Company: ADZCF
Filing Date: 2025-02-11
Form Type: 424B2
Source: 0000950103-25-001876
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-11
Form: 424B2
Chunk 21
---
 with weights that represent
their significance in the spending of urban households in the United States. The CPI is a market-accepted measure of inflation.

The contents of the market basket of goods and services
and the weights assigned to the various items are updated periodically to take into account changes in consumer expenditure patterns.
The CPI is expressed in relative terms based on a reference period for which the level is set at 100 (currently the base reference period
used by the BLS is 1982–1984). For example, because the CPI level for the 1982–1984 reference period is 100, an increase of
16.5 percent from that period would be shown as 116.5.

All information contained in this pricing supplement
regarding the CPI is derived from publicly available information published by the BLS or other publicly available sources. Such information
reflects the policies of the BLS as stated in such sources, and such policies are subject to change by the BLS. We have not independently
verified any information relating to the CPI. The BLS is under no obligation to continue to publish the CPI and may discontinue publication
of the CPI at any time. The consequences of the BLS discontinuing the CPI are described above.

<div align='center'>PS-14

HYPOTHETICAL INTEREST RATE CALCULATION</div>

Below are hypothetical illustrations
of the Interest Rate that would have resulted with respect to a hypothetical Interest Period ending in January 2026 assuming the hypothetical
levels of the CPI indicated below. These examples are for purposes of illustration only and the values used in the examples may have been
rounded for ease of analysis. These examples are intended to illustrate the effect of general trends in the CPI on the amount of interest
payable to you on the notes. The hypothetical levels of the CPI used in the examples below do not reflect the actual levels of the CPI.
For historical data regarding the actual levels of the CPI, see the historical information set forth herein. As a result, this hypothetical
illustration should not be taken as an indication of any actual Interest Rates that may be payable on the notes.

Assuming a hypothetical Interest
Period ending in January 2026, which would relate to a hypothetical Interest Payment Date occurring in January 2026, the hypothetical
Interest Rate on the notes payable on such hypothetical Interest Payment Date would be calculated as follows:

Example 1. The CPI increases during the year-over-year reference period.

Step 1:Calculate the CPI Rate for the applicable