Company: ADZCF
Filing Date: 2025-11-28
Form Type: 424B2
Source: 0000950103-25-015416
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-28
Form: 424B2
Chunk 11
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 Measure becoming applicable to us.

| o | If a Resolution Measure is imposed on us, you may lose some or                                                                              
 all of your investment in the Notes. A Resolution Measure may include: a write down, including to zero, of any claim for payment on         
 the Notes; a conversion of the Notes into ordinary shares of us, any group entity or 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); or the application of any other resolution measure including, but not limited to, any transfer     
 of the Notes to another entity, an amendment, modification or variation of the terms and conditions of the Notes or the cancellation of     
 the Notes. The competent resolution authority may apply Resolution Measures individually or in any combination. Therefore, you may lose     
 some or all of your investment in the Notes offered herein if insolvency proceedings are opened against us or a Resolution Measure becomes  
 applicable to us.                                                                                                                           |

| o | If a Resolution Measure is imposed on us, the secondary market                                                                         
 for the Notes may be affected. It will be difficult to predict when, if at all, a Resolution Measure might become applicable to us     
 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 Debt Funding 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