Company: ADZCF
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0000950103-25-014790
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-14
Form: 424B2
Chunk 20
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 the purchase price of $1,000 per Note. |

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

Example 1— The Closing Value of the
Underlying increases 6.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 106.00, resulting in an Underlying
Return of 6.00%.

Because the Underlying Return of 6.00% is positive
and such Underlying Return multiplied by the Participation Rate of 100.00% is less than the Maximum Gain of 10.00%, the Issuer will pay
a payment at maturity calculated as follows per Note:

<div align='center'>$1,000 + ($1,000 × the lesser of (a) Underlying
Return × Participation Rate and (b) the Maximum Gain)

$1,000 + ($1,000 × 6.00% × 100.00%)
= $1,060.00</div>

The payment at maturity of $1,060.00 per Note represents
a total return on the Notes of 6.00%.

Example 2— The Closing Value of the
Underlying increases 50.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 150.00, resulting in an Underlying
Return of 50.00%.

Because the Underlying Return of 50.00% is positive
and such Underlying Return multiplied by the Participation Rate of 100.00% is greater than the Maximum Gain of 10.00%, the Issuer will
pay a payment at maturity calculated as follows per Note:

<div align='center'>$1,000 + ($1,000 × the lesser of (a) Underlying
Return × Participation Rate and (b) the Maximum Gain)

$1,000 + ($1,000 × 10.00%) = $1,100.00</div>

The payment at maturity of $1,100.00 per Note,
which is the maximum payment on the Notes, represents a total return on the Notes equal to the Maximum Gain of 10.00%.

Example 3 — The Closing Value of the
Underlying decreases 20.00% from the Initial Underlying Value of 100.00 to a Final Underlying Value of 80.00, resulting in an Underlying
Return of -20.00%.

Because the Underlying Return is negative, the
Issuer will repay the Face Amount