Company: ADZCF
Filing Date: 2025-03-03
Form Type: 424B2
Source: 0000950103-25-002768
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-03
Form: 424B2
Chunk 11
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 Call Return — If the Securities are automatically called, the return potential of the Securities             
 is limited to the Call Return, regardless of any appreciation of the Underlying, which may be significant. In addition, if the Securities 
 are automatically called, you will not benefit from the Upside Gearing, which only applies to the payment at maturity if the Underlying   
 Return is positive.                                                                                                                       |

| · | The Upside Gearing Applies Only If You Hold the Securities to Maturity                                                                     
 — You should be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary    
 market, if any, the return you receive likely will not reflect the full economic effect of the Upside Gearing or the Securities themselves 
 and may be less than the Upside Gearing times the Underlying’s return. You can receive the full benefit of the Upside Gearing only         
 if you hold the Securities to maturity.                                                                                                    |

| · | Reinvestment Risk — If the Securities are automatically called,                                                                          
 the term of the Securities will be reduced. There is no guarantee that you would be able to reinvest the proceeds from an investment in  
 the Securities in a comparable investment with a similar level of risk in the event the Securities are automatically called prior to the 
 Maturity Date. If the Securities are not automatically called, you might be exposed to the full decline in the Underlying.               |

| · | Any Payment on the Securities Will Be Determined Based on the Closing Levels                                                          
 of the Underlying on the Dates Specified — Any payment on the Securities will be determined based on the Closing Levels of the        
 Underlying on the dates specified. You will not benefit from any more favorable value of the Underlying determined at any other time. |

| · | A Higher Call Return and/or a Lower Downside Threshold May Reflect Greater                                                                 
 Expected Volatility of the Underlying, Which is Generally Associated with a Greater Risk of Loss — Volatility is a measure of              
 the degree of variation in the level of the Underlying over a period of time. The greater the expected volatility of the Underlying at     
 the time the terms of the Securities are set, the greater the expectation is at that time that the Final Underlying Level will be less     
 than the Downside Threshold, which would result in a loss of a significant portion or all of your initial investment at maturity. However, 
 the Underlying’s volatility can change significantly over the term of the Securities. In addition, the