德意志银行美股招股说明书(2025-09-17版)

Linked to an Unequally Weighted Basket due September 19, 2030 Investment Description The Market Linked Notes (the “Notes”) are unsecured and unsubordinated senior preferred obligations of Deutsche BankAG (the “Issuer”) with returns linked to the performance of an unequally weighted basket (the “Basket”) comprised of theEURO STOXX 50®Index, the Nikkei 225 Index, the FTSE®100 Index, the Swiss Market Index and the S&P/ASX 200Index (each, an “Underlying” and together, the “Underlyings”), each with the Basket Weight specified below.If theBasket Return is positive, the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the BasketReturn multiplied by the Participation Rate. If the Basket Return is zero or negative, the Issuer will repay the Face Amountof the Notes at maturity but you will not receive any positive return on your investment. The repayment of principal appliesonly if you hold the Notes to maturity.Investing in the Notes involves significant risks. You will not receive anyinterest payments or dividends on the securities included in any Underlying. The Notes are intended to qualify aseligible liabilities for the minimum requirement for own funds and eligible liabilities of Deutsche Bank AG.Anypayment on the Notes, including any payment of the Face Amount at maturity, is subject to the credit of DeutscheBank AG. If Deutsche Bank AG were to default on its payment obligations or become subject to a resolutionmeasure, you might not receive any amounts owed to you under the Notes and you could lose your entireinvestment. Features Key Dates1 qGrowth Potential:If the Basket Return is positive, theIssuer will pay the Face Amount of the Notes at maturityplus a return equal to the Basket Return multiplied by theParticipation Rate.qRepayment of Principal at Maturity:If the Basket Trade Date:September 16, 2025Settlement Date:September 18, 2025Final Valuation Date:September 17, 2030Maturity Date:September 19, 20301The Final Valuation Date and the Maturity Date are Return is zero or negative, the Issuer will repay the FaceAmount at maturity but you will not receive any positivereturn on your investment. Any payment on the Notes,including any payment of the Face Amount at maturity, issubject to the credit of Deutsche Bank AG.Notice to investors: The Notes are significantly riskier than conventional debt instruments. You may receive only subject to postponement. See “Terms of the Notes” onpage PS-6 of this pricing supplement. your Face Amount at maturity and you may not receive any positive return on the Notes. This market risk is inaddition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase theNotes if you do not understand or are not comfortable with the significant risks involved in investing in the Notes.You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–8of this pricing supplement and “Risk Factors” beginning on page 11 of the accompanying product supplement,page PS–6 of the accompanying prospectus supplement and page 20 of the accompanying prospectus beforepurchasing any Notes. Events relating to any of those risks, or other risks and uncertainties, could adverselyaffect the market value of, and the return on, your Notes. The Notes will not be listed on any securities exchange. Note Offering We are offering Market Linked Notes linked to an unequally weighted basket. The Initial Underlying Value of eachUnderlying is its Closing Value (as defined below) on the Trade Date. The Notes are offered at a minimum investment of$1,000 and integral multiples of $1,000.Initial The Issuer’s estimated value of the Notes on the Trade Date is $926.90 per $1,000.00 Face Amount of Notes,which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of thispricing supplement for additional information.By acquiring the Notes,you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure(as defined below)by the competent resolution authority,which may include the write downof all,or a portion,of any payment on the Notes or the conversion of the Notes into ordinary shares or otherinstruments of ownership.If any Resolution Measure becomes applicable to us,you may lose some or all of yourinvestmentin the Notes.Please see“Resolution Measures”beginning on page 75 in the accompanyingprospectus and “Resolution Measures and Deemed Agreement”on page PS–3 of this pricing supplement formore information.Neitherthe 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 theaccompanyingunderlying supplement,product supplement,prospectus supplement or prospectus.Anyrepresentation to the contrary is a criminal offense.The Notes are not deposits or savings accounts and are not insured or guaranteed