Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009547
Chunk: 6

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 6
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 be able to require the Issuer to redeem     
 the notes and will, therefore, bear the risk of holding the notes and of earning a lower return than you could earn on other investments  
 until the Maturity Date.                                                                                                                  |

| · | THE NOTES HAVE REINVESTMENT RISK — As                                                                                                     
 described under “Key Terms—Early Redemption,” we retain the option to redeem the notes in our sole discretion, in whole,                  
 but not in part, on the Reset Date, by giving not less than 5 Business Days’ prior notice. Additionally, as described under “Key          
 Terms—Cleanup Redemption,” we retain the option to redeem the notes in our sole discretion, in whole, but not in part, at                 
 any time if 25% or less of the aggregate principal amount of notes originally issued on the Settlement Date remains outstanding at such   
 time. 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, 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,