets Income from corporate activities by geographical markets is presented below. Allocation to a segment is carried out on the basis of the location of the branch or Group company. Rights-of-use assets for leases are also reported under long-term segment assets (see note [14] “Lease accounting”). €m Income Total of profit or loss before tax Long-term segment assets1) Germany Luxembourg Other Total Group 2024 2023 2,065.0 2,225.3 826.3 693.0 998.3 488.6 2024 211.2 138.9 15.9 2023 179.6 109.7 20.1 2024 2023 2024 2023 13.9 –0.9 18.8 13.6 –0.8 21.2 2,290.2 2,418.5 964.3 1,107.2 727.7 529.9 1) Long-term segment assets excluding financial instruments and deferred income tax assets 428

429

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Accounting policies 5 General information The accounting policies described were applied in a uniform and consistent manner to the reporting periods presented, with the exception of the changes referred to in this note and new accounting standards which were applied for the first time in the 2024 reporting year (see note [2] “Accounting standards applied for the first time and to be applied in future”). Income and expenses are recognised on an accruals basis. They are recorded and reported in the period to which they may be assigned in economic terms. Premiums and discounts are accrued in accordance with the effective interest rate method and reported in the same way as accrued interest within the balance sheet item in which the underlying financial instrument is reported. IFRS accounting and measurement require discretionary decisions and estimates regarding forward-looking assumptions that are reflected at various points in these consolidated financial statements. These are made in accordance with the relevant standards and reviewed on an ongoing basis. They are based on historical experience and other factors, including expectations regarding future events that appear appropriate under the given circumstances. Risks and uncertainties regarding the extent to which future developments and results can be forecast arise, in particular, from the current geopolitical tensions and conflicts. The unpredictable course followed by the US government elected in 2024, which would appear to be turning away from rules-based politics, and tensions between western industrialised nations and China are also making future developments more difficult to predict, which could lead to further tariffs combined with a rise in inflation and a loss of prosperity. It is also difficult to estimate to what extent governments will turn to the capital market in order to finance the green transformation and demographic change, as well as higher defence spending. Explanatory information on the associated risks, exposures and effects, for example on the impairment of financial instruments and the valuation of purchased goodwill, is provided in the Group management report, notes [33] and [47] “Risk provisions in the lending and securities business” and note [51] “Intangible assets and goodwill”. Where discretionary decisions or estimates by management have a material impact on balance sheet items or scenarios, these are outlined either in the section on accounting policies or in the explanatory information on the relevant items. In the case of the scenarios listed below, discretionary decisions or estimates, or a combination of the two, were required for accounting purposes: recognition of risk provisions in the lending and securities business and provisions for off-balance sheet commitments (see notes [17], [33] and [47] “Risk provisions in the lending and securities business”); fair value measurement of financial instruments (see note [67] “Fair value disclosures”); recognition of pension obligations (see notes [26] and [60] “Provisions for pensions and similar commitments”); impairment test for goodwill (see note [51] “Intangible assets and goodwill”); recognition of other provisions and other liabilities (see notes [27] and [61] “Other provisions” and note [75] “Contingent liabilities and other obligations”); lease accounting (see note [14] “Lease accounting”); and recognition of deferred taxes (see note [24] “Income taxes”). 429

430

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 The disclosures in accordance with IFRS 7.31-42 “Financial Instruments: Disclosures” on the nature and extent of risks arising from financial instruments, which also form part of the notes to the consolidated financial statements, are presented in the risk report as part of the Group management report, with the exception of the qualitative and quantitative disclosures on default risk in accordance with IFRS 7.35A-36 and disclosures on the maturity analysis in accordance with IFRS 7.39(a) and (b). Information on default risk is disclosed in the notes to the consolidated financial statements in notes [17] and [47] “Risk provisions in the lending and securities business”, while information on the maturity analysis is provided in note [71] “Breakdown by remaining maturity”. 6 Consolidation principles Subsidiaries are companies that are controlled by DekaBank, either directly or indirectly. Assessment of whether DekaBank, as the parent company, is able to exert control over an entity, and hence whether that entity must be consolidated, is carried out by considering the following three criteria, all of which must be fulfilled: DekaBank has power over the entity, directly or indirectly, by means of voting rights or other contractual rights and hence has the current ability to direct the entity’s relevant activities. DekaBank is exposed, or has rights, to variable returns from its involvement with the entity. DekaBank is currently able to use its power over the entity to affect these variable returns. If DekaBank holds more than half of the relevant voting rights of an entity, either directly or indirectly, and these voting rights currently enable it to direct the relevant activities of that entity, then control is assumed. Potential voting rights are also taken into account when determining whether the relationship involves control, provided such voting rights are deemed to be substantial. Under certain circumstances it is possible for control over another company to exist even when the Group does not hold the majority of the relevant voting rights, for instance by virtue of one or more contractual arrangements or statutory provisions. In assessing whether or not an entity must be consolidated, it is therefore necessary to take account of all the facts and circumstances involved. This includes considering the purpose and the relevant activities of the entity concerned. This is particularly true in the case of structured entities designed such that voting rights or comparable contractual rights are not the dominant factor in determining who controls the entity. For this reason, the Deka Group also includes structured entities (investment funds, loan financing operations and securitisation entities) when considering which entities must be consolidated. In assessing whether or not control exists, it is also necessary to verify, where appropriate, whether a principal-agent relationship exists. This is where power over the entity is held by an additional contractual party (agent) which exercises it on behalf of a principal, such that the principal has de facto control. The Deka Group has power over investment funds it sets up and administers, which it exercises as an agent for all investors in these investment funds. As part of the start-up financing process, DekaBank holds units in the Group’s own investment funds in order to make liquidity available to them. In such cases, control may arise if a significant proportion of the variable returns flow to DekaBank as an investor in the investment fund. An entity is consolidated from the point in time at which the Group obtains control through the relevant majority voting rights or other contractual agreements, and ceases to be consolidated when there is no longer any potential for it to be subject to the Group’s control. Subsidiaries are not consolidated if they are of minor significance for the presentation of the Group’s financial position and financial performance. 430

431

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 DekaBank reviews its consolidation decisions at the end of every financial year, as well as on other occasions if required. The requirement for the Group to consolidate an entity is reviewed if voting rights or other decision-making rights arise as a result of contractual agreements or changes in financing, ownership or capital structures. Changes in the percentage ownership of a subsidiary that do not result in a loss of control should be regarded as transactions between shareholders and recognised within retained earnings accordingly. If the Deka Group loses control of a subsidiary, the subsidiary’s assets and liabilities, and the carrying value of any non-controlling interests in the subsidiary that may exist, are derecognised. Any consideration received and any shares in the subsidiary that are retained are recognised at fair value. If a difference arises as a result of this accounting treatment, and this difference is attributable to the parent company, it is presented as a profit or loss within consolidated profit or loss. Other changes in equity with no impact on profit or loss recorded in previous periods are transferred to consolidated net profit or, if required by other IFRSs, to retained earnings. An associate is a company over which DekaBank exercises a significant influence. As a rule, significant influence is presumed if DekaBank holds between 20.0% and 50.0% of the voting rights, either directly or indirectly. Potential voting rights – either currently exercisable or convertible – are also taken into account in assessing whether significant influence exists. Where less than 20.0% of the voting rights are held, the assessment of whether or not significant influence exists includes other factors, such as whether the Deka Group has the option to be represented on the management or supervisory boards of the relevant company, or whether there are significant transactions between the Deka Group and the relevant company. Where such rights are held by other shareholders, it is possible that DekaBank may be unable to exercise significant influence even if it holds 20.0% or more of the voting rights. The only type of joint arrangements, as defined in IFRS 11, that exist at the Deka Group take the form of joint ventures. Joint ventures are defined as arrangements where the parties exercise joint control through voting rights held by each of them in equal proportion. Joint ventures and associates are included in the consolidated financial statements using the equity method, unless they are of minor significance for the presentation of the financial position and financial performance of the Group. Where investments accounted for using the equity methode uses different accounting policies, appropriate adjustments are made in line with IFRS rules for consolidated financial statements by means of a separate calculation. Subsidiaries are consolidated using the acquisition method, whereby all assets and liabilities of the subsidiary are recognised at fair value from the date of acquisition or the date the Group obtains a controlling interest. Any positive difference between the historical price and the fair value of the assets and liabilities acquired is reported under intangible assets as goodwill. Goodwill is tested for impairment at least once a year, or more frequently if there are indications of a possible decrease in value. If it is established that goodwill is impaired, the goodwill is written down to the lower value (see note [51] “Intangible assets and goodwill”). Where third parties hold minority interests in the equity or earnings of subsidiaries of the Bank, these are reported separately as minority interests under equity and as profit attributable to non-controlling interests in the statement of profit or loss and other comprehensive income. Where third parties hold immaterial minority interests in investment funds and partnerships, and those third parties have a right to return their holdings at any time, the minority interests constitute debt capital from the Group’s perspective and are thus reported under other liabilities. Intra-Group receivables and liabilities are eliminated on consolidation, as are expenses, income and intercompany profits or losses arising from intra-Group financial and services transactions. DekaBank’s consolidated financial statements have been prepared in accordance with standard accounting policies throughout the Group. 431

432

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Subsidiaries (affiliated companies and structured entities) included in the consolidated financial statements, subsidiaries (affiliated companies and structured entities) not included in the consolidated financial statements on grounds of immateriality, joint ventures, and associates are shown in the List of Shareholdings (see note [82] “List of shareholdings”). 7 Scope of consolidation Composition of the Deka Group In addition to DekaBank as the parent company, the consolidated financial statements include a total of 11 (previous year: 11) domestic companies and 6 (previous year: 6) foreign affiliated companies in which DekaBank directly or indirectly holds the majority of the voting rights. The scope of consolidation also includes 1 (previous year: 1) structured entity that is controlled by the Deka Group. A total of 9 (previous year: 9) affiliated companies controlled by the Deka Group were not consolidated because, taken both in isolation and as a whole, they are of minor significance for the presentation of the financial position and financial performance of the Group. The interests held in these subsidiaries are reported under financial assets at fair value (see note [48] “Financial assets at fair value”). Where they are of minor significance to the consolidated financial statements, structured entities are also not consolidated (see note [83] “List of shareholdings”). To determine their significance for the presentation of the financial position and financial performance of the Group, investment funds are assessed using both qualitative and quantitative criteria. Units in unconsolidated investment funds are recognised at fair value through profit or loss. These are shown on the balance sheet under financial assets at fair value (see note [48] “Financial assets at fair value”). 8 Financial instruments Recognition and derecognition of financial instruments All financial assets and liabilities, including all derivative financial instruments, are recognised in the statement of financial position in accordance with IFRS 9. Spot purchases and sales (regular way contracts) are recognised on the settlement date. Valuation effects from spot purchases and sales measured at fair value which have a settlement date after the reporting date are recognised in profit or loss and reported under other assets or other liabilities. Financial assets are derecognised if the contractual rights arising from the asset lapse, have expired or have been transferred to parties outside of the Group, such that the risks and rewards have been substantially transferred. If an existing asset in the AC and FVOCI categories is modified, a check must be performed to determine whether the modification is significant enough to result in the derecognition of the asset. The assessment to determine whether a modification is classed as significant is based on both qualitative and quantitative criteria. Qualitative indicators for a significant modification of the contractual cash flows include a change in the debtor or adjustments to key collateral items. A modification is also classed as significant if the adjustment results in a net present value difference of at least 10% between the original and the new financial asset. In this case, the original financial asset is deemed to have been disposed of, and the modified financial asset is considered to have been newly acquired. The difference between the two carrying values is recognised in profit or loss in the income statement item “Risk provisions in the lending and securities business”. Any risk provisions previously set up are utilised. 432

433

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 In contrast, an insignificant modification merely results in an adjustment to the gross carrying value of the modified financial asset. The difference between the original contractual cash flows and the modified cash flows, discounted at the original effective interest rate, is recognised in profit or loss as a modification gain/loss in the income statement item “Net interest income” or “Risk provisions in the lending and securities business”. In cases involving a creditworthiness-related insignificant contractual modification, the first step involves utilising any risk provisions previously set up. Any difference remaining thereafter is recognised in the income statement item “Risk provisions in the lending and securities business”. If, on the other hand, the insignificant contractual modification is a market-induced adjustment, the result is recognised in net interest income. Further information on insignificant modifications can be found in note [47] “Risk provisions in the lending and securities business”. Financial liabilities are derecognised when the principal has been repaid in full. If an existing financial liability in the AC category is exchanged for a liability with the same borrower subject to fundamentally different contractual conditions, or if a financial liability in the AC category is substantially modified, the original liability is derecognised and a new liability recognised. The difference between the two carrying values is recognised in profit or loss. Categorisation of financial instruments Financial instruments are measured at fair value at the date of acquisition. The subsequent measurement of financial assets and liabilities is governed by the IFRS 9 measurement category to which they are allocated at the date of acquisition. The classification rules under IFRS 9 provide for a classification model for assets that is based on the underlying business model and contractual cash flows. The business model reflects how financial assets are managed in order to generate cash flows. For classification purposes in accordance with IFRS 9, the Deka Group makes a distinction between the following business models: “Held to collect”: Financial assets are held with the aim of collecting the contractual cash flows. “Held to collect and sell”: Financial assets are held with the aim of both collecting the contractual cash flows and selling the financial assets. “Residual”: This business model is used for financial assets that cannot be classified as either “held to collect” or “held to collect and sell”. Allocation to a particular business model is based on groups of financial assets (portfolios). The division between business models is based on the actual circumstances at the time of assessment. Factors taken into account include the following: the Group-wide business and risk strategy; the way in which the performance of the business model in the individual business divisions (and the financial assets held in these divisions) is evaluated and reported to the key management personnel of the Deka Group; the frequency, volume and timing of sales in previous periods, the reasons for those sales and expectations regarding future sales activity. 433

434

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 In this respect, it is ultimately the key management personnel of the Deka Group who are responsible for defining the individual business models. Sales from “held to collect portfolios” are not considered detrimental to the “held to collect” business model if they are executed for specific reasons or are infrequent or insignificant (both individually and in the aggregate). Within the Deka Group, checks to ensure that sales from “held to collect portfolios” are not considered detrimental are performed for each portfolio group. Both qualitative criteria and quantitative thresholds (both portfolio-based and results-based) have been defined for this purpose. In the Deka Group, this means, for example, that a sale of financial instruments due to a deterioration in the debtor’s credit risk or a sale shortly before an instrument reaches maturity (generating proceeds from the sale that are almost equivalent to the outstanding contractual cash flows) is not considered detrimental to an existing intention to hold. Where a financial asset is allocated to the “held to collect” or “held to collect and sell” business model, it is necessary to check at initial recognition whether the SPPI (cash flow) condition is met, in order to determine its measurement category under IFRS 9. In determining whether the contractual cash flows relate solely to payments of principal and interest, the contractual terms must be analysed at the time of initial recognition at the level of the individual financial asset. In particular, this involves analysing contractual provisions that can change the timing or amount of contractual cash flows, such as contract renewal and termination options, variable or conditional interest payment agreements and agreements with rights of recourse to certain assets (known as “non-recourse financing”). The cash flow condition for non-recourse financing is reviewed as part of a review process comprising several stages within the Deka Group. The first step involves examining whether the financing arrangement could include a side agreement that is detrimental with regard to SPPI. This check is carried out irrespective of the type of financing. The second step involves identifying non-recourse financing. This category largely comprises financing of special purpose vehicles in which the Deka Group has a right of recourse only to the assets of the special purpose vehicle or cash flows from these assets to satisfy its claim. The cash flow condition is always met for financing arrangements like these if, based on an economic assessment of all of the information available, it is the credit risk, and not the borrower’s investment risk, that dominates the financing arrangement in question. Within the Deka Group, factors such as the minimum rating in accordance with the credit risk strategy, the loan-to-value (LTV) ratio, additional collateral furnished and the borrower’s capital resources are usually taken into account in this regard. Financing arrangements where full repayment of the loan is substantially dependent on how the value of the financed asset develops run contrary to the nature of a simple loan agreement, meaning that they are to be measured at fair value through profit or loss. For the SPPI condition to be met, all contractual cash flows from the financial assets must solely represent payments of principal and interest, where the interest essentially represents consideration for the time value of money and the credit risk. In addition, basic lending arrangements can include fees for other credit risks (such as liquidity risk), as well as costs associated with holding the financial asset for a specified period of time (such as service fees or administrative costs). If the cash flow condition is met, the asset is measured at amortised cost if classified in the “held to collect” business model, or at fair value through other comprehensive income if classified in the “held to collect and sell” business model. Financial assets that are held for trading or classified in the “residual” business model are measured at fair value through profit or loss. Explanation of the individual IFRS 9 measurement categories Assets measured at amortised cost (AC) Financial assets are allocated to this category if they belong to a portfolio with a “held to collect” business model and their cash flows solely comprise payments of principal and interest. 434

435

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Financial assets in this category are measured initially at fair value. In subsequent periods, they are measured at amortised cost using the effective interest method. Interest income, impairments, profits/losses on disposal and currency translation effects are recognised in profit or loss. Impairment losses are calculated using the expected credit loss model under IFRS 9. In the Deka Group, loans and securities are usually allocated to this category, provided that they are not purchased with the intent to resell or are held for liquidity management purposes and meet the SPPI condition. Assets measured at fair value through other comprehensive income (FVOCI) Financial assets are allocated to this category if they belong to a portfolio with a “held to collect and sell” business model and their cash flows solely comprise payments of principal and interest. Assets in this category are measured at fair value on both initial and subsequent measurement. Changes in value are generally recognised in other comprehensive income (OCI) until the asset is either derecognised or reclassified. Interest income, impairments and currency translation effects, on the other hand, are recognised in profit or loss. Impairments are determined in accordance with the expected credit loss model under IFRS 9, in the same way as for financial assets measured at amortised cost. On derecognition or reclassification, the cumulative gain or loss recognised in other comprehensive income (OCI) is reclassified to profit or loss. In the Deka Group, securities (debt instruments) held for liquidity management purposes are classified in this category. In addition, where an equity instrument is not held for trading, an irrevocable election may be made at initial recognition to measure it at fair value through other comprehensive income. This option is currently not exercised in the Deka Group. Equity instruments are thus always measured at fair value through profit or loss. Equity instruments that are held for trading must generally be measured at fair value. Assets measured at fair value through profit or loss (FVTPL) Financial assets held for trading are classified in this category. Financial assets are also classified in this category if they are not held for trading but do not fall under the “held to collect” or “held to collect and sell” business models. In addition, financial assets not held for trading are also measured at fair value through profit or loss as a mandatory requirement if they are held within the “held to collect” or “held to collect and sell” business model but do not meet the SPPI condition. It is also possible to assign financial assets (excluding debt instruments) irrevocably to this category upon acquisition if doing so eliminates or significantly reduces a measurement or recognition inconsistency (an “accounting mismatch”). The Deka Group does not currently make use of this option under IFRS 9. Such assets are measured at fair value through profit or loss both on initial recognition and in subsequent periods. In the Deka Group, securities, receivables and all derivatives (which are not designated as hedges), holdings in unconsolidated subsidiaries, joint ventures and associated companies not included using the equity method, as well as other equity investments, are normally allocated to the FVTPL category. Liabilities measured at fair value through profit or loss (LFV) Within this category, a distinction is made between financial liabilities allocated to the trading portfolio upon acquisition and those that are irrevocably designated at fair value (provided that certain conditions are met) (fair value option). Financial liabilities in this category are generally measured at fair value through profit or loss. Financial liabilities are classified as part of the trading portfolio if their focus is on generating a profit in the short term combined with customer-oriented product design. 435

436

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Liabilities designated at fair value arise through the exercise of the fair value option under IFRS 9. Financial liabilities are designated at fair value if they are managed as a unit on a fair value basis in accordance with the Bank’s documented risk management strategy. Both the risk and the results thereof are determined on the basis of fair values and reported to the Board of Management. Exercising the fair value option results in this case in the harmonisation of economic management with the presentation of the financial position and financial performance. In addition, the fair value option is exercised for financial liabilities in order to avoid the potential obligation to separate embedded derivatives and to eliminate or significantly reduce measurement or recognition inconsistencies (accounting mismatches). Changes in the fair value of designated liabilities that result from changes in own credit risk are not to be recognised in profit or loss but should instead be recognised in other comprehensive income (OCI). However, this will not be the case if a measurement or recognition inconsistency would be created or enlarged as a result. Upon disposal, the cumulative changes in value recognised in other comprehensive income (OCI) cannot be reclassified to profit or loss (known as “recycling”). By contrast, reclassification from other comprehensive income (OCI) to retained earnings is possible. This means that effects from the Deka Group’s own credit risk are generally not recognised in profit or loss. The Bank calculates the change in value arising from changes in creditworthiness – irrespective of whether this is recognised in profit or loss or in other comprehensive income – as the difference between the result based on full fair value measurement and the result from measurement based on swap rates for the relevant issue currency, plus the spread which applied at the time of sale in the market for similar liabilities. The valuation result arising from changes in creditworthiness during the reporting period is calculated as the movement in this difference relative to the nominal value as at the reporting date. This calculation method takes into account all relevant available data for determining the change in value of the designated financial instruments arising from changes in creditworthiness and is therefore appropriate. Liabilities measured at amortised cost (LAC) This category comprises those financial liabilities, including securitised liabilities, that are not measured at fair value through profit or loss. They are stated at amortised cost using the effective interest method. In cases involving liabilities that can be terminated, are not subject to mandatory separation and are measured at amortised cost, the probability of exercising the right of termination is taken into account when determining the amortised cost. Other financial instruments The guarantees issued by DekaBank are financial guarantees. In accordance with IFRS 9, liabilities from financial guarantees are recognised at DekaBank at their fair value at the time of commitment. At inception, recognition at fair value generally results in an amount of zero being recognised, as the net present value of the claim from the future premium payments matches the present value of the assumed performance obligation (any payment obligation) (this is known as net presentation). Net presentation means that the guarantor does not adjust the fair value from initial recognition; instead, the incoming premium payments are recognised as commission income in profit or loss. In the context of subsequent measurement, the obligation is measured at the amount from the valuation allowance or the amount originally recognised, whichever is higher. The nominal amount of the guarantees in place as at the reporting date was €73.1m (previous year: €120.6m). 9 Fair value measurement of financial instruments Fair value is deemed to be the amount that would be received on the sale of an asset or paid for the transfer of a liability in an arm’s length transaction between market participants at the measurement date. The fair value of financial instruments is determined on the basis of market prices or observable market data as at the reporting date and by using generally recognised valuation models. 436

437

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Where no prices are available on an active market, valuation models are used that are considered appropriate for the financial instruments in question. Observable market data is always used as the basis where available. However, the availability of observable stock market prices, valid prices or market data varies depending on the financial instrument and can change over time. Furthermore, the valuation models are periodically readjusted and validated as required. Depending on the financial instrument and market situation, it may be necessary to include assumptions and estimates made by the Bank in the valuation. The Bank is also responsible for selecting suitable modelling techniques and appropriate parameters and assumptions. The assumptions underlying financial valuation models can have a considerable effect on the fair value determined. Where there are no prices from active markets, the fair value is therefore deemed to be the model value as at the reporting date, which reflects a realistic estimate of how the market would be likely to value the financial instrument. The Deka Group uses significant unobservable inputs in the valuation model for less structured trading issues and in the corresponding economic hedging derivatives. In cases involving these financial instruments, the Deka Group recognises the difference between the fair value as at the reporting date and the transaction price in the carrying value of these financial instruments. Gains/losses are recognised over the average term of the financial instruments in question (see note [67] “Fair value disclosures”). Where bid and ask prices are available for assets and liabilities, the provisions of IFRS 13 state that the price to be used to determine the fair value is that which best reflects the fair value within the bid-ask spread, with the use of mid-market pricing being an acceptable valuation convention. DekaBank generally measures financial instruments at mid-market prices. For illiquid financial instruments assigned to level three of the fair value hierarchy, bid-ask adjustments are taken into account. Furthermore, the Bank takes credit valuation adjustments (CVAs) or debit valuation adjustments (DVAs) into consideration when measuring OTC derivatives in order to allow for its own credit risk or that of counterparties, unless these are already included elsewhere in the valuation model. If netting agreements exist for counterparties, the calculation is performed based on the net position at counterparty level. In other cases, the calculation is performed on the basis of the individual exposures. The Deka Group takes a funding valuation adjustment (FVA) into account, which represents the implicit market refinancing costs for uncollateralised derivative positions. The maturity structure of funding is thus considered to be an important component of fair value for uncollateralised derivatives. The Deka Group also recognises a margin valuation adjustment (MVA) at counterparty level when determining the fair value of derivatives. The MVA is used to reflect the expected future funding costs from initial margin payments in net present value terms. The MVA is taken into account in pricing and, as a result, also in the valuation carried out independently of trading activities. The MVA has the same form as the FVA, namely that of collateralisation costs over the entire term of the derivative for the initial margin. 10 Hedge accounting The Deka Group enters into derivatives both for trading purposes and for hedging purposes. Please refer to the risk report for a description of the overall risk management strategy. Derivatives entered into for hedging purposes can be treated, together with qualifying underlying transactions, as a hedge accounting item (hedge accounting) under certain conditions. The Group applies the general hedge accounting provisions set out in IFRS 9 to present hedges. In the banking book, in line with its strategic orientation, the Deka Group mainly executes transactions involving interest-related products for which a significant part of the change in market value in the transaction currency results from the interest component. General interest rate risks are systematically hedged against market fluctuations. Interest rate swaps, in particular, are used to manage this risk. 437

438

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 General interest rate risks result from changes in currency-specific benchmark yield curves (usually swap curves) and their volatility. The fixed interest rate on a position may deviate from the relevant market interest rate due to future market developments, resulting in changes in the value of the financial product. For example, the value of a purchased fixed-rate bond decreases when the market interest rate rises. Changes in the risk profile of the banking book are monitored, as part of the risk management system, using sensitivity indicators and are hedged in line with the targeted interest rate position, unless the interest rate risks already offset each other within the primary banking business on the assets and liabilities side. The hedging instrument position used to manage the interest rate risk is continuously adjusted to reflect changes in the interest rate risk. In general, the Deka Group strives to ensure matching parameters such as maturity and repayment structure when using derivative hedging instruments to hedge underlying transactions. The risk of interest rate-induced market price changes for fixed-interest asset items is offset by concluding what are known as payer swaps (the Deka Group pays fixed interest and receives variable interest). In cases involving fixed-rate items on the liabilities side, the Deka Group uses receiver swaps to hedge the risk (the Deka Group pays variable interest and receives fixed interest). In addition to interest rate risks, the Deka Group’s primary banking transactions also give rise to currency risks, namely when the currency transactions in a foreign currency on the assets side and liabilities side do not offset each other in terms of their amount and maturity. In these cases, derivative and primary currency hedging transactions are executed to limit the currency risks and maturity mismatches as part of the Deka Group’s macro management activities. The currency risk arises from potential changes in exchange rates for those foreign currencies in which the Deka Group executes primary banking transactions. If the value of the foreign currency falls against the euro, this reduces the value of the foreign currency asset item in euros. If, in such cases, there are no, or only insufficient, primary financing funds available in the relevant foreign currency, the Deka Group uses cross- currency swaps, for example, in which the Bank receives euros and pays in a foreign currency, for hedging purposes as part of its macro management activities. Fair value hedges for interest rate risks In order to be able to reflect the interest rate risk management approach described above on the balance sheet, the Deka Group sets up targeted hedges on the face of the balance sheet. The main objective pursued by setting up and cancelling these hedge accounting relationships is to largely avoid the inconsistent interest- driven measurement of balance sheet assets and liabilities. In order to achieve this objective, there is no need to designate all risk positions as hedge accounting relationships, as some of the transactions offset each other with regard to the measurement of interest rate risk. The hedges to be designated are determined as part of a dynamic process. The hedges designated in the Deka Group as part of this process exclusively comprise micro fair value hedges of the swap curve risk. Hedge accounting relationships have to be documented individually at the time they are established. The main items documented are the identification of the hedged item and the hedge, as well as the type of risk hedged. In addition, IFRS 9 requires prospective testing of hedge effectiveness on an ongoing basis, i.e. an assessment to determine whether changes in the value of the hedged item and the hedging instrument can be expected to substantially offset each other in the future. The Deka Group uses regression analysis to demonstrate prospective effectiveness. If, at any given point in time, a hedge is no longer classified as effective based on the prospective effectiveness test, it is reversed. Hedges also have to be reversed if the underlying or hedging transaction is derecognised in the balance sheet, if the risk management objective changes or if credit risk dominates the changes in value of the hedged item and hedging instrument. Ultimately, it is virtually impossible for the credit risk on the hedging transaction side to dominate the changes in value, as Deka only uses hedging transactions in hedge accounting that are either concluded with a central counterparty (CCP) or are secured bilaterally in the interbank business. The credit support annexes with partner banks are structured in such a way that the thresholds are zero and the collateral is provided as cash collateral in EUR. 438

439

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 For interest rate fair value hedges, changes in the value of the underlying transaction that are attributable to the hedged risk are included in the “Profit or loss from fair value hedges” along with the offsetting change in the fair value of the hedge. For those currencies that were switched over to risk-free rates as part of the LIBOR transition, the hedged interest component of the underlying transactions is calculated as the change in the fair value of the underlying transaction due to a change in the risk-free rate swap curve for the matching currency. For all other currencies, the hedged interest component of the underlying transactions is calculated as the change in the fair value of the underlying transaction due to a change in the currency- specific 3-month interbank offered rate-based swap curve. The valuation spread (compared with the swap rate) on the side of the underlying transaction at the time the hedge is established is kept constant over the entire term of the hedge. The change in value in relation to the hedged interest rate risk (swap curve) – where appropriate together with the gains or losses from currency translation in cases involving foreign currency transactions – generally accounts for the bulk of the change in the value of the underlying transaction due to market price risk. There is a close economic relationship within the meaning of IFRS 9 between the designated hedged items and the hedging transactions, as the currency-specific swap rate or, for those interest rate benchmarks that have already been switched over, the currency-specific risk-free rate swap rate, is both an important component in the pricing of the originally valued hedged items and the underlying of the hedging transactions with matching maturities. Since the hedging transactions are not associated with a basis risk, within the meaning of IFRS 9, that could be systematically counteracted by rebalancing the hedge ratio, one unit of a designated interest rate fair value hedge generally also hedges one unit of a hedged item. Within the context of interest rate fair value hedge accounting, medium- and long-term lending, securities and issuing transactions are designated as underlying transactions. The financial assets designated as underlying transactions have the measurement categories AC and FVOCI, while financial liabilities designated as underlying transactions have the measurement category LAC. The underlying transactions hedged using fair value hedges are shown in the same balance sheet item as non-hedged transactions. The carrying value of the interest rate-hedged underlying transactions in the AC and LAC measurement categories is adjusted to reflect the change in fair value attributable to the hedged risk (known as a hedge adjustment). The derivatives used in fair value hedges are shown on the balance sheet under “Positive market values of derivative hedging instruments” or “Negative market values of derivative hedging instruments”. For those currencies for which the hedged risk is not the risk-free rate (but rather a tenor-specific swap curve), the expected ineffectiveness in the interest rate fair value hedges results primarily from the difference in discounting between the underlying and hedging transactions. This arises because the derivative hedging transactions secured by cash collateral are measured on the basis of risk-free rate swap curves, whereas the underlying transactions are measured on the basis of tenor-specific swap curves (meaning that changes in the tenor basis spread between the tenor-specific swap curve and the risk-free rate swap curve result in hedge ineffectiveness). Another reason for expected ineffectiveness lies in the potential fair value of the reference interest rate component of the variable sides of the derivative hedging transactions on the reporting date. Where the hedged risk is the risk-free rate swap curve, the expected ineffectiveness is lower. Fair value hedges for currency risks The Deka Group recognises the macro currency hedging strategy described above by designating currency fair value hedges using what is known as a bottom layer hedge designation, which is one of the group hedges under IFRS 9. This type of designation involves designating the bottom layer of the underlying transactions as a whole, together with the associated cross-currency swaps, as a currency fair value hedge for each designated currency. 439

440

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Within the Deka Group, the group of underlying transactions as a whole, in the meaning referred to above, comprises financial assets in the AC and FVOCI measurement categories. On the product side, loan receivables and securities are included. The cross-currency swaps concluded as part of the Deka Group’s macro management activities are designated as hedging transactions, with their currency basis elements being excluded in each case from designation as “hedge costs”. The changes in the fair value of the cross- currency swaps that are attributable to the currency basis element are recognised in other comprehensive income (or on a cumulative basis in the revaluation reserve for currency fair value hedges, which forms part of cumulative OCI) for as long as hedge accounting continues to apply. The other changes in the value of the designated cross-currency swaps are recognised in the profit or loss from fair value hedges, together with the spot rate-related change in value of the underlying transactions. The changes due to the hedged risk (spot rate-related changes in value) of the underlying transactions – together with any interest-rate- related changes in the present value of fixed-interest transactions – account for the majority of the changes in value of the underlying transactions due to market price risk. The Deka Group’s currency management system does not currently involve hedging any currency using hedges in another, highly correlated currency. This means that the accounting hedges set up all share one feature: the currency of the underlying and hedging transactions is always identical (there are no basis risks within these hedges). Consequently, there is always a close economic relationship, within the meaning of IFRS 9, between the designated underlying transactions and the hedging transactions. As a result, one hedged currency unit is always hedged by one currency unit derivative. This hedge ratio of 1:1 continues to apply over time, as the lack of basis risk means it does not need to be recalibrated in line with IFRS 9. Within the Deka Group, the prospective effectiveness of currency fair value hedges is tested both initially and on an ongoing basis using the critical term match method, in which the critical terms of the underlying transaction and the hedging instrument (currency, nominal value and maturity) are compared against each other. As soon as the credit risk dominates the changes in value of a financial asset used as the underlying transaction, the asset is excluded from the group of underlying transactions as a whole. There are always bilateral collateral agreements in the interbank business for the cross-currency swaps included in currency fair value hedge accounting. As a result, a scenario in which the credit risk dominates on the hedging transaction side is virtually ruled out. A hedge is to be dissolved on a pro rata basis in the event of overhedging. Even if the critical terms of the underlying transaction and the hedging transaction match, the currency fair value hedges can be expected to show a certain degree of ineffectiveness over time. This is because, even after separating the currency basis element, the two variable legs of a cross-currency swap used as a hedging instrument show an interest rate valuation result on the reporting date, whereas the underlying transaction is only measured at the spot rate. In cross-currency swaps that exchange risk-free rates for one another, the expected ineffectiveness from the interest rate measurement is close to zero. The balance sheet presentation of the currency-hedged underlying transaction does not differ from that of non-hedged transactions. The hedging transactions are shown on the balance sheet under “Positive market values of derivative hedging instruments” or “Negative market values of derivative hedging instruments”. Apart from the two types of fair value hedges referred to above, the Deka Group does not use any other form of hedge accounting (in particular, there is no hedge accounting for anticipatory transactions at Deka). Note [39] “Profit or loss from fair value hedges”, note [49] “Positive market values of derivative hedging instruments”, note [59] “Negative market values of derivative hedging instruments”, note [66] “Result by measurement category” and note [72] “Further information on hedge accounting” provide detailed quantitative information on fair value hedges for interest rate risks and currency risks. 440

441

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 11 Structured products Structured products are financial instruments composed of a host contract and one or more derivative financial instruments (embedded derivatives), whereby the embedded derivatives constitute an integral part of the contract and cannot be traded separately. If the host contract is a financial asset under IFRS 9, the embedded derivative must be accounted for together with the host contract under IFRS 9. The assessment of the contractual cash flow characteristics criterion of a structured financial asset is applied accordingly to the entire financial asset, including the embedded derivative. Embedded derivatives whose host contract is not a financial asset under IFRS 9 must be separated from the host contract subject to the following conditions and accounted for as standalone derivatives: the structured financial instrument is not already measured at fair value through profit or loss; the economic characteristics and risks of the embedded derivative do not show any close relationship with the economic characteristics and risks of the host contract, and the contractual standards of the embedded derivatives, if they were treated as independent financial instruments, would meet the criteria for a derivative. There are two reasons why DekaBank does not currently recognise any structured instruments subject to mandatory separation (in the reporting year as in the previous year). First, DekaBank issues structured financial instruments that have to be measured at fair value through profit or loss as a whole under the IFRS categorisation rules anyway, meaning that separation is not necessary. Second, DekaBank issues structured financial instruments that are measured at amortised cost under the IFRS categorisation rules but whose embedded derivatives have the close relationship with the economic characteristics and risks of the host contract that is required for uniform accounting (for example, termination rights in callable fixed-income bond liabilities), meaning that these transactions do not have to be separated either. 12 Currency translation Currency translation in the Deka Group is carried out in accordance with IAS 21. All monetary foreign currency items and pending spot foreign-exchange transactions are converted using the mean spot rate as at the reporting date. Realised and unrealised gains and losses from currency translation are included in “Trading profit or loss” in the income statement to bring the gains and losses from currency translation into line with the amounts recognised resulting from the related currency-specific transactions (derivatives) that hedge these monetary assets and liabilities. Non-monetary items are converted in accordance with their applicable valuation standard: non-monetary items valued at amortised cost are converted at the rate applicable at the time of initial recognition (historical rate), while non-monetary items carried at fair value are converted at the year-end closing rate in the same way as monetary items. Realised expenses and income are translated at the spot rate that applies at the time they are realised. The financial statements of foreign subsidiaries prepared in a foreign currency are converted using the modified closing rate method. All assets and liabilities are converted at the rate prevailing on the reporting date. The items in the statement of profit or loss and other comprehensive income are converted using the arithmetic mean of the month-end exchange rates during the reporting year. With the exception of the revaluation reserve (converted using the rate prevailing on the reporting date) and the total profit or loss for the year (from the statement of profit or loss and other comprehensive income), equity is converted on the basis of historical exchange rates at the time of acquisition by the Group. The resulting translation differences are posted under equity in the currency translation reserve. 441

442

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 13 Genuine repurchase agreements and securities lending transactions The Deka Group engages in both genuine securities repurchase agreements and securities lending transactions. Genuine repurchase agreements are contracts transferring securities in return for consideration, in which it is agreed at the same time that the securities must subsequently be transferred back to the pledgor in return for payment of a sum agreed in advance. The pledgor continues to account for the transferred securities in the previous measurement category, as the principal risks and rewards of ownership are not transferred. A liability for the pledgor or a receivable for the pledgee is accounted for in the amount of the cash sum received or paid, respectively. Provided that the IAS 32 netting criteria are met, receivables and liabilities from genuine repurchase agreements are offset against one another and recorded on the balance sheet on a net basis under amounts due from banks or customers, or liabilities due to banks or customers. The term “securities lending” means transactions where securities are transferred by the lender to the borrower with the obligation that the borrower, upon expiry of the agreed time, will transfer back securities of the same type, quality and quantity and will pay a consideration for the term of the loan. The securities loaned are treated for accounting purposes in the same way as genuine repurchase agreements. Collateral must generally be provided for securities lending transactions. Cash collateral is reported on the lender’s balance sheet as a liability and on the balance sheet of the borrower as a receivable. Collateral provided by the borrower in the form of securities continues to be carried in the accounts of the borrower. Lending and repurchase agreements are carried out under the conditions usual for the market. Transactions are either subject to the clearing conditions of the respective central counterparty, or are conducted using the standard German or international framework agreements. The securities transferred may in principle be resold or re-pledged by the recipient, provided no contractual agreement or regulation exists that would prevent this. In the event of the sale of borrowed securities or collateral, the resulting short position is reported under financial liabilities at fair value. Income and expenses from repurchase agreements and securities lending transactions in the trading book are reported under trading profit or loss, while income and expenses from banking book portfolios are reported under net interest income. Forward repos constitute forward contracts as per IFRS 9 and are treated as derivatives from the trading date until the settlement date. Changes in the fair value of forward repos are recognised accordingly in trading profit or loss. 14 Lease accounting Under IFRS 16, leases are recognised in the lessee’s balance sheet as a lease liability and a right-of-use asset at the time at which the underlying asset is made available to the lessee. An agreement is, or contains, a lease if it gives the Deka Group the right to control the use of an identified asset for a defined period of time in exchange for consideration. The Deka Group is considered to control the use of the asset if it has the power to decide on the nature and purpose of the asset’s use throughout the term of the agreement. The Deka Group as lessee Lease liabilities are recognised at the present value of future lease payments. When determining the minimum lease payments, particular consideration must be given to variable lease payments that depend on an index or interest rate. The amounts expected to be payable under residual value guarantees also have to be estimated. Lease payments are divided into their lease and non-lease components (usage-based ancillary costs or service charges). 442

443

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Discounting is based on the interest rate implicit in the lease, if this can be determined; otherwise, discounting is based on the lessee’s incremental borrowing rate. The term of the lease is determined by the non-cancellable period of the lease as defined in the contract, taking into account extension options or termination rights that are to be included in the assessment. Purchase options also have to be taken into account. This means that, for accounting purposes, the term of a contract is to be taken into account beyond the non-cancellable term if it is reasonably certain that an extension option will be exercised or that a termination or purchase option will not be exercised. At the commencement of the lease, the right-of-use asset essentially corresponds to the lease liability. Recognition of the right-of-use asset must take into account directly attributable initial costs and lease payments made prior to the provision of the underlying asset; any lease incentives received must be deducted. During the term of the lease, the lease liability is calculated as at each reporting date by discounting the outstanding lease payments, and the resulting interest expense is recognised in profit or loss. For the purposes of subsequent measurement within the Deka Group, the right-of-use asset is measured at amortised cost and is depreciated on a straight-line basis, through profit or loss, over the shorter of the useful life or the contractual lease term. Impairment losses in excess of amortised cost are immediately recognised as write-downs. The right-of-use assets are shown in the balance sheet under property, plant and equipment and the lease liabilities are shown under other liabilities. Within the Deka Group, the interest expense resulting from the lease liability is shown under other operating profit and the depreciation and impairment expenses for the right-of-use asset are shown under administrative expenses. In the case of short-term leases or leases of low-value assets, the lessee can opt not to recognise the right- of-use asset and the corresponding lease liability on the balance sheet. Lease payments for these contracts are recognised as expenses on a straight-line basis over the lease term as a general rule. As at the reporting date of 31 December 2024, the Deka Group had rental and lease agreements for office properties, motor vehicles and plant and equipment. The rental agreements for office properties are generally concluded for fixed terms of five to twenty years. The lease term for motor vehicles is three to four years, while plant and equipment are leased for five years on average. The Deka Group as lessor As at the reporting date of 31 December 2024, there were no leases in place where companies in the Deka Group acted as lessor. 15 Revenue from contracts with customers In the Deka Group, revenue is generally realised when the performance obligation is deemed to have been ful- filled. A performance obligation is normally considered to have been fulfilled when the service has been rendered. If a service has already been rendered for which payment has not yet been made, a contract asset is recognised in the balance sheet. Conversely, a contract liability has to be recognised if the customer has already made the payment or if the Bank has an unconditional right to payment before the service has been rendered. 443

444

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 In the Deka Group, a receivable is recognised as and when the service is provided, as this is the point at which consideration becomes unconditional and the only thing standing in the way of performance is the period of time until the payment falls due. Fees and commission that arise over time in Asset Management are generally settled on a monthly or quarterly basis, meaning that the uncertainty with regard to the variable consideration is resolved at the end of each month or quarter. Contract assets and receivables are generally subject to the impairment provisions set out in IFRS 9. As at the balance sheet date of 31 December 2024, the Deka Group had no contractual assets or contractual liabilities from contracts with customers in its portfolio. In the Deka Group, there are no material contracts with customers in which the Deka Group is involved in the provision of services as an agent. As a rule, there are no contracts with more than one performance obligation either. The contracts concluded with customers within the Deka Group do not contain any significant financing components, as the period between the provision of the service and payment does not generally exceed twelve months. Costs incurred in initiating a contract are recognised as an immediate expense because the amortisation period does not exceed one year. In the Deka Group, fees and commission falling within the scope of IFRS 15 arise, in particular, in connection with the asset management of investment funds and in connection with capital market and lending business activities. These are reported under net commission income (see note [34] “Net commission income”). 16 Amounts due from banks and customers The items due from banks and due from customers principally include loans granted, non-negotiable bearer and registered bonds, demand deposits, daily and time deposits. Paid cash sums and cash collateral from genuine repurchase agreements or securities lending transactions are also reported as receivables. Receivables are generally assigned to the IFRS 9 measurement category “Assets measured at amortised cost” if they meet the necessary classification criteria (see note [8] “Financial instruments”). Receivables in this category are measured at amortised cost using the effective interest rate method. In addition, the amortised cost has to be adjusted to reflect the expected losses calculated using the IFRS 9 expected credit loss model (see note [17] “Risk provisions in the lending and securities business”). Income from interest payments on amounts due from banks and customers is reported in net interest income. Income from the sale of receivables is recognised in the item “Net income from the derecognition of financial assets measured at amortised cost”. The measurement rules set out in note [10] “Hedge accounting” apply to receivables that are subject to fair value hedges. 17 Risk provisions in the lending and securities business In the Deka Group, risk provisions are recognised in the amount of the expected losses (expected credit loss model) for financial instruments measured at amortised cost or at fair value in other comprehensive income. These also include loan commitments that fall within the scope of IFRS 9 and financial guarantee contracts, unless they are measured at fair value through profit or loss. 444

445

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Tiered concept Under the expected credit loss model, financial instruments have to be allocated to one of three “stages” depending on their credit quality in order to calculate the risk provisions for loan losses. The stage to which an asset is allocated affects the size of the risk provisions to be set up for that asset. IFRS 9 distinguishes between the following three stages: Stage 1: Loss allowances are recognised in the amount of the expected loss for the next twelve months, unless the risk of default has significantly increased. Stage 2: Loss allowances are recognised in the amount of the expected loss over the entire residual term to maturity of the financial instrument if the risk of default has increased significantly. Stage 3: Loss allowances are recognised based on the recoverable cash flows on the assumption that a loss event has already occurred. Financial instruments that are not already impaired upon initial recognition are generally allocated to stage 1 and risk provisions are recognised in profit or loss in the amount of the expected loss for the next twelve months. If the default risk has significantly increased since the financial instrument was acquired, it is allocated to stage 2 and the lifetime expected credit loss is recognised in profit or loss. If indications exist that creditworthiness is impaired, the instrument is to be transferred to stage 3 and the expected loss for the remaining lifetime of the instrument is also recognised in profit or loss. Within the Deka Group, significant increases in default risk since the addition of a financial instrument are assessed on the basis of quantitative and qualitative criteria, as well as based on the assessments performed by the units and committees responsible for early risk identification. A significant risk increase is assumed where the credit rating has dropped by a specified amount relative to the initial rating on the first balance sheet date, or where the exposure has been classified as requiring intensive support. In particular, a loan is classified as requiring intensive support in cases involving non-compliance with contractual agreements providing concrete indications of an acute threat to debt servicing capabilities in the long term, as well as in the event of certain rating downgrades or repayment deferrals if the circumstances of the individual case call for intensive support. The 12-month probability of default is used to assess the rating downgrade and adequately reflects the change in the risks expected over the remaining term of the asset. Adequacy was verified by performing a further analysis. In addition, for financial instruments where payment is more than 30 days overdue, a check is made as to whether the presumption of a significant increase in default risk can be rebutted. This involves an analysis of the individual case, which is submitted to the Monitoring Committee so that a decision can be made. If the assumption of a significant increase in default risk cannot be refuted, these transactions are also assigned to stage 2. For securities measured at fair value through other comprehensive income (FVOCI), the Deka Group makes use of the relief provided under the standard, whereby a test for significant risk increase may be dispensed with for instruments with a low risk of default. These exclusively comprise securities held in the liquidity reserve, which must satisfy strict requirements as to credit quality and liquidity. These securities generally have at least an investment grade rating. 445

446

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 If there is objective evidence that a loss event has already occurred, the financial instrument should be allocated to stage 3. Indications of impaired creditworthiness are: significant financial difficulty of the issuer or debtor, an actual breach of contract, such as a default or past-due event, concessions granted by the lender to the debtor for economic or contractual reasons in connection with the debtor’s financial difficulties that the creditor would not otherwise consider, a high probability that the borrower will enter bankruptcy or other financial reorganisation, the disappearance of an active market for the financial asset because of financial difficulties, and the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. In the Deka Group, the definition of default applied for the purposes of allocation to stage 3 is based on the regulatory definition of default. Accordingly, financial assets are deemed to have defaulted if: it is considered unlikely that a debtor will settle its liability in full without recourse to the realisation of collateral, or a material liability of the debtor is more than 90 days past due. Separate provisions apply to financial assets that already show indications of an impaired credit rating upon initial recognition (POCI). The classification of a financial instrument as a POCI asset upon initial recognition must be maintained until its disposal, irrespective of how its default risk develops. For these financial assets, risk provisions are not set up at the time of initial recognition, but rather in subsequent periods in the amount of the change in lifetime expected losses. When determining the expected credit losses, the expected cash flows are discounted using the credit risk-adjusted effective interest rate. Transfers back from stage 2 to stage 1 or from stage 3 to stage 2 or 1 are made if the indicators of a significant increase in default risk or impaired creditworthiness no longer apply on the reporting date. In stages 1 and 2 of the impairment model, interest income is recognised on the basis of the gross carrying value – i.e. the amortised carrying value before risk provisions. If the asset is transferred to stage 3, interest income is recognised in subsequent periods on the basis of the net carrying value – i.e. the gross carrying value less risk provisions. If the contractual cash flows of a financial asset have been renegotiated or otherwise modified and that financial asset has not been derecognised because the modification is not significant, the stage allocation is still reviewed on the basis of the initial rating of the original asset on the first balance sheet date and is compared against the current default risk of the adjusted asset. The derecognition of a financial asset already assigned to stage 3 is effected by utilising the risk provisions. A financial asset is derecognised upon its disposal (in particular due to waivers or sales of receivables) or if there is every likelihood that no further payments will be made. This is assumed to be the case, for example, if the business relationship and loans have been terminated, if all of the collateral has been realised, or if insolvency proceedings have been concluded in respect of the borrower’s assets or the opening of insolvency proceedings has been rejected due to insufficient assets. If there is insufficient risk provisioning for a financial instrument, it is written down directly in profit or loss (direct write-down). Recoveries on financial assets that were previously written off are recognised in the income statement under “Risk provisions in the lending and securities business”. Receivables that have been written down can still, however, be subject to enforcement measures. Determining the ECL (Expected Credit Loss) Under IFRS 9, the ECL is determined in different ways for the different stages of the impairment model. The ECL for stages 1 and 2 is determined on the basis of the probability of default (PD), the loss given default (LGD) and the exposure at default (EAD). 446

447

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 At stage 1, risk provisions are set up in the amount of the 12-month ECL. This corresponds to the expected net present value loss over the remaining life of the instrument resulting from a default event that is expected to occur within the twelve months following the reporting date, weighted by the probability of this default. The current gross carrying value as at the reporting date is thus multiplied by the customer’s 12-month probability of default and by the expected loss given default. 12-month ECL = 12-month probability of default (PD) x loss given default (LGD) x gross carrying value (EAD) In the Deka Group, a debtor’s default risk is measured by the probability of default (PD). The probability of default refers to all transactions entered into with this debtor. It is defined as the average probability that a debtor in a risk class to which it is assigned by means of a rating will default within a period of twelve months. The loss given default (LGD) is defined as the level of economic loss as a percentage of the exposure at the time of default. The EAD corresponds to the gross carrying value on the reporting date when calculating the ECL for stage 1. For financial assets in stage 2, a provision is made in the amount of the present value of the lifetime expected credit loss, i.e. the total expected credit losses from all potential default events over the remaining lifetime of the financial asset. For each time period, the exposure at default is multiplied by the relevant probability of default and the amortised loss given default and then discounted to the reporting date; the results are then added together. = = = = = = expected credit loss at calculation date exposure at time i marginal probability of default during the period from i to i+1 loss given default at time i discount factor from time i to the reporting date start of the i+1th time period ECL EADi PDi LGDi DFi i (i=0 represents the start of the first time period) The probabilities of default for calculating the ECL at stage 2 are derived from long-term rating histories. The LGD used to calculate the ECL at stage 2 is adjusted as at each potential time of default using models for collateral values over time. The EAD is applied over the remaining life on the basis of the future cash flows associated with the financial instrument. At stage 3, risk provisions are determined using probability-weighted cash flows in at least three scenarios. The expected cash flows are estimated on a case-by-case basis, taking into account going concern or gone concern assumptions. The amount of the ECL is the difference between the gross carrying value under IFRS 9 and the probability-weighted present value of the expected cash flows, discounted at the effective interest rate. The ECL is calculated using prospective information, including macroeconomic factors. Macroeconomic forecasts are produced based on the process used by the Macro Research department for the purposes of preparing the official research opinion (baseline scenario) of the Deka Group using a large volume of external information. The statements relate to the analysis and forecasting of fundamental economic data and financial market indicators. The baseline scenario represents the most probable event and is supplemented by a positive and a negative scenario to cover a wide range of possible macroeconomic developments. The probabilities of occurrence for the scenarios used to calculate risk provisions as at 31 December 2024 were as follows: baseline scenario = 65% (previous year: 70%), negative scenario = 25% (previous year: 20%) and positive scenario = 10% (previous year: 10%). The forecast horizon spans a period of three years (2025- 2027), and the forecast relates to those countries that account for the largest gross carrying amounts relevant to risk provisions. 447

448

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Inputs - global Oil price (USD per barrel) Annual rate of change real GDP (%) Inputs - Germany Unemployment rate (%) Annual rate of change GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (3 months nominal) (%) Long-term interest rates (10 years nominal) (%) Annual rate of change in the exchange rate EUR/USD (%) Inputs - France Unemployment rate (%) Annual rate of change GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (3 months nominal) (%) Long-term interest rates (10 years nominal) (%) Annual rate of change in the exchange rate EUR/USD (%) Inputs - Great Britain Unemployment rate (%) Annual rate of change GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (3 months nominal) (%) Long-term interest rates (10 years nominal) (%) Annual rate of change in the exchange rate GDP/USD (%) Inputs - United States of America Unemployment rate (%) Annual rate of change GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (3 months nominal) (%) Long-term interest rates (10 years nominal) (%) 31 Dec 2024 Baseline scenario Negative scenario Positive scenario 80.0 to 84.0 121.8 to 137.8 50.4 to 56.8 3.0 to 3.3 0.1 to 1.3 31 Dec 2024 3.7 to 3.8 Baseline scenario Negative scenario Positive scenario 5.9 to 6.1 0.4 to 0.8 2.0 to 2.3 6.0 to 6.3 2.1 to 2.3 2.2 to 2.3 –0.4 to 2.1 7.1 to 7.7 –1.5 to –1.3 1.4 to 1.4 4.6 to 4.6 2.8 to 3.5 3.4 to 3.9 –13.5 to –11.5 12.6 to 20.3 1.1 to 1.2 1.1 to 1.4 –9.1 to –0.8 31 Dec 2024 2.7 to 2.9 3.0 to 3.4 3.8 to 7.7 Baseline scenario Negative scenario Positive scenario 7.6 to 7.7 1.0 to 1.2 1.6 to 1.9 3.9 to 4.1 2.1 to 2.3 3.0 to 3.0 –0.4 to 2.1 8.1 to 8.6 –1.4 to 0.1 0.4 to 0.4 6.6 to 6.7 2.2 to 2.5 2.7 to 3.8 –9.2 to –7.3 8.7 to 12.6 1.1 to 1.2 1.6 to 1.9 –9.1 to –0.8 31 Dec 2024 2.7 to 2.9 4.1 to 4.5 3.8 to 7.7 Baseline scenario Negative scenario Positive scenario 4.1 to 4.4 1.3 to 1.5 2.0 to 2.6 3.9 to 4.1 3.3 to 4.2 3.7 to 4.0 0.8 to 1.3 5.5 to 6.0 –1.4 to –0.2 –0.1 to 0.7 –12.7 to –8.0 2.1 to 2.5 2.6 to 2.8 –8.1 to –1.9 31 Dec 2024 3.6 to 3.6 2.3 to 2.6 3.2 to 5.6 5.6 to 6.2 3.9 to 4.0 4.2 to 4.2 7.0 to 7.2 Baseline scenario Negative scenario Positive scenario 4.3 to 4.3 1.8 to 2.2 2.2 to 2.7 5.0 to 7.1 2.9 to 3.9 3.2 to 4.0 5.1 to 6.8 –0.1 to 0.6 0.9 to 1.3 –7.4 to –5.7 0.7 to 0.8 1.7 to 1.9 3.2 to 3.6 3.7 to 4.5 3.1 to 5.2 4.7 to 7.4 4.9 to 5.0 4.4 to 4.5 448

449

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Inputs - Canada Unemployment rate (%) Annual rate of change GDP (%) Annual rate of change Consumer Price Index (%) Annual rate of change Leading Share Index (%) Short-term interest rates (3 months nominal) (%) Long-term interest rates (10 years nominal) (%) 31 Dec 2024 Baseline scenario Negative scenario Positive scenario 5.5 to 5.8 1.9 to 2.5 2.0 to 2.2 5.0 to 7.1 3.0 to 3.0 3.2 to 3.2 5.9 to 6.5 –0.6 to 0.4 1.1 to 1.1 –7.4 to –5.7 1.8 to 1.9 2.4 to 2.5 3.9 to 4.4 3.8 to 4.8 3.2 to 4.4 4.7 to 7.4 4.1 to 4.2 3.9 to 4.0 External sources of information include, for example, economic data and forecasts published by government and monetary authorities and by supranational organisations such as the OECD and International Monetary Fund. The modules and processes employed in the Deka Group allow the PD and LGD to be determined in a manner that is consistent with IFRS 9 while taking account of all the available and reliable information, including economic issues. The methods and assumptions, including forecasts, are validated on a regular basis. The Bank continued to apply its established process for calculating risk provisions as at the reporting date. As the current economic and geopolitical environment remains uncertain, the assumptions and parameters used to calculate risk provisions were once again reviewed and updated as part of the Bank’s risk management processes. DekaBank recognises post-model adjustments to take account of developments that are not reflected in the model-based calculation of expected credit losses. The varied and mutually reinforcing risk drivers that were apparent at the end of 2024 are hitting the real estate sector particularly hard. As a result, a decision was made to take a corresponding probability of default (PD) factor into account when determining the expected credit losses for selected borrowers, most of whom are in the International Commercial Real Estate (ICRE) rating module, as at 31 December 2024. The post-model adjustment based on expert estimates and an analysis of observable historical data was applied in order to ensure the necessary consideration of all current customer-related and macroeconomic information available on the reporting date (see notes [33] and [47] “Risk provisions in the lending and securities business”). 18 Financial assets and financial liabilities at fair value This item only includes financial assets and financial liabilities measured at fair value through profit or loss. For the purposes of presenting and recognising the results in the statement of profit or loss and other comprehensive income, this item is further divided into sub-categories. Financial assets include three sub- categories: trading portfolio, financial assets mandatorily measured at fair value and financial assets designated at fair value. Financial liabilities include two sub-categories: trading portfolio and financial liabilities designated at fair value. Financial assets at fair value mainly comprise debt securities and other fixed-interest securities, shares and other non-fixed-interest securities, and receivables. This item also includes the positive market values of derivative financial instruments held for trading and the positive market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). In addition, this item includes holdings in unconsolidated subsidiaries, joint ventures and associated companies, as well as other equity investments. 449

450

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Financial liabilities at fair value largely comprise trading issues and liabilities designated at fair value. This item also includes the negative market values of derivative financial instruments held for trading and the negative market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). Securities short portfolios are also reported in this line item. Financial instruments reported under financial assets/liabilities are measured at fair value through profit or loss both on initial recognition and in subsequent periods. 19 Positive and negative market values of derivative hedging instruments This item comprises hedging derivatives as defined in IFRS 9 (hedge accounting), with positive market values recorded as assets and negative market values recorded as liabilities on the balance sheet. Hedging derivatives are measured at fair value. The valuation results for fair value hedges under hedge accounting rules are generally recorded through profit or loss under the item “Profit or loss from fair value hedges”. Changes in the value of the foreign currency basis spread of currency fair value hedges, on the other hand, are recognised in other comprehensive income (OCI). Current interest payments (payment and accrual) from derivatives recognised in line with the rules on hedge accounting are reported under net interest income. A detailed description of the hedge accounting rules applied in the Deka Group is provided in note [10] “Hedge accounting”. 20 Financial investments Financial investments mainly comprise negotiable debt securities and other fixed-interest securities. The “Financial investments” item comprises both financial assets measured at amortised cost and financial assets measured at fair value through other comprehensive income. Financial investments are generally reported at fair value upon initial recognition. They are subsequently measured either at amortised cost, using the effective interest rate method, or at fair value in other comprehensive income, in accordance with the rules that apply to the measurement category concerned. In accordance with IFRS 9, risk provisions are set up for all securities allocated to financial investments (see note [17] “Risk provisions in the lending and securities business”). Impairment losses are recognised in the income statement under the item “Risk provisions in the lending and securities business”. Risk provisions set up for securities measured at amortised cost are reported as a deduction under financial investments. By contrast, risk provisions set up for securities measured at fair value in other comprehensive income are reported under other comprehensive income (OCI) until the security is derecognised or reclassified. On derecognition or reclassification, the cumulative gain or loss recognised in other comprehensive income (OCI) is reclassified to profit or loss. Realised gains and losses are recognised in the item “Net income from the derecognition of financial assets measured at amortised cost” or in “Profit or loss on financial investments”. The measurement rules set out in note [10] “Hedge accounting” apply to securities that are subject to fair value hedges. Current interest income from debt securities and other fixed-interest securities, including unwound premiums and discounts, is included in net interest income. 450

451

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Shares in associated companies and joint ventures accounted for using the equity method are also reported under financial investments. These are recognised in the consolidated balance sheet at historical cost at the date of establishment or when significant influence was acquired. In subsequent years, the equity value shown in the balance sheet is adjusted by the proportionate changes in equity of the associated company. The Group’s share of the annual profit of the associate is reported in profit or loss on financial investments. Gains and losses on transactions with investments accounted for using the equity method are eliminated pro rata, based on the percentage shareholding, as part of the elimination of intercompany profits or losses. In the event of downstream delivery, i.e. if an asset ceases to be fully consolidated, the adjustment is carried out against the carrying value of the equity investment under the equity method. If there are indications of an impairment to a holding in a company valued in accordance with the equity method, an impairment test is performed and, if necessary, the carrying value of the holding is written down. Impairment losses are reversed if the reasons for impairment no longer apply. In such a case, the carrying value is written back up to the recoverable amount, but capped at the amount of the carrying value that would have been applicable had the impairment losses not occurred in the previous periods. Impairment write-downs and write-backs are recognised in profit or loss under profit or loss on financial investments. 21 Intangible assets and goodwill Intangible assets comprise goodwill acquired in business combinations, software that has been purchased or developed in-house, and other intangible assets. Goodwill arises on the acquisition of subsidiaries if the cost of acquisition exceeds the Group’s share of the acquired entity’s net assets. Goodwill is recognised at cost at the date of acquisition and is not subject to regular amortisation. In subsequent years, it is valued at cost less all accumulated impairment losses. Goodwill is subject to an impairment test each year, or more frequently if there are indications of a possible loss of value. For the purposes of impairment testing, goodwill is allocated to a cash-generating unit. If an impairment is identified during the test, the goodwill is written down. Intangible assets acquired in return for consideration are stated at amortised cost. Software developed in- house is capitalised at cost where it meets the recognition criteria under IAS 38. The capitalised costs primarily include personnel costs and expenses for external services. Software purchased is generally amortised on a straight-line basis over a period of four years. Software developed in-house is amortised on a straight-line basis over its expected useful life. The useful lives are between 4 and 10 years. Where there are signs that the expected benefit is no longer in evidence, the asset is written down. Other intangible assets include other intangible assets acquired as part of a business combination that are amortised on a straight-line basis over their useful lives. Where there are signs that the expected benefit is no longer in evidence, the asset is written down. Scheduled amortisation and impairment losses on intangible assets are recorded under administrative expenses in the statement of profit or loss and other comprehensive income. Impairment losses on purchased goodwill are also reported under administrative expenses. 22 Property, plant and equipment and right-of-use assets for leases In addition to plant and equipment, the property, plant and equipment line item includes technical equipment and machines. Property, plant and equipment are stated at amortised cost. Subsequent expenditure on property, plant and equipment is capitalised if an increase in the future potential benefit can be assumed. All other subsequent expenditure is recorded as an expense. 451

452

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Items of property, plant and equipment (excluding leasing) are depreciated on a straight-line basis over the following periods in accordance with their estimated useful economic lives: Plant and equipment Technical equipment and machines Useful life in years 2 to 15 2 to 10 For materiality reasons, capital assets coming under section 6 (2) of the German Income Tax Act (Einkommensteuergesetz, EStG) are written off in the year of acquisition in accordance with tax regulations. Impairment losses in excess of amortised cost are immediately recognised as write-downs. Scheduled depreciation and impairment losses are recorded under administrative expenses, while gains and losses on the disposal of property, plant and equipment are recorded as other operating profit. This item also includes right-of-use assets under leases. The accounting policies for right-of-use assets from leases reported under property, plant and equipment are presented in note [14] “Lease accounting”. 23 Other assets This balance sheet item includes assets which, when considered separately, are of minor importance and cannot be allocated to any other line item on the balance sheet. Receivables are measured at amortised cost. Positive valuation effects from regular way financial instruments measured at fair value with settlement dates after the reporting date are also reported under other assets. Other assets also include assets from the offsetting of pension obligations and plan assets for defined benefit plans if the fair value of the plan assets exceeds the extent of the commitments (see note [26] “Provisions for pensions and similar commitments”). 24 Income taxes The applicable combined tax rate (trade tax plus 15.0% corporation tax and 5.5% solidarity surcharge) is unchanged at 31.9%. Current income tax assets or liabilities are calculated at the current tax rates expected for payments to or refunds from the tax authorities. The income tax assessment is generally considered at the level of the individual circumstances, taking into account any existing interactions. If it is probable that the tax treatment used will be accepted, current and deferred taxes should be recognised on this basis. If, by contrast, there is uncertainty regarding the acceptance of a tax treatment (not probable), the most likely amount to be accepted is generally used, unless the expected value of various scenarios provides better predictions. It is always assumed that the tax authority has full knowledge of the matter concerned. Finally, the assumptions and decisions made are reviewed at each reporting date and adjusted, if necessary, on the basis of new information. Deferred income tax assets and liabilities are recognised for temporary differences between the carrying amounts of assets and liabilities on the IFRS balance sheet and the tax base. They are calculated based on the tax rate projected for the date they will be reversed. Deferred tax liabilities are posted for temporary differences where a tax charge will arise on reversal. If tax savings are projected when temporary differences are reversed and it is probable that they will be utilised, deferred tax assets are recorded. Actual income tax assets and liabilities and deferred tax assets and liabilities are stated net in each case, without discounting. 452

453

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 Deferred taxes on temporary differences that have arisen with no effect on profit or loss are recorded in the revaluation reserve such that they also have no impact on profit or loss. For tax loss carryforwards, deferred tax assets are recorded if it is probable that they will be utilised. Loss carryforwards in Germany can be carried forward for an unlimited period. Foreign loss carryforwards that cannot be carried forward for an unlimited period are disclosed according to their date of expiry. Deferred tax assets arising from temporary differences and loss carryforwards are tested for impairment at each reporting date. For the purposes of the Pillar 2 income tax regulations (“global minimum tax”) that have applied since 1 January 2024, DekaBank is conducting a review of all jurisdictions in which it has at least one subsidiary or permanent establishment to determine whether it will have to pay a “top-up tax”. No actual tax expenses were incurred in connection with the minimum tax regulations in the reporting year, and these regulations are not expected to give rise to any financial charges in subsequent years. With regard to the recognition and reporting of the associated deferred tax assets and deferred tax liabilities, DekaBank has made use of the exception. 25 Liabilities Financial liabilities – unless they are measured at fair value through profit or loss – must be allocated to the measurement category “Financial liabilities measured at amortised cost” and must be measured accordingly at amortised cost using the effective interest rate method. In cases involving liabilities that can be terminated and are measured at amortised cost, the probability of exercising the right of termination is taken into account when determining the amortised cost. The measurement rules set out in note [10] “Hedge accounting” apply to liabilities that have been designated as hedges in the context of hedge accounting. Interest expenses for liabilities are also included in net interest income, along with the distribution of any differences at a constant effective interest rate (premiums and discounts). The result from premature repayment, however, is shown under other operating profit. 26 Provisions for pensions and similar commitments The Deka Group offers employees various types of retirement pension benefits. These include both defined contribution plans and defined benefit plans. For defined contribution plans, a set amount is paid to an external provider (these include Sparkassen Pensionskasse, BVV and direct pension insurance policies). In accordance with IAS 19, the Deka Group does not recognise any provisions for such commitments. For defined benefit plans, the extent of the obligation is calculated by independent actuaries. In these cases, at each closing date the present value of the pension entitlements earned (defined benefit obligation) is determined using the projected unit credit method and compared with the fair value of the plan assets. If the calculation results in a potential asset, recognition of the asset under “Other assets” is restricted to the present value of any economic benefit. The net interest expense (income) on the net obligation (net asset) arising from defined benefit obligations to be recognised in profit or loss in the current reporting period is determined by applying the actuarial interest rate that was used to measure defined benefit obligations at the beginning of the period. Expected changes in the net liability (net asset) during the year as a result of contribution and benefit payments are taken into account. Revaluations of the net liability (net asset) are recognised directly in other comprehensive income (OCI). The revaluation includes actuarial gains and losses, income from plan assets (excluding interest) and the effect of any asset ceiling (excluding interest). 453

454

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 As well as final salary plans and general contribution schemes, the defined benefit obligations of the Deka Group include unit-linked defined contribution plans. The final salary plans and general contribution schemes involve both individual commitments for members of the Board of Management and executive staff, and collective commitments for the general workforce. These guarantee lifelong retirement, survivors’ and disability pensions. Under the unit-linked defined contribution plans, contributions are made by both employer and employee and are invested mainly in the Deka Group’s investment funds. When benefits become due, the employee is entitled either to a contractually agreed minimum benefit or to the market value of the underlying investment fund units, if higher. Plan assets were created for the company retirement pensions of the Deka Group in the form of a contractual trust arrangement (CTA). These are held by a legally independent trustee – Deka Trust e.V. The plan assets for the unit-linked defined contribution plans consist primarily of fund assets allocated to each individual employee and other assets to cover the biometric risks arising from benefits becoming due early and the subsequent financing risk. In addition, commitments under final salary plans and general contribution schemes were funded through the creation of ring-fenced plan assets using a CTA. This section of the plan assets is invested in a special fund with an investment strategy based on integrated asset-liability assessment. Commitments similar to pensions include commitments in relation to early retirement, transitional payments and obligations to pay other allowances. These are also valued actuarially, and a provision is created in the amount of the present value of the commitment. When accounting for commitments similar to pensions, in principle no actuarial profits or losses arise, and the provision shown in the financial statements therefore corresponds to the present value of the commitment. Furthermore, employees of the Deka Group also have the option of paying into working hours accounts. These accounts are maintained in money and, like the defined benefit plans, are largely covered by plan assets in Deka Trust e.V. The amount carried in the statement of financial position is the difference between the extent of the commitments and the fair value of the plan assets. 27 Other provisions Provisions represent liabilities that are uncertain in terms of their amount or maturity. They are recognised for present obligations arising from past events, if an outflow of resources embodying economic benefits is probable and the amount of the obligation can be estimated reliably. Provisions are recognised on a best estimate basis in the amount of the net present value of the expected utilisation. Risks and uncertainties are taken into account when determining these provisions, as well as all relevant knowledge relating to the liability. The assumptions and discretionary decisions made in producing the best estimates are reviewed at every future balance sheet date and, if necessary, are adjusted based on more recent information. This is also relevant to the sundry other provisions, which have been measured based on the most likely scenario. Accordingly, other scenarios could lead to a lower provision value. Where the interest effect is material, non-current provisions are discounted at a market interest rate that is commensurate with the residual term to maturity and stated at the net present value of the liability. A pre- tax discount rate is used that reflects current market expectations relating to the interest effect and the risks specific to the liability. Allocations and reversals are carried out via the line item in the statement of profit or loss and other comprehensive income that corresponds to the provision in terms of content. Provisions for creditworthiness risks in off-balance sheet lending business are charged to risk provisions in the lending business and reversed in the same line item. 454

455

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 28 Other liabilities Other liabilities include liabilities and accruals which are not individually material and cannot be allocated to any other line item on the balance sheet. They are measured at amortised cost or at their settlement amount. Other liabilities also include liabilities from leasing transactions (see note [14] “Lease accounting”). 29 Subordinated capital Subordinated capital comprises subordinated liabilities, profit-participation instruments and typical silent capital contributions. In the event that DekaBank becomes insolvent or is liquidated, subordinated capital may only be repaid after all non-subordinated creditors have been repaid. In accordance with the provisions of IAS 32, subordinated capital must be recognised as debt because of the contractual termination right associated with it, regardless of the likelihood that this right will be exercised. Subordinated capital is in principle shown at amortised cost. For subordinated liabilities that are hedged against interest rate risks by a fair value hedge, changes in fair value attributable to interest rate risks must also be taken into consideration (see note [10] “Hedge accounting”). Interest expenses for subordinated capital are recognised in net interest income. The result from premature repayment, however, is shown under other operating profit. 30 Equity Subscribed capital is the capital paid in by shareholders in accordance with the Bank’s statutes. This item also includes the Bank’s own shares, which reduce the subscribed capital. The amount of own shares held is reported separately in note [65] “Equity”. Capital reserves include premiums from the issue of shares in the company in accordance with the provisions of the Bank’s statutes. This item also includes the atypical silent partnerships that were dissolved and contributed to DekaBank in 2021. The sub-heading additional capital components comprises Additional Tier 1 bonds issued by the Bank. In accordance with the provisions of IAS 32, Additional Tier 1 bonds are recognised on the balance sheet as equity capital, since they have no maturity date, payments of interest can be totally or partially at the discretion of the issuer and the creditor has no cancellation entitlement. Retained earnings are broken down into statutory reserves and other reserves from retained earnings. Other reserves from retained earnings include retained profits from previous years. In addition, the effects of applying IFRS for the first time are also shown in other reserves from retained earnings, with the exception of valuation effects for financial assets measured at fair value through other comprehensive income. Revaluations of net liabilities (net assets) arising from defined benefit obligations are shown within the revaluation reserve. Revaluations consist mainly of actuarial gains and losses, and income from plan assets (excluding interest). The Deka Group does not exercise the option of transferring the cumulative gains or losses recognised in other comprehensive income to retained earnings. The revaluation reserve also includes changes in the value of the currency basis element of derivatives designated as hedging instruments in currency fair value hedges. Upon the de-designation of a hedging derivative, the cumulative gains or losses on the derivative in OCI are transferred to the income statement. 455

456

Consolidated financial statements | Accounting policies Deka Group Annual Report 2024 The effects of fair value measurement, recognised in other comprehensive income, on financial instruments assigned to the “financial assets measured at fair value through other comprehensive income” category are also recognised in the revaluation reserve. Cumulative gains or losses are not recorded through profit or loss until the asset is sold or written down due to impairment. The revaluation reserve also includes creditworthiness-related fair value changes to the financial liabilities designated at fair value that result from the Group’s own credit risk. The cumulative gains or losses recognised in other comprehensive income are only reclassified to retained earnings when the liability is disposed of. Differences arising on the conversion of the financial statements of foreign subsidiaries prepared in a foreign currency are also posted to the revaluation reserve. All items in the revaluation reserve are reported before allowing for any related tax effects. Instead, the total income tax amount relating to all items in the revaluation reserve is disclosed as a combined amount in the revaluation reserve. Minority interests, if any, are disclosed as a separate sub-item under equity. 31 Contingent liabilities and other obligations Contingent liabilities are potential obligations resulting from past events, whose existence will only be confirmed by the materialisation, or otherwise, of one or more uncertain future events that are not completely within the Deka Group’s control. Contingent liabilities also include present obligations arising from past events that are not, however, recognised as provisions because the outflow of resources embodying economic benefits is not probable, or the amount of the obligation cannot be estimated sufficiently reliably. The amount of contingent liabilities is disclosed in the notes (see note [75] “Contingent liabilities and other obligations”). Contingent liabilities are measured based on the best possible estimate of possible future utilisation. The main contingent liabilities within the Deka Group are irrevocable lending commitments. These are credit lines that have been granted for a fixed period of time but have not yet been used. The amounts stated in the notes reflect the potential liabilities if the credit lines granted were to be used in full. Irrevocable lending commitments are subject to the rules governing impairment testing set out in IFRS 9. Credit risk provisions set up for contingent liabilities are deducted from the relevant amounts. 456

457

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 Notes to the statement of profit or loss and other comprehensive income 32 Net interest income In addition to interest income and expenses, this item includes the pro rata unwinding of premiums and discounts on financial instruments. This item also includes net interest income from economic hedging derivatives and net interest income from hedging derivatives that qualify for hedge accounting. Net interest income from items in the trading book is not included as it is reported in trading profit or loss. €m Interest income from Financial assets measured at amortised cost thereof: lending and money market transactions thereof: fixed-interest securities Financial assets measured at fair value through other comprehensive income thereof: fixed-interest securities Financial assets measured at fair value through profit or loss Trading portfolio thereof: lending and money market transactions thereof: interest rate derivatives (economic hedges) Financial assets mandatorily measured at fair value through profit or loss thereof: lending and money market transactions thereof: fixed-interest securities thereof: current income from shares and other non-fixed-interest securities thereof: current income from equity investments hedge derivatives (hedge accounting) Negative interest from liabilities Total interest income Interest expenses for Financial liabilities measured at amortised cost thereof: lending and money market transactions thereof: securitised liabilities thereof: subordinated liabilities Financial liabilities measured at fair value through profit or loss Trading portfolio thereof: lending and money market transactions thereof: interest rate derivatives (economic hedges) Financial liabilities designated at fair value thereof: lending and money market transactions thereof: securitised liabilities hedge derivatives (hedge accounting) Negative interest on money-market transactions and fixed-interest securities Total interest expenses Net interest income 2024 1,905.5 1,672.8 232.8 63.8 63.8 307.7 13.8 235.4 14.0 31.1 12.0 1.4 422.8 0.3 2023 2,011.8 1,849.8 162.0 45.9 45.9 281.8 –2.9 240.6 18.2 16.9 7.7 1.2 364.6 1.7 2,700.3 2,705.9 1,907.0 1,487.6 373.7 45.7 449.1 52.2 391.8 5.2 – 111.4 0.4 1,612.5 1,334.5 235.8 42.2 662.3 61.7 593.7 6.9 – 85.0 2.6 2,468.0 2,362.4 232.3 343.5 Change –106.3 –177.0 70.7 17.9 17.9 25.9 16.8 –5.2 –4.2 14.2 4.2 0.1 58.2 –1.4 –5.6 294.5 153.2 137.9 3.5 –213.1 –9.5 –201.9 –1.7 – 26.4 –2.2 105.6 –111.2 The increase in interest expenses is due primarily to a larger volume of securitised liabilities from money market securities. 457

458

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 33 Risk provisions in the lending and securities business This item primarily includes expenses and income from changes in risk provisions for financial instruments in the measurement categories “Financial assets measured at amortised cost” (AC) and “Financial assets measured at fair value through other comprehensive income” (FVOCI), as well as the expenses and income resulting from the change in provisions for credit risks for loan commitments and financial guarantee contracts, insofar as they fall within the scope of the impairment rules set out in IFRS 9. Risk provisions in the lending and securities business are recognised in the statement of profit or loss and other comprehensive income as follows: €m Allocation to risk provisions/provisions for credit risks Reversal of risk provisions/provisions for credit risks Direct write-downs on receivables Income on written-down receivables Net income from modifications in the lending business (stage 3 or POCI) Risk provisions in the lending business Allocation to risk provisions for securities Reversal of risk provisions for securities Direct write-downs on securities Net income from modifications in the securities business (stage 3 or POCI) Risk provisions in the securities business Risk provisions in the lending and securities business 2024 –204.7 184.4 –0.0 0.7 –2.6 –22.3 –4.7 3.7 – – –1.0 –23.2 2023 –229.1 103.1 –0.1 0.3 2.7 –123.0 –12.3 8.4 – – –3.8 –126.8 Change 24.3 81.3 0.1 0.4 –5.4 100.7 7.6 –4.8 – – 2.9 103.6 The net addition to risk provisions in the lending and securities business came to €23.2m in the reporting year (previous year: €126.8m). In the lending business, there was a net addition of €22.3m (previous year: net addition of €123.0m). Specific provisions for real estate financing were offset in net terms by a positive effect from the reversal and recognition of post-model adjustments, mainly for borrowers in the International Commercial Real Estate (ICRE) rating module. In the previous year, a gloomier environment in the real estate sector in particular led to specific provisions and recognition of post-model adjustments in the International Commercial Real Estate rating module. In the securities business, there was a net addition of €1.0m (previous year: €3.8m). 458

459

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 34 Net commission income Net commission income by type of service is as follows: €m Commission income from Investment fund business Securities business Lending business Other Total commission income Commission expenses for Investment fund business Securities business Lending business Other Total commission expenses Net commission income 2024 3,211.3 335.0 24.4 21.7 2023 2,867.2 294.8 24.5 23.2 3,592.3 3,209.7 1,709.4 195.7 6.1 4.7 1,916.0 1,676.3 1,378.1 183.1 5.8 5.0 1,572.0 1,637.6 Change 344.1 40.2 –0.1 –1.5 382.7 331.3 12.5 0.4 –0.3 344.0 38.7 As part of its activities as an asset manager, the Deka Group receives commission from contracts with customers which varies according to product category (e.g. mutual or special funds) and asset category (e.g. shares, bonds or real estate). The income is calculated and collected as described in the corresponding sales prospectuses and investment conditions of the investment funds concerned. The main types of income are explained in more detail below. Commission income from investment fund business arises in the Asset Management Securities and Asset Management Real Estate business divisions. In the Asset Management Securities business division, the Deka Group generates income from management and administrative activities and from the asset management of fund-based products. For this service, the Deka Group receives (asset) management fees, sales commission, performance-related remuneration and income from lump-sum cost allowances. Additional commission income arises in the investment fund business as a result of brokerage services provided during the reporting period. The performance obligation is fulfilled on an ongoing basis and the consideration is settled on a monthly basis in the vast majority of cases. In addition to portfolio-related commission, the Deka Group also earns sales-related commission (front-end loads) when issuing certain units in investment funds, where appropriate. The amount of the front-end load is based on the unit value at the time of issue. In the Asset Management Real Estate business division, management fees are collected for ongoing management activities in relation to the average investment fund holdings. In the case of retail products, the amount of the management fee varies, within specified ranges, depending on the performance of the investment fund’s unit value over the fund financial year. These fees are settled on a monthly basis. Fees resulting from the management of the properties held in the real estate funds are collected to cover the ongoing management of these real estate funds. These fees are settled on a monthly basis. In addition, the Asset Management Real Estate business division collects front-end loads in cases involving the issue of certain units in investment funds. The Deka Group also collects purchase and sales fees from investment funds that invest in real estate. The service is deemed to have been rendered when the property in question is added to, or removed from, the investment fund. This is a one-time payment which is usually calculated based on the underlying transaction volume. 459

460

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 Part of the commission income from the investment fund business is passed on to the sales partners in accordance with the regulatory requirements. The corresponding expense is reported under commission expenses for the investment fund business. In the Asset Management Services business division, the Deka Group provides various services for which income is reported under commission income from the securities business. These include, for example, the assumption of the role of custodian and the safekeeping of securities in securities accounts. As a custodian, the Deka Group receives a custodian fee for its ongoing activities and a securities account fee for the safekeeping of securities. The custodian fee is paid and collected monthly as a general rule and is based on the average values of the fund assets. The securities account fee also relates to a specific period. The annual fee to be paid is a fixed fee per securities account. In the context of asset management for savings banks and institutional customers, the Deka Group receives commission fees for support services relating to the procurement and settlement of securities and financial derivatives. The fee is generally calculated for securities as a percentage of the transaction price, while for financial derivatives it is calculated based on the number of contracts. Services are rendered and settled based on a point in time. These fees are allocated to the Capital Markets business division and are also reported under commission income from the securities business. Commission income from the lending business relates almost exclusively to services in connection with the administration of loans and is not directly related to the origination of the loans. The fees are levied irrespective of the term and generally fall due at the beginning of the credit relationship (one-off amount). Commission income from the lending business is generally allocated to the Financing business division. Pro rata commission for syndication activities is passed on to the loan syndication desk (capital markets business). Segment reporting in note [3] shows the net commission income for each business division pursuant to IFRS 8. Commission income and commission expenses are offset and reported in net terms, meaning that the figure shown includes revenue from contracts with customers pursuant to IFRS 15. 35 Net income from the derecognition of financial assets measured at amortised cost This item comprises the net income from the early disposal of financial assets measured at amortised cost. The net income from derecognition is mainly due to sales of registered and bearer bonds with no detrimental impact on the business model, as well as to the unscheduled repayment of loans. €m Gains arising from the derecognition of financial assets measured at amortised costs Losses arising from the derecognition of financial assets measured at amortised costs Net income from the derecognition of financial assets measured at amortised cost 2024 7.0 7.1 –0.1 2023 10.3 5.1 5.2 Change –3.3 2.0 –5.3 460

461

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 36 Trading profit or loss This item comprises sale and valuation results, dividends as well as commission from financial instruments in the trading portfolio sub-category. It also includes all results from the currency translation of financial assets and liabilities, regardless of their measurement category. In general, the net interest income from derivative and non-derivative financial instruments in this sub-category is also reported under this item. However, net interest income from economic hedging derivatives (banking book portfolios) is reported under net interest income. €m Sale and valuation results Net interest income and current income from trading transactions Foreign exchange profit or loss Commission Trading profit or loss 2024 123.4 390.4 4.6 –12.3 506.1 2023 277.9 285.2 5.1 –14.1 554.1 Change –154.5 105.3 –0.5 1.7 –48.0 The drop in the trading profit or loss is mainly due to valuation effects from the Bank’s own issues as a result of developments in spreads. 37 Profit or loss on financial assets mandatorily measured at fair value This item mainly comprises gains or losses on the disposal and measurement of financial instruments in the “financial assets mandatorily measured at fair value” sub-category. However, net interest income and dividend income from financial instruments in this sub-category are disclosed under net interest income. €m Sale and valuation results Commission Profit or loss on financial assets mandatorily measured at fair value 2024 19.6 0.6 20.2 2023 18.3 0.7 19.0 Change 1.3 –0.1 1.2 38 Profit or loss on financial instruments designated at fair value This item mainly comprises gains or losses on the disposal and measurement of financial instruments in the “financial instruments designated at fair value” sub-category. By contrast, interest expenses and income on financial instruments in this sub-category are disclosed under net interest income. €m Sale and valuation results Commission Profit or loss on financial instruments designated at fair value 2024 0.2 – 0.2 2023 –1.3 – –1.3 Change 1.5 – 1.5 461

462

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 39 Profit or loss from fair value hedges The profit or loss from fair value hedges shows the ineffectiveness of interest rate fair value hedges and currency fair value hedges. In interest rate fair value hedge accounting, changes in the value of the underlying hedged transactions that are attributable to the hedged risk, together with changes in the fair value of the hedges, are shown as the net valuation result. In the case of currency fair value hedges, the changes in the fair value of the hedging transactions attributable to the currency basis element are recognised in other comprehensive income over the period in which the hedge accounting continues to apply. The other changes in value of the designated hedging transactions are shown as the net valuation result together with the spot rate-related change in the value of the underlying transactions. The net valuation result is composed as follows, grouped by the type of risk hedged: €m Interest rate fair value hedges Net valuation result from hedging financial assets Net valuation result from hedging financial liabilities Currency fair value hedges Net valuation result from hedging financial assets Profit or loss from fair value hedges 40 Profit or loss on financial investments 2024 –11.2 5.7 –6.9 –12.3 2023 –14.1 11.0 –4.4 –7.5 Change 2.9 –5.3 – –2.5 –4.8 This item primarily comprises the gains or losses on the disposal of financial assets measured at fair value through other comprehensive income and the pro rata annual profit or loss from shares in associated companies and joint ventures accounted for using the equity method. €m Sale results Commission Net income from equity-accounted companies Profit or loss on financial investments 2024 1.5 – –0.8 0.7 2023 –1.7 – –0.3 –2.0 Change 3.2 – –0.5 2.7 462

463

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 41 Administrative expenses Administrative expenses comprise personnel expenses, other administrative expenses and depreciation and amortisation. The breakdown of the items is as follows: €m Personnel expenses Wages and salaries Social security contributions Allocation to/reversals of provisions for pensions and similar commitments Expenses for defined contribution plans Other expenses for retirement pensions and benefits Total personnel expenses Other administrative expenses Consultancy expenses Computer equipment and machinery Bank levy and deposit guarantee scheme IT information services Marketing and sales expenses Subscriptions and fees Lump sum fees for fund administration services Rentals and expenses for buildings Postage/telephone/office supplies Other administrative expenses 2024 579.5 76.5 18.8 10.1 3.0 2023 546.0 69.8 17.3 8.0 3.6 687.9 644.7 179.6 132.1 19.7 55.0 41.3 36.2 20.0 19.8 12.7 57.7 176.0 119.5 71.9 49.8 45.2 34.3 18.7 18.6 12.7 56.5 Total other administrative expenses 574.1 603.2 Depreciation of property, plant and equipment Depreciation and amortisation of intangible assets Total depreciation and amortisation Administrative expenses 50.6 13.3 63.9 48.9 14.5 63.4 1,325.8 1,311.4 Change 33.5 6.7 1.5 2.0 –0.6 43.2 3.6 12.6 –52.2 5.2 –4.0 1.9 1.3 1.2 –0.0 1.2 –29.2 1.7 –1.2 0.5 14.5 Personnel expenses increased to €687.9m (previous year: €644.7m), mainly due to an increase in headcount compared with the previous year to take advantage of growth opportunities, investments in the business model and collectively agreed wage and salary increases. Other administrative expenses fell year on year to €574.1m (previous year: €603.2m), primarily because previous charges due to the bank levy no longer applied. At the same time, there were higher expenses for investment in the business model and associated higher project expenses, primarily for developing and expanding the sales and asset management platforms, as well as for digitalisation activities. Other administrative expenses primarily include expenses for outsourced services, travel expenses, expenses for the annual accounts and auditing costs. Administrative expenses include expenses of €3.5m (previous year: €3.7m) from leases of low-value assets in non-short-term leases. As in the previous year, no expenses from short-term leases were incurred in the 2024 reporting year. 463

464

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 42 Other operating profit The breakdown of other operating profit is as follows: €m Income from repurchased debt instruments Other operating income Reversal of other provisions Reversal of provisions for restructuring Other income Total other operating income Other operating expenses VAT on provision of intra-Group services Other taxes Expenses for restructuring Other expenses Total other operating expenses Other operating profit 2024 6.3 2.9 – 17.9 20.9 18.0 0.7 – 118.4 137.1 –110.0 2023 23.6 8.4 0.0 23.9 32.4 16.4 0.8 – 42.0 59.2 –3.2 Change –17.3 –5.5 –0.0 –6.0 –11.5 1.6 –0.0 – 76.4 78.0 –106.8 Repurchases of the Bank’s own registered and bearer bonds as well as promissory note loans raised lead to a reduction in the liability (net disclosure). Repurchases of own issues lead to the realisation of a gain or loss corresponding to the difference between the repurchase price and the book price. Other expenses mainly comprise the negative impact of interest paid in 2024 as a result of tax assessment notices. In addition, interest expenses from lease liabilities were recognised in the amount of €6.0m in the 2024 reporting year (previous year: €4.1m). 43 Income taxes This item includes all domestic and foreign taxes determined on the basis of the total profit for the year. Income tax expenses comprise the following: €m Current tax expense in financial year Current tax expense/income (–) in previous years Current tax expense Effect of origination and reversal of temporary differences Effect of origination and reversal of permanent differences Effekte aus Änderungen der Steuergesetzgebung und/oder des Steuersatzes Prior-year deferred tax income Prior-year deferred tax expense Deferred tax expense Total income tax expense 464 2024 258.9 3.8 262.7 54.5 –0.1 1.6 0.2 – 56.3 319.0 2023 330.2 –0.6 329.6 24.8 –0.1 – 0.2 –0.3 24.6 354.2 Change –71.3 4.4 –66.8 29.7 –0.1 1.6 0.2 0.3 31.7 –35.2

465

Consolidated financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Annual Report 2024 DekaBank is subject to the applicable tax rates (corporation tax 15.0%, solidarity surcharge 5.5% and the relevant trade tax depending on the local tax factor) for its entire profit. Overall, as in the previous year, the combined tax rate for the companies in the DekaBank income tax group is 31.9%. The tax rate of 31.9% (previous year: 31.9%) is also applied for the measurement of deferred taxes. This tax rate is assumed as the expected tax rate in the reconciliation statement below. The other domestic companies determine their deferred taxes using tax rates of between 31.7% and 32.0%. The foreign companies determine deferred taxes using the tax rate for the country in question. In the Deka Verwaltungsgesellschaft Luxembourg S.A. tax group, this tax rate is 23.87%, following a change in the law effective 1 January 2025 (previous year: 24.94%). The origination or reversal of temporary differences led to deferred tax expenses of €54.5m (previous year: tax income of €24.8m). The reduction in the tax rate in Luxembourg led to imputed tax expenses of €1.6m. The current tax expense for previous years was largely attributable to DekaBank (Frankfurt/Main). In the previous year, tax income for previous years was recognised in the amount of €0.6m and related mainly to DekaBank’s Luxembourg branch. The following statement reconciles the result before tax with the tax expense: €m Total of profit or loss before tax x income tax rate = Anticipated income tax expense in financial year Increase from taxes due to non-deductible expenses Decrease from taxes on tax-exempt income Withholding tax Tax effect of special funds Effects of tax rate changes Tax effect of holdings accounted for under the equity method Tax effects from past periods Effect of the distribution of the AT1 bond Effects of differing effective tax rates Other Tax expenses according to IFRS 2024 964.3 31.90% 307.6 29.7 9.3 1.9 –0.0 1.3 0.3 4.1 –8.3 –9.7 1.5 2023 1,107.2 31.90% 353.2 19.8 7.5 2.9 0.0 – 0.1 –0.9 –8.2 –7.7 2.4 Change –142.8 – –45.6 9.9 1.8 –1.0 –0.0 1.3 0.2 5.0 –0.0 –2.0 –0.9 319.0 354.0 –35.0 In the year under review, the item “taxes due to non-deductible expenses” related mainly to additional payments made (interest) in connection with tax assessments for 2013–2017, which had been included in contingent liabilities in the previous year. The bank levy, which had the largest impact in previous years, no longer applied in the reporting year. The tax-free income is primarily attributable to price gains on plan assets (mutual funds focusing on equities and equity gains at the level of a special fund). As in the previous year, the “Other” item includes, in particular, local tax effects at a foreign permanent establishment of DekaBank which, due to special features of the foreign tax legislation, do not result in an even remotely similar exemption in accordance with the applicable double taxation agreement. 465

466

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Notes to the statement of financial position 44 Cash reserves The breakdown in cash reserves is as follows: €m Cash on hand Balances with central banks Total 45 Due from banks 31 Dec 2024 31 Dec 2023 0.0 378.2 378.2 0.0 328.2 328.2 Amounts due from banks can be broken down by business type as follows: €m Deposit facility with Deutsche Bundesbank Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from banks before risk provisions Risk provisions in the lending business Total 31 Dec 2024 31 Dec 2023 5,640.6 423.8 4,760.5 4,545.5 15,066.8 30,437.3 –0.3 30,437.0 9,855.3 503.2 8,197.1 4,738.2 6,909.2 30,203.0 –0.3 30,202.6 The breakdown of amounts due from banks by region is as follows: €m Domestic banks Foreign banks Due from banks before risk provisions Risk provisions in the lending business Total 46 Due from customers 31 Dec 2024 31 Dec 2023 17,280.2 13,157.0 30,437.3 –0.3 30,437.0 24,821.2 5,381.8 30,203.0 –0.3 30,202.6 Change –0.0 50.0 50.0 Change –4,214.7 –79.3 –3,436.6 –192.7 8,157.6 234.3 0.1 234.4 Change –7,540.9 7,775.2 234.3 0.1 234.4 Amounts due from customers can be broken down by business type as follows: €m Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from customers before risk provisions Risk provisions in the lending business Total 31 Dec 2024 31 Dec 2023 392.6 777.2 208.6 700.5 Change 184.1 76.7 20,031.5 21,184.6 –1,153.1 3,869.2 25,070.5 –363.2 24,707.3 3,669.9 25,763.5 –339.6 25,424.0 199.3 –693.0 –23.6 –716.6 466

467

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The breakdown of amounts due from customers by region is as follows: €m Domestic borrowers Foreign borrowers Due from customers before risk provisions Risk provisions in the lending business Total 31 Dec 2024 31 Dec 2023 6,917.8 18,152.7 25,070.5 –363.2 24,707.3 7,421.2 18,342.4 25,763.5 –339.6 25,424.0 Change –503.3 –189.7 –693.0 –23.6 –716.6 47 Risk provisions in the lending and securities business Default risks in lending and securities business are recognised through provisions, including provisions for credit risks from off-balance sheet commitments. Risk provisions in 2024 were as follows: €m Risk provisions in the lending business Risk provisions for loan losses – due from banks Risk provisions for loan losses – due from customers Provisions for off-balance sheet commitments Risk provisions in the securities business Risk provisions for securities1) Total 31 Dec 2024 31 Dec 2023 Change 381.4 0.3 363.2 17.9 15.0 15.0 396.4 348.6 0.3 339.6 8.7 14.0 14.0 362.6 32.8 –0.1 23.6 9.3 1.0 1.0 33.8 1) Including risk provisons for financial assets measured at fair value through other comprehensive income 467

468

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Movements in risk provisions in 2024 were as follows: Risk provisions for financial assets measured at amortised cost Stage 1 0.3 – – –0.1 0.0 0.0 –0.1 – – – 0.0 0.3 10.2 –2.2 1.2 –2.1 0.4 2.4 –4.4 – – – – 0.2 5.8 2.3 –0.0 – –0.4 – 1.6 –0.6 – – – 0.0 2.8 468 €m Due from banks Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2024 Due from customers Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 31 December 2024 Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2024 Stage 2 Stage 3 POCI Total – – – – – – – – – – – – 161.6 –34.5 2.7 –17.5 – 35.1 –60.1 – – –6.1 – 4.4 85.6 11.6 – 0.0 – – 2.7 –2.3 – – – – 11.9 – – – – – – – – – – – – – – – – – – – – – – – – 167.8 0.1 –0.8 33.6 –1.7 – 106.7 –46.6 –18.5 – 2.6 – 22.4 265.4 – – – – – – – – – – – – – – – – 4.9 – – – – – 1.5 6.5 – – – – – – – – – – – – 0.3 – – –0.1 0.0 0.0 –0.1 – – – 0.0 0.3 339.6 –37.4 37.4 –21.2 0.4 149.1 –111.1 –18.5 – –3.5 – 28.5 363.2 13.8 –0.0 0.0 –0.4 – 4.3 –3.0 – – – 0.0 14.8

469

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 €m Due from banks Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2023 Due from customers Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 31 December 2023 Financial investments Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2023 Stage 1 Stage 2 Stage 3 POCI Total 0.3 – – –0.2 0.0 0.2 –0.0 – – – –0.0 0.3 13.6 –4.0 1.0 –3.1 0.3 4.9 –3.3 – – – – 0.8 10.2 4.7 –0.0 0.2 –0.4 – 0.5 –2.8 – – – –0.0 2.3 – – – – – – – – – – – – 84.6 –1.2 3.9 –24.1 – 133.4 –30.2 – – –3.1 – –1.6 161.6 5.1 –0.2 0.0 –1.8 – 11.6 –3.1 – – – –0.0 11.6 – – – – – – – – – – – – 108.5 –0.7 1.1 –29.8 – 97.4 –11.8 –1.8 – –2.7 – 7.7 – – – – – – – – – – – – – – – 0.1 – – – – – – – – 0.3 – – –0.2 0.0 0.2 –0.0 – – – –0.0 0.3 206.7 –5.9 5.9 –56.9 0.3 235.7 –45.4 –1.8 – –5.8 – 6.9 167.8 0.1 339.6 – – – – – – – – – – – – – – – – – – – – – – – – 9.9 –0.3 0.3 –2.2 – 12.1 –5.9 – – – –0.0 13.8 469

470

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Risk provisions for financial assets measured at fair value through other comprehensive income POCI Stage 2 Stage 1 Stage 3 €m Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2024 €m Financial investments Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2023 0.2 – – –0.0 – 0.1 –0.1 – – – – 0.2 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Stage 1 Stage 2 Stage 3 POCI 0.3 – – –0.2 – 0.2 –0.2 – – – – 0.2 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Provisions for credit risks from off-balance sheet commitments Total 0.2 – – –0.0 – 0.1 –0.1 – – – – 0.2 Total 0.3 – – –0.2 – 0.2 –0.2 – – – – 0.2 €m Loan commitments and financial guarantee contracts Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2024 Stage 1 Stage 2 Stage 3 POCI Total 0.4 –0.0 – –0.4 0.2 0.1 –0.1 – – – 0.1 0.2 5.1 –1.4 0.0 –0.4 – 0.7 –1.5 – – – 0.0 2.5 3.2 – 1.4 –3.6 – 15.0 –0.6 –0.7 – – 0.5 15.2 – – – – – – – – – – – – 8.7 –1.4 1.4 –4.4 0.2 15.8 –2.2 –0.7 – – 0.6 17.9 470

471

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 €m Loan commitments and financial guarantee contracts Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 31 December 2023 Stage 1 Stage 2 Stage 3 POCI Total 0.7 –0.1 0.0 –1.0 0.4 0.6 –0.5 – – – 0.1 0.4 11.8 –0.0 0.1 –6.8 – 9.4 –9.0 – – – –0.3 5.1 0.0 – – –0.0 – 3.3 – – – – –0.1 3.2 – – – – – – – – – – – – 12.6 –0.1 0.1 –7.9 0.4 13.3 –9.6 – – – –0.2 8.7 The calculation of risk provisions is based on three probability-weighted macroeconomic scenarios (see note [17] “Risk provisions in the lending and securities business”). In order to examine the sensitivity of the ECL model to possible future developments, the Bank performed further calculations related to stages 1 and 2 of the impairment model. An extreme weighting of 100% for each of the scenarios on which the ECL calculation is based (baseline, negative and positive scenario) was applied. These simulations do not include the post-model adjustments. Instead, they apply the scenario-specific simulated probabilities of default. In the baseline scenario, risk provisions would be approximately 1.1% (previous year: 0.2%) lower, while in the negative scenario they would be around 2.5% (previous year: 2.0%) higher and in the positive scenario they would be about 2.1% (previous year: 1.3%) lower. Movements in the gross carrying values relevant to risk provisions and committed/guaranteed amounts were as follows in 2024: 471

472

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Gross carrying amount of financial assets measured at amortised cost Stage 1 €m Due from banks Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2024 Due from customers Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Change in the scope of consolidation Currency effects Position as at 31 December 2024 Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2024 Stage 2 Stage 3 POCI 12,064.1 – – –5,246.8 1,510.1 – – 4.3 8,331.7 – – – – – – – – – – – – – – – – – – – – – – – – – – – Total 12,064.1 – – –5,246.8 1,510.1 – – 4.3 8,331.7 16,336.5 5,178.5 –1,593.5 –2,030.7 1,439.8 1,754.2 628.6 –29.2 459.5 97.2 22,240.7 – – –3,653.4 3,653.4 –1,828.2 –1,695.1 –486.6 –3.1 –4,012.9 2,253.8 – – – – – 100.2 – 177.0 203.0 16,785.4 3,509.9 – –18.5 119.9 – 148.7 822.3 8,420.8 –25.2 – 2,685.1 – – – 49.7 65.5 – 25.2 0.9 – – – – 11,130.3 91.6 – – – – – – – – – – – – – – 2,253.8 –18.5 220.1 – 528.6 94.1 21,211.7 – – – – – – – – – 8,486.3 –25.2 25.2 2,686.0 – – – 49.7 11,221.9 472

473

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Stage 1 26,799.6 – – –21,750.2 7,021.3 – – –6.7 12,064.1 – – – – – – – – – 18,172.5 4,747.0 –2,320.9 –1,094.6 1,052.0 2,102.3 –2,263.3 1,818.4 –646.1 119.6 – – – – 2.7 – –122.1 –52.5 16,336.5 5,178.5 7,691.7 –65.3 380.6 443.0 – – – –29.2 8,420.8 414.5 –380.6 65.3 –32.3 – – – –1.4 65.5 Stage 2 Stage 3 POCI – – – – – – – – – 343.8 –25.8 287.0 –274.2 297.6 –1.9 3.1 – –1.0 628.6 – – – – – – – – – Total 26,799.6 – – –21,750.2 7,021.3 – – –6.7 12,064.1 23,263.3 –3,441.4 3,441.4 – – – – – – – – – – – – 97.2 –3,086.6 – – – – – 2,235.6 –1.9 5.8 – –175.6 97.2 22,240.7 – – – – – – – – – 8,106.2 –445.9 445.9 410.7 – – – –30.6 8,486.3 POCI Total €m Due from banks Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2023 Due from customers Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Change in the scope of consolidation Currency effects Position as at 31 December 2023 Financial investments Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2023 €m Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2024 Gross carrying amount of financial assets measured at fair value through other comprehensive income Stage 1 Stage 2 Stage 3 – – – – – – – – – – – – – – – – – – – – – – – – – – – 1,666.7 – – 1,103.2 – – – – 2,769.9 1,666.7 – – 1,103.2 – – – – 2,769.9 473

474

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 €m Financial investments Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2023 Stage 1 2,112.2 – – –445.5 – – – – 1,666.7 Gross carrying amount of off-balance sheet commitments Stage 2 Stage 3 POCI – – – – – – – – – – – – – – – – – – – – – – – – – – – Stage 2 Stage 3 POCI €m Loan commitments and financial guarantee contracts Position as at 1 January 2024 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2024 €m Loan commitments and financial guarantee contracts Position as at 1 January 2023 Transfer to other stages Transfer from other stages Change in position New business Derecognition Changes due to non-substantial modifications Currency effects Position as at 31 December 2023 Stage 1 615.7 –29.4 – –469.0 263.1 – – 7.7 388.1 92.6 –19.2 29.4 –38.8 – – – 1.7 65.7 3.2 – 19.2 –8.1 – 0.7 – 0.2 15.2 – – – – – – – – – Stage 1 Stage 2 Stage 3 POCI 848.2 –38.4 78.8 –663.2 396.6 – – –6.3 615.7 428.7 –78.8 38.4 –290.2 – – – –5.5 92.6 0.0 – – 3.2 – – – – 3.2 – – – – – – – – – Total 2,112.2 – – –445.5 – – – – 1,666.7 Total 711.5 –48.7 48.7 –515.9 263.1 0.7 – 9.7 469.0 Total 1,276.9 –117.2 117.2 –950.2 396.6 – – –11.8 711.5 In the 2024 reporting year, no contract values of financial assets that are currently subject to enforcement measures were derecognised. The expected cash flows for stage 3 assets as at the reporting date result primarily from collateral held and are based on expectations from going concern or gone concern scenarios relating to individual cases. The following table contains information on the credit quality of financial assets, loan commitments and financial guarantee contracts measured at amortised cost or at fair value through other comprehensive income. The amounts stated for financial assets correspond to the gross carrying values. In the case of loan commitments and financial guarantee contracts, the amounts shown in the table represent the committed or guaranteed amounts. 474

475

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 31 Dec 2024 €m Due from banks Stage 1 Stage 2 Stage 3 1 8,329.0 8,329.0 – – Rating grades1) 2 to 5 1.6 6 to 8 1.2 9 to 10 0.0 11 to 15 0.0 16 to 18 (Default) 0.0 Retail portfolio – 1.6 – – 1.2 – – 0.0 – – 0.0 – – 0.0 – – Due from customers 8,829.8 6,018.8 2,232.7 1,204.7 2,008.0 916.4 Stage 1 Stage 2 Stage 3 POCI 8,703.7 5,629.8 1,774.5 126.1 389.0 458.3 510.5 694.2 165.8 1,842.2 0.0 0.0 0.0 0.0 0.0 0.0 – 44.3 0.0 18.0 26.3 0.0 0.0 0.0 0.0 – 76.3 0.0 73.0 3.3 0.0 88.6 0.0 88.6 – 39.5 0.0 3.4 36.1 0.0 0.0 822.3 94.1 0.0 0.0 0.0 – 15.2 15.2 0.0 0.0 Financial investments 11,844.6 2,058.5 Stage 1 Stage 2 Stage 3 11,844.6 2,055.6 0.0 – 3.0 – Off-balance sheet commitments 161.8 126.8 Stage 1 Stage 2 Stage 3 0.0 161.8 0.0 1) These are the rating grades according to DSGV master scale. 0.0 126.8 0.0 – – – 1.3 1.1 0.2 0.0 0.0 0.0 0.0 0.0 – 5.0 0.0 5.0 0.0 – – – 13.1 12.9 0.2 – – – – – – 6.5 6.5 – – 31 Dec 2023 €m Due from banks Stage 1 Stage 2 Stage 3 Due from customers Stage 1 Stage 2 Stage 3 POCI Financial investments Stage 1 Stage 2 Stage 3 Off-balance sheet commitments Stage 1 Stage 2 Stage 3 Rating grades1) 1 12,060.4 12,060.4 – – 2 to 5 2.9 6 to 8 0.8 9 to 10 0.1 11 to 15 – 16 to 18 (Default) – Retail portfolio – 2.9 – – 0.8 – – 0.1 – – – – – – – – 8,059.6 7,669.9 2,135.8 1,570.6 2,065.9 725.7 8,059.6 6,782.2 743.2 887.7 1,392.6 – – – – – 8,572.1 1,515.3 8,572.1 1,515.3 – – 146.4 146.4 – – – – 322.3 322.3 – – – – – – – – 135.8 110.3 25.5 – 656.6 914.0 82.0 1,983.9 – – – – – – 13.2 2.9 10.3 – – – 65.5 – 65.5 – 84.1 27.3 56.8 – – – 628.6 97.2 – – – – 3.2 – – 3.2 1) These are the rating grades according to DSGV master scale. Further information on the current risk situation and concentration risks is provided in the risk report section of the management report. 475

476

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The table below provides an overview of stage 1 and stage 2/3 financial assets to which minor modifications were made in the reporting year. €m Financial assets modified during the period Amortised cost before modification Result from modifications Financial assets modified since initial recognition Gross carrying amount at the end of the reporting period of financial assets for which the loss allowance has changed during the reporting period to an amount equal to 12-month expected credit losses. 2024 2023 Stage 1 Stage 2/3 Stage 1 Stage 2/3 – – – 1,010.0 3.5 – – – – 729.6 5.8 – As at 31 December 2024, there were no financial instruments in the portfolio for which no valuation allowance was recognised due to collateral (previous year: one financial instrument with a gross carrying value of €32.7m). Key ratios for risk provisions: % Reversal/allocation ratio as at reporting date1) (Ratio of net allocation/-reversal to gross carrying values relevant for risk provisions) Default rate as at reporting date (Ratio of defaults to gross carrying values relevant for risk provisions) Average default rate (Ratio of defaults on a 5-year average to gross carrying values relevant for risk provisions) Net provisioning ratio as at reporting date (Ratio of risk provisions to gross carrying values relevant for risk provisions) 31 Dec 2024 31 Dec 2023 –0.05 0.05 0.06 0.90 –0.28 0.00 0.05 0.80 1) Reversal ratio shown without negative lending sign The calculations of the figures above are based on a gross carrying amount relevant for risk provisioning purposes of €44.0bn (previous year: €45.2bn). 476

477

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Risk provisions by risk segment: €m Customers Real estate sector (including real estate funds) Transport sector Renewable energies Conventional energies and infrastructure Public sector Industrial sector Other financial institutions Service sector Other Total customers Banks Commercial banks Savings banks Other financial institutions Total banks Securities Renewable energies Conventional energies and infrastructure Industrial sector Service sector Commercial banks Transport sector Other Total securities Total Valuation allowances and provisions in the lending and securities business 31 Dec 2024 31 Dec 2023 337.3 2.7 34.1 4.2 0.4 1.5 0.3 0.0 0.5 271.2 18.1 50.8 4.4 1.3 1.7 0.4 0.0 0.4 381.1 348.2 0.0 0.2 0.0 0.3 0.0 0.3 6.2 0.4 7.5 0.2 0.4 0.0 0.3 0.0 0.3 – 0.3 3.2 0.4 9.8 0.0 0.2 15.0 396.4 14.0 362.6 Defaults1) Net allocations to2)/reversals of valuation allowances and provisions for credit risk 2024 18.7 –0.2 – – – – – – –0.0 18.5 – – – – – – – – – – – – 2023 0.9 0.7 – – – – – – –0.0 1.6 – – – – – – – – – – – – 2024 –54.8 15.9 17.2 –0.0 0.8 0.3 0.0 0.0 0.2 2023 –146.2 36.3 –25.9 8.7 0.7 –0.1 0.1 0.1 0.2 –20.4 –126.0 –0.0 0.1 –0.0 0.1 –0.0 –0.1 –2.9 –0.0 2.3 –0.1 –0.1 –1.0 0.0 –0.1 0.1 0.0 1.9 1.7 –0.1 1.2 –8.8 –0.0 0.3 –3.8 18.5 1.6 –21.3 –129.8 1) Includes utilisation, direct write-downs and income on written-down receivables and securities 2) Excludes the result from modifications. Negative in the column A post-model adjustment of €32.2m was recognised as at 31 December 2024, mainly for borrowers in the International Commercial Real Estate (ICRE) rating module. In the previous year, the post-model adjustment on the International Commercial Real Estate rating module came to €81.3m. 477

478

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 48 Financial assets at fair value Financial assets at fair value mainly comprise debt securities and other fixed-interest securities, shares and other non-fixed-interest securities, and receivables. This item also includes the positive market values of derivative financial instruments held for trading and the positive market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). In addition, this item includes holdings in unconsolidated subsidiaries, joint ventures and associated companies, as well as other equity investments. 31 Dec 2024 31 Dec 2023 €m Trading portfolio Debt securities and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non-fixed-interest securities Shares Units in investment funds Positive market values of derivative financial instruments Positive market values of derivative financial instruments (trading) Positive market values of derivative financial instruments (economic hedging derivatives) Loan receivables Total – trading portfolio Financial assets mandatorily measured at fair value through profit or loss Debt securities and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non-fixed-interest securities Shares Units in investment funds Other non-fixed-interest securities Loan receivables Shareholdings Equity investments Shares in affiliated companies Holdings in joint ventures Shares in associated companies 10,362.0 10,360.4 1.7 1,184.5 1,060.6 123.8 7,318.9 7,268.7 50.1 683.2 7,380.7 7,274.8 105.9 453.4 311.7 141.7 7,723.4 7,662.5 61.0 625.8 19,548.5 16,183.3 1,071.0 1,071.0 – 213.3 4.3 208.5 0.4 405.5 33.3 32.5 0.6 – 0.2 304.2 304.2 – 262.0 4.0 257.7 0.2 200.2 29.5 28.8 0.6 – 0.1 Change 2,981.3 3,085.6 –104.2 731.1 749.0 –17.9 –404.6 –393.8 –10.8 57.4 3,365.2 766.8 766.8 – –48.7 0.3 –49.2 0.2 205.3 3.8 3.7 – – 0.1 Total – financial assets mandatorily measured at fair value through profit or loss Total 1,723.1 21,271.7 795.9 16,979.2 927.2 4,292.4 478

479

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The following debt securities and other fixed-interest securities, and shares and other non-fixed-interest securities in financial assets measured at fair value, are listed on the stock exchange: €m Debt securities and other fixed-interest securities Shares and other non-fixed-interest securities 31 Dec 2024 31 Dec 2023 9,598.2 1,182.4 5,981.4 437.3 Change 3,616.8 745.1 49 Positive market values of derivative hedging instruments The positive market values of hedging instruments that meet the criteria for hedge accounting can be broken down by underlying hedged transaction as follows: €m 31 Dec 2024 31 Dec 2023 Nominal of the hedging instruments Carrying amount of the hedging instruments1) Valuation result of the hedging instruments for the reporting period2) Nominal of the hedging instruments Carrying amount of the hedging instruments1) Valuation result of the hedging instruments for the reporting period2) Interest rate fair value hedges Financial assets measured at amortised cost Due from banks Due from customers Financial investments Financial assets measured at fair value through other comprehensive income Financial investments Financial liabilities measured at amortised cost Due to banks Due to customers Securitised liabilities Subordinated capital Currency fair value hedges Bottom layer financial assets Total 912.0 7,594.7 431.4 2,464.0 477.0 424.6 2,231.5 372.0 893.0 – 50.2 – 0.0 0.0 – 0.0 0.0 9.4 –9.6 –118.1 –4.8 –27.8 6.2 5.8 22.2 7.3 –12.0 –131.0 268.6 4,290.2 27.0 695.4 10.0 129.5 75.0 219.0 4,480.8 10,195.5 2.0 95.4 0.1 0.0 0.1 0.5 0.3 1.0 151.5 250.7 –9.9 –70.9 –0.6 4.5 0.7 8.8 3.6 15.1 104.9 56.1 15,800.3 59.6 1) The majority of interest rate swaps designated as hedging instruments are cleared via CCP. 2) Includes the change in fair value of the hedging instruments used for recognising the ineffectiveness for the reporting period. Only interest rate swaps were designated as hedging instruments for interest rate fair value hedges. Cross- currency swaps are used as hedging instruments for currency fair value hedges. 479

480

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 50 Financial investments €m Financial assets measured at amortised cost Debt securities and other fixed-interest securities Financial assets measured at fair value through other comprehensive income Debt securities and other fixed-interest securities Shareholdings Shares in at-equity accounted companies Financial investments before risk provisions Risk provisions for securities (AC) Total 31 Dec 2024 31 Dec 2023 Change 11,304.4 8,488.9 2,815.6 2,788.3 1,670.4 1,117.9 19.0 19.8 14,111.7 10,179.0 –14.8 14,097.0 –13.8 10,165.2 –0.8 3,932.7 –0.9 3,931.8 Out of the debt securities and other fixed-interest securities recognised under financial assets measured at amortised cost or at fair value through other comprehensive income, the following are listed on the stock exchange: €m Debt securities and other fixed-interest securities 51 Intangible assets and goodwill €m Purchased goodwill Software Purchased Developed in-house Other intangible assets Total 31 Dec 2024 12,584.3 31 Dec 2023 8,962.9 Change 3,621.4 31 Dec 2024 31 Dec 2023 Change 155.9 114.3 63.6 50.7 14.2 284.4 155.9 56.1 33.4 22.8 16.9 228.9 – 58.2 30.2 28.0 –2.6 55.6 Purchased goodwill includes goodwill arising on the acquisition of Deka Vermögensmanagement GmbH in the amount of €95.0m. The item also includes goodwill from the acquisition of IQAM Invest GmbH and IQAM Partner GmbH totalling €7.8m. For the purposes of impairment testing as at 31 December 2024, the goodwill resulting from the acquisition of Deka Vermögensmanagement GmbH, IQAM Invest GmbH and IQAM Partner GmbH was allocated to the Asset Management Securities business division as the cash- generating unit. Purchased goodwill also includes goodwill arising on the acquisition of WestInvest Gesellschaft für Investmentfonds mbH in the amount of €53.1m. The impairment test for this was carried out at the level of the Asset Management Real Estate business division in the course of normal testing procedures as at 31 December 2024. The recoverable amount of both cash-generating units, each taken individually, was determined on the basis of the value in use. The discount rate required for the income capitalisation approach used was derived using the capital asset pricing model (CAPM). The expected post-tax cash flows were calculated for a period of three years (previous year: five years). The change from a five-year to a three-year period had no quantitative impact on the current period and is not expected to have any quantitative impact on future periods. 480

481

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The performance of the Asset Management Securities business division’s fund assets under management (asset management volume) was identified as a key value driver in its capacity as a cash-generating unit. The forecast was based on national economic data and past empirical values. Business and earnings trends are expected to rise steadily. In addition, a perpetual return was taken into account for a three-year forecast period up to the end of 2027. The long-term growth rate remained unchanged year on year at 0.00%. The discount rate was 10.67% (previous year: 11.36%). The value in use established using this approach was higher than the carrying value of the cash-generating unit. As a result, no impairment charge was required. As things currently stand, none of the possible changes in key assumptions used to determine the recoverable amount would result in the carrying value exceeding the value in use of the cash-generating unit. Internal forecasts based on national economic data and specific competition and market analyses were used for the Asset Management Real Estate business division cash-generating unit. Past empirical values were taken into account, particularly with regard to the material value driver, which is the future development of the asset management volume. On the basis of planned net sales, the investment fund business is expected to experience a further increase in volume and to consolidate its successful market position in the retail business in the years covered by the budget. Planned sales in retail business are associated with considerable risks, particularly in view of the uncertain economic environment (especially interest rates). The division is also striving to improve its market position in institutional business, despite business being subdued. The planned growth is contingent on the successful completion of planned transactions and the raising of the planned own funds in institutional business, as well as on the development of the product portfolio in Asset Management Real Estate with respect to alignment with, and implementation of, sustainability criteria and implementation of sustainability goals at operational level. A perpetual return based on the forecast for 2027 was also taken into account and a long-term growth rate of 0.00% (previous year: 0.00%) was assumed. The discount rate was 11.14% (previous year: 10.94%). The value in use established using this approach was higher than the carrying value of the cash-generating unit. As a result, no impairment charge was required. As things currently stand, none of the possible changes in key assumptions used to determine the recoverable amount would result in the carrying value exceeding the value in use of the cash-generating unit. Other intangible assets primarily comprise sales partnerships and customer relationships from the acquisition of Deka Vermögensmanagement GmbH and IQAM Partner GmbH. 481

482

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The following table shows the movement in intangible assets and goodwill: Purchased goodwill Software purchased Software developed in- house Other intangible assets Total 496.6 49.0 0.2 – 545.4 69.0 0.2 614.2 302.0 14.6 0.1 316.5 13.3 0.1 329.7 228.9 284.4 €m Historical cost As at 1 January 2023 Additions Disposals Reclassifications and other changes As at 31 December 2023 Additions Disposals As at 31 December 2024 Cumulative amortisation/impairment As at 1 January 2023 Amortisation/impairment Disposals As at 31 December 2023 Amortisation/impairment Disposals As at 31 December 2024 Carrying value as at 31 December 2023 Carrying value as at 31 December 2024 246.5 – – – 246.5 – – 246.5 90.6 – – 90.6 – – 90.6 155.9 155.9 108.5 27.9 0.2 –0.2 136.0 36.5 0.2 172.2 95.0 7.8 0.1 102.7 6.1 0.1 108.7 33.3 63.6 96.1 21.1 – 0.2 117.3 32.6 – 149.9 90.4 4.2 – 94.5 4.6 – 99.1 22.8 50.7 45.5 – 0.0 – 45.5 0.0 – 45.5 26.0 2.6 – 28.6 2.6 – 31.2 16.9 14.2 52 Property, plant and equipment and right-of-use assets for leases €m Plant and equipment Technical equipment and machines Right-of-use assets for leases (leasing assets) Total 31 Dec 2024 31 Dec 2023 24.7 12.5 406.1 443.3 23.0 9.0 269.1 301.1 Change 1.7 3.5 137.0 142.2 482

483

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Property, plant and equipment and right-of-use assets for leases developed as follows within the Deka Group: Property, plant and Property, plant and equipment equipment (leasing assets) Total 549.0 14.0 0.2 –0.0 562.7 192.7 3.1 0.0 €m Historical cost As at 1 January 2023 Additions Disposals Change in currency translation As at 31 December 2023 Additions Disposals Change in currency translation Technical equipment and machines Plant and equipment Office properties Motor vehicles Plant and equipment 49.5 3.8 0.1 –0.0 53.2 5.6 0.0 0.0 27.1 4.3 0.1 –0.0 31.3 9.9 3.0 0.0 456.4 2.9 – – 459.3 172.3 – – 14.4 3.0 0.0 – 17.4 4.8 – – 1.6 – – – 1.6 0.1 – – As at 31 December 2024 58.8 38.2 631.6 22.2 1.7 752.3 28.6 1.8 0.1 0.0 30.3 3.9 0.1 –0.0 34.1 20.9 24.7 Cumulative depreciation/impairment As at 1 January 2023 Amortisation/impairment Disposals Change in currency translation As at 31 December 2023 Amortisation/impairment Disposals Change in currency translation As at 31 December 2024 Carrying value as at 31 December 2023 Carrying value as at 31 December 2024 53 Income tax assets €m Current income tax assets Deferred income tax assets Total 18.3 4.1 0.1 0.0 22.3 6.4 3.0 –0.0 25.7 8.8 12.5 154.6 40.5 – – 195.1 37.4 – – 10.1 2.4 – – 12.5 2.8 – – 232.5 15.3 301.8 399.1 4.3 6.9 1.6 –0.0 0.0 – 1.6 0.1 – – 1.7 0.0 0.0 31 Dec 2024 31 Dec 2023 279.8 210.2 489.9 191.2 312.3 503.5 213.2 48.7 0.2 0.0 261.7 50.5 3.1 –0.0 309.2 335.8 443.2 Change 88.6 –102.1 –13.5 Deferred income tax assets represent the potential income tax relief arising from temporary differences between the values of assets and liabilities in the IFRS balance sheet and the tax base. In the year under review, deferred tax assets included €1.5m in relation to tax loss carryforwards at two Group companies (previous year: €1.1m at one company). 483

484

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Deferred tax assets were recognised in relation to the following line items: €m Asset items Due from banks Due from customers Financial assets at fair value Financial investments Intangible assets Other assets Liability items Financial liabilities at fair value Negative market values of derivative hedging instruments Provisions Other liabilities Loss carryforwards Sub-total Netting Total 31 Dec 2024 31 Dec 2023 Change 0.3 184.5 9.7 0.0 29.6 86.0 71.4 – 32.4 130.5 1.5 545.8 –335.6 210.2 – 267.8 – 0.8 38.0 84.2 201.0 141.6 25.9 89.0 1.1 849.5 –537.2 312.3 0.3 –83.3 9.7 –0.8 –8.4 1.8 –129.6 –141.6 6.5 41.5 0.3 –303.7 201.6 –102.1 Reported deferred tax assets include €210.2m (previous year: €312.3m) that are medium- or long-term in nature. As at the balance sheet date, three Group companies had unrecognised loss carryforwards of €1.2m (previous year: two companies with unrecognised losses of €1.2m). There were still no other temporary differences for which deferred tax assets have not been recognised. The netting of deferred tax assets and liabilities relates mainly to long-term deferred taxes arising from temporary differences in connection with leasing assets and the corresponding payment obligations. At the reporting date, as in the previous year, there were no outside basis differences that would have led to the recognition of deferred tax assets. Deferred income tax assets amounting to €35.1m in connection with provisions for pensions (previous year: €21.0m) were offset against equity. In addition, deferred tax assets of €0.1m for creditworthiness-related fair value changes to financial liabilities designated at fair value were offset against equity (previous year: €0.1m). Finally, deferred tax assets of €9.6m were recognised for currency fair value hedges (previous year: €9.3m). In the previous year, deferred income tax assets of €0.9m were also recognised in connection with the fair value measurement of financial investments recognized in other comprehensive income. 484

485

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 54 Other assets €m Amounts due from investment funds Amounts due from non-banking business Asset surplus from pension obligations Amounts due or refunds from other taxes Other assets Prepaid expenses Total 31 Dec 2024 31 Dec 2023 244.3 8.6 39.6 10.7 400.0 45.6 748.8 203.1 8.2 14.4 9.9 135.2 45.7 416.6 Other assets include €0.4m (previous year: €0.6m) that are of a medium or long-term nature. 55 Due to banks Amounts due to banks can be broken down by business type as follows: €m Overdrafts Daily and time deposits Promissory note loans and registered bonds Collateralised registered bonds and promissory note loans Unsecured registered bonds and promissory note loans Genuine repurchase agreements and collateralised securities lending transactions Borrowings Total 31 Dec 2024 31 Dec 2023 1,135.0 5,239.3 1,465.3 108.0 1,357.3 1,101.4 273.7 9,214.8 824.5 5,620.0 1,650.0 129.4 1,520.6 228.3 291.1 8,613.9 The regional breakdown of amounts due to banks is as follows: €m Domestic banks Foreign banks Total 31 Dec 2024 31 Dec 2023 7,867.4 1,347.4 9,214.8 8,033.8 580.0 8,613.9 Change 41.2 0.4 25.2 0.8 264.8 –0.1 332.2 Change 310.5 –380.8 –184.6 –21.3 –163.3 873.1 –17.3 600.9 Change –166.5 767.4 600.9 485

486

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 56 Due to customers Amounts due to customers can be broken down by business type as follows: €m Overdrafts Daily and time deposits Promissory note loans and registered bonds Collateralised registered bonds and promissory note loans Unsecured registered bonds and promissory note loans Genuine repurchase agreements and collateralised securities lending transactions Borrowings Total 31 Dec 2024 31 Dec 2023 21,236.0 17,555.5 7,399.3 1,291.1 144.5 1,146.5 61.9 64.4 30,052.6 7,598.8 1,569.0 247.1 1,321.9 95.1 132.1 26,950.5 The regional breakdown of amounts due to customers is as follows: €m Domestic customers Foreign customers Total 57 Securitised liabilities 31 Dec 2024 31 Dec 2023 24,487.8 5,564.8 30,052.6 22,412.1 4,538.4 26,950.5 Change 3,680.5 –199.6 –277.9 –102.5 –175.3 –33.2 –67.7 3,102.1 Change 2,075.7 1,026.4 3,102.1 Securitised liabilities include bonds and other liabilities for which transferable certificates are issued. Own bonds held by the Deka Group with a nominal amount of €153.4m (previous year: €60.3m) were deducted from the issued bonds. €m Uncovered debt securities issued Covered debt securities issued Money market securities issued Total 31 Dec 2024 31 Dec 2023 8,558.7 3,027.7 5,298.2 16,884.6 7,583.8 3,336.1 – 10,919.9 Change 974.9 –308.4 5,298.2 5,964.7 486

487

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 58 Financial liabilities at fair value Financial liabilities at fair value comprise trading issues and liabilities designated at fair value. This item also includes the negative market values of derivative financial instruments held for trading and the negative market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). Securities short portfolios are also reported in this line item. €m Trading portfolio Trading issues Securities short portfolios Negative market values of derivative financial instruments (trading) Negative market values of derivative financial instruments (economic hedging derivatives) Total – trading portfolio Financial liabilities designated at fair value Issues Financial liabilities designated at fair value - total Total Issues are broken down by product type as follows: €m Trading portfolio Uncovered trading issues Bearer bonds issued Registered bonds issued Promissory notes raised Total Financial liabilities designated at fair value Uncovered issues Registered bonds issued Covered issues Total 31 Dec 2024 31 Dec 2023 17,347.4 1,341.3 7,538.9 18,432.0 1,144.1 8,648.8 39.0 18.9 26,266.6 28,243.8 130.7 130.7 145.5 145.5 Change –1,084.6 197.2 –1,109.9 20.1 –1,977.3 –14.9 –14.9 26,397.2 28,389.3 –1,992.1 31 Dec 2024 31 Dec 2023 15,303.1 761.4 1,282.9 16,010.2 874.5 1,547.3 Change –707.1 –113.1 –264.4 17,347.4 18,432.0 –1,084.6 96.4 34.3 130.7 110.9 34.6 145.5 –14.5 –0.3 –14.8 The fair value of issues in the designated at fair value category (fair value option) includes cumulative creditworthiness-related changes in value amounting to €0.4m (previous year: €0.3m) that are recognised in other comprehensive income (OCI). The carrying amount of liabilities whose creditworthiness-related changes in value are recognised in other comprehensive income is €3.4m (previous year: € 3.6m) higher than the repayment amount. 487

488

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 59 Negative market values of derivative hedging instruments The negative market values of hedging instruments that meet the criteria for hedge accounting can be broken down by underlying hedged transaction as follows: €m 31 Dec 2024 31 Dec 2023 Nominal of the hedging instruments Carrying amount of the hedging instruments1) Valuation result of the hedging instruments for the reporting period2) Nominal of the hedging instruments Carrying amount of the hedging instruments1) Valuation result of the hedging instruments for the reporting period2) Interest rate fair value hedges Financial assets measured at amortised cost Due from banks Due from customers Financial investments Financial assets measured at fair value through other comprehensive income Financial investments Financial liabilities measured at amortised cost Due to banks Due to customers Securitised liabilities Subordinated capital Currency fair value hedges Bottom layer financial assets Total 2,337.0 1,338.4 4,301.2 1,117.6 404.0 253.0 1,577.5 238.6 8,468.4 20,035.6 0.8 17.9 3.7 0.3 –0.7 –0.5 –2.5 –0.7 343.9 362.3 –10.0 –17.5 –50.7 –6.6 11.4 7.5 34.2 6.6 –346.7 –371.7 2,530.5 4,834.4 2,599.2 364.3 730.0 457.7 2,640.9 257.6 5,441.7 19,856.2 0.1 12.1 0.1 0.0 0.0 0.0 0.1 0.0 180.0 192.5 –66.2 –206.0 –79.8 –6.8 39.9 22.9 110.7 14.2 22.0 –149.2 1) The majority of interest rate swaps designated as hedging instruments are cleared via CCP. 2) Includes the change in fair value of the hedging instruments used for recognising the ineffectiveness for the reporting period. Only interest rate swaps were designated as hedging instruments for interest rate fair value hedges. Cross- currency swaps are used as hedging instruments for currency fair value hedges. 488

489

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 60 Provisions for pensions and similar commitments The following table shows the movement in provisions: €m As at 1 January 2023 Allocation Utilisation Reversals Reclassifications Change in plan assets Revaluations recognised in other comprehensive income Reclassification due to net asset As at 31 December 2023 Allocation Utilisation Reversals Reclassifications Change in plan assets Revaluations recognised in other comprehensive income Reclassification due to net asset As at 31 December 2024 Provisions for pensions Provisions for similar commitments1) 1.6 14.8 19.8 1.0 1.6 –6.8 28.0 –12.4 6.1 14.8 21.1 0.3 1.3 –7.9 –11.6 25.2 6.4 12.9 3.6 3.5 0.1 – –2.1 – – 10.7 4.2 2.9 – – –2.7 – – 9.3 Total 14.5 28.8 21.5 3.1 2.3 –10.4 –167.2 26.0 16.8 19.0 24.0 0.3 1.3 –10.6 –11.6 25.2 15.7 1) Including provision for working hours accounts The pension provisions of €6.4m include defined benefit plans in the form of final salary plans and general contribution schemes, as well as unit-linked defined contribution plans. Provisions for similar commitments in the amount of €9.3m are associated with commitments in relation to early retirement, transitional payments, working hours accounts and obligations to pay other allowances. As commitments similar to pensions, the latter are to be differentiated from the defined benefit plans accordingly. The present value of the defined benefit obligations can be reconciled to the provisions for pensions as follows: €m Present value of fully or partially funded defined benefit obligations Fair value of plan assets at reporting date Funding status Present value of unfunded defined benefit obligations Cap due to limitation of net assets Reclassification due to net asset Provisions for pensions 31 Dec 2024 31 Dec 2023 Change 890.1 950.3 –60.2 1.6 25.4 39.6 6.4 799.8 826.9 –27.1 1.6 17.2 14.4 6.1 90.3 123.4 –33.1 – 8.2 25.2 0.3 489

490

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 The movement in the net liability was as follows: €m As at 1 January Current service cost Interest expense or income Defined benefit obligations Fair value of plan assets Net obligation/ (net asset) 2024 801.4 15.2 27.9 2023 695.2 15.0 27.5 2024 826.9 – 29.1 2023 734.0 – 29.2 2024 6.1 15.2 –1.2 2023 1.6 15.0 –1.7 Interest portion on capping due to net asset ceiling – – – – 0.6 0.5 43.1 42.5 29.1 29.2 14.6 13.8 Pension expenses (recognised in profit or loss) Actuarial gains/losses from: Financial assumptions Demographic assumptions Experience adjustment Income from plan assets excluding interest income Cap due to net asset ceiling Revaluation gains/losses (recognised in other comprehensive income) Transfers Business combinations and change in scope of consolidation Employer contributions Employee contributions Benefits paid Other changes –2.9 – 69.4 – – 66.5 1.6 – – – 29.6 0.1 51.9 – – 81.6 2.0 – – – –20.9 –19.8 – – – – – – – – 85.7 – 56.5 – –2.9 – 69.4 –85.7 7.6 85.7 56.5 –11.5 – 0.3 5.5 5.6 –2.8 – – – 5.5 5.7 –3.9 – 1.6 –0.3 –5.5 –5.6 –18.1 25.2 6.4 6.4 – 29.6 0.1 51.9 –56.5 2.9 28.0 2.0 – –5.5 –5.7 –15.8 –12.4 6.1 6.1 – Change 0.05 – – – As at 31 December 891.7 801.4 950.2 826.9 Comprising: Final salary plans and general contribution schemes Unit-linked defined contribution plans 420.2 471.5 417.8 383.7 453.4 496.9 426.9 400.0 The present value of the defined benefit obligation was calculated using the Heubeck 2018 G mortality tables based on the following actuarial parameters: 31 Dec 2024 31 Dec 2023 3.55 2.20 2.00 3.50 2.20 2.00 2.50 % Actuarial interest rate Pension trend for adjustments according to Section 16(2) Company Pension Funds Act (BetrAVG)1) Pension adjustment with overall trend updating1) Salary trend1) 2.50 1) Not relevant for the valuation of unit-linked pension commitments as these are not dependent on final salary 490

491

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 For non-vested projected benefits, staff turnover profiles published by Heubeck-Richttafeln-GmbH are also used in the calculation with a level parameter of 1.5. The discount factor for similar commitments was 2.58% (previous year: 3.11%). This rate takes account of the shorter time to maturity compared to pension commitments as well as the rate of adjustment in early retirement and transitional payments not shown separately. The sensitivity analysis presented below shows how a change in significant actuarial assumptions can affect the defined benefit obligations (DBO). This analysis considers the change in one assumption, leaving the other assumptions unchanged relative to the original calculation. This means that potential correlation effects between the individual assumptions are disregarded. The sensitivity analysis only applies to the present value of the DBO and not to the net obligation, as the latter is determined by a number of factors including both the actuarial assumptions and the fair value of the plan assets. Change in actuarial assumptions Effect on defined benefit obligations 31 Dec 2024 31 Dec 2023 €m Actuarial interest rate Salary trend Pension trend Life expectancy Increase of 1.0 percentage points Reduction of 1.0 percentage points Increase of 0.25 percentage points Reduction of 0.25 percentage points Increase of 0.25 percentage points Reduction of 0.25 percentage points Extended by 1 year –50.7 67.9 1.9 –1.9 12.2 –11.7 18.4 –55.5 80.4 2.2 –2.1 12.3 –10.1 18.1 Change 97.3 94.4 1.9 1.0 26.1 –0.1 123.4 At the balance sheet date, plan assets were as follows: €m Mutual funds Equity funds Bond funds Mixed funds Special funds Insurance contracts Total 31 Dec 2024 31 Dec 2023 498.7 479.3 6.8 12.6 451.3 0.1 950.3 401.4 384.9 4.9 11.6 425.2 0.2 826.9 Apart from insurance contracts, the plan assets consist of assets for which quoted market prices are available on an active market. As at 31 December 2024, the plan assets included €950.2m of the Deka Group’s own investment funds (previous year: €826.7m). They did not include properties used by the Deka Group or other assets. The units in mutual funds are used to finance unit-linked commitments. For obligations under final salary plans and general contribution schemes, investments have been made in a special fund whose investment strategy is based on an integrated asset-liability approach. Insurance contracts relate mainly to term life assurance policies. The risks associated with defined benefit obligations include not only the usual actuarial risks, such as longevity risk and interest rate risk, but also risks in connection with the plan assets. In particular, the plan assets may be subject to market price risks. 491

492

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Income from the plan assets is assumed to match the actuarial interest rate, which is determined on the basis of corporate bonds with a credit rating of AA. If the actual return on the plan assets falls below the actuarial interest rate applied, the net obligation arising from the defined benefit commitments is increased. However, in view of the composition of the plan assets, it is assumed that the actual return over the medium to long term will exceed the yield on good-quality corporate bonds. The amount of the net obligation is also affected in particular by the actuarial interest rate. The current high level of interest rates leads to a relatively lower net obligation. The weighted average maturity of the defined benefit pension obligations was 6.8 years as at the reporting date (previous year: 8.7 years). The present value of the defined benefit obligations is made up as follows: €m Current scheme members Former scheme members Pensioners and surviving dependents Present value of defined benefit obligation 31 Dec 2024 31 Dec 2023 492.7 174.3 224.7 891.7 426.8 160.4 214.2 801.4 Change 65.9 13.9 10.5 90.3 For the 2025 financial year it is expected that contributions amounting to €11.4m (previous year: €11.4m) will have to be allocated to the defined benefit schemes. 61 Other provisions €m Provisions in investment funds business Provisions for credit risks Provisions for operational risks Provisions for legal risks Provisions in human resources Provisions for restructuring measures Sundry other provisions Total 31 Dec 2024 31 Dec 2023 Change 102.1 17.9 7.3 15.0 2.2 – 76.8 221.4 88.1 8.7 8.1 5.9 1.2 – 93.3 205.3 14.0 9.3 –0.9 9.1 1.0 – –16.5 16.0 Provisions in investment funds business are created, among other things, for funds with formal guarantees and targeted returns, as described below. The Deka Group’s range of products includes investment funds with guarantees of various types. Upon maturity of the fund or at the end of the investment period, the investment management company guarantees that the investor will receive either the capital originally invested or the unit value at the start of that investment period. The amount of the provision is the forecast shortfall at the guarantee date, which is the difference between the expected unit value and the unit value guaranteed. Deka also offers a short-term bond fund featuring a capital guarantee at the end of the guarantee period that is renewed every six months. The redemption price on the last trading day of June and December is guaranteed. 492

493

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Provisions of €25.2m (previous year: €19.2m) had been made as at the balance sheet date based on the performance of the relevant fund assets. As at the balance sheet date, the guarantees covered a maximum total volume of €2.4bn (previous year: €2.0bn) at the respective guarantee dates. The market value of the relevant funds totalled €2.7bn (previous year: €2.3bn). For the fund-based Riester products offered as private pensions, DekaBank provides a capital guarantee at the start of the disbursement phase, for which a provision of €59.0m (previous year: €52.1m) was recognised. Potential obligations from fund-based pension products totalled €6.4bn at the reporting date (previous year: €6.1bn). The market value of the fund-based pension products totalled €9.6bn (previous year: €8.1bn). The calculation of the provisions for Riester products is based on a Monte Carlo simulation and calculates the expected value of a potential shortfall at the guarantee date at individual contract level. Provisions for credit risks are provisions set up for expected losses from loan commitments, guarantees and sureties (see note [47] “Risk provisions in the lending and securities business”). Provisions for legal and operational risks are established for potential losses that could result from the use of inadequate internal processes and systems or their failure, as well as from human error and external events. Operational risks can lead to claims from customers, counterparties and supervisory authorities or to legal action. DekaBank has undertaken voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. The possibility of a claim in the amount of €6.7m being asserted against DekaBank in this regard due to its function as custodian cannot be ruled out in all probability. As a result, a provision for operational risks was set up in the amount of €3.8m as at 31 December 2020. As at 31 December 2022, the amount of the provision was increased by €2.9m to €6.7m based on further analyses. No further risks in this regard were evident as at 31 December 2024. The sundry other provisions were established in respect of liabilities arising from a range of issues. Sundry other provisions mainly comprise a provision set up in the 2019 financial year for a capital-strengthening measure in relation to a company in the equity investment portfolio, with DekaBank entering into a commitment to provide potential support (up to a maximum amount of €100.0m). This commitment is valued using a Monte Carlo simulation to forecast a possible capital shortfall at the level of the affiliated company depending on capital market developments. As at the reporting date, the average net present value of the payments amounts to €–85.6m (previous year: €–88.3m). The provision amounted to €71.2m as at the reporting date (previous year: €88.3m). In addition, there is a contingent liability in the amount of €14.4m, by which the guaranteed maximum amount exceeds the average net present value of the payments. The movement in other provisions is as follows: Opening balance 1 Jan 2024 88.1 5.9 8.7 8.1 1.2 93.3 205.3 €m Provisions in investment funds business Provisions for legal risks Provisions for credit risks Provisions for operational risks Provisions in human resources Sundry other provisions Other provisions Allocation Utilisations Reversal Reclassi- fications Accrued interest Currency effects 0.3 0.3 6.8 0.3 0.2 2.7 10.6 – –1.3 – – – – –1.4 – – – – – –1.3 –1.4 – – 0.6 – 0.0 – 0.6 17.4 10.7 16.1 0.3 1.9 0.7 47.1 1.7 – 0.7 0.8 0.6 14.5 18.4 493 Closing balance 31 Dec 2024 102.1 15.0 17.9 7.3 2.2 76.8 221.4

494

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Some of the provisions for restructuring measures are reclassified as provisions for pensions and similar commitments in the following year, in accordance with their underlying nature. Other provisions include €101.0m (previous year: €64.3m) that are of a medium or long-term nature. 62 Income tax liabilities €m Provisions for income taxes Current income tax liabilities Deferred income tax liabilities Total 31 Dec 2024 31 Dec 2023 – 35.5 32.6 68.1 5.4 138.2 91.9 235.5 Change –5.4 –102.7 –59.3 –167.4 No provisions for income taxes (corporation tax, solidarity surcharge and trade tax) were recognised as at the balance sheet date (previous year: €4.5m for domestic and €0.9m for foreign tax liabilities, in each case of a short-term nature). Current income tax liabilities include payments for income taxes from the reporting year and earlier periods that were due but had not yet been paid as at the reporting date. Deferred income tax liabilities represent the potential income tax charges from temporary differences between the values of assets and liabilities on the IFRS balance sheet and the tax base. Deferred tax liabilities were recognised in relation to the following line items on the balance sheet: €m Asset items Due from banks Due from customers Financial assets at fair value Positive market values of derivative hedging instruments Financial investments Shares in at-equity accounted companies Intangible assets Property, plant and equipment Other assets Liability items Due to banks Due to customers Securitised liabilities Negative market values of derivative hedging instruments Provisions Other liabilities Subordinated capital Sub-total Netting Total 31 Dec 2024 31 Dec 2023 11.9 0.0 21.4 71.3 38.3 0.1 19.2 128.1 0.1 11.9 8.4 31.9 16.3 0.1 0.2 8.9 368.2 –335.6 32.6 5.3 – 161.2 269.2 4.0 0.1 11.6 82.8 0.1 19.7 9.9 52.4 – 0.1 – 12.6 629.1 –537.2 91.9 494 Change 6.6 0.0 –139.8 –197.9 34.3 0.0 7.7 45.3 0.1 –7.8 –1.5 –20.5 16.3 –0.0 0.2 –3.7 –260.9 201.6 –59.3

495

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Reported deferred tax liabilities include €28.2m (previous year: €87.9m) that are of a short-term nature. The netting of deferred tax assets and liabilities relates mainly to long-term deferred taxes arising from temporary differences in connection with leasing assets and the corresponding payment obligations. As at the reporting date, temporary differences existed in connection with outside basis differences at consolidated subsidiaries amounting to €127.7m (previous year: €129.5m), resulting in imputed deferred tax liabilities of €2.0m (previous year: €2.1m). €2.0m (previous year: €2.0m) of this amount was recognised as a liability due to the return of the banking licence by Deka Verwaltungsgesellschaft Luxembourg S.A. in the 2021 reporting year. The remainder (< €0.1m) is attributable to two other companies and was not recognised as a liability in accordance with IAS 12.39. Deferred income tax liabilities of €0.1m had to be recognised for risk provisions in connection with the fair value measurement of financial assets in other comprehensive income (previous year: €0.1m). Other deferred income tax liabilities of €0.1m had to be recognised in connection with the fair value measurement of financial assets in other comprehensive income (previous year: deferred income tax assets of €0.9m). 63 Other liabilities The breakdown of other liabilities is as follows: €m Liabilities Liabilities from leasing transactions Commissions not yet paid to sales offices Liabilities from current other taxes Trade payables Other Accruals Sales performance compensation Personnel costs Other accruals Year-end audit and other audit costs Prepaid expenses Total 31 Dec 2024 31 Dec 2023 401.5 3.1 112.1 80.8 122.1 – 183.1 56.0 6.9 1.1 966.7 279.6 117.2 81.7 72.8 78.9 – 190.8 44.2 7.3 0.6 872.9 Change 121.9 –114.0 30.5 8.0 43.2 – –7.7 11.8 –0.4 0.5 93.8 Other liabilities (excluding leases) include €0.5m (previous year: €0.6m) that are of a medium or long-term nature. 495

496

Consolidated financial statements | Notes to the statement of financial position Deka Group Annual Report 2024 Leases are broken down by residual term as follows: €m Up to 1 year Between 1 and 5 years More than 5 years Total 64 Subordinated capital €m Subordinated bearer bonds Subordinated promissory note loans Other subordinated liabilities Prorated interest on subordinated liabilities Total 31 Dec 2024 31 Dec 2023 36.0 115.2 340.9 492.1 34.6 77.4 204.1 316.1 Change 18.2 5.1 –39.4 0.1 –15.9 31 Dec 2024 31 Dec 2023 403.3 99.8 603.4 27.8 1,134.3 385.1 94.7 642.8 27.7 1,150.2 There are no agreements or plans to convert these funds into equity or another form of debt. There is no early repayment obligation. 31 Dec 2024 31 Dec 2023 Change 286.3 –94.6 598.6 239.5 6,236.0 1.1 6,234.9 33.7 18.3 –30.1 0.4 –0.4 0.8 44.7 300.1 7,599.6 286.3 –94.6 598.6 239.5 5,916.6 1.1 5,915.5 6.6 6.8 –29.2 –2.5 –0.3 0.6 31.3 300.1 7,253.1 – – – – 319.4 – 319.4 27.1 11.5 –0.8 3.0 –0.1 0.2 13.4 – 346.5 65 Equity €m Subscribed capital Own shares (deduction) Additional capital components (AT1 bonds) Capital reserve Retained earnings Statutory reserve Other retained earnings Revaluation reserve For provisions for pensions For foreign currency basis spreads of hedging derivatives For financial assets measured at fair value through other comprehensive income For own credit risk of financial liabilities designated at fair value Currency translation reserve Deferred taxes Accumulated profit (consolidated profit) Total 496

497

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 Notes on financial instruments 66 Result by measurement category The individual measurement categories resulted in the following contributions to net results: €m Financial assets and liabilities measured at fair value through profit or loss (FVPL) Trading portfolio Financial assets mandatorily measured at fair value through profit or loss Financial assets designated at fair value Financial liabilities designated at fair value Thereof amounts recognised in profit or loss Thereof amounts recognised in other comprehensive income (OCI) Financial assets measured at fair value through other comprehensive income Thereof amounts transferred to profit or loss due to disposal Thereof amounts recognised in other comprehensive income (OCI) Financial assets measured at amortised cost Financial liabilities measured at amortised cost Profit or loss from fair value hedges Thereof amounts recognised in profit or loss Thereof amounts recognised in other comprehensive income (OCI) Thereof amounts transferred to profit or loss due to disposal 2024 380.8 307.1 78.7 – –5.0 –4.9 –0.1 67.9 1.5 3.0 2023 192.3 136.4 63.0 – –7.1 –8.1 1.0 67.7 –1.7 25.3 1,891.5 –1,896.2 1,885.6 –1,587.2 –13.2 –12.3 –0.8 – –35.9 –7.5 –28.4 – Change 188.5 170.7 15.7 – 2.1 3.2 –1.1 0.2 3.2 –22.3 5.9 –309.0 22.7 –4.8 27.6 – Income and expense contributions are presented in line with their allocation to measurement categories in accordance with IFRS 9. All earnings components, i.e. sale and valuation results, as well as interest, current income and commission are included. The net income from equity-accounted companies is excluded. As in the previous year, no financial assets were reclassified in the year under review. 497

498

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 67 Fair value disclosures The carrying values and fair values of financial assets and financial liabilities are divided among the measurement categories and classes of financial instruments as shown in the following table. €m Assets Financial assets measured at amortised cost Cash reserves Due from banks Due from customers Financial investments Other assets 31 Dec 2024 31 Dec 2023 Fair value Carrying value Fair value Carrying value 378.2 30,424.6 24,473.0 11,142.0 255.2 378.2 30,437.0 24,707.3 11,289.7 255.2 328.2 30,145.3 24,679.8 8,211.8 213.8 328.2 30,202.6 25,424.0 8,475.0 213.8 Financial assets measured at fair value through other comprehensive income Financial investments 2,788.3 2,788.3 1,670.4 1,670.4 Financial assets measured at fair value through profit or loss Trading portfolio Financial assets at fair value 19,548.5 19,548.5 16,183.3 16,183.3 Financial assets mandatorily measured at fair value through profit or loss Financial assets at fair value Other assets Positive market values of derivative hedging instruments Total asset items Liabilities Financial liabilities measured at amortised cost Due to banks Due to customers Securitised liabilities Subordinated capital Other liabilities Financial liabilities measured at fair value through profit or loss Trading portfolio 1,723.1 13.4 1,723.1 13.4 795.9 8.3 795.9 8.3 59.6 59.6 250.7 250.7 90,805.9 91,200.3 82,487.5 83,552.2 9,199.4 30,014.7 16,597.8 1,144.0 518.1 9,214.8 30,052.6 16,884.6 1,134.3 518.1 8,557.1 26,883.8 10,434.0 1,146.5 490.0 8,613.9 26,950.5 10,919.9 1,150.2 490.0 Financial liabilities at fair value 26,266.6 26,266.6 28,243.8 28,243.8 Other liabilities Financial liabilities designated at fair value Financial liabilities at fair value Negative market values of derivative hedging instruments Total liability items 13.6 130.7 362.3 84,247.2 13.6 130.7 362.3 84,577.6 7.0 145.5 192.6 76,100.3 7.0 145.5 192.6 76,713.4 498

499

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 For financial instruments due on demand or short-term financial instruments, fair value is the amount payable as at the reporting date. The carrying value therefore represents a reasonable approximation to the fair value. These include, inter alia, the cash reserve, overdraft facilities and demand deposits due from or owed to banks and customers, and financial instruments included in other assets or other liabilities. Other liabilities include lease liabilities totalling €401.5m (previous year: €279.6m). In the following description of the fair value hierarchy, financial assets amounting to €6,955.6m (previous year: €10,957.7m) and financial liabilities amounting to €22,903.0m (previous year: €18,877.1m) are not allocated to any level of the fair value hierarchy. Fair value hierarchy Financial instruments carried at fair value on the statement of financial position, as well as financial instruments that are not measured at fair value but whose fair value must be stated, must be allocated to the following three fair value hierarchy levels specified in IFRS 13, depending on the input factors influencing their valuation: Level 1 (Prices quoted in active markets): Financial instruments whose fair value can be derived directly from prices on active, liquid markets are allocated to this level. Level 2 (Valuation method based on observable market data): Financial instruments whose fair value can be determined either from similar financial instruments traded on active and liquid markets, from similar or identical financial instruments traded on less liquid markets, or based on valuation methods with directly or indirectly observable input factors, are allocated to this level. Level 3 (Valuation method not based on observable market data): Financial instruments whose fair value is determined based on valuation models that include input factors not observable in the market, provided that they are significant to the valuation, are allocated to this level. Within the Deka Group, reclassifications between the different levels of the fair value hierarchy are deemed to have taken place at the end of the relevant reporting period. 499

500

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The tables below show the fair values of the financial instruments recognised on the statement of financial position, according to their level in the fair value hierarchy. €m Prices listed on active markets observable market data observable market data (level 1) (level 2) (level 3) Valuation method based on Valuation method based on 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 Financial assets measured at fair value through profit or loss Debt securities, other fixed-interest securities and loan receivables Shares and other non-fixed-interest securities Derivative financial instruments Interest-rate-related derivatives Currency-related derivatives Share and other price-related derivatives Shareholdings Positive market values of derivative hedging instruments Financial assets measured at fair value through other comprehensive income Debt securities and other fixed-interest securities Shares and other non-fixed-interest securities Financial assets measured at amortised cost 5,821.1 3,525.3 5,482.8 4,511.4 1,217.9 474.2 1,203.3 79.0 – – 569.1 81.8 – – 162.7 7,137.3 3,997.2 173.1 94.5 7,589.6 4,771.7 126.3 79.0 81.8 2,967.0 2,691.6 – – – – – 59.6 – 250.7 31.7 102.5 69.1 – 33.4 33.3 – 51.8 52.1 45.0 – 7.1 29.5 – 1,628.4 1,238.8 1,116.6 406.5 43.4 25.1 – – – – – – Due from banks 2,260.4 102.4 13,096.5 14,900.6 9,151.4 4,943.0 thereof: assets from genuine repurchase agreements and collateralised securities lending transactions Due from customers thereof: assets from genuine repurchase agreements and collateralised securities lending transactions Debt securities and other fixed-interest securities Total – – – – – – 3,725.0 1,186.4 2,511.5 872.5 8,421.8 22,893.9 2,976.8 23,599.1 402.5 211.7 3,459.9 4,779.4 7,180.5 18,172.7 5,668.3 11,185.7 3,603.0 31,844.9 2,374.5 31,000.3 358.6 33,832.7 169.0 29,343.8 As at 31 December 2024, 100% of bonds and other fixed-income securities allocated to level 3 for which an external rating was available were rated as investment grade. 500

501

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 €m Financial liabilities measured at fair value through profit or loss Securities short portfolios Derivative financial instruments Interest-rate-related derivatives Currency-related derivatives Share and other price-related derivatives Issues Negative market values of derivative hedging instruments Financial liabilities measured at amortised cost Due to banks thereof: liabilities from genuine repurchase agreements and collateralised securities lending transactions Due to customers thereof: liabilities from genuine repurchase agreements and collateralised securities lending transactions Securitised liabilities Subordinated capital Total Prices listed on active markets (level 1) Valuation method based on Valuation method based on observable market data observable market data (level 2) (level 3) 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 875.7 81.2 – – 803.9 78.2 – – 81.2 78.2 – – – – – – – – 956.9 – – – – – – 505.2 – 1,387.3 465.6 7,480.5 5,423.4 154.1 1,903.0 17,468.2 340.3 8,547.8 6,826.3 96.6 1,624.9 18,564.0 362.3 192.6 – 16.1 5.9 – 10.2 9.9 – – 41.6 – – 41.6 13.5 – 7,654.9 7,457.5 409.4 275.0 831.1 8,716.0 214.8 9,200.6 143.8 62.6 – 127.7 61.6 16,597.8 – 58,745.3 108.5 9,928.8 – 54,231.6 – – 1,144.0 1,642.0 – – 1,146.5 1,604.3 Level reclassifications The following reclassifications between level 1 and level 2 of the fair value hierarchy took place in respect of assets and liabilities measured at fair value and held in the portfolio at the reporting date: €m Reclassifications from level 1 to level 2 Reclassifications from level 2 to level 1 2024 2023 2024 2023 Financial assets measured at fair value through profit or loss Debt securities, other fixed-interest securities and loan receivables Derivative financial instruments Share and other price-related derivatives Financial liabilities measured at fair value through profit or loss Securities short portfolios Derivative financial instruments Share and other price-related derivatives 107.2 3.9 3.9 21.2 7.9 7.9 674.5 22.0 22.0 53.6 17.8 17.8 1,084.3 4.8 4.8 114.0 23.9 23.9 1,003.2 24.9 24.9 108.8 2.7 2.7 501

502

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 Financial instruments were transferred from level 1 to level 2 during the year under review because prices on an active market could no longer be demonstrated for these financial instruments. Financial instruments were also transferred from level 2 to level 1 because, at the reporting date, prices were available for these financial instruments on an active market which could be used unchanged for valuation purposes. Fair value hierarchy level 1 Where securities and derivatives are traded on active markets with sufficient liquidity, and hence where stock market prices or executable broker quotations are available, these prices are used to determine the fair value. The fair value of units in unconsolidated investment funds is generally determined from the redemption price published by the investment management company. Fair value hierarchy level 2 Fair values for insufficiently liquid bearer bonds are determined on the basis of discounted future cash flows. Instrument-specific and issuer-specific interest rates are used for discounting. Discount rates are determined from market prices of similar liquid securities, selected according to criteria in the categories of issuer, sector, rating, rank and maturity. Derivative financial instruments are measured using standard valuation models, such as the Black-Scholes model, the Black-76 model, the SABR model, the Bachelier model, the G1PP model, the G2PP model or the local volatility model. The models are always calibrated using observable market data. Interest rate and interest rate/currency swaps and unlisted interest rate futures are measured on the basis of the discounted cash flow model using the market interest rates applying to the remainder of the term of the financial instruments. The tenor structures of the individual interest rates are taken into account by means of separate forward yield curves. Interest rate swaps are discounted using the currency-specific yield curve. This is used for bootstrapping the forward yield curves. For the foreign currency cash flows in interest rate/currency swaps, discounting is carried out taking into account the cross-currency basis. Fair values for forward currency contracts are determined at the reporting date on the basis of the forward rates, which in turn are quoted by FX swap points in the market. Fair values of single name and index credit default swaps are determined using a standard hazard rate model calibrated to the respective par CDS spreads. The fair value of deposits and borrowings is determined by discounting future cash flows using discount rates that are customary for comparable financial transactions with similar terms on liquid or less liquid markets. The fair value of receivables and liabilities from genuine repurchase agreements is calculated by discounting future cash flows using the corresponding credit risk-adjusted discount rate. The discount rate applied takes into account the collateral criteria agreed at the time of concluding the genuine repurchase agreement. If no price is observable on an active market for financial liabilities, fair value is determined by discounting the contractually agreed cash flows using an interest rate at which comparable liabilities could have been issued. Any existing collateralisation structure is taken into account, such as that used for covered bonds (Pfandbriefe), for example. Fair value hierarchy level 3 Fair values of amounts due from banks or due from customers relating to lending business are determined using the present value method. The fair value of loans takes into account various spread components, e.g. refinancing and foreign currency costs, credit default risks, additional equity costs and any residual risks. Option components, such as the borrower’s rights of termination or caps/floors, are also taken into account. These option components are each taken into account using suitable, recognised valuation procedures. Loans are allocated to level 3 irrespective of their IFRS category. 502

503

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The debt securities, other fixed-interest securities and loan receivables disclosed under financial assets measured at fair value through profit or loss are bonds, promissory note loans and originated loans. The fair value of the bonds is calculated either using the discounted cash flow model based on credit spreads that cannot be observed on the market or on the basis of indicative quotations that implicitly result in a valuation spread. The promissory note loans are also measured using the discounted cash flow model based on credit spreads that cannot be observed on the market. Assuming an average uncertainty of five basis points relating to the credit spreads, the fair value of the bonds and promissory note loans could have been €0.2m higher or lower. Determining the fair value of loan receivables also involves the use of spreads that are not observable in the market. Assuming an average uncertainty of fifty basis points relating to the credit spreads, the fair value of the loan receivables measured at fair value could have been €4.7m higher or lower. The Bank also allocates to level 3 a limited number of equity, credit and interest rate derivatives or issues with embedded equity, credit and interest rate derivatives, for example if unobservable valuation parameters are used which are significant for their valuation. For equity and interest rate derivatives whose valuation requires correlations, the Bank typically uses historical correlations with the relevant share prices or interest rate fixings, or changes to these. The sensitivity of the equity option positions concerned was around €–0.2m as at 31 December 2024. For interest rate derivatives based on an index spread, the sensitivity in terms of the correlation between the relevant reference indices is mapped via shifts in the model parameters. The resulting change in the correlation is approximately +1.6%, giving rise to a measurement difference of €+0.1m. There are also equity derivatives with a maturity that is longer than the equivalent (based on the underlying) exchange-traded equity (index) options. The temporal extrapolation uncertainty as at 31 December 2024 is approximately €–1,587.1m. For credit default swaps (CDS) and credit linked notes with a longer maturity than CDS spreads quoted on the market, a temporal extrapolation uncertainty of five basis points is assumed. As at 31 December 2024, this results in a value of €0.1m. There are no publicly quoted market prices for the company shares listed as shareholdings. The fair value of company shares is determined using the dividend discount model, provided that the company pays dividends on a sustained basis. Other company shares are measured on the basis of the net asset value approach. Under subordinated liabilities, DekaBank essentially reports positions of a hybrid capital nature which are allocated to level 3 due to the absence of indications of spreads tradable on the market. They are valued using the discounted cash flow model based on an interest rate which is checked at the relevant reporting date. The fair values of liabilities in relation to issuing business are determined using the present value method. The future cash flows of the liabilities are discounted at a risk-adjusted market rate that is based on DekaBank’s credit risk. For the valuation of collateralised issues, the collateral structure is also taken into account. The interest rate for a comparable unsecured issue is adjusted according to the collateralisation category and percentage. 503

504

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 Day one gains and losses The table below shows the total unrealised day one gains at the beginning and end of the reporting year. The day one gains result from the difference between the transaction price and the fair value calculated using standard measurement techniques. The transaction price is not used as the fair value, as it includes both hedge costs and the margin. Furthermore, the transaction price is not calculated using market data verified independently of trading operations – in contrast to the fair value, which is measured daily as part of a process that is independent of trading operations. €m Balance at 1 January (unrecognised gains) Increase due to new trades Reduction due to passage of time Balance at 31 December (unrecognised gains) 2024 –1.4 –0.7 1.4 –0.6 2023 2.7 –2.1 –2.0 –1.4 Change –4.1 1.5 3.4 0.8 504

505

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 Performance of financial instruments in fair value hierarchy level 3 The movement in level 3 assets carried at fair value is shown in the table below. Shares and other non- fixed- interest securities Interest-rate- related derivatives Share and other price- related derivatives 52.1 104.2 – – – – – –0.3 – 51.8 –0.3 51.8 – 20.9 – – – 0.8 – 31.7 – – – – 55.0 –4.2 – 45.0 –4.2 45.0 – 0.7 – 37.2 8.0 –4.4 – 69.1 32.8 3.0 –0.1 11.0 2.9 12.9 –7.8 – 7.1 –6.4 7.1 10.7 –9.5 3.1 – 1.3 10.5 – 33.4 Share- holdings 26.4 – – – – – 3.1 – 29.5 3.1 29.5 2.1 2.3 – – – 4.0 – 33.3 Positive market values of derivative hedging instruments – – – – – – – – – – – – – – – – – – – – Total 1,144.5 3,860.7 3,889.4 117.4 28.9 375.8 –18.8 – 632.7 0.6 632.7 3,001.8 2,571.3 68.6 426.0 35.3 43.5 – 1,428.8 34.9 Debt securities, other fixed- interest securities and loan receivables 929.0 3,857.7 3,889.5 106.4 26.0 307.9 –9.6 – 499.3 8.4 499.3 2,989.0 2,556.9 65.5 388.8 26.0 32.6 – 1,261.3 €m As at 1 January 2023 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2023 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) As at 1 January 2024 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2024 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) 12.8 0.3 –4.4 22.2 4.0 1) Gains and losses recognised in profit or loss from the measurement/disposal of level 3 financial instruments are included in net interest income, trading profit or loss, profit or loss on financial instruments mandatorily measured at fair value and profit or loss on financial instruments designated at fair value. 2) Gains and losses recognised in other comprehensive income from the measurement of level 3 financial instruments are included in the revaluation reserve. 3) Unrealised profits or losses from level 3 financial instruments are presented within net interest income, trading profit or loss, profit or loss on financial instruments required to be measured at fair value, profit or loss on financial instruments designated at fair value as well as revaluation reserve. In the reporting period, the mirror "performance of financial instruments in fair value hierarchy level 3" was standardised with regard to the presentation of the different financial instruments for reasons of better readability. In the case of disposals of derivative financial instruments, for example, the value in the opening balance is now also divided into disposal value and realised profit and loss for the period. 505

506

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The movement in level 3 liabilities carried at fair value is shown in the table below. €m As at 1 January 2023 Additions through purchase Disposals through sale Additions through issues Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2023 Movement in unrealised gains or losses in respect of liabilities in the portfolio at the balance sheet date3) As at 1 January 2024 Additions through purchase Disposals through sale Additions through issues Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2024 Interest-rate- related derivatives 447.1 – – – – – 447.1 – – – – – – – – – 5.9 – – – 5.9 Share and other price- related derivatives 26.4 17.8 –0.7 – 0.9 22.1 2.1 22.4 – 41.6 18.5 41.6 4.6 –14.0 – –0.3 – 23.8 26.5 – 10.2 Issues 2,357.6 3.1 – 8.4 441.7 – Total 2,831.1 20.9 –0.7 8.4 442.6 22.1 1,920.2 2,369.4 –6.3 – 13.5 7.5 13.5 5.2 – – – 5.7 3.1 – 9.9 16.1 – 55.1 26.0 55.1 9.8 –14.0 – –0.3 5.9 29.5 29.6 – 26.0 Movement in unrealised gains or losses in respect of liabilities in the portfolio at the balance sheet date3) – 3.5 1) Gains and losses recognised in profit or loss from the measurement/disposal of level 3 financial instruments are included in net interest income, trading profit 3.5 – or loss, profit or loss on financial instruments mandatorily measured at fair value and profit or loss on financial instruments designated at fair value. 2) Gains and losses recognised in other comprehensive income from the measurement of level 3 financial instruments are included in the revaluation reserve. 3) Unrealised profits or losses from level 3 financial instruments are presented within net interest income, trading profit or loss, profit or loss on financial instruments required to be measured at fair value, profit or loss on financial instruments designated at fair value as well as revaluation reserve. In the reporting period, the mirror "performance of financial instruments in fair value hierarchy level 3" was standardised with regard to the presentation of the different financial instruments for reasons of better readability. In the case of disposals of derivative financial instruments, for example, the value in the opening balance is now also divided into disposal value and realised profit and loss for the period. 506

507

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 During the reporting period, positive market values of debt securities, other fixed-interest securities and loan receivables amounting to €388.8m were transferred to level 3, while €26.0m was transferred from level 3. Interest rate-related derivatives amounting to €37.2m were transferred to level 3, with €8.0m being transferred from level 3. Share and other price-related derivatives amounting to €1.3m were transferred from level 3. In addition, negative market values of interest rate-related derivatives amounting to €5.9m were transferred to level 3. Negative market values of share and other price-related derivatives amounting to €23.8m were transferred from level 3. Issues amounting to €5.7m were also transferred from level 3. This was due to a more detailed analysis of the market data used for valuation. Level 3 financial instruments are analysed with regard to the materiality of spread curves and correlation matrices as at the reporting date. In the case of spread curves, the valuation is performed without a spread or with a spread of zero. If the resulting change in present value is insignificant (≤5%), the product can be assigned to level 2. For financial instruments whose valuation involves the use of a correlation matrix (historical 250-day correlations), sensitivity to a change in the correlation matrix is a relevant factor. This sensitivity is expressed in relation to the present value of the financial instrument. If the sensitivity is insignificant (≤0.5% of the present value), the product can be assigned to level 2. As a result, positions with a market value of €–6,792.5m (previous year: €–6,662.2m) were transferred from level 3 to level 2 on the reporting date. Measurement processes for financial instruments in fair value hierarchy level 3 For all transactions in the trading book and the banking book, DekaBank generally performs a daily valuation independent of trading operations, which provides the basis for the calculation of results. Responsibility for the valuation process lies with Risk Control, the different tasks being assigned to various specialist teams as part of the valuation process. The models used for theoretical valuation of transactions must undergo validation and initial acceptance before they can be employed in the valuation process. Adequacy checks are carried out on a regular basis as part of normal operations. The main steps in the process are the provision of market data that is independent of trading activities, parametrisation, performance of the valuation and quality assurance. Each of these steps and processes has a team responsible for design and implementation. Finance and Risk Control analyse and provide commentary on any notable changes in the valuation carried out independently of trading activities. The economic profits and losses determined on the basis of this independent valuation are made available to the trading units on a daily basis for the trading book and on at least a weekly basis for the banking book. To support the process, a committee has been established within Risk Control which plans and coordinates the medium to long-term development of the valuation process. Valuation models are always used where no reliable external prices are available. External price quotations are obtained from established providers such as stock exchanges and brokers. Every price is subject to a monitoring process which assesses its quality and establishes whether it is appropriate for use in the valuation process. If the level of quality is assessed as inadequate, a theoretical valuation is carried out. For financial instruments whose present value is determined using a valuation model, the prices needed to calibrate the model are either found directly, independently of trading, or are checked via an independent price verification process (IPV) to ensure they are consistent with the market, and are corrected if necessary. The valuation models used are either validated by Risk Control or implemented in Risk Control independently of trading. The appropriateness of the models is examined by Risk Control on a regular basis, and at least once a year. The results of the examination form the basis for a joint recommendation agreed between Risk Control, Finance and the trading units on whether the valuation models should continue to be used or require further development. When new financial instruments are introduced, existing valuation processes are examined to determine whether they can be applied to the new instrument and modified or expanded if necessary. Valuation processes may be expanded to include new price sources or apply new valuation models. Where new models are introduced, Risk Control checks for model risks as part of the implementation and validation process. 507

508

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 68 Offsetting financial assets and liabilities The following table contains disclosures concerning the effects of offsetting on the Deka Group’s consolidated balance sheet. Offsetting is currently only carried out for receivables and liabilities from genuine repurchase agreements and derivative transactions (see also note [13] “Genuine repurchase agreements and securities lending transactions” and note [70] “Derivative transactions”). 31 Dec 2024 €m Assets Receivables arising from securities repurchase agreements (eligible for offsetting) Receivables arising from securities repurchase agreements (not eligible for offsetting) Derivatives (eligible for offsetting) Derivatives (not eligible for offsetting) Total Liabilities Liabilities arising from securities repurchase agreements (eligible for offsetting) Liabilities arising from securities repurchase agreements (not eligible for offsetting) Derivatives (eligible for offsetting) Derivatives (not eligible for offsetting) Total Associated amounts not offset in the statement of financial position Financial assets/ liabilities (gross) Offset financial assets/ liabilities Amount dis- closed in the statement of financial position (net) Collateral – securities Cash – collateral Net amount 2,543.1 1,829.7 713.4 713.4 15,295.4 14,969.7 7,378.0 – 15,295.4 15,295.4 14,969.2 0.5 – 7,378.0 – 284.0 40,186.2 16,798.9 23,387.3 16,292.8 1,832.4 1,829.7 1,032.2 – 13,448.1 13,410.4 7,902.4 24,215.1 – 15,240.1 2.7 1,032.2 37.7 7,902.4 8,975.0 2.7 1,032.2 37.7 653.9 1,726.5 – – 0.5 1,973.8 1,974.3 – – – – – – 5,120.2 5,120.2 – – – 1,183.9 1,183.9 6,064.6 6,064.6 508

509

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 31 Dec 2023 €m Assets Receivables arising from securities repurchase agreements (eligible for offsetting) Receivables arising from securities repurchase agreements (not eligible for offsetting) Derivatives (eligible for offsetting) Derivatives (not eligible for offsetting) Total Liabilities Liabilities arising from securities repurchase agreements (eligible for offsetting) Liabilities arising from securities repurchase agreements (not eligible for offsetting) Derivatives (eligible for offsetting) Derivatives (not eligible for offsetting) Total Associated amounts not offset in the statement of financial position Financial assets/ liabilities (gross) Offset financial assets/ liabilities Amount dis- closed in the statement of financial position (net) Collateral – securities Cash – collateral Net amount 3,384.0 2,616.1 767.9 767.9 9,397.5 – 17,986.6 17,526.2 7,513.8 – 9,397.5 460.4 7,513.8 9,397.5 – 279.5 38,281.9 20,142.3 18,139.6 10,444.9 2,619.5 2,616.1 145.8 – 15,621.7 15,312.4 8,553.0 26,940.0 – 17,928.5 3.4 145.8 309.3 8,553.0 9,011.5 3.4 145.8 309.3 453.1 911.6 – – 460.4 2,386.9 2,847.3 – – – – – – 4,847.4 4,847.4 – – – 1,240.6 1,240.6 6,859.3 6,859.3 In principle, the Deka Group enters into repurchase agreements and derivative transactions eligible for offsetting on the basis of standardised framework contracts with central counterparties. Offsetting is carried out provided the offsetting agreements defined in the contracts are in accordance with the offsetting criteria under IAS 32.42. The contractual agreements generally provide for the right to offset receivables and liabilities both in the course of ordinary business and in the event of default. Depending on the fair value of the underlying derivative, collateral (variation margins) is provided or received, and thus accounted for either as a receivable or as a liability. The fair values and associated receivables or liabilities from variation margins are used in offsetting. Transactions that are subject to offsetting agreements but that do not meet the offsetting criteria under IAS 32.42, or that are carried out on a gross basis as part of normal business activities, are reported gross. In such cases, all claims and obligations are essentially only offset and settled on a net basis if the counterparty does not meet its payment obligations (liquidation netting). 509

510

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 69 Information on the quality of financial assets Non-performing exposures The Deka Group uses the definition of non-performing exposures introduced by the EBA for regulatory reporting (FINREP). This relates to exposures that are more than 90 days overdue or for which the Bank expects that the borrower will not satisfy its loan obligations in full. It is also mandatory to classify exposures as non-performing where the CRR regulations (Article 178) require them to be classified as in default or where they have been allocated to stage 3 of the general impairment model pursuant to IFRS 9. In addition, exposures subject to successful restructuring measures may only be classified as performing after a recovery period of at least one year has elapsed. The following table shows the breakdown of non-performing exposures by risk segment. €m Non-performing exposures1) Collateral2) Provisions for loan losses/credit rating- related changes in fair value Transport sector Renewable energies Real estate sector 45.1 45.1 – 69.4 – 13.9 826.8 551.1 275.7 Conventional energies and infrastructure Total 31 Dec 2024 Total 31 Dec 2023 – – – 941.3 596.2 289.6 728.9 557.8 171.1 1) The figures shown represent the cross carrying value of the credit risk-bearing financial asset classified as non-performing. 2) Recognition of measurable collateral. Indication of market or fair value not exceeding the underlying exposure. The increase in the volume of non-performing exposures is mainly attributable to commercial real estate financing. The collateral which the Deka Group considers to reduce credit risk is stated. The carrying amount of the physical collateral corresponds, in general, to the market or fair value. The amounts stated for guarantees or sureties are primarily based on the creditworthiness of the party providing the collateral. The table shows the maximum collateral or guarantee amount eligible for consideration, i.e. the maximum collateral stated is the carrying amount, taking into account any risk provisions that have already been set up. In the case of non-performing exposures measured at fair value, collateral is reported at a maximum of the fair value of the underlying exposure (reporting date: €7.2m; no non-performing exposures measured at fair value were in the portfolio in the previous year). Exposures with forbearance measures The Deka Group concludes extension or restructuring agreements with borrowers experiencing financial difficulties if there is a prospect of recovery. Responsibility for the monitoring and management of such deferred or restructured exposures rests with the Monitoring Committee/Risk Provisioning Committee, in accordance with the general rules on default monitoring (see the risk report). Furthermore, creditworthiness- related restructuring measures or deferral agreements are indicators of impaired creditworthiness (see note [17] “Risk provisions in the lending and securities business”). Exposures are no longer classified as forborne if all of the following conditions are met: More than two years (probation period) have elapsed since the exposure ceased to be classified as non- performing. Regular payments for a significant amount of the interest and principal due have been made during the probation period. None of the exposures is more than 30 days overdue. 510

511

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The following table shows the breakdown of forborne exposures by risk segment. €m Forborne exposures1) thereof: Performing thereof: Non-Performing Collateral2) Provisions for loan losses/credit rating- related changes in fair value Transport- sector Renewable energies 195.5 170.0 25.5 194.0 0.7 249.5 180.1 69.4 – 24.0 Real estate sector 1,076.0 614.2 461.8 957.6 118.4 Industrial- sector Total 31 Dec 2024 Total 31 Dec 2023 83.5 83.5 – 77.9 1.4 1,604.4 1,047.7 556.7 1,229.5 144.6 1,462.2 927.2 535.0 1,204.0 129.2 1) The figures shown represent the cross carrying value of the credit risk-bearing financial asset classified as forborne. 2) Recognition of measurable collateral. Indication of market or fair value not exceeding the underlying exposure. Key ratios for non-performing and forborne exposures % NPE ratio at the reporting date (Ratio of non-performing exposures to maximum credit risk) NPE coverage ratio, including collateral, at the reporting date (Ratio of risk provisions, including collateral, to non-performing exposures) NPE coverage ratio, excluding collateral, at the reporting date (Ratio of risk provisions, excluding collateral, to non-performing exposures) Forborne exposure ratio, at the reporting date (Ratio of forborne exposures to maximum credit risk) 31 Dec 2024 31 Dec 2023 1.04 94.10 30.76 1.78 0.87 99.99 23.47 1.75 The maximum credit risk underlying the ratio of non-performing and forborne exposures is determined based on IFRS 7.35K(a)/IFRS 7.36(a) using credit risk-bearing financial assets and the corresponding off-balance sheet commitments. Financial instruments measured at amortised cost are stated at gross carrying value, credit risk- bearing financial instruments measured at fair value are stated at fair value, irrevocable lending commitments are stated at the respective amount of the commitment and sureties and guarantees are stated at nominal value. On this basis, as at the reporting date the maximum credit risk was €90.3bn (previous year: €83.7bn). 511

512

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 70 Derivative transactions The Deka Group uses derivative financial instruments for trading purposes and to hedge interest rate risks, currency risks, and share and other price risks. The following table shows the portfolio of derivative financial instruments by type of risk hedged and by contract type: €m Interest rate risks OTC products Interest rate swaps Nominal value Positive fair values Negative fair values 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 575,682.1 562,813.0 17,906.8 21,269.7 17,947.5 21,122.5 Forward rate agreements 80,643.0 98,657.0 Interest rate options Purchases Sales Caps, floors Other interest rate contracts Exchange traded products 30,536.3 24,750.9 36,090.6 30,166.3 21,189.5 23,011.7 2,224.9 4,859.7 Interest rate futures/options 30,216.5 46,434.9 27.9 427.6 332.5 86.3 191.6 6.9 81.3 339.0 346.8 165.1 228.1 47.1 33.1 165.0 473.2 133.3 12.0 5.5 80.5 162.8 379.1 277.0 15.8 9.6 Total interest rate risks 776,582.9 790,693.5 18,979.6 22,477.1 18,769.6 22,047.3 Currency risks OTC products Foreign exchange future contracts 18,569.7 10,966.4 (Interest rate) currency swaps 10,493.0 11,590.5 Total currency risks 29,062.7 22,556.9 Share and other price risks OTC products Share options Purchases Sales Credit derivatives Other forward contracts 5,041.0 6,289.4 2,247.8 2,949.9 12,867.2 12,409.4 6,068.1 6,624.7 Exchange traded products 173.1 34.6 207.7 1,288.8 – 137.8 183.3 126.2 179.9 306.1 681.7 – 174.6 42.1 154.1 378.2 532.3 – 612.3 114.3 101.8 96.7 216.0 312.7 – 390.7 138.1 69.8 Share options Share futures 43,078.2 40,916.4 1,555.4 1,865.6 1,225.8 1,225.7 716.4 393.4 8.0 4.0 11.5 7.4 Total share and other price risks 74,060.3 65,541.6 3,173.3 2,768.0 2,065.7 1,831.7 Total 879,705.9 878,792.0 22,360.6 25,551.2 21,367.6 24,191.7 Net amount disclosed in the statement of financial position1) 7,378.5 7,974.2 7,940.1 8,862.3 1) The lower balance sheet value of the derivatives in the trading portfolio compared to the market values is due to the offsetting of the market values against the variation margin. 512

513

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The following table shows nominal values and positive and negative market values for derivative transactions by counterparty: €m Banks in the OECD Public sector entities in the OECD Other counterparties Total Nominal value Positive fair values Negative fair values 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 657,400.3 691,714.0 14,269.4 16,871.4 15,705.7 18,303.5 14,966.2 16,234.9 207,339.4 170,843.1 1,016.1 7,075.1 1,225.0 7,454.8 145.9 194.0 5,516.0 5,694.2 879,705.9 878,792.0 22,360.6 25,551.2 21,367.6 24,191.7 71 Breakdown by remaining maturity Remaining maturity is the time between the reporting date and the contractually agreed maturity of the receivable or liability or the time at which part-payments fall due. Financial assets and liabilities measured at fair value are generally taken into account based on their contractual maturity, whereas financial instruments in the “trading portfolio” sub-category are included with a maximum remaining life of one year (with the exception of economic hedging derivatives). Equity instruments were allocated to the “due on demand and indefinite term” maturity range. Shareholdings that serve business operations on an ongoing basis as part of ordinary business activity but do not have a contractually agreed maturity are included in the “due on demand and indefinite term” maturity range. 513

514

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 €m Asset items Due from banks Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Due from customers Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Financial assets at fair value Thereof: non-derivative financial assets Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Thereof: Derivative financial assets Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Positive market values of derivative hedging instruments Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Financial investments Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Change –3,620.1 3,805.1 626.2 –490.8 –86.0 142.1 –90.2 –1,165.8 2,211.6 –1,814.4 811.0 257.8 2,877.4 801.4 –50.7 0.0 38.0 –430.7 –10.6 –1.3 – –25.6 –37.8 –87.3 –40.5 –0.8 227.7 166.9 2,288.2 1,249.9 31 Dec 2024 31 Dec 2023 9,178.9 10,190.6 5,162.0 5,340.7 564.8 1,184.7 1,006.7 3,321.4 14,753.5 4,441.0 1,364.5 581.3 10,735.6 1,151.6 119.7 0.8 499.9 6,815.1 0.5 2.7 – 5.6 2.5 31.3 20.2 19.0 869.1 1,163.2 9,453.7 2,592.1 12,799.0 6,385.5 4,535.8 5,831.5 650.8 1,042.6 1,096.9 4,487.2 12,541.9 6,255.4 553.5 323.5 7,858.2 350.2 170.4 0.8 461.8 7,245.8 11.1 4.0 – 31.2 40.3 118.6 60.7 19.8 641.4 996.3 7,165.5 1,342.2 514

515

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 31 Dec 2024 31 Dec 2023 €m Liability items Due to banks Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Due to customers Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Securitised liabilities Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Financial liabilities at fair value Thereof: non-derivative financial liabilities Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Thereof: Derivative financial liabilities Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Negative market values of derivative hedging instruments Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years Subordinated capital Due on demand and indefinite term Up to 3 months Between 3 months and 1 year Between 1 year and 5 years More than 5 years 515 3,681.5 2,132.3 1,445.5 1,294.5 661.0 24,032.2 2,612.2 2,182.4 651.9 573.8 – 3,508.4 5,253.0 6,376.7 1,746.5 209.2 455.5 18,028.5 126.2 – 0.1 451.2 7,113.1 4.8 8.6 – 21.4 53.1 224.5 63.3 5.0 160.4 212.0 186.8 570.1 Change 590.6 477.1 –715.0 511.2 –263.1 3,434.1 348.5 –650.0 –50.9 20.2 – 3,050.2 3,300.3 416.2 –802.1 133.4 131.9 3,090.9 1,655.2 2,160.5 783.3 924.1 20,598.1 2,263.7 2,832.4 702.8 553.6 – 458.2 1,952.8 5,960.5 2,548.5 75.8 323.6 19,195.9 –1,167.4 92.9 33.5 0.0 512.9 8,144.4 5.1 5.3 – 11.6 13.4 102.4 65.0 10.0 120.5 15.7 447.5 556.6 33.4 –33.5 0.1 –61.8 –1,031.3 –0.2 3.3 – 9.8 39.7 122.1 –1.7 –5.0 39.9 196.4 –260.7 13.5

516

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 72 Further information on hedge accounting The interest rate swaps from interest rate fair value hedges and the cross-currency swaps from currency fair value hedges have the following structure. 31 Dec 2024 31 Dec 2023 Between 1 year and 5 years Up to 1 year 107.0 1,012.9 71.9 0.8 680.3 1.8 More than 5 years 498.6 334.9 2.2 Between 1 year and 5 years Up to 1 year 57.8 39.7 4.1 887.7 609.4 1.6 More than 5 years 831.8 571.1 2.2 1,714.4 9,460.7 4,928.0 412.5 7,094.3 3,172.4 1.4 97.3 117.8 3.8 – – – 635.8 614.0 2.7 – 1.9 924.8 1,118.7 1.7 – – – 1,349.0 1,302.7 2.4 27.5 1.8 – – – – – – 61.6 59.5 3.4 66.0 300.0 3,154.8 2,499.2 2.5 2.1 1.5 20.0 24.2 4.0 0.2 148.7 171.6 3.0 23,400.0 150.2 –0.1 290.5 263.0 2.1 18.0 52.7 1.5 – – – 1.6 771.3 890.0 1.4 – – – 1,682.6 1,523.1 2.5 27.9 1.4 87.0 100.4 1.8 – – – 547.2 495.3 1.9 70.7 1,570.0 2,873.9 2.4 – – – 1.0 20.0 23.1 4.0 Interest rate fair value hedges of financial assets Interest rate swaps LIBOR/CORRA (CAD) Nominal (C$m) Nominal (€m)1) Average fixed rate (%) Interest rate swaps EURIBOR/ESTR (EUR) Nominal (€m) Average fixed rate (%) Interest rate swaps SONIA (GBP) Nominal (£m) Nominal (€m)1) Average fixed rate (%) Interest rate swaps TONAR (JPY) Nominal (¥m) Nominal (€m)1) Average fixed rate (%) Interest rate swaps SOFR (USD) Nominal ($m) Nominal (€m)1) Average fixed rate (%) Interest rate swaps other benchmark interest rates (Other currencies) Nominal (€m)1) Interest rate fair value hedges of financial liabilities Interest rate swaps EURIBOR/ESTR (EUR) Nominal (€m) Average fixed rate (%) Interest rate swaps SONIA (GBP) Nominal (£m) Nominal (€m)1) Average fixed rate (%) – 1) The conversion is made at the exchange rate on the balance sheet date. – – – – – 516

517

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 31 Dec 2024 31 Dec 2023 More than 5 years Up to 1 year Between 1 year and 5 years More than 5 years 462.0 310.3 1.50 61.8 65.8 1.15 191.7 231.9 0.86 – – – 384.0 370.9 1.09 80.0 54.9 1.43 – – – 513.9 592.9 0.86 23,400.0 150.2 124.79 1,067.7 966.5 1.09 844.0 579.4 1.48 – – – 1,361.6 1,571.1 0.86 – – – 4,411.4 3,993.3 1.10 941.5 646.3 1.49 65.6 70.5 1.15 273.3 315.3 0.86 – – – 1,005.8 910.5 1.10 – Currency fair value hedges of financial assets Cross-currency base swaps (CAD/EUR) Nominal (C$m) Nominal (€m)1) Average contract rate (EUR/CAD)2) Cross-currency base swaps (CHF/EUR) Nominal (CHFm) Nominal (€m)1) Average contract rate (EUR/CHF)2) Cross-currency base swaps (GBP/EUR) Nominal (£m) Nominal (€m)1) Average contract rate (EUR/GBP)2) Cross-currency base swaps (JPY/EUR) Nominal (¥m) Nominal (€m)1) Average contract rate (EUR/JPY)2) Cross-currency base swaps (USD/EUR) Nominal ($m) Nominal (€m)1) Average contract rate (EUR/USD)2) Cross-currency base swaps (other currencies) Between 1 year and 5 years 1,116.2 749.7 1.48 – – – Up to 1 year 382.7 257.0 1.49 – – – 146.5 177.3 0.86 1,888.3 2,284.2 0.85 – – – – – – 1,273.5 1,229.8 1.08 3,760.9 3,632.0 1.07 Nominal (€m)1) 24.9 1) The conversion is made at the exchange rate on the balance sheet date. 2) The conversation rate is quoted in quantity. If several swaps are included in a maturity band, a weighted nominal is used to determine the average price. 53.5 27.5 – 18.0 517

518

Consolidated financial statements | Notes on financial instruments Deka Group Annual Report 2024 The carrying value adjustments are broken down according to the hedged underlying transactions as follows: €m 31 Dec 2024 Accumulated valuation result of the hedged items1)2) Valuation result of the hedged items for the reporting period3) Carrying amount of the hedged items 31 Dec 2023 Accumulated valuation result of the hedged items1)2) Valuation result of the hedged items for the reporting period3) Carrying amount of the hedged items Interest rate fair value hedges Financial assets measured at amortised cost Due from banks Due from customers Financial investments Financial assets measured at fair value through other comprehensive income Financial investments Financial liabilities measured at amortised cost Due to banks Due to customers Securitised liabilities Subordinated capital Currency fair value hedges Bottom layer financial assets Total 3,328.5 8,481.6 6,895.5 1,557.7 857.1 670.2 3,518.3 582.7 9,361.4 35,253.2 32.7 –369.9 82.5 18.3 –27.0 –26.3 –32.9 –25.8 – –348.4 1.7 122.8 78.3 11.6 –16.5 –12.5 –53.5 –12.5 354.9 474.3 2,844.9 8,540.4 3,287.5 390.2 689.8 571.1 2,392.4 447.3 9,812.5 28,976.1 11.7 –599.1 2.6 6.5 –59.1 –45.5 –94.6 –38.1 – –815.7 7.5 307.2 82.6 7.5 –37.2 –30.1 –118.2 –25.9 –131.5 61.7 1) The accumulated hedge adjustment is the accumulated amount included in the carrying amount of the hedged item of interest rate related adjustments from current hedging relationships. 2) Amounts with a positive leading sign represent an increase of value and amounts with a negative leading sign a decrease of value. 3) Includes the change in value of the hedged items used to measure ineffectiveness during the reporting period. In the case of interest rate fair value hedges, these are interest-related changes in value, and in the case of currency fair value hedges, these are spot exchange rate differences in relation to the nominal value of the hedged item. In the case of currency fair value hedges, the designation of a layer component first of all involves specifying the group of underlying transactions as a whole from which the layer component is defined. This means that existing financial assets which are of the same type in terms of the hedged risk are identified along with their nominal amounts. At the Deka Group, the hedged layer component is a bottom layer of this defined nominal amount. The following table shows the composition of the bottom layers for currency fair value hedges on the balance sheet date: €m Financial assets measured at amortised cost Due from banks Due from customers Financial investments Financial assets measured at fair value through other comprehensive income Financial investments 518 2024 21.8 8,965.5 374.1 – 2023 24.6 9,151.9 636.0 – Change –2.8 –186.4 –261.9 –

519

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Other disclosures 73 Equity management The objectives of equity management are to ensure adequate capital to carry out the business strategy determined by the Board of Management, to achieve an appropriate return on equity and to comply with regulatory capital requirements (for more information, see note [74] “Regulatory capital (own funds)”). In the economic perspective, internal capital in the risk-bearing capacity analysis means the risk capacity as defined in the risk strategy. In principle, the Deka Group determines its total risk across all significant risk types that impact profit or loss and also includes those risks not taken into consideration for regulatory purposes, for example business risk. Total risk is measured as the amount of capital that is highly likely to be sufficient to cover losses from all main risk exposures in a one-year period at any time. The Deka Group uses the value-at-risk approach (VaR) in order to quantify individual risks on a uniform basis and to aggregate them as an indicator for total risk. To assess risk-bearing capacity on a differentiated basis, the Deka Group distinguishes between the risk capacity and the risk appetite. In the risk-bearing capacity analysis, risk capacity essentially consists of equity under IFRS and income components. Corresponding adjustment items are used to take into account balance sheet items whose value does not reflect the concept of economic value. Deduction items for risks from pension obligations and for reputational risk also reduce internal capital directly. As a formal overall risk limit, risk capacity serves to guarantee the Bank’s risk-bearing capacity as a whole. Risk appetite is the primary control parameter. The maximum permissible risk appetite is equal to risk capacity less a management buffer and a buffer for climate and environmental risks. In the normative perspective, the Common Equity Tier 1 capital ratio is the key management indicator. The Common Equity Tier 1 capital ratio is defined as the ratio of Common Equity Tier 1 capital to risk-weighted assets (RWAs) for all relevant credit, market and operational risk positions plus the credit valuation adjustment (CVA) risk. Other relevant indicators include own funds, risk-weighted assets and leverage ratio exposure along with the corresponding capital ratios, the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) ratio, the subordinated MREL requirements and the utilisation of the large exposure limit. Risk-weighted assets are managed in line with the Deka Group’s strategy, the targeted balance sheet structure and the capital market environment. The regulatory ratios are calculated on a monthly or quarterly basis and are reported to the Board of Management and the Administrative Board. Compliance with the internal thresholds is ensured by means of an ongoing monitoring process, which additionally includes a monthly comparison between the target and actual figures and a quarterly forecast process. In normative risk and capital planning, the regulatory ratios are calculated for each budget year. In the course of the annual planning process, the guidelines for the next three years are defined for the Group, the individual business divisions and the Treasury corporate centre. Within the framework of this overall plan, the business divisions and the Treasury corporate centre must in principle not exceed the RWA allocation, an indicator used in management (at the beginning of the year, this corresponds to the target RWAs specified in the current medium-term planning). The allocation of RWAs to the business divisions and Treasury corporate centre can be adjusted throughout the year as required while adhering to the planned capital ratios. In the event that individual business divisions or the Treasury corporate centre may conceivably exceed these targets, the affected business divisions and the Treasury and Finance corporate centres examine whether measures to reduce RWAs are required. 519

520

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 When managing regulatory capital requirements, particular attention is also paid to assessing future regulatory developments. This includes analysing current recommendations from supervisory committees and proposed legislation on an ongoing basis, and assessing the impact of such proposals on capital adequacy. The findings from the analysis are incorporated into the annual planning process. 74 Regulatory capital (own funds) Regulatory capital and the capital ratios were calculated as at 31 December 2024 on the basis of the capital requirements currently applicable under the Capital Requirements Regulation (CRR), which is subject to certain transitional provisions. Own funds were calculated based on the figures from the IFRS consolidated financial statements. Pursuant to Article 26 (2) CRR, the year-end profit less foreseeable charges and dividends was recognised in Common Equity Tier 1 capital within the same period as at 31 December 2024 (dynamic approach). The composition of own funds is shown in the following table: €m Subscribed capital Less repurchased Common Equity Tier 1 items Open reserves Other comprehensive income Prudential filters Deductions from Common Equity Tier 1 items Common Equity Tier 1 (CET 1) capital Additional Tier 1 capital instruments Silent capital contributions Deductions from Additional Tier 1 items Additional Tier 1 (AT 1) capital Tier 1 capital Subordinated liabilities Other items Deductions from Tier 2 items Tier 2 (T2) capital Own funds 31 Dec 2024 31 Dec 2023 Change 286 95 6,454 –32 193 382 6,104 599 – – 599 6,702 746 – – 746 7,448 286 95 6,155 –5 272 232 5,848 599 – – 599 6,446 784 – – 784 7,230 – – 300 –27 –80 150 256 – – – – 256 –38 – – –38 218 The credit risk is essentially determined according to the IRB approach based on internal ratings. The capital charges for specific market risk and CVA risk are determined using standard methods. General market risk is determined using an internal model. Operational risk is measured using the advanced measurement approach (AMA). 520

521

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Each of the aforementioned risk types must be backed by own funds. The following table shows the items that have to be included: €m Credit risk Market risk Operational risk CVA risk Risk-weighted assets 31 Dec 2024 31 Dec 2023 Change 19,212 5,257 5,969 375 30,814 19,884 4,347 5,727 528 30,486 –672 911 242 –153 328 The adequacy of the capital and reserves is to be calculated by expressing Common Equity Tier 1 capital (Common Equity Tier 1 capital ratio), Tier 1 capital (Tier 1 capital ratio) and own funds (total capital ratio) as a percentage of the total risk exposure amount. The table below shows the key ratios for the Deka Group: % Common Equity Tier 1 capital ratio Tier 1 capital ratio Total capital ratio 31 Dec 2024 31 Dec 2023 19.8 21.7 24.2 19.2 21.1 23.7 Regulatory own funds requirements were met at all times during the reporting period. The ratios for the Deka Group are significantly higher than the statutory minimum ratios. 75 Contingent liabilities and other obligations €m Irrevocable lending commitments Other liabilities Total 31 Dec 2024 31 Dec 2023 384.7 15.6 400.3 590.4 383.8 974.2 Change –205.7 –368.2 –573.9 Other financial liabilities include payment obligations of €0.1m to unconsolidated companies or companies outside the Group. There was no additional funding obligation for the deposit guarantee scheme of the Landesbanken and Girozentralen at the end of the financial year (previous year: €27.4m). The statutory target for the assets held in the guarantee scheme of 0.8% of the covered deposits held by members of the guarantee scheme was met in the 2024 financial year. In a circular dated 9 July 2021, the Federal Ministry of Finance (BMF) presented revised rules for the tax treatment of share trades around the dividend record date, and noted, inter alia, that certain transaction types may fall under the scope of section 42 of the German Tax Code (Abgabenordnung, AO) and that, in certain cases, beneficial ownership pursuant to section 39 AO does not pass to the recipient of the shares. The tax authorities issued tax assessment notices in December 2023 for 2013 to 2017 and in November 2024 for 2018 that refused to allow any relief from capital yields tax (Kapitalertragsteuer) relating to share trades around the dividend record date for these years. In the context of these assessment notices, the tax authorities pointed out that the content of the share trades could not be reviewed, and that changes to the tax relief amounts could be made in the future (subject to a review). An appeal has been lodged in each case. DekaBank paid all of the stipulated amounts, including interest, in 2024, which means that contingent liabilities have been reduced by this amount. DekaBank’s risk assessment regarding an ultimate victory in fiscal court proceedings has not changed. This is consistent with the view of its tax adviser. 521

522

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 As a result, DekaBank still sees no convincing reason to believe that the share trades it transacted around the dividend record date will fall under the scope of section 42 AO. In the case of its share trades, DekaBank also believes that there was a transfer of beneficial ownership and therefore considers it more unlikely than not that a final claim will be made in this regard. As DekaBank continues to assume that its legal view will be confirmed in the final instance of fiscal court proceedings, tax refund claims of €478.0m are recognised in this context (€260.4m reported under income tax assets and €217.6m under other assets). As at 31 December 2023, tax refund claims of €201.1m were capitalised. Other liabilities include an amount of €14.4m for a capital-strengthening measure in relation to a company in the equity investment portfolio, by which the guaranteed maximum amount exceeds the average net present value (see note [61] “Other provisions”). 76 Assets transferred as collateral Assets transferred as collateral for the Group’s liabilities are shown in the following table: €m Carrying value of transferred collateral Under Pfandbrief Act For refinancing purposes with Deutsche Bundesbank From transactions on German and foreign futures exchanges From repurchase agreements From securities lending agreements From tri-party transactions From other transactions Loan and securities collateral Cash collateral relating to securities lending and repurchase agreements Cash collateral relating to derivative transactions Cash collateral Total 31 Dec 2024 31 Dec 2023 4,302.6 5,180.7 – 920.6 207.1 3,951.1 3,230.8 216.8 – 408.5 44.8 3,768.8 2,832.3 349.9 12,829.0 12,585.0 438.2 2,990.9 3,429.1 16,258.1 314.1 3,458.6 3,772.7 16,357.7 77 Assets received as collateral Change –878.1 – 512.1 162.3 182.3 398.5 –133.1 244.0 124.1 –467.7 –343.6 –99.6 In the Deka Group, collateral is accepted to reduce default risks resulting from lending and trading transactions. In the Deka Group’s lending business, the collateral currently used includes, depending on the type of financing, the following in particular: guarantees and sureties from domestic local authorities or recognised export credit insurers, charges on commercial and residential property and registered liens on ships and aircraft, as well as assignments of receivables and cash collateral. Valuation of collateral and of any discounts applied is primarily based on the creditworthiness of the party providing the guarantee in the case of guarantees and sureties, or on the market value, fair value or lending value of the financed property in the case of physical collateral. The collateral received in the lending business is tested for impairment on a regular basis, at least once a year. Each type of collateral is subject to a risk-oriented review cycle, in both formal and substantive terms. Internally, deductions are generally made to take account of fluctuations in value and realisation risks. Credit balances maintained in the Deka Group are counted in full. 522

523

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Credit derivatives and netting agreements for derivatives and repo lending transactions are used in the Deka Group to reduce credit risks. In addition, financial collateral in the form of securities (shares and bonds) and/or cash collateral is received for derivatives and repo lending transactions. The securities collateral permitted in derivatives and repo lending transactions is defined in a DekaBank-specific Collateral Policy. Compliance is monitored daily by the Risk Control unit. In order to reduce the risks resulting from fluctuations in the market price of the collateral accepted, collateral discounts or overcollateralisation and a daily additional contribution obligation to maintain the overcollateralisation are agreed with the counterparty. Collateral received for repurchase agreements, securities lending transactions and other securities transactions that may be re-pledged or resold even if the party providing the collateral does not default amounted to €50.9bn (previous year: €42.8bn). Of this total, €25.5bn (previous year: €28.2bn) was resold or re-pledged. 78 Financial instruments transferred but not derecognised The Deka Group transfers financial assets while retaining the material risks and rewards arising from these assets. Such transfers take place mainly in the context of genuine repurchase agreements and securities lending transactions. The assets continue to be reported in the consolidated balance sheet. €m Carrying amount of financial assets not derecognised Carrying amount of the associated financial liabilities Net position 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 Genuine repurchase agreements 2.0 – 0.4 – – 0.4 322.0 203.4 – 3.0 403.3 930.2 2.8 54.2 400.5 876.0 3.2 2.2 71.9 – 3.0 2.2 127.1 1,044.1 76.7 1,329.9 126.7 318.6 71.4 – 76.5 246.4 0.2 – 0.4 725.5 0.5 – 0.2 1,083.5 523 1.7 – 136.0 1.7 134.0 – – – 50.3 43.0 322.0 203.4 – 3.0 49.9 42.6 – – – – thereof financial assets measured at amortised cost thereof financial assets measured at fair value through other comprehensive income thereof financial assets measured at fair value through profit or loss Securities lending transactions thereof financial assets measured at amortised cost thereof financial assets measured at fair value through other comprehensive income thereof financial assets measured at fair value through profit or loss Other transfers not constituting economical disposal thereof financial assets measured at amortised cost thereof financial assets measured at fair value through other comprehensive income thereof financial assets measured at fair value through profit or loss Total

524

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 79 Letter of comfort Except in the case of political risk, DekaBank shall ensure that Deka Verwaltungsgesellschaft Luxembourg S.A. can meet its obligations. Deka Verwaltungsgesellschaft Luxembourg S.A. has in turn issued a letter of comfort in favour of Deka International S.A., Luxembourg. 80 Information on holdings in subsidiaries, joint ventures and associated companies Significant restrictions Significant restrictions on the Group’s ability to access or use assets and settle liabilities arise in particular as a result of the contractual, legal and regulatory requirements that apply to financial institutions (see note [74] “Regulatory capital (own funds)” and note [76] “Assets transferred as collateral” with regard to restrictions associated with the pledging of cash, loans or securities as collateral to cover Group liabilities under, for example, genuine repurchase agreements, securities lending transactions and over-the-counter derivatives transactions). Banks are also obliged to maintain mandatory deposits in accounts held with their national central banks (minimum reserve requirement). The extent of the mandatory minimum reserve is determined by the central banks. Interests in joint arrangements and associates DekaBank has interests in three jointly controlled entities and one associated company. Equity investments in the joint ventures S-PensionsManagement GmbH, SWIAT GmbH and Dealis Fund Operations GmbH i.L. are included in the consolidated financial statements using the equity method. One affiliated company was not consolidated despite the fact that DekaBank exercises significant influence over it, because it is of minor significance for the presentation of the financial position and financial performance of the Group. Joint ventures and associated companies which have been accounted for using the equity method can be found in the list of shareholdings (see note [82]). 81 Information on holdings in unconsolidated structured entities According to the definition in IFRS 12, an entity is classified as structured if it has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. The Deka Group engages in business relationships with structured entities as part of its ordinary business activities. Structured entities are often characterised by their restricted activities and a narrow and well- defined business objective. Furthermore, a structured entity may also be characterised by the absence of sufficient equity to finance its activities without subordinated financial support. The Deka Group is deemed to have an interest in an unconsolidated structured entity if companies in the Deka Group are exposed to variable returns from a structured entity’s activities as a result of either contractual or non-contractual involvement with that entity, but where the entity concerned does not require consolidation under the provisions of IFRS 10. An interest can be evidenced by the holding of debt or equity instruments, liquidity arrangements, guarantees and various derivative financial instruments via which the Bank takes on risks arising from the structured entity. For the purposes of IFRS 12, an interest in an unconsolidated structured entity does not generally exist solely because of a typical customer-supplier relationship between Deka Group companies and a structured entity. 524

525

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 The Deka Group has relationships with entities that were classified as unconsolidated structured entities based on the definition under IFRS 12 and according to criteria set internally by the Group. Unconsolidated structured entities involved in the following business activities were identified: Investment funds Part of the Deka Group’s core business involves providing securities and real estate investments to private and institutional investors. As a result, companies in the Deka Group play a role, directly or indirectly, in setting up fund structures as part of their ordinary business activities, and are involved in determining the purpose and design of such structures. In addition, the Group’s activities cover the whole of the usual value chain for fund business. In return, the Group receives appropriate commission, for example in the form of management and custodial fees. The Group also invests in holdings in investment funds owned by the Group in the context of start-up financing, thereby providing those funds with liquidity. Investment funds are therefore considered to be structured entities within the meaning of IFRS 12. Funds are primarily financed by issuing unit certificates (equity). To a limited extent, funds can also take up loans. Borrowings are generally secured against the assets held within the fund. Fund assets held in Group-owned and external investment funds amount to €430.5bn (previous year: €394.1bn). This amount includes all fund assets and also the fund assets of third parties in which the Deka Group has an interest within the meaning of IFRS 12, irrespective of the percentage of the Deka Group’s unit holding. Fund assets calculated exclusively for the purposes of the IFRS 12 disclosures do not correspond to the relevant indicator total of asset management and Deka certificates volume. Lending business According to the definition, if a company is founded specifically to finance or operate the assets for which a loan is made, and the design of that company is such that it is not controlled by means of voting or similar rights, then this constitutes a structured entity for DekaBank. A holding in a structured entity may also exist if rights that are contractually agreed as part of the loan agreement (for example intellectual property or trademark rights) are converted into co-determination rights in the event of deteriorating creditworthiness. An operating company can, for example, become a structured entity if relevant business activities start to be governed predominantly by the provisions of the loan agreement. As part of the classification performed in accordance with IFRS 12, structured entities were identified within the transport sector (aviation and shipping), real estate sector (including real estate funds) and retail risk segments. The financing concerned is generally collateralised by charges on property, aircraft mortgages, ship mortgages, and sureties and guarantees. In addition, and as in the previous year, there was an unsecured financing arrangement in the form of a promissory note loan in the reporting year, some of which was also assigned to third parties. To secure the claims, the financed asset (consumer loan portfolio) was transferred by a structured entity to a security trustee. When determining the size of the financing classified as structured, the total assets shown in the current available financial statements or the market value of the financed asset were used. This figure amounts to €838.9m (previous year: €858.3m). Amounts in foreign currencies were translated at the mean spot rate as at the reporting date. 525

526

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 The table below shows the carrying values of assets and liabilities recognised on the balance sheet that are related to interests in unconsolidated structured entities. The table also includes the maximum possible exposure to loss associated with these interests. €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items Contingent liabilities and other obligations Irrevocable lending commitments Other liabilities Total contingent liabilities and other obligations Maximum exposure to loss Investment funds Lending business1) 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 1,514.2 629.0 3.0 2,146.2 1,671.5 603.6 2.3 2,277.4 18,121.2 15,665.6 166.3 2.4 232.1 2.3 18,289.9 15,900.0 – – – – – – 434.8 27.0 – 461.9 4.8 – – 4.8 – – – 333.9 47.1 – 380.9 0.2 – – 0.2 – – – 2,146.2 2,277.4 461.9 380.9 1) Including risk provisions The maximum exposure to loss sets out the highest possible loss that the Bank could sustain in connection with its interests in unconsolidated structured entities. The figure presented does not take into account the probability of such a loss being incurred. The maximum possible exposure to loss from interests in unconsolidated structured entities that arise as a result of on-balance-sheet transactions corresponds to the carrying value or fair value of the respective balance sheet item. According to the definition, the maximum possible exposure to loss from interests in unconsolidated structured entities that arise from off-balance-sheet transactions, for example from guarantees or lending commitments, corresponds to the maximum guaranteed amount, or the amount of the potential liability that would arise if the credit line that is extended were to be fully utilised. In addition, provisions are established for investment funds with formal guarantees and targeted returns (see note [61] “Other provisions”). The maximum exposure to loss is a gross figure, i.e. it does not take into account the effects of collateral received or hedging transactions. As at the reporting date, and as in the previous year, one borrower classified as an unconsolidated structured entity is classified as forborne. The carrying value of the exposures classified as forborne comes to €25.4m (previous year: €26.7m). As at 31 December 2024, no exposures to unconsolidated structured entities were classified as non-performing. In connection with interests in unconsolidated structured entities, the Deka Group received interest income, commission income and income from the revaluation and disposal of interests in unconsolidated structured entities during the year under review. 526

527

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Sponsored unconsolidated structured entities All circumstances must be considered when determining whether a company from the Deka Group should be categorised as the sponsor of a structured entity. An unconsolidated structured entity in which DekaBank has no interest as defined by IFRS 12 is regarded as sponsored if it was established for the benefit of a company in the Deka Group, and the Group has played an active role in determining the purpose and design of the unconsolidated structured entity. The Group is also considered to be a sponsor if a name used by the unconsolidated structured entity – for example its company name or the name of a product – is connected to a company in the Deka Group. No relationships with sponsored unconsolidated structured entities existed during the year under review. There were no sponsored unconsolidated structured entities as at 31 December 2023 either. 82 List of shareholdings The following information on shareholdings is a supplementary disclosure required under section 315e HGB. No comparative information is therefore presented in respect of the previous period. Consolidated subsidiaries (affiliated companies): Name, registered office bevestor GmbH, Frankfurt/Main Deka Beteiligungs GmbH, Frankfurt/Main Deka Far East Pte. Ltd., Singapore Deka Immobilien Investment GmbH, Frankfurt/Main Deka International S.A., Luxembourg Deka Investment GmbH, Frankfurt/Main Deka Real Estate International GmbH, Frankfurt/Main Deka Real Estate Services USA Inc., New York Deka Vermögensmanagement GmbH, Frankfurt/Main Deka Vermögensverwaltungs GmbH, Frankfurt/Main Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg IQAM Invest GmbH, Salzburg IQAM Partner GmbH, Vienna S Broker AG & Co. KG, Wiesbaden S Broker Management AG, Wiesbaden WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf WIV GmbH & Co. Beteiligungs KG, Frankfurt/Main 1) 25.5% is held by IQAM Partner GmbH. 2) 5.1% is held by WIV GmbH & Co. Beteiligungs KG. Consolidated subsidiaries (structured entities): Name, registered office S Broker 1 Fonds, Frankfurt/Main 527 Share of equity % 31 Dec 2024 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.001) 100.00 100.00 100.00 99.742) 94.90 Share in fund assets % 31 Dec 2024 100.00

528

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Joint ventures accounted for under the equity method: Name, registered office S-PensionsManagement GmbH, Cologne1) Dealis Fund Operations GmbH i.L., Frankfurt/Main1) SWIAT GmbH, Frankfurt/Main Share of equity % Equity €’000 Total of profit or loss €’000 31 Dec 2024 31 Dec 2024 50.00 50.00 30.00 43,191.0 33,742.3 9,301.5 2024 416.8 787.2 –4,660.1 1) Amounts reported in financial statements for the year ended 31 December 2023 Associated companies not accounted for under the equity method: Name, registered office DPG Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH, Frankfurt/Main Merry Hill NewCo Limited, Jersey Unconsolidated subsidiaries (affiliated companies): Name, registered office Deka Investors Spezial InvAG m.v.K. und TGV, Frankfurt/Main Teilgesellschaftsvermögen Deka Investors Unternehmensaktien, Frankfurt/Main Deka Treuhand Erwerbsgesellschaft mbH, Frankfurt/Main Deka Treuhand GmbH, Frankfurt/Main Deka Vorratsgesellschaft 03 mbH, Frankfurt/Main Deka Vorratsgesellschaft 04 mbH, Frankfurt/Main Deka Vorratsgesellschaft 05 mbH, Frankfurt/Main LBG Leasing Beteiligungs-GmbH, Frankfurt/Main IQAM Research der DekaBank GmbH, Frankfurt/Main WIV Verwaltungs GmbH, Frankfurt/Main Share of equity % 31 Dec 2024 22.20 21.37 Share of equity % 31 Dec 2024 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.90 528

529

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Unconsolidated structured entities: Name, registered office Deka-US Aktien Core, Luxemburg Deka-MultiFactor Global Corporates, Luxemburg Deka-Globale Aktien Value, Luxemburg Connect-ESG Aktien Gesundheit, Frankfurt am Main Connect-ESG Aktien Gesellschaftlicher Wandel, Frankfurt am Main Connect-ESG Aktien Technologie, Frankfurt am Main Connect-Aktien Gesellschaftlicher Wandel, Frankfurt am Main Connect-Aktien Gesundheit, Frankfurt am Main Connect-Aktien Technologie, Frankfurt am Main Deka-MultiFactor Global Corporates HY, Luxemburg Deka-MultiFactor Emerging Markets Corporates, Luxemburg Deka SP 500 UCITS ETF, Frankfurt am Main Deka Investors Spezial InvAG m.v.K. und TGV, Frankfurt/Main Teilgesellschaftsvermögen Mittelstandskreditfonds I, Frankfurt/Main 83 Related party disclosures Fund assets €m Share of equity/fund assets % 31 Dec 2024 31 Dec 2024 10.17 30.59 12.20 1.38 1.45 1.80 1.63 1.80 2.43 34.61 34.76 58.85 0.05 99.83% 94.46% 80.70% 80.06% 79.20% 78.85% 70.82% 62.60% 59.03% 39.49% 30.38% 30.18% 21.74% The Deka Group has business dealings with related parties. These include DekaBank’s shareholders, subsidiaries that are not consolidated on materiality grounds, joint ventures, associates and their respective subsidiaries, individuals in key positions and their relatives, and companies controlled by these individuals. For the purposes of this disclosure, unconsolidated own mutual funds and special funds where the Deka Group’s holding exceeds 10.0% as at the reporting date are shown as subsidiaries, associates or other related parties in accordance with their equity holding. Natural persons in key positions deemed to be related parties under IAS 24 are the members of the Board of Management and Administrative Board of DekaBank as the parent company. Remuneration to employees’ representatives on the Administrative Board made separately from their Administrative Board activities was at current market terms. Personnel expenses in respect of the persons concerned are shown in the table below: €m Short-term benefits Post-employment benefits Other long-term benefits Total Board of Management Administrative Board 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 5.6 0.4 2.7 8.6 4.1 0.6 3.6 8.3 1.2 – – 1.2 1.1 – – 1.1 Related parties have the option of making use of DekaBank’s financial services. These include the acquisition of mutual funds and the safekeeping of fund units in a DekaBank securities account. Where this option was used, these services were provided on the terms that applied in the financial year. 529

530

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 Transactions are carried out with related parties under arm’s length terms and conditions as part of the ordinary business activities of the Deka Group. These relate, inter alia, to loans, call money, time deposits and derivatives. The unconsolidated subsidiaries receive services from the Deka Group free of charge as part of general day-to-day business. This also applies to three subsidiaries included in the consolidated financial statements that do not have any employees of their own. The liabilities of the Deka Group to mutual funds and special funds essentially comprise bank balances from the temporary investment of liquid funds. The tables below show the extent of these transactions. Business dealings with shareholders of DekaBank and unconsolidated subsidiaries: Shareholders Subsidiaries 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 – – – – – – – – 239.0 107.3 – – 239.0 – – 107.3 0.0 – 0.0 0.0 2.3 – 0.0 2.3 0.5 – 0.1 0.6 4.0 – 0.0 4.0 €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items Business dealings with joint ventures, associated companies and other related parties: Joint ventures/ associated companies Other related parties 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 121.2 2.4 0.0 123.6 21.7 17.0 0.6 39.4 116.7 2.0 0.0 118.8 117.1 15.1 0.5 132.6 0.6 2.0 0.0 2.6 65.7 3.6 0.0 69.3 5.8 2.6 0.1 8.5 136.2 9.4 – 145.6 There are risk provisions of €74.8m for amounts due from customers (previous year: €70.6m). 530

531

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 84 Average number of staff Full-time employees Part-time and temporary employees Total Male 2,841 459 3,300 2024 Female 1,243 938 2,181 Total 4,084 1,397 5,481 Male 2,724 414 3,138 2023 Female 1,138 871 2,009 Total 3,862 1,285 5,147 85 Remuneration of Board members € Total remuneration of active Board members Board of Management Administrative Board Total remuneration of former Board members and their surviving dependents Board of Management Provisions for pensions for former Board members and their dependents 31 Dec 2024 31 Dec 2023 8,513,231 1,219,038 6,652,486 1,142,774 3,575,543 3,822,494 50,777,293 51,231,228 The remuneration to active members of the Board of Management presented above includes all remuneration and benefits in kind paid in the respective financial year, including variable components that are attributable to previous years and are thus dependent on business performance in earlier periods. No loans or advances were granted to members of the Board of Management or Administrative Board. No guarantees or other commitments were entered into in favour of such persons. In the 2024 financial year, variable remuneration components amounting to €3.8m (previous year: €3.9m) were committed to current members of the Board of Management, which are dependent on future performance. Half of the variable remuneration components to which an entitlement does not already arise in the year of commitment and which are paid out at a later date (deferred variable remuneration components) are granted in cash, with the other half being granted in the form of instruments. All deferred variable remuneration components are subject to a waiting period of up to five years, during which they can be reduced or forfeited altogether in accordance with the statutory provisions in the event of failure to meet targets at individual, company or Group level. The value of the instruments depends on the sustainable performance of the Deka Group. The instruments are subject to a one-year holding period after the end of the waiting period, and are paid out after that period has elapsed. In the event of serious misconduct or breaches of duty, variable remuneration components that have already been paid out can still be clawed back for a period of up to two years following the end of the last waiting period for the financial year in question. Total emoluments include deferred variable remuneration components from previous years payable to active members of the Board of Management amounting to €2.8m and to former members of the Board of Management amounting to €0.3m. The entitlement of active board members comprises €0.8m for the 2023 financial year, €1.0m for the 2022 financial year, €0.4m for the 2021 financial year, €0.2m for the 2020 financial year, €0.2m for the 2019 financial year and €0.2m for the 2018 financial year. 531

532

Consolidated financial statements | Other disclosures Deka Group Annual Report 2024 86 Fees for auditors The following fees for the auditors of the consolidated financial statements were recorded as expenses in the reporting year: €m Fees for Year-end audit services Non-audit services Other assurance services Tax advisory services Other services Total 2024 4.2 1.7 – 0.0 5.9 2023 4.0 1.0 – 1.4 6.4 Change 0.2 0.7 – –1.4 –0.5 87 Additional miscellaneous information Events after the reporting period No major developments of particular significance occurred after the 2024 reporting date. Recommendation regarding appropriation of net profit The proposed appropriation of DekaBank’s net profit for the 2024 financial year of €300,073,100.00 (previous year: €300,073,100.00) is as follows: Distribution of a dividend amounting to €300,073,100.00 (previous year: €300,073,100.00), i.e. 156.5% on existing shares in the Bank’s subscribed capital (€191,740,000.00) that are entitled to dividends as at 31 December 2024. The consolidated financial statements were approved for publication on 3 March 2025 by the Board of Management of DekaBank. 532

533

Assurance of the Board of Management Deka Group Annual Report 2024 Assurance of the Board of Management We declare that, to the best of our knowledge, the consolidated financial statements prepared in accordance with the applicable reporting standards convey a true and fair view of the financial position and financial performance of the Group and that the management report conveys a true and fair view of the business performance including the business results and position of the Group and suitably presents the material risks and opportunities and likely development of the Group. Frankfurt/Main, 3 March 2025 DekaBank Deutsche Girozentrale The Board of Management Dr. Stocker Dr. Danne Dietl-Benzin Kapffer Knapmeyer Müller 533

534

Independent autitor’s report Deka Group Annual Report 2024 INDEPENDENT AUDITOR’S REPORT To DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE GROUP MANAGEMENT REPORT Audit Opinions We have audited the consolidated financial statements of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, and its subsidiaries (the Group; hereafter also referred to as “Deka Group”) which comprise the statement of financial position as at 31 December 2024, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the financial year from 1 January to 31 December 2024, and the notes (notes to the consolidated financial statements), including material accounting policy information. In addition, we have audited the group management report of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, for the financial year from 1 January to 31 December 2024. In accordance with the German legal requirements, we have not audited the content of the consolidated sustainability statement as included in section “Sustainability report” of the group management report. In our opinion, on the basis of the knowledge obtained in the audit, the accompanying consolidated financial statements comply, in all material respects, with the IFRS® Accounting Standards issued by the International Accounting Standards Board (IASB) (hereinafter “IFRS Accounting Standards”) as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 31 December 2024 and of its financial performance for the financial year from 1 January to 31 December 2024, and the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion does not cover the content of the consolidated sustainability statement referred to above. Pursuant to Section 322 (3) sentence 1 German Commercial Code (HGB), we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report. Basis for the Audit Opinions We conducted our audit of the consolidated financial statements and of the group management report in accordance with Section 317 HGB and the EU Audit Regulation (No. 537/2014; referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report” section of our auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the group management report. 534

535

Independent autitor’s report Deka Group Annual Report 2024 Key Audit Matters in the Audit of the Consolidated Financial Statements Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters. In the following we present the key audit matters we have determined in the course of our audit: 1. Valuation of financial assets and derivative liabilities measured at fair value for which significant valuation parameters cannot be measured by observation 2. Valuation of financial liabilities measured at fair value (certificate issuance) 3. Net commission income from fund business Our presentation of these key audit matters has been structured as follows: a) description (including reference to corresponding information in the consolidated financial statements) b) auditor’s response 1 Valuation of financial assets and derivative liabilities measured at fair value for which significant valuation parameters cannot be measured by observation a) Customer-led trading of financial instruments is part of the core business activities of Deka Group. The financial assets (bEUR 21.3) and derivative liabilities (bEUR 7.6) resulting from this business activity are recognised as line item “financial assets at fair value” on the assets side and as line item “financial liabilities at fair value” on the liabilities side. For a portion of these assets and derivative liabilities (bEUR 1.4) significant valuation parameters cannot be derived from observable market data (level 3). The fair value for financial instruments for which there is no active market and therefore there are no observable price-determining parameters is being determined by means of model non-observable parameters. In this respect, the characteristics used for the non-observable parameters represent the executive directors’ assumptions and estimates as regards the valuation premises used as a basis by market participants to determine the pricing of these assets and derivative liabilities. In our opinion, the determination of the fair values for level 3 financial instruments is of particular significance as the assumptions and estimates are based on the bank’s executive directors’ judgement and are prone to inherent and considerable estimation uncertainty. For this reason, we identified the determination of fair values to be a key audit matter. Corresponding information on the determination of financial assets measured at fair value are presented in note 18 “Financial assets and financial liabilities at fair value”, in note 48 “Financial assets at fair value” as well as in note 58 “Financial liabilities at fair value”. b) In the context of our risk-based audit approach, we audited the relevant internal control and performed substantive audit procedures based on our risk assessment. In so doing, we analysed the trading transactions measured using models. For this purpose, we gained an understanding of the underlying process and assessed the appropriateness and effectiveness of the relevant internal control for the valuation of these trading transactions, particularly regarding the controls in respect of the verification process for prices and market data independent of trading as well as of the model validation. We assessed the suitability of the used valuation models for products selected according to risk-based criteria by involving our internal valuation specialists, who are part of the audit team. In addition, we audited the effectiveness of the general and application-specific IT controls of the IT systems used. 535

536

Independent autitor’s report Deka Group Annual Report 2024 We identified Deka Group’s implemented controls for the determination of fair values and assessed the appropriateness and effectiveness of the controls relevant to the audit. Controls in the verification process for prices and market data independent of trading and model validation were focal points in this respect. For this purpose, we, i.a., assessed the appropriateness of the models and valuation parameters used as well as their stringent and proper processing. Our valuation specialists performed independent subsequent valuations of the fair values on the basis of a sample test and independent of the values as at the reporting date determined by Deka Group’s valuation models. The results of these subsequent valuations were then compared with the valuation results provided by Deka Group. In addition, we checked the disclosures in the notes for completeness and accuracy. 2 Valuation of financial liabilities measured at fair value (certificate issuance) a) Deka Group issues structured financial instruments (so-called certificates), which are subscribed by private customers and institutional investors and which are disclosed as financial liabilities held for trading on the liabilities side in the amount of bEUR 17.5. The valuation of certificate issuance is based on observable and non-observable input parameters. The risk for the financial statements is particularly seen in appropriate market prices, measurement methods and models as well as parameters not being used for the determination of the fair values. Hence, we identified the determination of fair values for the valuation of certificate issuance to be a key audit matter. Corresponding information on the determination of financial assets measured at fair value are presented in note 18 “Financial assets and financial liabilities at fair value” and in note 58 “Financial liabilities at fair value”. b) In the context of our risk-based audit approach, we audited the relevant internal control system and also performed substantive audit procedures based on our risk assessment. In so doing, we analysed the trading transactions measured using models. For this purpose, we gained an understanding of the underlying process and assessed the appropriateness and effectiveness of the relevant internal control for the valuation of these trading transactions, particularly regarding the controls in respect of the verification process for prices and market data independent of trading as well as of the model validation. We assessed the suitability of the used measurement models for products selected according to risk- based criteria by involving our internal valuation specialists. In addition, we audited the effectiveness of the general and application-specific IT controls of the IT systems used. As at 31 December 2024, we, with the help of internal valuation specialists, have examined the subsequent valuation by applying independent valuation procedures, parameters and models in a risk- oriented manner by means of substantive procedures. In this respect, we covered the main product/model combinations used by Deka Group. Furthermore, we verified the discount curves used for the valuation of certificate issuance by means of external market data. In addition, we checked the disclosures in the notes for completeness and accuracy. 3 Net commission income from fund business a) Deka Group’s net commission income from fund business represents the main component of total commission income and is thus also significant for the consolidated result for the year. In the financial year 2024, commission income amounts to bEUR 3.6 while commission expenses amount to bEUR 1.9; bEUR 3.2 and bEUR 1.7 thereof relate to income and expenses from the fund business, respectively. 536

537

Independent autitor’s report Deka Group Annual Report 2024 Deka Group generates revenue from management and administrative activities for investment funds as well as from fund-based asset management products. These services are remunerated with a (asset) manage- ment fees, sales commissions, performance-related remuneration and in the form of lump-sum cost allowances. Additional commission income from the fund business results from brokerage services rendered during the service period. Deka Group renders these services on an ongoing basis and settles them on a monthly basis in the vast majority of cases. In addition to portfolio-related commissions, Deka Group also sometimes levies sales-related commissions (front-end loads) for issuing units in investment funds. The amount of the front-end load is based on the unit value at the time of issue. Furthermore, transaction fees are incurred when real estate is added to or disposed of from the managed investment fund. Commission expenses from the fund business are connected to commission income and mainly comprise sales-related and portfolio-related commissions that predominantly result from remuneration to Sparkassen as sales partners. Net commission income from fund business represents a key audit matter particularly due to the financial significance for Deka Group and the diversity of the invoicing systems and posting logic. Disclosures on the determination of the net commission income from fund business is presented in note 15 “Revenue from contracts with customers” and in note 34 “Net commission income”. b) We gained an understanding of the processes within the Group based on our risk assessment and on the analysis of the inherent risks of the net commission income from fund business. This includes the invoicing processes and the general and application-specific IT controls set up for this purpose as well as manual controls. On this basis, we conducted an audit of the appropriateness and effectiveness of the material accounting-relevant controls and additionally performed substantive procedures. This audit of controls primarily related to the proper order entry, the recognition and maintenance of fund and custodial account master data as well as the presentation for accounting purposes of commission income and expenses from the fund business. In addition, we audited the effectiveness of the general and application-specific IT controls of the IT systems used. The focal point of our audit during the substantive procedures was the accounting entry of commission income and expenses. In this respect, we compared the invoices for individual business transactions with the underlying documents that served as the basis for the determination and recognition of commission income and expenses. In addition we performed analytical audit procedures by means of regression and comparative analyses. We substantiated calculated and transferred management fees at the investment funds level in terms of figures used by means of the respective applicable management cost rates and the average net asset values. In this respect, we examined whether the recognition of commission income at the level of the asset management companies was properly recorded based on the invoicing of the fund accounting and whether the provisions under IFRS 15 with regard to the realisation of income were adhered to by applying sampling methods and by means of analytical audit procedures. In addition, we checked the disclosures in the notes for completeness and accuracy. Other Information The executive directors and/or the administrative board are responsible for the other information. The other information comprises The foreword by the board of management, the report of the administrative board, the consolidated sustainability statement included in the section “Sustainability report” of the group management report, 537

538

Independent autitor’s report Deka Group Annual Report 2024 the executive directors’ confirmations pursuant to Section 297 (2) sentence 4 and Section 315 (1) sentence 5 HGB regarding the consolidated financial statements and the group management report, and all other parts of the annual report which are expected to be presented to us after the date of this independent auditor’s report, but not the consolidated financial statements, not the audited content of the disclosures in the group management report and not our auditor’s report thereon. The administrative board is responsible for the report of the administrative board. Otherwise the executive directors are responsible for the other information. Our audit opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon. In connection with our audit, our responsibility is to read the other information identified above and, in doing so, to consider whether the other information is materially inconsistent with the consolidated financial statements, with the audited content of the disclosures in the group management report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Responsibilities of the Executive Directors and the Administrative Board for the Consolidated Financial Statements and the Group Management Report The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB, and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e. fraudulent financial reporting and misappropriation of assets) or error. In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group’s ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so. Furthermore, the executive directors are responsible for the preparation of the group management report that as a whole provides an appropriate view of the Group’s position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report. The administrative board is responsible for overseeing the Group’s financial reporting process for the preparation of the consolidated financial statements and of the group management report. 538

539

Independent autitor’s report Deka Group Annual Report 2024 Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appropriate view of the Group’s position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the consolidated financial statements and on the group management report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report. We exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of internal control or these arrangements and measures of the Group. evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures. conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern. evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRS Accounting Standards as adopted by the EU and with the additional requirements of German commercial law pursuant to Section 315e (1) HGB. plan and perform the audit of the consolidated financial statements in order to obtain sufficient appropriate audit evidence regarding the financial information of the entities or of the business activities within the Group, which serves as a basis for forming audit opinions on the consolidated financial statements and on the group management report. We are responsible for the direction, supervision and inspection of the audit procedures performed for the purposes of the group audit. We remain solely responsible for our audit opinions. evaluate the consistency of the group management report with the consolidated financial statements, its conformity with German law, and the view of the Group’s position it provides. 539

540

Independent autitor’s report Deka Group Annual Report 2024 perform audit procedures on the prospective information presented by the executive directors in the group management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards applied to eliminate independence threats. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the current period and are therefore the key audit matters. We describe these matters in the auditor’s report unless law or regulation precludes public disclosure about the matter. OTHER LEGAL AND REGULATORY REQUIREMENTS Report on the Audit of the Electronic Reproductions of the Consolidated Financial Statements and of the Group Management Report Prepared for Publication Pursuant to Section 317 (3a) HGB Audit Opinion We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance whether the electronic reproductions of the consolidated financial statements and of the group management report (hereinafter referred to as “ESEF documents”) prepared for publication, contained in the file, which has the SHA-256 value ad97093653dfd3a9ea14161560f7035d8f77739aa7008f44930b1879a8b717cf, meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB (“ESEF format”). In accordance with the German legal requirements, this audit only covers the conversion of the information contained in the consolidated financial statements and the group management report into the ESEF format, and therefore covers neither the information contained in these electronic reproductions nor any other information contained in the file identified above. In our opinion, the electronic reproductions of the consolidated financial statements and of the group management report prepared for publication contained in the file identified above meet, in all material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB. Beyond this audit opinion and our audit opinions on the accompanying consolidated financial statements and on the accompanying group management report for the financial year from 1 January to 31 December 2024 contained in the “Report on the Audit of the Consolidated Financial Statements and of the Group Management Report” above, we do not express any assurance opinion on the information contained within these electronic reproductions or on any other information contained in the file identified above. Basis for the Audit Opinion We conducted our audit of the electronic reproductions of the consolidated financial statements and of the group management report contained in the file identified above in accordance with Section 317 (3a) HGB and on the basis of the IDW Auditing Standard: Audit of the Electronic Reproductions of Financial Statements and Management Reports Prepared for Publication Purposes Pursuant to Section 317 (3a) HGB (IDW AuS 410 (06.2022)). Our responsibilities in this context are further described in the “Group Auditor’s Responsibilities for the Audit of the ESEF Documents” section. Our audit firm has applied the requirements of the IDW Quality Management Standards. 540

541

Independent autitor’s report Deka Group Annual Report 2024 Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents The executive directors of the parent are responsible for the preparation of the ESEF documents based on the electronic files of the consolidated financial statements and of the group management report according to Section 328 (1) sentence 4 no. 1 HGB and for the tagging of the consolidated financial statements according to Section 328 (1) sentence 4 no. 2 HGB. In addition, the executive directors of the parent are responsible for such internal control that they have considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements for the electronic reporting format pursuant to Section 328 (1) HGB. The administrative board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process. Group Auditor’s Responsibilities for the Audit of the ESEF Documents Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion. obtain an understanding of internal control relevant to the audit on the ESEF documents in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls. evaluate the technical validity of the ESEF documents, i.e. whether the file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at the balance sheet date, on the technical specification for this electronic file. evaluate whether the ESEF documents enable an XHTML reproduction with content equivalent to the audited consolidated financial statements and to the audited group management report. evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the balance sheet date, enables an appropriate and complete machine-readable XBRL copy of the XHTML reproduction. Further Information Pursuant to Article 10 of the EU Audit Regulation We were elected as group auditor by the general meeting on 21 March 2024. We were engaged by the administrative board on 31 May / 20 June 2024. We have been the group auditor of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, since the financial year 2023. We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report). In addition to the financial statement audit, we have provided to the group entities the following services that are not disclosed in the consolidated financial statements or in the group management report: review of the interim financial report, voluntary annual financial statements audits of subsidiaries, securities accounts audit and German Securities Act (WpHG) audits pursuant to Section 89 WpHG and Section 68 (7) German Investment Code (KAGB), assurance engagements pursuant to ISAE 3402 / ISAE 3000, and assurance services under supervisory law. 541

542

Independent autitor’s report Deka Group Annual Report 2024 OTHER MATTER – USE OF THE AUDITOR’S REPORT Our auditor’s report must always be read together with the audited consolidated financial statements and the audited group management report as well as with the audited ESEF documents. The consolidated financial statements and the group management report converted into the ESEF format – including the versions to be submitted for inclusion in the Company Register – are merely electronic reproductions of the audited consolidated financial statements and the audited group management report and do not take their place. In particular, the ESEF report and our audit opinion contained therein are to be used solely together with the audited ESEF documents made available in electronic form. GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT The German Public Auditor responsible for the engagement is Stephanie Fischer. Frankfurt am Main/Germany, 6 March 2025 Deloitte GmbH Wirtschaftsprüfungsgesellschaft Signed: Stephanie Fischer Wirtschaftsprüferin (German Public Auditor) Signed: Klaus Löffler Wirtschaftsprüfer (German Public Auditor) TRANSLATION – German version prevails – 542

543

Assurance report on a limited assurance engagement on the consolidated sustainability statement Deka Group Annual Report 2024 ASSURANCE REPORT OF THE INDEPENDENT GERMAN PUBLIC AUDITOR ON A LIMITED ASSURANCE ENGAGEMENT IN RELATION TO THE CONSOLIDATED SUSTAINABILITY STATEMENT INCLUDED IN THE GROUP MANAGEMENT REPORT To DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany Assurance Conclusion We have conducted a limited assurance engagement on the Consolidated Sustainability Statement of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, for the financial year from 1 January to 31 December 2024, included in section “Sustainability report” of the group management report. The Consolidated Sustainability Statement was prepared to fulfil the requirements of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and Article 8 of Regulation (EU) 2020/852 and Sections 315b and 315c German Commercial Code (HGB) for a consolidated non-financial statement. Not subject to our assurance engagement are the prior year’s disclosures marked as unassured, and the references to additional information of the Company outside of the group management report marked as unassured. Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the accompanying Consolidated Sustainability Statement is not prepared, in all material respects, in accordance with the requirements of the CSRD and Article 8 of Regulation (EU) 2020/852, Sections 315b and 315c HGB for a consolidated non-financial statement, and the specifying criteria presented by the executive directors of the Company. This assurance conclusion includes that nothing has come to our attention that causes us to believe that the accompanying Consolidated Sustainability Statement does not comply, in all material respects, with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the entity to identify in-formation to be included in the Consolidated Sustainability Statement (the materiality assessment) is not, in all material respects, in accordance with the description set out in section “SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model” of the Consolidated Sustainability Statement, or that the disclosures in the Consolidated Sustainability Statement do not comply, in all material respects, with Article 8 of Regulation (EU) 2020/852. We do not express an assurance conclusion on the above-mentioned parts of the Consolidated Sustainability Statement that were not covered by our assurance engagement. Basis for the Assurance Conclusion We conducted our assurance engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”, issued by the International Auditing and Assurance Standards Board (IAASB). The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. 543

544

Assurance report on a limited assurance engagement on the consolidated sustainability statement Deka Group Annual Report 2024 Our responsibilities under ISAE 3000 (Revised) are further described in section “German Public Auditor’s Responsibilities for the Assurance Engagement on the Consolidated Sustainability Statement”. We are independent of the entity in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our audit firm has applied the requirements of the IDW Quality Management Standards. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion. Responsibilities of the Executive Directors and the Administrative Board for the Consolidated Sustainability Statement The executive directors are responsible for the preparation of the Consolidated Sustainability Statement in accordance with the requirements of the CSRD and the applicable German legal and other European requirements as well as with the specifying criteria presented by the executive directors of the Company and for designing, implementing and maintaining such internal control as they have considered necessary to enable the preparation of a consolidated sustainability statement in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e. fraudulent reporting in the Consolidated Sustainability Statement) or error. This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting and applying appropriate reporting policies for preparing the Consolidated Sustainability Statement as well as making assumptions and estimates and ascertaining forward-looking information for individual sustainability-related dis-closures. The administrative board is responsible for overseeing the process for the preparation of the Consolidated Sustainability Statement. Inherent Limitations in Preparing the Consolidated Sustainability Statement The CSRD and the applicable German legal and other European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative comprehensive interpretations have yet been published. The executive directors have disclosed interpretations of such wording and terms in the Consolidated Sustainability Statement. The executive directors are responsible for the reasonableness of these interpretations. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of the sustainability matters based on these interpretations is uncertain. The quantification of non-financial performance indicators disclosed in the Consolidated Sustainability Statement is also subject to inherent un-certainties. These inherent limitations also affect the assurance engagement on the Consolidated Sustainability Statement. German Public Auditor’s Responsibilities for the Assurance Engagement on the Consolidated Sustainability Statement Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the Consolidated Sustainability Statement has not been prepared, in all material respects, in accordance with the CSRD, the applicable German legal and other European requirements and the specifying criteria presented by the executive directors of the Company and to issue an assurance report that includes our assurance conclusion on the Consolidated Sustainability Statement. 544

545

Assurance report on a limited assurance engagement on the consolidated sustainability statement Deka Group Annual Report 2024 As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgement and maintain professional scepticism. We also obtain an understanding of the process used to prepare the Consolidated Sustainability Statement, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Consolidated Sustainability Statement. identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. In addition, the risk of not detecting a material misstatement in information obtained from sources not within the entity’s control (value chain information) is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the entity’s control, as both the entity’s executive directors and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information. consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information. Summary of the Procedures Performed by the German Public Auditor A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability information. The nature, timing and extent of the selected procedures are subject to our professional judgement. In performing our limited assurance engagement, we evaluated the suitability of the criteria as a whole presented by the executive directors in the Consolidated Sustain-ability Statement. inquired of the executive directors and relevant employees involved in the preparation of the Consolidated Sustainability Statement about the preparation process, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the Consolidated Sustainability Statement, and about the internal controls relating to this process. evaluated the reporting policies used by the executive directors to prepare the Consolidated Sustainability Statement. evaluated the reasonableness of the estimates and related information provided by the executive directors. If, in accordance with the ESRS, the executive directors estimate the value chain information to be reported for a case in which the executive directors are unable to obtain the information from the value chain despite making reasonable efforts, our assurance engagement is limited to evaluating whether the executive directors have undertaken these estimates in accordance with the ESRS and assessing the reasonableness of these estimates, but does not include identifying information in the value chain that the executive directors were unable to obtain. performed analytical procedures or tests of details and made inquiries in relation to selected information in the Consolidated Sustainability Statement. considered the presentation of the information in the Consolidated Sustainability Statement. considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Consolidated Sustainability Statement. 545

546

Assurance report on a limited assurance engagement on the consolidated sustainability statement Deka Group Annual Report 2024 Restriction of Use We issue this report as stipulated in the engagement letter agreed with the Company (including the “General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (German Public Auditors and Public Audit Firms)” dated 1 January 2024 of the Institut der Wirtschaftsprüfer (IDW)). We draw attention to the fact that the assurance engagement was conducted for the Company’s purposes and that the report is intended solely to inform the Company about the result of the assurance engagement. Consequently, it may not be suitable for any other than the aforementioned purpose. Accordingly, the report is not intended to be used by third parties as a basis for making (financial) decisions. Our responsibility is to the Company alone. We do not accept any responsibility to third parties. Our assurance conclusion is not modified in this respect. Frankfurt am Main/Germany, den 6 March 2025 Deloitte GmbH Wirtschaftsprüfungsgesellschaft Signed: Klaus Löffler Wirtschaftsprüfer (German Public Auditor) Signed: Stephanie Fischer Wirtschaftsprüferin (German Public Auditor) TRANSLATION – German version prevails – 546

OTHER INFORMATION Shareholders, subsidiaries and associated companies Administrative Board and Board of Management of DekaBank Fund-related committees Glossary Headquarters and addresses 549 551 554 561 565 243

549

Other information Deka Group Annual Report 2024 Shareholders, subsidiaries and associated companies 50% 7.70% 6.56% 6.46% 6.31% 6.17% 5.81% 3.21% 1.90% 1.83% 1.78% 1.37% 0.90% 50% 8.40% 8.14% 8.00% 7.66% 5.47% 3.68% 2.04% 1.87% 1.56% 1.48% 1.26% 0.43% Shareholders of DekaBank (as of 1 March 2025) DSGV ö. K.1) thereof: Sparkassenverband Baden-Württemberg Rheinischer Sparkassen- und Giroverband Sparkassenverband Niedersachsen Sparkassenverband Bayern Sparkassenverband Westfalen-Lippe Sparkassen- und Giroverband Hessen-Thüringen Sparkassenverband Rheinland-Pfalz Sparkassenverband Berlin / Landesbank Berlin Ostdeutscher Sparkassenverband Sparkassen- und Giroverband für Schleswig-Holstein Sparkassenverband Saar Hanseatischer Sparkassen- und Giroverband Deka Erwerbsgesellschaft mbH & Co. KG thereof: Sparkassenverband Bayern Sparkassenverband Baden-Württemberg Ostdeutscher Sparkassenverband Rheinischer Sparkassen- und Giroverband Sparkassen- und Giroverband Hessen-Thüringen Sparkassenverband Westfalen-Lippe Sparkassenverband Niedersachsen Sparkassenverband Rheinland-Pfalz Sparkassenverband Berlin / Landesbank Berlin Sparkassen- und Giroverband für Schleswig-Holstein Hanseatischer Sparkassen- und Giroverband Sparkassenverband Saar 1) in relation to voting stake (subject to rounding differences) 549

550

Other information Deka Group Annual Report 2024 Subsidiaries and associated companies of DekaBank 2) (as of 1 March 2025) Asset Management Securities business division Deka Investment GmbH, Frankfurt/Main Deka International S.A., Luxembourg DekaTreuhand GmbH, Frankfurt/Main Deka Vermögensmanagement GmbH, Frankfurt/Main Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg IQAM Invest GmbH, Salzburg IQAM Partner GmbH, Vienna IQAM Research der DekaBank GmbH, Frankfurt/Main S-PensionsManagement GmbH, Cologne Sparkassen Pensionsfonds AG, Cologne Sparkassen Pensionskasse AG, Cologne Dealis Fund Operations GmbH i.L., Frankfurt/Main Heubeck AG, Cologne DPG Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH, Frankfurt/Main Erste Asset Management GmbH, Vienna Asset Management Services business division bevestor GmbH, Frankfurt/Main S Broker AG & Co. KG, Wiesbaden S Broker Management AG, Wiesbaden SWIAT GmbH, Frankfurt/Main Deutsche WertpapierService Bank AG, Frankfurt/Main Asset Management Real Estate business division Deka Immobilien Investment GmbH, Frankfurt/Main Deka Vermögensverwaltungs GmbH, Frankfurt/Main Deka Real Estate International GmbH, Frankfurt/Main Deka Investors Spezialinvestmentaktiengesellschaft mit veränderlichem Kapital und Teilgesellschaftsvermögen, Frankfurt/Main WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf WIV GmbH & Co. Beteiligungs KG, Frankfurt/Main Architrave GmbH, Berlin Deka-S-PropertyFund No. 1 Beteiligungs GmbH & Co. KG, Frankfurt/Main Financing business division Global Format GmbH & Co. KG, Munich RSU GmbH & Co. KG, Munich SIZ GmbH, Bonn True Sale International GmbH, Frankfurt/Main Corporate Centre Corporate Development Deka Beteiligungs GmbH, Frankfurt/Main Deka Treuhand Erwerbsgesellschaft mbH, Frankfurt/Main 2) Held directly or indirectly. The Group has further holdings which are, however, of minor significance. 550 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 50.0% 50.0% 50.0% 50.0% 30.0% 22.2% 1.7% 100.0% 100.0% 100.0% 30.0% 2.5% 100.0% 100.0% 100.0% 100.0% 99.7% 94.9% 11.6% 11.6% 18.8% 6.5% 5.0% 7.7% 100.0% 100.0%

551

Other information Deka Group Annual Report 2024 Administrative Board and Board of Management of DekaBank (as of 1 March 2025) Administrative Board Prof. Dr. Ulrich Reuter Chairman President of the German Savings Banks and Giro Association e.V., Berlin President of the German Savings Banks and Giro Association – public law entity, Berlin Chairman of the General and Nominating Committee Chairman of the Remuneration Supervision Committee Walter Strohmaier First Deputy Chairman Chairman of the Management Board of Sparkasse Niederbayern-Mitte, Straubing First Deputy Chairman of the General and Nominating Committee First Deputy Chairman of the Remuneration Supervision Committee Member of the Audit Committee (until 30 June 2024) Chairman of the Risk and Credit Committee (since 1 July 2024) Thomas Mang (until 30 June 2024) Second Deputy Chairman President of the Savings Banks Association Lower Saxony, Hanover Chairman of the Risk and Credit Committee Second Deputy Chairman of the General and Nominating Committee Second Deputy Chairman of the Remuneration Supervision Committee Michael Breuer (until 30 June 2024) President of the Rhineland Savings Banks and Giro Association, Düsseldorf Chairman of the Audit Committee Member of the General and Nominating Committee (since 1 July 2024) Second Deputy Chairman President of the Rhineland Savings Banks and Giro Association, Düsseldorf Chairman of the Audit Committee Second Deputy Chairman of the General and Nominating Committee Further representatives selected by the Shareholders’ Meeting: Cord Bockhop (since 1 July 2024) President of the Savings Banks Association Lower Saxony, Hanover Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Michael Bräuer (until 30 June 2024) Chairman of the Management Board of Sparkasse Oberlausitz- Niederschlesien, Zittau Member of the General and Nominating Committee Member of the Risk and Credit Committee Member of the Remuneration Supervision Committee Ingo Buchholz Chairman of the Management Board of Kasseler Sparkasse, Kassel Deputy Chairman of the Audit Committee 551 Prof. Liane Buchholz President of the Savings Banks Association Westfalen-Lippe, Münster Member of the General and Nominating Committee Second Deputy Chairwoman of the Remuneration Supervision Committee (since 1 July 2024; member until 30 June 2024) Member of the Audit Committee Member of the Risk and Credit Committee Matthias Dießl President of the Savings Banks Association Bavaria, Munich Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Member of the Audit Committee Johannes Hartig Chairman of the Management Board of Sparkasse Osnabrück, Osnabrück Member of the Risk and Credit Committee Christoph Helmschrott (since 1 August 2024) Chairman of the Management Board of Sparkasse Passau, Passau Thomas Hirsch President of the Savings Banks Association Rhineland-Palatinate, Mainz Member of the Audit Committee (since 1 August 2024) Melanie Kehr Member of the Management Board of Kreditanstalt für Wiederaufbau, Frankfurt/Main Member of the Risk and Credit Committee Dr. Stefan Kram Chairman of the Management Board of Kreissparkasse Duchy of Lauenburg, Mölln

552

Other information Deka Group Annual Report 2024 Ulrich Lepsch (since 1 August 2024) Chairman of the Management Board of Sparkasse Spree-Neiße, Cottbus Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Member of the Risk and Credit Committee Dr. Matthias Neth (since 1 May 2024) President of the Savings Banks Association Baden-Württemberg, Stuttgart Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Nancy Plaßmann Member of the Management Board of Berliner Sparkasse, Berlin Member of the Risk and Credit Committee Stefan G. Reuß Managing President of the Savings Banks and Giro Association Hesse-Thuringia, Frankfurt/Main Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Klaus Richter Chairman of the Management Board of Sparkasse Münsterland Ost, Münster Katrin Rohmann Freelance Auditor, Birkenwerder Member of the Audit Committee Frank Saar Chairman of the Management Board of Sparkasse Saarbrücken, Saarbrücken Deputy Chairman of the Risk and Credit Committee Jürgen Schäfer (until 31 March 2024) Chairman of the Management Board of Sparkasse Aschaffenburg- Alzenau, Aschaffenburg Peter Schneider (until 30 April 2024) President of the Savings Banks Association Baden-Württemberg, Stuttgart Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Dr. Harald Vogelsang Spokesman of the Management Board of Hamburger Sparkasse AG, Hamburg President of the Hanseatic Savings Banks and Giro Association, Hamburg Representatives appointed by the Federal Organisation of Central Municipal Organisations (in an advisory capacity): Helmut Dedy Chief Executive Officer of the German Association of Cities, Berlin Prof. Hans-Günter Henneke Managing Member of the Presiding Board of the German County Association, Berlin Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Ludger Weskamp Managing President of the East German Savings Banks Association, Berlin Ralph Spiegler Mayor of the Association of Municipalities of Nieder-Olm, Nieder-Olm Board of Management Dr. Georg Stocker Chairman of the Board of Management Dr. Matthias Danne Deputy Chairman of the Board of Management Birgit Dietl-Benzin Member of the Board of Management Daniel Kapffer Member of the Board of Management Torsten Knapmeyer Member of the Board of Management Martin K. Müller Member of the Board of Management Executive Manager Manfred Karg Burkhard Wittmacher Chairman of the Management Board of Kreissparkasse Esslingen-Nürtingen, Esslingen Member of the Audit Committee Alexander Wüerst Chairman of the Management Board of Kreissparkasse Köln, Cologne Member of the General and Nominating Committee Member of the Remuneration Supervision Committee Employee Representatives appointed by the Staff Committee: Marion Blume (since 24 July 2024) Chairwoman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main Edwin Quast (until 17 July 2024) Member of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main Barbara Wörfel Second Deputy Chairwoman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main 552

553

Other information Deka Group Annual Report 2024 Seats on supervisory bodies Dr. Matthias Danne Deka Investment GmbH, Frankfurt/Main: Chairman of the Supervisory Board Deka Immobilien Investment GmbH, Frankfurt/Main: Deputy Chairwoman of the Supervisory Board S-PensionsManagement GmbH, Cologne: Deputy Chairman of the Supervisory Board Deka Vermögensmanagement GmbH, Frankfurt/Main: Chairman of the Supervisory Board Deka Immobilien Investment GmbH, Frankfurt/Main: Chairman of the Supervisory Board WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf: Chairman of the Supervisory Board Deka Treuhand Erwerbsgesellschaft mbH, Frankfurt/Main: Managing Director Birgit Dietl-Benzin Deka Investment GmbH, Frankfurt/Main: Deputy Chairwoman of the Supervisory Board Deka Vermögensmanagement GmbH, Frankfurt/Main: Deputy Chairwoman of the Supervisory Board WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf: Deputy Chairwoman of the Supervisory Board Sparkassen Pensionskasse AG, Cologne: Deputy Chairman of the Supervisory Board S Broker AG & Co. KG, Wiesbaden: Deputy Chairwoman of the Supervisory Board Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg: Deputy Chairman of the Administrative Board Torsten Knapmeyer S Broker AG & Co. KG, Wiesbaden: Chairman of the Supervisory Board S Broker Management AG, Wiesbaden: Chairman of the Supervisory Board Martin K. Müller Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg: Chairman of the Administrative Board Deka Treuhand Erwerbsgesellschaft mbH, Frankfurt/Main: Managing Director S Broker Management AG, Wiesbaden: Member of the Supervisory Board FMS Wertmanagement AöR, Munich: Member of the Administrative Board (until 30 September 2024) Daniel Kapffer Sparkassen Pensionsfonds AG, Cologne: Chairman of the Supervisory Board S Broker AG & Co. KG, Wiesbaden: Deputy Chairman of the Supervisory Board S Broker Management AG, Wiesbaden: Deputy Chairman of the Supervisory Board bevestor GmbH, Frankfurt/Main: Deputy Chairman of the Supervisory Board 553

554

Other information Deka Group Annual Report 2024 Fund-related committees Asset Management Securities business division Advisory Board Retail (as of 1 March 2025) Chairman Dr. Harald Langenfeld Chairman of the Management Board of Stadt- und Kreissparkasse Leipzig, Leipzig Deputy Chairman Jennifer Erdmann Chairwoman of the Management Board of Sparkasse Bielefeld, Bielefeld Andreas Frühschütz Chairman of the Management Board of Kreissparkasse München Starnberg Ebersberg, Munich Matthias Nester Chairman of the Management Board of Sparkasse Koblenz, Koblenz Andreas Götz Member of the Management Board of Landesbank Baden- Württemberg, Stuttgart Members Antonius Bergmann Chairman of the Management Board of Stadtsparkasse Mönchengladbach, Mönchengladbach Martin Bücher Chairman of the Management Board of Kreissparkasse Biberach, Biberach Stephan Grether Chairman of the Management Board of Sparkasse Markgräflerland, Weil am Rhein Arendt Gruben Chairman of the Management Board of Sparkasse Schwarzwald- Baar, Villingen-Schwenningen Martin Deertz Deputy Chairman of the Management Board of Sparkasse Südholstein, Neumünster Stefan Grunwald Chairman of the Management Board of Stadt-Sparkasse Solingen, Solingen Oliver Klink Chairman of the Management Board of Taunus Sparkasse, Bad Homburg v. d. H. Walter Paulus-Rohmer Member of the Management Board of Stadt- und Kreissparkasse Erlangen Höchstadt Herzogen aurach, Erlangen Nancy Plaßmann Member of the Management Board of Berliner Sparkasse, Berlin Birte Quitt Member of the Management Board of Hamburger Sparkasse, Hamburg Klaus Richter Chairman of the Management Board of Sparkasse Münsterland Ost, Münster Michael Thanheiser Chairman of the Management Board of Landessparkasse zu Oldenburg, Oldenburg Jörg Welter Chairman of the Management Board of Sparkasse Neunkirchen, Neunkirchen 554

555

Other information Deka Group Annual Report 2024 Advisory Board Institutional (as of 1 March 2025) Chairman Peter Orth Member of the Management Board of Sparkasse Dortmund, Dortmund Deputy Chairman Timo Kluge Member of the Management Board of Sparkasse Essen, Essen Thomas Lützelberger Chairman of the Management Board of Sparkasse Schwäbisch Hall- Crailsheim, Schwäbisch Hall Steffen-Peter Horn Chairman of the Management Board of Kreissparkasse Eichsfeld, Leinefelde-Worbis Stephan Moos Deputy Member of the Management Board of Kreissparkasse Köln, Cologne Frank Opitz Chairman of the Management Board of Sparkasse Fürstenfeldbruck, Fürstenfeldbruck Thomas Roß Member of the Management Board of Kreissparkasse Schwalm-Eder, Melsungen Heribert Schwarz Member of the Management Board of Sparkasse Allgäu, Kempten Heiko Nebel Chairman of the Management Board of Stadtsparkasse Burgdorf, Burgdorf Petra von Crailsheim Member of the Management Board of Ostsächsische Sparkasse Dresden, Dresden Hans Neuweiler Chairman of the Management Board of Sparkasse Pforzheim Calw, Pforzheim Franz Wittmann Chairman of the Management Board of Sparkasse im Landkreis Cham, Cham Dr. Olaf Oesterhelweg Member of the Management Board of Hamburger Sparkasse AG, Hamburg Members Peter Becker Chairman of the Management Board of Sparkasse Herford, Herford Lars Dannheim Member of the Management Board of Braunschweigische Landessparkasse, Braunschweig Andreas Fohrmann Chairman of the Management Board of Sparkasse Zwickau, Zwickau Markus Frei Chairman of the Management Board of Kreissparkasse Ostalb, Aalen 555

556

Other information Deka Group Annual Report 2024 Corporate bodies of subsidiaries – Asset Management Securities business division Deka Investment GmbH Members of the Supervisory Board (as of 1 March 2025) Chairman Members Dr. Matthias Danne Deputy Chairman of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairwoman Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Joachim Hoof Chairman of the Management Board of Ostsächsische Sparkasse Dresden, Dresden Prof. Thorsten Neumann Professor of Economics, Statistics and Asset Management at the University of Neu-Ulm, Kronberg Peter Scherkamp Munich Dr. Bernd Türk Frankfurt/Main Board of Management Spokesman Dr. Ulrich Neugebauer Members Jörg Boysen Thomas Ketter Thomas Schneider Deka Vermögensmanagement GmbH Members of the Supervisory Board (as of 1 March 2025) Chairman Dr. Matthias Danne Deputy Chairman of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairwoman Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Board of Management Members Chairman Wolfgang Dürr Trier Rita Geyermann Director of KfW-Bankengruppe, Frankfurt/Main Victor Moftakhar Bad Nauheim Sabine Schmittroth Managing Partner of sajos GmbH, Frankfurt/Main Dirk Degenhardt Members Dirk Heuser Thomas Ketter Thomas Schneider 556

557

Other information Deka Group Annual Report 2024 S Broker AG & Co. KG Members of the Supervisory Board (as of 1 March 2025) Chairman Members Board of Management S Broker Management AG Dr. Olaf Heinrich Head of Digital Multichannel Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Dr. Hans-Jürgen Plewan Head of IT, DekaBank Deutsche Girozentrale, Frankfurt/Main Torsten Knapmeyer Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairpersons Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Daniel Kapffer Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main S Broker Management AG Members of the Supervisory Board (as of 1 March 2025) Board of Management Chairman Member Spokesman Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Gregor Surges Member Marcus Brinker Torsten Knapmeyer Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairman Daniel Kapffer Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main 557

559

Other information Deka Group Annual Report 2024 Asset Management Real Estate business division Advisory Board Real Estate (as of 1 March 2025) Chairman Jürgen Wagenländer Member of the Management Board of Sparkasse Mainfranken Würzburg, Würzburg Deputy Chairman Andreas Götz Member of the Management Board of Landesbank Baden-Württemberg, Stuttgart Oliver Löseke Chairman of the Management Board of Sparkasse Aurich-Norden in Ostfriesland, Norden Stefan Gratzfeld Chairman of the Management Board of Sparkasse Celle-Gifhorn- Wolfsburg, Gifhorn Klaus Meissner Chairman of the Management Board of Kreissparkasse Göppingen, Göppingen Toni Domani Chairman of the Management Board of Sparkasse Regen-Viechtach, Regen Markus Hacke Deputy Chairman of the Management Board of Sparkasse an Volme und Ruhr, Lüdenscheid Members Dr. Alexander Endlich Chairman of the Management Board of Sparkasse Hegau-Bodensee, Singen Dr. Jürgen Fox Chairman of the Management Board of Saalesparkasse, Halle (Saale) Ulrich Kistner Chairman of the Management Board of Sparkasse Rastatt- Gernsbach, Rastatt Volker Knotte Member of the Management Board of Sparkasse Mittelmosel – Eifel Mosel Hunsrück, Bernkastel-Kues Heinrich-Georg Krumme Chairman of the Management Board of Sparkasse Westmünsterland, Dülmen Thomas Schmidt Member of the Management Board of Sparkasse Bamberg, Bamberg Susanne Schön Chairwoman of the Management Board of Sparkasse Mecklenburg- Strelitz, Neustrelitz Mike Stieler Chairman of the Management Board of Sparkasse Sonneberg, Sonneberg Jürgen Thomas Deputy Chairman of the Management Board of Stadt- und Kreis- Sparkasse Darmstadt, Darmstadt Rainer Virnich Member of the Management Board of Sparkasse KölnBonn, Cologne Bernd Zibell Member of the Management Board of Sparkasse am Niederrhein, Moers 559

560

Other information Deka Group Annual Report 2024 Corporate bodies of subsidiaries – Asset Management Real Estate business division Deka Immobilien Investment GmbH Members of the Supervisory Board (as of 1 March 2025) Chairman Dr. Matthias Danne Deputy Chairman of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairwoman Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Board of Management Members Members Burkhard Dallosch Esteban de Lope Fend Johannes Hermanns Victor Stoltenburg Gesa Wilms Prof. Wolfgang Schäfers C4 Professor at the University of Regensburg, Chair of Real Estate Management, Bad Abbach Dirk Schleif Fund management officer DekaImmobilien Domus Fonds of Deka Immobilien Investment GmbH, Frankfurt/Main Thomas Schmengler Nackenheim Magnus Schmidt Real estate fund reporting advisor of Deka Immobilien Investment GmbH, Düsseldorf WestInvest Gesellschaft für Investmentfonds mbH Members of the Supervisory Board (as of 1 March 2025) Board of Management Chairman Members Members Burkhard Dallosch Esteban de Lope Fend Marcus Rösch Victor Stoltenburg Gesa Wilms Dr. Matthias Danne Deputy Chairman of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Deputy Chairwoman Birgit Dietl-Benzin Member of the Board of Management of DekaBank Deutsche Girozentrale, Frankfurt/Main Prof. Wolfgang Schäfers C4 Professor at the University of Regensburg, Chair of Real Estate Management, Bad Abbach Dirk Schleif Fund management officer DekaImmobilien Domus Fonds of Deka Immobilien Investment GmbH, Frankfurt/Main Thomas Schmengler Nackenheim Magnus Schmidt Real estate fund reporting advisor of Deka Immobilien Investment GmbH, Düsseldorf 560

561

Other information Deka Group Annual Report 2024 Glossary Additional Tier 1 bond (AT1 bond) Non-cumulative, fixed-interest bearer bonds issued by DekaBank as Additional Tier 1 capital with subsequent adjustment of its interest rate and an unlimited term. If the Common Equity Tier 1 capital ratio falls below a set minimum, the nominal and redemption values of the bearer bonds may be reduced in specific circumstances. DekaBank’s issued AT1 bonds are fully eligible as core capital and thus help improve the regulatory ratios. Advisory-/management mandate External funds which are managed by a Deka Group investment management company (Kapitalverwaltungs- gesellschaft – KVG). For advisory mandates, the Deka Group company acts only as an adviser, i. e. it is up to the external management company to verify compliance with investment regulations and contractual restrictions before placing orders. For management mandates, by contrast, investment decisions are taken, reviewed and carried out by a Deka Group investment management company. Asset management net sales Asset management net sales is an indicator of sales performance and customer acceptance in asset manage- ment. This figure essentially consists of total direct sales of mutual and special funds, fund-based asset manage- ment, funds of cooperation partners, master funds, advisory/management mandates and ETFs. Sales generated through proprietary investment activities are not included. Asset management volume The management volume essentially comprises the income-relevant volume of mutual and special fund products (including ETFs), direct investments in coopera- tion partner funds, the portion of fund-based asset management activities attributable to cooperation partners, third-party funds and liquidity, master funds and advisory/management mandates. Assets under custody All assets held in custody by the Deka Group as depositary. Base year The base year is a historical year that serves as the reference point for a time series. It is used to compare data from the current reporting year with data from a previous reporting year. This allows developments and progress over time to be recorded in relation to a fixed point in time and a baseline value in the past. On the other hand, the reference year is a variable point that can change over time. In some cases, the reference year is the same as the base year. The baseline value is stated for both the base year and the reference year and is the value of the information expressed as a quantitatively measured unit or a qualitatively described fact. Business environment analysis The annual business environment analysis serves to ensure transparency regarding the impact that climate and environmental risks have on the business environ- ment (including customers, competitors and the regulatory framework). This can be used as a basis for examining the resulting impacts on the Deka Group’s business model and business activities. The analysis is conducted for a short, medium and long-term time horizon using various scenarios. Certificate volume The certificate volume comprises only the certificates issued by Deka. It does not include cooperation certificates. Climate scenarios Various climate scenarios are used to assess the impacts of climate and environmental risks in the medium and long term. These climate scenarios are based on narratives published by scientific and regulatory institu- tions, particularly the scenarios of the Network for Greening the Financial System (NGFS). Cost/income ratio (CIR) In the Deka Group, this indicator is calculated from the ratio of total expense (excluding restructuring expense) to total income (excluding risk provisions in the lending and securities business) in the financial year. 561

562

Other information Deka Group Annual Report 2024 CRREM The Carbon Risk Real Estate Monitor (CRREM) is an important tool for analysing and assessing the specific emissions of individual properties and the portfolio as a whole. This science-based tool takes into account different variables such as the type of use of a property and its location and provides information on the maximum levels that should be permitted for energy consumption and carbon emissions at specific times in order to meet the Paris climate targets. These CRREM target pathways are continuously being adjusted on the basis of current developments and improved data as part of the research project. Economic perspective The economic perspective is one of two approaches on which the internal capital and liquidity adequacy assessment processes (ICAAP and ILAAP) are based. In the context of the ICAAP, the economic perspective is implemented via the concept of risk-bearing capacity. It serves to secure the capital of the Deka Group in the long term, thus making a key contribution to ensuring the institution’s survival. The aim is also to protect creditors against losses from an economic view. In the context of the integrated quantification, management and monitoring of liquidity risk (ILAAP), the key risk measure in the economic perspective are the funding matrices defined by the Board of Management as being relevant for management purposes. Economic result The economic result is, in principle, determined in accordance with accounting and measurement policies of IFRS Accounting Standards. As well as the total of profit or loss before tax, the economic result also includes changes in the revaluation reserve before tax as well as the interest rate- and currency-related valuation result from financial instruments recognised at amortised cost, which are not recognised in the income statement under IFRS Accounting Standards but are relevant for assessing financial performance. The interest expense in respect of AT1 bonds (Additional Tier 1 capital), which is recognised directly in equity, is also included in the economic result. Furthermore, the economic result takes into account potential future charges that are considered possible in the future but that are not yet permitted to be recog- nised under IFRS due to the fact that accurate details are not yet available. The economic result is therefore a control variable on an accrual basis, whose high level of transparency enables recipients of the external financial reporting to consider the company from the management perspective. ESG scorecard ESG scorecards enable the Bank to assess the risks associated with ESG factors for both the borrower and the specific financing each time a limit is set, increased or extended and when monitoring existing business. ESG scorecards take into account physical and transitory climate transition risks, labour and human rights criteria and governance issues on a segment-specific basis. Fund assets according to BVI Fund assets according to BVI comprise the fund assets of the mutual funds, special funds, funds-of-funds and the master fund. In contrast to the method for determining the asset management volume of the Deka Group, direct investments in cooperation partner funds, the proportion of unit-linked asset management products attributable to cooperation partner funds, third-party funds and liquidity, and advisory/management and asset manage- ment mandates are not attributed to the Deka Group fund volume according to BVI. Gross certificate sales Gross certificate sales are an indicator of certificate sales performance. Redemptions and maturities are not taken into account, since the impact on earnings is primarily determined by the issue volume. Gross certificate sales include both certificates issued by Deka and cooperation certificates issued by other institutions and sold via sales support platforms. Gross loan volume In accordance with the definition set out in section 19 (1) of the German Banking Act (Kreditwesengesetz), the gross loan volume includes debt instruments issued by public authorities and bills of exchange, amounts due from banks and customers, bonds and other fixed-inter- est securities, shares and other non-fixed-interest securities including fund units, equity investments and shares in affiliated companies, equalisation claims against the public sector, items for which lease agreements have been concluded as the lessor, irrespective of their recognition in the balance sheet, other assets where they are subject to counterparty risk, sureties and guarantees, irrevocable lending commitments as well as market values of derivatives. In addition, the gross loan volume includes underlying risks from derivative transactions, transactions for the purposes of covering guarantee payments on guarantee funds, as well as the volume of off-balance sheet counterparty risks. 562

563

Other information Deka Group Annual Report 2024 Number of (active) employees The number of employees is the effective number of active full-time employees at the reporting date, with part-timers being counted in proportion to their working hours. Active employees means staff members who are actively involved in DekaBank’s work processes. This includes the Board of Management, other managers, core staff members, contract staff and temporary staff. Vocational and other trainees, interns and employees on long-term leave are not included. NZAM Since October 2021, Deka Investment GmbH and Deka Vermögensmanagement GmbH have been members of the Net Zero Asset Managers Initiative (NZAM), which was founded in December 2020. Within this international alliance, participating asset managers commit to supporting the achievement of “net zero greenhouse gas emissions” by 2050 at the latest in the context of their activities, in order to limit the rise in global average temperatures to 1.5°C compared with pre-industrial levels, in line with the Paris climate targets. To achieve this goal, the signatories undertake to align their portfolios accordingly in the course of strategic and tactical asset allocation and to define interim targets for a reduction in the greenhouse gas emissions for an initial portion of assets under management, which must be met as early as 2030. Payments to the alliance partners Payments made to the alliance partners (savings banks and Landesbanks) by the Asset Management divisions are made up of the partners’ portions of investment fund entry charges, sales commissions, sales performance fees, asset management fees and other payments from asset management. The payments to alliance partners have also included commissions on certificates. IEA The International Energy Agency (IEA) is an organisa- tion dedicated to promoting a secure, sustainable and affordable supply of energy worldwide. It provides comprehensive analyses, data and political recommenda- tions to support the global energy industry. The IEA’s Net Zero by 2050 climate roadmap is a detailed plan that aims to reduce global carbon emissions from energy to zero by 2050. This plan requires a complete transformation of energy production, distribution and use, with a focus on renewable energies such as solar and wind power. Locked-in emissions Unavoidable emissions that will continue even if immediate reduction measures are implemented, due to existing infrastructure and technologies or long-term contracts. These emissions are “locked in” as they depend on investments that have already been made. Net funds inflow according to BVI Net funds inflow according to BVI is the difference between funds inflow from unit certificate sales and funds outflow from unit certificate redemptions. In contrast to the method for determining the Deka Group’s net sales, cooperation partner funds and advisory/ management and asset management mandates are not attributed to the Deka Group’s net funds inflow accor- ding to BVI. Net sales from proprietary investments are included in net funds inflow according to BVI only. Normative perspective The normative perspective is one of two approaches on which the internal capital and liquidity adequacy assessment processes (ICAAP and ILAAP) are based. In the context of the ICAAP, the normative perspective includes all internal instruments, regulations, controls and processes aimed at ensuring that regulatory and supervi- sory capital requirements are met on an ongoing basis, i.e. also prospectively, over the next few years. This means that it directly pursues the objective of ensuring that the institution can continue as a going concern. In the context of the integrated quantification, management and monitoring of liquidity risk (ILAAP), the key risk measure in the normative perspective is the LCR in accordance with the CRR in conjunction with Commission Delegated Regulation (EU) 2015/61 as well as 2018/1620 and the NSFR in accordance with the requirements of the CRR. 563

564

Other information Deka Group Annual Report 2024 Risk-bearing capacity The aim of the risk-bearing capacity analysis is to ensure the adequacy of capital resources from an economic view. Sufficient assets must be available to cover risk events, even those which materialise extremely rarely. This involves combining all risk types with a holding period of one year and a correspondingly high confidence level of 99.9 percent, which is consistent with DekaBank’s target rating. The overall risk is then compared against the internal capital, which corresponds to the risk capacity, and the risk appetite defined by the Board of Management. Significance analysis The significance analysis is specifically designed to identify and assess ESG risks and is carried out each year as part of the risk inventory. The analysis looks at the impacts of ESG risk drivers on the main risk types. It covers the entire portfolio and all business activities of the Deka Group. Suppliers and service providers The Deka Group defines suppliers as companies that provide physical goods that are needed for day-to-day operations. This includes providers of IT hardware and office equipment, for example. These goods are essential to ensure physical and technological operations at the Deka Group. In contrast, a service provider provides specialist services that support the Deka Group in its business activities. Such services may include IT support, facility management, consultancy services, accountancy services or customer services. Service providers use their specialist knowledge and human resources to improve efficiency and optimise the Bank’s operations. Poseidon Principles The Poseidon Principles are an international framework created by and for financial institutions and allow climate considerations to be taken into account in lending decisions, to promote the decarbonisation of the international shipping industry. The goal is to reduce greenhouse gas emissions in shipping by at least 20 percent, with the aim of achieving a 30 percent reduction compared with 2008 levels by 2030 and of reaching net zero by around 2050. Resilience analysis The significance analysis, business environment analysis and climate scenario analyses are the main tools used to analyse resilience. Return on equity (RoE) Return on equity before tax at the Deka Group is calculated as the return on balance sheet equity. The annualised economic result is expressed relative to the average balance sheet equity excluding Additional Tier 1 (AT1) capital and adjusted for intangible assets. Average balance sheet equity is calculated based on the capital at the previous year-end and the last quarterly financial statements. At business division level, return on equity before tax is calculated as regulatory return on equity. This involves expressing the annualised economic result (before income distribution of the Treasury function) relative to the average regulatory capital employed. The average is calculated using monthly risk-weighted assets multiplied by 13 percent (the strategic target for regulatory capital employed), starting with the figure at the previous year-end. Risk appetite Risk appetite refers to the overall aggregate risk of individual risk types that the Deka Group is prepared to enter into, within the limits of its risk capacity, in order to achieve its strategic objectives and business plan. In the economic perspective, the risk appetite for risks affecting profit and loss is defined in the risk-bearing capacity analysis as the allocated risk capital (allocation) for overall risk at Group level. The maximum permissible risk appetite is equal to risk capacity less a management buffer and a buffer for climate and environmental risks. With regard to liquidity risk, the Deka Group has defined its risk appetite in the economic perspective as the scenario that gives it an indefinite survival period in an extreme hypothetical stress scenario involving a simulta- neous institution-specific and market-wide stress event. This hypothetical stress scenario is illustrated in the “combined stress scenario” funding matrix. Permanent solvency and an unlimited survival horizon are achieved by setting a limit of 0 on the liquidity balances of all relevant maturity bands for periods of up to 20 years. 564

565

Other information Deka Group Annual Report 2024 Headquarters and addresses +49 (0) 69 71 47-13 76 DekaBank Deutsche Girozentrale Head Office Frankfurt/Main and Berlin Große Gallusstraße 14 60315 Frankfurt/Main Postfach 11 05 23 60040 Frankfurt/Main Phone: +49 (0) 69 71 47-0 Fax: e-mail: konzerninfo@deka.de Internet: www.dekabank.de Branch Offices DekaBank Deutsche Girozentrale Succursale de Luxembourg 6, rue Lou Hemmer 1748 Senningerberg Boîte Postale 5 04 2015 Luxembourg Phone: Fax: e-mail: mail@deka.lu DekaBank Deutsche Girozentrale London Branch Fifth Floor Nash House 13a St. George Street London W1S 2FQ Phone: (+352) 34 09-60 01 (+352) 34 09-30 90 (+44) 20 76 45 90 70 DekaBank Deutsche Girozentrale Paris Branch 34, rue Tronchet 75009 Paris Phone: (+33) 1 44 43 98 02 Representative Office Representative Office New York 1330 Avenue of the Americas 21st Floor New York, NY 10019 Phone: (+1) 21 22 47 65 15 Deka Investment GmbH Lyoner Straße 13 60528 Frankfurt/Main Postfach 11 05 23 60040 Frankfurt/Main Phone: +49 (0) 69 71 47-0 Fax: e-mail: service@deka.de Internet: www.deka.de +49 (0) 69 71 47-19 39 Deka Vermögensmanagement GmbH Lyoner Straße 13 60528 Frankfurt/Main Postfach 11 05 23 60040 Frankfurt/Main Phone: Internet: www.deka.de +49 (0) 69 71 47-0 Deka Vermögensmanagement GmbH Niederlassung Luxemburg 6, rue Lou Hemmer 1748 Senningerberg Boîte Postale 5 04 2015 Luxembourg Deka Immobilien Investment GmbH Lyoner Straße 13 60528 Frankfurt/Main Postfach 11 05 23 60040 Frankfurt/Main Phone: Fax: e-mail: immobilien@deka.de Internet: www.deka-immobilien.de +49 (0) 69 71 47-0 +49 (0) 69 71 47-35 29 WestInvest Gesellschaft für Investmentfonds mbH Königshof Hamborner Straße 55 40472 Düsseldorf Postfach 10 42 39 40033 Düsseldorf Phone: e-mail: vertriebsservice- +49 (0) 2 11 8 82 88-5 66 duesseldorf@deka.de Internet: www.westinvest.de bevestor GmbH Lyoner Straße 13 60528 Frankfurt/Main Postfach 11 11 28 60046 Frankfurt/Main Phone: Fax: e-mail: kontakt@bevestor.de Internet: www.bevestor.de +49 (0) 69 4 00 50 15-0 +49 (0) 69 4 00 50 15-99 S Broker AG & Co. KG Carl-Bosch-Str. 10 65203 Wiesbaden Phone: Fax: e-mail: service@sbroker.de Internet: www.sbroker.de +49 (0) 6 11 20 44-19 00 +49 (0) 6 11 20 44-24 99 IQAM Invest GmbH Franz-Josef-Straße 22 5020 Salzburg Phone: Fax: e-mail: office@iqam.com Internet: www.iqam.com (+43) 5 05 86 86-0 (+43) 5 05 86 86-8 69 565

568

Other information Deka Group Annual Report 2024 This report is available in both German and English. In the event of discrepancies between the English and German versions, the German version shall prevail. Gender clause In this annual report, words in the masculine include words in the feminine; in parts of the report, the masculine form has been used solely to make the document easier to read. Disclaimer The Group management report and other parts of the Annual Report contain forward-looking statements as well as expectations and forecasts. These are based on the information available to us at this time, which we have deemed to be reliable after careful consideration. We do not assume an obligation to update based on new information and future events after the publication of this information. We have derived our estimations and conclusions from these forward-looking statements, expectations and forecasts. We expressly point out that all of our future-oriented statements are associated with known or unknown risks or imponderables and are based on conclusions relating to future events, which depend on risks, uncertainties and other factors that are outside of our area of influence. Such developments may result from a change in the general economic situation, the competitive situation, development of the capital markets, changes in tax law and the legal framework and from other risks, among other things. The events actually occurring in the future may thus turn out to be considerably different from our forward-looking statements, expectations, forecasts and conclusions. We can therefore assume no liability for their correctness and completeness or for the actual occurrence of the events predicted. Due to rounding, numbers and percentages presented in this report may not add up precisely to the totals provided. 568