Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 7
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 a Security, the greater the risk of loss on that Security. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the creditworthiness of the Issuer. If Deutsche Bank AG were to default on its payment obligations or become subject to a resolution measure, you might not receive any amounts owed to you under the Securities and you could lose your entire investment.

<div align='center'>PS-7</div>

| Selected Risk Considerations |

An investment in the Securities involves significant risks. Investing
in the Securities is not equivalent to investing directly in any or all of the Underlyings or in any of the securities included in the
Underlyings. Some of the risks that apply to an investment in the Securities are summarized below, but we urge you to read the more detailed
explanation of risks relating to the Securities generally in the “Risk Factors” sections of the accompanying product supplement,
prospectus supplement and prospectus. We also urge you to consult your investment, legal, tax, accounting and other advisors before you
invest in the Securities.

Risks Relating to the Securities Generally

| · | Your                                                                                              
 Investment in the Securities May Result in a Loss of Your Initial Investment —                    
 The Securities differ from ordinary debt securities in that we will not necessarily pay you       
 the Face Amount per Security at maturity. If the Securities are not automatically called,         
 the return on the Securities at maturity is linked to the performance of the Basket and will      
 depend on whether, and the extent to which, the Basket Return is positive, zero or negative       
 and, if the Basket Return is negative, whether the Final Basket Value is less than the Downside   
 Threshold. If the Securities are not automatically called and the Final Basket Value is less      
 than the Downside Threshold, we will pay you a cash payment at maturity that is less than         
 the Face Amount, if anything, resulting in a percentage loss on the Face Amount of the Securities 
 equal to the negative Basket Return. In this circumstance, you will lose a significant            
 portion or all of your initial investment at maturity.                                            |

| · | If                                                                                             
 the Securities are Automatically Called, Your Return Potential on the Securities is Limited    
 to the Call Return — If the Securities are automatically called, the return potential          
 of the Securities is limited to the Call Return, regardless of any appreciation of the Basket, 
 which may be significant. In addition, if the Securities are automatically called, you will    
 not benefit from the Upside Gearing,