Company: ADZCF
Filing Date: 2025-06-18
Form Type: 424B2
Source: 0000950103-25-007590
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-18
Form: 424B2
Chunk 0
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| Pricing Supplement                   
 No. E242 dated June   , 2025         
 (To Underlying Supplement No.1 dated 
 April 26, 2024,                      
 Product Supplement C dated April 26, 
 2024,                                
 Prospectus Supplement dated April    
 26, 2024                             
 and Prospectus dated April 26, 2024) | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

Deutsche Bank AG Senior Debt Funding Market Linked Notes

Linked to the S&P 500 ®Index due on or about July 1, 2032

| Investment Description |

The Market Linked Notes (the “Notes”)
are unsecured and unsubordinated senior preferred obligations of Deutsche Bank AG (the “Issuer”) with returns linked
to the performance of the S&P 500 Index (the “Underlying”). If the Underlying Return is positive,
the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the Underlying Return multiplied by the Participation
Rate, subject to the Maximum Gain. The Maximum Gain will be set on the Trade Date. If the Underlying Return is zero or negative, the Issuer
will repay the Face Amount of the Notes at maturity but you will not receive any positive return on your investment. The repayment of
principal applies only if you hold the Notes to maturity. The Notes are intended to qualify as eligible liabilities for the minimum requirement
for own funds and eligible liabilities of Deutsche Bank AG. Any payment on the Notes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. 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 Notes and you could lose your entire investment.

| Features |     | Key Dates1 |

| q | Growth Potential, Subject to Maximum Gain: If the Underlying Return is positive, the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the Underlying Return multiplied by the Participation Rate, subject to the Maximum Gain.                                                                      |
| q | Repayment of Principal at Maturity: If the Underlying Return is zero or negative, the Issuer will repay the Face Amount at maturity but you will not receive any positive return on your 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: