Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 19
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 Senior Debt Funding Notes due December , 2031.

General

The notes are unsecured unsubordinated
obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred obligations that pay interest semi-annually in arrears
for the first five years at a rate of % per annum and, thereafter, at a variable rate
per annum equal to Compounded SOFR (as defined below) plus %. The notes are our Senior Debt Funding Notes, Series E referred
to in the accompanying prospectus supplement and prospectus. The notes will be issued by Deutsche Bank AG New York Branch under an indenture
among us, Delaware Trust Company, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, authenticating agent, issuing
agent and registrar. From time to time, we may create and issue additional notes with the same terms, so that the additional notes 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