Company: ADZCF
Filing Date: 2025-10-17
Form Type: 424B2
Source: 0000950103-25-013337
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-17
Form: 424B2
Chunk 22
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 was 3,170.44. The dotted line represents a hypothetical Downside Threshold of 2,377.83, which is equal to 75% of the Closing Level of the TOPIX ®Index on October 17, 2025 (rounded to two decimal places). The actual Downside Threshold will be based on the Closing Level of the TOPIX ®Index on the Trade Date.

We obtained the Closing Levels of the TOPIX ®Index from Bloomberg Finance L.P., without independent verification. The historical Closing Levels of the TOPIX ®Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the TOPIX ®Index on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the TOPIX ®Index will not result in a loss on your initial investment.

<div align='center'>PS-16</div>

| Tax Consequences |

Generally, this discussion assumes that you purchased the Securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Underlying. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Security.

In the opinion of our special tax counsel, Davis
Polk & Wardwell LLP, which is based on current market conditions, it is reasonable to treat the Securities for U.S. federal income
tax purposes as prepaid financial contracts that are not debt, as more fully described in “U.S. Federal Income Tax Consequences
— Tax Consequences to U.S. Holders — Securities That We Treat as Prepaid Financial Contracts That Are Not Debt” in the
accompanying product supplement. There is uncertainty regarding this treatment, and there are other reasonable treatments that the Internal
Revenue Service (the “IRS”) or a court may adopt, which, if applied, could be adverse to you. Moreover, because this
treatment of the Securities and our special tax counsel’s opinion are based on market conditions as of the date of this preliminary
pricing supplement, each is subject to confirmation on the Trade Date. Generally, if this treatment is respected, (i) you should not recognize
taxable income or loss prior to the taxable disposition of your Securities (including upon maturity or an earlier redemption, if applicable)
and (ii) the gain or loss on your Securities should be treated as short-term capital gain or