Company: ADZCF
Filing Date: 2025-08-29
Form Type: 424B2
Source: 0000950103-25-011010
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-08-29
Form: 424B2
Chunk 0
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<div align='center'>The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying underlying supplement, product supplement, prospectus supplement and prospectus do not constitute an offer to sell nor do they seek an offer to buy the Securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion, dated August 29, 2025</div>

| Pricing Supplement No. A22 dated September   , 2025  
 (To Underlying Supplement No.1 dated April 26, 2024, 
 Product Supplement B dated April 26, 2024,           
 Prospectus Supplement dated April 26, 2024           
 and Prospectus dated April 26, 2024)                 | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

Deutsche Bank AG Trigger Autocallable GEARS

Linked to the EURO STOXX 50 ®Index due on or about September 18, 2030

| Investment Description |

The Trigger Autocallable GEARS (the “Securities”)
are unsecured and unsubordinated obligations of Deutsche Bank AG (the “Issuer”) with returns linked to the performance
of the EURO STOXX 50 Index (the “Underlying”). If the Closing Value 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. 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 will be set on the Trade
Date. If the Underlying Return is zero or negative but the Final Underlying Value is greater than or equal to the Downside Threshold,
the Issuer will repay the Face Amount of the Securities at maturity. However, if the Final Underlying Value 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