德意志银行美股招股说明书(2026-06-16版)

$22,932,940 Deutsche Bank AG Trigger Autocallable Contingent Yield Notes Notice to investors: The Notes are significantly riskier than conventional debt instruments. The Issuer is notnecessarily obligated to repay the full Face Amount of the Notes at maturity, and the Notes may have the fulldownside market risk of the Least Performing Underlying. This market risk is in addition to the credit riskinherent in purchasing a debt obligation of the Issuer. You should not purchase the Notes if you do not of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement,page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus beforepurchasing any Notes. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initialinvestment. The Notes will not be listed on any securities exchange. We are offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nikkei 225 Index and theS&P 500® Index. The Initial Underlying Value of each Underlying is its Closing Value (as defined below) on the TradeDate. The Notes are offered at a minimum investment of $1,000 (100 Notes).ContingentInitial The Issuer’s estimated value of the Notes on the Trade Date is $9.413 per $10.00 Face Amount of Notes, which isless than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of this pricingsupplement for additional information. Resolution 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 yourinvestmentin the Notes.Please see“Resolution Measures”beginning on page 75 in the accompanying disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or theaccompanyingunderlying supplement,product supplement,prospectus supplement or prospectus.Anyrepresentation to the contrary is a criminal offense. 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.Discounts and UBS Financial Services Inc. Issuer’s Estimated Value of the Notes The Issuer’s estimated value of the Notes is equal to the sum of our valuations of the following two components of theNotes: (i) a bond and (ii) an embedded derivative(s). The value of the bond component of the Notes is calculated basedon the present value of the stream of cash payments associated with a conventional bond with a principal amount equal tothe Face Amount of Notes, discounted at an internal funding rate, which is determined primarily based on our market-based yield curve, adjusted to account for our funding needs and objectives for the period matching the term of the Notes.The internal funding rate is typically lower than the rate we would pay when we issue conventional debt securities onequivalent terms. This difference in funding rate, as well as discounts and commissions, if any, and the estimated cost of The Issuer’s estimated value of the Notes on the Trade Date (as disclosed on the cover of this pricing supplement) is lessthan the Issue Price of the Notes. The difference between the Issue Price and the Issuer’s estimated value of the Notes onthe Trade Date is due to the inclusion in the Issue Price of discounts and commissions, if any, and the cost of hedging ourobligations under the Notes through one or more hedge counterparties, which will include UBS or its affiliates. Such The Issuer’s estimated value of the Notes on the Trade Date does not represent the price at which we or any of ouraffiliates would be willing to purchase your Notes in the secondary market at any time. Assuming no changes in marketconditions or our creditworthiness and other relevant factors, the price, if any, at which we or our affiliates would be willingto purchase the Notes from you in secondary market transactions, if at all, would generally be lower than both the IssuePrice and the Issuer’s estimated value of the Notes on the Trade Date. Our purchase price, if any, in secondary markettransactions will be based on the estimated value of the Notes determined by reference to (i) the then-prevailing internalfunding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our pricing models at that Resolution Measures and Deemed Agreement Under German and European laws and regulations, the Notes may be subject to any Resolution Measure by thecompetent resolution authority if we become, or are deemed by the competent supervisory authority to have become,“non-viable” (as defined under the