Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016085
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 20
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 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 of
any Underlying or the Participation Rate. The hypothetical Initial Underlying Value of 100.00 for each Underlying has been chosen for
illustrative purposes only and does not represent the actual Initial Underlying Value of any Underlying. The actual Initial Underlying
Value of each Underlying and Participation Rate are set forth under “Terms of the Notes” above. For actual historical data
of the Underlyings, 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 5 years |
| Initial Basket Value:                  |                      100.00 |
| Hypothetical Initial Underlying Value: | For each Underlying, 100.00 |
| Hypothetical Participation Rate:       |                     102.00% |

| Final Basket Value | Basket   
 Return   |     Payment 
 at Maturity | Total Return on    
 Notes at Maturity1 |
| 180.00             | 80.00%   |   $1,816.00 | 81.60%             |
| 170.00             | 70.00%   |   $1,714.00 | 71.40%             |
| 160.00             | 60.00%   |   $1,612.00 | 61.20%             |
| 150.00             | 50.00%   |   $1,510.00 | 51.00%             |
| 140.00             | 40.00%   |   $1,408.00 | 40.80%             |
| 130.00             | 30.00%   |   $1,306.00 | 30.60%             |
| 120.00             | 20.00%   |   $1,204.00 | 20.40%             |
| 110.00             | 10.00%   |   $1,102.00 | 10.20%             |
| 105.00             | 5.00%    |   $1,051.00 | 5.10%              |
| 100