Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 12
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 Issuer’s Estimated Value of the Securities on the Trade Date —                     
 While the payment(s) on the Securities described in this pricing supplement is based on the      
 full Face Amount of 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 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 would 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 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 Securities 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 Securities 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 be predicted with accuracy. These changes may adversely
affect the value of your Securities, including the price you may receive in any secondary market transactions. Any sale prior to the
Maturity Date could result in a substantial