AVVISO

n.451924 Marzo 2014

SeDeX - INV.

CERTIFICATES

Mittente del comunicato : Borsa Italiana

Societa' oggetto

dell'Avviso

: DEUTSCHE BANK

Oggetto : Inizio negoziazione 'Investment Certificates

- Classe B' 'DEUTSCHE BANK' emessi

nell'ambito di un Programma

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Bonus Cap on single stocks

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 25/03/2014, gli strumenti finanziari 'Bonus Cap on single stocks' (vedasi scheda

riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino

Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Strumenti finanziari: Bonus Cap on single stocks

Emittente: DEUTSCHE BANK

Rating Emittente: Società di Rating Long Term Data Report

Moody's A2 21/01/2014Standard & Poor's A 21/01/2014Fitch Ratings A+ 21/01/2014

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 25/03/2014

Mercato di quotazione: Borsa - Comparto SEDEX 'Investment Certificates -Classe B'

Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1delle Istruzioni

Operatore incaricato ad assolverel'impegno di quotazione:

Deutsche Bank A.G.Member ID Specialist: IT2690

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

Num.Serie

Codice Isin TradingCode

InstrumentId

Descrizione Sottostante DataScadenza

Parità ValoreNominale

Quantità LottoNegoziazione

EMS PrimaBarriera

PrimaBarriera

%

Bonus/Strike%

Cap % LivelloIniziale

1 DE000DT2ZZY3 DT2ZZY 757588 DBDAICCPBON119%CB49,875E030915 Daimler 03/09/15 1,503759 100 50000 1 25 49,875 75 119,9 119,9 66,5

2 DE000DT2ZZX5 DT2ZZX 757589 DBDAICCPBON121%CB46,55E030316 Daimler 03/03/16 1,503759 100 50000 1 25 46,55 70 121,7 121,7 66,5

3 DE000DT2ZZW7 DT2ZZW 757590 DBBMWCCPBON115%CB64,125E030915 BMW 03/09/15 1,169591 100 50000 1 24 64,125 75 115,86 115,86 85,5

4 DE000DT2ZZV9 DT2ZZV 757591 DBBMWCCPBON116%CB59,85E030316 BMW 03/03/16 1,169591 100 50000 1 24 59,85 70 116,87 116,87 85,5

5 DE000DT2ZZU1 DT2ZZU 757592 DBVWNVTGCCPBON112%CB144E030915 Volkswagen 03/09/15 0,520833 100 50000 1 27 144 75 112,7 112,7 192

6 DE000DT2ZZT3 DT2ZZT 757593 DBVWNVTGCCPBON113%CB134,4E030316 Volkswagen 03/03/16 0,520833 100 50000 1 27 134,4 70 113,61 113,61 192

7 DE000DT2ZZS5 DT2ZZS 757594 DBENELCCPBON119%CB2,7E030915 Enel 03/09/15 27,77777 100 50000 1 23 2,7 75 119,55 119,55 3,6

8 DE000DT2ZZR7 DT2ZZR 757595 DBENELCCPBON120%CB2,52E030316 Enel 03/03/16 27,77777 100 50000 1 23 2,52 70 120,44 120,44 3,6

9 DE000DT2ZZQ9 DT2ZZQ 757596 DBENICCPBON113%CB12,75E030915 Eni 03/09/15 5,882353 100 50000 1 24 12,75 75 113,77 113,77 17

10 DE000DT2ZZP1 DT2ZZP 757597 DBENICCPBON115%CB11,9E030316 Eni 03/03/16 5,882353 100 50000 1 25 11,9 70 115,58 115,58 17

11 DE000DT2ZZN6 DT2ZZN 757598 DBDTECCPBON115%CB9E030915 Deutsche Telekom 03/09/15 8,333333 100 50000 1 26 9 75 115,73 115,73 12

12 DE000DT2ZZM8 DT2ZZM 757599 DBDTECCPBON116%CB8,4E030316 Deutsche Telekom 03/03/16 8,333333 100 50000 1 26 8,4 70 116,46 116,46 12

13 DE000DT2ZZL0 DT2ZZL 757600 DBBAYCCPBON114%CB74,25E030915 Bayer 03/09/15 1,010101 100 50000 1 25 74,25 75 114,11 114,11 99

14 DE000DT2ZZK2 DT2ZZK 757601 DBBAYCCPBON115%CB69,3E030316 Bayer 03/03/16 1,010101 100 50000 1 25 69,3 70 115,81 115,81 99

15 DE000DT2ZZJ4 DT2ZZJ 757602 DBADIDASCCPBON113%CB64,5E030915 Adidas 03/09/15 1,162791 100 50000 1 28 64,5 75 113,27 113,27 86

16 DE000DT2ZZH8 DT2ZZH 757603 DBADIDASCCPBON114%CB60,2E030316 Adidas 03/03/16 1,162791 100 50000 1 28 60,2 70 114,47 114,47 86

- 1 -

Final Terms dated 10 March 2014 for the Base Prospectus dated 19 December 2013

DEUTSCHE BANK AG

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Daimler AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZY / DE000DT2ZZY3

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Daimler AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZX / DE000DT2ZZX5

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of BMW AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZW / DE000DT2ZZW7

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of BMW AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZV / DE000DT2ZZV9

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Volkswagen AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZU / DE000DT2ZZU1

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Volkswagen AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZT / DE000DT2ZZT3

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Enel SpA (the "Securities" for the Series)

WKN / ISIN: DT2ZZS / DE000DT2ZZS5

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Enel SpA (the "Securities" for the Series)

WKN / ISIN: DT2ZZR / DE000DT2ZZR7

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Eni SpA (the "Securities" for the Series)

WKN / ISIN: DT2ZZQ / DE000DT2ZZQ9

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Eni SpA (the "Securities" for the Series)

WKN / ISIN: DT2ZZP / DE000DT2ZZP1

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Deutsche Telekom AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZN / DE000DT2ZZN6

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Deutsche Telekom AG (the "Securities" for the Series)

WKN / ISIN: DT2ZZM / DE000DT2ZZM8

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Bayer

- 2 -

AG (the "Securities" for the Series) WKN / ISIN: DT2ZZL / DE000DT2ZZL0

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of Bayer

AG (the "Securities" for the Series) WKN / ISIN: DT2ZZK / DE000DT2ZZK2

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of

Adidas AG (the "Securities" for the Series) WKN / ISIN: DT2ZZJ / DE000DT2ZZJ4

Issue of up to 50,000 Bonus Cap Certificates relating to the ordinary shares of

Adidas AG (the "Securities" for the Series) WKN / ISIN: DT2ZZH / DE000DT2ZZH8

(each a "Series" of Securities)

under its Programme for the issuance of Certificates, Warrants and Notes

Issue Price: In respect of each Series, EUR 100 per Security

WKN / ISIN: In respect of each Series, as specified under “Multi-Series Definitions” in the Terms and Conditions (Product Terms) below

This document constitutes the Final Terms of the Securities of each Series described herein and comprises the following parts:

Terms and Conditions (Product Terms)

Further Information about the Offering of the Securities

Issue-Specific Summary

These Final Terms have been prepared for the purpose of Article 5(4) of the Prospectus Directive and must be read in conjunction with the Base Prospectus dated 19 December 2013 (including the documents incorporated into the Base Prospectus by reference) (the "Base Prospectus"). Terms not otherwise defined herein shall have the meaning given in the General Conditions set out in the Base Prospectus. Full information on the Issuer and the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the individual issue is annexed to the Final Terms.

The Base Prospectus, any supplement to the Base Prospectus and the Final Terms, together with any translations thereof, or of the Summary as completed and put in concrete terms by the relevant Final Terms, will be available on the Issuer's website (www.x-markets.db.com) and/or (www.investment-products.db.com) and/or on the website of the Luxembourg Stock Exchange (www.bourse.lu), as well as, (i) in the case of admission to trading of the Securities to the Italian Stock Exchange, on the website of Borsa Italiana (www.borsaitaliana.it), (ii) in the case of admission to trading of the Securities to the Euronext Lisbon regulated market or a public offering of Securities in Portugal, on the website of the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários) (www.cmvm.pt) and (iii) in the case of admission to trading of the Securities on any of the Spanish Stock Exchanges or AIAF, on the website of the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) (www.cnmv.es).

In addition, the Base Prospectus shall be available in physical form and free of charge at the registered office of the Issuer, Deutsche Bank AG, CIB, GME X-markets, Grosse Gallusstrasse 10-14, 60311 Frankfurt am Main, its London branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB, its Milan Branch at Via Filippo Turati 27, 20121 Milano, Italy, its Portuguese Branch at Rua Castilho, 20, 1250-069 Lisbon, Portugal and its Spanish Branch at Paseo De La

- 3 -

Castellana, 18, 28046 Madrid, Spain, as well as its Zurich Branch, Uraniastrasse 9, PF 3604, CH-8021 Zurich, Switzerland (where it can also be ordered by telephone +41 44 227 3781 or fax +41 44 227 3084).

- 4 -

Terms and Conditions

The following "Product Terms" of the Securities shall, for the relevant Series of Securities, complete

and put in concrete terms the General Conditions for the purposes of such Series of Securities. The

Product Terms and General Conditions together constitute the "Terms and Conditions" of the

relevant Securities.

General Definitions applicable to the Securities

Security Type Certificate

ISIN In respect of each Series, as specified under "Multi-Series Definitions" below

WKN In respect of each Series, as specified under "Multi-Series Definitions" below

Common Code In respect of each Series, as specified under "Multi-Series Definitions" below

Issuer Deutsche Bank AG, Frankfurt am Main

Number of the

Securities

Up to 50,000 Securities per Series

Issue Price In respect of each Series, EUR 100 per Certificate

Issue Date 10 March 2014

Nominal Amount EUR 100 per Security

Underlying Type: Share

Underlying Name: In respect of each Series, the ordinary shares of each issuer

as stated under the heading Issuer of Underlying as specified under "Multi-

Series Definitions" below

Issuer of Underlying: In respect of each Series, as specified under "Multi-Series

Definitions" below

ISIN of Underlying: In respect of each Series, as specified under "Multi-Series

Definitions" below

Reuters RIC: In respect of each Series, as specified under "Multi-Series

Definitions" below

Reference Source: as defined in §5(5)(i) of the General Conditions

Related Exchange: as defined in §5(5)(j) of the General Conditions

Reference Currency: EUR

Settlement Cash Settlement

Multiplier In respect of each Series, as specified under "Multi-Series Definitions" below.

Initial Reference

Level

In respect of each Series, as specified under "Multi-Series Definitions" below.

- 5 -

Final Reference

Level

In respect of each Series, the Reference Level on the Valuation Date of such

Series.

Reference Level In respect of each Series, an amount (which shall be deemed to be a monetary

value in the Reference Currency) equal to, in respect of any relevant day, the

Relevant Reference Level Value on such day quoted by or published on the

Reference Source.

Barrier

Determination

Amount

An amount (which shall be deemed to be a monetary value in the Reference

Currency) equal to the Relevant Reference Level Value quoted by or published

on the Reference Source on an Observation Date during the Observation

Period.

If a Market Disruption has occurred and is continuing at such time on such

Observation Date, no Barrier Determination Amount shall be calculated for such

time.

Relevant

Reference Level

Value

In respect of each Series, the official closing price of the Underlying on the

Reference Source.

Valuation Date In respect of each Series, the Exercise Date.

Maximum Amount In respect of each Series, the Bonus Amount.

Settlement Date In respect of each Series, the third Business Day following the Valuation Date.

Observation

Period

In respect of each Series, the period from, and including, the Issue Date to, and

including, the Valuation Date.

Observation Date In respect of each Series, each Trading Day during the Observation Period and

the Valuation Date.

General Definitions Applicable to Certificates

Barrier In respect of each Series, as specified under "Multi-Series Definitions" below.

Bonus Amount In respect of each Series, as specified under "Multi-Series Definitions" below.

Multi-Series Definitions

WKN /

ISIN for Series

Commo

n Code

Issuer of

Underlyi

ng

ISIN /

RIC of

Underlyi

ng

Exercise

Date

Bonus

Amount

Barrier Multiplie

r

Initial

Reference

Level

- 6 -

WKN /

ISIN for Series

Commo

n Code

Issuer of

Underlyi

ng

ISIN /

RIC of

Underlyi

ng

Exercise

Date

Bonus

Amount

Barrier Multiplie

r

Initial

Reference

Level

DT2ZZY /

DE000DT2ZZY3

1013873

05

Daimler

AG DE00071

00000

RIC:

DAIGn.D

E

3

Septemb

er 2015

EUR

119.90

EUR

49.875

(being

75% of

the Initial

Referenc

e Level)

1.503759 EUR 66.50

DT2ZZX /

DE000DT2ZZX5

1013872

83

Daimler

AG

DE00071

00000

RIC:

DAIGn.D

E

3 March

2016

EUR

121.70

EUR

46.55

(being

70% of

the Initial

Referenc

e Level)

1.503759 EUR 66.50

DT2ZZW /

DE000DT2ZZW7

1013872

75

BMW AG DE00051

90003

RIC:

BMWG.D

E

3

Septemb

er 2015

EUR

115.86

EUR

64.125

(being

75% of

the Initial

Referenc

e Level)

1.169591 EUR 85.50

DT2ZZV /

DE000DT2ZZV9

1013872

67

BMW AG DE00051

90003

RIC:

BMWG.D

E

3 March

2016

EUR

116.87

EUR

59.85

(being

70% of

the Initial

Referenc

e Level)

1.169591 EUR 85.50

DT2ZZU /

DE000DT2ZZU1

1013872

59

Volkswa

gen AG

DE00076

64039

RIC:

VOWG_

p.DE

3

Septemb

er 2015

EUR

112.70

EUR

144.00

(being

75% of

the Initial

Referenc

e Level)

0.520833 EUR 192.00

DT2ZZT /

DE000DT2ZZT3

1013872

32

Volkswa

gen AG

DE00076

64039

RIC:

VOWG_

p.DE

3 March

2016

EUR

113.61

EUR

134.40

(being

70% of

the Initial

Referenc

e Level)

0.520833 EUR 192.00

- 7 -

WKN /

ISIN for Series

Commo

n Code

Issuer of

Underlyi

ng

ISIN /

RIC of

Underlyi

ng

Exercise

Date

Bonus

Amount

Barrier Multiplie

r

Initial

Reference

Level

DT2ZZS /

DE000DT2ZZS5

1013872

24

Enel SpA IT000312

8367

RIC: ENEI.MI

3

Septemb

er 2015

EUR

119.55

EUR 2.70

(being

75% of

the Initial

Referenc

e Level)

27.77777

8

EUR 3.60

DT2ZZR /

DE000DT2ZZR7

1013872

16

Enel SpA IT000312

8367

RIC: ENEI.MI

3 March

2016

EUR

120.44

EUR 2.52

(being

70% of

the Initial

Referenc

e Level)

27.77777

8

EUR 3.60

DT2ZZQ /

DE000DT2ZZQ9

1013872

08

Eni SpA IT000313

2476

RIC:

ENI.MI

3

Septemb

er 2015

EUR

113.77

EUR

12.75

(being

75% of

the Initial

Referenc

e Level)

5.882353 EUR 17.00

DT2ZZP /

DE000DT2ZZP1

1013871

94

Eni SpA IT000313

2476

RIC:

ENI.MI

3 March

2016

EUR

115.58

EUR

11.90

(being

70% of

the Initial

Referenc

e Level)

5.882353 EUR 17.00

DT2ZZN /

DE000DT2ZZN6

1013871

86

Deutsche

Telekom

AG

DE00055

57508

RIC:

DTEGn.

DE

3

Septemb

er 2015

EUR

115.73

EUR 9.00

(being

75% of

the Initial

Referenc

e Level)

8.333333 EUR 12.00

DT2ZZM /

DE000DT2ZZM8

1013871

78

Deutsche

Telekom

AG

DE00055

57508

RIC:

DTEGn.

DE

3 March

2016

EUR

116.46

EUR 8.40

(being

70% of

the Initial

Referenc

e Level)

8.333333 EUR 12.00

- 8 -

WKN /

ISIN for Series

Commo

n Code

Issuer of

Underlyi

ng

ISIN /

RIC of

Underlyi

ng

Exercise

Date

Bonus

Amount

Barrier Multiplie

r

Initial

Reference

Level

DT2ZZL /

DE000DT2ZZL0

1013871

60

Bayer

AG

DE000B

AY0017

RIC:

BAYGn.

DE

3

Septemb

er 2015

EUR

114.11

EUR

74.25

(being

75% of

the Initial

Referenc

e Level)

1.010101 EUR 99.00

DT2ZZK /

DE000DT2ZZK2

1013871

51

Bayer

AG

DE000B

AY0017

RIC:

BAYGn.

DE

3 March

2016

EUR

115.81

EUR

69.30

(being

70% of

the Initial

Referenc

e Level)

1.010101 EUR 99.00

DT2ZZJ /

DE000DT2ZZJ4

1013871

43

Adidas

AG

DE000A

1EWWW

0

RIC:

ADSGn.

DE

3

Septemb

er 2015

EUR

113.27

EUR

64.50

(being

75% of

the Initial

Referenc

e Level)

1.162791 EUR 86.00

DT2ZZH /

DE000DT2ZZH8

1013871

35

Adidas

AG

DE000A

1EWWW

0

RIC:

ADSGn.

DE

3 March

2016

EUR

114.47

EUR

60.20

(being

70% of

the Initial

Referenc

e Level)

1.162791 EUR 86.00

Specific Definitions Applicable to Certificates

Product No. C1: Capital Protection Certificate

Not Applicable

Product No. C2: Capital Protection Certificate with Maximum Amount

Not Applicable

Product No. C3: Capital Protection Certificate with Participation in Average Performance and

without Maximum Amount

Not Applicable

Product No. C4: Certificate

Not Applicable

Product No. C5: Certificate 100%

- 9 -

Not Applicable

Product No. C6: Perpetual Certificate

Not Applicable

Product No. C7: Index Certificate

Not Applicable

Product No. C8: Performance Certificate

Not Applicable

Product No. C9: Discount Certificate (Physical Delivery)

Not Applicable

Product No. C10: Discount Certificate (Cash Settlement)

Not Applicable

Product No. C11: Bonus Certificate

Not Applicable

Product No. C12: Bonus Certificate with Cap

Cash Amount In respect of each Minimum Exercise Amount,

(a) if the Barrier Determination Amount at all times during the

Observation Period is above the Barrier, the higher of:

(i) the Bonus Amount and

(ii) the product of the Final Reference Level and the

Multiplier,

(b) otherwise, the product of the Final Reference Level and the

Multiplier

subject to a maximum of the Maximum Amount

Product No. C13: BonusPro Certificate

Not Applicable

Product No. C14: BonusPro Certificate with Cap

Not Applicable

Product No. C15: Easy Bonus Certificate

Not Applicable

Product No. C16: Easy Bonus Certificate with Cap

Not Applicable

Product No. C17: Reverse Bonus Certificate

Not Applicable

Product No. C18: Reverse Bonus Certificate with Cap

Not Applicable

- 10 -

Product No. C19: Flex Bonus Certificate

Not Applicable

Product No. C20: Express Certificate with European Barrier Observation

Not Applicable

Product No. C21: Express Certificate with American Barrier Observation

Not Applicable

Product No. C22: PerformancePlus Certificate

Not Applicable

Product No. C23: Reverse Express Certificate

Not Applicable

Product No. C24: Currency Express Certificate

Not Applicable

Product No. C25: Express Autocallable Certificate

Not Applicable

Product No. C26: Worst of Express Autocallable Certificate

Not Applicable

Product No. C27: Outperformance Certificate

Not Applicable

Product No. C28: Reverse Outperformance Certificate

Not Applicable

Product No. C29: Fixed Rate of Interest Certificate with European Barrier Observation

Not Applicable

Product No. C30: Fixed Rate of Interest Certificate with American Barrier Observation

Not Applicable

Product No. C31: Inflation-Linked Fixed Rate of Interest Certificate

Not Applicable

Product No. C32: Currency Fixed Rate of Interest Certificate

Not Applicable

Product No. C33: Coupon Certificate with European Barrier Observation

Not Applicable

Product No. C34: Coupon Certificate with American Barrier Observation

Not Applicable

Product No. C35: Currency Certificate with Fixed Coupon

Not Applicable

Product No. C36: Extra Coupon Certificate (Cash Settlement)

Not Applicable

- 11 -

Product No. C37: Extra Coupon Certificate (Physical Delivery)

Not Applicable

Product No. C38: Reverse Participation Corridor Certificate

Not Applicable

Product No. C39: Sprinter Certificate

Not Applicable

Product No. C40: OneStep Certificate

Not Applicable

Product No. C41: Certificate with Redemption Threshold and Barrier without Possibility of

Early Redemption

Not Applicable

Product No. C42: Parachute Certificate

Not Applicable

Product No. C43: Equity Protection Certificate

Not Applicable

Product No. C44: Twin Win Certificate with European Barrier Observation

Not Applicable

Product No. C45: Twin Win Certificate with European Barrier Observation with Cap

Not Applicable

Product No. C46: Twin Win Certificate with American Barrier Observation

Not Applicable

Product No. C47: Twin Win Certificate with American Barrier Observation with Cap

Not Applicable

Product No. C48: Autocallable Twin Win Certificate with European Barrier Observation

Not Applicable

Product No. C49: Autocallable Twin Win Certificate with American Barrier Observation

Not Applicable

Product No. C50: Bonus Worst Of Certificates with European Barrier Observation

Not Applicable

Product No. C51: Bonus Worst Of Certificates with American Barrier Observation

Not Applicable

Product No. C52: Autocallable Certificate (with instalment redemption)

Not Applicable

Product No. C53: Autocallable Outperformance Certificate

Not Applicable

Product No. C54: Range Certificate

- 12 -

Not Applicable

Product No. C55: Autocallable Bonus Certificate

Not Applicable

Product No. C56: Delta One Certificate

Not Applicable

Product No. C57: Dual Fixed Rate Certificate (with instalment redemption)

Not Applicable

General Definitions Applicable to Warrants

Not Applicable

General Definitions Applicable to Notes

Not Applicable

Further Definitions Applicable to the Securities

Type of Exercise European Style

Exercise Date In respect of each Series, as specified under "Multi-Series Definitions"

above

Automatic Exercise Automatic Exercise is applicable

Settlement Currency EUR

Business Day Location(s) Frankfurt am Main and Milan

Correction Period Two Business Days prior to the due date for any payment or delivery

under the Securities, the amount of which is determined in whole or in

part by reference to such value or price of the Reference Item

Ultimate Trading Day For the purpose of determining the Final Reference Level, as defined in

§5(5)(p) of the General Conditions

Form of Securities Italian Securities

Clearing Agent Monte Titoli S.p.A., Piazza degli Affari, 6. I-20123 Milan, Italy

Governing Law English law

- 13 -

Further Information about the Offering of the Securities

LISTING AND TRADING

Listing and Trading Application will be made to list and admit the Securities to trading on the SeDeX of the Italian Stock Exchange, which is a regulated market for the purposes of Directive 2004/39/EC

Minimum Trade Size One Security, being the number of Securities which can be traded in accordance with the Listing Rules of the market managed and organised by Borsa Italiana S.p.A. ("Regolamento di Borsa").

Estimate of total expenses related to admission to trading

EUR 3,000

OFFERING OF SECURITIES

There is no offering period in connection with the Securities of each Series, which will be listed directly on the SeDeX of the Italian Stock Exchange, which is a regulated market, where application to list and trade the Securities will be made, as specified above

FEES

Fees paid by the Issuer to the distributor

Trailer Fee Not applicable

Placement Fee Not applicable

Fees charged by the Issuer to the Securityholders post issuance

Not applicable

SECURITY RATINGS

Rating The Securities have not been rated.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

Interests of Natural and Legal Persons involved in the Issue

So far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

Reasons for offer The net proceeds from this issue of Securities will be applied by the Issuer for its general corporate purposes. A substantial portion of the proceeds from the issue of certain Securities may be used to hedge market risk with respect to such Securities.

PUBLICATION OF NOTICES

Publication of notices Save as provided above, notices will be published

- 14 -

in accordance with §16(1).

INFORMATION RELATING TO THE UNDERLYING

Information on the Underlying for each Series of Securities, on the performance of their Underlying

(including historical data) and their volatility can be obtained on the Reuters page corresponding to

the Underlying for each Series of Securities in the “Multi-Series Definitions” above.

The information regarding the Underlying is publicly available in the major Italian domestic

newspapers (e.g., "Il Sole 24 Ore" and/or "MF") as well as international financial newspapers (e.g.,

"The Financial Times" and/or "The Wall Street Journal Europe").

Further Information Published by the Issuer

The Issuer does not intend to provide any further information on the Underlying.

COUNTRY SPECIFIC INFORMATION:

ITALY

Agent in Italy The Agent in Italy is Deutsche Bank S.p.A. acting through its principal

office in Milan being as at the Issue Date at the following address:

Piazza del Calendario, 3 – 20126.

- 15 -

Annex to the Final Terms

Issue-Specific Summary

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

civil liability attaches only to those persons who have tabled the Summary including any translation thereof, 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, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such the Securities.

A.2 Consent to use

of the

Prospectus

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.

Such consent is not subject to and given under any condition.

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 name of the issuer.

The legal and commercial name of the Issuer is Deutsche Bank Aktiengesellschaft ("Deutsche Bank" or "Bank").

B.2 Domicile, legal form, legislation and country of incorporation of the issuer.

Deutsche Bank is a stock corporation (Aktiengesellschaft) incorporated and operating under German law. The Bank has its registered office in Frankfurt am Main, Germany. It maintains its head office at Taunusanlage 12, 60325 Frankfurt am Main, Germany (telephone +49-69-910-00).

B.4b Trends Not applicable; there are no known trends affecting the Issuer or the industries in which it operates.

B.5 Description of the Group and the issuer's position within the Group

Deutsche Bank is the parent company of a group consisting of banks, capital market companies, fund management companies, a property finance company, instalment financing companies, research and consultancy companies and other domestic and foreign companies (the "Deutsche Bank Group").

B.9 Profit forecast or estimate.

Not applicable; no profit forecast or estimate is made.

B.10 Qualifications in the audit report on the historical financial information.

Not applicable; there are no qualifications in the audit report on the historical financial information.

- 16 -

B.12 Selected historical key financial information.

31 December 2011

(IFRS, audited)

31 December

2012

(IFRS, audited)

30 September

2012

(IFRS, unaudited)

30 September

2013

(IFRS, unaudited)

Share capital (in Euro) 2,379,519,078.40 2,379,519,078.40 2,379,519,078.40 2,609,919,078.40

Number of ordinary shares 929,499,640 929,499,640 929,499,640 1,019,499,640

Total assets (in million Euro) 2,164,103 2,022,275 2,193,737 1,787,971

Total liabilities (in million Euro) 2,109,443 1,968,035 2,136,666 1,731,206

Total equity (in million Euro) 54,660 54,240 57,071 56,765

Core Tier 1 capital ratio 9.5% 11.4% 10.7% 13.0%

Tier 1 capital ratio

12.9% 15.1% 14.2% 17.0%

A statement that there has been no material adverse change in the prospects of the issuer since the date of its last published audited financial statements or a description of any material adverse change.

There has been no material adverse change in the prospects of Deutsche Bank since 31 December 2012.

A description of significant changes in the financial or trading position subsequent to the period covered by the historical financial information.

There has been no significant change in the financial position of Deutsche Bank Group since 31 December 2013.

B.13 Recent events. Not applicable; there are no recent events particular to the issuer which are to a material extent relevant to the evaluation of the issuer's solvency.

B.14 Dependence upon other entities within the group.

Please see Element B.5.

Not applicable; the Issuer is not dependent upon other entities.

B.15 Issuer's principal activities.

Following a comprehensive strategic review, Deutsche Bank realigned its organizational

structure in the fourth quarter 2012. The Bank reaffirmed its commitment to the universal

banking model and to its four existing corporate divisions. Deutsche Bank strengthened this

emphasis with an integrated Asset & Wealth Management Corporate Division that includes

former Corporate Banking & Securities businesses such as exchange-traded funds (ETFs).

Furthermore, the Bank created a Non-Core Operations Unit. This unit includes the former

Group Division Corporate Investments (CI) as well as non-core operations which were re-

assigned from other corporate divisions.

As of 31 December 2012 the Bank was organized into the following five corporate divisions:

— Corporate Banking & Securities (CB&S)

— Global Transaction Banking (GTB)

— Asset & Wealth Management (AWM)

— Private & Business Clients (PBC)

— Non-Core Operations Unit (NCOU)

Corporate Banking & Securities (CB&S) is made up of the business divisions Corporate Finance and Markets. These businesses offer financial products worldwide including the underwriting of stocks and bonds, trading services for investors and the tailoring of solutions for companies' financial requirements. Effective in November 2012, following a comprehensive

- 17 -

strategic review of the Group's organizational structure, CB&S was realigned as part of the Group's new banking model. This realignment covered three main aspects: the transfer of non-core assets (namely correlation and capital intensive securitization positions, monoline positions, and IAS 39 reclassified assets) to the NCOU; the transfer of passive and third-party alternatives businesses, such as ETF's, into the newly integrated AWM Corporate Division; and a refinement of coverage costs between CB&S and GTB.

Global Transaction Banking (GTB) delivers commercial banking products and services to corporate clients and financial institutions, including domestic and cross-border payments, financing for international trade, as well as the provision of trust, agency, depositary, custody and related services. GTB's business divisions consist of Trade Finance and Cash Management Corporates as well as Trust & Securities Services and Cash Management Financial Institutions.

Asset and Wealth Management (AWM) is one of the world's leading investment

organizations. AWM helps individuals and institutions worldwide to protect and grow their

wealth, offering traditional and alternative investments across all major asset classes. AWM

also provides customized wealth management solutions and private banking services to high-

net-worth and ultra-high-networth individuals and family offices.

AWM comprises former Private Wealth Management (PWM) and Asset Management (AM) businesses as well as passive and third party alternatives businesses that were re-assigned from CB&S to AWM in the fourth quarter 2012. The combined division has sizable franchises in both retail and institutional asset and wealth management, allowing both clients and Deutsche Bank Group to benefit from its scale. In addition, non-core assets and businesses were re-assigned from AWM to the NCOU in the fourth quarter 2012. AWM now consists of two major pillars: Investment Platform and Coverage/Advisory.

Private & Business Clients (PBC) operates under a single business model across Europe

and selected Asian markets. PBC serves retail and affluent clients as well as small and

medium sized business customers. The PBC Corporate Division is organized into the following

business units:

— Advisory Banking Germany, which comprises all of PBC's activities in Germany excluding

Postbank.

— Advisory Banking International, which covers PBC's European activities outside Germany

and PBC's activities in Asia including our stake in and partnership with Hua Xia Bank.

— Consumer Banking Germany, which mainly comprises the contribution of Postbank Group to the consolidated results of Deutsche Bank.

Non-Core Operations Unit (NCOU) was established in November 2012. The NCOU operates

as a separate corporate division alongside Deutsche Bank's core businesses.

In addition to managing its global principal investments and holding certain other non-core

assets to maturity, targeted de-risking activities within the NCOU will help the Bank reduce

risks that are not related to its planned future strategy, thereby reducing capital demand. In

carrying out these targeted de-risking activities, the NCOU will prioritize for exit those positions

with less favourable capital and risk return profiles to enable the Bank to strengthen its Core

Tier 1 capital ratio under Basel 3.

B.16 Controlling persons.

Not applicable; the Issuer is not directly or indirectly owned or controlled.

B.17 Credit ratings assigned to the issuer or its debt securities.

Deutsche Bank is rated by Standard & Poor's Credit Market Services France S.A.S. ("S&P"),

by Moody's Investors Service Ltd., London, United Kingdom ("Moody's") and by Fitch Italia

S.p.A. ("Fitch", together with S&P and Moody's, the "Rating Agencies").

Each of the Rating Agencies has its registered office in the European Community and is

registered under Art. 14 (1) in connection with Art. 2 (1) of Regulation (EC) No 1060/2009 of

the European Parliament and of the Council of 16 September 2009 on credit rating agencies,

as amended.

At the date of this Prospectus, the following ratings were assigned to Deutsche Bank:

Rating Agency Long-term Short-term Outlook

Standard & Poor's

(S&P)

A A-1 Stable

Moody's A2 P-1 Negative

Fitch A+ F1+ Stable

- 18 -

Element Section C – Securities

C.1 Type and the

class of the

securities,

including any

security

identification

number.

Type of Securities

The Securities are Certificates. For a further description see Element C.15.

Security identification number(s) of Securities

ISIN WKN

DE000DT2ZZY3 DT2ZZY

DE000DT2ZZX5 DT2ZZX

DE000DT2ZZW7 DT2ZZW

DE000DT2ZZV9 DT2ZZV

DE000DT2ZZU1 DT2ZZU

DE000DT2ZZT3 DT2ZZT

DE000DT2ZZS5 DT2ZZS

DE000DT2ZZR7 DT2ZZR

DE000DT2ZZQ9 DT2ZZQ

DE000DT2ZZP1 DT2ZZP

DE000DT2ZZN6 DT2ZZN

DE000DT2ZZM8 DT2ZZM

DE000DT2ZZL0 DT2ZZL

DE000DT2ZZK2 DT2ZZK

DE000DT2ZZJ4 DT2ZZJ

DE000DT2ZZH8 DT2ZZH

C.2 Currency of the

securities issue.

Euro (EUR)

C.5 Restrictions on

the free

transferability of

the securities.

Each Security is transferable in accordance with applicable law and any rules and procedures

for the time being of any Clearing Agent through whose books such Security is transferred.

C.8 Rights attached

to the securities,

including ranking

and limitations to

those rights

Governing law of the Securities

The Securities will be governed by, and construed in accordance with, English law. The

constituting of the Securities may be governed by the laws of the jurisdiction of the Clearing

Agent.

Rights attached to the Securities

The Securities provide holders of the Securities, on redemption or upon exercise, with a claim

for payment of a cash amount and/or delivery of a physical delivery amount.

Status of the Securities

- 19 -

The Securities will constitute direct, unsecured and unsubordinated obligations of the Issuer

ranking pari passu among themselves and pari passu with all other unsecured and

unsubordinated obligations of the Issuer except for any obligations preferred by law.

Limitations to the rights attached to the Securities

Under the terms and conditions of the Securities, the Issuer is entitled to terminate and cancel

the Securities and to amend the terms and conditions of the Securities.

C.9 The nominal

interest rate, the

date from which

interest becomes

payable and the

due dates for

interest, where

the rate is not

fixed, description

of the underlying

on which it is

based, maturity

date and

arrangements for

the amortization

of the loan,

including the

repayment

procedures, an

indication of yield,

name of

representative of

debt security

holders

Not Applicable; the Securities do not entitle the investor to receive 100 per cent. of the Issue

Price.

C.10 Derivative component in the interest payment.

Not Applicable; the Securities do not entitle the investor to receive 100 per cent. of the

Nominal Amount.

C.11 Application for

admission to

trading, with a

view to their

distribution in a

regulated market

or other

equivalent

markets with

indication of the

markets in

questions.

Application will be made to list and admit the Securities to trading on the SeDeX of the Italian

Stock Exchange, which is a regulated market for the purposes of Directive 2004/39/EC.

C.15 A description of

how the value of

the investment is

affected by the

value of the

underlying

instrument(s),

unless the

securities have a

denomination of

at least EUR

100.000.

With this Bonus Certificate with Cap, investors receive a Cash Amount on the Settlement

Date, the amount of which depends on the performance of the Underlying.

a) If the Underlying has at no point during the term reached or fallen below the Barrier,

the Cash Amount is equal to the Final Reference Level taking account of the Multiplier,

but a minimum of the Bonus Amount and a maximum of the Maximum Amount.

b) If the Underlying has on at least one occasion during the term reached or fallen below

the Barrier, the Cash Amount is no longer equal to a minimum of the Bonus Amount,

but instead equal to the Final Reference Level taking into account the Multiplier and to

a maximum of the Maximum Amount (1:1 participation in the negative performance of

the Underlying).

Entitlement to receive payment of the Bonus Amount requires investors to waive their claims

deriving from the Underlying (e.g., voting rights, dividends).

- 20 -

Final

Reference

Level

In respect of each Series, the Reference Level on the

Valuation Date

Issue Date 10 March 2014

Maximum

Amount

In respect of each Series, the Bonus Amount

Nominal

Amount

EUR 100

Observation

Period

In respect of each Series, the period from, and including,

the Issue Date to, and including, the Valuation Date.

Reference

Level

In respect of each Series, an amount (which shall be

deemed to be a monetary value in the EUR) equal to, in

respect of any relevant day, the official closing price of the

Underlying on such day

ISIN Multiplier Barrier Bonus

Amount

Initial

Reference

Level

DE000DT2ZZY3 1.503759 EUR 49.875

(being 75%

of the Initial

Reference

Level)

EUR 119.90 EUR 66.50

DE000DT2ZZX5 1.503759 EUR 46.55

(being 70%

of the Initial

Reference

Level)

EUR 121.70 EUR 66.50

DE000DT2ZZW7 1.169591 EUR 64.125

(being 75%

of the Initial

Reference

Level)

EUR 115.86 EUR 85.50

DE000DT2ZZV9 1.169591 EUR 59.85

(being 70%

of the Initial

Reference

Level)

EUR 116.87 EUR 85.50

DE000DT2ZZU1 0.520833 EUR 144.00

(being 75%

of the Initial

Reference

Level)

EUR 112.70 EUR 192.00

DE000DT2ZZT3 0.520833 EUR 134.40

(being 70%

of the Initial

Reference

Level)

EUR 113.61 EUR 192.00

DE000DT2ZZS5 27.777778 EUR 2.70

(being 75%

of the Initial

Reference

Level)

EUR 119.55 EUR 3.60

- 21 -

DE000DT2ZZR7 27.777778 EUR 2.52

(being 70%

of the Initial

Reference

Level)

EUR 120.44 EUR 3.60

DE000DT2ZZQ9 5.882353 EUR 12.75

(being 75%

of the Initial

Reference

Level)

EUR 113.77 EUR 17.00

DE000DT2ZZP1 5.882353 EUR 11.90

(being 70%

of the Initial

Reference

Level)

EUR 115.58 EUR 17.00

DE000DT2ZZN6 8.333333 EUR 9.00

(being 75%

of the Initial

Reference

Level)

EUR 115.73 EUR 12.00

DE000DT2ZZM8 8.333333 EUR 8.40

(being 70%

of the Initial

Reference

Level)

EUR 116.46 EUR 12.00

DE000DT2ZZL0 1.010101 EUR 74.25

(being 75%

of the Initial

Reference

Level)

EUR 114.11 EUR 99.00

DE000DT2ZZK2 1.010101 EUR 69.30

(being 70%

of the Initial

Reference

Level)

EUR 115.81 EUR 99.00

DE000DT2ZZJ4 1.162791 EUR 64.50

(being 75%

of the Initial

Reference

Level)

EUR 113.27 EUR 86.00

DE000DT2ZZH8 1.162791 EUR 60.20

(being 70%

of the Initial

Reference

Level)

EUR 114.47 EUR 86.00

C.16 The expiration or

maturity date of

the derivative

securities – the

Settlement Date: In respect of each Series, the third business day following the Valuation Date

as specified below.

Valuation Date: In respect of each Series, the Exercise Date as specified below.

- 22 -

exercise date or

final reference

date.

ISIN Exercise Date

DE000DT2ZZY3 3 September 2015

DE000DT2ZZX5 3 March 2016

DE000DT2ZZW7 3 September 2015

DE000DT2ZZV9 3 March 2016

DE000DT2ZZU1 3 September 2015

DE000DT2ZZT3 3 March 2016

DE000DT2ZZS5 3 September 2015

DE000DT2ZZR7 3 March 2016

DE000DT2ZZQ9 3 September 2015

DE000DT2ZZP1 3 March 2016

DE000DT2ZZN6 3 September 2015

DE000DT2ZZM8 3 March 2016

DE000DT2ZZL0 3 September 2015

DE000DT2ZZK2 3 March 2016

DE000DT2ZZJ4 3 September 2015

DE000DT2ZZH8 3 March 2016

C.17 Settlement

procedure of the

derivative

securities.

Any cash amounts payable by the Issuer shall be transferred to the relevant Clearing Agent for

distribution to the Securityholders.

The Issuer will be discharged of its payment obligations by payment and/or delivery to, or to

the order of, the relevant Clearing Agent or Physical Delivery Clearing System in respect of

the amount so paid or delivered.

C.18 A description of

how the return on

derivative

securities takes

place.

Payment of the Cash Amount to each relevant Securityholder on the Settlement Date.

C.19 The exercise

price or the final

reference price of

the underlying.

The Final Reference Level

C.20 Type of the

underlying and

where the

information on

the underlying

can be found.

Type: Share

ISIN Name Reuters page

DE000DT2ZZY3 Ordinary shares of Daimler AG DAIGn.DE

DE000DT2ZZX5 Ordinary shares of Daimler AG DAIGn.DE

DE000DT2ZZW7 Ordinary shares of BMW AG BMWG.DE

DE000DT2ZZV9 Ordinary shares of BMW AG BMWG.DE

DE000DT2ZZU1 Ordinary shares of Volkswagen

AG

VOWG_p.DE

DE000DT2ZZT3 Ordinary shares of Volkswagen

AG

VOWG_p.DE

DE000DT2ZZS5 Ordinary shares of Enel SpA ENEI.MI

- 23 -

DE000DT2ZZR7 Ordinary shares of Enel SpA ENEI.MI

DE000DT2ZZQ9 Ordinary shares of Eni SpA ENI.MI

DE000DT2ZZP1 Ordinary shares of Eni SpA ENI.MI

DE000DT2ZZN6 Ordinary shares of Deutsche

Telekom AG

DTEGn.DE

DE000DT2ZZM8 Ordinary shares of Deutsche

Telekom AG

DTEGn.DE

DE000DT2ZZL0 Ordinary shares of Bayer AG BAYGn.DE

DE000DT2ZZK2 Ordinary shares of Bayer AG BAYGn.DE

DE000DT2ZZJ4 Ordinary shares of Adidas AG ADSGn.DE

DE000DT2ZZH8 Ordinary shares of Adidas AG ADSGn.DE

Information on the historical and ongoing performance of the Underlying and its volatility can

be obtained on the relevant Reuters page as provided above.

Element Section D – Risks

D.2 Key information on the key risks that are specific and individual to the issuer.

Investors will be exposed to the risk of Deutsche Bank as the Issuer becoming insolvent and thus overindebted or unable to pay debts, i.e. a temporary or permanent inability to meet interest and/or principal payments on time. Deutsche Bank's credit rating reflects the assessment of these risks.

Factors that may have a negative impact on Deutsche Bank's profitability are described in the following:

• Deutsche Bank has been and may continue to be affected by the ongoing European sovereign debt crisis, and it may be required to take impairments on the Bank's exposures to the sovereign debt of Greece and other countries. The credit default swaps Deutsche Bank has entered into to manage sovereign credit risk may not be available to offset these losses.

• Regulatory and political actions by European governments in response to the sovereign debt crisis may not be sufficient to prevent the crisis from spreading or to prevent departure of one or more member countries from the common currency. The departure of any one or more countries from the euro could have unpredictable consequences on the financial system and the greater economy, potentially leading to declines in business levels, write-downs of assets and losses across Deutsche Bank's businesses. Deutsche Bank's ability to protect itself against these risks are limited.

• The Bank's results are dependent on the macroeconomic environment and the Bank has been and may continue to be affected by the macroeconomic effects of the ongoing European sovereign debt crisis, including renewed concerns about the risk of a return to recession within the eurozone, as well as by lingering effects of the recent global financial crisis of 2007-2008.

• Deutsche Bank requires capital to support its business activities and meet regulatory requirements. Regulatory capital and liquidity requirements are being increased significantly. Surcharges for systemically important banks like Deutsche Bank are being imposed and definitions of capital are being tightened. In addition, any losses resulting from current market conditions or otherwise could diminish the Bank's capital, make it more difficult for Deutsche Bank to raise additional capital or increase the cost to the Bank of new capital. Any perception in the market that Deutsche Bank may be unable to meet its capital requirements with an adequate buffer could have the effect of intensifying the effect of these factors on Deutsche Bank.

• Deutsche Bank has a continuous demand for liquidity to fund its business activities, and may be limited in its ability to access the capital markets for liquidity and to fund assets in the current market environment. In addition, the Bank may suffer may suffer during periods of market-wide of firm specific liquidity constraints and is exposed to the risk that liquidity is not made available to it even if the Bank's underlying business remains strong.

• Protracted market declines have reduced and may in the future reduce available liquidity in the markets, making it harder to sell assets and possibly leading to material losses.

- 24 -

• Market declines and volatility on the markets can materially and adversely affect Deutsche Bank's revenues and profits.

• Deutsche Bank has incurred and may in the future continue to incur significant losses from its trading and investment activities due to market fluctuations.

• Deutsche Bank has incurred losses, and may incur further losses, as a result of changes in the fair value of its financial instruments.

• Adverse economic conditions have caused and may in the future cause Deutsche Bank to incur higher credit losses.

• Even where losses are for Deutsche Bank's clients' accounts, they may fail to repay Deutsche Bank, leading to decreased volumes of client business and material losses for Deutsche Bank, and its reputation can be harmed.

• Deutsche Bank investment banking revenues may decline as a result of adverse market or economic conditions.

• Deutsche Bank may generate lower revenues from brokerage and other commission- and fee-based businesses.

• The Bank's risk management policies, procedures and methods leave Deutsche Bank exposed to unidentified or unanticipated risks, which could lead to material losses.

• Deutsche Bank's non-traditional credit businesses materially add to its traditional banking credit risks.

• Deutsche Bank operates in an increasingly regulated and litigious environment, potentially exposing it to liability claims and other costs, the amounts of which may be difficult to estimate.

• Regulatory reforms enacted and proposed in response to the global financial crisis and the European sovereign debt crisis (in addition to increased capital requirements) may significantly affect Deutsche Bank's business model and the competitive environment.

• Deutsche Bank has been subject to contractual claims and litigation in respect of its U.S. residential mortgage loan business that may materially and adversely affect the Bank's results or reputation.

• Operational risks may disrupt Deutsche Bank's business.

• The size of Deutsche Bank's clearing operations exposes it to a heightened risk of material losses should these operations fail to function properly.

• If Deutsche Bank is unable to implement its strategic initiatives, the Bank may be unable to achieve its financial objectives, or incur losses or low profitability, and the Bank's share price may be materially and adversely affected.

• Deutsche Bank may have difficulty in identifying and executing acquisitions, and both making acquisitions and avoiding them could materially harm Deutsche Bank's results of operations and its share price.

• The effects of the takeover of Deutsche Postbank AG may differ materially from Deutsche Bank's expectations.

• Events at companies in which Deutsche Bank has invested may make it harder to sell the Bank's holdings and result in material losses irrespective of market developments.

• Intense competition, in Deutsche Bank's home market of Germany as well as in international markets, could materially adversely impact its revenues and profitability.

• Transactions with counterparties in countries designated by the U.S. State Department as state sponsors of terrorism may lead potential customers and investors to avoid doing business with Deutsche Bank or investing in its securities.

D.3 Key information on the risks that are specific and individual to the securities.

Securities are linked to the Underlying

Amounts payable or assets deliverable periodically or on exercise or redemption of the

Securities, as the case may be, are linked to the Underlying which may comprise one or more

Reference Items. The purchase of, or investment in, Securities linked to the Underlying

involves substantial risks.

The Securities are not conventional securities and carry various unique investment risks which

prospective investors should understand clearly before investing in the Securities. Each

prospective investor in the Securities should be familiar with securities having characteristics

similar to the Securities and should fully review all documentation for and understand the

Terms and Conditions of the Securities and the nature and extent of its exposure to risk of

loss.

Potential investors should ensure that they understand the relevant formula in accordance with

- 25 -

which the amounts payable and/or assets deliverable are calculated, and if necessary seek

advice from their own adviser(s).

Risks associated with the Underlying

Because of the Underlying's influence on the entitlement from the Security, as with a direct

investment in the Underlying, investors are exposed to risks both during the term and also at

maturity, which are also generally associated with an investment in shares in general.

Early Termination

The Terms and Conditions of the Securities include a provision pursuant to which, either at the

option of the Issuer or otherwise where certain conditions are satisfied, the Issuer is entitled to

redeem or cancel the Securities early. As a result, the Securities may have a lower market

value than similar securities which do not contain any such Issuer's right for redemption or

cancellation. During any period where the Securities may be redeemed or cancelled in this

way the market value of the Securities generally will not rise substantially above the price at

which they may be redeemed or cancelled. The same applies where the Terms and

Conditions of the Securities include a provision for an automatic redemption or cancellation of

the Securities (e.g. "knock-out" or "auto call" provision).

Risks at maturity

If, during the term, the value, price or level of the Underlying reaches or falls below the

determined Barrier, the Certificate involves a risk of loss depending on the value, price or level

of the Underlying at maturity; in the worst-case scenario, this may result in the total loss of the

capital invested. This will occur if the Final Reference Level on the Valuation Date is zero.

D.6 Risk warning to the effect that investors may lose the value of their entire investment or part of it

Please see Element D.3.

Where no minimum amount(s) of cash or assets to be payable or deliverable is specified, investors may experience a total or partial loss of their investment in the Security.

Element Section E – Offer

E.2b Reasons for the offer, use of proceeds, estimated net proceeds

Not applicable, making profit and/or hedging certain risks are the reasons for the offer.

E.3 Terms and conditions of the offer.

Conditions to which the offer is subject:

Not Applicable

Number of the Securities: Not Applicable

The Offering Period: Not Applicable

Cancellation of the Issuance of the Securities:

Not Applicable

Early Closing of the Offering Period of the Securities:

Not Applicable

Investor minimum subscription amount:

Not Applicable

Investor maximum subscription amount:

Not Applicable

Description of the application process:

Not Applicable

Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:

Not Applicable

Details of the method and time limits for paying up and delivering the Securities:

Not Applicable

Manner in and date on which results of the offer are to be made public:

Not Applicable

- 26 -

Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:

Not Applicable

Categories of potential investors to which the Securities are offered and whether tranche(s) have been reserved for certain countries:

Not Applicable

Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made:

Not Applicable

Issue Price: EUR 100

Amount of any expenses and taxes specifically charged to the subscriber or purchaser:

Not Applicable

Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place:

Not Applicable

Name and address of the Paying Agent:

Not Applicable

Name and address of the Calculation Agent:

Not Applicable

E.4 Interest that is material to the issue/offer including confliction interests.

As far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer.

E.7 Estimated expenses charged to the investor by the issuer or offeror.

Not applicable; no expenses are charged to the investor by the Issuer or offeror.

1

Deutsche Bank Aktiengesellschaft

Programme for the issuance of Certificates, Warrants and 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 809/2004 of the European Commission, as amended.

Under this Programme for the issuance of certificates, warrants and 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 other equity securities, indices, other securities, commodities, exchange rates, futures contracts, fund units or fund 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).

Application has been made to the Luxembourg Stock Exchange for Securities issued under the Programme to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC). Securities issued under the Programme may also be admitted to trading or listed on the Euro MTF exchange regulated market operated by the Luxembourg Stock Exchange, other or further stock exchange(s) or multilateral trading facility(ies) or may not be admitted to trading or listed.

In respect of Securities to be listed on the SIX Swiss Exchange AG (the "SIX Swiss Exchange"), this Base Prospectus and the applicable Final Terms will constitute the listing prospectus pursuant to the listing rules of the SIX Swiss Exchange.

This document has been approved as a base prospectus by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 as amended (the "Law") on prospectuses for securities which implements the Prospectus Directive (Directive 2003/71/EC, as amended) into Luxembourg law. The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Law. The Issuer has also requested the CSSF to provide the competent authorities in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Norway, the Netherlands, Poland, Portugal, Spain, Sweden and the United Kingdom with a certificate of approval (a "Notification") attesting that this base prospectus has been drawn up in accordance with the Law. The Issuer may request the CSSF to provide competent authorities in additional Member States within the European Economic Area with a Notification.

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 will represent unsubordinated, unsecured contractual obligations of the Issuer which will rank pari passu in all respects with each other.

2

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. Any offer or sale of the Securities must be made in a transaction exempt from the registration requirements of such Act pursuant to Regulation S thereunder. The Securities may not be offered, sold or otherwise transferred in the United States or to persons who are either U.S. persons defined as such in Regulation S of such Act or persons who do not come within the definition of a non-United States person under Rule 4.7 of the United States Commodity Exchange Act, as amended. 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.

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 in electronic form on the website of the Issuer (www.x-markets.db.com).

This Base Prospectus shall replace the Base Prospectus dated 11 June 2013.

The date of this Base Prospectus is 18 July 2013.

TABLE OF CONTENTS

3

TABLE OF CONTENTS

I. SUMMARY.......................................................................................................................... 5

II. RISK FACTORS................................................................................................................ 76

A. Risk Factors in Respect of the Issuer .................................................................................................... 76

B. Risk Factors in Respect of the Securities.............................................................................................. 76

C. Risk Factors Related to Securities Generally ...................................................................................... 103

D. Risk Factors Relating to The Market Generally................................................................................... 107

E. Conflicts of Interest ................................................................................................................................ 112

III. GENERAL INFORMATION ON THE PROGRAMME ..................................................... 115

A. Responsible Persons – Important Notice ............................................................................................ 115

B. Form of Document – Publication .......................................................................................................... 116

C. General Description of the Programme................................................................................................ 118

D. General Description of the Securities .................................................................................................. 124

E. General Description of the Underlying................................................................................................. 175

F. General Information about the Offering of the Securities .................................................................. 176

1. Listing and Trading ........................................................................................................................... 176

2. Offering of Securities ........................................................................................................................ 176

3. Fees..................................................................................................................................................... 177

4. Security Ratings ................................................................................................................................ 177

5. Interests of Natural and Legal Persons involved in the Issue ...................................................... 177

6. Reasons for the Offer, Estimated Net Proceeds and Total Expenses ......................................... 177

7. Country Specific Information ........................................................................................................... 177

8. Yield .................................................................................................................................................... 177

G. Documents Incorporated by Reference ............................................................................................... 178

H. General Information................................................................................................................................ 181

1. Authorisation ..................................................................................................................................... 181

2. Material Adverse Change in the Prospects of Deutsch Bank and Significant Change in Deutsche Bank's Financial or Trading Position .............................................................................................. 181

3. Legal and Arbitration Proceedings.................................................................................................. 181

4. Post Issuance Information................................................................................................................ 181

5. Use of Proceeds................................................................................................................................. 181

6. Consent to Use of Prospectus ......................................................................................................... 181

IV. GENERAL CONDITIONS ............................................................................................... 183

V. PRODUCT TERMS ......................................................................................................... 280

VI. FORM OF FINAL TERMS............................................................................................... 393

TABLE OF CONTENTS.................................................................................................. 395

OVERVIEW OVER THE SECURITY............................................................................... 396

TABLE OF CONTENTS

4

TERMS AND CONDITIONS............................................................................................ 407

FURTHER INFORMATION ABOUT THE OFFERING OF THE SECURITIES ............... 428

ISSUE-SPECIFIC SUMMARY......................................................................................... 437

VII. GENERAL INFORMATION ON TAXATION AND SELLING RESTRICTIONS .............. 438

A. General Taxation Information................................................................................................................ 438

1. Introduction........................................................................................................................................ 438

2. Austria ................................................................................................................................................ 438

3. Belgium............................................................................................................................................... 442

4. Denmark ............................................................................................................................................. 444

5. Finland ................................................................................................................................................ 445

6. France ................................................................................................................................................. 447

7. Germany ............................................................................................................................................. 448

8. Ireland ................................................................................................................................................. 451

9. Italy...................................................................................................................................................... 452

10.Luxembourg ....................................................................................................................................... 458

11.Norway................................................................................................................................................ 459

12.The Netherlands................................................................................................................................. 462

13.Poland................................................................................................................................................. 464

14.Portugal .............................................................................................................................................. 466

15.Spain ................................................................................................................................................... 472

16.Sweden ............................................................................................................................................... 474

17.United Kingdom................................................................................................................................. 476

18.EU Savings Directive......................................................................................................................... 479

19.Switzerland......................................................................................................................................... 479

B. General Selling and Transfer Restrictions........................................................................................... 485

1. Introduction........................................................................................................................................ 485

2. United States of America .................................................................................................................. 485

3. European Economic Area................................................................................................................. 486

4. United Kingdom................................................................................................................................. 486

5. Italy...................................................................................................................................................... 486

6. France ................................................................................................................................................. 487

7. Switzerland......................................................................................................................................... 487

8. Luxembourg ....................................................................................................................................... 488

9. General ............................................................................................................................................... 488

I. SUMMARY

5

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

civil liability attaches only to those persons who have tabled the Summary including any translation thereof, 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, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such the Securities.

A.2 Consent to use of the Prospectus [The Issuer consents to the use of the Prospectus for subsequent resale or final placement of the Securities by all financial intermediaries (general consent).] [The Issuer consents to the use of the Prospectus for subsequent 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 period].

[Such consent is also subject to and given under the condition [ ].] [Such consent is not subject to and given under any condition.]

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 name of the issuer.

The legal and commercial name of the Issuer is Deutsche Bank Aktiengesellschaft ("Deutsche Bank" or "Bank").

B.2 Domicile, legal form, legislationand country of incorporation of the issuer.

Deutsche Bank is a stock corporation (Aktiengesellschaft) incorporated and operating under German law. The Bank has its registered office in Frankfurt am Main, Germany. It maintains its head office at Taunusanlage 12, 60325 Frankfurt am Main, Germany (telephone +49-69-910-00).

[If Deutsche Bank AG London Branch is the Issuer, insert:

Deutsche Bank AG, acting through its London branch ("Deutsche Bank AG, London Branch") is domiciled at Winchester House, 1 Great Winchester Street, London

I. SUMMARY

6

EC2N 2DB, United Kingdom.]

[If Deutsche Bank AG, Milan Branch is the Issuer, insert:

Deutsche Bank AG, acting through its Milan branch ("Deutsche Bank AG, Milan Branch") is domiciled at Via Filippo Turati 27, 20121 Milano, Italy.]

[If Deutsche Bank AG, Sucursal em Portugal is the Issuer, 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.]

[If Deutsche Bank AG, Sucursal en España is the Issuer, 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 Not applicable; there are no known trends affecting the Issuer or the industries in which it operates.

B.5 Description of the Group and the issuer's position within the Group

Deutsche Bank is the parent company of a group consisting of banks, capital market companies, fund management companies, a property finance company, instalment financing companies, research and consultancy companies and other domestic and foreign companies (the "Deutsche Bank Group").

B.9 Profit forecast or estimate. Not applicable; no profit forecast or estimate is made.

B.10 Qualifications in the audit report on the historical financial information.

Not applicable; there are no qualifications in the audit report on the historical financial information.

B.12 Selected historical key financial information.

31 December 2010

(IFRS, audited)

31 December 2011

(IFRS, audited)

31 December2012

(IFRS, audited)

31 March 2012 (IRFS,

unaudited)

31 March 2013(IFRS,

unaudited)Share capital (in Euro)

2,379,519,078.40 2,379,519,078.40 2,379,519,078.40 2,379,519,078.40 2,379,519,078.40

Number of ordinary shares

929,499,640 929,499,640 929,499,640 929,499,640 929,499,640

Total assets (in million Euro)

1,905,630 2,164,103 2,012,329 2,103,295 2,032,690

Total liabilities (in million Euro)

1,855,262 2,109,433 1,957,919 2,047,490 1,976,612

Total equity (in million Euro)

50,368 54,660 54,410 55,805 56,078

Core Tier 1 capital ratio

8.7% 9.5% 11.4% 10% 12.1%

Tier 1 capital ratio

12.3% 12.9% 15.1% 13.4% 16%

A statement that there has been no material adverse change in the prospects of the issuer since the date of its last published audited financial statements or a description of any material adverse change.

There has been no material adverse change in the prospects of Deutsche Bank since 31 December 2012.

A description of significant changes in the financial or trading position subsequent to

There has been no significant change in the financial position of Deutsche Bank Group since 31 March 2013.

I. SUMMARY

7

the period covered by the historical financial information.

B.13 Recent events. Not applicable; there are no recent events particular to the issuer which are to a material extent relevant to the evaluation of the issuer's solvency.

B.14 Dependence upon other entities within the group.

Please see Element B.5.

Not applicable; the Issuer is not dependent upon other entities.

B.15 Issuer's principal activities. Following a comprehensive strategic review, Deutsche Bank realigned its organizational structure in the fourth quarter 2012. The Bank reaffirmed its commitment to the universal banking model and to its four existing corporate divisions. Deutsche Bank strengthened this emphasis with an integrated Asset & Wealth Management Corporate Division that includes former Corporate Banking & Securities businesses such as exchange-traded funds (ETFs). Furthermore, the Bank created a Non-Core Operations Unit. This unit includes the former Group Division Corporate Investments (CI) as well as non-core operations which were re-assigned from other corporate divisions.

As of 31 December 2012 the Bank was organized into the following five corporate divisions:

— Corporate Banking & Securities (CB&S)

— Global Transaction Banking (GTB)

— Asset & Wealth Management (AWM)

— Private & Business Clients (PBC)

— Non-Core Operations Unit (NCOU)

Corporate Banking & Securities (CB&S) is made up of the business divisions Corporate Finance and Markets. These businesses offer financial produ