Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 1
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–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 Upside Gearing and Initial Underlying Levels will be set on the Trade Date. The Initial Underlying
Level of each Underlying will be 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%        |                          | 14.00%      | 2.00 to 2.195  |               100.00 | 100.00, which is 100% of the Initial Basket Level | 75.00, which is 75% of the Initial Basket Level | 25160U452 / US25160U4528 |
| 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 Securities on the Trade Date is approximately $9.525 to $9.683 per $10.00 Face Amount of Securities, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the