Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 7
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 or in which you make such purchases, offers or sales; neither we nor the agents shall have any responsibility therefor.

<div align='center'>PS-5

SELECTED RISK CONSIDERATIONS</div>

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete list of risk factors, please see the accompanying prospectus supplement and prospectus.

| · | THE VALUE OF THE NOTES MAY                                                                                                                
 DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST RATES OVER THE TERM OF THE NOTES — The value of the                    
 notes may decline over time due to such factors as inflation and/or rising interest rates. In addition, if the market interest rates rise 
 during the term of the notes, the Interest Rate on the notes during the Fixed Rate Period may in the future be lower than the interest    
 rates for similar debt securities then prevailing in the market. If this occurs, you will not be able to require the Issuer to redeem     
 the notes and will, therefore, bear the risk of holding the notes and of earning a lower return than you could earn on other investments  
 until the Maturity Date.                                                                                                                  |

| · | THE NOTES HAVE REINVESTMENT                                                                                                                  
 RISK — As described under “Key Terms—Early Redemption,” we retain the option to redeem the notes in our sole                                 
 discretion, in whole, but not in part, on the Reset Date, by giving not less than 5 Business Days’ prior notice. Additionally, as            
 described under “Key Terms—Cleanup Redemption,” we retain the option to redeem the notes in our sole discretion, in                          
 whole, but not in part, at any time if 25% or less of the aggregate principal amount of notes originally issued on the Settlement Date       
 remains outstanding at such time. It is more likely that we will redeem the notes prior to the Maturity Date to the extent that the interest 
 payable on the notes is greater than the interest that would be payable on other instruments of ours of a comparable maturity, of comparable 
 terms and of a comparable credit rating trading in the market. If the notes are redeemed, you may have to reinvest the proceeds in a lower   
 interest rate environment.                                                                                                                   |

| · | THE                                                                                                                                            
 NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG — The notes are unsecured and unsubordinated obligations of Deutsche Bank                  
 AG, ranking in priority to its senior non-preferred obligations,