Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005759
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 12
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 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 in the same way as LIBOR would have at any time, including, without limitation, 
 as a result of changes in interest and yield rates in the market, market volatility or global     
 or regional economic, financial, political, regulatory, judicial or other events. For example,    
 since publication of SOFR began in April 2018, daily changes in SOFR have, on occasion, been      
 more volatile than daily changes in comparable