Company: ADZCF
Filing Date: 2025-04-15
Form Type: 424B2
Source: 0000950103-25-004867
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-15
Form: 424B2
Chunk 15
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 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 the imposition of any Resolution Measure will not constitute a default or an event of default under the Notes, under the senior indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939, as amended. In addition, the trustee, the paying agent, issuing agent, registrar and The Depository Trust Company (“ DTC”) and any direct participant in DTC or other intermediary through which you hold such Notes may take any and all necessary action, or abstain from taking any action, if required, to implement the imposition of any Resolution Measure 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. For more information, including details on the particular German and European laws and regulations referenced above, please see the accompanying prospectus dated April 26, 2024, including the risk factors beginning on page 20 of such prospectus.

Risks Relating to the Estimated Value of the Notes and any Secondary Market

| ¨ | The Issuer’s Estimated Value of the Notes                                                                                                      
 on the Trade Date Will Be Less Than the Issue Price of the Notes — The Issuer’s estimated value of the Notes on the Trade                      
 Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Notes. The difference between the Issue        
 Price and the Issuer’s estimated value of the Notes on the Trade Date is due to the inclusion in the Issue Price of the agent’s                
 commissions, if any, and the cost of hedging our obligations under the Notes through one or more hedge counterparties, which will include      
 UBS or its affiliates. Such hedging cost includes our or our hedge counterparty’s expected cost of providing such hedge, as well               
 as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing such hedge.         
 The Issuer’s estimated value of the Notes is determined by reference to an