Company: ADZCF
Filing Date: 2025-04-04
Form Type: 424B2
Source: 0000950103-25-004392
Chunk: 11

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-04
Form: 424B2
Chunk 11
---
 of the notes prior to maturity will be affected 
 by a number of economic and market factors that may either offset or magnify each other, including:                        |

| o | the time remaining to the maturity of the notes; |

| o | trends relating to inflation; |

| o | interest rates and yields in the markets generally; |

| o | geopolitical conditions and economic, financial, political, regulatory or 
 judicial events that affect the markets generally;                        |

| o | supply and demand for the notes; and |

| o | our creditworthiness, including actual or anticipated downgrades in our 
 credit ratings.                                                         |

During the term of the notes, it is possible that their value may decline significantly due to the factors described above, and any sale prior to the Maturity Date could result in a substantial loss to you. You must hold the notes to maturity to receive the repayment of principal.

<div align='center'>PS-7

DESCRIPTION OF THE NOTES</div>

The following description of the terms of the notes supplements the description of the general terms of the debt securities set forth under the headings“ Description of Notes” in the accompanying prospectus supplement and“ Description of Debt Securities—Senior Debt Funding Securities” in the accompanying prospectus. Capitalized terms used but not defined in this pricing supplement have the meanings assigned to them in the accompanying prospectus supplement and prospectus. The term“notes” refers to our 4.50% Fixed Rate Senior Debt Funding Notes due April 16, 2025.

General

The notes are unsecured unsubordinated
obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred obligations that pay interest at a fixed rate per annum
specified under “Key Terms—Interest Rate” above. The interest will be paid in arrears on the Maturity Date, based on
an unadjusted 30/360 day count convention. The notes are our Senior Debt Funding Notes, Series E referred to in the accompanying prospectus
supplement and prospectus. The notes will be issued by Deutsche Bank AG under an indenture among us, Delaware Trust Company, as trustee,
and Deutsche Bank Trust Company Americas, as paying agent, authenticating agent, issuing agent and registrar. From time to time,
we may create and issue additional notes with the same terms, so that the additional notes will be considered as part of the same issuance as the earlier notes.

The notes are not deposits
or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any