Company: ADZCF
Filing Date: 2025-01-08
Form Type: 424B2
Source: 0000950103-25-000280
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-08
Form: 424B2
Chunk 23
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 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 beJanuary , 2029, 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 will be paid on the first following day that is a Business Day with the full force and effect as if made on the scheduled Maturity Date, and no interest on such postponed payment will accrue during the period from and after the scheduled Maturity Date.

The notes will bear interest from the Settlement Date at a variable rate (the “ Interest Rate”) equal to the Compounded SOFR plus % (the “ Spread”), payable on a quarterly basis in arrears on January , April , July and October of each year (each, an “ Interest Payment Date”), commencing on April , 2025 and ending on the Maturity Date, based on an Actual/360 day count convention