Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016085
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 11
---
 Measures. You May Lose Some or All of Your 
 Investment If Any Such Measure Becomes Applicable to Us                                                                                 |

| o | Resolution Measures could be imposed on us. German and European                                                                       
 laws and regulations provide German and European resolution authorities with a set of powers to intervene in the event that a bank is 
 failing or likely to fail and certain                                                                                                 |

<div align='center'>PS-8</div>

other conditions are met. Specifically, the competent resolution authority could impose Resolution Measures on us under German and European laws and regulations 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.

| o | If a Resolution Measure is imposed on us, you may lose some or                                                                              
 all of your investment in the Notes. A Resolution Measure may include: a write down, including to zero, of any claim for payment on         
 the Notes; a conversion of the Notes into ordinary shares of us, any group entity or 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 the application of any other resolution measure including, but not limited to, any transfer     
 of the Notes to another entity, an amendment, modification or variation of the terms and conditions of the Notes or the cancellation of     
 the Notes. The competent resolution authority may apply Resolution Measures individually or in any combination. Therefore, you may lose     
 some or all of your investment in the Notes offered herein if insolvency proceedings are opened against us or a Resolution Measure becomes  
 applicable to us.                                                                                                                           |

| o | If a Resolution Measure is imposed on us, the secondary market                                                                         
 for the Notes may be affected. 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 Notes issued by other financial institutions which may be or have been subject to a Resolution Measure.                       |

By acquiring the Notes, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution authority. As a result, you would have no claim or other right against us arising out of any Resolution Measure and