德意志银行美股招股说明书(2025-11-14版)

RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. E341 dated November, 2025(To Underlying Supplement No.1 dated April 26, 2024,Product Supplement C dated April 26, 2024,Prospectus Supplement dated April 26, 2024and Prospectus dated April 26, 2024)Deutsche Bank AG Senior Debt Funding Market Linked Notes Linked to the S&P 500® Index due on or about November 30, 2032Investment 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 the S&P 500®Index (the “Underlying”).If the Underlying Return ispositive, the Issuer will pay the Face Amount of the Notes at maturity plus a return equal to the Underlying Return multipliedby the Participation Rate, subject to the Maximum Gain. The Maximum Gain will be set on the Trade Date. If the UnderlyingReturn is zero or negative, the Issuer will repay the Face Amount of the Notes at maturity but you will not receive any positivereturn on your investment. The repayment of principal applies only if you hold the Notes to maturity. The Notes are intended toqualify as eligible 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.1 qGrowth Potential,Subject to Maximum Gain:If theFeatures Underlying Return is positive, the Issuer will pay the FaceAmount of the Notes at maturity plus a return equal to theUnderlyingReturn multiplied by the Participation Rate,subject to the Maximum Gain.qRepayment of Principal at Maturity:If the Underlying 1In the event that we make any changes to the expectedTrade Date or Settlement Date, the Final Valuation Dateand Maturity Date may be changed so that the stated termofthe Notes remains the same.In addition,the FinalValuationDate and the Maturity Date are subject topostponement. See “Terms of the Notes” on page PS-6 ofthis pricing supplement.Notice to investors: The Notes are significantly riskier than conventional debt instruments. You may receive only 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. 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 the Notes ifyou 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–8 of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement, pagePS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus before purchasingany Notes. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the marketvalue 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 the S&P 500® Index. The return on the Notes is subject to the predeterminedMaximum Gain and the corresponding maximum payment at maturity per Note. The Maximum Gain, maximum payment atmaturity per Note and Initial Underlying Value will be set on the Trade Date. The Initial Underlying Value will be the ClosingValue (as defined below) of the Underlying on the Trade Date. The Notes are offered at a minimum investment of $1,000 andintegral multiples of $1,000.Maximum Payment atParticipationInitial Underlying The Issuer’s estimated value of the Notes on the Trade Date is approximately $921.10 to $945.20 per $1,000.00 FaceAmount of Notes, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of this pricing 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 down ofall,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 yourinvestment in the Notes.Please see“Resolution Measures” beginning on page 75 in the accompanying prospectusand “Resolution Measures and Deemed Agreement”on page PS–3 of this pricin