Company: ADZCF
Filing Date: 2025-08-27
Form Type: 424B2
Source: 0000950103-25-010769
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-08-27
Form: 424B2
Chunk 20
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 $5.000 | -50.00%                 |
| 40.00                  | -60.00%    |      $4.000 | -60.00%                 |
| 30.00                  | -70.00%    |      $3.000 | -70.00%                 |
| 20.00                  | -80.00%    |      $2.000 | -80.00%                 |
| 10.00                  | -90.00%    |      $1.000 | -90.00%                 |
| 0.00                   | -100.00%   |      $0.000 | -100.00%                |

| 1 | The “total return” is the number, expressed as a percentage, that results from comparing the payment at maturity per Security to the purchase price of $10 per Security. |

Example 2 – Securities are NOT Automatically Called and the Final Underlying Value is Above the Initial Underlying Value

| Date                 |     |                       Closing Value |     |                                                                                                                                                          Payment (per Security) |
| Observation Date     |     |                               85.00 |     |                                                                                         Closing Value of Underlying below Autocall Barrier; Securities NOT automatically called |
| Final Valuation Date |     |                              110.00 |     | Closing Value of Underlying above Initial Underlying Value; Issuer pays Face Amount plus a return equal to the Underlying Return times the Upside Gearing on the Maturity Date. |
|                      |     | Payment at Maturity (per Security): |     |                                                                                                                                                                          $11.05 |
|                      |     |                       Total Return: |     |                                                                                                                                                                          10.50% |

Because the Closing Value of the Underlying is
less than the Autocall Barrier on the Observation Date, the Securities are not automatically called. The Closing Value of the Underlying
increases 10.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 110.00, resulting in an Underlying Return
of 10.00%.

Because the Underlying Return of 10.00% is positive, the Issuer will
pay a payment at maturity calculated as follows per Security:

<div align='center'>$10 + ($10 × Underlying Return × Upside
Gearing)

$10 + ($10 × 10.00% × 1.05) = $10 +
$1