Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016074
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 15
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th, with five one-millionths rounded
upward (e.g., 0.876545 would be rounded to 0.87655); all U.S. dollar amounts related to determination of the payment per
$1,000 Principal Amount of notes at maturity will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded
upward (e.g., 0.76545 would be rounded up to 0.7655); and all U.S. dollar amounts paid on the aggregate Principal Amount
of notes per holder will be rounded to the nearest cent, with one-half cent rounded upward.

Events of Default

Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus is a description
of the event of default relating to senior debt funding securities including the notes. 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.

The Indenture provides that
there is 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 or a default in the performance of any of our other covenants under the notes or the Indenture.

Payment Upon an Event of Default

If an event of default occurs and the maturity of the notes is accelerated, we will pay a default amount for each $1,000 Principal Amount of notes equal to $1,000 plus any accrued but unpaid interest to, but excluding, the date of acceleration.

If the maturity of the notes
is accelerated because of an event of default as described above, we will, or will cause the calculation agent to, provide written notice
to the trustee at its New York office, on which notice the trustee may conclusively rely, and to DTC of the cash amount due with respect
to the notes as promptly as possible and in no event later than two business days after the date of acceleration.

Modification

Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Modification of the Senior Debt Funding Indenture” in the accompanying
prospectus is a description of when the consent of each affected holder of debt securities is required to modify the Indenture.

Listing

The notes will not be listed
on any securities exchange.

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

Book-Entry Only Issuance—
The Depository Trust Company

DTC will act