Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 3

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 3
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, 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 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 on the Trade Date does not represent the price at which we or any of our affiliates would be willing to purchase
your Securities 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 Securities 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 Securities on the Trade Date.
Our purchase price, if any, in secondary market transactions will be based on the estimated value of the Securities 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 Securities and then-prevailing market conditions. The price we report to financial reporting services and to distributors
of our Securities for use on customer account statements would generally be determined on the same basis. However, during the period of
approximately