Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005015
Chunk: 25

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 25
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 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 April 16, 2025. The Closing Level of the S&P 500 ®Index on April 16, 2025 was 5,275.70. The dotted line represents the Downside Threshold of 3,692.99, which is equal to 70% of the Closing Level of the S&P 500 ®Index on April 16, 2025 (rounded to two decimal places).

We obtained the Closing Levels of the S&P 500 ®Index from Bloomberg Finance L.P., without independent verification. The historical Closing Levels of the S&P 500 ®Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the S&P 500 ®Index on the Coupon Observation Dates and the Final Valuation Date. We cannot give you assurance that the performance of the S&P 500 ®Index will not result in a loss on your initial investment.

<div align='center'>PS-17</div>

| Correlation of  
 the Underlyings |

The following graph sets forth the historical performances of the Russell 2000 ®Index and the S&P 500 ®Index from January 2, 2020 through April 16, 2025, based on the daily Closing Levels of the Underlyings. For comparison purposes, each Underlying has been normalized to have a Closing Level of 100.00 on January 2, 2020 by dividing the Closing Level of that Underlying on each day by the Closing Level of that Underlying on January 2, 2020 and multiplying by 100.00.

We obtained the Closing Levels used to determine the normalized Closing Levels set forth below from Bloomberg Finance L.P., without independent verification. The historical performance of the Underlyings should not be taken as an indication of future performance and no assurance can be given as to the Closing Levels of the Underlyings on the Coupon Observation Dates and the Final Valuation Date. We cannot give you assurance that the performances of the Underlyings will not result in a loss of your initial investment.

<div align='center'>PAST PERFORMANCE AND