Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 10
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 of your investment in the Securities. A Resolution Measure may include: a write down,              
 including to zero, of any claim for payment on the Securities; a conversion of the Securities      
 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 Securities to another entity, an amendment, modification or variation of the terms          
 and conditions of the Securities or the cancellation of the Securities. 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 Securities 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 Securities 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 Securities 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.                                                                         |

By acquiring the Securities, 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 Securities, under the senior 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 Securities 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 Securities. Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution Measure. For more information, including details on the particular German and European laws and regulations referenced above