Deutsche Bank AG prices 6.00% Fixed Rate Senior Debt Funding Notes due October 22, 2033

Issuer and security: Deutsche Bank AG $1,000-denomination 6.00% Fixed Rate Senior Debt Funding Notes due October 22, 2033, with annual interest payments on each October 22 commencing October 22, 2027 and a 30/360 day count convention.

Ranking and capital treatment: Notes are unsecured, unsubordinated senior preferred obligations, ranking in priority to senior non-preferred debt and intended to qualify as MREL eligible liabilities under Article 72b(2) (excluding point (d)) of the CRR; the pricing supplement states they are expected to bear losses after senior non-preferred debt but before covered deposits and SME/natural-person deposits.

Pricing terms: Issue Price of 100.00% ($1,000 per note); Price to Public $1,000.00; Discounts and Commissions $30.00 per note; Proceeds to Issuer $970.00 per note; aggregate principal amount, total proceeds, and net proceeds left blank in this preliminary supplement.

Distribution and affiliates: Deutsche Bank Securities Inc. (DBSI), an affiliate of the Issuer, acts as agent and may make sales under FINRA Rule 5121; DBSI may also act as principal or agent in the secondary market and may engage in stabilizing transactions, with a possible naked short position in the notes.

Liquidity: Notes will not be listed on any securities exchange; the Issuer or its affiliates intend (but are not required) to act as market makers, and pricing supplement warns of limited secondary-market liquidity.

Resolution risk: Notes are subject to Resolution Measures and the BRRD/SRM bail-in tool, including potential write-down or conversion into ordinary shares; holders irrevocably consent to such measures and waive related claims against the trustee and indenture agents.

Events of default: Limited to opening of insolvency proceedings against the Issuer in a German court, with no right of acceleration for payment or covenant defaults; holders of 33 1/3% in aggregate principal of outstanding debt securities under the indenture may accelerate after such an insolvency event.