Company: ADZCF
Filing Date: 2025-02-11
Form Type: 424B2
Source: 0000950103-25-001876
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-11
Form: 424B2
Chunk 4
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 in consideration for assuming the risks
inherent in providing such hedge.

The Issuer’s estimated
value of the notes on the Trade Date does not represent the price at which we or any of our affiliates would be willing 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 will 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
six 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.

<div align='center'>PS-3

RESOLUTION MEASURES AND DEEMED AGREEMENT</div>

On May 15, 2014, the European
Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit
institutions and investment firms (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or
the “BRRD”), which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz,
or, as amended, the “Resolution Act”), which became effective on January 1, 2015. The BRRD and the Resolution Act provided
national resolution authorities with a set of resolution powers to intervene in the