Deutsche Bank AG files preliminary pricing supplement for 5.35% senior debt funding notes due October 9, 2031

Issuer and security: Deutsche Bank AG $1,000-denomination 5.35% Fixed Rate Senior Debt Funding Notes (Series E) due October 9, 2031; interest payable annually in arrears on each October 9 under an unadjusted 30/360 day count, with the first Interest Payment Date on October 9, 2027.

Pricing terms: Issue Price 100.00% of principal; Price to Public $1,000.00 per note; Discounts and Commissions $30.00 per note; Proceeds to Issuer $970.00 per note; total aggregate principal amount left blank in the preliminary supplement.

Ranking and eligibility: Notes are unsecured, unsubordinated senior preferred obligations ranking pari passu with other unsecured unsubordinated obligations and in priority to senior non-preferred obligations, intended to qualify as eligible liabilities for MREL under Article 72b(2) (excluding point (d)) CRR.

Distribution: Deutsche Bank Securities Inc. (DBSI), a wholly-owned affiliate of the issuer, is acting as agent under FINRA Rule 5121; selected dealers may receive a selling concession of up to $30.00 per note, and DBSI may engage in stabilizing and naked short transactions.

Indenture and agents: Issued under the Amended and Restated Senior Debt Funding Indenture dated August 3, 2021, as supplemented by the First Supplemental Senior Debt Funding Indenture dated April 26, 2024, with Delaware Trust Company as trustee, Deutsche Bank Trust Company Americas as paying agent/authenticating/issuing/registrar agent, and Deutsche Bank AG, London Branch as calculation agent.

Resolution risk: Notes are subject to BRRD/SRM Resolution Measures, including write-down, conversion into ordinary shares, transfer, amendment, modification, or cancellation; the imposition of a Resolution Measure will not constitute an event of default.

Limited events of default and listing: The notes have no event of default other than the opening of insolvency proceedings by a German court; there is no right of acceleration for non-payment of principal or interest, and the notes will not be listed on any securities exchange.