Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009316
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 1
---
 Measures” beginning on page 75 in the accompanying prospectus and “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement for more information.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying
prospectus supplement or prospectus. Any representation to 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>

July , 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, February                                                                                                                                                                                                                                                                                                                                                                         
 and August of each year, beginning on February   , 2026 and ending on the