Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016059
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 4
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 Measure by the competent resolution authority 
 with respect to the notes; and                                                                                                                 |

| · | will be deemed to have: (i) consented to the imposition                                                                                   
 of any Resolution Measure as it may be imposed without any prior notice by the competent resolution authority of its decision to exercise 
 such power with respect to the notes; (ii) authorized, directed and requested DTC and any direct participant in DTC or                    |

<div align='center'>PS-2</div>

other intermediary through which you
hold such notes to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect
to the notes as it may be imposed, without any further action or direction on your part or on the part of the trustee or the indenture
agents; and (iii) acknowledged and accepted that the Resolution Measure provisions described herein and in the “Resolution Measures”
section of the accompanying prospectus are exhaustive on the matters described herein and therein to the exclusion of any other agreements,
arrangements or understandings between you and the Issuer relating to the terms and conditions of the notes.

This is only a summary,
for more information please see the accompanying prospectus dated April 26, 2024, including the risk factors beginning on page 20 of such prospectus.

<div align='center'>PS-3

SUMMARY</div>

You should read
this pricing supplement together with the prospectus supplement dated April 26, 2024 relating to our Senior Debt Funding Notes, Series
E of which these notes are a part and the prospectus dated April 26, 2024. You may access these documents on the website of the Securities
and Exchange Commission (the “SEC”) at.www.sec.gov as follows (or, if such address has changed, by reviewing our filings
for the relevant date on the SEC website):

https://www.sec.gov/Archives/edgar/data/1159508/000095010324005864/crt_dp210218-424b2.pdf

https://www.sec.gov/Archives/edgar/data/1159508/000119312524118649/d776815d424b21.pdf

Our Central Index
Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, “we,” “us” or
“our” refers to Deutsche Bank AG, including, as the context requires, acting through one of its branches.

This pricing supplement, together with