Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 25

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 25
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                      |     |                       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 Issuer will repay less than the Face Amount, if anything, resulting in a percentage loss on