Company: ADZCF
Filing Date: 2025-04-23
Form Type: 424B2
Source: 0000950103-25-005183
Chunk: 4

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-23
Form: 424B2
Chunk 4
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 on the Notes or the conversion of the Notes into ordinary shares or other instruments of ownership. If any Resolution Measure becomes applicable to us, you may lose some or all of your investment in the Notes. Please see“Resolution Measures” beginning on page 75 in the accompanying prospectus and “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement for more information.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, product supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

The Notes are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental agency or instrumentality.

| Per Note | Price to Public 
 $10.00          | Discounts and Commissions(1) 
 $0.20                        | Proceeds to Us 
 $9.80          |
|:---------|:----------------|:-----------------------------|:---------------|
| Total    | $               | $                            | $              |

| (1) | Deutsche Bank Securities Inc. (“DBSI”) and UBS Financial Services Inc (“UBS”)                                                         
 are the agents in connection with the sale of the Notes. DBSI, one of the agents for this offering, is our affiliate. The agent’s     
 discounts and commissions indicated above do not include any profits that UBS, we or any of our or their respective affiliates expect 
 to realize from hedging activities. For more information, please see “Supplemental Plan of Distribution (Conflicts of Interest)”      
 in this pricing supplement.                                                                                                           |

| UBS Financial Services Inc. | Deutsche Bank Securities |

| Issuer’s Estimated Value of the Notes |

The Issuer’s estimated value of the Notes
is equal to the sum of our valuations of the following two components of the Notes: (i) a bond and (ii) an embedded derivative(s). The
value of the bond component of the Notes is calculated based on the present value of the stream of cash payments associated with a conventional
bond with a principal amount equal to the Face Amount of Notes, discounted at an internal funding rate, which is determined primarily
based on our market-based yield curve, adjusted to account for our funding needs and objectives for the period matching the term of the
Notes. The internal funding rate is typically lower than the rate we would pay when