Company: ADZCF
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0000950103-25-002148
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-19
Form: 424B2
Chunk 21
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10 × Underlying Return × Upside
Gearing)

$10 + ($10 × 10.00% × 1.05) = $11.05</div>

The payment at maturity of $11.05 per Security represents a total return
on the Securities of 10.50%.

Example 2 — The Closing Level of the Underlying decreases
5.00% from the Initial Underlying Level of 100.00 to a Final Underlying Level of 95.00, resulting in an Underlying Return of -5.00%.

Because the Underlying Return is negative but the Final Underlying Level
is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity of $10.00 per Security.

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

Example 3— The Closing Level of the Underlying decreases
50.00% from the Initial Underlying Level of 100.00 to a Final Underlying Level of 50.00, resulting in an Underlying Return of -50.00%.

Because the Underlying Return is negative and the Final Underlying 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 × Underlying Return)

$10 + ($10 × -50.00%) = $5.00</div>

The payment at maturity of $5.00 per Security represents a loss on the
Securities of 50.00%, which reflects the Underlying Return of -50.00%.

If the Underlying Return is negative and the Final Underlying Level is less than the Downside Threshold, at maturity the Issuer will repay less than the Face Amount, if anything, resulting in a percentage loss on your investment equal to the negative Underlying Return. In this case, you will have full downside exposure to the Underlying from the Initial Underlying Level to the Final Underlying Level, and will lose a significant portion, and possibly all, of your investment.

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

| The S&P 500® Index |

The S&P 500 ®Index is an equity index that is intended to provide an indication of the pattern of common stock price movement in the large capitalization segment of the United States equity market. See “Indices—The S&P U.S. Indices” in the accompanying underlying supplement