Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 5

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 5
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 align='center'>PS-2</div>

| Resolution Measures  
 and Deemed Agreement |

Under German and European
laws and regulations, the Securities may be subject to any Resolution Measure by the competent resolution authority if we become, or
are deemed by the competent supervisory authority to have become, “non-viable” (as defined under the then-applicable law)
and are unable to continue our regulated banking activities without a Resolution Measure becoming applicable to us. Under the relevant
resolution laws and regulations as applicable to us from time to time, the Securities may be subject to the powers exercised by the competent
resolution authority to: (i) write down, including to zero, of any payment (or delivery obligations) on the Securities; (ii) convert
the Securities into ordinary shares of (a) the Issuer, (b) any group entity or (c) any bridge bank or other instruments of ownership
of such entities qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners)
of such ordinary shares or instruments); and/or (iii) apply any other resolution measure, including, but not limited to, any transfer
of the Securities to another entity, the amendment, modification or variation of the terms and conditions of the Securities or the cancellation
of the Securities. The write-down and conversion powers are commonly referred to as the “bail-in tool” and the bail-in tool
and each of the other resolution measures are hereinafter referred to as a “Resolution Measure.” By acquiring the
Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure by the competent
resolution authority as set forth in the accompanying prospectus dated April 26, 2024. Please read the risk factor “The Securities May Be Written Down, Be Converted into Ordinary Shares or Other Instruments of Ownership or Become Subject to Other Resolution Measures. You May Lose Some or All of Your Investment If Any Such Measure Becomes Applicable to Us” in this pricing supplement.

This is only a summary,
for more information please see the accompanying prospectus dated April 26, 2024, including the risk factors beginning on page 20 of
such prospectus.

<div align='center'>PS-3</div>

| Additional Information              
 About the Issuer and the Securities |

You should read this
pricing supplement together with underlying supplement No. 1 dated April 26, 2024, product supplement B dated