Company: ADZCF
Filing Date: 2025-01-17
Form Type: 424B2
Source: 0000950103-25-000655
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-17
Form: 424B2
Chunk 22
---
 investor in the Securities, and our determinations as calculation     
 agent may adversely affect your return on the Securities.                                                                                    |

<div align='center'>PS-12</div>

| Hypothetical Examples and Return Table of the Securities |

<div align='center'>Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.</div>

The tables and examples below illustrate the payment
upon an automatic call or at maturity for a $10 Face Amount Security on a hypothetical offering of Securities under various scenarios,
with the assumptions set forth in the table below. The terms used for purposes of these hypothetical examples do not represent the actual
Initial Underlying Level, Autocall Barrier, Downside Threshold or Call Return. The hypothetical Initial Underlying Level of 100.00 has
been chosen for illustrative purposes only and does not represent the actual Initial Underlying Level. The actual Initial Underlying Level,
Autocall Barrier and Downside Threshold are set forth under “Terms of the Securities” above. For historical data regarding
the actual Closing Levels of the Underlying, see the historical information set forth herein. These examples are for purposes of illustration
only and the values used in the examples may have been rounded for ease of analysis.

| Term:                                  |              Approximately 5 years (unless called earlier) |
| Hypothetical Initial Underlying Level: |                                                     100.00 |
| Hypothetical Autocall Barrier          | 100.00 (100% of the hypothetical Initial Underlying Level) |
| Hypothetical Upside Gearing:           |                                                       1.05 |
| Hypothetical Downside Threshold:       |   90.00 (90% of the hypothetical Initial Underlying Level) |
| Hypothetical Call Return:              |                                                     10.00% |

Hypothetical Payment upon an Automatic Call

| Closing Level of Underlying 
 on Observation Date         | Underlying 
 Return1    |             Payment 
 upon Automatic Call | Total Return on                 
 Securities upon Automatic Call2 |
| 180.00                      | 80.00%     |              $11.00 | 10.00%                          |
| 170.00                      | 70.00%     |              $11.00 | 10.00%                          |
| 160.00                      | 60.00%     |              $11.00 | 10.00%                          |
| 150.00                      | 50.00%