Company: ADZCF
Filing Date: 2025-05-08
Form Type: 424B2
Source: 0000950103-25-005836
Chunk: 8

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-08
Form: 424B2
Chunk 8
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 arising out of any Resolution Measure and we would have no obligation to make payments under the notes
following the imposition of such Resolution Measure. In particular, the imposition of any Resolution Measure will not constitute a default
or an event of default under the notes, under the Indenture or for the purposes of, but only to the fullest extent permitted by, the Trust
Indenture Act. Furthermore, 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 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.

| · | IN A GERMAN INSOLVENCY PROCEEDING                                                                                                            
 OR IN THE EVENT OF THE IMPOSITION OF RESOLUTION MEASURES WITH RESPECT TO US, CERTAIN SPECIFICALLY DEFINED SENIOR UNSECURED DEBT INSTRUMENTS, 
 INCLUDING THE NOTES, WILL RANK JUNIOR TO ALL OF OUR OTHER OUTSTANDING SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS, AND WILL BE SATISFIED     
 ONLY IF ALL OF OUR OTHER SENIOR UNSECURED UNSUBORDINATED OBLIGATIONS HAVE BEEN PAID IN FULL. SUCH RANKING MIGHT RESULT IN HIGHER LOSSES      
 BEING ALLOCATED TO THE NOTES THAN TO OUR OTHER OUTSTANDING UNSECURED UNSUBORDINATED OBLIGATIONS —German                                      
 law provides that, in a German insolvency proceeding of the Issuer, certain specifically defined senior unsecured debt instruments would     
 rank junior to, without constituting subordinated debt, all other outstanding unsecured unsubordinated obligations of the Issuer and be