Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 21
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should be treated as short-term capital gain or loss unless you have held the Securities for more than one year, in which case your gain
or loss should be treated as long-term capital gain or loss.

We do not plan to request a ruling from the IRS regarding the treatment
of the Securities. An alternative characterization of the Securities could materially and adversely affect the tax consequences of ownership
and disposition of the Securities, including the timing and character of income recognized. See the section entitled “U.S. Federal
Income Tax Consequences — Tax Consequences to U.S. Holders — Securities That We Treat as Prepaid Financial Contracts That
Are Not Debt — Consequences if a Security Is Recharacterized as a Debt Instrument” in the accompanying product supplement.
In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax
treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be
the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment
of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could
materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect.

Non-U.S. holders. As discussed under “U.S. Federal Income
Tax Consequences — Tax Consequences to Non-U.S. Holders — Withholding Under Section 871(m) of the Code” in the accompanying
product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”)
generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to non-U.S. holders (as defined in the accompanying
product supplement) with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section
871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet
requirements set forth in the applicable Treasury regulations, generally as of the first business day of the calendar year in which the
relevant issuance is priced. In addition, the Treasury regulations, as modified by an IRS notice, exempt financial instruments
issued prior to January 1, 2027 that do not have a “delta” of one. Based on certain determinations made by us,
we expect that Section 871(m) will not apply to the