Company: ADZCF
Filing Date: 2025-09-25
Form Type: 424B2
Source: 0000950103-25-012184
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-25
Form: 424B2
Chunk 12
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 consideration for assuming       
 the risks inherent in providing such hedge. However, during the period of approximately six months beginning from the Settlement Date,          
 we or our affiliates may, in our sole discretion, increase the purchase price at which we or our affiliates would be willing to purchase        
 the notes by an amount equal to a portion of the estimated cost of hedging our obligations under the notes, the agent’s commissions,            
 if any, and other costs in connection with the notes which we or our affiliates will no longer expect to incur over the term of the notes,      
 prorated over such period on a straight-line basis, for transactions that are individually and in the aggregate of the expected size for        
 ordinary secondary market repurchases, as discussed further under “Supplemental Plan of Distribution (Conflicts of Interest).”                  
 The amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period described above.              |

| · | THE NOTES WILL NOT BE LISTED                                                                                                      
 AND THERE WILL LIKELY BE LIMITED LIQUIDITY — The notes will not be listed on any securities exchange. There                       
 may be little or no secondary market for the notes. We or our affiliates intend to act as market makers for the notes but are not 
 required to do so and may cease such market making activities at any time. Even if there is a secondary market, it                
 may                                                                                                                               |

<div align='center'>PS-7</div>

not provide enough liquidity to allow you to trade or sell the notes when you wish to do so or at a price advantageous to you. Because we do not expect that other market makers will participate significantly in the secondary market for the notes, the price at which you may be able to sell your notes is likely to depend on the price, if any, at which we or our affiliates are willing to buy the notes. If, at any time, we or our affiliates do not act as market makers, it is likely that there would be little or no secondary market for the notes.

| · | MANY ECONOMIC AND MARKET FACTORS                                                                                                  
 WILL AFFECT THE VALUE OF THE NOTES — The value of the notes prior to maturity will be affected by a number of economic and market 
 factors that may either offset or magnify each other, including:                                                                  |

| o | the time remaining to the maturity 
 of the notes;                      |

| o | trends relating to inflation; |

| o | interest rates and yields in the 
 markets generally;               |

| o | geopolitical