Company: ADZCF
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0000950103-25-001479
Chunk: 26

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-04
Form: 424B2
Chunk 26
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 100.00 to a Final Basket Level of 95.05, resulting in a Basket Return of -4.95%.

Because the Basket Return is negative but the Final Basket Level is
greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity of $10.00 per Security. In this example,
the significant decrease in the EURO STOXX 50 Index has a significant impact on the Final Basket Level notwithstanding
the percentage increases in the other Underlyings.

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

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Example 4 – Securities are NOT Automatically Called and the Final Basket Level is Below 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 |     |         40.00 |     | Basket Closing Level below Downside                                                                                                   
 Threshold; Issuer will repay less than the Face Amount resulting in a percentage loss on your investment equal to the negative Basket 
 Return.                                                                                                                               |

| Payment at Maturity (per Security): |     |   $4.00 |
| Total Return:                       |     | -60.00% |

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:                    |                30.00 |            40.00 |           50.00 |              70.00 |             30.00 |
| Hypothetical Underlying Return on Final Valuation Date: |              -70.00% |          -60.00% |         -50.00% |            -30.00% |           -70.00% |

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

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