Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009550
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 9
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 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 German Banking Act, we may issue “non-structured” debt securities as senior “non-preferred” debt

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

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 2 instruments
within the meaning of Regulation (EU) No 575/2013 of the European Parliament and of the Council, as amended, supplemented or replaced
from time to time (the “CRR”), and would be satisfied only if all our other unsecured and unsubordinated obligations have
been paid in full.

Consequently, if insolvency proceedings
are opened against us or if Resolution