Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000345
Chunk: 3

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 3
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 notes may be subject to the powers exercised by
the competent resolution authority to: (i) write down, including to zero, any payment on the notes; (ii) convert the notes into ordinary
shares of (a) the Issuer, (b) any group entity or (c) any bridge bank or other instruments of ownership of such entities qualifying as
common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary shares or
instruments); and/or (iii) apply any other resolution measure including, but not limited to, any transfer of the notes to another entity,
the amendment, modification or variation of the terms and 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                                                   |

| · | 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