Company: ADZCF
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0000950103-25-002150
Chunk: 24

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-19
Form: 424B2
Chunk 24
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 + (17.50%× 13.00%) + (10.00%× 11.00%) + (7.50%× 5.00%)] = 110.00</div>

Therefore, the Basket Return would be equal to
10.00%.

Because the Basket Closing Level on the Observation Date is less than
the Autocall Barrier, the Securities are not automatically called. The Basket Closing Level increases 10.00% from the Initial Basket Level
of 100.00 to a Final Basket Level of 110.00, resulting in a Basket Return of 10.00%.

Because the Basket Return of 10.00% is positive, the Issuer will pay
a payment at maturity calculated as follows per Security:

<div align='center'>$10 + ($10 × Basket Return × Upside
Gearing)

$10 + ($10 × 10.00% × 1.05) = $10 +$1.05
= $11.05</div>

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

<div align='center'>PS-16</div>

Example 3 – Securities are NOT Automatically Called and the Final Basket Level is At or Below the Initial Basket Level but At or Above the Downside Threshold

| Date                 |     |                      Basket Closing 
                               Level |     |                                                                                                              Payment (per Security) |
| Observation Date     |     |                               85.00 |     |                                                    Basket Closing Level below Autocall Barrier; Securities NOT automatically called |
| Final Valuation Date |     |                               95.05 |     | Basket Closing Level below Initial Basket Level but at or above Downside Threshold; Issuer repays Face Amount on the Maturity Date. |
|                      |     | Payment at Maturity (per Security): |     |                                                                                                                              $10.00 |
|                      |     |                       Total Return: |     |                                                                                                                               0.00% |

Calculation of the Final Basket Level and the Payment at Maturity:

|                                                         | EURO STOXX 50® Index | Nikkei 225 Index | FTSE® 100 Index | Swiss Market Index | S&P/ASX 200 Index |
| Hypothetical Initial Underlying Level:                  |               100.00 |           100.00 |          100.00 |             100.00 |            100.00 |
|