Company: ADZCF
Filing Date: 2025-03-13
Form Type: 424B2
Source: 0000950103-25-003372
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 424B2
Chunk 2
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 Closing Level of each Underlying on any Call Observation Date is greater than or equal to its Initial Underlying Level, the Notes will be automatically called, and the Issuer will pay you the Face Amount of the Notes plus the Contingent Coupon, and no further payments will be made on the Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| q | Downside Exposure with Contingent Repayment of Principal at Maturity: If the Notes are not automatically called and the Final Underlying Level of each Underlying is greater than or equal to its Downside Threshold, the Issuer will repay the Face Amount at maturity plus any final Contingent Coupon otherwise due. However, if the Final Underlying Level of any Underlying is less than its 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 of the Least Performing Underlying. You may lose a significant portion or all of your initial investment. Any payment on the Notes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. |

| Trade Date:                
 Settlement Date:           | March 14, 2025                                        
 March 19, 2025                                        |
|:---------------------------|:------------------------------------------------------|
| Coupon Observation Dates2: | Quarterly (see page PS-8)                             |
| Call Observation Dates2:   | Quarterly, beginning after six months (see page PS-8) |
| Final Valuation Date2:     | March 14, 2030                                        |
| Maturity Date2:            | March 18, 2030                                        |

| 1 | In the event that we make any changes to the expected Trade Date or Settlement Date, the other relevant dates may be changed so that the stated term of the Notes remains the same. |
| 2 | Subject to postponement. See “Terms of the Notes” on page PS-6 of this pricing supplement.                                                                                          |

| Notice to investors: The Notes are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Notes at maturity, and the Notes may have the full downside market risk of the Least Performing Underlying. This market risk is in addition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Notes if you do not understand or are not comfortable with the significant risks involved in investing in the Notes. |

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