Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 9
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 of an investment
in the Securities.

Risks Relating to the Issuer

| · | The                                                                                                 
 Securities are Subject to the Credit of Deutsche Bank AG — The Securities 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 payment(s) to be made on the Securities, including any payment of the Face Amount per           
 Security at 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 Securities. As a result,         
 the actual and perceived creditworthiness of Deutsche Bank AG will affect the value of the          
 Securities. Any future downgrade could materially affect Deutsche Bank AG’s funding                 
 costs and cause the trading price of the Securities 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 Securities and you could lose your entire          
 investment.                                                                                         |

| · | The                                                                                        
 Securities 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 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