Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009550
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 10
---
 Measures are imposed on us, higher losses could be allocated to our eligible liabilities senior
notes (including the notes offered herein) than to our other outstanding unsecured unsubordinated obligations. You may lose some or all of your investment in the notes offered herein if insolvency proceedings are opened against us 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 un