Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 20
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 other unsecured and unsubordinated senior non-preferred obligations under debt instruments within the meaning of Section
46f(6) sentence 1 of the German Banking Act (including the senior non-preferred obligations under any such debt instruments that we issued
before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision.

In accordance with Section
46f(5) of the German Banking Act, if Resolution Measures are imposed on us or in the event of our dissolution, liquidation, insolvency
or composition, or if other proceedings are opened for the avoidance of the insolvency of, or against, us, our obligations under the notes
will rank junior to (i) the claims of our unsubordinated creditors not qualifying as obligations under our debt instruments (Schuldtitel)
within the meaning of Section 46f(6) sentence 1 of the German Banking Act (including the senior non-preferred obligations under any such
debt instruments that we issued before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor
provision and (ii) eligible liabilities within the meaning of Article 72b(2) of the CRR where point (d) of such Article does not apply.
In any such event, no amounts will be payable in respect of the notes until the claims of such other unsubordinated creditors have been
satisfied in full.

The notes are intended to
qualify as eligible liabilities instruments within the meaning of Articles 72a and 72b(2) of the CRR for the minimum requirement for own
funds and eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we are subject.

The notes will be issued in
minimum denominations of $150,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes will be issued in registered form and represented by one
or more permanent global notes registered in the name of The Depository Trust Company (“DTC”) or its nominee, as described
under “Description of Notes — Form, Legal Ownership and Denomination of Notes” in the accompanying prospectus supplement
and “Forms of Securities — Legal Ownership — Global Securities” in the accompanying prospectus.

The specific