Company: ADZCF
Filing Date: 2025-04-01
Form Type: 424B2
Source: 0000950103-25-004201
Chunk: 7

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-01
Form: 424B2
Chunk 7
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 and you will not participate in any appreciation of the Basket if the Securities are automatically called.     |
|                     | Maturity Date:    |     | If the Securities are not automatically called, the Final Underlying                                                                      
 Level of each Underlying and the Final Basket Level are observed and the Basket Return is determined on the Final Valuation Date.         
 If the Basket Return is positive, the Issuer will pay the Face                                                                            
 Amount plus a return equal to the Basket Return multiplied by the Upside Gearing. Accordingly, the payment at maturity per Security would 
 be calculated as follows:                                                                                                                 
 $10 + ($10 × Basket Return × Upside                                                                                                       
 Gearing)                                                                                                                                  
 If the Basket Return is zero or negative but the Final Basket Level                                                                       
 is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount at maturity of $10 per Security.                
 If the Basket Return is negative and the Final Basket 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 Basket Return. Accordingly, the payment at maturity per Security would be calculated as follows: 
 $10 + ($10 × (Basket Return)                                                                                                              
 If the Securities are not automatically                                                                                                   
 called and the Final Basket Level is less than the Downside Threshold, your investment is fully exposed to the decline in the Basket,     
 and you will lose a significant portion or all of your initial investment at maturity.                                                    |

Investing in the Securities involves significant risks. The Issuer will not pay any interest on the Securities. You may lose a significant portion or all of your investment. The Final Basket Level is observed relative to the Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal feature applies only if you hold the Securities to maturity. Generally, the higher the Call Return on a Security, the greater the risk of loss on that Security. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the creditworthiness of the Issuer. 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.

<div align='center'>PS-7</div>

| Selected Risk Considerations |

An investment in the Securities involves significant risks. Investing
in the Securities is not equivalent to