Company: ADZCF
Filing Date: 2025-04-23
Form Type: 424B2
Source: 0000950103-25-005183
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-23
Form: 424B2
Chunk 23
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 the EURO STOXX 50®             
 Index — Upon the occurrence of a Change-in-Law Event with respect to the EURO STOXX 50® Index, the calculation                                    
 agent may, in its sole discretion, accelerate the Maturity Date of the Notes. Any amount payable upon acceleration could be significantly         
 less than the amount that would be due on the Notes if they were not accelerated. In such circumstances, you could lose some or all of            
 your investment. If the Notes are accelerated, the term of your investment in the Notes will be limited to a period that is shorter than          
 their original term, and holders of the Notes 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 Notes at a comparable return for a similar level of           
 risk in the event that the Notes are accelerated. If a Change-in-Law Event occurs with respect to the EURO STOXX 50® Index                        
 and the calculation agent does not accelerate the Maturity Date of the Notes, then the calculation agent may, in good faith and a commercially    
 reasonable manner, adjust any terms, including but not limited to, the EURO STOXX 50® Index or any relevant value related                         
 to the EURO STOXX 50® Index 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 — Change-in-Law Event for Non-U.S. Equity Based Underlyings                      
 or Basket Components” in the accompanying product supplement.                                                                                     |

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