Company: ADZCF
Filing Date: 2025-06-18
Form Type: 424B2
Source: 0000950103-25-007580
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-18
Form: 424B2
Chunk 1
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 you might not receive any amounts owed to you under the Notes and you could lose your entire investment.

| Features |     | Key Dates1 |

| q | Growth Potential: If the Basket Return is positive, the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the Basket Return multiplied by the Participation Rate.                                                                                                                                |
| q | Repayment of Principal at Maturity: If the Basket Return is zero or negative, the Issuer will repay the Face Amount at maturity but you will not receive any positive return on your 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:      | June 26, 2025 
 June 30, 2025 |
|:----------------------|:--------------|
| Final Valuation Date: | June 26, 2030 |
| Maturity Date:        | July 1, 2030  |

| 1 | In the event that we make any changes to the expected Trade Date or Settlement Date, the Final Valuation Date and Maturity Date may be changed so that the stated term of the Notes remains the same. In addition, the Final Valuation Date and the Maturity Date are 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. You may receive only your Face Amount at maturity and you may not receive any positive return on the Notes. 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–8 of this pricing supplement and “Risk Factors” beginning on page 11 of the accompanying product supplement, page PS–6 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. The Notes will not be listed on any securities exchange.

| Note Offering |

We are offering Market Linked Notes linked to an
unequally weighted basket. The Participation Rate and Initial Underlying Values will be set on the Trade