Company: ADZCF
Filing Date: 2025-04-23
Form Type: 424B2
Source: 0000950103-25-005183
Chunk: 28

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-23
Form: 424B2
Chunk 28
---
, which is equal to the Face Amount plus the Contingent Coupon due on
the Contingent Coupon Payment Date that is also the Maturity Date.

In addition, because the Closing Value of each
Underlying was greater than or equal to its Coupon Barrier on the first and second Coupon Observation Dates, the Issuer will pay the Contingent
Coupon of $0.125 on each of the related Contingent Coupon Payment Dates. However, because the Closing Value of at least one Underlying
was less than the Coupon Barrier on the third through eleventh Coupon Observation Dates, the Issuer will not pay any Contingent Coupon
on the Contingent Coupon Payment Dates following those Coupon Observation Dates. Accordingly, the Issuer will have paid a total of $10.375
per Note for a total return of 3.75% on the Notes.

<div align='center'>PS-16</div>

Example 3 — Notes Are NOT Automatically Called and the Final Underlying Value of At Least One Underlying Is Below the Downside Threshold and Coupon Barrier

| Coupon Observation    
 Date                  |     | Closing Value                                          |     | Payment (per Note)                                                                                                                    |
| First Coupon          
 Observation Date      |     | SPX Index: 60.00                                       
 SX5E Index: 65.00                                      |     | Not Callable.                                                                                                                         
 Closing Value of each Underlying below its Coupon                                                                                     
 Barrier; Issuer DOES NOT pay Contingent Coupon on the related Contingent Coupon Payment Date.                                         |
| Second Coupon         
 Observation Date      |     | SPX Index: 105.00                                      
 SX5E Index: 65.00                                      |     | Closing Value of the SX5E Index below its Initial                                                                                     
 Underlying Value; Notes NOT automatically called.                                                                                     
 Closing Value of SX5E Index below its Coupon Barrier;                                                                                 
 Issuer DOES NOT pay Contingent Coupon on the related Contingent Coupon Payment Date.                                                  |
| Third Coupon          
 Observation Date      |     | SPX Index: 40.00                                       
 SX5E Index: 65.00                                      |     | Closing Value of at least one Underlying below                                                                                        
 its Initial Underlying Value; Notes NOT automatically called.                                                                         
 Closing Value of at least one Underlying below                                                                                        
 its Coupon Barrier; Issuer DOES NOT pay Contingent Coupon on the related Contingent Coupon Payment Date.                              |
| Fourth to Eleventh    
 Coupon Observation    
 Dates                 |