Company: ADZCF
Filing Date: 2025-12-11
Form Type: 424B2
Source: 0000950103-25-016027
Chunk: 6

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-11
Form: 424B2
Chunk 6
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 the delivery of this pricing supplement nor the accompanying prospectus supplement or prospectus nor any sale made hereunder implies that there has been no change in our affairs or that the information in this pricing supplement and accompanying prospectus supplement and prospectus is correct as of any date after the date hereof.

You must( i) comply with all applicable laws and regulations in force in any jurisdiction in connection with the possession or distribution of this pricing supplement and the accompanying prospectus supplement and prospectus and the purchase, offer or sale of the notes and( ii) obtain any consent, approval or permission required to be obtained by you for the purchase, offer or sale by you of the notes under the laws and regulations applicable to you in force in any jurisdiction to which you are subject or in which you make such purchases, offers or sales; neither we nor the agents shall have any responsibility therefor.

<div align='center'>PS-4

SELECTED RISK CONSIDERATIONS</div>

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete list of risk factors, please see the accompanying prospectus supplement and prospectus.

| · | THE VALUE OF THE NOTES MAY                                                                                                               
 DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST RATES OVER THE TERM OF THE NOTES — The                                
 value of the notes may decline over time due to such factors as inflation and/or rising interest rates. In addition, if the market       
 interest rates rise during the term of the notes, the Interest Rate on the notes may in the future be lower than the interest rates for  
 similar debt securities then prevailing in the market. If this occurs, you will not be able to require the Issuer to redeem the notes    
 and will, therefore, bear the risk of holding the notes and of earning a lower return than you could earn on other investments until the 
 Maturity Date.                                                                                                                           |

| · | THE NOTES HAVE REINVESTMENT                                                                                                                       
 RISK — As described under “Key Terms—Optional Redemption,” we retain the option to redeem the notes in our                                        
 sole discretion, in whole but not in part, on the Optional Redemption Dates, by giving not less than 5 business days’ prior notice.               
 It is more likely that we will redeem the notes prior to the Maturity Date to the extent that the interest payable on the notes is greater        
 than the interest that would be payable on other instruments of ours of a comparable maturity, of comparable