Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015337
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 7
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 accept that your potential return is limited by the Maximum                                                         
 Gain, and you are able and willing to invest in the Notes based on the Maximum Gain specified on the cover of this pricing supplement. |

| t | You can tolerate fluctuations in the price of the Notes prior to maturity                  
 that may be similar to or exceed the downside fluctuations in the value of the Underlying. |

| t | You do not seek current income from this investment, and you are willing to 
 forgo any dividends paid on the securities included in the Underlying.      |

| t | You are willing and able to hold the Notes to maturity and accept that there 
 may be little or no secondary market for the Notes.                          |

| t | You understand and are willing to accept the risks associated with the Underlying. |

| t | You are willing and able to assume the credit risk of Deutsche Bank AG, as                                                                
 Issuer of the Notes, for all payments under the Notes and you understand that, if Deutsche Bank AG defaults on its obligations or becomes 
 subject to a Resolution Measure, you might not receive any amounts due to you, including any payment of the Face Amount at maturity.      |

The Notes may not be appropriate for you if:

| t | You do not fully understand the risks inherent in an investment in the Notes,    
 including the risk of receiving little or no positive return on your investment. |

| t | You believe the Underlying will depreciate over the term of the Notes or appreciate 
 over the term of the Notes by more than the Maximum Gain.                           |

| t | You cannot tolerate receiving only the Face Amount at maturity if the Underlying 
 remains flat or depreciates over the term of the Notes.                          |

| t | You seek an investment that has unlimited return potential without a cap on                                                                      
 appreciation, or you are unable or unwilling to invest in the Notes based on the Maximum Gain specified on the cover of this pricing supplement. |

| t | You cannot tolerate fluctuations in the price of the Notes prior to maturity               
 that may be similar to or exceed the downside fluctuations in the value of the Underlying. |

| t | You seek current income from this investment, or you would prefer to receive 
 any dividends paid on the securities included in the Underlying.             |

| t | You are unable or unwilling to hold the Notes to maturity, or you seek an 
 investment for which there will be an active secondary market.            |

| t | You do not understand or are not willing to accept the risks