Obligation Deutsche Bank 2.3% ( XS2011148298 ) en EUR

Deutsche Bank

100 % ⇌

Allemagne

XS2011148298 ( en EUR )

2.3% par an ( paiement annuel )

15/03/2021 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank XS2011148298 en EUR 2.3%, échue

100 000 EUR

5 000 000 EUR

Deutsche Bank est une banque universelle allemande, offrant une large gamme de services financiers aux particuliers, entreprises et institutions, opérant à l'échelle mondiale.

L'Obligation émise par Deutsche Bank ( Allemagne ) , en EUR, avec le code ISIN XS2011148298, paye un coupon de 2.3% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/03/2021

Deutsche Bank Aktiengesellschaft

Programme for the issuance of Notes

This document constitutes a base prospectus (the "Base Prospectus" or the "Prospectus") according to Art.
5 (4) of the Prospectus Directive (Directive 2003/71/EC, as amended), as implemented by the relevant
provisions of the EU member states, in connection with Regulation (EC) No 809/2004 of the European
Commission.
Under this Programme for the issuance of notes (the "Programme") Deutsche Bank Aktiengesellschaft (the
"Issuer" or "Deutsche Bank") may from time to time issue securities ("Securities"). The Securities may relate
to shares or equity securities, indices, other securities, commodities, rates of exchange, futures contracts, fund
units or shares and/or interest rates (the "Underlying" and/or the "Reference Item"). Such issuance is carried
out by the Issuer as part of its general banking business (set out in article 2(1) of the Articles of Association of
the Issuer).
In respect of Securities to be listed on the SIX Swiss Exchange AG (the "SIX Swiss Exchange"), this Base
Prospectus and the Final Terms will constitute the listing prospectus pursuant to the listing rules of the SIX
Swiss Exchange.
Prospective purchasers of the Securities should ensure that they understand fully the nature of the
Securities, as well as the extent of their exposure to risks associated with an investment in the
Securities and should consider the suitability of an investment in the Securities in the light of their
own particular financial, fiscal and other circumstances. Prospective purchasers of the Securities
should refer to the "Risk Factors" section of this Base Prospectus. The Securities constitute
unsecured and unsubordinated preferred liabilities of the Issuer ranking pari passu among
themselves.
The Issuer shall not be liable for or otherwise obliged to pay, and the relevant Securityholder shall be liable for
and/or pay, any tax, duty, charge, withholding or other payment whatsoever in connection with the Securities.
All payments made by the Issuer shall be made subject to any tax, duty, charge, withholding or other payment
which may be required to be made, paid, withheld or deducted.
The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws and trading in the Securities has not been
approved by the United States Commodity Futures Trading Commission (the "CFTC") under the United States
Commodity Exchange Act, as amended (the "Commodity Exchange Act"). Any offer or sale of the Securities
must be made in a transaction exempt from the registration requirements of the Securities Act pursuant to
Regulation S thereunder ("Regulation S"). The Securities may not be offered, sold or otherwise transferred in
the United States or to persons who are (i) U.S. persons as defined in Regulation S, (ii) persons who do not
come within the definition of a non-United States person under Rule 4.7 of the Commodity Exchange Act, (iii)
U.S. persons as defined in the Interpretive Guidance and Policy Statement Regarding Compliance with Certain
Swap Regulations, 78 Fed. Reg. 45,292 (July 26, 2013) promulgated by the CFTC; or (iv) any other U.S.
persons as such term may be defined in regulations or guidance adopted under the Commodity Exchange Act.
For a description of certain restrictions on the sale and transfer of the Securities, please refer to the General
Selling and Transfer Restrictions section of this Base Prospectus.
If the Final Terms in respect of any Securities include a legend entitled "Prohibition of Sales to Retail Investors
in the European Economic Area", 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 (the "EEA"). 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 ("MiFID II"); (ii) a customer within
the meaning of Directive 2002/92/EC (IMD), where that customer would not qualify as a professional client as

1

defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC
(as amended). If the relevant Final Terms include the above-mentioned legend, no key information document
required by Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation") for offering or selling those Securities
or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or
selling those Securities or otherwise making them available to any retail investor in the EEA may be unlawful
under the PRIIPs Regulation.
An investment in the Securities does not constitute a participation in a collective investment scheme for Swiss
law purposes. Therefore, the Securities are not supervised or approved by the Swiss Financial Market
Supervisory Authority FINMA ("FINMA") and investors may not benefit from the specific investor protection
provided under the Swiss Federal Act on Collective Investment Schemes.
This Base Prospectus will be published according to Art. 14 (2) (c) of the Prospectus Directive (Directive
2003/71/EC, as amended), as implemented by the relevant provisions of the EU member states, in electronic
form on the website of the Issuer (www.xmarkets.db.com).
The date of this Base Prospectus is 22 May 2019.

2

TABLE OF CONTENTS

TABLE OF CONTENTS

I. SUMMARY ....................................................................................................................... 9
II. RISK FACTORS ............................................................................................................ 68
A. Risk Factors in Respect of the Issuer ........................................................................................... 68
B. Risk Factors in Respect of the Securities .................................................................................... 68
Partial Capital Protected Notes ...................................................................................................... 70
Product No. 5: Partial Capital Protection Note with Cap and Strike .......................................... 70
Product No. 6: Partial Capital Protection Note with Cap, without Strike ................................... 70
Product No. 7: Shark Note with Partial Capital Protection ......................................................... 70
Reverse Convertible Notes ............................................................................................................ 70
Product No. 24: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ........ 70
Product No. 25: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement) ......... 71
Product No. 26: Barrier Reverse Convertible Worst of Basket Note with Participation
(Physical Delivery) .......................................................................................................................... 71
Product No. 27: Barrier Reverse Convertible Worst of Basket Note with Participation (Cash
Settlement) ....................................................................................................................................... 71
Product No. 28: Barrier Pro Reverse Convertible Worst of Basket Note (Physical Delivery) . 71
Product No. 29: Barrier Pro Reverse Convertible Worst of Basket Note (Cash Settlement) .. 72
Product No. 30: Easy Reverse Convertible Worst of Basket Note (Physical Delivery) ........... 72
Product No. 31: Easy Reverse Convertible Worst of Basket Note (Cash Settlement) ............. 72
Other Notes ...................................................................................................................................... 72
Product No. 50 Lock In Note .......................................................................................................... 72
Product No. 51: Altiplano Coupon Lock In Note .......................................................................... 72
Product No. 56: Digital Airbag Note .............................................................................................. 73
Product No. 58: Currency Note ...................................................................................................... 73
Product No. 59: Single Underlying Callable Note ........................................................................ 73
Product No. 60: Worst of Basket Callable Note ........................................................................... 73
Product No. 61: Recovery Note ..................................................................................................... 73
Product No. 66: Note with linear participation ............................................................................. 73
Autocallable and Express Notes ................................................................................................... 73
Product No. 69: Phoenix Autocallable Note ................................................................................. 73
Product No. 70: Express Autocallable Note ................................................................................. 74
Product No. 71: Coupon Note with Coupon Observation Dates and with European Barrier
Observation (Cash Settlement) ...................................................................................................... 74
Product No. 72: Autocallable Note with Memory Coupon .......................................................... 74
Product No. 73: Lookback Note ..................................................................................................... 74
Product No. 74: Currency Express Note ....................................................................................... 74
Product No. 75: Worst of Basket Autocallable Note .................................................................... 74
Product No. 76: Autocallable Note Worst of Basket (with instalment redemption) ................. 74
Product No. 77: Autocallable Note with Knock Out Barrier ........................................................ 75
Product No. 78: Express Autocallable Note on a Basket ............................................................ 75
Product No. 79: Autocallable Note on a Basket Average (with instalment redemption) ......... 75
Product No. 80: Autocallable Note with Conditional Coupons .................................................. 75
Product No. 81: Express Note (Physical Delivery) ...................................................................... 75
Product No. 82: Express Note (Cash Settlement) ........................................................................ 75
C. Risk Factors Related to Securities Generally .............................................................................. 84

3

TABLE OF CONTENTS

D. Risk Factors Relating to The Market Generally ........................................................................... 92
E. Conflicts of Interest......................................................................................................................... 97
III. GENERAL INFORMATION ON THE PROGRAMME ................................................. 100
A. Responsible Persons Important Notice ................................................................................... 100
B. Form of Document Publication ................................................................................................. 102
C. General Description of the Programme ...................................................................................... 104
D. General Description of the Securities ......................................................................................... 111
Capital Protection Notes .............................................................................................................. 113
Product No. 1: Capital Protection Note ....................................................................................... 113
Product No. 2: Capital Protection Note with Cap ....................................................................... 113
Product No. 3: Bonus Capital Protection Note with Cap .......................................................... 113
Product No. 4: Shark Note with Capital Protection ................................................................... 114
Partial Capital Protection Notes .................................................................................................. 115
Product No. 5: Partial Capital Protection Note with Cap and Strike ........................................ 115
Product No. 6: Partial Capital Protection Note with Cap, without Strike ................................. 115
Product No. 7: Shark Note with Partial Capital Protection ....................................................... 116
Digital Coupon Notes .................................................................................................................... 117
Product No. 8: Conditional Coupon Note (long) ........................................................................ 117
Product No. 9: Conditional Coupon Note (long) with Minimum Coupon ................................ 117
Product No. 10: Conditional Coupon Note (short) ..................................................................... 117
Product No. 11: Conditional Coupon Note (short) with Minimum Coupon ............................. 118
Product No. 12: Conditional Coupon Dual Note (long) ............................................................. 118
Product No. 13: Conditional Coupon Dual Note (short) ............................................................ 118
Product No. 14: Conditional Coupon Note Worst of Basket (long) ......................................... 119
Product No. 15: Conditional Coupon Note Worst of Basket (short) ........................................ 119
Product No. 16: Fix to Conditional Coupon Note (long) ........................................................... 120
Product No. 17: Fix to Conditional Coupon Note (short) .......................................................... 120
Product No. 18: Fix to Conditional Coupon Dual Note (long)................................................... 120
Product No. 19: Fix to Conditional Coupon Dual Note (short) ................................................. 121
Product No. 20: Double Coupon Barrier Note ............................................................................ 121
Product No. 21: Annualised Coupon Note.................................................................................. 122
Product No. 22: Simplified Digital Variable Coupon Note ......................................................... 122
Product No. 23: Simplified Digital Variable Coupon Note with Initial Fixed Interest ............. 123
Reverse Convertible Notes .......................................................................................................... 123
Product No. 24: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ...... 123
Product No. 25: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement) ....... 124
Product No. 26: Barrier Reverse Convertible Worst of Basket Note with Participation
(Physical Delivery) ........................................................................................................................ 125
Product No. 27: Barrier Reverse Convertible Worst of Basket Note with Participation (Cash
Settlement) ..................................................................................................................................... 125
Product No. 28: Barrier Pro Reverse Convertible Worst of Basket Note (Physical
Delivery) ......................................................................................................................................... 126
Product No. 29: Barrier Pro Reverse Convertible Worst of Basket Note (Cash Settlement) 127
Product No. 30: Easy Reverse Convertible Worst of Basket Note (Physical Delivery) ......... 128
Product No. 31: Easy Reverse Convertible Worst of Basket Note (Cash Settlement) ........... 128
Other Notes .................................................................................................................................... 129
Product No. 32: Zero Coupon Note ............................................................................................. 129
Product No. 33: Step Up Note ...................................................................................................... 129

4

TABLE OF CONTENTS

Product No. 34: Step Up Note with Issuer Redemption Right .................................................. 129
Product No. 35: Fixed Rate Interest Note ................................................................................... 130
Product No. 36: Fixed Rate Interest Note with Issuer Redemption Right ............................... 130
Product No. 37: Fixed Rate Interest Plus Note ........................................................................... 130
Product No. 38: Fixed Interest Rate Plus Note with Coupon Observation Date ..................... 130
Product No. 39: Fixed Coupon Note with Conditional Bonus Coupon ................................... 131
Product No. 40: Fixed Coupon Note with Conditional Bonus Coupon CSSF ......................... 131
Product No. 41: Fix to Floating Note ........................................................................................... 131
Product No. 42: Fix to Floating Pure Note .................................................................................. 132
Product No. 43: Fix to Floating Pure Note with Minimum and Maximum Amount ................. 132
Product No. 44: Fix to Floating Note with Lock-In Minimum Coupon ..................................... 132
Product No. 45: Fix to Floating Money Market Note .................................................................. 133
Product No. 46: Floater Note ........................................................................................................ 133
Product No. 47: Leveraged Floater Note..................................................................................... 133
Product No. 48: Inflation-Indexed Note ....................................................................................... 134
Product No. 49: Coupon Lock In Note ........................................................................................ 134
Product No. 50: Lock In Note ....................................................................................................... 134
Product No. 51: Altiplano Coupon Lock In Note ........................................................................ 135
Product No. 52: Rolling Lock In plus Note ................................................................................. 136
Product No. 53: ZinsPlus Note ..................................................................................................... 137
Product No. 54: Switchable Coupon Note .................................................................................. 137
Product No. 55: Range Accrual Note .......................................................................................... 138
Product No. 56: Digital Airbag Note ............................................................................................ 138
Product No. 57: Cliquet Note ....................................................................................................... 138
Product No. 58: Currency Note .................................................................................................... 139
Product No. 59: Single Underlying Callable Note ...................................................................... 139
Product No. 60: Worst of Basket Callable Note ......................................................................... 140
Product No. 61: Recovery Note ................................................................................................... 141
Product No. 62: Rainbow Return Note ........................................................................................ 141
Product No. 63: Currency Chooser Basket Note ....................................................................... 141
Product No. 64: Steepener Note .................................................................................................. 141
Product No. 65: Steepener Note with Lock In ............................................................................ 142
Product No. 66: Note with linear participation ........................................................................... 142
Product No. 67: Target Coupon Note with early redemption.................................................... 143
Product No. 68: Target Coupon Note .......................................................................................... 144
Autocallable and Express Notes ................................................................................................. 144
Product No. 69: Phoenix Autocallable Note ............................................................................... 144
Product No. 70: Express Autocallable Note ............................................................................... 145
Product No. 71: Coupon Note with Coupon Observation Dates and with European Barrier
Observation (Cash Settlement) .................................................................................................... 146
Product No. 72: Autocallable Note with Memory Coupon ........................................................ 147
Product No. 73: Lookback Note ................................................................................................... 147
Product No. 74: Currency Express Note ..................................................................................... 148
Product No. 75: Worst of Basket Autocallable Note .................................................................. 149
Product No. 76: Autocallable Note Worst of Basket (with instalment redemption) ............... 149
Product No. 77: Autocallable Note with Knock Out Barrier ...................................................... 150
Product No. 78: Express Autocallable Note on a Basket .......................................................... 151
Product No. 79: Autocallable Note on a Basket Average (with instalment redemption) ....... 152

5

TABLE OF CONTENTS

Product No. 80: Autocallable Note with Conditional Coupons ................................................ 152
Product No. 81: Express Note (Physical Delivery) .................................................................... 153
Product No. 82: Express Note (Cash Settlement) ...................................................................... 154
E. General Description of the Underlying ....................................................................................... 156
F. General Information about the Offering of the Securities ......................................................... 157
1. Listing and Trading .................................................................................................................. 157
2. Offering of Securities ............................................................................................................... 157
3. Fees ........................................................................................................................................... 158
4. Security Ratings ....................................................................................................................... 158
5. Interests of Natural and Legal Persons involved in the Issue ............................................. 158
6. Reasons for the Offer, Use of Proceeds, Estimated Net Proceeds and Total Expenses . 158
7. Country Specific Information .................................................................................................. 158
G. Information incorporated by reference ....................................................................................... 159
H. General Information ...................................................................................................................... 166
1. Authorisation ............................................................................................................................ 166
2. Post Issuance Information ...................................................................................................... 166
3. Consent to use of Prospectus ................................................................................................ 166
4. Notices concerning the termination of the primary market ................................................. 167
IV. GENERAL CONDITIONS .......................................................................................... 168
V. PRODUCT TERMS ..................................................................................................... 259
General Definitions applicable to the Securities ............................................................................. 261
General Definitions applicable to Notes .......................................................................................... 303
Specific Definitions applicable to Notes .......................................................................................... 309
Product No. 1: Capital Protection Note ....................................................................................... 309
Product No. 2 Capital Protection Note with Cap ........................................................................ 309
Product No. 3: Bonus Capital Protection Note with Cap .......................................................... 309
Produkt Nr. 4: Shark Note with Capital Protection .................................................................... 311
Produkt Nr. 7: Shark Note with Partial Capital Protection ........................................................ 311
Product No. 5: Partial Capital Protection Note with Cap and Strike ........................................ 313
Product No. 6: Partial Capital Protection Note with Cap, without Strike ................................. 313
Product No. 8: Conditional Note (long) ....................................................................................... 314
Product No. 9: Conditional Note (long) with Minimum Coupon ............................................... 314
Product No. 10: Conditional Note (short) ................................................................................... 314
Product No. 11: Conditional Note (short) with Minimum Coupon ........................................... 314
Product No. 16: Fix to Conditional Coupon Note (long) ........................................................... 314
Product No. 17: Fix to Conditional Coupon Note (short) .......................................................... 314
Product No. 12: Conditional Coupon Dual Note (long) ............................................................. 316
Product No. 13: Conditional Coupon Dual Note (short) ............................................................ 316
Product No. 18: Fix to Conditional Coupon Dual Note (long)................................................... 316
Product No. 19: Fix to Conditional Coupon Dual Note (short) ................................................. 316
Product No. 20: Double Coupon Barrier Note ............................................................................ 321
Product No. 21: Annualised Coupon Note.................................................................................. 322
Product No. 22: Simplified Digital Variable Coupon Note ......................................................... 323
Product No. 23: Simplified Digital Variable Coupon Note with Initial Fixed Interest ............. 325
Product No. 24: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ...... 327
Product No. 25: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement) ....... 327
Product No. 26: Barrier Reverse Convertible Worst of Basket Note with Participation
(Physical Delivery) ........................................................................................................................ 328

6

TABLE OF CONTENTS

Product No. 27: Barrier Reverse Convertible Worst of Basket Note with Participation (Cash
Settlement) ..................................................................................................................................... 328
Product No. 28: Barrier Pro Reverse Convertible Worst of Basket Note (Physical
Delivery) ......................................................................................................................................... 330
Product No. 29: Barrier Pro Reverse Convertible Worst of Basket Note (Cash Settlement) 330
Product No. 30: Easy Reverse Convertible Worst of Basket Note (Physical Delivery) ......... 330
Product No. 31: Easy Reverse Convertible Worst of Basket Note (Cash Settlement) ........... 330
Product No. 39: Fixed Coupon Note with Conditional Bonus Coupon ................................... 332
Product No. 40: Fixed Coupon Note with Conditional Bonus Coupon CSSF ......................... 333
Product No. 46: Floater Note ........................................................................................................ 335
Product No. 47: Leveraged Floater Note..................................................................................... 337
Product No. 48: Inflation-Indexed Note ....................................................................................... 338
Product No. 50: Lock In Note ....................................................................................................... 340
Product No. 51: Altiplano Coupon Lock In Note ........................................................................ 342
Product No. 52: Rolling Lock In plus Note ................................................................................. 345
Product No. 53: ZinsPlus Note ..................................................................................................... 347
Product No. 54: Switchable Coupon Note .................................................................................. 349
Product No. 55: Range Accrual Note .......................................................................................... 351
Product No. 56: Digital Airbag Note ............................................................................................ 352
Product No. 57: Cliquet Note ....................................................................................................... 354
Product No. 58: Currency Note .................................................................................................... 355
Product No. 59: Single Underlying Callable Note ...................................................................... 356
Product No. 60: Worst of Basket Callable Note ......................................................................... 356
Product No. 61: Recovery Note ................................................................................................... 356
Product No. 72: Worst of Basket Autocallable Note .................................................................. 356
Product No. 62: Rainbow Return Note ........................................................................................ 362
Product No. 63: Currency Chooser Basket Note ....................................................................... 365
Product No. 66: Note with linear participation ........................................................................... 368
Product No. 67: Target Coupon Note with early redemption.................................................... 370
Product No. 68: Target Coupon Note with early redemption.................................................... 370
Product No. 69: Phoenix Autocallable Note ............................................................................... 372
Product No. 70: Express Autocallable Note ............................................................................... 373
Product No. 71: Coupon Note with Coupon Observation Dates and with European Barrier
Observation (Cash Settlement) .................................................................................................... 375
Product No. 72: Autocallable Note with Memory Coupon ........................................................ 376
Product No. 73: Lookback Note ................................................................................................... 379
Product No. 74: Currency Express Note ..................................................................................... 381
Product No. 76: Autocallable Note Worst of Basket (with instalment redemption) ............... 383
Product No. 77: Autocallable Note with Knock Out Barrier ...................................................... 385
Product No. 78: Express Autocallable Note on a Basket .......................................................... 385
Product No. 79: Autocallable Note on a Basket Average (with instalment redemption) ....... 392
Product No. 80: Autocallable Note with Conditional Coupons ................................................ 394
Product No. 81: Express Note (Physical Delivery) .................................................................... 400
Product No. 82: Express Note (Cash Settlement) ...................................................................... 400
Further Definitions applicable to the Securities ............................................................................. 401
VI. FORM OF FINAL TERMS .......................................................................................... 411
Table of Contents ............................................................................................................................... 414
Overview over the Security ............................................................................................................... 415

7

TABLE OF CONTENTS

Terms and Conditions ....................................................................................................................... 423
Further Information about the Offering of the Securities............................................................... 424
Issue-Specific Summary .................................................................................................................... 435
VII. FINAL TERMS FOR THE CONTINUATION OF THE PUBLIC OFFER .................. 436
VIII. GENERAL INFORMATION ON TAXATION AND SELLING RESTRICTIONS ...... 437
IX. DESCRIPTION OF THE ISSUER ........................................................................... 483
X. CONTINUED OFFERS............................................................................................ 484

8

I. SUMMARY
I. SUMMARY
[If this Summary relates to more than one series of Securities, to the extent that any term differs for one or more series, insert for the
relevant item, which is marked "to be inserted for each Series of Securities", "In respect of each series".]

Summaries are made up of disclosure requirements, known as "Elements". These elements are numbered in Sections A E (A.1 E.7).

This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some
Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that
no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary
with the mention of `not applicable'.

Element
Section A Introduction and warnings
A.1
Warning
Warning that

the Summary should be read as an introduction to the Prospectus,

any decision to invest in the Securities should be based on consideration of the
Prospectus as a whole by the investor,

where a claim relating to the information contained in the Prospectus is brought before
a court, the plaintiff investor might, under the national legislation of the Member States,
have to bear the costs of translating the Prospectus, before the legal proceedings are
initiated; and

in its function as the Issuer responsible for the Summary and any translation thereof as
well as the dissemination of the Summary and any translation thereof, Deutsche Bank
Aktiengesellschaft may be held liable but only if the Summary is misleading, inaccurate
or inconsistent when read together with the other parts of the Prospectus or it does not
provide key information, when read together with the other parts of the Prospectus.
A.2
Consent to use of

[The Issuer consents to the use of the Prospectus for a later resale or final placement of
base prospectus
the Securities by all financial intermediaries (general consent).]

[The Issuer consents to the use of the Prospectus for a later resale or final placement of
the Securities by the following financial intermediaries (individual consent): [Insert
name[s] and address[es].]

The subsequent resale or final placement of Securities by financial intermediaries can
be made [as long as this Prospectus is valid in accordance with Article 9 of the
Prospectus Directive] [insert time period].

[Such consent is also subject to [ ].] [This consent is not subject to any conditions.]

In case of an offer being made by a financial intermediary, this financial
intermediary will provide information to investors on the terms and conditions of
the offer at the time the offer is made.

Element
Section B Issuer
B.1
Legal and commercial
The legal and commercial name of the Issuer is Deutsche Bank Aktiengesellschaft ("Deutsche
name of the issuer
Bank", "Deutsche Bank AG" or "Bank").
B.2
Domicile, legal form,
Deutsche Bank is a stock corporation (Aktiengesellschaft) under German law. The Bank has its
legislation and country
registered office in Frankfurt am Main, Germany. It maintains its head office at Taunusanlage 12,
of incorporation of the
60325 Frankfurt am Main, Germany (telephone +49-69-910-00).
issuer
[If the Securities are issued by Deutsche Bank AG, London Branch, insert:
Deutsche Bank AG, acting through its London branch ("Deutsche Bank AG, London Branch") is
domiciled at Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom.]
[If the Securities are issued by Deutsche Bank AG, Milan Branch, insert:
Deutsche Bank AG, acting through its Milan branch ("Deutsche Bank AG, Milan Branch") is
domiciled at Via Filippo Turati 27, 20121 Milan, Italy.]
[If the Securities are issued by Deutsche Bank AG, Sucursal em Portugal, insert:
Deutsche Bank AG, acting through its Portuguese branch ("Deutsche Bank AG, Sucursal em
Portugal") is domiciled at Rua Castilho, 20, 1250-069 Lisbon, Portugal.]

9

I. SUMMARY
[If the Securities are issued by Deutsche Bank AG, Sucursal en España, insert:
Deutsche Bank AG, acting through its Spanish branch ("Deutsche Bank AG, Sucursal en
España") is domiciled at Paseo De La Castellana, 18, 28046 Madrid, Spain.]
B.4b
Trends
With the exception of the effects of the macroeconomic conditions and market environment,
litigation risks associated with the financial markets crisis as well as the effects of legislation and
regulations applicable to financial institutions in Germany and the European Union, there are no
known trends, uncertainties, demands, commitments or events that are reasonably likely to have
a material effect on the Issuer's prospects in its current financial year.
B.5
Description
of
the
Deutsche Bank is the parent company and the most material entity of Deutsche Bank Group, a
Group and the issuer's
group consisting of banks, capital market companies, fund management companies, property
position
within
the
finance companies, instalment financing companies, research and consultancy companies and
Group
other domestic and foreign companies (the "Deutsche Bank Group").
B.9
Profit
forecast
or
Not applicable. No profit forecast or estimate is made.
estimate
B.10
Qualifications in the
Not applicable. There are no qualifications in the audit report on the historical financial information.
audit report on the
historical
financial
information
B.12
Selected historical key
The following table shows an overview from the balance sheet of Deutsche Bank AG which has
financial information
been extracted from the respective audited consolidated financial statements prepared in
accordance with IFRS as of 31 December 2017 and 31 December 2018 as well as from the
unaudited consolidated interim financial statements as of 31 March 2018 and from the unaudited
consolidated interim financial information as of 31 March 2019. The information on share capital
(in EUR) and number of ordinary shares is based on the internal accounting of Deutsche Bank
and is unaudited.

31 December
31 December

31 March 2018
31 March 2019
2017
2018
Share
5,290,939,215.36
5,290,939,215.36
5,290,939,215.36
5,290,939,215.36
capital (in
EUR)
Number of
2,066,773,131
2,066,773,131
2,066,773,131
2,066,773,131
ordinary
shares
Total
1,474,732
1,477,735
1,348,137
1,437,179
assets (in
million
Euro)
Total
1,406,633
1,409,710
1,279,400
1,367,985
liabilities
(in million
Euro)
Total
68,099
68,025
68,737
69,194
equity (in
million
Euro)
Common
14.8%
13.4%
13.6%
13.7%2
Equity
Tier 1
capital
ratio1
1 Capital ratios are based upon transitional rules of the CRR/CRD 4 capital framework.

10