Company: ADZCF
Filing Date: 2025-10-30
Form Type: 424B2
Source: 0000950103-25-013895
Chunk: 27

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-30
Form: 424B2
Chunk 27
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 product supplement. There is uncertainty regarding this treatment, and there are other reasonable treatments that the Internal
Revenue Service (the “IRS”) or a court may adopt, which, if applied, could be adverse to you. Generally, if this treatment
is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your Securities (including upon
maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your Securities 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