Company: ADZCF
Filing Date: 2025-03-03
Form Type: 424B2
Source: 0000950103-25-002768
Chunk: 25

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-03
Form: 424B2
Chunk 25
---
 on current market conditions, it is reasonable to treat the Securities for U.S. federal income tax purposes as prepaid
financial contracts that are not debt, as more fully described in “U.S. Federal Income Tax Consequences — Tax Consequences
to U.S. Holders — Securities That We Treat as Prepaid Financial Contracts That Are Not Debt” in the accompanying product supplement.
There is uncertainty regarding this treatment, and there are other reasonable treatments that the Internal Revenue Service (the “IRS”)
or a court may adopt, which, if applied, could be adverse to you. Moreover, because this treatment of the Securities and our special tax
counsel’s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation
on the Trade Date. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable
disposition of your Securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your Securities
should be treated as short-term capital gain or loss unless you have held the Securities for more than one year, in which case your gain
or loss should be treated as long-term capital gain or loss.

We do not plan to request a ruling from the IRS regarding the treatment
of the Securities. An alternative characterization of the Securities could materially and adversely affect the tax consequences of ownership
and disposition of the Securities, including the timing and character of income recognized. See the section entitled “U.S. Federal
Income Tax Consequences — Tax Consequences to U.S. Holders — Securities That We Treat as Prepaid Financial Contracts That
Are Not Debt — Consequences if a Security Is Recharacterized as a Debt Instrument” in the accompanying product supplement.
In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax
treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be
the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment
of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could
materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect.

Non-U.S. holders. As discussed under “U.S. Federal Income
Tax Consequences — Tax Consequences to Non-U.S. Holders — With