Company: ADZCF
Filing Date: 2025-02-19
Form Type: 424B2
Source: 0000950103-25-002170
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-19
Form: 424B2
Chunk 1
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, and the contingent repayment of principal feature applies only if you hold the Securities to maturity. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. If Deutsche Bank AG were to default on its payment obligations or become subject to a resolution measure, you might not receive any amounts owed to you under the Securities and you could lose your entire investment.

| Features |     | Key Dates1 |

| q | Enhanced Growth Potential: If the Underlying Return is positive, the Issuer will pay the Face Amount of the Securities at maturity plus a return equal to the Underlying Return multiplied by the Upside Gearing. The Upside Gearing feature will provide leveraged exposure to positive performance, if any, of the Underlying.                                                                                                                                                                                                                                                                                                                                                                                   |
| q | Downside Exposure with Contingent Repayment of Principal at Maturity: If the Underlying Return is zero or negative but the Final Underlying Level is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity. However, if the Final Underlying Level is less than the Downside Threshold, the Issuer will repay less than the Face Amount at maturity, if anything, resulting in a percentage loss on your investment equal to the negative Underlying Return. You may lose a significant portion or all of your initial investment. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. |

| Trade Date:           
 Settlement Date:      | February 25, 2025 
 February 28, 2025 |
|:----------------------|:------------------|
| Final Valuation Date: | February 23, 2035 |
| Maturity Date:        | February 28, 2035 |

| 1                                                                                                                                      
 In the event that we make any changes to the expected Trade Date or                                                                    
 Settlement Date, the Final Valuation Date and Maturity Date may be changed so that the stated term of the Securities remains the same. 
 In addition, the Final Valuation Date and the Maturity Date are subject to postponement. See “Terms of the Securities” on              
 page PS-6 of this pricing supplement.                                                                                                  |

| Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have the full downside market risk of the Underlying.