Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016085
Chunk: 17

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 17
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ating to Non-U.S. Securities Markets — The                                                                                      
 equity securities composing the Underlyings are issued by non-U.S. companies in non-U.S. securities markets. Investments in securities      
 linked to the value of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of the    
 issuers of those non-U.S. equity securities, including risks of volatility in those markets, governmental intervention in those markets     
 and cross shareholdings in companies in certain countries. Also, there is generally less publicly available information about companies     
 in some of these jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC, and generally  
 non-U.S. companies are subject to accounting, auditing and financial reporting standards and requirements and securities trading rules      
 different from those applicable to U.S. reporting companies. The prices of securities in non-U.S. markets may be affected by political,     
 economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies 
 and currency exchange laws.                                                                                                                 |

<div align='center'>PS-11</div>

| · | The Calculation Agent                                                                                                                             
 May Make Changes to the Terms of the Notes If a Change-in-Law Event Occurs With Respect to Any Underlying — Upon the occurrence                   
 of a Change-in-Law Event with respect to an Underlying, the calculation agent may, in good faith and a commercially reasonable manner,            
 adjust any terms, including but not limited to, such Underlying or any relevant value related to such Underlying 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—Adjustments to Valuation Dates—Equity Based Underlyings                            
 or Basket Components—Change-in-Law Event for Non-U.S. Equity Based Underlyings or Basket Components” in the accompanying product                  
 supplement and “Consequences of a Change-in-Law Event” herein.                                                                                    |

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