Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016076
Chunk: 3

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 3
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 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 notes may be subject to the powers
exercised by the competent resolution authority to: (i) write down, including to zero, 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-in tool and each of the other
resolution measures are hereinafter referred to as a “Resolution Measure.” A “group entity” refers to an
entity that is included in the corporate group subject to a Resolution Measure.