Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 4
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, any transfer of the notes to another
entity, the amendment, modification or variation of the terms and conditions of the notes or the cancellation of the notes. The write-down
and conversion powers are commonly referred to as the “bail-in tool” and the bail-in tool and each of the other resolution
measures are hereinafter referred to as a “Resolution Measure.” A “group entity” refers to an entity that
is included in the corporate group subject to a Resolution Measure. A “bridge bank” refers to a newly chartered German bank
that would receive some or all of our equity securities, assets, liabilities and material contracts, including those attributable to our
branches and subsidiaries, in a resolution proceeding.

Furthermore, by acquiring
the notes, you:

| · | waive,                                                                                                                                    
 to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee and the paying      
 agent, the issuing agent and the registrar (each, an “indenture agent”) for, agree not to initiate a suit against                         
 the trustee or the indenture agents in respect of, and agree that the trustee and the indenture agents will not be liable for, any action 
 that the trustee or any of the indenture agents takes, or abstains from taking, in either case in accordance with the imposition of a     
 Resolution Measure by the competent resolution authority with respect to the notes; and                                                   |

| · | will                                                                                                                                           
 be deemed to have: (i) consented to the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent    
 resolution authority of its decision to exercise such power with respect to the notes; (ii) authorized, directed and requested DTC and         
 any direct participant in DTC or other intermediary through which you hold such notes to take any and all necessary action, if required,       
 to implement the imposition of any Resolution Measure with respect to the notes as it may be imposed, without any further action or direction  
 on your part or on the part of the trustee or the indenture agents; and (iii) acknowledged and accepted that the Resolution Measure provisions 
 described herein and in the “Resolution Measures” section of                                                                                   |

<div align='center'>PS-3</div>

the accompanying
prospectus are exhaustive on the matters described herein and therein to the exclusion of any other agreements, arrangements or understandings
between you and the Issuer relating to the terms and conditions of the notes.

This is only a