Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000345
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 20
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 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.

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 January 10, 2028 (the “Call Date”) by giving not less than 5

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

Business Days’ prior
notice. If the scheduled Call 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 25% or less of the aggregate principal amount of notes originally issued
on the Settlement Date remains outstanding at such time, at a redemption price equal to 100% of the Principal Amount plus accrued and
unpaid interest to, but not including, the redemption date. In the case of a cleanup redemption, we will deliver notice of redemption
not less than 5 Business Days prior to the redemption date. 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.

Payments on the Notes

The “ Maturity Date” will beJanuary 10, 2029, unless that day is not a Business Day, in which case the Maturity