Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 19
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 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.

<div align='center'>PS-13</div>

Early Redemption

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 December 10, 2030 (the “Reset Date”) by giving not less than 5 Business Days’ prior notice. If the scheduled
Reset Date is not a Business Day, it will be postponed to the following Business Day. 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.

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. 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 10, 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