Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B3
Source: 0000950103-25-016067
Chunk: 2

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B3
Chunk 2
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 Note | Price to Public 
 $1,000.00       | Discounts and Commissions(1) 
 $5.00                        | Proceeds to Us 
 $995.00        |
|:---------|:----------------|:-----------------------------|:---------------|
| Total    | $               | $                            | $              |

| (1) | The notes will be sold with varying underwriting discounts and commissions in an amount not to exceed                                   
 $5.00 per note. 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”),
the 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

<div align='center'>RESOLUTION MEASURES AND DEEMED AGREEMENT</div>

On May 15, 2014, the European
Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit
institutions and investment firms (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or
the “BRRD”), which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz,
or, as amended, the “Resolution Act”), which became effective on January 1, 2015. The BRRD and the Resolution Act provided
national resolution authorities with a set of resolution powers to intervene in the event that a bank is failing or likely to fail and
certain other conditions are met. From January 1, 2016, the power to initiate Resolution Measures applicable to significant banking groups
(such as Deutsche Bank Group) in the European Banking Union was transferred to the European Single Resolution Board which, based on the
European Union regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment
firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund (Regulation (EU) No 806/2014, as amended, the “SRM Regulation”), works in close