Company: ADZCF
Filing Date: 2025-03-21
Form Type: 424B2
Source: 0000950103-25-003698
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-21
Form: 424B2
Chunk 10
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ior preferred” debt securities (including
the notes offered herein) are expected to be among the unsecured unsubordinated obligations that would bear losses after our “senior
non-preferred” debt instruments, including our non-structured senior debt securities issued before July 21, 2018.

On the
other hand, there are liabilities with an even more senior rank, for example, covered deposits and deposits held by natural persons and
micro, small and medium-sized enterprises. Therefore, you may lose some or all of your investment in the notes offered herein if insolvency
proceedings are opened against us or a Resolution Measure becomes applicable to us.

| · | THE                                                                                                                                    
 NOTES CONTAIN LIMITED EVENTS OF DEFAULT, AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED — As described in “Description              
 of Debt Securities — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus, the notes                     
 provide for no event of default other than the opening of insolvency proceedings against us by a German court having jurisdiction over 
 us. In particular, the imposition of a Resolution Measure will not constitute an event of default with respect to the Indenture or the 
 notes.                                                                                                                                 |

If an
event of default occurs, holders of the notes have only limited enforcement remedies. If an event of default with respect to the notes
occurs or is continuing, either the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding
debt securities issued under the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and
interest accrued thereon to be due and payable immediately. We may issue further series of debt securities under the Indenture and these
would be included in that class of outstanding debt securities.

In particular,
holders of the notes will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other
amounts owing under, the notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of
the notes could take legal action against us, but they may not accelerate the maturity of the notes. Moreover, if we fail to make any
payment because of the imposition of a Resolution Measure, the trustee and the holders of the notes would not be permitted to take such
action, and in such a case you may permanently lose the right to the affected amounts.

Holders
will also have no rights of