Company: ADZCF
Filing Date: 2025-08-19
Form Type: 424B2
Source: 0000950103-25-010423
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-08-19
Form: 424B2
Chunk 4
---
 Date. Our
purchase price, if any, in secondary market transactions will be based on the estimated value of the Notes determined by reference to
(i) the then-prevailing internal funding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our
pricing models at that time, less a bid spread determined after taking into account the size of the repurchase, the nature of the assets
underlying the Notes and then-prevailing market conditions. The price we report to financial reporting services and to distributors of
our Notes for use on customer account statements would generally be determined on the same basis. However, during the period of approximately
six months beginning from the Settlement Date, we or our affiliates may, in our sole discretion, increase the purchase price determined
as described above by an amount equal to the declining differential between the Issue Price and the Issuer’s estimated value of
the Notes on the Trade Date, prorated over such period on a straight-line basis, for transactions that are individually and in the aggregate
of the expected size for ordinary secondary market repurchases.

<div align='center'>PS-2</div>

| Resolution Measures and Deemed Agreement |

Under German and European
laws 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. Under the relevant resolution laws
and regulations as applicable to us from time to time, the Notes may be subject to the powers exercised by the competent resolution authority
to: (i) write down, including to zero, of any payment on the Notes; (ii) convert the Notes into ordinary shares of (a) the Issuer, (b)
any group entity or (c) 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); and/or (iii)
apply any other resolution measure, including, but not limited to, any transfer of the Notes to another entity, the amendment, modification
or variation of the terms and conditions of the Notes or the cancellation of the Notes. The write-down and conversion powers are commonly
referred to as the “bail-in tool” and the bail