Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015337
Chunk: 3

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 3
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 bond with a principal amount equal to the Face Amount of Notes, 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 Notes. 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 Notes, reduces the economic terms of the Notes to you and is expected to adversely affect the price at which
you may be able to sell the Notes 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 Notes or any futures, options or swaps related to such underlying assets. 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 Notes on the Trade Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Notes.
The difference between the Issue Price and the Issuer’s estimated value of the Notes 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 Notes 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 Notes on the Trade Date does not represent the price at which we or any of our affiliates would be willing to purchase your
Notes 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 Notes 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 Notes on the Trade Date. Our
purchase price, if any, in secondary market transactions will be based on the estimated value of the Notes determined by