Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016076
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 11
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 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.

| · | THE NOTES WILL NOT BE LISTED                                                                                                               
 AND THERE WILL LIKELY BE LIMITED LIQUIDITY — The notes will not be listed on any securities exchange. There                                
 may be little or no secondary market for the notes. We or our affiliates intend to act as market makers for the notes but are not          
 required to do so and may cease such market making activities at any time. Even if there is a secondary market, it                         
 may not provide enough liquidity to allow you to trade or sell the notes when you wish to do so or at a price advantageous to you. Because 
 we do not expect that other market makers will participate significantly in the secondary market for the notes, the price at which you     
 may be able to sell your notes is likely to depend on the price, if any, at which we or our affiliates are willing to buy the notes. If,   
 at any time, we or our affiliates do not act as market makers, it is