Company: ADZCF
Filing Date: 2025-05-01
Form Type: 424B2
Source: 0000950103-25-005558
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-01
Form: 424B2
Chunk 21
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 4 – Securities are NOT Automatically Called and the Final Underlying Value is Below the Downside Threshold

| Date                 |     | Closing Value |     | Payment (per Security)                                                                                                                                                                       |
| Observation Date     |     |         85.00 |     | Closing Value of Underlying below Autocall Barrier; Securities NOT automatically called                                                                                                      |
| Final Valuation Date |     |         50.00 |     | Closing Value of Underlying below Downside Threshold; Issuer will repay less than the Face Amount resulting in a percentage loss on your investment equal to the negative Underlying Return. |

| Payment at Maturity (per Security): |     |   $5.00 |
| Total Return:                       |     | -50.00% |

Because the Closing Value of the Underlying is less than the Autocall
Barrier on the Observation Date, the Securities are not automatically called. 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 Securities are not automatically called 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- 15</div>

| The Russell 2000® Index |

The Russell 2000 ®Index measures the capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization segment of the U.S. equity market