Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 22
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 purposes of trading in U.S. government securities.

A “ Business Day” is any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii) a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which T2 is not operating.

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 on such date. We will give DTC irrevocable instructions and authority to pay
such amount to the holders of the notes entitled thereto.

Subject to the foregoing and
to applicable law (including, without limitation, United States federal laws) and subject to approval by the competent authority, we or
our affiliates may, at any time and from time to time, purchase outstanding notes by tender, in open market transactions or by private
agreement.

Calculation Agent

Deutsche Bank AG, London Branch
will act as the calculation agent. As the calculation agent, Deutsche Bank AG, London Branch will determine, among other things, the amount
of interest payable in respect of your notes on each Interest Payment Date. Unless otherwise specified in this pricing supplement, all
determinations made by the calculation agent will be at the sole discretion of the calculation agent and will, in the absence of manifest
error, be conclusive for all

<div align='center'>PS-15</div>

purposes and binding on you, the trustee and us.
We may appoint a different calculation agent from time to time after the date of this pricing supplement without your consent and without
notifying you.

The calculation agent will
provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, of the amount to be paid
on each Interest Payment Date and at maturity on or prior to 11:00 a.m., New York City time, on the Business Day preceding each Interest
Payment Date and the Maturity Date, as applicable.

All calculations with respect
to the amount of interest payable on the notes will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward (e.g., 0.876545 would be rounded to 0.