Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 20
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 Resolution
Measures, see “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement.

The notes are intended to
qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d), CRR for the minimum
requirement for own funds and eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we
are subject, including restrictions on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute
senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act.

The notes will be issued in
minimum denominations of $150,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes will be issued in registered form and represented by one
or more permanent global notes registered in the name of The Depository Trust Company (“DTC”) or its nominee, as described
under “Description of Notes — Form, Legal Ownership and Denomination of Notes” in the accompanying prospectus supplement
and “Forms of Securities — Legal Ownership — Global Securities” in the accompanying prospectus.

The specific terms of the
notes are set forth under the heading “Key Terms” on the cover page of this pricing supplement and in the subsections below.

<div align='center'>PS-13</div>

Early Redemption

We have the right to redeem
the notes in our sole discretion in whole, but not in part, at 100% of the Principal Amount together with any accrued but unpaid interest
on December , 2030 (the “Reset Date”) by giving not less than 5 Business Days’ prior notice. If the
scheduled Reset Date is not a Business Day, it will be postponed to the following Business Day. Any redemption of the notes prior to the
scheduled maturity will be subject to (i) receipt by the Issuer of approval of the competent resolution authority and (ii) compliance
with any other regulatory requirements. If the notes are redeemed by us without the prior approval of such competent resolution authority,
then the amounts paid on the notes must be returned to us irrespective of any agreement to the contrary.

Cleanup Redemption

We may redeem the notes in
our sole discretion, in whole, but not in part, at any time if