德意志银行美股招股说明书(2026-01-20版)

Pricing Supplement No. A27 dated January, 2026Product Supplement B dated April 26, 2024,Prospectus Supplement dated April 26, 2024and Prospectus dated April 26, 2024) Deutsche Bank AG Trigger Autocallable Contingent Yield NotesLinked to the WTI Crude Oil Futures Contracts due on or about January 24, 2028 Investment Description The Trigger Autocallable Contingent Yield Notes (the “Notes”) are unsecured and unsubordinated obligations of DeutscheBank AG (the “Issuer”) linked to the performance of the relevant nearby month’s West Texas Intermediate (WTI) LightSweet Crude Oil (“WTI Crude Oil”) futures contract (the “Underlying”) as traded on the CME Globex (“CME”). On aquarterly basis, unless the Notes have been previously called, the Issuer will pay you a coupon (the “ContingentCoupon”) if the Closing Value of the Underlying on the applicable Coupon Observation Date is greater than or equal tothe Coupon Barrier. However, if the Closing Value of the Underlying on a Coupon Observation Date is less than theCoupon Barrier, you will not receive any Contingent Coupon for the relevant quarter. If the Closing Value of the Underlyingon any Call Observation Date is greater than or equal to the Closing Value on the Trade Date (the “Initial UnderlyingValue”), the Notes will be automatically called, and the Issuer will pay you the Face Amount of the Notes plus theContingent Coupon, and no further payments will be made on the Notes. If the Notes are not automatically called and theClosing Value of the Underlying on the Final Valuation Date (the “Final Underlying Value”) is greater than or equal to theDownside Threshold (which is set equal to the Coupon Barrier), the Issuer will repay the Face Amount at maturity plus anyfinal Contingent Coupon otherwise due. However, if the Final Underlying Value is less than the Downside Threshold, the FeaturesContingent Coupon:On each Contingent Coupon Payment Date, the Issuerwill pay you a Contingent Coupon if the Closing Value of theUnderlying on the related Coupon Observation Date is greater than or equalto the Coupon Barrier. However, if the Closing Value of the Underlying onany Coupon Observation Date is less than the Coupon Barrier, you will notreceive any Contingent Coupon on the related Contingent Coupon Payment Automatic Call:If the Closing Value of the Underlying on any CallObservation Date is greater than or equal to the Initial Underlying Value, theNotes will be automatically called, and the Issuer will pay you the FaceAmount of the Notes plus the Contingent Coupon, and no further payments Downside Exposure with Contingent Repayment of Principal atMaturity:If the Notes are not automatically called and the Final UnderlyingValue is greater than or equal to the Downside Threshold, the Issuer willrepaythe Face Amount at maturity plus any final Contingent Couponotherwise due. However, if the Final Underlying Value is less than the 1 In the event that we make anychanges to the expected Trade Dateor Settlement Date, the other relevantdates may be changed so that thestated term of the Notes remains thesame.2 Subject to postponement or early maturity, if anything, resulting in a percentage loss on your investment equalto the negative Underlying Return. You may lose a significant portion or all Notice to investors: The Notes are significantly riskier than conventional debt instruments. The Issuer is notnecessarily obligated to repay the full Face Amount of the Notes at maturity, and the Notes may have the fulldownside market risk of the Underlying. This market risk is in addition to the credit risk inherent in purchasing adebt obligation of the Issuer. You should not purchase the Notes if you do not understand or are not comfortable 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 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. You may lose a significant portion or all of your initial Note Offering We are offering Trigger Autocallable Contingent Yield Notes linked to the relevant nearby month’s WTI Light Sweet CrudeOil futures contract traded on CME. The Contingent Coupon Rate, Initial Underlying Value and corresponding CouponBarrier and Downside Threshold will be set on the Trade Date. The Initial Underlying Value will be the Closing Value (asdefined below) of the Underlying on the Trade Date. The Notes are offered at a minimum investment of $1,000 (100 The Issuer’s estimated value of the Notes on the Trade Date is approximately $9.54 to $9.825 per $10.00 FaceAmount of Notes, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on pagePS-2 of this pricing supplement for additional information. Resolution Measure(as defined below)by the competent resolution author