德意志银行美股招股说明书(2026-01-07版)

Pricing Supplement No. E377To prospectus supplement dated April 26, 2024 andprospectus dated April 26, 2024RegistrationStatementNo.333-278331Rule 424(b)(2)The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing Deutsche Bank AG $4.30% Fixed Rate Callable Senior Debt Funding Notes due January 23, 2031General The notes pay interest annually in arrears at a fixed rate per annum, as specified below. We may, in our solediscretion, redeem the notes in whole, but not in part, on the Optional Redemption Dates specified below. Allpayments on the notes, including interest payments and the repayment of principal at maturity, are subject to thecredit of the Issuer.Unsecured, unsubordinated senior preferred obligations of Deutsche Bank AG due January 23, 2031 Key Terms Issuer:Deutsche Bank AGIssue Price:100.00%Interest Rate:4.30% per annum, payable annually in arrears on each Interest Payment Date, based on anunadjusted 30/360 day count convention.Interest Payment Dates:Annually, on the 23rd calendar day of each January, commencing on January 23, 2027 andending on the Maturity Date or Optional Redemption Date, if applicable. If any scheduledInterest Payment Date is not a business day, the interest will be paid on the first following daythat is a business day. Notwithstanding the foregoing, such interest will be paid with the full force Optional Redemption:We have the right to redeem the notes in our sole discretion in whole, but not in part, on theOptional Redemption Dates, at 100% of the Principal Amount together with any accrued but unpaid interest by giving not less than 5 business days’ prior notice, subject to regulatory Optional RedemptionDates:Semi-annually, on the 23rd calendar day of each January and July, commencing on January 23,2027 and ending on July 23, 2030. Trade Date:On or about January 21, 2026Settlement Date:On or about January 23, 2026Maturity Date:January 23, 2031Listing:NoneCUSIP / ISIN:25161FE53 / US25161FE531Investingin the notes involves a number of risks.See“Risk Factors”beginning on page PS–6 of the accompanyingprospectus supplement and page 20 of the accompanying prospectus and“Selected RiskConsiderations”beginning on page PS–5 of this pricing supplement. By acquiring the notes,you will be bound by and will be deemed irrevocably to consent to the imposition of anyResolution 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 your the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectussupplement or prospectus. Any representation to the contrary is a criminal offense.Discountsand (1)The price to public for an eligible institutional investor and an investor purchasing the notes in a fee-basedadvisory account will vary based on then-current market conditions and the negotiated price determined at thetime of each sale; provided, however, the price to public for such investors will not be less than $987.60 per note (2)Deutsche Bank Securities Inc. (“DBSI”) will receive discounts and commissions of up to $30.00 per note, and fromsuch agent discount will allow selected dealers a selling concession of up to $30.00 per note depending onmarket conditions that are relevant to the value of the notes at the time an order to purchase the notes is advisory accounts may forgo some or all selling concessions. For more detailed information about discounts andcommissions, please see “Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement. DeutscheBank Securities Inc.(“DBSI”),the 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 Deutsche Bank Securities January RESOLUTION MEASURES AND DEEMED AGREEMENT On May 15, 2014, the European Parliament and the Council of the European Union adopted a directive establishinga framework for the recovery and resolution of credit institutions and investment firms (Directive 2014/59/EU, as amendedthe “Bank Recovery and Resolution Directive” or the “BRRD”), which was implemented into German law by theGerman Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, or, as amended, the “Resolution Act”),which became effective on January 1, 2015. The BRRD and the Resolution Act provided national resolution authoritieswith a set of resolution powers to intervene in the event that a bank is failing or likely to fail and certain other conditionsare met. From January 1, 2016, the power to initiate Resolution Measures applicable to significant banking grou