Company: ADZCF
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0000950103-25-002150
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-19
Form: 424B2
Chunk 12
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 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 Securities. As a result, the actual and perceived creditworthiness of Deutsche Bank AG will affect the value of the Securities. 
 Any future downgrade could materially affect Deutsche Bank AG’s funding costs and cause the trading price of the Securities 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 obligations or become subject to a Resolution Measure, you might not receive any        
 amount(s) owed to you under the terms of the Securities and you could lose your entire investment.                                           |

| · | The Securities 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                                                                                                       |

| o | Resolution Measures could be imposed on us. German and European laws and regulations                                                         
 provide German and European resolution authorities with a set of powers to intervene in the event that a bank is failing or likely to        
 fail and certain other conditions are met. Specifically, the competent resolution authority could impose Resolution Measures on us under     
 German and European laws and regulations if we become, or are deemed by the competent supervisory authority to have become, “non-viable”     
 (as defined under the then applicable law) and are unable to continue our regulated banking activities without a Resolution Measure becoming 
 applicable to us.                                                                                                                            |

| o | If a Resolution Measure is imposed on us, you may lose some or all of your investment in                                                        
 the Securities. A Resolution Measure may include: a write down, including to zero, of any claim for payment on the Securities; a conversion     
 of the Securities into ordinary shares of us, any group entity or any bridge bank or other instruments of ownership of such entities qualifying 
 as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary shares         
 or instruments); or the application of any other resolution measure including, but not limited to, any transfer of the Securities to another    
 entity, an amendment, modification or variation of