Company: ADZCF
Filing Date: 2025-07-01
Form Type: 424B2
Source: 0000950103-25-008280
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-01
Form: 424B2
Chunk 2
---
 linked to
an unequally weighted basket. The Participation Rate and Initial Underlying Values will be set on the Trade Date. The Initial Underlying
Value of each Underlying will be its Closing Value (as defined below) on the Trade Date. The Notes are offered at a minimum investment
of $1,000 and integral multiples of $1,000.

| Underlying                  | Basket Weight | Initial Underlying Value | Participation Rate | Initial Basket Value | CUSIP/ ISIN              |
| EURO STOXX 50® Index (SX5E) | 40.00%        |                          | 130.00% to 138.00% |               100.00 | 25160YEJ3 / US25160YEJ38 |
| Nikkei 225 Index (NKY)      | 25.00%        |                          |                    |                      |                          |
| FTSE® 100 Index (UKX)       | 17.50%        |                          |                    |                      |                          |
| Swiss Market Index (SMI)    | 10.00%        |                          |                    |                      |                          |
| S&P/ASX 200 Index (AS51)    | 7.50%         |                          |                    |                      |                          |

The Issuer’s estimated value of the Notes on the Trade Date is approximately $914.70 to $932.30 per $1,000.00 Face Amount of Notes, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of this pricing supplement for additional information.

By acquiring the Notes,
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 Notes or the conversion of the Notes 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 Notes. 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 Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, product supplement, prospectus supplement