Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 21
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 |              Total Return: |     |                                                                                                                                          10.00% |

Calculation of the Basket Closing Level on the Observation Date:

|                                                     | 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 Closing Level on Observation Date:     |               130.00 |           125.00 |          130.00 |             135.00 |            140.00 |
| Hypothetical Underlying Return on Observation Date: |               30.00% |           25.00% |          30.00% |             35.00% |            40.00% |

Based on the Underlying Returns set forth above,
the Basket Closing Level on the Observation Date would equal:

<div align='center'>100 × [1 + (40.00%× 30.00%) + (25.00%× 25.00%) + (17.50%× 30.00%) + (10.00%× 35.00%) + (7.50%× 40.00%)] = 130.00</div>

Therefore, the Basket Return would be equal to
30.00%.

Because the Basket Closing Level on the Observation Date is greater than or equal to the Autocall Barrier, the Securities are automatically called on the Observation Date. The Issuer will pay you on the Call Settlement Date a Call Price of $11.00 per Security for a total return of 10.00% on the Securities. No further amounts will be owed to you under the Securities.

As indicated in this example, if the Securities are automatically called, your return on the Securities will not exceed the Call Return, regardless of any appreciation of the Basket, which may be significant.

<div align='center'>PS-14</div>

Hypothetical Payment at Maturity if the Securities are NOT Automatically Called:

| Final Basket Level | Basket   
 Return   |     Payment 
 at Maturity | Total Return on         
 Securities at Maturity1 |
| 180.00             | 80.00%   |     $18.400 | 84.00%                  |
| 170.00