Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016079
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 13
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 will be considered as part of the same issuance as the earlier notes.

The notes are not deposits
or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental
agency or instrumentality. The notes constitute our unsecured and unsubordinated obligations ranking pari passuamong themselves
and with all of our other unsecured and unsubordinated obligations, subject, however, to statutory priorities conferred upon certain unsecured
and unsubordinated obligations in the event of any Resolution Measures imposed on us or in the event of our dissolution, liquidation,
insolvency or composition, or if other proceedings are opened for the avoidance of the insolvency of, or against, us; in accordance with
Section 46f(5) of the German Banking Act (Kreditwesengesetz), our obligations under the notes will rank in priority to our senior
non-preferred obligations (i) under any of our debt instruments (Schuldtitel) within the meaning of Section 46f(6) sentence 1 of
the German Banking Act (including the senior non-preferred obligations under any such debt instruments that we issued before July 21,
2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision and (ii) eligible liabilities within
the meaning of Articles 72a and 72b(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, as amended, supplemented
or replaced from time to time (the “CRR”). For more information on Resolution Measures, see “Resolution Measures
and Deemed Agreement” on page PS–2 of this pricing supplement.

The notes are intended to
qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d), 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, including restrictions on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute
senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act.

The notes will be issued in
minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue