Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 21
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 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 beDecember , 2031, unless that day is not a Business Day, in which case the Maturity Date will be the first following Business Day. On the Maturity Date, you will receive a cash payment, for each $1,000 Principal Amount of notes, of $1,000 plusany accrued but unpaid interest. If the scheduled Maturity Date is not a Business Day, the principal plusany accrued but unpaid interest will be paid on the first following day that is a Business Day with the full force and effect as if made on the scheduled Maturity Date, and no interest on such postponed payment will accrue during the period from and after the scheduled Maturity Date.

During the period from, and including, the Settlement Date to, but excluding the Reset Date (the “ Fixed Rate Period”), the notes will bear interest at a fixed rate equal to % per annum (referred to herein as the “ Interest Rate” during the Fixed Rate Period), payable on a semi-annual basis in arrears on June and December of each year, commencing on June , 2026 and ending on the Reset Date (each, an “ Interest Payment Date” during the Fixed Rate Period) based on an unadjusted 30/360 day count convention. If any scheduled Interest Payment Date during the Fixed Rate Period is not a Business Day, the interest will be paid on the first following day that is a Business Day. Notwithstanding the foregoing, such interest will be paid with the full force and effect as if made on such scheduled Interest Payment Date, and no adjustment will be made to the amount of interest to be paid.

During the period from, and including, the