德意志银行美股招股说明书(2025-09-22版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement and the accompanying underlying supplement, product supplement, prospectus supplementand prospectus do not constitute an offer to sell nor do they seek an offer to buy the Securities in any jurisdictionwhere the offer or sale is not permitted.Subject to Completion, dated September 22, 2025 RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. A23 dated September, 2025(To Underlying Supplement No.1 dated April 26, 2024,Product Supplement B dated April 26, 2024,Prospectus Supplement dated April 26, 2024and Prospectus dated April 26, 2024) Deutsche Bank AGTrigger GEARSLinked to the S&P 500® Index due on or about September 28, 2035 Investment Description The Trigger GEARS (the “Securities”) are unsecured and unsubordinated obligations of Deutsche Bank AG (the “Issuer”)with returns linked to the performance of the S&P 500®Index (the “Underlying”).If the Underlying Return is positive, theIssuer will pay the Face Amount of the Securities at maturity plus a return equal to the Underlying Return multiplied by theUpside Gearing. The Upside Gearing will be set on the Trade Date. If the Underlying Return is zero or negative but theFinal Underlying Value is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount of theSecurities at maturity. However, if the Final Underlying Value is less than the Downside Threshold, the Issuer will pay you acash payment at maturity that is less than the Face Amount, if anything, resulting in a percentage loss on the Face Amountof the Securities equal to the negative Underlying Return. In this case, you will have full downside exposure to theUnderlying from the Initial Underlying Value to the Final Underlying Value, and will lose a significant portion, and possiblyall, of your initial investment.Investing in the Securities involves significant risks. You may lose a significant portionor all of your initial investment. You will not receive any interest payments or dividends on the securities includedin the Underlying. The Final Underlying Value is observed relative to the Downside Threshold only on the FinalValuation Date, and the contingent repayment of principal feature applies only if you hold the Securities tomaturity. Any payment on the Securities, including any payment of the Face Amount at maturity, is subject to thecredit of Deutsche Bank AG. If Deutsche Bank AG were to default on its payment obligations or become subject toa resolution measure, you might not receive any amounts owed to you under the Securities and you could loseyour entire investment. Key Dates1 Features qEnhanced Growth Potential:If the Underlying Return is positive, the Issuer will pay the Face Amount of theSecurities at maturity plus a return equal to the Underlying Return multiplied by the Upside Gearing. The UpsideGearing feature will provide leveraged exposure to positive performance, if any, of the Underlying.qDownside Exposure with Contingent Repayment of Principal at Maturity:If the Underlying Return is zero or negative but the Final Underlying Value is greater than or equal to the Downside Threshold, the Issuer will repay theFace Amount at maturity. However, if the Final Underlying Value is less than the Downside Threshold, the Issuer willrepay less than the Face Amount at maturity, if anything, resulting in a percentage loss on your investment equal to thenegative Underlying Return. You may lose a significant portion or all of your initial investment. Any payment on theSecurities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. September 26, 2025 1In the event that we make any changes to the expected Trade Date or Settlement Date, the Final Valuation Date and Maturity Datemay be changed so that the stated term of the Securities remains the same. In addition, the Final Valuation Date and the Maturity Dateare subject to postponement. See “Terms of the Securities” on page PS-6 of this pricing supplement. Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is notnecessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have thefull downside market risk of the Underlying. This market risk is in addition to the credit risk inherent in purchasinga debt obligation of the Issuer. You should not purchase the Securities if you do not understand or are notcomfortable with the significant risks involved in investing in the Securities.You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–8 of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement,page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus beforepurchasing any Securities. Even