Company: ADZCF
Filing Date: 2025-04-25
Form Type: 424B2
Source: 0000950103-25-005263
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-25
Form: 424B2
Chunk 1
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 Face Amount of the Notes equal to the negative Underlying Return of the
Underlying with the lowest Underlying Return (the “Least Performing Underlying”). In this case, you will have full
downside exposure to the Least Performing Underlying from its Initial Underlying Value to its Final Underlying Value, and will lose a
significant portion, and possibly all, of your initial investment. Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. You may receive few or no Contingent Coupons during the term of the Notes. You will be exposed to the market risk of each Underlying and any decline in the value of one Underlying may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the value of any other Underlying. You will not participate in any appreciation of any Underlying and will not receive any dividends on the securities included in any Underlying. The Final Underlying Value of each Underlying is observed relative to its Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal feature applies only if you hold the Notes to maturity. Generally, the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Any payment on the Notes, 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 Notes and you could lose your entire investment.

| Features |     | Key Dates |

| q | Contingent Coupon: On each Contingent Coupon Payment Date, the Issuer will pay you a Contingent Coupon if the Closing Value of each Underlying on the related Coupon Observation Date is greater than or equal to its Coupon Barrier. However, if the Closing Value of any Underlying on any Coupon Observation Date is less than its Coupon Barrier, you will not receive any Contingent Coupon on the related Contingent Coupon Payment Date.                                                                                                                                                                                                                                                                                                                                                                                   |
| q | Automatic Call: If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to its Initial Underlying Value, the Notes will be automatically called, and the Issuer will pay you the Face Amount of the Notes plus the Contingent Coupon, and no further payments will be made on the Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| q | Downside