Company: ADZCF
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0000950103-25-001479
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-04
Form: 424B2
Chunk 22
---
 |
| 30.00                | -70.00%  |                 N/A | N/A                             |
| 20.00                | -80.00%  |                 N/A | N/A                             |
| 10.00                | -90.00%  |                 N/A | N/A                             |
| 0.00                 | -100.00% |                 N/A | N/A                             |

| 1 | As used in this table, the “Basket Return” is equal to (i) the Basket Closing Level on the Observation Date minus the Initial Basket Level divided by (ii) the Initial Basket Level, expressed as a percentage. |
| 2 | The “total return” is the number, expressed as a percentage, that results from comparing the payment upon automatic call to the purchase price of $10 per Security.                                             |

<div align='center'>PS-13</div>

Example 1– Securities are Automatically Called on the Observation Date

| Date             |     |                     Basket 
              Closing Level |     |                                                                         Payment 
                                                                  (per Security) |
| Observation Date |     |                     130.00 |     | Basket Closing Level at or above Autocall Barrier; Securities are automatically 
                 called; Issuer pays the Call Price on the Call Settlement Date. |
|                  |     | Call Price (per Security): |     |                                                                          $11.00 |
|                  |     |              Total Return: |     |                                                                          10.00% |

Calculation of the Basket Closing Level on the Observation Date:

|                                                     | EURO STOXX 50® Index | Nikkei 225 Index | FTSE® 100 Index | Swiss Market Index | S&P/ASX 200 Index |
| Hypothetical Initial Underlying Level:              |               100.00 |           100.00 |          100.00 |             100.00 |            100.00 |
| Hypothetical Closing Level on Observation Date:     |               130.00 |           125.00 |          130.00 |             135.00 |            140.00 |
| Hypothetical Underlying Return on Observation Date: |               30.00% |           25.00% |          30.00% |             35.00% |            40.00% |

Based on the Underlying Returns set forth above,
the Basket Closing Level on the Observation Date would equal:

<div