Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 8

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 8
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  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 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 (iii) applying any other resolution measure including, but not limited to, transferring the notes to another     
 entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent resolution authority    
 may apply Resolution Measures individually or in