Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 9
---
 with similar types of securities issued by other financial institutions which may be or have been subject to a Resolution
Measure.

In addition,
by your acquisition of 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 indenture agents 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 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.

| · | OUR                                                                                                                                               
 SENIOR DEBT FUNDING SECURITIES, INCLUDING THE NOTES OFFERED HEREIN, ARE INTENDED TO QUALIFY AS ELIGIBLE LIABILITIES WITHIN THE MEANING            
 OF ARTICLE 72B(2), WITH THE EXCEPTION OF POINT (D), CRR FOR THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES UNDER THE              
 ISSUER REGULATORY CAPITAL PROVISIONS APPLICABLE TO US. THEY ARE EXPECTED TO CONSTITUTE “SENIOR PREFERRED” DEBT SECURITIES                         
 AND WOULD, IF INSOLVENCY PROCEEDINGS ARE OPENED AGAINST US OR IF RESOLUTION MEASURES ARE IMPOSED ON US, BEAR LOSSES AFTER OUR “SENIOR             
 NON-PREFERRED” DEBT INSTRUMENTS BUT BEFORE OTHER LIABILITIES WITH AN EVEN MORE SENIOR RANK, FOR EXAMPLE, COVERED DEPOSITS AND DEPOSITS            
 HELD BY NATURAL PERSONS AND MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES — The notes are intended to qualify as eligible liabilities                 
 instruments within the meaning of Article 72b(2), with the exception of point (d), CRR for the minimum requirement for own funds and              
 eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we are subject, including restrictions     
 on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute senior non-preferred debt instruments     
 within the meaning of Section 46f(6) sentence 1 of the German Banking Act (Kreditwesengesetz). The