Company: ADZCF
Filing Date: 2025-04-22
Form Type: 424B2
Source: 0000950103-25-005133
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-22
Form: 424B2
Chunk 1
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 affect the market value of, and the return on, your Securities. You may lose a significant portion or all of your initial investment. The Securities will not be listed on any securities exchange.

| Security Offering |

We are offering Trigger Autocallable GEARS linked
to the S&P 500 Index. The Upside Gearing, Initial Underlying Level and Downside Threshold will be set on the Trade
Date. The Initial Underlying Level will be the Closing Level (as defined in the accompanying product supplement) of the Underlying on
the Trade Date. The Securities are offered at a minimum investment of $1,000 (100 Securities).

| Underlying           | Call Return | Upside Gearing | Initial Underlying Level | Autocall Barrier                     | Downside Threshold                                                  | CUSIP/ ISIN              |
| S&P 500® Index (SPX) | 12.00%      | 1.45 to 1.65   |                          | 100% of the Initial Underlying Level | 75% of the Initial Underlying Level (rounded to two decimal places) | 25160U478 / US25160U4783 |

The Issuer’s estimated value of the Securities on the Trade Date is approximately $9.656 to $9.847 per $10.00 Face Amount of Securities, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Securities” on page PS-2 of this pricing supplement for additional information.

By acquiring the Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure(as defined below) by the competent resolution authority, which may include the write down of all, or a portion, of any payment on the Securities or the conversion of the Securities into ordinary shares or other instruments of ownership. If any Resolution Measure becomes applicable to us, you may lose some or all of your investment in the Securities. Please see“Resolution Measures” beginning on page 75 in the accompanying prospectus and “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement for more information.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, product supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

The Securities are not deposits or savings accounts and are not insured or guaranteed by the Federal