德意志银行美股招股说明书(2026-05-29版)

$11,342,980 Deutsche Bank AGLinked to the Russell 2000® Index due 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 to theUnderlying Return multiplied by the Upside Gearing. If the Underlying Return is zero or negative but the Final UnderlyingValue is greater than or equal to the Downside Threshold, the Issuer will repay the Face Amount of the Securities atmaturity. However, if the Final Underlying Value is less than the Downside Threshold, the Issuer will pay you a cashpayment at maturity that is less than the Face Amount, if anything, resulting in a percentage loss on the Face Amount ofthe Securities equal to the negative Underlying Return. In this case, you will have full downside exposure to the Underlyingfrom the Initial Underlying Value to the Final Underlying Value, and will lose a significant portion, and possibly all, of yourinitial investment.Investing in the Securities involves significant risks. You may lose a significant portion or all ofyour initial investment. You will not receive any interest payments or dividends on the securities included in theUnderlying. The Final Underlying Value is observed relative to the Downside Threshold only on the Final ValuationDate, and the contingent repayment of principal feature applies only if you hold the Securities to maturity.Generally, the higher the Call Return on a Security, the greater the risk of loss on that Security. Any payment onthe Securities, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche BankAG. If Deutsche Bank AG were to default on its payment obligations or become subject to a resolution measure,you might not receive any amounts owed to you under the Securities and you could lose your entire investment. Features Automatic Call:If the Closing Value of the Underlying on the Observation Date is greater than or equal to the AutocallBarrier, the Securities will be automatically called, and the Issuer will pay you a Call Price equal to the Face Amount ofthe Securities plus a Call Return. No further payments will be made on the Securities once they have beenautomatically called, and you will 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 of the Securities at maturity plus a return equal to the Underlying Return multiplied bythe Upside Gearing. The Upside Gearing feature will provide leveraged exposure to positive performance, if any, of theUnderlying. Downside Exposure with Contingent Repayment of Principal at Maturity:If the Securities are not automaticallycalled and the Underlying Return is zero or 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 lessthan the Downside Threshold, the Issuer will repay less than the Face Amount at maturity, if anything, resulting in apercentage loss on your investment equal to the negative Underlying Return. You may lose a significant portion or allof your initial investment. Any payment on the Securities, including any payment of the Face Amount at maturity, issubject to the credit of Deutsche Bank AG. Key Dates1 1The Observation Date, the Call Settlement Date, the Final Valuation Date and the Maturity Date are subject topostponement. See “Terms of the Securities” on page PS-6 of this pricing supplement. Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is notnecessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have thefull downside market risk of the Underlying. This market risk is in addition to the credit risk inherent in purchasinga debt obligation of the Issuer. You should not purchase the Securities if you do not understand or are notcomfortable with the significant risks involved in investing in the Securities.You should carefully consider the risks described under “Selected Risk Considerations” beg