Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 10
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 imposition of any Resolution Measure by the competent resolution authority. As a result, you would have no claim or other right against us arising out of any Resolution Measure and the imposition of any Resolution Measure will not constitute a default or an event of default under the Securities, under the senior indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939, as amended. In addition, the trustee, the paying agent, issuing agent, registrar and The Depository Trust Company (“ DTC”) and any direct participant in DTC or other intermediary through which you hold such Securities may take any and all necessary action, or abstain from taking any action, if required, to implement the imposition of any Resolution Measure with respect to the Securities. Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution Measure. For more information, including details on the particular German and European laws and regulations referenced above, please see the accompanying prospectus dated April 26, 2024, including the risk factors beginning on page 20 of such prospectus.

Risks Relating to the Estimated Value of the Securities and any Secondary Market

| · | The Issuer’s Estimated Value of the Securities on the Trade Date                                                                               
 Will Be Less Than the Issue Price of the Securities — 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 more hedge counterparties,     
 which will include UBS or its affiliates. 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. The Issuer’s estimated value of the Securities is determined by reference to an internal funding rate and our pricing              
 models. 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