Deutsche Bank Proposes Amending and/or Replacing CRAFT 2014-2 Notes

Deutsche Bank Aktiengesellschaft (the "Issuer") wishes to give notice that it is proposing making certain amendments to the terms and conditions of the outstanding U.S.$ 85,500,000 Floating Rate Notes Due 2021 Credit Linked to the "CRAFT 2014-2" Replenishable Loan Portfolio, with the following CUSIP and ISIN numbers:

Specifically, the Issuer is proposing to extend the Scheduled Maturity Date from July 15, 2019 to July 15, 2022 and Legal Maturity Date from July 15, 2021 to July 15, 2024. In order to achieve this maturity extension, the Issuer is offering to increase the Spread Percentage from 8.65% per annum to 9.25% per annum. In the near future, the Issuer will be approaching noteholders with a view to concluding matters. The Issuer may at any time at the Issuer’s sole and absolute discretion decide not to propose such amendment of the CRAFT 2014-2 Notes.

For the avoidance of doubt, this notice does not constitute a notice specifying an Early Redemption Date in respect of the CRAFT 2014-2 Notes.

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. Additional information about Deutsche Bank is available at www.db.com.

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