Company: ADZCF
Filing Date: 2025-04-15
Form Type: 424B3
Source: 0000950103-25-004905
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-15
Form: 424B3
Chunk 12
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ies. Such hedging cost includes             
 our or our hedge counterparty’s expected cost of providing such hedge, as well as the profit we or our hedge counterparty expect                 
 to realize in 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