Company: ADZCF
Filing Date: 2025-01-15
Form Type: 424B2
Source: 0000950103-25-000521
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-15
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. E155                                          
 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 January 15, 2025</div>

Deutsche Bank AG

$ 5.55% Fixed Rate Callable Senior Debt Funding Notes due January 31, 2035

General

| · | The notes pay interest semi-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:             | 5.55% per annum, payable semi-annually in arrears on each Interest Payment Date, based on an unadjusted 30/360 day count convention.                                                                                                                                                                                                                                                                                                                                                                                                   |
| Interest Payment Dates:    | Semi-annually, on the 31st calendar day of each January and July, commencing on July 31, 2025 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 Redemption