Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015308
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 12
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 on the price, if any, at which we or our affiliates are willing to buy the notes. If,   
 at any time, we or our affiliates do not act as market makers, it is likely that there would be little or no secondary market for the      
 notes.                                                                                                                                     |

| · | MANY ECONOMIC AND MARKET FACTORS                                                                                                  
 WILL AFFECT THE VALUE OF THE NOTES — The value of the notes prior to maturity will be affected by a number of economic and market 
 factors that may either offset or magnify each other, including:                                                                  |

| o | the time remaining to the maturity of the notes; |

| o | trends relating to inflation; |

| o | interest rates and yields in the markets generally; |

| o | geopolitical conditions and economic, financial, political, regulatory or 
 judicial events that affect the markets generally;                        |

| o | supply and demand for the notes; and |

| o | our creditworthiness, including actual or anticipated downgrades in our 
 credit ratings.                                                         |

<div align='center'>PS-7</div>

During the term of the notes, it is possible that their value may decline significantly due to the factors described above, and any sale prior to the Maturity Date could result in a substantial loss to you. You must hold the notes to maturity to receive the repayment of principal.

<div align='center'>PS-8

DESCRIPTION OF THE NOTES</div>

The following description of the terms of the notes supplements the description of the general terms of the debt securities set forth under the headings“ Description of Notes” in the accompanying prospectus supplement and“ Description of Debt Securities—Senior Debt Funding Securities” in the accompanying prospectus. Capitalized terms used but not defined in this pricing supplement have the meanings assigned to them in the accompanying prospectus supplement and prospectus. The term“notes” refers to our 5.50% Fixed Rate Callable Senior Debt Funding Notes due November 28, 2037.

General

The notes are unsecured unsubordinated
obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred obligations that pay interest at a fixed rate per annum
specified under “Key Terms—Interest Rate” above. The interest will be paid annually in arrears on each Interest Payment
Date, including the Maturity Date, based on an unadjusted 30/360 day count convention, unless earlier redeemed. The notes are our Senior
Debt Funding Notes, Series E referred to in the accompanying prospectus