Company: ADZCF
Filing Date: 2025-10-17
Form Type: 424B2
Source: 0000950103-25-013324
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-17
Form: 424B2
Chunk 19
---
 and equity derivative transactions, such as over-the-counter 
 options, futures or exchange-traded instruments with one or more hedge counterparties, which will include UBS or its affiliates. We,               
 UBS or our or its affiliates may also engage in trading in instruments linked or related to the Underlyings on a regular basis as part             
 of our or their general broker-dealer and other businesses, for proprietary accounts, for other accounts under management or to facilitate         
 transactions for customers, including block transactions. Such trading and hedging activities may adversely affect the values of the Underlyings   
 and, therefore, make it less likely that you will receive a positive return on your investment in the Notes. It is possible that we, UBS           
 or our or its affiliates could receive substantial returns from these hedging and trading activities while the value of the Notes declines.        
 We, UBS or our or its affiliates may also issue or underwrite other securities or financial                                                        
 or derivative instruments with returns linked or related to the Underlyings. To the extent that we, UBS or our or its affiliates serve             
 as issuer, agent or underwriter for such securities or financial or derivative instruments, our, UBS’ or our or its affiliates’                    
 interests with respect to such products may be adverse to those of the holders of the Notes. Introducing competing products into the marketplace   
 in this manner could adversely affect the values of the Underlyings and the value of the Notes. Any of the foregoing activities described          
 in this paragraph may reflect trading strategies that differ from, or are in direct opposition to, investors’ trading and investment               
 strategies related to the Notes. Furthermore, because DBSI, UBS or one of its affiliates is expected to conduct trading and hedging activities     
 for us in connection with the Notes, DBSI, UBS or such affiliates may profit in connection with such trading and hedging activities and            
 such profit, if any, will be in addition to any compensation that DBSI or UBS receives for the sale of the Notes to you. You should be             
 aware that the potential to earn a profit in connection with hedging activities may create a further incentive for DBSI or UBS to sell             
 the Notes to you in addition to any compensation they would receive for the sale of the Notes.                                                     |

| · | We, UBS or Our or                                                                                                                              
 Its Affiliates May Publish Research, Express Opinions or Provide Recommendations That are Inconsistent with Investing in or Holding the        
 Notes. Any Such Research