Company: ADZCF
Filing Date: 2025-10-01
Form Type: 424B2
Source: 0000950103-25-012645
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-10-01
Form: 424B2
Chunk 23
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a total return on the Notes of 0.00%.

If the Basket Return is zero or negative, you will not receive any positive return on your investment.

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

| Hypothetical Historical Performance of the Basket |

The basket will represent an unequally weighted portfolio of the Underlyings, with the return of each Underlying having the Basket Weight set forth above. For more information regarding the Underlyings, see the information provided below.

While historical information on the value of the Basket does not exist, the following graph sets forth the hypothetical historical daily values of the Basket for the period from January 6, 2020 to September 30, 2025, assuming that the Basket was constructed on January 6, 2020 with an Initial Basket Value of 100.00 and that each of the Underlyings had the applicable Basket Weight as of that day. We obtained the Closing Levels of the Underlyings used in the graph below from Bloomberg Finance L.P., (" Bloomberg") without independent verification.

The historical Basket performance should not be taken as an indication of future performance and no assurance can be given as to the Final Basket Value. We cannot give you assurance that the performance of the Basket will result in a positive return on your investment.

<div align='center'>PS-15</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 September 30, 2025. The Closing Level of the EURO STOXX 50 ®Index on September 30, 2025 was 5,529.96.

We obtained the Closing Levels of the EURO STOXX 50 ®Index from Bloomberg, 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 Levels of the EURO STOXX 50 ®Index on the Final Valuation Date. We cannot give you assurance that the performance of the EURO STOXX