Company: ADZCF
Filing Date: 2025-04-25
Form Type: 424B2
Source: 0000950103-25-005263
Chunk: 5

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-25
Form: 424B2
Chunk 5
---
 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 the
agent’s 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 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 Notes and then-prevailing
market conditions. The price we report to financial reporting services and to distributors of our Notes 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 Notes on the Trade Date, prorated over
such period on a straight-line basis, for