Company: ADZCF
Filing Date: 2025-07-08
Form Type: 424B2
Source: 0000950103-25-008567
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-08
Form: 424B2
Chunk 9
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 to the notes. Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution Measure.

| · | OUR                                                                                                                                             
 SENIOR DEBT FUNDING SECURITIES, INCLUDING THE NOTES OFFERED HEREIN, ARE INTENDED TO QUALIFY AS ELIGIBLE LIABILITIES WITHIN THE MEANING          
 OF ARTICLE 72B(2), WITH THE EXCEPTION OF POINT (D), CRR FOR THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES UNDER THE            
 ISSUER REGULATORY CAPITAL PROVISIONS APPLICABLE TO US. THEY ARE EXPECTED TO CONSTITUTE “SENIOR PREFERRED” DEBT SECURITIES                       
 AND WOULD, IF INSOLVENCY PROCEEDINGS ARE OPENED AGAINST US OR IF RESOLUTION MEASURES ARE IMPOSED ON US, BEAR LOSSES AFTER OUR “SENIOR           
 NON-PREFERRED” DEBT INSTRUMENTS BUT BEFORE OTHER LIABILITIES WITH AN EVEN MORE SENIOR RANK, FOR EXAMPLE, COVERED DEPOSITS AND DEPOSITS          
 HELD BY NATURAL PERSONS AND MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES —The                                                                      
 notes are intended to qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d),        
 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, including restrictions on the aggregate amount of similar instruments that we may use for such purposes,    
 but do not constitute senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act           
 (Kreditwesengesetz). The notes will constitute our unsecured and unsubordinated obligations ranking pari passu among themselves                 
 and with all of our other unsecured and unsubordinated obligations, subject, however, to statutory priorities conferred upon certain            
 unsecured and unsubordinated obligations in the event of any Resolution Measures 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; in accordance with        
 Section 46f(5) of the German Banking Act (Kreditwesengesetz), our obligations under the notes will rank in priority to our senior               
 non-preferred obligations under (i)