Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 11
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 and 72b(2) of Regulation (EU) No 575/2013 of the European Parliament   
 and of the Council, as amended, supplemented or replaced from time to time (the “CRR”).                                                           |

<div align='center'>PS-7</div>

You as holder of notes may not set off
or net your claims arising under the notes against any of our claims. No collateral or guarantee shall be provided at any time to secure
claims of a holder of notes under the notes; any collateral or guarantee already provided or granted in the future in connection with
our other liabilities may not be used for claims under the notes.

No subsequent agreement may enhance the
seniority of the obligations as described above or shorten the term of the notes or any applicable notice period. Any redemption, repurchase
or termination of the notes prior to their scheduled maturity is subject to the prior approval of the competent resolution authority.

If insolvency proceedings are opened
against us or if Resolution Measures are imposed on us, our “senior preferred” debt securities (including the notes offered
herein) are expected to be among the unsecured unsubordinated obligations that would bear losses after our “senior non-preferred”
debt instruments, including our non-structured senior debt securities issued before July 21, 2018.

On the other hand, there are liabilities
with an even more senior rank, for example, covered deposits and deposits held by natural persons and micro, small and medium-sized enterprises.
Therefore, you may lose some or all of your investment in the notes offered herein if insolvency proceedings are opened against us or
a Resolution Measure becomes applicable to us.

| · | SOFR HAS A LIMITED HISTORY,                                                                                                                   
 AND ITS HISTORICAL PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE — The New York Federal Reserve began to publish SOFR                   
 in April 2018. Although the New York Federal Reserve has also begun publishing historical indicative SOFR going back to 2014, such historical 
 indicative data inherently involves assumptions, estimates and approximations. Therefore, SOFR has limited performance history and no         
 actual investment based on the performance of SOFR was possible before April 2018. The level of SOFR over the term of the notes may bear      
 little or no relation to the historical level of SOFR. The future performance of SOFR is impossible to predict and therefore no future        
 performance of SOFR or the notes may be inferred from any of the hypothetical or actual historical performance data.