Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005759
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 2
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Description of the Notes—Cleanup Redemption.” |
| U.S. Government          
 Securities Business Day: | Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association (or any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.                                                                                                                            |
| Business Day:            | Any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii) a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which T2 is not operating                                                                |
| Trade Date:              | May   , 2025                                                                                                                                                                                                                                                                                                                                                                                                            |
| Settlement Date:         | May   , 2025                                                                                                                                                                                                                                                                                                                                                                                                            |
| Reset Date:              | May   , 2030                                                                                                                                                                                                                                                                                                                                                                                                            |
| Maturity Date:           | May   , 2031                                                                                                                                                                                                                                                                                                                                                                                                            |
| Listing:                 | The notes will not be listed on any securities exchange.                                                                                                                                                                                                                                                                                                                                                                |
| CUSIP / ISIN:            | 251526DA4 / US251526DA41                                                                                                                                                                                                                                                                                                                                                                                                |

<div align='center'>PS-2

RESOLUTION MEASURES AND DEEMED AGREEMENT</div>

On May 15, 2014, the European
Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit
institutions and investment firms (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or
the “BRRD”), which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz,
or, as amended, the “Resolution Act”), which became effective on January 1, 2015. The BRRD and the Resolution Act provided
national resolution authorities with a set of resolution powers to intervene in the event that a bank is failing or likely to fail and
certain other conditions are met. From January 1, 2016, the power to initiate Resolution Measures applicable to significant banking groups
(such as Deutsche Bank Group) in the European Banking Union was transferred to the European Single Resolution Board which, based on the
European Union regulation establishing uniform