Company: ADZCF
Filing Date: 2025-05-19
Form Type: 424B2
Source: 0000950103-25-006140
Chunk: 21

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-19
Form: 424B2
Chunk 21
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) the Initial Underlying Value, expressed as a percentage. |
| 2 | The “total return” is the number, expressed as a percentage, that results from comparing the payment upon automatic call to the purchase price of $10 per Security.                                                                    |

Example 1– Securities are Automatically Called on the Observation Date

| Date             |     |              Closing Value |     |                                                                                                                                 Payment (per Security) |
| Observation Date |     |                     130.00 |     | Closing Value of Underlying at or above Autocall Barrier; Securities are automatically called; Issuer pays the Call Price on the Call Settlement Date. |
|                  |     | Call Price (per Security): |     |                                                                                                                                                 $11.00 |
|                  |     |              Total Return: |     |                                                                                                                                                 10.00% |

<div align='center'>PS-13</div>

Because the Closing Value of the Underlying is greater than or equal to the Autocall Barrier on the Observation Date, 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 Underlying, which may be significant.

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

| Final Underlying Value | Underlying 
 Return     |     Payment 
 at Maturity | Total Return on         
 Securities at Maturity1 |
| 180.00                 | 80.00%     |     $18.400 | 84.00%                  |
| 170.00                 | 70.00%     |     $17.350 | 73.50%                  |
| 160.00                 | 60.00%     |     $16.300 | 63.00%                  |
| 150.00                 | 50.00%     |     $15.250 | 52.50%                  |
| 140.00                 | 40.00%     |     $14.200 | 42.00%                  |
| 130.00                 | 30.00%     |     $13.150 | 31.50%                  |
| 120.