Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 11
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IGHT RESULT IN HIGHER LOSSES BEING ALLOCATED TO THE NOTES THAN TO OUR OTHER OUTSTANDING UNSECURED UNSUBORDINATED OBLIGATIONS        
 —German law provides that, in a German insolvency proceeding of the Issuer, certain                                                          
 specifically defined senior unsecured debt instruments would rank junior to, without constituting subordinated debt, all other outstanding   
 unsecured unsubordinated obligations of the Issuer and be satisfied only if all such other senior unsecured obligations of the Issuer        
 have been paid in full. This prioritization would also be given effect if Resolution Measures are imposed on the Issuer, so that obligations 
 under debt instruments that rank junior in insolvency as described above would be written down or converted into common equity tier 1        
 instruments before any other senior unsecured obligations of the Issuer are written down or converted. A large portion of our liabilities    
 consist of senior unsecured obligations that either fall outside the statutory definition of debt instruments that rank junior to other      
 senior unsecured obligations according to German law or are expressly exempted from such definition.                                         |

Among
those unsecured unsubordinated obligations that do not constitute as such debt instruments are instruments with an initial maturity of
less than one year as well as senior unsecured instruments of indebtedness whose terms provide that (i) the repayment or the amount of
the repayment depends on the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured
debt instruments are issued or is settled in a way other than by monetary payment or (ii) the payment of interest or the amount of the
interest payments depends on the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured
debt instruments are issued unless the payment of interest or the amount of the interest payments solely depends on a customary fixed
or floating reference interest rate and is settled by monetary payment. In a German insolvency proceeding or in the event of the imposition
of Resolution Measures with respect to us, the competent regulatory authority or court would determine which of our senior debt securities
issued under the prospectus have the terms described in clauses (i) or (ii) above, referred to herein as the “structured”
debt securities, and which do not, referred to herein as the “non-structured” debt securities. We expect the notes offered
herein to be classified as “non-structured” debt securities, but the competent regulatory authority or court