Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 7
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 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,  and are not, either directly or indirectly, an obligation                    
 of any third party. Any interest payments to be made on the notes and the repayment of principal at maturity depend on the ability of          
 Deutsche Bank AG to satisfy its obligations as they become due. An actual or anticipated downgrade in Deutsche Bank AG’s credit                
 rating or increase in the credit spreads charged by the market for taking Deutsche Bank AG’s credit risk will likely have an adverse           
 effect on the value of the notes. As a result, the actual and perceived creditworthiness of Deutsche Bank AG will affect the value of          
 the notes.  Any future downgrade could materially affect Deutsche Bank AG’s funding costs and cause the trading price                          
 of the notes to decline significantly. Additionally, under many derivative contracts to which Deutsche Bank AG is a party, a downgrade         
 could require it to post additional collateral, lead to terminations of contracts with accompanying payment obligations or give counterparties 
 additional remedies. In the event Deutsche Bank AG were to default on its payment obligations or become subject to a Resolution Measure,       
 you might not receive interest and principal payments owed to you under the terms of the notes and you could lose your entire investment.      |

| · | THE                                                                                                                                         
 NOTES MAY BE WRITTEN DOWN, BE CONVERTED INTO ORDINARY SHARES OR OTHER INSTRUMENTS OF OWNERSHIP OR BECOME SUBJECT TO OTHER RESOLUTION        
 MEAS