Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009547
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. D7                                            
 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

$1,700,000,000 Fixed-to-Floating Rate Eligible Liabilities Senior Notes due August 4, 2031

General

| · | Minimum denominations of $150,000 and integral                 
 multiples of $1,000 (the “Principal Amount”) in excess thereof |

Key Terms

| Issuer:                     | Deutsche Bank AG New York Branch                                                                                                                                                                                                                                                                  |
| Issue Price:                | 100.00%                                                                                                                                                                                                                                                                                           |
| Aggregate Principal Amount: | The aggregate principal amount of notes on the original issue date is $1,700,000,000.                                                                                                                                                                                                             |
| Interest Rate:              | From, and including, the Settlement Date to, but                                                                                                                                                                                                                                                  
 excluding the Reset Date (the “Fixed Rate Period”), the notes will bear interest at 4.950% per annum, payable semi-annually                                                                                                                                                                       
 in arrears on each Interest Payment Date, based on a 30/360 day count convention.                                                                                                                                                                                                                 
 From, and including, the Reset Date to, but                                                                                                                                                                                                                                                       
 excluding the Maturity Date (the “Floating Rate Period”), the notes will bear interest equal to Compounded SOFR plus                                                                                                                                                                              
 the Spread, payable quarterly in arrears on each Interest Payment Date, based on an Actual/360 day count convention. In no case will                                                                                                                                                              
 the amount payable on any Interest Payment Date be less than zero.                                                                                                                                                                                                                                |
| Compounded SOFR:            | A compounded average of daily SOFR determined for each quarterly Interest Period during the Floating Rate Period in accordance with the specific formula described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement. |
| Spread:                     | 1.300%                                                                                                                                                                                                                                                                                            |

(Key Terms continued on next page)

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–6 of this pricing supplement.

By acquiring the notes, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution