Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 21
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 40.00%)] = 130.00</div>

Therefore, the Basket Return would be equal to
30.00%.

Because the Basket Closing Value on the Observation Date is greater
than or equal to the Autocall Barrier, the Securities are automatically called on the Observation Date. The Issuer will pay you on the
Call Settlement Date a Call Price of $11.00 per Security for a total return of 10.00% on the Securities. No further amounts will be owed
to you under the Securities.

As indicated in this example, if the Securities are automatically called, your return on the Securities will not exceed the Call Return, regardless of any appreciation of the Basket, which may be significant.

<div align='center'>PS-14</div>

Hypothetical Payment at Maturity if the Securities are NOT Automatically Called:

| Final Basket 
 Value        | Basket   
 Return   |     Payment 
 at Maturity | Total                   
 Return on               
 Securities at Maturity1 |
| 180.00       | 80.00%   |     $18.400 | 84.00%                  |
| 170.00       | 70.00%   |     $17.350 | 73.50%                  |
| 160.00       | 60.00%   |     $16.300 | 63.00%                  |
| 150.00       | 50.00%   |     $15.250 | 52.50%                  |
| 140.00       | 40.00%   |     $14.200 | 42.00%                  |
| 130.00       | 30.00%   |     $13.150 | 31.50%                  |
| 120.00       | 20.00%   |     $12.100 | 21.00%                  |
| 110.00       | 10.00%   |     $11.050 | 10.50%                  |
| 105.00       | 5.00%    |     $10.525 | 5.25%                   |
| 100.00       | 0.00%    |     $10.000 | 0.00%                   |
| 95.00        | -5.00%   |     $10.000 | 0.00%                   |
| 90.00        | -10.00