Company: ADZCF
Filing Date: 2025-04-30
Form Type: 424B2
Source: 0000950103-25-005465
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-30
Form: 424B2
Chunk 19
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, 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 the Issue Price due to the inclusion in
the Issue Price of the agent’s commissions, if any, and the cost of hedging our obligations under the notes through one or more
hedge counterparties. 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. The
amount of this temporary upward adjustment will steadily decline to zero over the temporary adjustment period described above.

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 or another Agent 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, the Agents 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, the Agents may engage in