Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0000950103-25-016067
Chunk: 17

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B3
Chunk 17
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 U. S. federal tax consequences of an investment in the notes, as well as tax consequences arising under the laws of any state, local or non- U. S. taxing jurisdiction.

<div align='center'>PS-11

USE OF PROCEEDS; HEDGING</div>

The net proceeds we receive from the sale of the notes will be used for general corporate purposes, as more particularly described in “Use of Proceeds” in the accompanying prospectus.

We or our affiliates may acquire a long or short position in securities similar to the notes from time to time and may, in our or their sole discretion, hold or resell those securities. Although we have no reason to believe that any of these activities will have a material impact on the value of the notes, we cannot assure you that these activities will not have such an effect.

<div align='center'>PS-12

SUPPLEMENTAL PLAN OF DISTRIBUTION(CONFLICTS OF INTEREST)</div>

Under the terms and subject
to the conditions contained in the Distribution Agreement entered into between Deutsche Bank AG and DBSI, as agent thereunder, DBSI has
agreed to purchase, and we have agreed to sell, the Principal Amount of notes set forth on the cover of this pricing supplement.

Notes sold by DBSI to the
public will initially be offered at the Issue Price set forth on the cover of this pricing supplement. If all of the notes are not sold
at the Issue Price, DBSI may change the offering price and the other selling terms.

DBSI will receive discounts
and commissions in the amount indicated on the cover hereof, and from such discounts and commissions will allow selected dealers a selling
concession in an amount not to exceed such discounts and commissions.

DBSI and any dealers that
participate with DBSI in the distribution of the notes may be deemed to be underwriters, and any discounts or commissions received by
them and any profit on the resale of the notes by them may be deemed to be underwriting discounts or commissions.

We own, directly or indirectly,
all of the outstanding equity securities of DBSI. The net proceeds received from the sale of the notes may be used, in part, by DBSI or
one of its affiliates in connection with hedging our obligations under the notes. Because DBSI is both our affiliate and a member of FINRA,
the underwriting arrangements for this offering must comply with the requirements of FINRA Rule 5121 regarding a FINRA member firm’s
distribution of the securities of