Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005019
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 19
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 securities denominated in foreign currencies. Because the                                           
 values of the Underlyings are also calculated in the relevant foreign currency (and not in U.S. dollars), the performance of the Underlyings 
 will not be adjusted for exchange rate fluctuations between the U.S. dollar and the relevant foreign currencies. In addition, any payments   
 on the Securities determined based in part on the performance of the Underlyings will not be adjusted for exchange rate fluctuations between 
 the U.S. dollar and the relevant foreign currency. Therefore, holders of the Securities will not benefit from any appreciation of a relevant 
 foreign currency relative to the U.S. dollar.                                                                                                |

| · | The Securities are Subject to Risks Relating 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.                                                                                                                 |

| · | The Calculation Agent May Accelerate the Securities                                                                                            
 or Make Changes to the Terms of the Securities 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 its sole discretion, accelerate the Maturity Date        
 of the Securities. Any amount payable upon acceleration could be significantly less than the amount that would be due on the Securities        
 if they were not accelerated. In such circumstances, you could lose some or all of your investment. If the Securities are accelerated,         
 the term of your investment in the Securities will be limited to a period that is shorter than their original term