Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016059
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 13
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 on such date. We will give DTC irrevocable instructions and authority to pay
such amount to the holders of the notes entitled thereto.

<div align='center'>PS-9</div>

Subject to the foregoing and to applicable law (including, without limitation, United States federal laws) and subject to approval by the competent authority, we or our affiliates may, at any time and from time to time, purchase outstanding notes by tender, in open market transactions or by private agreement.

Calculation Agent

Deutsche Bank AG, London Branch
will act as the calculation agent. As the calculation agent, Deutsche Bank AG, London Branch will determine, among other things, the amount
of interest payable in respect of your notes on each Interest Payment Date. Unless otherwise specified in this pricing supplement, all
determinations made by the calculation agent will be at the sole discretion of the calculation agent and will, in the absence of manifest
error, be conclusive for all purposes and binding on you, the trustee and us. We may appoint a different calculation agent from time to
time after the date of this pricing supplement without your consent and without notifying you.

The calculation agent will
provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, of the amount to be paid
on each Interest Payment Date and at maturity on or prior to 11:00 a.m., New York City time, on the business day preceding each Interest
Payment Date and the Maturity Date, as applicable.

All calculations with respect
to the amount of interest payable on the notes will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward (e.g., 0.876545 would be rounded to 0.87655); all U.S. dollar amounts related to determination of the payment per
$1,000 Principal Amount of notes at maturity will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded
upward (e.g., 0.76545 would be rounded up to 0.7655); and all U.S. dollar amounts paid on the aggregate Principal Amount
of notes per holder will be rounded to the nearest cent, with one-half cent rounded 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.