Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009315
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 2
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 Price to Public 
 100.00%         | Discounts and Commissions(1) 
 %                            | Proceeds to Us 
 %              |
|:---------|:----------------|:-----------------------------|:---------------|
| Total    | $               | $                            | $              |

| (1) | For more detailed information about discounts and commissions, please see “Supplemental Plan of 
 Distribution (Conflicts of Interest)” in this pricing supplement.                               |

Deutsche Bank Securities Inc. (“DBSI”),
an agent for this offering, is our affiliate. For more information, see “Supplemental Plan of Distribution (Conflicts of Interest)”
in this pricing supplement.

The notes are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental agency or instrumentality.

<div align='center'>Deutsche Bank Securities</div>

July , 2025

(Key Terms continued from previous page)

| Interest Payment Dates:  | February  , May  , August   and November  of each year, beginning on November    , 2025 and ending on the Maturity Date; provided that if any scheduled Interest Payment Date (other than the Maturity Date) is not a Business Day, it will be postponed to the following Business Day, except that, if that Business Day would fall in the next calendar month, the Interest Payment Date will be the immediately preceding Business Day. If the scheduled final Interest Payment Date (i.e., the Maturity Date) falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, but interest on that payment will not accrue from and after the scheduled final Interest Payment Date. |
| Observation Period:      | In respect of each Interest Period, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period.                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Early Redemption:        | We have the right to redeem the notes in our sole discretion, in whole, but not in part, at 100% of the Principal Amount together with any accrued but unpaid interest on the Call Date by giving not less than 5 Business Days’ prior notice, subject to regulatory approval. If the scheduled Call Date is not a Business Day, it will be postponed to the following Business Day.