Company: ADZCF
Filing Date: 2025-05-14
Form Type: 424B2
Source: 0000950103-25-005968
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-14
Form: 424B2
Chunk 7
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 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 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 (