Company: ADZCF
Filing Date: 2025-06-18
Form Type: 424B2
Source: 0000950103-25-007580
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-18
Form: 424B2
Chunk 20
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 0.00%              |
| 20.00              | -80.00%  |      $10.00 | 0.00%              |
| 10.00              | -90.00%  |      $10.00 | 0.00%              |
| 0.00               | -100.00% |      $10.00 | 0.00%              |

| 1 | The “total return” is the number, expressed as a percentage, that results from comparing the payment at maturity per Note to the purchase price of $10 per Note. |

<div align='center'>PS-13</div>

Example 1— The value of the Basket
increases 10.00% from the Initial Basket Value of 100.00 to a Final Basket Value of 110.00.

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:

100 × [1 + (40.00% × 15.00%) + (25.00% × 1.00%) + (17.50% × 13.00%) + (10.00% × 11.00%) + (7.50% × 5.00%)] = 110.00

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

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

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