Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 7
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 30, 2024 and € 534 million as of December 31, 2023.

In respect of the RusChem Alliance
(RCA) Litigation (also described in Note 27 “Provisions”), in a hearing at the end of May 2024, the Russian court fully granted
RCA’s payment claim and RCA's motion for interim measures by which a corresponding amount in the bank’s Russian subsidiary
was frozen. In September 2024, the court of appeal rejected Deutsche Bank's appeal and fully confirmed RCA's claim for payment. RCA received
a writ of execution on September 11, 2024 which allows RCA to enforce its claim for payment at any time in Russia. At the end of September
2024, Deutsche Bank filed a further appeal with the Arbitrazh Court of the Northwestern Circuit against this decision and RCA filed an
application for an anti-suit injunction (ASI) order in Russia. On October 23, 2024, the Russian court granted the ASI order against Deutsche
Bank prohibiting Deutsche Bank from continuing any court proceedings outside of Russia related to this issue or enforcing any judgments
or orders granted by a court outside of Russia under a threat of a court penalty of € 240 million in case of non-compliance with
the ASI. Deutsche Bank had recognized a provision in the amount of approximately € 260 million and a corresponding reimbursement
asset under the indemnification agreement which is not impacted by the Russian ASI. The expense from the recognition of the provision
was offset by the income from the recognition of the reimbursement asset. On November 15, 2024, RCA enforced its payment claim in an amount
of € 243.6 million including interest payable against assets of Deutsche Bank maintained in Russia. After enforcement by RCA, which
was covered by the provision, subsequent developments led to a de-recognition of the reimbursement asset as receipt of payment can no
longer be viewed as virtually certain. Deutsche Bank is of the opinion that it is in possession of a valid reimbursement claim and will
defend its position.

<div align='center'>PS-6

SELECTED RISK CONSIDERATIONS</div>

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete list of risk factors, please see the accompanying prospectus supplement and prospectus.

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 VALUE OF THE NOTES MAY DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR