Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 18

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 18
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 conferred upon certain unsecured and unsubordinated obligations in the event of any Resolution
Measures imposed on us or in the event of our dissolution, liquidation, insolvency or composition, or if other proceedings are opened
for the avoidance of the insolvency of, or against, us; in accordance with Section 46f(5) of the German Banking Act (Kreditwesengesetz),
our obligations under the notes 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–3 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 $150,000 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 —