Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 20
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                             |

| 1 | As used in this                                                                                                                    
 table, the “Basket Return” is equal to (i) the Basket Closing Value on the Observation Date minus the Initial                      
 Basket Value divided by (ii) the Initial Basket 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.                                                                                                                      |

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

Example 1– Securities are Automatically Called on the Observation Date

| Date             |     |                     Basket 
              Closing Value |     |                                                                         Payment 
                                                                  (per Security) |
| Observation Date |     |                     130.00 |     | Basket Closing Value 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% |

Calculation of the Basket Closing Value on the Observation Date:

|                                        | EURO STOXX 
  50® Index |    Nikkei 
 225 Index |     FTSE® 
 100 Index | Swiss Market 
        Index |   S&P/ASX 
 200 Index |
| Hypothetical                           
 Initial Underlying Value:              |     100.00 |    100.00 |    100.00 |       100.00 |    100.00 |
| Hypothetical                           
 Closing Value on Observation Date:     |     130.00 |    125.00 |    130.00 |       135.00 |    140.00 |
| Hypothetical                           
 Underlying Return on Observation Date: |     30.00% |    25.00% |    30.00% |       35.00% |    40.00% |

Based on the Underlying Returns set forth above,
the Basket Closing Value on the Observation Date would equal:

<div align='center'>100 × [1 + (40.00% × 30.00%) + (25.00%
× 25.00%) + (17.50% × 30.00%) + (10.00% × 35.00%) + (7.50% ×