Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 15
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. In addition, if a Benchmark Transition Event and its related Benchmark 
 Replacement Date have occurred, we or our designee will make certain determinations with respect to the notes in our or our                  |

<div align='center'>PS-10</div>

designee’s sole discretion as
further described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying
prospectus supplement. Any of these determinations may adversely affect the payout to investors. Moreover, certain determinations
may require the exercise of discretion and the making of subjective judgments, such as with respect to Compounded SOFR or the occurrence
or non-occurrence of a Benchmark Transition Event and any Benchmark Replacement Conforming Changes. These potentially subjective determinations
may adversely affect the payout to you on the notes. For further information regarding these types of determinations, see “Description
of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement.

| · | THE                                                                                                                                    
 NOTES CONTAIN LIMITED EVENTS OF DEFAULT, AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED — As described in “Description              
 of Debt Securities — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus, the notes                     
 provide for no event of default other than the opening of insolvency proceedings against us by a German court having jurisdiction over 
 us. In particular, the imposition of a Resolution Measure will not constitute an event of default with respect to the Indenture or the 
 notes.                                                                                                                                 |

If an event of default occurs, holders
of the notes have only limited enforcement remedies. If an event of default with respect to the notes occurs or is continuing, either
the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding debt securities issued under
the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and interest accrued thereon to
be due and payable immediately. We may issue further series of debt securities under the Indenture and these would be included in that
class of outstanding debt securities.

In particular, holders of the notes
will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under,
the notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of the notes could take legal
action against us, but they may not