Company: ADZCF
Filing Date: 2025-12-02
Form Type: 424B2
Source: 0000950103-25-015626
Chunk: 18

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-02
Form: 424B2
Chunk 18
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. Dealers who purchase the notes for sales to eligible institutional investors and fee-based advisory accounts may forgo some
or all selling concessions.

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 an affiliate and related conflicts of interest. In accordance with FINRA Rule 5121, DBSI may not make
sales in offerings of the notes to any of its discretionary accounts without the prior written approval of the customer.

DBSI may act 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