Company: ADZCF
Filing Date: 2025-04-25
Form Type: 424B2
Source: 0000950103-25-005263
Chunk: 29

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-25
Form: 424B2
Chunk 29
---
 a loss on your initial investment.

<div align='center'>PS-18</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 24, 2025. The Closing Level of the EURO STOXX 50 ®Index on April 24, 2025 was 5,114.98. The dotted line represents the Downside Threshold of 3,580.49, which is equal to 70% of the Closing Level of the EURO STOXX 50 ®Index on April 24, 2025 (rounded to two decimal places).

We obtained the Closing Levels of the EURO STOXX 50 ®Index from Bloomberg Finance L.P., 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 Coupon Observation Dates 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-19</div>

| Correlation of the Underlyings |

The following graph sets forth the historical performances of the S&P 500 ®Index and the EURO STOXX 50 ®Index from January 2, 2020 through April 24, 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