Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 24

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 24
---
           125.00 |          112.00 |             112.00 |            120.00 |
| Hypothetical Underlying Return on Final Valuation Date: |              -40.00% |           25.00% |          12.00% |             12.00% |            20.00% |

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

<div align='center'>100 × [1 + (40.00%× -40.00%) + (25.00%× 25.00%) + (17.50%× 12.00%) + (10.00%× 12.00%) + (7.50%× 20.00%)] = 95.05</div>

Therefore, the Basket Return would be equal to
-4.95%.

Because the Basket Closing Level on the Observation Date is less than
the Autocall Barrier, the Securities are not automatically called. The Basket Closing Level decreases 4.95% from the Initial Basket Level
of 100.00 to a Final Basket Level of 95.05, resulting in a Basket Return of -4.95%.

Because the Basket Return is negative but the Final Basket Level is
greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity of $10.00 per Security. In this example,
the significant decrease in the EURO STOXX 50 Index has a significant impact on the Final Basket Level notwithstanding
the percentage increases in the other Underlyings.

The payment at maturity of $10.00 per Security represents a total return
on the Securities of 0.00%.

<div align='center'>PS-17</div>

Example 4 – Securities are NOT Automatically Called and the Final Basket Level is Below the Downside Threshold

| Date                 |     |                Basket Closing Level |     |                                                                                                                                                            Payment (per Security) |
| Observation Date     |     |                               85.00 |     |                                                                                                  Basket Closing Level below Autocall Barrier; Securities NOT automatically called |
| Final Valuation Date |     |                               40.00 |     | Basket Closing Level below Downside Threshold; Issuer will repay less than the Face Amount resulting in a percentage loss on your investment equal to the negative Basket Return. |
|                      |     | Payment at Maturity (per Security): |     |                                                                                                                                                                             $4.00 |
|