Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005759
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 9
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 the
trustee and the indenture agents will not be liable for, any action that the trustee or the indenture agents take, or abstain from taking,
in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect 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.

| · | IN                                                                                                
 A GERMAN INSOLVENCY PROCEEDING OR IN THE EVENT OF THE IMPOSITION OF RESOLUTION MEASURES WITH      
 RESPECT TO US, CERTAIN SPECIFICALLY DEFINED SENIOR UNSECURED DEBT INSTRUMENTS, INCLUDING          
 THE NOTES, WILL RANK JUNIOR TO ALL OF OUR OTHER OUTSTANDING SENIOR UNSECURED UNSUBORDINATED       
 OBLIGATIONS, AND WILL BE SATISFIED ONLY IF ALL OF OUR OTHER SENIOR UNSECURED UNSUBORDINATED       
 OBLIGATIONS HAVE BEEN PAID IN FULL. SUCH RANKING MIGHT RESULT IN HIGHER LOSSES BEING ALLOCATED    
 TO THE NOTES THAN TO OUR OTHER OUTSTANDING UNSECURED UNSUBORDINATED OBLIGATIONS —German           
 law provides that, in a German insolvency proceeding of the Issuer, certain specifically          
 defined senior unsecured debt instruments would rank junior to, without constituting subordinated 
 debt, all other outstanding unsecured unsubordinated obligations of the Issuer and be satisfied   
 only if all such other senior unsecured obligations of the Issuer have been paid in full.         
 This prioritization would also be given effect if Resolution Measures are imposed on the          
 Issuer, so that obligations under debt instruments that rank junior in insolvency as described    
 above would be written down or converted into common equity tier 1 instruments before any         
 other senior unsecured obligations of the Issuer are written down or converted. A large portion   
 of our liabilities consist of senior unsecured obligations that either fall outside the statutory 
 definition of debt instruments that rank junior to other senior unsecured obligations according   
 to German law or are expressly exempted from such definition.                                     |

Among those unsecured unsubordinated
obligations that do not constitute as such debt instruments are instruments with an initial maturity of less than one year as well as
senior unsecured instruments of indebtedness whose terms provide that (i) the repayment or the amount of the repayment depends on the
occurrence or non-occurrence of an event which