Company: ADZCF
Filing Date: 2025-06-25
Form Type: 424B3
Source: 0000950103-25-007798
Chunk: 18

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-25
Form: 424B3
Chunk 18
---
 values,   
 prices and levels required to be determined for the purposes of the Notes on any relevant date or time. The calculation agent will also        
 be responsible for determining whether a market disruption event has occurred and make other determinations with respect to the Underlying     
 under the circumstances described in the product supplement. In making these determinations, the calculation agent may be required to          
 make discretionary judgments. In making these discretionary judgments, the fact that we are the calculation agent may cause us to have         
 economic interests that are adverse to your interests as an investor in the Notes, and our determinations 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 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.