Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005760
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 13
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 indicative of the future performance of SOFR or the notes. Changes in the levels of SOFR will affect      
 Compounded SOFR and, therefore, the return on the notes and the trading price of such notes, but it is impossible to predict whether such     
 levels will rise or fall. There can be no assurance that SOFR or Compounded SOFR will be positive.                                            |

| · | ANY FAILURE OF SOFR TO MAINTAIN                                                                                                                
 MARKET ACCEPTANCE COULD ADVERSELY AFFECT THE NOTES — SOFR may fail to maintain market acceptance. SOFR was developed for use                   
 in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR in part because it is considered       
 a good representation of general funding conditions in the overnight U.S. Treasury repurchase agreement (repo) market. However, as a rate      
 based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit risk and, as a result, is less likely      
 to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable   
 substitute or successor for all of the purposes for which LIBOR historically has been used (including, without limitation, as a representation 
 of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to gain         
 market acceptance could adversely affect the return on the notes and the price at which you can sell such notes.                               |

| · | THE COMPOSITION AND CHARACTERISTICS                                                                                                               
 OF SOFR ARE NOT THE SAME AS THOSE OF LIBOR AND NEITHER SOFR NOR COMPOUNDED SOFR IS EXPECTED TO BE A COMPARABLE SUBSTITUTE FOR LIBOR —             
 In June 2017, the New York Federal Reserve’s Alternative Reference Rates Committee (the “ARRC”) announced SOFR                                    
 as its recommended alternative to U.S. dollar LIBOR. However, the composition and characteristics of SOFR are not the same as those of            
 LIBOR. SOFR is a broad Treasury repo financing rate that represents overnight secured funding transactions. This means that SOFR is fundamentally 
 different from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR is an unsecured rate. Second, SOFR is an overnight           
 rate, while LIBOR represents interbank funding over different maturities. As a result, there can be no assurance that SOFR will perform