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

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 25
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 + ($10 × 10.00% × 1.05) = $10 +$1.05
= $11.05</div>

The payment at maturity of $11.05 per Security represents a total return
on the Securities of 10.50%.

<div align='center'>PS-16</div>

Example 3 – Securities are NOT Automatically Called and the Final Basket Level is At or Below the Initial Basket Level but At or Above the Downside Threshold

| Date                 |     |                Basket Closing Level |     |                                                                                                              Payment (per Security) |
| Observation Date     |     |                               85.00 |     |                                                    Basket Closing Level below Autocall Barrier; Securities NOT automatically called |
| Final Valuation Date |     |                               95.05 |     | Basket Closing Level below Initial Basket Level but at or above Downside Threshold; Issuer repays Face Amount on the Maturity Date. |
|                      |     | Payment at Maturity (per Security): |     |                                                                                                                              $10.00 |
|                      |     |                       Total Return: |     |                                                                                                                               0.00% |

Calculation of the Final Basket Level and the Payment at Maturity:

|                                                         | EURO STOXX 50® Index | Nikkei 225 Index | FTSE® 100 Index | Swiss Market Index | S&P/ASX 200 Index |
| Hypothetical Initial Underlying Level:                  |               100.00 |           100.00 |          100.00 |             100.00 |            100.00 |
| Hypothetical Final Underlying Level:                    |                60.00 |           125.00 |          112.00 |             112.00 |            120.00 |
| Hypothetical Underlying Return on Final Valuation Date: |              -40.00% |           25.00% |          12.00% |             12.00% |            20.00% |

Based on the Underlying Returns set forth above,
the Final Basket Level would equal:

<div align='center'>100 × [1 + (40.00%× -40.00%) + (25.00%× 25.00%) + (17.50%× 12.00%) + (10.00%× 12.00%) + (7.50%× 20.00%)] = 95.