Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 9
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 any combination. Imposition of a Resolution Measure would likely occur if the              |

<div align='center'>PS-6</div>

competent supervisory authority determines
that we are failing or likely to fail and that certain other conditions are met (as set forth under the applicable law). The BRRD, the
Resolution Act and, as applicable, the SRM Regulation are intended to eliminate the need for public support of troubled banks, and you
should be aware that public support, if any, would only potentially be used by the competent supervisory authority as a last resort after
having assessed and exploited, to the maximum extent practicable, the resolution tools, including the bail-in tool.

By acquiring the notes, you would have
no claim or other right against us arising out of any Resolution Measure and we would have no obligation to make payments under the notes
following the imposition of such Resolution Measure. In particular, the imposition of any Resolution Measure will not constitute a default
or an event of default under the notes, under the Indenture or for the purposes of, but only to the fullest extent permitted by, the Trust
Indenture Act. Furthermore, it will be difficult to predict when, if at all, a Resolution Measure might become applicable to us in our
individual case. Accordingly, secondary market trading in the notes may not follow the trading behavior associated with similar types
of securities issued by other financial institutions which may be or have been subject to a Resolution Measure.

In addition, by your acquisition of 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 indenture agents 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 the indenture agents take, or abstain from taking,
in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect to the notes.
Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution Measure.

| · | OUR                                                                                                                                               
 SENIOR DEBT FUNDING SECURITIES, INCLUDING THE NOTES OFFERED HEREIN, ARE INTENDED TO QUALIFY AS ELIGIBLE LIABILITIES WITHIN THE MEANING            
 OF ARTICLE 72B(2), WITH THE EXCEPTION OF POINT (D