Deutsche Bank Considers Exercising Option to Redeem CRAFT 2015-2 Notes

Deutsche Bank Aktiengesellschaft (the "Issuer") is giving notice that it is considering whether to exercise its option to redeem the following securities prior to their scheduled maturity date:

• the initial outstanding $385,000,000 Floating Rate Notes Due 2024 Credit Linked to the "CRAFT 2015-2" Replenishable Loan Portfolio, with the following CUSIP and ISIN numbers:

(the "CRAFT 2015-2 Notes").

In considering whether to exercise its option to redeem the notes on the Interest Payment Date scheduled to occur in July 2018 (or on any Interest Payment Date thereafter) pursuant to paragraph (b)(ii) of "Early Redemption Generally" as set forth in the "Description of the Notes" section of the Offering Circular relating to the notes, the Issuer may take into account, among other things, whether it has successfully issued notes in respect of one or more substitute transactions with a portfolio, price, structure and tenor that the Issuer determines in its sole and absolute discretion to be sufficient. The Issuer may at any time at the Issuer's sole and absolute discretion decide not to exercise, or to delay the exercise of, its option to redeem the CRAFT 2015-2 Notes. Accordingly, in the near future, the Issuer intends to approach investors with proposals for a new class of notes which may form a suitable substitute.

For the avoidance of doubt, this notice does not constitute a notice specifying an Early Redemption Date in respect of the CRAFT 2015-2 Notes. It may also choose not to pursue further the issuance of a new class of notes for a substitute transaction.

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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