Company: ADZCF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012474
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-29
Form: 424B2
Chunk 12
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party’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 is determined by reference to an internal funding rate and our pricing              
 models. 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 the agent’s 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. In addition, our internal pricing models are proprietary and rely in part on certain   
 assumptions about future events, which may prove to be incorrect. If at any time a third party dealer were to quote a price to purchase        
 your Securities or otherwise value your Securities, that price or value may differ materially from the estimated value of the Securities       
 determined by reference to our internal funding rate and pricing models. This difference is due to, among other things, any difference         
 in funding rates, pricing models or assumptions used by any dealer who may purchase the Securities in the secondary market.                    |

| · | Assuming No Changes in Market Conditions and Other Relevant Factors, the                                                                        
 Price You May Receive for Your Securities in Secondary Market Transactions Would Generally Be Lower Than Both the Issue Price and the           
 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