Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009315
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 21
---
 (d) of such Article does not apply.
In any such event, no amounts will be payable in respect of the notes until the claims of such other unsubordinated creditors have been
satisfied in full.

The notes are intended to
qualify as eligible liabilities instruments within the meaning of Articles 72a and 72b(2) of the CRR for the minimum requirement for own
funds and eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we are subject.

The notes will be issued in
minimum denominations of $150,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes will be issued in registered form and represented by one
or more permanent global notes registered in the name of The Depository Trust Company (“DTC”) or its nominee, as described
under “Description of Notes — Form, Legal Ownership and Denomination of Notes” in the accompanying prospectus supplement
and “Forms of Securities — Legal Ownership — Global Securities” in the accompanying prospectus.

The specific terms of the
notes are set forth under the heading “Key Terms” on the cover page of this pricing supplement and in the subsections below.

Early Redemption

We have the right to redeem
the notes in our sole discretion in whole, but not in part, at 100% of the Principal Amount together with any accrued but unpaid interest
on August , 2030 (the “Call Date”) by giving not less than 5 Business Days’ prior notice. If the scheduled Call
Date is not a Business Day, it will be postponed to the following

<div align='center'>PS-12</div>

Business Day. Any redemption of the notes prior to the scheduled maturity will be subject to (i) receipt by the Issuer of approval of the competent resolution authority and (ii) compliance with any other regulatory requirements. If the notes are redeemed by us without the prior approval of such competent resolution authority, then the amounts paid on the notes must be returned to us irrespective of any agreement to the contrary.

Cleanup Redemption

We may redeem the notes in
our sole discretion, in whole, but not in part, at any time if 25% or less of the aggregate principal amount of notes originally issued
on the Settlement Date remains outstanding at such time, at a redemption price equal to 100% of