Company: ADZCF
Filing Date: 2025-04-30
Form Type: 424B2
Source: 0000950103-25-005467
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-30
Form: 424B2
Chunk 11
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 German court having jurisdiction over 
 us. In particular, the imposition of a Resolution Measure will not constitute an event of default with respect to the Indenture or the 
 notes.                                                                                                                                 |

If an
event of default occurs, holders of the notes have only limited enforcement remedies. If an event of default with respect to the notes
occurs or is continuing, either the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding
debt securities issued under the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and
interest accrued thereon to be due and payable immediately. We may issue further series of debt securities under the Indenture and these
would be included in that class of outstanding debt securities.

In particular,
holders of the notes will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other
amounts owing under, the notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of
the notes could take legal action against us, but they may not accelerate the maturity of the notes. Moreover, if we fail to make any
payment because of the imposition of a Resolution Measure, the trustee and the holders of the notes would not be permitted to take such
action, and in such a case you may permanently lose the right to the affected amounts.

Holders
will also have no rights of acceleration due to a default in the performance of any of our other covenants under the notes.

| · | ASSUMING                                                                                                                                         
 NO CHANGES IN MARKET CONDITIONS AND OTHER RELEVANT FACTORS, THE PRICE YOU MAY RECEIVE FOR YOUR NOTES IN SECONDARY MARKET TRANSACTIONS            
 WOULD GENERALLY BE LOWER THAN THE ISSUE PRICE — Assuming no changes in market conditions or our creditworthiness and other                       
 relevant factors, the price, if any, at which we or our affiliates would be willing to purchase the notes from you in secondary market           
 transactions, if at all, would generally be lower than the Issue Price due to the inclusion in the Issue Price of the agent’s commissions,       
 if any, and the cost of hedging our obligations under the notes through one or more hedge counterparties. Such hedging cost includes             
 our or our hedge counterparty’s expected cost of providing such hedge, as well as the profit we or our hedge counterparty expect                 
 to realize in consideration for assuming