Company: ADZCF
Filing Date: 2025-01-08
Form Type: 424B2
Source: 0000950103-25-000280
Chunk: 8

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-08
Form: 424B2
Chunk 8
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 interim measures by which a corresponding amount in the bank’s Russian subsidiary was frozen.
In September 2024, the court of appeal rejected Deutsche Bank's appeal and fully confirmed RCA's claim for payment. RCA received a writ
of execution on September 11, 2024 which allows RCA to enforce its claim for payment at any time in Russia. At the end of September 2024,
Deutsche Bank filed a further appeal with the Arbitrazh Court of the Northwestern Circuit against this decision and RCA filed an application
for an anti-suit injunction (ASI) order in Russia. On October 23, 2024, the Russian court granted the ASI order against Deutsche Bank
prohibiting Deutsche Bank from continuing any court proceedings outside of Russia related to this issue or enforcing any judgments or
orders granted by a court outside of Russia under a threat of a court penalty of € 240 million in case of non-compliance with the
ASI. Deutsche Bank had recognized a provision in the amount of approximately € 260 million and a corresponding reimbursement asset
under the indemnification agreement which is not impacted by the Russian ASI. The expense from the recognition of the provision was offset
by the income from the recognition of the reimbursement asset. On November 15, 2024, RCA enforced its payment claim in an amount of €
243.6 million including interest payable against assets of Deutsche Bank maintained in Russia. After enforcement by RCA, which was covered
by the provision, subsequent developments led to a de-recognition of the reimbursement asset as receipt of payment can no longer be viewed
as virtually certain. Deutsche Bank is of the opinion that it is in possession of a valid reimbursement claim and will defend its position.

<div align='center'>PS-6

SELECTED RISK CONSIDERATIONS</div>

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete list of risk factors, please see the accompanying prospectus supplement and prospectus.

| · | THE                                                                                                                                         
 AMOUNT OF INTEREST YOU RECEIVE MAY BE LESS THAN THE RETURN YOU COULD EARN ON OTHER INVESTMENTS — The notes differ from conventional         
 fixed-rate debt securities in that the interest payable on the notes will vary based on Compounded SOFR and may be as low as zero. Interest 
 rates may change significantly over the term of the notes, and it is impossible to predict what interest rates will be at any point in      
 the future. Although the Interest Rate on the notes will be