Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015337
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 13
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 to purchase your Notes         
 in the secondary market at any time.  Assuming no changes in market conditions or our creditworthiness and other relevant factors,            
 the price, if any, at which we or our affiliates would be willing to purchase the Notes from you in secondary market transactions, if         
 at all, would generally be lower than both the Issue Price and the Issuer’s estimated value of the Notes on the Trade Date. Our               
 purchase price, if any, in secondary market transactions would be based on the estimated value of the Notes determined by reference to        
 (i) the then-prevailing internal funding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our         
 pricing models at that time, less a bid spread determined after taking into account the size of the repurchase, the nature of the assets      
 underlying the Notes and then-prevailing market conditions. The price we report to financial reporting services and to distributors of        
 our Notes for use on customer account statements would generally be determined on the same basis. However, during the period of approximately 
 twelve months beginning from the Settlement Date, we or our affiliates may, in our sole discretion, increase the purchase price determined    
 as described above by an amount equal to the declining differential between the Issue Price and the Issuer’s estimated value of               
 the Notes on the Trade Date, 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.                                                                               |

In addition to the factors discussed
above, the value of the Notes and our purchase price in secondary market transactions after the Trade Date, if any, will vary based on
many economic and market factors, including our creditworthiness, and cannot be predicted with accuracy. These changes may adversely affect
the value of your Notes, including the price you may receive in any secondary market transactions. Any sale prior to the Maturity Date
could result in a substantial loss to you. The Notes are not designed to be short-term trading instruments. Accordingly, you should be
able and willing to hold your Notes to maturity.

| · | 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.