Company: ADZCF
Filing Date: 2025-04-15
Form Type: 424B2
Source: 0000950103-25-004867
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-15
Form: 424B2
Chunk 12
---
 able to reinvest the proceeds  
 from an investment in the Notes in a comparable investment with a similar level of risk in the event the Notes are automatically called 
 prior to the Maturity Date. If the Notes are not automatically called, you might be exposed to the full decline in the Least Performing 
 Underlying.                                                                                                                             |

| ¨ | Any Payment on the Notes Will Be Determined                                                                                                   
 Based on the Closing Values of each Underlying on the Dates Specified — Any payment on the Notes will be determined based on                  
 the Closing Values of each Underlying on the dates specified. You will not benefit from any more favorable value of any Underlying determined 
 at any other time.                                                                                                                            |

| ¨ | A Higher Contingent Coupon Rate and/or a Lower                                                                                              
 Coupon Barrier and/or Downside Threshold May Reflect Greater Expected Volatility of the Underlyings, Which is Generally Associated with     
 a Greater Risk of Loss — Volatility is a measure of the degree of variation in the values of the Underlyings over a period of               
 time. The greater the expected volatilities of the Underlyings at the time the terms of the Notes are set, the greater the expectation      
 is at that time that the Closing Value of any Underlying on one or more Coupon Observation Dates will be less than its Coupon Barrier,      
 which would result in few or no Contingent Coupons and/or that the Final Underlying Value of any Underlying will be less than its Downside  
 Threshold, which would result in a loss of a significant portion or all of your initial investment at maturity. However, the Underlyings’   
 volatilities can change significantly over the term of the Notes. In addition, the economic terms of the Notes, including the Contingent    
 Coupon Rate, the Coupon Barrier and the Downside Threshold, are based, in part, on the expected volatilities of the Underlyings at the      
 time the terms of the Notes are set, where higher expected volatilities will generally be reflected in a higher Contingent Coupon Rate      
 and/or a lower Coupon Barrier and/or Downside Threshold as compared to otherwise comparable securities. Accordingly, in general, the higher 
 the Contingent Coupon rate is relative to the fixed rate we would pay on conventional debt securities, the greater the expected risk that   
 you will not receive one or more, or any, Contingent Coupons during the term of the Notes and that you will lose a substantial portion,     
 and possibly all, of the Face