Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 13
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 or a Resolution Measure becomes applicable to us.

| · | SOFR                                                                                                                                           
 HAS A LIMITED HISTORY, AND ITS HISTORICAL PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE — The New York Federal Reserve                   
 began to publish SOFR in April 2018. Although the New York Federal Reserve has also begun publishing historical indicative SOFR going          
 back to 2014, such historical indicative data inherently involves assumptions, estimates and approximations. Therefore, SOFR has limited       
 performance history and no actual investment based on the performance of SOFR was possible before April 2018. The level of SOFR over           
 the term of the notes may bear little or no relation to the historical level of SOFR. The future performance of SOFR is impossible to          
 predict and therefore no future performance of SOFR or the notes may be inferred from any of the hypothetical or actual historical performance 
 data. Hypothetical or actual historical performance data are not indicative of the future performance of SOFR or the notes. Changes in         
 the levels of SOFR will affect Compounded SOFR and, therefore, the return on the notes and the trading price of such notes, but it is          
 impossible to predict whether such levels will rise or fall. There can be no assurance that SOFR or Compounded SOFR will be positive.          |

| · | ANY                                                                                                                                             
 FAILURE OF SOFR TO MAINTAIN MARKET ACCEPTANCE COULD ADVERSELY AFFECT THE NOTES — SOFR may fail to maintain market acceptance.                   
 SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR in           
 part because it is considered a good representation of general funding conditions in the overnight U.S. Treasury repurchase agreement           
 (repo) market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit           
 risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants 
 would not consider SOFR a suitable substitute or successor for all of the purposes for which LIBOR historically has been used (including,       
 without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance       
 of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the return on the notes and the price at which you can            
 sell such notes.                                                                                                                                |

| · | THE