Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 4
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 conditions of the notes or the cancellation of the notes. The
write-down and conversion powers are commonly referred to as the “bail-in tool” and the bail-in tool and each of the other
resolution measures are hereinafter referred to as a “Resolution Measure.” A “group entity” refers to an
entity that is included in the corporate group subject to a Resolution Measure. A “bridge bank” refers to a newly chartered
German bank that would receive some or all of our equity securities, assets, liabilities and material contracts, including those attributable
to our branches and subsidiaries, in a resolution proceeding.

Furthermore, by acquiring
the notes, you:

| · | waive,                                                                                                                                    
 to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee and the paying      
 agent, the issuing agent and the registrar (each, an “indenture agent”) for, agree not to initiate a suit against                         
 the trustee or the indenture agents in respect of, and agree that the trustee and the indenture agents will not be liable for, any action 
 that the trustee or any of the indenture agents takes, or abstains from taking, in either case in accordance with the imposition of a     
 Resolution Measure by the competent resolution authority with respect to the notes; and                                                   |

<div align='center'>PS-3</div>

| · | will                                                                                                                                           
 be deemed to have: (i) consented to the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent    
 resolution authority of its decision to exercise such power with respect to the notes; (ii) authorized, directed and requested DTC and         
 any direct participant in DTC or other intermediary through which you hold such notes to take any and all necessary action, if required,       
 to implement the imposition of any Resolution Measure with respect to the notes as it may be imposed, without any further action or direction  
 on your part or on the part of the trustee or the indenture agents; and (iii) acknowledged and accepted that the Resolution Measure provisions 
 described herein and in the “Resolution Measures” section of the accompanying prospectus are exhaustive on the matters described               
 herein and therein to the exclusion of any other agreements, arrangements or understandings between you and the Issuer relating to the         
 terms and conditions of the notes.                                                                                                             |

This is only a summary,
for more information please see the accompanying prospectus dated April 26, 2024, including the risk