Deutsche Bank AG prices 5.25% senior preferred callable notes due September 24, 2029

Structure: 5.25% Fixed Rate Callable Senior Debt Funding Notes, Series E, due September 24, 2029; annual interest payments on a 30/360 unadjusted basis.

Ranking and eligibility: Unsecured, unsubordinated senior preferred obligations intended to qualify as eligible liabilities under CRR Article 72b(2) (excluding point (d)); rank in priority to senior non-preferred debt under Section 46f(5) of the German Banking Act.

Optional redemption: Issuer may redeem in whole, but not in part, on semi-annual Optional Redemption Dates from September 30, 2027 through March 30, 2029 at 100% plus accrued interest, subject to regulatory approval.

Pricing mechanics: Issue price 100.00%; DBSI (affiliate) acts as agent with up to $20.00 per note discounts and commissions and $980.00 per note proceeds to issuer; eligible institutional and fee-based advisory investors may purchase at $995.10-$1,000 per note.

Distribution and listing: Book-entry issuance through DTC; CUSIP 25161F6K9 / ISIN US25161F6K92; notes will not be listed on any securities exchange.

Risk considerations: Notes are subject to credit risk of Deutsche Bank AG and to potential Resolution Measures (including write-down or bail-in conversion) under the SRM Regulation and German Resolution Act.

Tax: Davis Polk & Wardwell LLP opined that the notes should be treated as fixed rate debt instruments for U.S. federal income tax purposes and, based on facts provided, as issued without original issue discount.