Company: ADZCF
Filing Date: 2025-02-11
Form Type: 424B2
Source: 0000950103-25-001876
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-11
Form: 424B2
Chunk 10
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 other applicable rules and regulations described above under “Resolution             
 Measures and Deemed Agreement,” the notes are subject to the powers exercised by the competent resolution authority to impose Resolution    
 Measures on us, which may include: (i) writing down, including to zero, any claim for payment on the notes; (ii) converting the notes       
 into ordinary shares of (x) the Issuer, (y) any group entity or (z) 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 (iii) applying any other resolution measure including, but not limited to, transferring the notes to another     
 entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent resolution authority    
 may apply Resolution                                                                                                                        |

<div align='center'>PS-7</div>

Measures
individually or in any combination. Imposition of a Resolution Measure would likely occur if the 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