Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 18

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 18
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0.00%                   |
| 90.00                  | -10.00%    |     $10.000 | 0.00%                   |
| 89.00                  | -11.00%    |      $8.900 | -11.00%                 |
| 80.00                  | -20.00%    |      $8.000 | -20.00%                 |
| 70.00                  | -30.00%    |      $7.000 | -30.00%                 |
| 60.00                  | -40.00%    |      $6.000 | -40.00%                 |
| 50.00                  | -50.00%    |      $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.                                                                                       |

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

Example 1— 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) = $11.05</div>

The payment at maturity of $11.05 per Security represents a total return
on the Securities of 10.50%.

Example