Company: ADZCF
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0000950103-25-014790
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-14
Form: 424B2
Chunk 10
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 maturity, depends on the ability of Deutsche  
 Bank AG to satisfy its obligations as they become due. An actual or anticipated downgrade in Deutsche Bank AG’s credit rating or           
 increase in the credit 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 obligations or become subject to a Resolution Measure, you might not receive any      
 amount(s) 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                                                                                 |

| o | Resolution Measures could be imposed on us. German and European                                                                          
 laws and regulations provide German and European resolution authorities with a set of powers to intervene in the event that a bank is    
 failing or likely to fail and certain other conditions are met. Specifically, the competent resolution authority could impose Resolution 
 Measures on us under German and European laws and regulations if we become, or are deemed by the competent supervisory authority to have |

<div align='center'>PS-8</div>

become, “non-viable” (as defined under the then applicable law) and are unable to continue our regulated banking activities without a Resolution Measure becoming applicable to us.

| o | If a Resolution Measure is imposed on us, you may lose some or                                                                              
 all of your investment in the Notes. A Resolution Measure may include: a write down, including to zero, of any claim for payment on         
 the Notes; a conversion of the Notes into ordinary shares of us, any group entity or 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 the application of any other resolution measure including