Company: ADZCF
Filing Date: 2025-04-23
Form Type: 424B2
Source: 0000950103-25-005183
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-23
Form: 424B2
Chunk 19
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 estimated value of the Notes 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 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. 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 Notes or otherwise         
 value your Notes, that price or value may differ materially from the estimated value of the Notes 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 Notes in the secondary market.                                                                         |

| ¨ | Assuming No Changes in Market Conditions and                                                                                                
 Other Relevant Factors, the Price You May Receive for Your Notes in Secondary Market Transactions Would Generally Be Lower Than Both the    
 Issue Price and the Issuer’s Estimated Value of the Notes on the Trade Date — While the payment(s) on the Notes described                   
 in this pricing supplement is based on the full Face Amount of Notes, 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 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 would be based on the estimated value of the Notes 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