Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 16

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 16
---
 in securities linked to the value of such non-U.S. equity securities         
 involve risks associated with the securities markets in the home countries of the issuers         
 of those non-U.S. equity securities, including risks of volatility in those markets, governmental 
 intervention in those markets and cross shareholdings in companies in certain countries.          
 Also, there is generally less publicly available information about companies in some of these     
 jurisdictions than there is about U.S. companies that are subject to the reporting requirements   
 of the SEC, and generally non-U.S. companies are subject to accounting, auditing and financial    
 reporting standards and requirements and securities trading rules different from those applicable 
 to U.S. reporting companies. The prices of securities in non-U.S. markets may be affected         
 by political, economic, financial and social factors in those countries, or global regions,       
 including changes in government, economic and fiscal policies and currency exchange laws.         |

| · | The                                                                                                 
 Calculation Agent May Accelerate the Securities or Make Changes to the Terms of the Securities      
 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 its           
 sole discretion, accelerate the Maturity Date of the Securities. Any amount payable upon            
 acceleration could be significantly less than the amount that would be due on the Securities        
 if they were not accelerated. In such circumstances, you could lose some or all of your investment. 
 If the Securities are accelerated, the term of your investment in the Securities will be            
 limited to a period that is shorter than their original term, and holders of the Securities         
 will not benefit from any potential positive performance of any Underlying. There is no guarantee   
 that you would be able to reinvest the proceeds from an investment in the Securities at a           
 comparable return for a similar level of risk in the event that the Securities are accelerated.     
 If a Change-in-Law Event occurs with respect to an Underlying and the calculation agent does        
 not accelerate the Maturity Date of the                                                             |

<div align='center'>PS-11</div>

Securities, then 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 Securities, as