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 Deutsche Bank Aktiengesellschaft (the &#34;Issuer&#34;) wishes to 
 give notice that it is proposing making certain amendments to the terms 
 and conditions of the outstanding U.S.$95,000,000 Floating Rate Notes 
 Due 2023 Credit Linked to the &#34;CRAFT 2014-4&#34; Replenishable Loan 
 Portfolio, with the following CUSIP and ISIN numbers:
 
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 CUSIP:
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 25155K AM7 (Rule 144A Notes)
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 ISIN:
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 US25155KAM71 (Rule 144A Notes)
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 USD1811HAG05 (Reg S Notes),
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 (the &#34;CRAFT 2014-4 Notes&#34;).
 
 
 Specifically, the Issuer is proposing to extend the Scheduled Maturity 
 Date from January 15, 2021 to January 15, 2024 and Legal Maturity Date 
 from January 15, 2023 to January 15, 2026. In order to achieve this 
 maturity extension, the Issuer is offering for the 3 year extension 
 portion the Spread Percentage of 6.5% 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 or replacement of the 
 CRAFT 2014-4 Notes.
 
 
 For the avoidance of doubt, this notice does not constitute a notice 
 specifying an Early Redemption Date in respect of the CRAFT 2014-4 Notes.
 
 
 Deutsche Bank Aktiengesellschaft (the &#34;Issuer&#34;) also wishes 
 to give notice that it is proposing the termination of the outstanding 
 EUR 39,900,000 Floating Rate Mezzanine Notes Due 2019 Credit Linked to 
 the &#34;CRAFT 2011-4R&#34; Replenishable Loan Portfolio, with the following 
 CUSIP and ISIN numbers:
 
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 XS1008568674 (Rule 144A)
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 XS1008568591 (Reg S),
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 (the &#34;CRAFT 2011-4R Notes&#34;).
 
 
 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 termination of 
 the CRAFT 2011-4R Notes.
 
 
 For the avoidance of doubt, this notice does not constitute a notice 
 specifying an Early Redemption Date in respect of the CRAFT 2011-4R 
 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 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.db.com.&amp;esheet=51569946&amp;newsitemid=20170605006223&amp;lan=en-US&amp;anchor=www.db.com.&amp;index=1&amp;md5=93cea745c5c2be7d2dd56fa102c4943e" rel="nofollow" rel="nofollow">www.db.com.</a>
 
 
 
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