Company: ADZCF
Filing Date: 2025-01-17
Form Type: 424B2
Source: 0000950103-25-000653
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-17
Form: 424B2
Chunk 11
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 Security at maturity. If the Securities are not automatically called, the return on the Securities at maturity is linked to the performance    
 of the Underlying and will depend on whether, and the extent to which, the Underlying Return is positive, zero or negative and, if the         
 Underlying Return is negative, whether the Final Underlying Level is less than the Downside Threshold. If the Securities are not automatically 
 called and the Final Underlying Level is less than the Downside Threshold, we will pay you a cash payment at maturity that is less than        
 the Face Amount, if anything, resulting in a percentage loss on the Face Amount of the Securities equal to the negative Underlying Return.     
 In this circumstance, you will lose a significant portion or all of your initial investment at maturity.                                       |

| · | If the Securities are Automatically Called, Your Return Potential on the                                                                  
 Securities is Limited to the Call Return — If the Securities are automatically called, the return potential of the Securities             
 is limited to the Call Return, regardless of any appreciation of the Underlying, which may be significant. In addition, if the Securities 
 are automatically called, you will not benefit from the Upside Gearing, which only applies to the payment at maturity if the Underlying   
 Return is positive.                                                                                                                       |

| · | The Upside Gearing 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, if any, the return you receive likely will not reflect the full economic effect of the Upside Gearing or the Securities themselves 
 and may be less than the Upside Gearing times the Underlying’s return. You can receive the full benefit of the Upside Gearing only         
 if you hold the Securities to maturity.                                                                                                    |

| · | Reinvestment Risk — If the Securities are automatically called,                                                                          
 the term of the Securities will be reduced. There is no guarantee that you would be able to reinvest the proceeds from an investment in  
 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 Levels                                                          
 of the Underlying on the Dates Specified — Any payment on the Securities will be determined