Company: ADZCF
Filing Date: 2025-12-11
Form Type: 424B2
Source: 0000950103-25-016029
Chunk: 16

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-11
Form: 424B2
Chunk 16
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 Company

DTC will act as securities
depositary for the notes. The notes will be represented by a type of global note in book-entry form referred to as a master note registered
in the name of Cede & Co. (DTC’s nominee). In connection with the issuance of the notes by us, the trustee and/or paying
agent will, in accordance with our instructions, make appropriate entries or notations in its records relating to the master note to indicate
that the master note evidences the issuance of the notes. See the descriptions contained in the accompanying prospectus supplement under
the headings “Description of Notes — Form, Legal Ownership and Denomination of Notes.” The notes are offered on a global
basis. Investors may elect to hold interests in the registered global notes held by DTC through Clearstream, Luxembourg or the Euroclear
operator if they are participants in those systems, or indirectly through organizations that are participants in those systems. See “Notes
Offered on a Global Basis — Book-Entry, Delivery and Form” in the accompanying prospectus supplement.

Governing Law

The notes will be governed
by and construed in accordance with the laws of the State of New York, except as may be otherwise required by mandatory provisions of
law and except with respect to the provisions relating to the ranking of the notes, which will be governed by and construed in accordance
with the laws of the Federal Republic of Germany, including, in relation to such provisions, any determination of whether a Resolution
Measure has been imposed on us.

Tax Considerations

You should review carefully the section of the accompanying prospectus supplement entitled “United States Federal Income Taxation.” The discussion below applies to you only if you are an initial purchaser of notes acquiring them for their Issue Price as stated on the cover of this document. Although not free from doubt, in the opinion of our special tax counsel, Davis Polk & Wardwell LLP, the notes will be treated for U.S. federal income tax purposes as fixed rate debt instruments and, based on the facts provided, the notes should be treated as issued without original issue discount.

The discussions above and in the accompanying prospectus supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b).

If you are a non-U.S. holder, we do not believe that you should be required to provide an IRS Form W-8 in order to avoid 30% U.S. withholding tax with respect to the interest payments, although the IRS could challenge this position.