Company: ADZCF
Filing Date: 2025-08-19
Form Type: 424B2
Source: 0000950103-25-010460
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-08-19
Form: 424B2
Chunk 13
---
 becoming applicable to us.                                                                                  |

| o | If a Resolution Measure is imposed on us, you may lose some or                                                                              
 all of your investment in the Securities. A Resolution Measure may include: a write down, including to zero, of any claim for payment       
 on the Securities; a conversion of the Securities into ordinary shares of us, any group entity or any bridge bank or other instruments      
 of ownership of such entities qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the       
 beneficial owners) of such ordinary shares or instruments); or the application of any other resolution measure including, but not limited   
 to, any transfer of the Securities to another entity, an amendment, modification or variation of the terms and conditions of the Securities 
 or the cancellation of the Securities. The competent resolution authority may apply Resolution Measures individually or in any combination. 
 Therefore, you may lose some or all of your investment in the Securities offered herein if insolvency proceedings are opened against us     
 or a Resolution Measure becomes applicable to us.                                                                                           |

| o | If a Resolution Measure is imposed on us, the secondary market                                                                            
 for the Securities may be affected. 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 Securities 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.             |

By acquiring the Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution authority. As a result, you would have no claim or other right against us arising out of any Resolution Measure and the imposition of any Resolution Measure will not constitute a default or an event of default under the Securities, under the senior indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939, as amended. In addition, the trustee, the paying agent, issuing agent, registrar and The Depository Trust Company (“ DTC”) and any direct participant in DTC or other intermediary through which you hold such Securities may take any and all necessary action, or abstain from taking any action, if required, to implement the imposition of any Resolution Measure with respect to the Securities. Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution