Company: ADZCF
Filing Date: 2025-04-17
Form Type: 424B2
Source: 0000950103-25-005015
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-17
Form: 424B2
Chunk 11
---
 the Underlyings at the      
 time the terms of the Notes are set, where higher expected volatilities will generally be reflected in a higher Contingent Coupon Rate      
 and/or a lower Coupon Barrier and/or Downside Threshold as compared to otherwise comparable securities. Accordingly, in general, the higher 
 the Contingent Coupon rate is relative to the fixed rate we would pay on conventional debt securities, the greater the expected risk that   
 you will not receive one or more, or any, Contingent Coupons during the term of the Notes and that you will lose a substantial portion,     
 and possibly all, of the Face Amount per Note at maturity. On the other hand, a lower Downside Threshold does not necessarily indicate      
 that the Notes have a greater likelihood of returning your principal at maturity. You should be willing to accept the downside market       
 risk of each Underlying and the potential loss of a significant portion or all of your initial investment at maturity.                      |

| ¨ | Contingent Repayment of Your Initial Investment                                                                                            
 Applies Only If You Hold the Notes to Maturity — You should be willing to hold your Notes to maturity. If you are able to sell             
 your Notes prior to maturity in the secondary market, you may have to sell them at a substantial loss relative to your initial investment, 
 even if the value of any or each of the Underlyings is greater than its Downside Threshold at the time of such sale.                       |

| ¨ | The U.S. Federal Income Tax Consequences of                                                                                          
 an Investment in the Notes are Uncertain — There is no direct legal authority regarding the proper U.S. federal income tax treatment 
 of the Notes, and significant aspects of the tax treatment of the Notes are uncertain. You should read the section entitled “Tax     
 Consequences” herein, in combination with the section entitled “U.S. Federal Income Tax Consequences” in the accompanying            
 product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes.   |

Risks Relating to the Issuer

| ¨ | The Notes are Subject to the Credit of Deutsche                                                                                            
 Bank AG — The Notes are unsecured and unsubordinated obligations of Deutsche Bank AG,                                                      
 ranking in priority to its senior non-preferred obligations, and are not, either directly or indirectly, an obligation of any third party. 
 Any payment(s) to be made on the Notes, including any payment of the Face Amount per Note at maturity, depends on the ability