Company: ADZCF
Filing Date: 2025-05-06
Form Type: 424B2
Source: 0000950103-25-005760
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-05-06
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. D5                                            
 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 May 6, 2025</div>

Deutsche Bank AG

$ Floating Rate Eligible Liabilities Senior Notes due May , 2031

General

| · | The Floating Rate Eligible Liabilities Senior                                                                                              
 Notes due May  , 2031 (the “notes”) pay interest quarterly at a variable rate per annum equal to Compounded                                
 SOFR (as defined below) plus   %. We may, in our sole discretion, redeem the notes in whole, but not in part, on May  ,                    
 2030. In addition, we may, in our sole discretion, redeem the notes in whole, but not in part, at any time if 25% or less of the aggregate 
 principal amount of notes originally issued remains outstanding at such time. All payments on the notes, including interest payments and   
 the repayment of principal at maturity, are subject to the credit of the Issuer.                                                           |

| · | Unsecured, unsubordinated senior non-preferred  
 obligations of Deutsche Bank AG due May  , 2031 |

| · | Minimum denominations of $150,000 and integral                 
 multiples of $1,000 (the “Principal Amount”) in excess thereof |

| · | The notes are expected to price on May  ,                                                                
 2025 (the “Trade Date”) and are expected to settle on May  , 2025 (the “Settlement Date”).               
 Delivery of the notes in book-entry form only will be made through The Depository Trust Company (“DTC”). |

Key Terms

| Issuer:                     | Deutsche Bank AG New York Branch                                                                                                                                                                                                                                  |
| Issue Price:                | 100.00%                                                                                                                                                                                                                                                           |
| Aggregate Principal Amount: | The aggregate principal amount of notes on the original issue date is $              .                                                                                                                                                                            |
| Interest Rate:              | Compounded SOFR plus the Spread, payable quarterly in ar