Deutsche Bank AG preliminary pricing supplement for 6.30% Fixed Rate Callable Senior Debt Funding Notes due October 16, 2034

Issuer and security: Deutsche Bank AG 6.30% Fixed Rate Callable Senior Debt Funding Notes due October 16, 2034; minimum denomination $1,000; CUSIP 25161FXV5 / ISIN US25161FXV56.

Coupon and payments: 6.30% per annum, paid annually in arrears on October 16 each year starting October 16, 2027, on a 30/360 unadjusted day count; issue price 100.00%.

Ranking: Unsecured, unsubordinated senior preferred obligations of Deutsche Bank AG; intended to qualify as MREL eligible liabilities (Article 72b(2) CRR, excluding point (d)); rank senior to senior non-preferred debt and pari passu with other senior preferred unsecured obligations; subject to Resolution Measures including bail-in.

Optional redemption: Issuer-callable in whole but not in part, semi-annually on each April 16 and October 16 commencing October 16, 2028 and ending April 16, 2034, at 100% of principal plus accrued interest, subject to regulatory approval and 5 business days' notice.

Distribution and economics: Deutsche Bank Securities Inc. (affiliate) acting as agent under a Distribution Agreement; per-note price to public $1,000.00, discounts and commissions $30.00, proceeds to issuer $970.00; aggregate principal amount is blank in this preliminary supplement.

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

Use of proceeds: General corporate purposes; notes are not deposits, not FDIC-insured, and not guaranteed by any government agency.