Company: ADZCF
Filing Date: 2025-01-08
Form Type: 424B2
Source: 0000950103-25-000281
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-08
Form: 424B2
Chunk 11
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 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 unsecured debt instruments are issued
or is settled in a way other than by monetary payment or (ii) the payment of interest or the amount of the interest payments depends on
the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured debt instruments are issued
unless the payment of interest or the amount 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