Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005019
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 12
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 be less than the Upside Gearing times the Basket’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 Basket.                   |

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

| · | A Higher Call Return and/or a Lower Downside Threshold May Reflect Greater                                                                    
 Expected Volatility of the Basket, Which is Generally Associated with a Greater Risk of Loss — Volatility is a measure of the                 
 degree of variation in the level of the Basket over a period of time. The greater the expected volatility of the Basket at the time the       
 terms of the Securities are set, the greater the expectation is at that time that the Final Basket 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 Basket’s         
 volatility can change significantly over the term of the Securities. In addition, the economic terms of the Securities, including the         
 Call Return and the Downside Threshold, are based, in part, on the expected volatility of the Basket at the time the terms of the Securities  
 are set, where a higher expected volatility will generally be reflected in a higher Call Return and/or a lower Downside Threshold as compared 
 to otherwise comparable securities.  Accordingly, a higher Call Return will generally be indicative of a greater risk of loss                 
 while a lower Downside Threshold does not necessarily indicate that the Securities have a greater likelihood of returning your principal      
 at maturity. You should be willing to accept the downside market risk of the Basket and the potential loss of a significant portion or        
 all of your initial investment at maturity.                                                                                                   |

| · | Contingent Repayment of Your Initial Investment Applies Only If You Hold