Company: ADZCF
Filing Date: 2025-08-04
Form Type: 424B2
Source: 0000950103-25-009784
Chunk: 18

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-08-04
Form: 424B2
Chunk 18
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 as calculation agent may adversely   
 affect your return on the Notes.                                                                                                               |

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

| Hypothetical Examples and Return Table of the Notes at Maturity |

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

The table and examples below illustrate the payment
at maturity for a $1,000 Face Amount Note on a hypothetical offering of Notes 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 Value, Participation
Rate or Maximum Gain. The hypothetical Initial Underlying Value of 100.00 has been chosen for illustrative purposes only and does not
represent the actual Initial Underlying Value. The actual Initial Underlying Value and Maximum Gain will be determined on the Trade Date
and will be set forth under “Terms of the Notes” above. For actual historical data 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 7 years |
| Hypothetical Initial Underlying Value: |                100.00 |
| Hypothetical Participation Rate:       |               100.00% |
| Hypothetical Maximum Gain:             |                10.00% |

| Final Underlying Value | Underlying 
 Return     |     Payment 
 at Maturity | Total Return on    
 Notes at Maturity1 |
| 180.00                 | 80.00%     |   $1,100.00 | 10.00%             |
| 170.00                 | 70.00%     |   $1,100.00 | 10.00%             |
| 160.00                 | 60.00%     |   $1,100.00 | 10.00%             |
| 150.00                 | 50.00%     |   $1,100.00 | 10.00%             |
| 140.00                 | 40.00%     |   $1,100.00 | 10.00%             |
| 130.00                 | 30.00%     |   $1,100.00 | 10.00%             |
| 120.00                 | 20