Company: ADZCF
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0000950103-25-014790
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-14
Form: 424B2
Chunk 12
---
 over us. In particular, the imposition of      
 a Resolution Measure will not constitute an event of default with respect to the Senior Debt Funding Indenture or the Notes. If an event   
 of default occurs, holders of the Notes have only limited enforcement remedies. If an event of default with respect to the Notes occurs    
 or is continuing, either the trustee or the holders of not less than 33⅓% in aggregate principal amount of all outstanding debt            
 securities issued under the Senior Debt Funding Indenture, including the Notes, voting as one class, may declare the principal amount      
 of the Notes and interest accrued thereon to be due and payable immediately. We may issue further series of debt securities under the      
 Senior Debt Funding Indenture and these would be included in that class of outstanding debt securities. In particular, holders of the      
 Notes will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing      
 under, the Notes or a default in the performance of any of our other covenants under the Notes. If such a default occurs and is continuing 
 with respect to the Notes, the trustee and the holders of the Notes could take legal action against us, but they may not accelerate the    
 maturity of the Notes. Moreover, if we fail to make any payment because of the imposition of a Resolution Measure, the trustee and the     
 holders of the Notes would not be permitted to take such action, and in such a case you may permanently lose the right to the affected     
 amounts.                                                                                                                                   |

Risks Relating to the Estimated Value of the Notes and any Secondary Market

| · | The Issuer’s Estimated Value of the Notes                                                                                      
 on the Trade Date Will Be Less Than the Issue Price of the Notes — The Issuer’s estimated value of the Notes on the Trade      
 Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Notes.  The difference between 
 the Issue Price and the Issuer’s estimated value of the Notes on the Trade                                                     |

<div align='center'>PS-9</div>

Date is due to the inclusion in the Issue
Price of discounts and commissions, if any, and the cost of hedging our obligations under the Notes through one or more hedge counterparties,
which will include UBS or its affiliates. Such hedging cost includes our or our hedge counterparty’s expected cost of providing
such hedge, as well as the profit we or our hedge counterparty expect to