Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 19
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2 — The Closing Value of the Underlying decreases
5.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 95.00, resulting in an Underlying Return of -5.00%.

Because the Underlying Return is negative but the Final Underlying Value
is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity of $10.00 per Security.

The payment at maturity of $10.00 per Security represents a total return
on the Securities of 0.00%.

Example 3— The Closing Value of the Underlying decreases
50.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 50.00, resulting in an Underlying Return of -50.00%.

Because the Underlying Return is negative and the Final Underlying Value
is less than the Downside Threshold, the Issuer will pay a payment at maturity calculated as follows per Security:

<div align='center'>$10 + ($10 × Underlying Return)

$10 + ($10 × -50.00%) = $5.00</div>

The payment at maturity of $5.00 per Security represents a loss on the
Securities of 50.00%, which reflects the Underlying Return of -50.00%.

If the Underlying Return is negative and the Final Underlying Value is less than the Downside Threshold, at maturity the Issuer will repay less than the Face Amount, if anything, resulting in a percentage loss on your investment equal to the negative Underlying Return. In this case, you will have full downside exposure to the Underlying from the Initial Underlying Value to the Final Underlying Value, and will lose a significant portion, and possibly all, of your investment.

<div align='center'>PS-13</div>

| The S&P 500® Index |

The S&P 500 ®Index is an equity index that is intended to provide an indication of the pattern of common stock price movement in the large capitalization segment of the United States equity market. See “Indices—The S&P U.S. Indices” in the accompanying underlying supplement for additional information about the S&P 500 ®Index.

Historical Information

The graph below illustrates the performance of the S&P 500 ®Index from January 2, 2020 to September 18, 2025. The Closing Level of the S&P 500 ®Index on September 18,