Deutsche Bank Prices Four Tranches of Tender Offers

Deutsche Bank Aktiengesellschaft ("Deutsche Bank") announced today the pricing for its previously announced cash tender offers for up to $2.0 billion aggregate principal amount of its outstanding notes, in each case at a purchase price determined in accordance with the procedures of a modified "Dutch Auction", as described in the associated Offer to Purchase dated February 12, 2016. The offers (the "Offers", and each an "Offer") are comprised of: an Offer (the "First Tranche Offer") to purchase up to $500 million (subject to increase, the "First Tranche Tender Cap") aggregate principal amount of the "First Tranche Notes" set forth in the table below; an Offer (the "Second Tranche Offer") to purchase up to $750 million (subject to increase, the "Second Tranche Tender Cap") aggregate principal amount of the "Second Tranche Notes" set forth in the table below; an Offer (the "Third Tranche Offer") to purchase up to $600 million (subject to increase, the "Third Tranche Tender Cap") aggregate principal amount of the "Third Tranche Notes" set forth in the table below; an Offer (the "Fourth Tranche Offer") to purchase up to $150 million (subject to increase, the "Fourth Tranche Tender Cap" and together with the First Tranche Tender Cap, the Second Tranche Tender Cap and the Third Tranche Tender Cap, the "Tender Caps") aggregate principal amount of the "Fourth Tranche Notes" set forth in the table below. Holders of Notes validly tendered (and not validly withdrawn) at or prior to the Early Tender Time and accepted for purchase are eligible to receive the "Full Tender Offer Consideration" specified in the table below, which includes the Early Tender Payment (as defined in the Offer Documents). In addition to the Full Tender Offer Consideration, Holders of Notes accepted for purchase will receive Accrued Interest (as defined in the Offer Documents) on those Notes from the last interest payment date with respect to those Notes to, but not including, the Early Settlement Date (as defined in the Offer Documents).