Company: ADZCF
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0000950103-25-000348
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-10
Form: 424B2
Chunk 2
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:        | 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 the Reset Date by giving not less than 5 Business Days’ prior notice, subject to regulatory approval. If the scheduled Reset Date is not a Business Day, it will be postponed to the following Business Day.                                  |
| 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. See “Description of the Notes—Cleanup Redemption.” |
| U.S. Government          
 Securities Business Day: | Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association (or any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.                                                                                                                            |
| Business Day:            | Any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii) a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which T2 is not operating                                                                |
| Trade Date:              | January 8, 2025                                                                                                                                                                                                                                                                                                                                                                                                         |
| Settlement Date:         | January 10, 2025                                                                                                                                                                                                                                                                                                                                                                                                        |
| Reset Date:              | January 10, 2028                                                                                                                                                                                                                                                                                                                                                                                                        |
| Maturity Date:           | January 10, 2029                                                                                                                                                                                                                                                                                                                                                                                                        |
| Listing:                 | The notes will not be listed on any securities exchange.                                                                                                                                                                                                                                                                                                                                                                |
| CUSIP / ISIN:            | 25160PAQ0 / US25160PAQ00                                                                                                                                                                                                                                                                                                                                                                                                |

<div align='center'>PS-2

RESOLUTION MEASURES AND DEEMED AGREEMENT</div>

On May 15, 2014, the European
Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit
institutions