Company: ADZCF
Filing Date: 2025-01-08
Form Type: 424B2
Source: 0000950103-25-000281
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-08
Form: 424B2
Chunk 7
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 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.

| · | THE VALUE OF THE NOTES MAY                                                                                                                
 DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST RATES OVER THE TERM OF THE NOTES — The value of the                    
 notes may decline over time due to such factors as inflation and/or rising interest rates. In addition, if the market interest rates rise 
 during the term of the notes, the Interest Rate on the notes during the Fixed Rate Period may in the future be lower than the interest    
 rates for similar debt securities then prevailing in the market. If this occurs, you will not be able to require the Issuer to redeem     
 the notes and will, therefore, bear the risk of holding the notes and of earning a lower return than you could earn on other investments  
 until the Maturity Date.                                                                                                                  |

| · | THE                                                                                                 
 NOTES HAVE REINVESTMENT RISK — As described under “Key Terms—Early                                  
 Redemption,” we retain the option to redeem the