Company: ADZCF
Filing Date: 2025-04-15
Form Type: 424B2
Source: 0000950103-25-004867
Chunk: 14

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-15
Form: 424B2
Chunk 14
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 require it to post    
 additional collateral, lead to terminations of contracts with accompanying payment obligations or give counterparties additional remedies. 
 In the event Deutsche Bank AG were to default on its obligations or become subject to a Resolution Measure, you might not receive any      
 amount(s) owed to you under the terms of the Notes and you could lose your entire investment.                                              |

| ¨ | The Notes May Be Written Down, Be Converted                                                                                             
 into Ordinary Shares or Other Instruments of Ownership or Become Subject to Other Resolution Measures. You May Lose Some or All of Your 
 Investment If Any Such Measure Becomes Applicable to Us                                                                                 |

| o | Resolution Measures could be imposed on us. German and European                                                                          
 laws and regulations provide German and European resolution authorities with a set of powers to intervene in the event that a bank is    
 failing or likely to fail and certain other conditions are met. Specifically, the competent resolution authority could impose Resolution 
 Measures on us under German and European laws and regulations 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.                                                                                  |

| o | If a Resolution Measure is imposed on us, you may lose some or                                                                      
 all of your investment in the Notes. A Resolution Measure may include: a write down, including to zero, of any claim for payment on 
 the Notes; a conversion                                                                                                             |

<div align='center'>PS-10</div>

of the Notes 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 Notes to another entity, an amendment, modification or variation of the terms and conditions of the Notes or the cancellation of the Notes. 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 Notes 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 Notes may be affected. It will be difficult to predict when, if at all, a Resolution Measure might become applicable to us