Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016059
Chunk: 17

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 17
---
 as principal
or agent in connection with offers and sales of the notes in the secondary market. Secondary market offers and sales will be made at prices
related to market prices at the time of such offer or sale; accordingly, DBSI or a dealer may change the public offering price, concession
and discount after the offering has been completed.

In order to facilitate the
offering of the notes, DBSI may engage in transactions that stabilize, maintain or otherwise affect the price of the notes. Specifically,
DBSI may sell more notes than it is obligated to purchase in connection with the offering, creating a naked short position in the notes
for its own account. DBSI must close out any naked short position by purchasing the notes in the open market. A naked short position is
more likely to be created if DBSI is concerned that there may be downward pressure on the price of the notes in the open market after
pricing that could adversely affect investors who purchase in the offering. As an additional means of facilitating the offering, DBSI
may bid for, and purchase, notes in the open market to stabilize the price of the notes. Any of these activities may raise or maintain
the market price of the notes above independent market levels or prevent or slow a decline in the market price of the notes. DBSI is not
required to engage in these activities and may end any of these activities at any time.

No action has been or will
be taken by us, DBSI or any dealer that would permit a public offering of the notes or possession or distribution of this pricing supplement,
the accompanying prospectus supplement or prospectus other than in the United States, where action for that purpose is required. No offers,
sales or deliveries of the notes, or distribution of this pricing supplement, the accompanying prospectus supplement or prospectus or
any other offering material relating to the notes, may be made in or from any jurisdiction except in circumstances which will result in
compliance with any applicable laws and regulations and will not impose any obligations on us, DBSI or any dealer.

DBSI has represented and agreed that if any notes are to be offered outside the United States, it will not offer or sell any such notes in any jurisdiction if such offer or sale would not be in compliance with any applicable law or regulation or if any consent, approval or permission is needed for such offer or sale by it or for or on behalf of the Issuer unless such consent, approval or permission has been previously obtained and DBSI will obtain any consent, approval or permission