Deutsche Bank AG files preliminary pricing supplement for Trigger Autocallable GEARS linked to S&P 500 Index due ~Oct 2031

Product and underlying: Trigger Autocallable GEARS are senior preferred unsecured and unsubordinated notes of Deutsche Bank AG linked to the S&P 500® Index (SPX), CUSIP/ISIN 25161H385 / US25161H3856, with a Face Amount of $10 per Security and a $1,000 (100 Securities) minimum investment.

Key economic terms: 9.00% Call Return ($10.90 Call Price), Upside Gearing range 1.28x–1.48x (actual set on Trade Date, will not be less than 1.28), Autocall Barrier at 100% of Initial Underlying Value, and Downside Threshold at 75% of Initial Underlying Value (rounded to two decimals).

Schedule: Trade Date October 14, 2026; Settlement Date October 16, 2026; Observation/Call Settlement Date October 20, 2027 / October 22, 2027; Final Valuation Date October 14, 2031; Maturity Date October 16, 2031 (approximately 5-year term, unless automatically called).

Pricing: Price to Public $10.00 per Security, Discounts and Commissions $0.25, Proceeds to Issuer $9.75; total offering size not disclosed on the cover (total row left blank in the pricing table).

Issuer's estimated value: approximately $9.684 to $9.891 per $10 Face Amount on the Trade Date, which is less than the Issue Price; the difference reflects discounts/commissions and hedging costs (with UBS or its affiliates expected as hedge counterparty).

Distribution: Deutsche Bank Securities Inc. (DBSI, an affiliate of the Issuer) and UBS Financial Services Inc. act as agents; DBSI's FINRA Rule 5121 status noted; Davis Polk & Wardwell LLP is special tax counsel.

Credit and resolution risk: Securities are senior preferred unsecured obligations subject to the credit of Deutsche Bank AG and to potential Resolution Measures (including write-down or conversion) under German and European resolution law, which could result in loss of some or all of the investment.