Company: ADZCF
Filing Date: 2025-04-04
Form Type: 424B2
Source: 0000950103-25-004392
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-04
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. E204                                          
 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 April 4, 2025</div>

Deutsche Bank AG

$ 4.50% Fixed Rate Senior Debt Funding Notes due April 16, 2025

General

| · | The notes pay interest in arrears on the Interest                                                                                       
 Payment Date at a fixed rate per annum, as specified below. All payments on the notes, including the interest payment 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:         | 4.50% per annum, payable in arrears on the Interest Payment Date, based on an unadjusted 30/360 day count convention.                                                                                                                                                                                                                                                          |
| Interest Payment Date: | The Maturity Date. If the 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 the scheduled Interest Payment Date, and no adjustment will be made to the amount of interest to be paid. |
| Trade Date:            | On or about April 7, 2025                                                                                                                                                                                                                                                                                                                                                      |
| Settlement Date:       | On or about April 9, 2025                                                                                                                                                                                                                                                                                                                                                      |
| Maturity Date:         | April 16, 2025                                                                                                                                                                                                                                                                                                                                                                 |
| Listing:               | None                                                                                                                                                                                                                                                                                                                                                                           |
| CUSIP /