Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005019
Chunk: 28

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 28
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 constructed on January 6, 2020 with an Initial Basket Level of 100.00 and that each of the Underlyings had the applicable Basket Weight as of that day. We obtained the Closing Levels of the Underlyings used in the graph below from Bloomberg Finance L.P., ("Bloomberg") without independent verification.

The dotted line represents a hypothetical Downside Threshold of 75.00, equal to 75% of the Initial Basket Level.

The historical Basket performance should not be taken as an indication of future performance and no assurance can be given as to the Basket Closing Level on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the Basket will not result in a loss on your initial investment.

<div align='center'>PS-19</div>

| The                  
 EURO STOXX 50® Index |

The EURO STOXX 50 ®Index is a free float market capitalization-weighted index composed of 50 of the largest stocks in terms of free float market capitalization traded on major Eurozone exchanges. For more information about the EURO STOXX 50 ®Index, see “Indices—The STOXX Benchmark Indices” in the accompanying underlying supplement.

Historical Information

The graph below illustrates the performance of the EURO STOXX 50 ®Index from January 2, 2020 to April 16, 2025. The Closing Level of the EURO STOXX 50 ®Index on April 16, 2025 was 4,966.50.

We obtained the Closing Levels of EURO STOXX 50 ®Index from Bloomberg, without independent verification. The historical Closing Levels of the EURO STOXX 50 ®Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the EURO STOXX 50 ®Index on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the EURO STOXX 50 ®Index will not result in a loss on your initial investment.

<div align='center'>PS-20</div>

| The Nikkei 225 Index |

The Nikkei 225 Index is a stock index that measures the composite price performance of 225 of the most actively traded stocks on the Tokyo Stock Exchange (the “Nikkei Underlying Stocks”), representing a broad cross-section of Japanese industries. For more information about the Nikkei 225 Index, see “Indices—The Nikkei Stock Average