Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 22
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50% |

Calculation of the Final Basket Value and the Payment at Maturity:

|                                            | EURO STOXX 
  50® Index |    Nikkei 
 225 Index |     FTSE® 
 100 Index | Swiss Market 
        Index |   S&P/ASX 
 200 Index |
| Hypothetical                               
 Initial Underlying Value:                  |     100.00 |    100.00 |    100.00 |       100.00 |    100.00 |
| Hypothetical                               
 Final Underlying Value:                    |     115.00 |    101.00 |    113.00 |       111.00 |    105.00 |
| Hypothetical                               
 Underlying Return on Final Valuation Date: |     15.00% |     1.00% |    13.00% |       11.00% |     5.00% |

Based on the Underlying Returns set forth above,
the Final Basket Value would equal:

<div align='center'>100 × [1 + (40.00% × 15.00%) + (25.00%
× 1.00%) + (17.50% × 13.00%) + (10.00% × 11.00%) + (7.50% × 5.00%)] = 110.00</div>

Therefore, the Basket Return would be equal to
10.00%.

Because the Basket Closing Value on the Observation Date is less than
the Autocall Barrier, the Securities are not automatically called. The Basket Closing Value increases 10.00% from the Initial Basket
Value of 100.00 to a Final Basket Value of 110.00, resulting in a Basket Return of 10.00%.

Because the Basket Return of 10.00% is positive, the Issuer will pay
a payment at maturity calculated as follows per Security:

<div align='center'>$10 + ($10 × Basket Return × Upside
Gearing)

$10 + ($10 × 10.00% × 1.05) = $10 +$1.05
= $11.05</div>

The payment at maturity of $11.05 per Security represents a total return
on the Securities of 10.50%.

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

Example 3 – Securities are NOT Automatically Called and the Final Basket Value is At