Company: ADZCF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012474
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-29
Form: 424B2
Chunk 1
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 Enhanced Growth Potential: 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. The Upside Gearing feature will provide leveraged exposure to positive performance, if any, of the Underlying.                                                                                                                                                                                                                                                                                                                                                                                   |
| q | Downside Exposure with Contingent Repayment of Principal at Maturity: If the Underlying Return is zero or negative but the Final Underlying Value is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity. However, if the Final Underlying Value is less than the 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. You may lose a significant portion or all of your initial investment. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. |

| Trade Date:           
 Settlement Date:      | September 26, 2025 
 September 30, 2025 |
|:----------------------|:-------------------|
| Final Valuation Date: | September 26, 2035 |
| Maturity Date:        | September 28, 2035 |

| 1 | The Final Valuation Date and the Maturity Date are subject to postponement. See “Terms of the Securities” on page PS-6 of this pricing supplement. |

| Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have the full downside market risk of the 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 Securities if you do not understand or are not comfortable with the significant risks involved in investing in the Securities. |

You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–8 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 Securities. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Securities. You may lose a