Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 4
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 Regulation, the Resolution Act and other applicable rules and regulations, the notes may be subject to
any Resolution Measure by the competent resolution authority if we become, or are deemed by the competent supervisory authority to have
become, “non-viable” (as defined under the then-applicable law) and are unable to continue our regulated banking activities
without a Resolution Measure becoming applicable to us.

By acquiring the notes, you will be bound by and
will be deemed irrevocably to consent to the provisions set forth in the accompanying prospectus, which we have summarized below. Under
the relevant resolution laws and regulations as applicable to us from time to time, the 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