德意志银行美股招股说明书(2026-07-08版)

supplement and the accompanying prospectus supplement and prospectus do not constitute an offer to sell nor do theyseek an offer to buy the notes in any jurisdiction where the offer or sale is not permitted.Subject to Completion. Dated July 8, 2026 Deutsche Bank AG$4.75% Fixed Rate Senior Debt Funding Notes due July 22, 2031 GeneralThe notes pay interest annually in arrears at a fixed rate per annum, as specified below. All payments on the notes, including interest payments and the repayment of principal at maturity, are subject to the credit of theIssuer.Unsecured, unsubordinated senior preferred obligations of Deutsche Bank AG due July 22, 2031The notes are intended to qualify as eligible liabilities for the minimum requirement for own funds and eligibleliabilities of the Issuer.Minimum denominations of $1,000 (the “Principal Amount”) and integral multiples in excess thereofThe notes are expected to price on or about July 20, 2026 (the “Trade Date”) and are expected to settle on orabout July 22, 2026 (the “Settlement Date”). Delivery of the notes in book-entry form only will be made throughThe Depository Trust Company (“DTC”).Key Terms Issuer: Deutsche Bank AGIssue Price:100.00%Interest Rate:4.75% per annum, payable annually in arrears on each Interest Payment Date, based on anunadjusted 30/360 day count convention.Interest Payment Dates:Annually, on the 22nd calendar day of each July, commencing on July 22, 2027 and ending onthe Maturity Date. If any scheduled Interest Payment Date is not a business day, the interest willbe paid on the first following day that is a business day. Notwithstanding the foregoing, suchinterest will be paid with the full force and effect as if made on such scheduled Interest PaymentDate, and no adjustment will be made to the amount of interest to be paid.Trade Date:On or about July 20, 2026Settlement Date:On or about July 22, 2026Maturity Date:July 22, 2031Listing:NoneCUSIP / ISIN:25161FCM8 / US25161FCM86Investingin 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 any Resolution 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 accompanyingprospectus and “Resolution Measures and Deemed Agreement”on page PS–2 of this pricing supplement formore information.Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the 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.Discountsand Per NoteTotal(1)The price to public for an eligible institutional investor and an investor purchasing the notes in a fee-based advisory account will vary based on then-current market conditions and the negotiated price determined at thetime of each sale; provided, however, the price to public for such investors will not be less than $987.60 per noteand will not be more than $1,000 per note. The price to public for such investors reflects a foregone sellingconcession with respect to such sales as described below.(2)Deutsche Bank Securities Inc. (“DBSI”) will receive discounts and commissions of up to $30.00 per note, and from such agent discount will allow selected dealers a selling concession of up to $30.00 per note depending onmarket conditions that are relevant to the value of the notes at the time an order to purchase the notes issubmitted to DBSI. Dealers who purchase the notes for sales to eligible institutional investors and fee-basedadvisory accounts may forgo some or all selling concessions. For more detailed information about discounts andcommissions, please see “Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement.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 Insurance Corporation or any other U.S.or foreign governmental agency or instrumentality.Deutsche Bank Securities 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 resolu