Company: ADZCF
Filing Date: 2025-11-28
Form Type: 424B2
Source: 0000950103-25-015416
Chunk: 13

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-28
Form: 424B2
Chunk 13
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 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 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 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. 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