Company: ADZCF
Filing Date: 2025-04-30
Form Type: 424B2
Source: 0000950103-25-005443
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-30
Form: 424B2
Chunk 11
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 by a        
 German court having jurisdiction over us. In particular, the imposition of a Resolution Measure 
 will not constitute an event of default with respect to the Indenture or the notes.             |

If an event of default occurs, holders
of the notes have only limited enforcement remedies. If an event of default with respect to the notes occurs or is continuing, either
the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding debt securities issued under
the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and interest accrued thereon to
be due and payable immediately. We may issue further series of debt securities under the Indenture and these would be included in that
class of outstanding debt securities.

In particular, holders of the notes will
have no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under, the
notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of the notes could take legal
action against us, but they may not accelerate the maturity of the notes. Moreover, if we fail to make any payment because of the imposition
of a Resolution Measure, the trustee and the holders of the notes would not be permitted to take such action, and in such a case you may
permanently lose the right to the affected amounts.

Holders will also have no rights of acceleration
due to a default in the performance of any of our other covenants under the notes.

| · | THE                                                                                          
 NOTES WILL NOT BE LISTED AND THERE WILL LIKELY                                               
 BE LIMITED LIQUIDITY — The notes will not be listed on any securities exchange.              
 There may be little or no secondary market for the                                           
 notes. We or our affiliates intend to act as market makers for the notes but are not         
 required to do so and may cease such market making activities at any time. Even if there     
 is a secondary market, it may not provide enough liquidity                                   
 to allow you to trade or sell the notes when you wish to do so or at a price advantageous    
 to you. Because we do not expect that other market makers will participate significantly     
 in the secondary market for the notes, the price at which you may be able to sell your notes 
 is likely to depend on the price, if any, at which we or our affiliates are willing to buy