Company: ADZCF
Filing Date: 2025-01-16
Form Type: 424B2
Source: 0000950103-25-000580
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-16
Form: 424B2
Chunk 7
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 prior notice. It is more likely that we will redeem the notes prior to the Maturity Date     
 to the extent that the interest payable on the notes is greater than the interest that would 
 be payable on other instruments of ours of a comparable maturity, of comparable terms and    
 of a comparable credit rating trading in the market. If the notes are redeemed early, you    
 may have to reinvest the proceeds in a lower interest rate environment.                      |

| · | THE                                                                                               
 NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG — The notes are unsecured and                 
 unsubordinated obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred   
 obligations, and are not, either directly or indirectly, an obligation of any third party.        
 Any interest payments to be made on the notes and the repayment of principal at maturity          
 depend 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 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