Deutsche Bank AG prices $500,000 Callable Fixed to Range Accrual Senior Debt Funding Notes due 2041, linked to 10-Year CMT Rate

Notes structure: $500,000 total principal at $1,000 per note, 100% Issue Price, $20 per note discounts and commissions to DBSI, $980 per note proceeds to Issuer (before hedging costs).

Interest terms: 10.00% fixed per annum for first four quarterly Interest Periods, then variable per annum up to the 10.00% Base Rate based on the count of calendar days in each Contingent Interest Period on which the 10-Year CMT Rate is at or below 6.05%; Interest Rate can be 0.00% if the Accrual Condition is never satisfied in a period.

Tenor and dates: 15-year tenor, Trade Date September 28, 2026, Settlement Date September 30, 2026, Maturity Date September 30, 2041; first Interest Payment Date December 2026, paid quarterly on the 30th of March, June, September, and December.

Optional redemption: Issuer may redeem in whole, but not in part, on any Interest Payment Date from September 2027 through the Interest Payment Date prior to the Maturity Date, subject to regulatory approval.

Issuer's Estimated Value: $915.00 per note on the Trade Date, which is less than the $1,000 Issue Price; difference attributed to discounts/commissions and hedging costs.

Reference rate context: 10-Year CMT Rate was 5.24% on September 28, 2026, below the 6.05% Accrual Barrier.

Regulatory ranking: Notes are unsecured unsubordinated senior preferred obligations intended to qualify as eligible liabilities under Article 72b(2) CRR (excluding point (d)) for MREL; subject to Resolution Measures including potential bail-in/write-down.