Company: ADZCF
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0000950103-25-001479
Chunk: 25

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-04
Form: 424B2
Chunk 25
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 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%)] = 95.05</div>

Therefore, the Basket Return would be equal to
-4.95%.

Because the Basket Closing Level on the Observation Date is less than
the Autocall Barrier, the Securities are not automatically called. The Basket Closing Level decreases 4.95% from the Initial Basket Level
of