Company: ADZCF
Filing Date: 2025-01-08
Form Type: 424B2
Source: 0000950103-25-000281
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-01-08
Form: 424B2
Chunk 0
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| Pricing Supplement                                
 No. D4                                            
 To prospectus supplement dated April 26, 2024 and 
 prospectus dated April 26, 2024                   | Registration Statement No. 
 333-278331                 
 Rule 424(b)(2)             |

<div align='center'>The information in this preliminary
pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying 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 January 8, 2025</div>

Deutsche Bank AG

$ Fixed-to-Floating Rate Eligible Liabilities Senior Notes due January , 2029

General

| · | The Fixed-to-Floating Rate Eligible Liabilities                                                                                                  
 Senior Notes due January   , 2029 (the “notes”) pay interest semi-annually in arrears for the first three years at a                             
 rate of      % per annum and, thereafter, at a variable rate per annum equal to Compounded SOFR (as defined below) plus    %. We may,            
 in our sole discretion, redeem the notes in whole, but not in part, on January   , 2028. In addition, we may, in our sole discretion, redeem     
 the notes in whole, but not in part, at any time if 25% or less of the aggregate principal amount of notes originally issued remains outstanding 
 at such time. All payments on the notes, including interest payments and the repayment of principal at maturity, are subject to the credit       
 of the Issuer.                                                                                                                                   |

| · | Unsecured, unsubordinated senior non-preferred       
 obligations of Deutsche Bank AG due January   , 2029 |

| · | Minimum denominations of $150,000 and integral                 
 multiples of $1,000 (the “Principal Amount”) in excess thereof |

| · | The notes are expected to price on January   , 2025                                                 
 (the “Trade Date”) and are expected to settle on January   , 2025 (the “Settlement Date”). Delivery 
 of the notes in book-entry form only will be made through The Depository Trust Company (“DTC”).     |

Key Terms

| Issuer:                     | Deutsche Bank AG New York Branch                                                                                                                                                                                                                                                                  |
| Issue Price:                | 100.00%                                                                                                                                                                                                                                                                                           |
| Aggregate Principal Amount: | The