Company: ADZCF
Filing Date: 2025-10-30
Form Type: 424B2
Source: 0000950103-25-013895
Chunk: 5

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-30
Form: 424B2
Chunk 5
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if at all, would generally be lower than both the Issue Price and the Issuer’s estimated value of the Securities on the Trade Date.
Our purchase price, if any, in secondary market transactions will be based on the estimated value of the Securities determined by reference
to (i) the then-prevailing internal funding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our
pricing models at that time, less a bid spread determined after taking into account the size of the repurchase, the nature of the assets
underlying the Securities and then-prevailing market conditions. The price we report to financial reporting services and to distributors
of our Securities for use on customer account statements would generally be determined on the same basis. However, during the period of
approximately six months beginning from the Settlement Date, we or our affiliates may, in our sole discretion, increase the purchase price
determined as described above by an amount equal to the declining differential between the Issue Price and the Issuer’s estimated
value of the Securities on the Trade Date, prorated over such period on a straight-line basis, for transactions that are individually
and in the aggregate of the expected size for ordinary secondary market repurchases.

<div align='center'>PS-2</div>

| Resolution Measures and Deemed Agreement |

Under German and European
laws and regulations, the Securities 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. Under the relevant resolution
laws and regulations as applicable to us from time to time, the Securities may be subject to the powers exercised by the competent resolution
authority to: (i) write down, including to zero, of any payment (or delivery obligations) on the Securities; (ii) convert the Securities
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 Securities
to another entity, the amendment, modification or variation of