Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009550
Chunk: 6

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 6
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 spreads charged by the market          
 for taking Deutsche Bank AG’s credit risk will likely have an adverse effect on the value of the notes. As a result, the actual              
 and perceived creditworthiness of Deutsche Bank AG will affect the value of the notes.  Any future downgrade could materially                
 affect Deutsche Bank AG’s funding costs and cause the trading price of the notes to decline significantly. Additionally, under many          
 derivative contracts to which Deutsche Bank AG is a party, a downgrade could require it to post additional collateral, lead to terminations  
 of contracts with accompanying payment obligations or give counterparties additional remedies. In the event Deutsche Bank AG were to default 
 on its payment obligations or become subject to a Resolution Measure, you might not receive interest and principal payments owed to you      
 under the terms of the notes and you could lose your entire investment.                                                                      |

| · | THE NOTES MAY BE WRITTEN DOWN, BE CONVERTED                                                                                                   
 INTO ORDINARY SHARES OR OTHER INSTRUMENTS OF OWNERSHIP OR BECOME SUBJECT TO OTHER RESOLUTION MEASURES. YOU MAY LOSE SOME OR ALL               
 OF YOUR INVESTMENT IF ANY SUCH MEASURE BECOMES APPLICABLE TO US — Pursuant to the                                                             
 SRM Regulation, the Resolution Act and other applicable rules and regulations described above under “Resolution Measures and Deemed           
 Agreement,” the notes are subject to the powers exercised by the competent resolution authority to impose Resolution Measures on              
 us, which may include: (i) writing down, including to zero, any claim for payment on the notes; (ii) converting the notes into ordinary       
 shares of (x) the Issuer, (y) any group entity or (z) any bridge bank or other instruments of ownership of such entities qualifying as        
 common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary shares or       
 instruments); or (iii) applying any other resolution measure including, but not limited to, transferring the notes to another entity,         
 amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent resolution authority may apply    
 Resolution Measures individually or in any combination. Imposition of a Resolution Measure would likely occur if the competent supervisory    
 authority determines that we are failing or likely to fail and that certain other conditions are met (as set forth under the applicable       
 law). The notes may become subject to Resolution Measures even before the commencement of a resolution procedure, and also if the competent   
 resolution