Company: ADZCF
Filing Date: 2025-11-28
Form Type: 424B2
Source: 0000950103-25-015416
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-28
Form: 424B2
Chunk 4
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 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 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 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 transactions that are individually and in the aggregate
of