Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0000950103-25-016067
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B3
Chunk 15
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 upward.

Events of Default

Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus is a description
of the event of default relating to senior debt funding securities including the notes. The notes provide for no event of default other
than the opening of insolvency proceedings against us by a German court having jurisdiction over us.

The Indenture provides that
there is no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under the
notes or a default in the performance of any of our other covenants under the notes or the Indenture.

Payment Upon an Event of Default

If an event of default occurs and the maturity of the notes is accelerated, we will pay a default amount for each $1,000 Principal Amount of notes equal to $1,000 plus any accrued but unpaid interest to, but excluding, the date of acceleration.

If the maturity of the notes
is accelerated because of an event of default as described above, we will, or will cause the calculation agent to, provide written notice
to the trustee at its New York office, on which notice the trustee may conclusively rely, and to DTC of the cash amount due with respect
to the notes as promptly as possible and in no event later than two business days after the date of acceleration.

Modification

Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Modification of the Senior Debt Funding Indenture” in the accompanying
prospectus is a description of when the consent of each affected holder of debt securities is required to modify the Indenture.

Listing

The notes will not be listed
on any securities exchange.

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

Book-Entry Only Issuance—
The Depository Trust Company

DTC will act as securities
depositary for the notes. The notes will be represented by a type of global note in book-entry form referred to as a master note registered
in the name of Cede & Co. (DTC’s nominee). In connection with the issuance of the notes by us, the trustee and/or paying
agent will, in accordance with our instructions, make appropriate entries or notations in its records relating to the master note to indicate
that the master note evidences the issuance of the notes. See the descriptions contained in the accompanying prospectus supplement under
the headings “Description of Notes — Form, Legal Ownership and Den