Company: ADZCF
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0000950103-25-014779
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-14
Form: 424B2
Chunk 10
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 the Securities in a comparable investment with a similar level of risk in the event the Securities are automatically     
 called prior to the Maturity Date. If the Securities are not automatically called, you might be exposed to the full decline in the Underlying. |

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

| · | A Higher Call Return and/or a Lower Downside                                                                                                    
 Threshold May Reflect Greater Expected Volatility of the Underlying, Which is Generally Associated with a Greater Risk of Loss —                
 Volatility is a measure of the degree of variation in the value of the Underlying over a period of time. The greater the expected volatility    
 of the Underlying at the time the terms of the Securities are set, the greater the expectation is at that time that the Final Underlying        
 Value will be less than the Downside Threshold, which would result in a loss of a significant portion or all of your initial investment         
 at maturity. However, the Underlying’s volatility can change significantly over the term of the Securities. In addition, the economic           
 terms of the Securities, including the Call Return and the Downside Threshold, are based, in part, on the expected volatility of the Underlying 
 at the time the terms of the Securities are set, where a higher expected volatility will generally be reflected in a higher Call Return         
 and/or a lower Downside Threshold as compared to otherwise comparable securities.  Accordingly, a higher Call Return will generally             
 be indicative of a greater risk of loss while a lower Downside Threshold does not necessarily indicate that the Securities have a greater       
 likelihood of returning your principal at maturity. You should be willing to accept the downside market risk of the Underlying and the          
 potential loss of a significant portion or all of your initial investment at maturity.                                                          |

| · | Contingent Repayment of Your Initial Investment                                                                                          
 Applies Only If You Hold the Securities to Maturity — You should be willing to hold your Securities to maturity. If you are              
 able to sell your Securities prior to maturity in the secondary market, you may have to sell them at a substantial loss relative to your 
 initial investment, even if the value of the Underlying is greater than the Downside Threshold at the time of such