Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016085
Chunk: 14

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 14
---
 the Notes in the secondary market.                                                                         |

| · | Assuming No Changes in Market Conditions and                                                                                                  
 Other Relevant Factors, the Price You May Receive for Your Notes in Secondary Market Transactions Would Generally Be Lower Than Both the      
 Issue Price and the Issuer’s Estimated Value of the Notes on the Trade Date — While the payment(s) on the Notes described                     
 in this pricing supplement is based on the full Face Amount of Notes, the Issuer’s estimated value of the Notes on the Trade Date             
 (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Notes. 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 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 
 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.                                                                               |

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