Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 9
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 million (30 %) of Deutsche Bank’s debt was secured as of December 31, 2024. Reasons for the Offer and Use of Proceeds Not required because this document is filed as an Annual Report.

| 10 |

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

Risk Factors An investment in Deutsche Bank’s securities involves a number of risks. Potential investors should carefully consider the following information about the risks Deutsche Bank faces, together with other information in this document, when they make investment decisions involving Deutsche Bank’s securities. If one or more of these risks were to materialize, it could have a material adverse effect on Deutsche Bank’s financial condition, results of operations, cash flows or prices of its securities. Summary of Risk Factors Risks Relating to the Macroeconomic, Geopolitical and Market Environment.Deutsche Bank is materially affected by global macroeconomic and financial market conditions. Significant challenges may arise from market volatility, persistent inflation, impacts of a higher interest rate environment and potential for widespread trade tariffs. A number of geopolitical and political risks could negatively affect the business environment, leading to weaker economic activity and a broader correction in the financial markets. In particular, policies of the new U.S. administration around international trade, tensions in the Middle East, military support for Ukraine and other conflicts or economic sanctions, including other trade and investment restrictions, could negatively impact global markets and the macroeconomic environment. Materialization of these risks could negatively affect Deutsche Bank’s results of operations in some of the bank’s businesses and its financial condition as well as its strategic plans. Risks Relating to Deutsche Bank’s Strategy and Business .If Deutsche Bank is unable to meet its 2025 financial targets due to a significant deterioration in the global macroeconomic environment, an adverse change in market confidence in the banking sector and/or client behavior, the bank may incur unexpected losses or incur unforeseen costs, experience lower than planned profitability or an erosion of the bank’s capital or liquidity base and broader financial condition, leading to a material adverse effect on Deutsche Bank’s results of operations and share price. This may also impact Deutsche Bank’s ability to make desired cash distributions and share buybacks. Deutsche Bank’s liquidity, business activities and profitability may be adversely affected by an inability to access the debt capital markets or to sell assets during periods of market-wide or firm-specific liquidity constraints which could significantly impact aspects of the bank’s business model. Risks Relating to Regulation and Supervision . Prudential reforms and increased regulatory scrutiny affecting the financial sector continue