Company: ADZCF
Filing Date: 2025-02-26
Form Type: 424B2
Source: 0000950103-25-002471
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-26
Form: 424B2
Chunk 0
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| Pricing Supplement No. A11 dated February 25, 2025   
 (To Underlying Supplement No.1 dated April 26, 2024, 
 Product Supplement B dated April 26, 2024,           
 Prospectus Supplement dated April 26, 2024           
 and Prospectus dated April 26, 2024)                 | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

Deutsche Bank AG

$1,843,420 Trigger GEARS

Linked to the S&P 500 ®Index due on February 28, 2035

| Investment Description |

The Trigger GEARS (the “Securities”)
are unsecured and unsubordinated obligations of Deutsche Bank AG (the “Issuer”) with returns linked to the performance
of the S&P 500 Index (the “Underlying”). If the Underlying Return is positive, the Issuer
will pay the Face Amount of the Securities at maturity plus a return equal to the Underlying Return multiplied by the Upside Gearing.
If the Underlying Return is zero or negative but the Final Underlying Level is greater than or equal to the Downside Threshold, the Issuer
will repay the Face Amount of the Securities at maturity. However, if the Final Underlying Level is less than the Downside Threshold,
the Issuer 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 Underlying Return. In this case, you will have full downside exposure to the Underlying
from the Initial Underlying Level to the Final Underlying Level, and will lose a significant portion, and possibly all, of your initial
investment. Investing in the Securities involves significant risks. You may lose a significant portion or all of your initial investment. You will not receive any interest payments or dividends on the securities included in the Underlying. The Final Underlying Level is observed relative to the Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal feature applies only if you hold the Securities to maturity. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. 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.

| Features                                                                                                                                       |
| q Enhanced