Company: ADZCF
Filing Date: 2025-02-03
Form Type: 424B2
Source: 0000950103-25-001324
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-03
Form: 424B2
Chunk 22
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 independent verification. The historical Closing Levels of the S&P 500 ®Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the S&P 500 ®Index on the Final Valuation Date. We cannot give you assurance that the performance of the S&P 500 ®Index will not result in a loss on your initial investment.

<div align='center'>PS-14</div>

| Tax Consequences |

Generally, this discussion assumes that you purchased the Securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Underlying. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Security.

In the opinion of our special tax counsel, Davis Polk & Wardwell
LLP, which is based 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