Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000345
Chunk: 8

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 8
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secured and unsubordinated senior non-preferred obligations             
 of Deutsche Bank AG 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 down, including to zero, any claim for payment on the notes; (ii) converting the notes       
 into ordinary shares of (x) the Issuer, (y) any group entity or (z) 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 (iii) applying any other resolution measure including, but not limited to, transferring the notes to another     
 entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent