德意志银行美股招股说明书(2026-06-29版)

RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. E475To prospectus supplement dated April 26, 2024 andprospectus dated April 26, 2024The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement andthe accompanying prospectus supplement and prospectus do not constitute an offer to sell nor do they seek an offer to buy the notes inany jurisdiction where the offer or sale is not permitted. Deutsche Bank AG$5.50% Fixed Rate Callable Senior Debt Funding Notes due July 17, 2036 General 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 July 17, 2036 Key TermsIssuer: Deutsche Bank AG100.00%5.50% per annum, payable annually in arrears on each Interest Payment Date, based on anunadjusted 30/360 day count convention. Annually, on the 17th calendar day of each July, commencing on July 17, 2027 and ending onthe Maturity Date or Optional Redemption Date, if applicable. If any scheduled Interest PaymentDate is not a business day, the interest will be paid on the first following day that is a businessday. Notwithstanding the foregoing, such interest will be paid with the full force and effect as if 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 butunpaid interest by giving not less than 5 business days’ prior notice, subject to regulatory Optional RedemptionSemi-annually, on the 17th calendar day of each January and July, commencing on July 17,2027 and ending on January 17, 2036. Trade Date:On or about July 14, 2026Settlement Date:On or about July 17, 2026Maturity Date:July 17, 2036Listing:NoneCUSIP / ISIN:25161F5W4 / US25161F5W40Investingin 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 yourinvestmentin the notes.Please see“Resolution Measures”beginning on page 75 in the accompanying Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved ofthe 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. (1)The price to public for an eligible institutional investor and an investor purchasing the notes in a fee-based advisory accountwill vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided,however, the price to public for such investors will not be less than $975.10 per note and will not be more than $1,000 per below.(2)Deutsche Bank Securities Inc. (“DBSI”) will receive discounts and commissions of up to $40.00 per note, and from such agentdiscount will allow selected dealers a selling concession of up to $40.00 per note depending on market conditions that arerelevant to the value of the notes at the time an order to purchase the notes is submitted to DBSI. Dealers who purchase the 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 InsuranceCorporation or any other U.S.or foreign governmental agency or instrumentality. July, 2026 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 na