Company: ADZCF
Filing Date: 2025-04-28
Form Type: 424B2
Source: 0000950103-25-005308
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-28
Form: 424B2
Chunk 0
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| Pricing Supplement No. A16 dated April 25, 2025      
 (To Underlying Supplement No.1 dated April 26, 2024, 
 Product Supplement B dated April 26, 2024,           
 Prospectus Supplement dated April 26, 2024           
 and Prospectus dated April 26, 2024)                 | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

$22,844,290 Deutsche Bank AG Trigger Autocallable GEARS

Linked to the S&P 500 Index due April 30, 2030

| Investment Description |

The Trigger Autocallable GEARS (the “Securities”)
are unsecured and unsubordinated obligations of Deutsche Bank AG (the “Issuer”) with returns linked to the performance
of the S&P 500 Index (the “Underlying”). If the Closing Level of the Underlying on the Observation
Date is greater than or equal to the Autocall Barrier, the Securities will be automatically called, and the Issuer will pay you a Call
Price equal to the Face Amount of the Securities plus a Call Return. No further payments will be made on the Securities once they have
been automatically called, and you will not participate in any appreciation of the Underlying if the Securities are automatically called. If
the Securities are not automatically called and 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. If the Underlying Return is zero or negative
but the Final Underlying Level is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount of the Securities
at maturity. However, if the Final Underlying Level is less than the Downside Threshold, the Issuer will pay you a cash payment at maturity
that is less than the Face Amount, if anything, resulting in a percentage loss on the Face Amount of the Securities equal to the negative
Underlying Return. In this case, you will have full downside exposure to the Underlying from the Initial Underlying Level to the Final
Underlying Level, and will lose a significant portion, and possibly all, of your initial investment. Investing in the Securities involves significant risks. You may lose a significant portion or all of your initial investment. You will not receive any interest payments or dividends on the securities included in the Underlying. The Final Underlying Level is observed