Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 4
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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 discounts and 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 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.

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