Deutsche Bank AG prices $3.986m 6.00% callable senior debt funding notes due September 2034

Issuer and structure: Deutsche Bank AG issued $3,986,000 of 6.00% Fixed Rate Callable Senior Debt Funding Notes due September 29, 2034 as Senior Debt Funding Notes, Series E, in minimum denominations of $1,000.

Pricing and settlement: Priced September 25, 2026; expected to settle September 29, 2026; issued at 100% of principal with a $26.00 per note discount/commission to DBSI, yielding $974.00 net per note.

Optional redemption: Issuer may redeem the notes in whole, but not in part, at 100% of principal plus accrued interest on semi-annual Optional Redemption Dates starting September 29, 2028 and ending March 29, 2034, subject to 5 business days' notice and regulatory approval.

Ranking and capital treatment: 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 under Article 72b(2) (except point (d)) CRR for MREL.

Distribution and conflicts of interest: Sold through affiliate Deutsche Bank Securities Inc. as agent, with a selling concession of up to $26.00 per note; offering subject to FINRA Rule 5121 because DBSI is a FINRA member and an affiliate of the Issuer.

Documentation: 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 and Deutsche Bank Trust Company Americas as paying/authenticating/issuing/registrar agent.

Listing and liquidity: Notes will not be listed on any securities exchange; DBSI or affiliates may but are not required to act as market makers, with secondary-market liquidity expected to be limited.