Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009315
Chunk: 9

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 9
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 Pursuant                                                      
 to the SRM Regulation, the Resolution Act and other applicable rules and regulations described above under “Resolution Measures                  
 and Deemed Agreement,” the notes are subject to the powers exercised by the competent resolution authority to impose Resolution                  
 Measures on us, which may include: (i) writing down, including to zero, any claim for payment on the notes; (ii) converting the notes            
 into ordinary shares of (x) the Issuer, (y) any group entity or (z) 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 (iii) applying any other resolution measure including, but not limited to, transferring the notes to another          
 entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent resolution authority         
 may apply Resolution Measures individually or in any combination. Imposition of a Resolution Measure would likely occur if the competent         
 supervisory authority determines that we are failing or likely to fail and that certain other conditions are met (as set forth under the         
 applicable law). The notes may become subject to Resolution Measures even before the commencement of a resolution procedure, and also            
 if the competent resolution authority deems that our viability depends on a write-down or conversion of such securities, or if we require        
 extraordinary public support (subject to certain exceptions). The BRRD, the Resolution Act and, as applicable, the SRM Regulation are            
 intended to eliminate the need for public support of troubled banks, and you should be aware that public support, if any, would only potentially 
 be used by the competent supervisory authority as a last resort after                                                                            |

<div align='center'>PS-6</div>

| having assessed and exploited, to the maximum                         
 extent practicable, the resolution tools, including the bail-in tool. |

By acquiring the notes, you would have
no claim or other right against us 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