Company: ADZCF
Filing Date: 2025-06-18
Form Type: 424B2
Source: 0000950103-25-007580
Chunk: 17

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-18
Form: 424B2
Chunk 17
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<div align='center'>PS-11</div>

| · | The Calculation                                                                                                                      
 Agent May Make Changes to the Terms of the Notes If a Change-in-Law Event Occurs With Respect to Any Underlying —                    
 Upon the occurrence of a Change-in-Law Event with respect to an Underlying, the calculation agent may, in good faith and a           
 commercially reasonable manner, adjust any terms, including but not limited to, such Underlying or any relevant value related to     
 such Underlying that the calculation agent determines necessary to ensure                                                            
 an equitable result. Any of these actions may adversely affect, perhaps significantly, the market value of the Notes, as well as any 
 amounts payable on the Notes. See “Description of Securities—Adjustments to Valuation Dates and Payment                              
 Dates—Adjustments to Valuation Dates— Equity Based Underlyings or Basket Components—Change-in-Law                                    
 Event for Non-U.S. Equity Based Underlyings or Basket Components” in the accompanying product supplement and “Consequences           
 of a Change-in-Law Event” herein.                                                                                                    |

Risks Relating to Conflicts of Interest

| · | Trading and Other Transactions by Us, UBS or                                                                                                       
 Our or Its Affiliates in the Equity and Equity Derivative Markets May Impair the Value of the Notes — We                                           
 or our affiliates expect to hedge our exposure from the Notes by entering into equity 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