Company: ADZCF
Filing Date: 2025-12-11
Form Type: 424B2
Source: 0000950103-25-016029
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-11
Form: 424B2
Chunk 7
---
 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 (z) any bridge bank or other instruments of ownership of such