Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 16

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 16
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 and the fact that Iran and its terrorist proxies have been weakened by Israel’s military strikes and the collapse of the Assad regime in Syria. While the market reaction remains contained thus far, a further escalation could lead to negative impacts including higher oil prices, volatility in the markets and supply chain disruption which may in turn impact Deutsche Bank’s risk profile.

| 14 |

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

Further sanctions against Russia, as well as countermeasures by the Russian government, continue to increase complexity of operations and create conflict of law situations. Against the challenging sanctions backdrop, banks have been implicated in economic disputes of and with counterparties which could result in costs or losses which would not occur in the normal course of business. While an immediate adverse impact to assets in Russia was averted, the recent Russian court orders against various western banks pose downside risk. Also, tensions between the U.S. and China remain elevated across a wide range of areas, including trade and technology-related issues, financial and investment flows, Hong Kong, Taiwan, human rights, tariffs and cybersecurity. Amidst the inauguration of Taiwan’s newly elected president last year, China conducted large-scale military exercises around Taiwan, thereby continuing to apply pressure on the island while also aggressively staking out its territorial claims in the South China Sea. While the bank does not consider a China/Taiwan military conflict as its base case in the near-term, potential downside impacts from an escalation are significant and could substantially and adversely affect Deutsche Bank’s results of operations and financial targets. Geopolitical tensions could drive further economic polarization and fragmentation of global trade with the possible emergence of distinct China vs. U.S.-led supporters. Overall, potential downside impacts could adversely affect Deutsche Bank’s planned results of operations and financial targets. In many democratic countries, domestic political challenges have arisen from growing political polarization, rising social discontent and higher inflation. These challenges, including recent German elections, may impede political decision-making processes, forestall necessary structural reforms and lead to negative economic outcomes which could directly or indirectly impact the bank’s risk profile and financial results. Risks Relating to Deutsche Bank’s Strategy and Business If Deutsche Bank is unable to meet its 2025 financial targets or incurs future losses or low profitability, Deutsche Bank’s financial condition, results of operations and share price may be materially and adversely affected, and the bank may be unable to make contemplated distributions or share buybacks. Deutsche Bank’s Global Hausbankstrategy includes financial targets and objectives for the Group until the end of