Company: ADZCF
Filing Date: 2025-04-15
Form Type: 424B2
Source: 0000950103-25-004867
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-15
Form: 424B2
Chunk 22
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 of the Notes” above. For actual historical data of
the Underlyings, see the historical information set forth herein. These examples are for purposes of illustration only and the values
used in the examples may have been rounded for ease of analysis. In these examples, we refer to the Russell 2000 Index
and the S&P 500 Index as the “RTY Index” and the “SPX Index,” respectively.

| Term:                                  | Approximately 3 years (unless called earlier)                                 |
| Hypothetical Contingent Coupon Rate:   | 5.00% per annum (or 1.25% per quarter)                                        |
| Hypothetical Contingent Coupon:        | $0.125 per quarter                                                            |
| Hypothetical Initial Underlying Value: | For each Underlying, 100.00                                                   |
| Hypothetical Coupon Barrier:           | For each Underlying, 90.00 (90% of its hypothetical Initial Underlying Value) |
| Hypothetical Downside Threshold:       | For each Underlying, 90.00 (90% of its hypothetical Initial Underlying Value) |
| Coupon Observation Dates:              | Quarterly                                                                     |
| Call Observation Dates:                | Quarterly (callable after six months)                                         |

The “total return” as used in this pricing supplement
is the number, expressed as a percentage, that results from comparing the total payments per Note over the term of the Notes to the purchase
price of $10 per Note.

Example 1 — Notes Are Automatically Called on the Second Coupon Observation Date

| Coupon Observation Date        |     | Closing Value     |     | Payment (per Note)                                                                                                                                                                           |
| First Coupon Observation Date  |     | RTY Index: 65.00  
 SPX Index: 70.00  |     | Not Callable.                                                                                                                                                                                
 Closing Value of at least one Underlying below                                                                                                                                               
 its Coupon Barrier; Issuer DOES NOT pay Contingent Coupon on the related Contingent Coupon Payment Date.                                                                                     |
| Second Coupon Observation Date |     | RTY Index: 100.00 
 SPX Index: 105.00 |     | Closing Value of each Underlying at or above its Initial Underlying Value; Notes are automatically called; Issuer pays Face Amount plus Contingent Coupon of $0.125 on Call Settlement Date. |

| Total Payments (per Note): |     | Payment on Call Settlement Date: | $10.125 ($10.00