Company: ADZCF
Filing Date: 2025-10-17
Form Type: 424B2
Source: 0000950103-25-013337
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-17
Form: 424B2
Chunk 23
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 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 Securities with regard to non-U.S.