Company: ADZCF
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0000950103-25-004538
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-08
Form: 424B2
Chunk 15
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 “Description of Notes — Form, Legal Ownership and Denomination of Notes.” The notes are offered on a global
basis. Investors may elect to hold interests in the registered global notes held by DTC through Clearstream, Luxembourg or the Euroclear
operator if they are participants in those systems, or indirectly through organizations that are participants in those systems. See “Notes
Offered on a Global Basis — Book-Entry, Delivery and Form” in the accompanying prospectus supplement.

Governing Law

The notes will be governed
by and construed in accordance with the laws of the State of New York, except as may be otherwise required by mandatory provisions of
law and except with respect to the provisions relating to the ranking of the notes, which will be governed by and construed in accordance
with the laws of the Federal Republic of Germany, including, in relation to such provisions, any determination of whether a Resolution
Measure has been imposed on us.

Tax Considerations

You should review carefully the section of the accompanying prospectus supplement entitled “United States Federal Income Taxation.”

The discussion below applies to you, in its entirety, only if you are an initial purchaser of notes unrelated to the Issuer and are acquiring them for their Issue Price as stated on the cover of this document; otherwise, the tax consequences to you may be different. Although not free from doubt, in the opinion of our special tax counsel, Davis Polk & Wardwell LLP, under the circumstances described in the previous sentence, the notes will be treated for U.S. federal income tax purposes as debt instruments and, based on the facts provided, the notes should be treated as “Short-term Notes,” as described under the heading “United States Federal Income Taxation — Tax Consequences to Non-U.S. Holder — Short-term Notes” in the accompanying prospectus supplement.

If you are a non-U.S. holder, we do not believe that you should be required to provide an IRS Form W-8 in order to avoid 30% U.S. withholding tax with respect to the interest payments, although the IRS could challenge this position. However, you should in any event expect to be required to provide an appropriate IRS Form W-8 or other documentation in order to establish an exemption from backup withholding, as described under the heading “United States Federal Income Taxation — Tax Consequences to Non-U.S. Holders” in the accompanying prospectus supplement. If any withholding is required, we will not be required to pay any additional amounts with respect to amounts withheld.

For a