Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009316
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 9
---
ure 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.

| · | IN A GERMAN INSOLVENCY PROCEEDING                                                                                                            
 OR IN THE EVENT OF THE IMPOSITION OF RESOLUTION MEASURES WITH RESPECT TO US, CERTAIN SPECIFICALLY DEFINED SENIOR UNSECURED DEBT INSTRUMENTS, 
 INCLUDING THE NOTES, WILL RANK JUNIOR TO ALL OF OUR OTHER OUTSTANDING SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS, AND WILL BE SATISFIED     
 ONLY IF ALL OF OUR OTHER SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS HAVE BEEN PAID IN FULL. SUCH RANKING MIGHT 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