Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 1
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| Issue Price:                | 100.00%                                                                                                                                                                                                                                                                                           |
| Aggregate Principal Amount: | The aggregate principal amount of notes on the original issue date is $           .                                                                                                                                                                                                               |
| Interest Rate:              | From, and including, the Settlement Date to,                                                                                                                                                                                                                                                      
 but excluding the Reset Date (the “Fixed Rate Period”), the notes will bear interest at            %                                                                                                                                                                                              
 per annum, payable semi-annually in arrears on each Interest Payment Date, based on a 30/360 day count convention.                                                                                                                                                                                
 From, and including, the Reset Date to, but                                                                                                                                                                                                                                                       
 excluding the Maturity Date (the “Floating Rate Period”), the notes will bear interest equal to Compounded SOFR plus                                                                                                                                                                              
 the Spread, payable quarterly in arrears on each Interest Payment Date, based on an Actual/360 day count convention. In no case will                                                                                                                                                              
 the amount payable on any Interest Payment Date be less than zero.                                                                                                                                                                                                                                |
| Compounded SOFR:            | A compounded average of daily SOFR determined for each quarterly Interest Period during the Floating Rate Period in accordance with the specific formula described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement. |
| Spread:                     | %                                                                                                                                                                                                                                                                                                 |

(Key Terms continued on next page)

Investing in the notes involves a number of risks. See“Risk Factors” beginning on page PS–6 of the accompanying prospectus supplement and page 20 of the accompanying prospectus and“Selected Risk Considerations” beginning on page PS–6 of this pricing supplement.

By acquiring the notes, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure(as defined below) by the competent resolution authority, which may include the write down of all, or a portion, of any payment on the notes or the conversion of the notes into ordinary shares or other instruments of ownership. If any Resolution Measure becomes applicable to us, you may lose some or all of your investment in the notes. Please see “Resolution Measures” beginning on page 75 in the accompanying prospectus and“Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement for more information.

Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing
supplement or the accompanying prospectus supplement or prospectus. Any representation to