德意志银行美股招股说明书(2026-05-15版)

supplement and the accompanying underlying supplement, product supplement, prospectus supplement and prospectus donot constitute an offer to sell nor do they seek an offer to buy the Securities in any jurisdiction where the offer or sale is notpermitted.Subject to Completion, dated May 15, 2026 RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. A37 dated May, 2026(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 AG Trigger Autocallable GEARS Linked to the Russell 2000® Index due on or about May 29, 2031 Investment Description The Trigger Autocallable GEARS (the “Securities”) are unsecured and unsubordinated obligations of Deutsche Bank AG(the “Issuer”) with returns linked to the performance of the Russell 2000®Index (the “Underlying”).If the Closing Value ofthe Underlying on the Observation Date is greater than or equal to the Autocall Barrier, the Securities will be automaticallycalled, and the Issuer will pay you a Call Price equal to the Face Amount of the Securities plus a Call Return. No furtherpayments will be made on the Securities once they have been automatically called, and you will not participate in anyappreciation of the Underlying if the Securities are automatically called.If the Securities are not automatically called andthe Underlying Return is positive, the Issuer will pay the Face Amount of the Securities at maturity plus a return equal tothe Underlying Return multiplied by the Upside Gearing. The Upside Gearing will be set on the Trade Date. If theUnderlying Return is zero or negative but the Final Underlying Value is greater than or equal to the Downside Threshold,the Issuer will repay the Face Amount of the Securities at maturity. However, if the Final Underlying Value is less than theDownside Threshold, the Issuer will pay you a cash payment at maturity that is less than the Face Amount, if anything,resulting in a percentage loss on the Face Amount of the Securities equal to the negative Underlying Return. In this case,you will have full downside exposure to the Underlying from the Initial Underlying Value to the Final Underlying Value, andwill lose a significant portion, and possibly all, of your initial investment.Investing in the Securities involves significantrisks. You may lose a significant portion or all of your initial investment. You will not receive any interestpayments or dividends on the securities included in the Underlying. The Final Underlying Value is observedrelative to the Downside Threshold only on the Final Valuation Date, and the contingent repayment of principalfeature applies only if you hold the Securities to maturity. Generally, the higher the Call Return on a Security, thegreater the risk of loss on that Security. Any payment on the Securities, including any payment of the FaceAmount at maturity, is subject to the credit of Deutsche Bank AG. If Deutsche Bank AG were to default on itspayment obligations or become subject to a resolution measure, you might not receive any amounts owed to youunder the Securities and you could lose your entire investment.1 FeaturesAutomatic Call:If the Closing Value of the Underlying on the Observation Date is greater than or equal to the Autocall Barrier, the Securities will beautomatically called, and the Issuer will pay you a Call Price equal to the FaceAmount of the Securities plus a Call Return. No further payments will bemade on the Securities once they have been automatically called, and youwill not participate in any appreciation of the Underlying if the Securities areautomatically called.Enhanced Growth Potential:If the Securities are not automatically called and the Underlying Return is positive, the Issuer will pay the Face Amount ofthe Securities at maturity plus a return equal to the Underlying Returnmultiplied by the Upside Gearing. The Upside Gearing feature will provideleveraged exposure to positive performance, if any, of the Underlying.Downside Exposure with Contingent Repayment of Principal at Maturity: If the Securities are not automatically called and the Underlying Return is zeroor negative but the Final Underlying Value is greater than or equal to theDownside Threshold, the Issuer will repay the Face Amount at maturity.However, if the Final Underlying Value is less than the Downside Threshold,the Issuer will repay less than the Face Amount at maturity, if anything,resulting in a percentage loss on your investment equal to the negativeUnderlying Return. You may lose a significant portion or all of your initialinvestment. Any payment on the Securities, including any payment of theFace Amount at maturity, is subject to the credit of Deutsche Bank AG.Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Securities at maturity