德意志银行美股招股说明书(2026-05-28版)

Pricing Supplement No. E448To prospectus supplement dated April 26, 2024 and Deutsche Bank AG $1,778,000 5.20% Fixed Rate Callable Senior Debt Funding Notes due May 27, 2033 The notes pay interest annually in arrears at a fixed rate per annum, as specified below. We may, in our solediscretion, redeem the notes in whole, but not in part, on the Optional Redemption Dates specified below. Allpayments on the notes, including interest payments and the repayment of principal at maturity, are subject to thecredit of the Issuer.Unsecured, unsubordinated senior preferred obligations of Deutsche Bank AG due May 27, 2033 Key Terms Issuer:Deutsche Bank AGIssue Price:100.00%Interest Rate:5.20% per annum, payable annually in arrears on each Interest Payment Date, based on anunadjusted 30/360 day count convention.Interest Payment Dates:Annually, on the 29th calendar day of each May, commencing on May 29, 2027 to and including November 29, 2032, and on the Maturity Date, unless earlier redeemed. If any scheduled Interest Payment Date is not a business day, the interest will be paid on the first following daythat is a business day. Notwithstanding the foregoing, such interest will be paid with the full force Optional Redemption Dates, at 100% of the Principal Amount together with any accrued butunpaid interest by giving not less than 5 business days’ prior notice, subject to regulatoryapproval. Optional RedemptionDates:Semi-annually,on the 29th calendar day of each May and November,commencing onNovember 29, 2027 and ending on November 29, 2032.Trade Date:May 27, 2026 Settlement Date:May 29, 2026Maturity Date:May 27, 2033Listing:NoneCUSIP / ISIN:25161FMY1 / US25161FMY15Investingin the notes involves a number of risks.See“Risk Factors”beginning on page PS–6 of the accompanyingprospectus supplement and page 20 of the accompanying prospectus and“Selected RiskConsiderations”beginning on page PS–5 of this pricing supplement. By acquiring the notes,you will be bound by and will be deemed irrevocably to consent to the imposition of anyResolution Measure(as defined below)by the competent resolution authority,which may include the write downof all,or a portion,of any payment on the notes or the conversion of the notes into ordinary shares or otherinstruments of ownership.If any Resolution Measure becomes applicable to us,you may lose some or all of your the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectussupplement or prospectus. Any representation to the contrary is a criminal offense.Discountsand Commissions(2)$12.00$20,058.00(1)The price to public for an eligible institutional investor and an investor purchasing the notes in a fee-based Proceeds to Us(2)$988.00$1,757,942.00 advisory account will vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided, however, the price to public for such investors will not be less than $988.00 per noteand will not be more than $1,000 per note. The price to public for such investors reflects a foregone sellingconcession with respect to such sales as described below. The total price to public in the table above assumes aprice to public of $1,000 per note for each note sold in this offering.(2)Deutsche Bank Securities Inc. (“DBSI”) will receive discounts and commissions of up to $12.00 per note, and from such agent discount will allow selected dealers a selling concession of up to $12.00 per note depending onmarket conditions that are relevant to the value of the notes at the time an order to purchase the notes is the Issuer represents the minimum proceeds to the Issuer per note (based on the maximum discounts andcommissions). The total discounts and commissions in the table above reflects the difference between theassumed total price to public described above and the actual proceeds to the Issuer. For more detailedinformation about discounts and commissions, please see “Supplemental Plan of Distribution (Conflicts of DeutscheBank Securities Inc.(“DBSI”),the agent for this offering,is our affiliate.For more information,see“Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement. The notes are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other U.S.or foreign governmental agency or instrumentality. Deutsche Bank Securities May 27, 2026 RESOLUTION MEASURES AND DEEMED AGREEMENT On May 15, 2014, the European Parliament and the Council of the European Union adopted a directive establishinga framework for the recovery and resolution of credit institutions and investment firms (Directive 2014/59/EU, as amendedthe “Bank Recovery and Resolution Directive” or the “BRRD”), which was implemented into German law by theGerman Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, or, as amended, the “Resolution Act”),which became effective on January 1, 2015. T