Company: ADZCF
Filing Date: 2025-04-25
Form Type: 424B2
Source: 0000950103-25-005263
Chunk: 10

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-25
Form: 424B2
Chunk 10
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 or unwilling to hold the Notes to maturity, or you seek an investment for which there 
 will be an active secondary market.                                                                                                    |

| ¨ | You do not understand or are not willing to accept 
 the risks associated with each Underlying.         |

| ¨ | You prefer the lower risk, and therefore accept                                                                                             
 the potentially lower returns, of fixed income investments with comparable maturities and credit ratings that bear interest at a prevailing 
 market rate.                                                                                                                                |

| ¨ | You are unwilling or unable to assume the credit risk of Deutsche Bank AG,                                      
 as Issuer of the Notes, for all payments under the Notes, including any payment of the Face Amount at maturity. |

The considerations identified above are not exhaustive. Whether or not the Notes are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness of an investment in the Notes in light of your particular circumstances. You should also review carefully the “Selected Risk Considerations” beginning on page PS-9 of this pricing supplement. For more information about the Underlyings, please see the sections titled “The S&P 500 ®Index” and “The EURO STOXX 50 ®Index” below.

<div align='center'>PS-5</div>

| Terms of the Notes1 |

| Issuer:                      | Deutsche Bank AG                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Issue Price:                 | 100% of the Face Amount of Notes                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Face Amount:                 | $10 per Note                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Underlyings:                 | The S&P 500® Index (Ticker: SPX) and the EURO STOXX 50® Index (Ticker: SX5E)                                                                                                                                                                                                                                                                                                                                                                        |
| Term2:                       | Approximately 3 years, unless automatically called earlier                                                                                                                                                                                                                                                                                                                                                                                          |
| Automatic Call Feature:      | If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to its Initial Underlying Value, the Notes will be automatically called, and the Issuer will pay you the Face Amount of the Notes plus the Contingent Coupon due on the Contingent Coupon Payment Date that is also the Call Settlement Date, and no further payments will be made on the Notes.                                                      |
| Contingent Coupon:           | If the Closing Value of each Underlying                                                                                                                                                                                                                                                                                                                                                                                                             
 is greater than