Company: ADZCF
Filing Date: 2025-10-30
Form Type: 424B2
Source: 0000950103-25-013895
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-30
Form: 424B2
Chunk 19
---
 — The                                                                              
 equity securities included in the Underlying are issued by non-U.S. companies in non-U.S. securities markets. Investments 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 — Upon the occurrence             
 of a Change-in-Law Event with respect to the 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 the Underlying and the calculation agent does not accelerate the Maturity     
 Date of the Securities, then the calculation agent may, in good faith and a commercially reasonable manner, adjust any terms, including        
 but not limited to, the Underlying or any relevant value related to the 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