Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005759
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 7
---
     
 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