SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Item 3: Key Information 17
Annual Report 2010 on Form 20-F
Transactions with counterparties in countries designated by the U.S. State Department as state
sponsors of terrorism may lead potential customers and investors to avoid doing business with us or
investing in our securities.
We engage or have engaged in a limited amount of business with counterparties, including government owned
or controlled counterparties, in certain countries which the U.S. State Department has designated as state
sponsors of terrorism, including Iran. We also had a representative office in Tehran, Iran, which we discontinued
at December 31, 2007. U.S. law generally prohibits U.S. persons from doing business with such countries. We
are a German bank and our activities with respect to such countries have not involved any U.S. person in either
a managerial or operational role and have been subject to policies and procedures designed to ensure compliance
with United Nations, European Union and German embargoes. In 2007 and before, our Management
Board decided that we will not engage in new business with counterparties in countries such as Iran, Syria,
Sudan and North Korea and to exit existing business to the extent legally possible.
Our existing business with Iranian counterparties consists mostly of participations as lender and/or agent in a few
large trade finance facilities arranged some years ago to finance the export contracts of exporters in Europe
and Asia. The lifetime of most of these facilities is ten years or more and we are legally obligated to fulfill our
contractual obligations. We do not believe our business activities with Iranian counterparties are material to our
overall business, with our outstandings to Iranian borrowers representing substantially less than 0.1 % of our total
assets as of December 31, 2010 and our revenues from all such activities representing substantially less than
0.1 % of our total revenues for the year ended December 31, 2010.
We are aware, through press reports and other means, of initiatives by governmental and non-governmental
entities in the United States and elsewhere to adopt laws, regulations or policies prohibiting transactions with or
investment in, or requiring divestment from, entities doing business with Iran. Such initiatives may result in our
being unable to gain or retain entities subject to such prohibitions as customers or as investors in our securities.
In addition, our reputation may suffer due to our association with Iran. Such a result could have significant
adverse effects on our business or the price of our securities.