Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000345
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 11
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 of the interest payments solely depends on a customary fixed
or floating reference interest rate and is settled by monetary payment. In a German insolvency proceeding or in the event of the imposition
of Resolution Measures with respect to us, the competent regulatory authority or court would determine which of our senior debt securities
issued under the prospectus have the terms described in clauses (i) or (ii) above, referred to herein as the “structured”
debt securities, and which do not, referred to herein as the “non-structured” debt securities. We expect the notes offered
herein to be classified as “non-structured” debt securities, but the competent regulatory authority or court may classify
the notes differently.

Section 46f(5) to (9) of the German Banking Act allows us to issue different categories of senior debt securities. In accordance with such rules, we may issue senior debt securities that are “structured” and that constitute “senior preferred” debt securities. In addition, we are able to issue “non-structured” senior debt securities as “senior preferred” debt securities, ranking pari passuwith our “structured” senior debt securities. Such “senior preferred” debt securities, whether “structured” or “non-structured”, will rank pari passuwith, among other obligations, instruments of indebtedness with an initial term of less than one year, derivatives and, generally, corporate deposits (unless they rank even more senior). Finally, subject to Section 46f(6) of the

<div align='center'>PS-8</div>

German Banking Act, we may issue “non-structured” debt securities as senior “non-preferred” debt instruments ( Schuldtitel) ranking junior to, among other instruments, “senior preferred” debt securities, if they contain an express reference to their lower ranking. We have elected to do so with respect to our eligible liabilities senior notes (including the notes offered herein).

Accordingly,
our senior non-preferred debt instruments within the meaning of Section 46f(6) Sentence 1 of the German Banking Act (including the notes
offered herein) rank junior to our other unsubordinated liabilities (including, but not limited to, senior preferred debt securities,
whether “structured” or “non-structured”, deposits, derivatives and instruments of indebtedness with an initial
term of less than one year), but in priority to our contractually or statutorily subordinated liabilities, such as those qualifying as
additional tier 1 or tier