Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005019
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 2
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2025 
 April 21, 2025 |
|:----------------------|:---------------|
| Observation Date:     | April 23, 2026 |
| Call Settlement Date: | April 27, 2026 |
| Final Valuation Date: | April 15, 2030 |
| Maturity Date:        | April 18, 2030 |

| 1 | The Observation Date, the Call Settlement Date, the Final Valuation Date and the Maturity Date are subject                 
 to postponement or early acceleration in the event of a change-in-law event. 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 Basket. 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 significant portion or all of your initial investment. The Securities will not be listed on any securities exchange.

| Security Offering |

We are offering Trigger Autocallable GEARS linked
to an unequally weighted basket. The Initial Underlying Level of each Underlying is its Closing Level (as defined in the accompanying
product supplement) on the Trade Date. The Securities are offered at a minimum investment of $1,000 (100 Securities).

| Underlying                  | Basket Weight | Initial Underlying Level | Call Return | Upside Gearing | Initial Basket Level | Autocall Barrier                                  | Downside Threshold                              | CUSIP / ISIN             |
| EURO STOXX 50® Index (SX5E) | 40.00%        |                 4,966.50 | 14.00%      |           2.30 |