Company: ADZCF
Filing Date: 2025-10-14
Form Type: 424B2
Source: 0000950103-25-013161
Chunk: 8

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-14
Form: 424B2
Chunk 8
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) 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 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                               |

<div align='center'>PS-5</div>

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 permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee
and the indenture agents for, agree not to initiate a suit against the trustee or the indenture agents in respect of, and agree that the