Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 2
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 the contrary is a criminal offense.

| Per Note | 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>

December , 2025

|                          | -Key Terms continued from previous page                                                                                                                                                                                                                                                                                                                                                                                 |
| Interest Periods:        | With respect to the Fixed Rate Period, each                                                                                                                                                                                                                                                                                                                                                                             
 period from, and including, an Interest Payment Date (or the Settlement Date in the case of the first Interest Period during the Fixed                                                                                                                                                                                                                                                                                  
 Rate Period) to, but excluding, the following Interest Payment Date (or the Reset Date in the case of the final Interest Period during                                                                                                                                                                                                                                                                                  
 the Fixed Rate Period).                                                                                                                                                                                                                                                                                                                                                                                                 
 With respect to the Floating Rate Period,                                                                                                                                                                                                                                                                                                                                                                               
 each period from, and including, an Interest Payment Date (or the Reset Date in the case of the first Interest Period during the Floating                                                                                                                                                                                                                                                                               
 Rate Period) to, but excluding, the following Interest Payment Date (or the Maturity Date in the case of the final Interest Period during                                                                                                                                                                                                                                                                               
 the Floating Rate Period).                                                                                                                                                                                                                                                                                                                                                                                              |
| Interest Payment Dates:  | With respect to the Fixed Rate Period, June                                                                                                                                                                                                                                                                                                                                                                             
 and December  of each year, beginning on June   , 2026 and ending on the Reset Date; provided that 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