Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 3

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 3
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 guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental agency or instrumentality.

|              |         Price 
     to Public | Discounts          
 and Commissions(1) |             |      Proceeds 
         to Us |
| Per Security |        $10.00 |                    |       $0.25 |         $9.75 |
| Total        | $4,553,810.00 |                    | $113,845.25 | $4,439,964.75 |

| (1) | Deutsche                                                                                      
 Bank Securities Inc. (“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 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 discounts and 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.