Company: ADZCF
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0000950103-25-002150
Chunk: 26

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-19
Form: 424B2
Chunk 26
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 at Maturity (per Security): |     |                                                                                                                                                                             $4.00 |
|                      |     |                       Total Return: |     |                                                                                                                                                                           -60.00% |

Calculation of the Final Basket Level 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 Level:                  |               100.00 |           100.00 |          100.00 |             100.00 |            100.00 |
| Hypothetical Final Underlying Level:                    |                30.00 |            40.00 |           50.00 |              70.00 |             30.00 |
| Hypothetical Underlying Return on Final Valuation Date: |              -70.00% |          -60.00% |         -50.00% |            -30.00% |           -70.00% |

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

<div align='center'>100 × [1 + (40.00%× -70.00%) + (25.00%× -60.00%) + (17.50%× -50.00%) + (10.00%× -30.00%) + (7.50%× -70.00%)] = 40.00</div>

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 60.00% from the Initial Basket Level
of 100.00 to a Final Basket Level of 40.00, resulting in a Basket Return of -60.00%.

Because the Basket Return is negative and the Final Basket Level is
less than the Downside Threshold, the Issuer will pay a payment at maturity calculated as follows per Security:

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

$10 + ($10 × -60.00%) = $4.00</div>

The payment at maturity of $4.00 per Security represents a loss on the
Securities of 60.00%, which reflects the Basket Return of -60.00%.

If the Securities are not automatically called and the Final Basket Level is less than the Downside Threshold, at maturity the Iss