Company: ADZCF
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0000950103-25-001479
Chunk: 28

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-04
Form: 424B2
Chunk 28
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") without independent verification.

The dotted line represents a hypothetical Downside Threshold of 75.00, equal to 75% of the Initial Basket Level.

The historical Basket performance should not be taken as an indication of future performance and no assurance can be given as to the Basket Closing Level on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the Basket will not result in a loss on your initial investment.

<div align='center'>PS-19</div>

| The                  
 EURO STOXX 50® Index |

The EURO STOXX 50 ®Index is a free float market capitalization-weighted index composed of 50 of the largest stocks in terms of free float market capitalization traded on major Eurozone exchanges. For more information about the EURO STOXX 50 ®Index, see “Indices—The STOXX Benchmark Indices” in the accompanying underlying supplement.

Historical Information

The graph below illustrates the performance of the EURO STOXX 50 ®Index from January 2, 2020 to January 30, 2025. The Closing Level of the EURO STOXX 50 ®Index on January 30, 2025 was 5,282.21.

We obtained the Closing Levels of EURO STOXX 50 ®Index from Bloomberg, without independent verification. The historical Closing Levels of the EURO STOXX 50 ®Index should not be taken as an indication of future performance and no assurance can be given as to the Closing Level of the EURO STOXX 50 ®Index on the Observation Date and the Final Valuation Date. We cannot give you assurance that the performance of the EURO STOXX 50 ®Index will not result in a loss on your initial investment.

<div align='center'>PS-20</div>

| The Nikkei 225 Index |

The Nikkei 225 Index is a stock index that measures the composite price performance of 225 of the most actively traded stocks on the Tokyo Stock Exchange (the “Nikkei Underlying Stocks”), representing a broad cross-section of Japanese industries. For more information about the Nikkei 225 Index, see “Indices—The Nikkei Stock Average Index” in the accompanying underlying supplement.

Historical Information

The graph below illustrates the performance of the Nikkei 225 Index from January 6, 2020 to January 30, 2025. The Closing Level of the Nikkei 225 Index on January 30, 202