Company: ADZCF
Filing Date: 2025-02-11
Form Type: 424B2
Source: 0000950103-25-001876
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-11
Form: 424B2
Chunk 1
---
360 day count convention. In no case will the amount payable on any Interest Payment Date be less than the Minimum Interest Rate.                                                              |
| Minimum Interest Rate: | 1.75% per annum                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| CPI Rate:              | For each Interest Period, the lagging year-over-year percentage change in the CPI, calculated as set forth below under “Consumer Price Index—Determination of the CPI Rate” in this pricing supplement.                                                                                                                                                                                                                                                                     |
| Spread:                | 1.75%                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

(Key Terms continued on next page)

Investing in the notes involves a number of risks. See“Risk Factors” beginning on page PS–6 of the accompanying prospectus supplement and page 20 of the accompanying prospectus and“Selected Risk Considerations” beginning on page PS–7 of this pricing supplement.

The Issuer’s estimated value of the notes on the Trade Date is $971.06 per $1,000 Principal Amount of notes, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS–3 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–4 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 prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

|          | Price to Public | Discounts and Commissions(1) | Proceeds to Us(1) |
| Per Note |       $1,000.00 |                       $20.50 |           $979.50 |
| Total    |     $478,000.00 |                    $8,470.00 |       $469,530.00 |

| (1) | Deutsche Bank Securities Inc. (“DBSI”) and UBS Securities LLC