Company: ADZCF
Filing Date: 2025-01-06
Form Type: 424B2
Source: 0000950103-25-000202
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-06
Form: 424B2
Chunk 1
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lying Return. In this case, you will have full downside exposure
to the Underlying from the Initial Underlying Level to the Final Underlying Level, and will lose a significant portion, and possibly all,
of your initial investment. Investing in the Securities involves significant risks. You may lose a significant portion or all of your initial investment. You will not receive any interest payments or dividends on the securities included in the Underlying. The Final Underlying 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 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 Securities and you could lose your entire investment.

| Features                                                                                                                                      |
| q  Automatic                                                                                                                                  
 Call: If the Closing Level of the Underlying on the Observation Date is greater than or equal to the Autocall Barrier, the Securities         
 will be automatically called, and the Issuer will pay you a Call Price equal to the Face Amount of the Securities plus a Call Return.         
 No further payments will be made on the Securities once they have been automatically called, and you will not participate in any appreciation 
 of the Underlying if the Securities are automatically called.                                                                                 
 q  Enhanced                                                                                                                                   
 Growth Potential: If the Securities are not automatically called and the Underlying Return is positive, the Issuer will pay the Face          
 Amount of the Securities at maturity plus a return equal to the Underlying Return multiplied by the Upside Gearing. The Upside Gearing        
 feature will provide leveraged exposure to positive performance, if any, of the Underlying.                                                   
 q Downside                                                                                                                                    
 Exposure with Contingent Repayment of Principal at Maturity: If the Securities are not automatically called and the Underlying Return         
 is zero or negative but the Final Underlying Level is greater than or equal to the Downside Threshold, the Issuer will repay the Face         
 Amount at maturity. However, if the Final Underlying 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 Underlying Return. You