Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 19
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 may be required to make discretionary           
 judgments. In making these discretionary judgments, the fact that we are the calculation              
 agent may cause us to have economic interests that are adverse to your interests as an investor       
 in the Securities, and our determinations as calculation agent may adversely affect your              
 return on the Securities.                                                                             |

<div align='center'>PS-12</div>

| Hypothetical Examples and Return 
 Table of the Securities          |

<div align='center'>Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.</div>

The tables and examples below illustrate the payment
upon an automatic call or at maturity for a $10 Face Amount Security on a hypothetical offering of Securities under various scenarios,
with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent the actual
Initial Underlying Value of any Underlying, Autocall Barrier, Downside Threshold, Upside Gearing or Call Return. The hypothetical Initial
Underlying Value of 100.00 for each Underlying has been chosen for illustrative purposes only and does not represent the actual Initial
Underlying Value of any Underlying. The actual Initial Underlying Value of each Underlying, Autocall Barrier, Downside Threshold, Upside
Gearing and Call Return are set forth under “Terms of the Securities” above. For actual historical data of the Underlyings,
see the historical information set forth herein. These examples are for purposes of illustration only and the values used in the examples
may have been rounded for ease of analysis.

| Term:                     |                      Approximately 
    5 years (unless called earlier) |
| Initial                   
 Basket Value:             |                             100.00 |
| Hypothetical              
 Autocall Barrier:         |                             100.00 
 (100% of the Initial Basket Value) |
| Hypothetical              
 Initial Underlying Value: |                                For 
            each Underlying, 100.00 |
| Hypothetical              
 Upside Gearing:           |                               1.05 |
| Hypothetical              
 Downside Threshold:       |                              90.00 
  (90% of the Initial Basket Value) |
| Hypothetical              
 Call Return:              |                             10.00% |

Hypothetical Payment upon an Automatic Call

| Basket              
 Closing Value       
 on Observation Date | Basket   
 Return1  |             Payment 
 upon Automatic Call | Total                           
 Return on                       
 Securities upon Automatic