Company: ADZCF
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0000950103-25-001479
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-04
Form: 424B2
Chunk 1
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 However, if the Final Basket Level is less than the Downside Threshold,
the Issuer will pay you a cash payment at maturity that is less than the Face Amount, if anything, resulting in a percentage loss on the
Face Amount of the Securities equal to the negative Basket Return. In this case, you will have full downside exposure to the Basket from
the Initial Basket Level to the Final Basket 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 any Underlying. The Final Basket 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 Basket Closing Level 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 Basket if the Securities are automatically called.                                                                                      
 q Enhanced                                                                                                                                  
 Growth Potential: If the Securities are not automatically called and the Basket Return is positive, the Issuer will pay the Face            
 Amount of the Securities at maturity plus a return equal to the Basket Return multiplied by the Upside Gearing. The Upside Gearing feature  
 will provide leveraged exposure to positive performance, if any, of the Basket.                                                             
 q Downside                                                                                                                                  
 Exposure with Contingent Repayment of Principal at Maturity: If the Securities are not automatically called and the Basket Return           
 is zero or negative but the Final Basket Level is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount    
 at maturity. However, if the Final Basket Level is less than the