Company: ADZCF
Filing Date: 2025-02-13
Form Type: 424B2
Source: 0000950103-25-001972
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-13
Form: 424B2
Chunk 0
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| Pricing                         
 Supplement No. E173             
 To prospectus supplement dated  
 April 26, 2024 and              
 prospectus dated April 26, 2024 | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

<div align='center'>The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus supplement and prospectus do not constitute an offer to sell nor do they seek an offer to buy the notes in any jurisdiction where the offer or sale is not permitted.
Subject to Completion. Dated February 13, 2025</div>

Deutsche Bank AG

$ 5.35% Fixed Rate Callable Senior Debt Funding Notes due February 28, 2030

General

| · | The                                                                                      
 notes pay interest annually in arrears at a fixed rate per annum, as specified below. We 
 may, in our sole discretion, redeem the notes in whole, but not in part, on the Optional 
 Redemption Dates specified below. All payments on the notes, including interest payments 
 and the repayment of principal at maturity, are subject to the credit of the Issuer.     |

| · | The                                                                                       
 notes are intended to qualify as eligible liabilities for the minimum requirement for own 
 funds and eligible liabilities of the Issuer.                                             |

| · | Minimum                                                                 
 denominations of $1,000 (the “Principal Amount”) and integral multiples 
 in excess thereof                                                       |

Key Terms

| Issuer:           | Deutsche                                                                                                                             
 Bank AG                                                                                                                              |
| Issue             
 Price:            | 100.00%                                                                                                                              |
| Interest          
 Rate:             | 5.35%                                                                                                                                
 per annum, payable annually in arrears on each Interest Payment Date, based on an unadjusted                                         
 30/360 day count convention.                                                                                                         |
| Interest          
 Payment Dates:    | Annually,                                                                                                                            
 on the 28th calendar day of each February, commencing on February 28, 2026 and ending on the Maturity Date or Optional               
 Redemption Date, if applicable. If any scheduled Interest Payment Date is not a business day, the interest will be paid on the first 
 following day that is a business day. Notwithstanding the foregoing, such interest will be paid with the full force and effect as    
 if made on such scheduled Interest Payment Date, and no adjustment will be made to the amount of interest to be paid.                |
| Optional