Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 10
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 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) any of our debt instruments (Schuldtitel) 
 within the meaning of Section 46f(6) sentence 1 of the German Banking Act (including the senior non-preferred obligations under any such          
 debt instruments that we issued before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor           
 provision and (ii) eligible liabilities within the meaning of Articles 72a and 72b(2) of Regulation (EU) No 575/2013 of the European              
 Parliament and of the Council, as amended, supplemented or replaced from time to time (the “CRR”).                                                |

<div align='center'>PS-7</div>

You as
holder of notes may not set off or net your claims arising under the notes against any of our claims. No collateral or guarantee shall
be provided at any time to secure claims of a holder of notes under the notes; any collateral or guarantee already provided or granted
in the future in connection with our other liabilities may not be used for claims under the notes.

No subsequent
agreement may enhance the seniority of the obligations as described above or shorten the term of the notes or any applicable notice period.
Any redemption, repurchase or termination of the notes prior to their scheduled maturity is subject to the prior approval of the competent
resolution authority.

If insolvency
proceedings are opened against us or if Resolution Measures are imposed on us, our “senior preferred” debt securities (including
the notes offered herein) are expected to be among the unsecured unsubordinated obligations that would bear losses after our “senior
non-preferred” debt instruments, including our non-structured senior debt securities issued before July 21, 2018.

On the
other hand, there are