Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 23

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 23
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 or Below the Initial Basket Value but At or Above the Downside Threshold

| Date                 |     |                              Basket 
                       Closing Value |     |                                                                                          Payment 
                                                                                   (per Security) |
| Observation Date     |     |                               85.00 |     |                        Basket Closing Value below Autocall Barrier; Securities NOT automatically 
                                                                                           called |
| Final Valuation Date |     |                               95.05 |     |                                                               Basket Closing Value below Initial 
 Basket Value but at or above Downside Threshold; Issuer repays Face Amount on the Maturity Date. |
|                      |     | Payment at Maturity (per Security): |     |                                                                                           $10.00 |
|                      |     |                       Total Return: |     |                                                                                            0.00% |

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:                    |      60.00 |    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 Value 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 Value on the Observation Date is less than
the Autocall Barrier, the Securities are not automatically called. The Basket Closing Value decreases 4.95% from the Initial Basket Value
of