Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000345
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 2
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 | January 10, 2029                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Listing:                 | The notes will not be listed on any securities exchange.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| CUSIP / ISIN:            | 25160PAP2 / US25160PAP27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

<div align='center'>PS-2

RESOLUTION MEASURES AND DEEMED AGREEMENT</div>

On May 15, 2014, the European Parliament and the
Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit institutions and
investment firms (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or the “BRRD”),
which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, or, as amended,
the “Resolution Act”), which became effective on January 1, 2015. The BRRD and the Resolution Act provided national
resolution authorities with a set of resolution powers to intervene in the event that a bank is failing or likely to fail and certain
other conditions are met. From January 1, 2016, the power to initiate Resolution Measures applicable to significant banking groups (such
as Deutsche Bank Group) in the European Banking Union was transferred to the European Single Resolution Board which, based on the European
Union regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms
in the framework of a Single Resolution Mechanism and a Single Resolution Fund (Regulation (EU) No 806/2014, as amended, the “SRM Regulation”), works in close cooperation with the European Central Bank, the European Commission and the national resolution
authorities. Pursuant to the SRM Regulation, the Resolution Act and other applicable rules and regulations, the notes may be subject to
any Resolution Measure by the competent resolution authority if we become, or are deemed by the competent supervisory authority to have
become, “non-viable” (as defined under the then-applicable law) and are unable to continue our regulated banking activities
without a Resolution Measure becoming applicable to us.

By acquiring the notes, you will be bound by and
will be deemed irrevocably to consent to the provisions set forth in the accompanying prospectus, which we have summarized below. Under
the relevant resolution laws and regulations as applicable to us from time to time, the