Company: ADZCF
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0000950103-25-004538
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-08
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. E204                                          
 To prospectus supplement dated April 26, 2024 and 
 prospectus dated April 26, 2024                   | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

Deutsche Bank AG

$200,000 4.50% Fixed Rate Senior Debt Funding Notes due May 2, 2025

General

| · | The notes pay interest in arrears on the Interest                                                                                     
 Payment Dates at a fixed rate per annum, as specified below. All payments on the notes, including interest payments and the repayment 
 of principal at maturity, are subject to the credit of the Issuer.                                                                    |

| · | The notes are intended to qualify as eligible                                                 
 liabilities for the minimum requirement for own funds and eligible liabilities of the Issuer. |

| · | Minimum denominations of $1,000 (the “Principal   
 Amount”) and integral multiples in excess thereof |

Key Terms

| Issuer:                 | Deutsche Bank AG                                                                                                                                                                                                                                                                                                                                                                                   |
| Issue Price:            | 100.00%                                                                                                                                                                                                                                                                                                                                                                                            |
| Interest Rate:          | 4.50% per annum, payable in arrears on each Interest Payment Date, based on an unadjusted 30/360 day count convention.                                                                                                                                                                                                                                                                             |
| Interest Payment Dates: | April 14, 2025 and the Maturity Date. If any scheduled Interest Payment Date is not a business day, the interest will be paid on the first following day that is a business day. Notwithstanding the foregoing, such interest will be paid with the full force and effect as if made on such scheduled Interest Payment Date, and no adjustment will be made to the amount of interest to be paid. |
| Trade Date:             | April 8, 2025                                                                                                                                                                                                                                                                                                                                                                                      |
| Settlement Date:        | April 10, 2025                                                                                                                                                                                                                                                                                                                                                                                     |
| Maturity Date:          | May 2, 2025                                                                                                                                                                                                                                                                                                                                                                                        |
| Listing:                | None                                                                                                                                                                                                                                                                                                                                                                                               |
| CUSIP / ISIN:           | 25161FRE0 / US25161FRE06                                                                                                                                                                                                                                                                                                                                                                           |

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–5 of this pricing supplement