The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (" EEA "). Consequently no key information document required by Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (as amended, the " PRIIPs Regulation ") for offering or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ("MiFID II"); (ii) a customer within the meaning of Directive 2016/97/EU (as amended, "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor in accordance with the Prospectus Regulation.
PROHIBITION OF SALES TO RETAIL INVESTORS IN THE UK - The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom ("UK"). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); nor (ii) a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation ") for offering or selling the Securities or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Securities or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
DEUTSCHE BANK AGLegal Entity Identifier: 7LTWFZYICNSX8D621K86
Issue of up to 10,000 Zero Coupon Note with Issuer Redemption Right Notes (corresponds to product no. N179 in the Securities Note ) at USD 1,000 each with an aggregate nominal amount of up to USD 10,000,000
(the "Securities ")
under its Programme for the Issuance of Certificates, Warrants and Notes
Issue Price: 100% of the Nominal Amount per Security
WKN/ISIN:DH5RCC / XS3521720220
This document constitutes the Terms and Conditions of the Securities described herein and comprises the following parts:
Terms and Conditions (Specific Terms of the Securities) Further information about the offering of the Securities
These Final Terms have been prepared for the purposes of Article 8(5) of the Prospectus Regulation and must be read in conjunction with the Base Prospectus, comprising the Securities Note dated 18 May 2026 and any further supplements (the "Securities Note") and the Registration Document dated 5 May 2026, as supplemented (the "Registration Document"), in order to obtain all relevant information. Full information on the Issuer and the Securities is only available on the basis of the combination of these Final Terms, the Securities Note and the Registration Document.
The Securities Note dated 18 May 2026, the Registration Document dated 5 May 2026, any supplements to the Base Prospectus or the Registration Document, and the Final Terms are published, in accordance with Article 21(2)(a) of the Prospectus Regulation, in electronic form on the Issuer's website (https://www.xmarkets.db.com ).
In addition, the Securities Note dated 18 May 2026, and the Registration Document dated 5 May 2026 and any supplements to the Base Prospectus or the Registration Document shall be available free of charge at the registered office of the Issuer, Deutsche Bank AG, Mainzer Landstrasse 11-17, 60329 Frankfurt am Main.
Terms not otherwise defined herein shall have the meaning given in the General Conditions of the Securities set out in the Terms and Conditions.
Terms and ConditionsThe following "Specific Terms of the Securities" relating to the Securities shall, for the relevant Series of Securities, complete and put in concrete terms the General Conditions of the Securities for the purposes of such Series of Securities. The Specific Terms of the Securities and the General Conditions of the Securities together constitute the "Terms and Conditions " of the relevant Securities.
Security Type Note / Zero Coupon Note with Issuer Redemption Right ISIN XS3521720220
WKN DH5RCC
Valoren 161221643
Common Code 352172022
Issuer Deutsche Bank AG, Frankfurt am Main
Number of the Securities up to 10,000 Securities at USD 1,000 each with an aggregate nominal amount of up to USD 10,000,000
Issue Price 100% of the Nominal Amount (USD 1,000 per Note)
Issue Date 6 November 2026
Value Date 6 November 2026
Nominal Amount USD 1,000 per Note
Calculation Agent Deutsche Bank AG, London Branch Underlying None
Settlement Cash Settlement
Initial Issue Price USD 1,000 per Note
Settlement Date 6 November 2036, or, if such day is not a Business Day, the Settlement Date is postponed to the next day which is a Business Day unless it would then fall in the following calendar month, in which case the Settlement Date is brought forward to the immediately preceding Business Day, provided, however, that if a Redemption Notice is delivered by the Issuer pursuant to the exercise of the Redemption Right, the Settlement Date shall be the Redemption Date specified in such Redemption Notice.
Redemption Right Redemption Right of the Issuer applies.
Redemption Notice Time Span
In respect of each Redemption Date, five Business Days before such Redemption Date
Coupon Payment Coupon Payment does not apply.
Business Day Convention Modified Following Business Day Convention
Product no. N179: Zero Coupon Note with Issuer Redemption RightCash Amount a) If the Issuer does not exercise its Issuer Redemption Right, then on
the Settlement Date, an amount equal to 188.00 percent of the Nominal Amount,
b) if the Issuer exercises its Issuer Redemption Right, the Cash Amount set out next to the Redemption Date below:
Redemption Date | Cash Amount |
The First Redemption Date | 108.80 per cent. of the Nominal Amount |
The Second Redemption Date | 117.60 per cent. of the Nominal Amount |
The Third Redemption Date | 126.40 per cent. of the Nominal Amount |
The Fourth Redemption Date | 135.20 per cent. of the Nominal Amount |
The Fifth Redemption Date | 144.00 per cent. of the Nominal Amount |
The Sixth Redemption Date | 152.80 per cent. of the Nominal Amount |
The Seventh Redemption Date | 161.60 per cent. of the Nominal Amount |
The Eighth Redemption Date | 170.40 per cent. of the Nominal Amount |
The Last Redemption Date | 179.20 per cent. of the Nominal Amount |
Redemption Date 6 November 2027 ("First Redemption Date "), 6 November 2028 ("Second Redemption Date "), 6 November 2029 ("Third Redemption Date "), 6 November 2030 ("Fourth Redemption Date "), 6 November 2031 ("Fifth Redemption Date "), 6 November 2032 ("Sixth Redemption Date "), 6 November 2033 ("Seventh Redemption Date "), 6 November 2034 ("Eighth Redemption Date ") and 6 November 2035 (" Last Redemption Date ")
Further Definitions Applicable to the SecuritiesListing Type percentage quotation
Price including Accrued Interest (Dirty Price)
Settlement Currency USD
Business Day A day, on which the real-time gross settlement system operated by the Eurosystem (or any successor system) (T2) is open for the settlement of
payments in Euro, and on which commercial banks and foreign exchange markets settle payments in the Business Day Location(s) specified in the Specific Terms of the Securities and on which each relevant Clearing Agent settles payments. Saturday and Sunday are not considered Business Days.
Business Day Locations London, Frankfurt am Main and New York City Eligible Liabilities Format Applicable
Form of Securities Global Security in bearer form
Clearing Agent Euroclear Bank S.A./N.V., 1 boulevard Albert II, 1210 Bruxelles, Belgium
Clearstream Banking Luxembourg S.A., 42 avenue John F. Kennedy, L-1855 Luxembourg
Governing Law German law
Further information about the offering of the SecuritiesListing and trading
Listing and trading Application will be made to list the Securities on the Euro MTF of the Luxembourg Stock Exchange, which is not a regulated market for the purposes of Directive 2014/65/EU (as amended).
No application has been made to admit the Securities to the regulated market of any exchange.
Minimum trade size One Security (USD 1,000)
Minimum investment amount One hundred twenty Securities (USD 120,000)
Estimate of total expenses related to admission to trading
EUR 3,950
Prohibition of Sales to Retail Investors in the European Economic AreaApplicable
Security ratingsRating The Securities have not been rated.
US Federal Income Tax considerations The Securities are not Securities for the purposes of
Section 871(m) of the US Internal Revenue Code of 1986.