Company: ADZCF
Filing Date: 2025-02-03
Form Type: 424B2
Source: 0000950103-25-001324
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-03
Form: 424B2
Chunk 1
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 Features |     | Key    
 Dates1 |

| q | Enhanced                                                                                                                               
 Growth Potential: If 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 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 may lose a significant portion or all of your initial investment. 
 Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG.     |

| Trade Date:           
 Settlement Date:      | February 14, 2025 
 February 20, 2025 |
|:----------------------|:------------------|
| Final Valuation Date: | February 14, 2035 |
| Maturity Date:        | February 20, 2035 |

| 1 | In the event that we make any                                                                                                       
 changes to the expected Trade Date or Settlement Date, the Final Valuation Date and Maturity Date may be changed so that the stated 
 term of the Securities remains the same. In addition, the Final Valuation Date and the Maturity Date are subject to postponement.   
 See “Terms of the Securities” on page PS-6 of this pricing supplement.                                                              |

| Notice to investors:                                                                                                              
 The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the 
 full Face Amount of the Securities at maturity, and the Securities may have the full downside market risk of the Underlying. This 
 market risk is in addition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the 
 Securities if you do not understand or are not comfortable with the significant risks involved in investing in the Securities.    |

You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–