Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 27

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 27
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 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 Index” in the accompanying underlying supplement.

Historical Information

The graph below illustrates the performance of the Nikkei 225 Index from January 6, 2020 to March 31, 2025. The Closing Level of the Nikkei 225 Index on March 31, 2025 was 35,617.56.

We obtained the Closing Levels of the Nikkei 225 Index from Bloomberg, without independent verification. The historical Closing Levels of the Nikkei 225 Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the Nikkei 225 Index on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the Nikkei 225 Index will not result in a loss on your initial investment.

<div align='center'>PS-21</div>

| The FTSE® 100 Index |

The FTSE ®100 Index measures the composite price performance of stocks of the 100 largest companies (determined on the basis of market capitalization) traded on the London Stock Exchange. For more information about the FTSE ®100 Index, see “Indices—The FTSE ®100 Index” in the accompanying underlying supplement.

Historical Information

The graph below illustrates the performance of the FTSE ®100 Index from January 2, 2020 to March 31, 2025. The Closing Level of the FTSE ®100 Index on March 31, 2025 was 8,582.81.

We obtained the Closing Levels of the FTSE ®100 Index from Bloomberg, without independent verification. The historical Closing Levels of the FTSE ®100 Index should not be taken