Company: ADZCF
Filing Date: 2025-01-06
Form Type: 424B2
Source: 0000950103-25-000192
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-06
Form: 424B2
Chunk 4
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. (“DBSI”) and UBS Financial Services Inc (“UBS”)                        
 are the agents in connection with the sale of the Securities. DBSI, one of the agents for   
 this offering, is our affiliate. The agent’s discounts and commissions indicated above      
 do not include any profits that UBS, we or any of our or their respective affiliates expect 
 to realize from hedging activities. For more information, please see “Supplemental          
 Plan of Distribution (Conflicts of Interest)”in this pricing supplement.                    |

| UBS Financial 
 Services Inc. | Deutsche        
 Bank Securities |

| Issuer’s Estimated Value of the Securities |

The Issuer’s estimated
value of the Securities is equal to the sum of our valuations of the following two components of the Securities: (i) a bond and (ii) an
embedded derivative(s). The value of the bond component of the Securities is calculated based on the present value of the stream of cash
payments associated with a conventional bond with a principal amount equal to the Face Amount of Securities, discounted at an internal
funding rate, which is determined primarily based on our market-based yield curve, adjusted to account for our funding needs and objectives
for the period matching the term of the Securities. The internal funding rate is typically lower than the rate we would pay when we issue
conventional debt securities on equivalent terms. This difference in funding rate, as well as the agent’s commissions, if any, and
the estimated cost of hedging our obligations under the Securities, reduces the economic terms of the Securities to you and is expected
to adversely affect the price at which you may be able to sell the Securities in any secondary market. The value of the embedded derivative(s)
is calculated based on our internal pricing models using relevant parameter inputs such as expected interest and dividend rates and mid-market
levels of price and volatility of the assets underlying the Securities or any futures, options or swaps related to such underlying assets.
Our internal pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect.

The Issuer’s estimated
value of the Securities on the Trade Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Securities.
The difference between the Issue Price and the Issuer’s estimated value of the Securities on the Trade Date is due to the inclusion
in the Issue Price of the agent’s commissions, if any, and the cost of hedging our obligations under the Securities through one
or