Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016059
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 12
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 will rank in priority to our senior
non-preferred obligations (i) under any of our debt instruments (Schuldtitel) within the meaning of Section 46f(6) sentence 1 of
the German Banking Act (including the senior non-preferred obligations under any such debt instruments that we issued before July 21,
2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision and (ii) eligible liabilities within
the meaning of Articles 72a 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”). For more information on Resolution Measures, see “Resolution Measures
and Deemed Agreement” on page PS–2 of this pricing supplement.

The notes are intended to
qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d), CRR for the minimum
requirement for own funds and eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we
are subject, including restrictions on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute
senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act.

The notes will be issued in
minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes 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.

Payments on the Notes

We will irrevocably deposit
with DTC no later than the opening of business on the applicable Interest Payment Date and the Maturity Date funds sufficient to make
payments of the amount payable with respect to the notes