Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009316
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 7
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 comparable maturity, of comparable terms and of a    
 comparable credit rating trading in the market. If the notes are redeemed, 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 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