德意志银行美股招股说明书(2026-06-16版)

Linked to the Least Performing of the Nikkei 225 Index and the S&P 500® Investment Description The Trigger Autocallable Contingent Yield Notes (the “Notes”) are unsecured and unsubordinated obligations of DeutscheBank AG (the “Issuer”) linked to the least performing of the Nikkei 225 Index and the S&P 500®Index (each an“Underlying” and together the “Underlyings”). On a quarterly basis, unless the Notes have been previously called, theIssuer will pay you a coupon (the “Contingent Coupon”) if the Closing Value of each Underlying on the applicableCoupon Observation Date is greater than or equal to its Coupon Barrier. However, if the Closing Value of any Underlyingon a Coupon Observation Date is less than its Coupon Barrier, you will not receive any Contingent Coupon for therelevant quarter. If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to itsClosing Value on the Trade Date (the “Initial Underlying Value”), the Notes will be automatically called, and the Issuerwill pay you the Face Amount of the Notesplusa final Contingent Coupon, and no further payments will be made on theNotes. If the Notes are not automatically called and the Closing Value of each Underlying on the Final Valuation Date (the“Final Underlying Value”) is greater than or equal to its Downside Threshold, the Issuer will repay the Face Amount atmaturityplusany final Contingent Coupon otherwise due. However, if the Final Underlying Value of any Underlying is lessthan its Downside Threshold, the Issuer will pay you a cash payment at maturity that is less than the Face Amount, ifanything, resulting in a percentage loss on the Face Amount of the Notes equal to the negative Underlying Return of theUnderlying with the lowest Underlying Return (the “Least Performing Underlying”). In this case, you will have fulldownside exposure to the Least Performing Underlying from its Initial Underlying Value to its Final Underlying Value, andwill lose a significant portion, and possibly all, of your initial investment.Investing in the Notes involves significantrisks. You may lose a significant portion or all of your initial investment. You may receive few or no ContingentCoupons during the term of the Notes. You will be exposed to the market risk of each Underlying and any declinein the value of one Underlying may negatively affect your return and will not be offset or mitigated by a lesserdecline or any potential increase in the value of any other Underlying. You will not participate in any appreciationof any Underlying and will not receive any dividends on the securities included in any Underlying. The FinalUnderlying Value of each Underlying is observed relative to its Downside Threshold only on the Final ValuationDate, and the contingent repayment of principal feature applies only if you hold the Notes to maturity. Generally,the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Any payment on theNotes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. IfDeutsche Bank AG were to default on its payment obligations or become subject to a resolution measure, youmight not receive any amounts owed to you under the Notes and you could lose your entire investment. Key Dates Features Contingent Coupon:On each Contingent Coupon Payment Date, theIssuer will pay you a Contingent Coupon if the Closing Value of eachUnderlying on the related Coupon Observation Date is greater than or equalto its Coupon Barrier. However, if the Closing Value of any Underlying onany Coupon Observation Date is less than its Coupon Barrier, you will notreceive any Contingent Coupon on the related Contingent Coupon PaymentDate.Automatic Call:If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to its Initial Underlying Value, theNotes will be automatically called, and the Issuer will pay you the FaceAmountof the Notes plus a final Contingent Coupon,and no furtherpayments will be made on the Notes.Downside Exposure with Contingent Repayment of Principal at Maturity:If the Notes are not automatically called and the Final UnderlyingValue of each Underlying is greater than or equal to its Downside Threshold,the Issuer will repay the Face Amount at maturityplusany final ContingentCouponotherwise due.However,if the Final Underlying Value of anyUnderlying is less than its Downside Threshold, the Issuer will repay lessthan the Face Amount at maturity, if anything, resulting in a percentage losson your investment equal to the negative Underlying Return of the LeastPerforming Underlying. You may lose a significant portion or all of your initialinvestment. Any payment on the Notes, including any payment of the FaceAmount at maturity, is subject to the credit of Deutsche Bank AG.Notice to investors: The Notes are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the ful