Company: ADZCF
Filing Date: 2025-06-25
Form Type: 424B3
Source: 0000950103-25-007799
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-25
Form: 424B3
Chunk 0
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<div align='center'>The information in this amended preliminary pricing supplement is not complete and may be changed. This amended preliminary pricing supplement and the accompanying underlying supplement, product supplement, 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 June 25, 2025</div>

| Pricing Supplement No. E243/A† dated June            
 , 2025                                               
 (To Underlying Supplement No.1 dated April 26, 2024, 
 Product Supplement C dated April 26, 2024,           
 Prospectus Supplement dated April 26, 2024           
 and Prospectus dated April 26, 2024)                 | Registration Statement No. 333-278331 
 Rule 424(b)(3)                        |

Deutsche Bank AG Senior Debt Funding Market Linked Notes

Linked to an Unequally Weighted Basket due on or about July 1, 2030

| Investment Description |

The Market Linked Notes (the “Notes”)
are unsecured and unsubordinated senior preferred obligations of Deutsche Bank AG (the “Issuer”) with returns linked
to the performance of an unequally weighted basket (the “Basket”) comprised of the EURO STOXX 50 Index,
the Nikkei 225 Index, the FTSE 100 Index, the Swiss Market Index and the S&P/ASX 200 Index (each, an “Underlying”
and together, the “Underlyings”), each with the Basket Weight specified below. If the Basket Return is positive,
the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the Basket Return multiplied by the Participation
Rate. The Participation Rate will be set on the Trade Date. If the Basket Return is zero or negative, the Issuer will repay the Face Amount
of the Notes at maturity but you will not receive any positive return on your investment. The repayment of principal applies only if you
hold the Notes to maturity. Investing in the Notes involves significant risks. You will not receive any interest payments or dividends on the securities included in any Underlying. The Notes are intended to qualify as eligible liabilities for the minimum requirement for own funds and eligible liabilities of Deutsche Bank AG. Any payment on the Notes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. If Deutsche Bank AG were to default on its payment obligations or become