Company: ADZCF
Filing Date: 2025-04-25
Form Type: 424B2
Source: 0000950103-25-005263
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-25
Form: 424B2
Chunk 2
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 Exposure with Contingent Repayment of Principal at Maturity: If the Notes are not automatically called and the Final Underlying Value of each Underlying is greater than or equal to its Downside Threshold, the Issuer will repay the Face Amount at maturity plus any final Contingent Coupon otherwise due. However, if the Final Underlying Value of any Underlying is less than its Downside Threshold, the Issuer will repay less than the Face Amount at maturity, if anything, resulting in a percentage loss on your investment equal to the negative Underlying Return of the Least Performing Underlying. You may lose a significant portion or all of your initial investment. Any payment on the Notes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. |

| Trade Date:                
 Settlement Date:           | April 24, 2025                                        
 April 29, 2025                                        |
|:---------------------------|:------------------------------------------------------|
| Coupon Observation Dates1: | Quarterly (see page PS-8)                             |
| Call Observation Dates1:   | Quarterly, beginning after six months (see page PS-8) |
| Final Valuation Date1:     | April 24, 2028                                        |
| Maturity Date1:            | April 27, 2028                                        |

| 1 | Subject to postponement. See “Terms of the Notes” on page PS-6 of this pricing supplement. |

| Notice to investors: The Notes are significantly                                                                                               
 riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Notes at maturity,    
 and the Notes may have the full downside market risk of the Least Performing Underlying. This market risk is in addition to the credit         
 risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Notes if you do not understand or are not comfortable 
 with the significant risks involved in investing in the Notes.                                                                                 |

You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–9 of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement, page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment. The Notes will