Obligation Deutsche Bank (London Branch) 0% ( XS0461345083 ) en EUR

Deutsche Bank (London Branch)

100 % ▲

Allemagne

XS0461345083 ( en EUR )

30/10/2025

Prospectus brochure de l'obligation Deutsche Bank (London Branch) XS0461345083 en EUR 0%, échéance 30/10/2025

1 000 EUR

16 059 000 EUR

L'Obligation émise par Deutsche Bank (London Branch) ( Allemagne ) , en EUR, avec le code ISIN XS0461345083, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 30/10/2025

DEUTSCHE BANK AG, LONDON BRANCH

Issue of up to EUR 30,000,000 Deutsche Bank (DE) Fund Opportunity Coupon 2025 VI Notes linked
to the DNCA Invest - Eurose - Class A - EUR due 2025 (the "Notes" or the "Securities")
under its
Programme for the issuance of Notes, Certificates and Warrants
Issue Price: 102 per cent. of the Nominal Amount per Note
WKN / ISIN: DB1Y1Z / XS0461345083
Prospectus
This document constitutes a prospectus (the "Prospectus") for the purposes of Article 5.3 of Directive
2003/71/EC as amended by Directive 2010/73/EU (the "Prospectus Directive") relating to the above-
referenced Securities issued by Deutsche Bank AG, acting through its London branch (the "Issuer").
The Prospectus will be published on the Luxembourg Stock Exchange website, www.bourse.lu.
Programme
The Prospectus is one of a number of prospectuses under the x-markets Programme for the issuance
of Notes, Certificates and Warrants (the "Programme") of the Issuer and Deutsche Bank AG.
The Securities
The Securities are in the form of Notes and are issued by the Issuer under the Programme. The terms
and conditions of the Securities wil comprise:

the General Conditions (the "General Conditions") as incorporated by reference from the Base
Prospectus (as defined below); and

the product terms of the Securities, as completing and amending the General Conditions, as
set forth in "Product Terms" below.
Information incorporated by reference
This Prospectus incorporates by reference certain information from (i) the base prospectus in relation
to the Programme dated 18 December 2014 (the "Base Prospectus"), (i ) the EMTN Base
Prospectus dated 25 June 2015 (the "EMTN Base Prospectus"), (ii ) the first supplement to the
EMTN Base Prospectus dated 7 August 2015 (the "First Supplement to the EMTN Base
Prospectus"), (iv) the Interim Report of Deutsche Bank Aktiengesel schaft as of 30 June 2015 (the
"30 June 2015 Interim Report"), (v) the Financial Report of Deutsche Bank Aktiengesel schaft as of
31 December 2014 (the "2014 Financial Report") and (vi) the Financial Report of Deutsche Bank
Aktiengesel schaft as of 31 December 2013 (the "2013 Financial Report") (see "Documents
Incorporated by Reference" below). You should read this Prospectus together with such information
from the Base Prospectus, the EMTN Base Prospectus, the First Supplement to the EMTN Base
Prospectus the 30 June2015 Interim Report, the 2014 Financial Report and the 2013 Financial
Report.
Risk Factors
Before purchasing Securities, you should consider, in particular, the "Risk Factors" below together
with the relevant Risk Factors incorporated by reference from the Base Prospectus and the EMTN
Base Prospectus.
The date of this Prospectus is 28 September 2015

TABLE OF CONTENTS
Page
IMPORTANT NOTICES .......................................................................................................................... 3
SUMMARY .............................................................................................................................................. 4
RISK FACTORS .................................................................................................................................... 15
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................ 17
PRODUCT TERMS ............................................................................................................................... 20
ANNEX AMENDED GENERAL CONDITION §6(1), §6(2), §6(3) and §6(4)...................................... 24
ADDITIONAL INFORMATION ............................................................................................................... 31
IMPORTANT LEGAL INFORMATION ................................................................................................... 35
GENERAL INFORMATION ................................................................................................................... 36

IMPORTANT NOTICES
CSSF disclaimer: This Prospectus has been approved by the Commission de surveil ance du secteur
financier (the "CSSF"), as competent authority under the Prospectus Directive. By approving this
Prospectus the CSSF gives no undertaking as to the economic or financial opportuneness of the
transaction or the quality and solvency of the Issuer in line with the provisions of Article 7 (7) of the
Luxembourg law dated 10 July 2005 on prospectuses for securities.
Listing and admission to trading: Application will be made to the Luxembourg Stock Exchange for
the Securities to be admitted to the Official List and trading on its regulated market. There can be no
assurance that any such listing will be obtained, or if obtained, will be maintained. The regulated
market of the Luxembourg Stock Exchange is a regulated market for the purposes of the Markets in
Financial Instruments Directive (Directive 2004/39/EC). This Prospectus wil constitute a prospectus
for the purposes of the Prospectus Directive.
No other information: In connection with the issue and sale of the Securities, no person is
authorised to give any information or to make any representation not contained in the Prospectus, and
neither the Issuer nor the Dealer accepts responsibility for any information or representation so given
that is not contained in the Prospectus.
Restrictions on distribution: The distribution of the Prospectus and the offering of the Securities in
certain jurisdictions may be restricted by law. Persons into whose possession the Prospectus comes
are required by the Issuer to inform themselves about, and to observe, such restrictions.
Important U.S. notice: The Securities have not been and will not be registered under the U.S.
Securities Act of 1933 (the "Securities Act"). Subject to certain exemptions, the Securities may not
be offered, sold or delivered within the United States of America or to, or for the account or benefit of,
U.S. persons. A further description of the restrictions on offers and sales of the Securities in the United
States or to U.S. persons is set forth in the section entitled "General Selling and Transfer Restrictions"
of the Base Prospectus (as defined below), which is incorporated by reference into this document.
Information only as at the date hereof: The delivery of this document at any time does not imply
that any information contained herein is correct at any time subsequent to the date hereof.
No rating: The Securities have not been rated.

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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 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 EU
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 Securities.
A.2
Consent to use of

The Issuer consents to the use of the Prospectus for subsequent resale or final
the Prospectus:
placement of the Securities by the following financial intermediary (individual consent):
Deutsche Bank AG, Brussels Branch, Avenue Marnixlaan 13-15, Brussels, Belgium.

The subsequent resale or final placement of Securities by financial intermediaries can
be made from, and including, 28 September 2015 to, and including, 28 October 2015
(the "Subscription Period") 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 The legal and commercial name of the Issuer is Deutsche Bank Aktiengesellschaft
Commercial Name ("Deutsche Bank" or the "Bank").
of the Issuer
B.2
Domicile,
Legal Deutsche Bank is a stock corporation (Aktiengesellschaft) under German law. The Bank has
Form, Legislation its registered office in Frankfurt am Main, Germany. It maintains its head office at
and Country of Taunusanlage 12, 60325 Frankfurt am Main, Germany.
Incorporation
Deutsche Bank AG, acting through its London branch ("Deutsche Bank AG, London
Branch") is domiciled at Winchester House, 1 Great Winchester Street, London EC2N 2DB,
United Kingdom.
Deutsche Bank's country of incorporation is Germany.
B.4b
Known
trends With the exception of the effects of the macroeconomic conditions and market environment,
affecting
the litigation risks associated with the financial markets crisis as well as the effects of legislation
Issuer and the and regulations applicable to all financial institutions in Germany and the Eurozone, there are
industries in which no known trends, uncertainties, demands, commitments or events that are reasonably likely to
it operates
have a material effect on the Issuer's prospects in its current financial year.
- 4 -

B.5
Description of the Deutsche Bank is the parent company of a group consisting of banks, capital market
group and the companies, fund management companies, property finance companies, instalment financing
Issuer's
position companies, research and consultancy companies and other domestic and foreign companies
within the group
(the "Deutsche Bank Group").
B.9
Profit forecasts or Not applicable; no profit forecast or estimate is made.
estimate
B.10
Qualifications
in Not applicable. There are no qualifications in the audit report on the historical financial
the audit report
information.
B.12
Selected historical The following table shows an overview from the balance sheet and income statement of
key
financial Deutsche Bank AG which has been extracted from the respective audited consolidated
information
financial statements prepared in accordance with IFRS as of 31 December 2013 and 31
December 2014 as well as from the unaudited consolidated interim financial statements as of

30 June 2014 and 30 June 2015.

31 December
30 June 2014
31 December
30 June 2015
2013
(IFRS, unaudited)
2014
(IFRS, unaudited)
(IFRS, audited)
(IFRS, audited)
Share capital
2,609,919,078.40
3,530,939,215.36
3,530,939,215.36
3,530,939,215.36
(in EUR)1
Number of
1,019,499,640
1,379,273,131
1,379,273,131
1,379,273,131
ordinary
shares1
Total assets
1,611,400
1,665,410
1,708,703
1,694,176
(in million
Euro)
Total liabilities
1,556,434
1,597,009
1,635,481
1,618,440
(in million
Euro)
Total equity
54,966
68,401
73,223
75,736
(in million
Euro)
Core Tier 1
12.8%
14.7%
15.2%
14.2%4
capital ratio /
Common
Equity Tier 1
capital ratio 2,3
Tier 1 capital
16.9%
15.5%
16.1%
14.9%5
ratio3
1 Source webpage of the issuer https://www.deutsche-bank.de/ir/en/content/ordinary_share.htm as of 28 September 2015
(and the information appearing on such website does not form part of this Prospectus)
2 The CRR/CRD 4 framework replaced the term Core Tier 1 by Common Equity Tier 1.
3 Capital ratios for 2014 and 2015 are based upon transitional rules of the CRR/CRD 4 capital framework; prior periods are
based upon Basel 2.5 rules excluding transitional items pursuant to the former section 64h (3) of the German Banking Act.
4 The Common Equity Tier 1 capital ratio as of 30 June 2015 on the basis of CRR/CRD 4 fully loaded was 11.4%.
5
The Tier 1 capital ratio as of 30 June 2015 on the basis of CRR/CRD 4 fully loaded was 12.5%.

No
material There has been no material adverse change in the prospects of Deutsche Bank since
adverse change in 31 December 2014.
the prospects

Significant
Not applicable; there has been no significant change in the financial position or trading
changes in the position of Deutsche Bank Group since 30 June 2015.
financial or trading
position
B.13
Recent
events Not applicable. There are no recent events particular to the Issuer which are to a material
material to the extent relevant to the evaluation of the Issuer's solvency.
Issuer's solvency
B.14
Dependence upon Please read the following information together with Element B.5.
group entities
Not applicable. The Issuer is not dependent upon other entities.
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B.15
Issuer's principal The objects of Deutsche Bank, as laid down in its Articles of Association, include the
activities
transaction of all kinds of banking business, the provision of financial and other services and
the promotion of international economic relations. The Bank may realise these objectives itself
or through subsidiaries and affiliated companies. To the extent permitted by law, the Bank is
entitled to transact all business and to take all steps which appear likely to promote the
objectives of the Bank, in particular: to acquire and dispose of real estate, to establish
branches at home and abroad, to acquire, administer and dispose of participations in other
enterprises, and to conclude enterprise agreements.
As of 31 December 2014, the Bank was organized into the following five corporate divisions:

Corporate Banking & Securities (CB&S);

Global Transaction Banking (GTB);

Deutsche Asset & Wealth Management (Deutsche AWM);

Private & Business Clients (PBC); and

Non-Core Operations Unit (NCOU).
The five corporate divisions are supported by infrastructure functions. In addition, Deutsche
Bank has a regional management function that covers regional responsibilities worldwide.
The Bank has operations or dealings with existing or potential customers in most countries in
the world. These operations and dealings include:

subsidiaries and branches in many countries;

representative offices in other countries; and

one or more representatives assigned to serve customers in a large number of
additional countries.
B.16
Controlling
Not applicable. Based on notifications of major shareholdings pursuant to sections 21 et seq.
persons
of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG), there are only two
shareholders holding more than 5 but less than 10 per cent. of the Issuer's shares. To the
Issuer's knowledge there is no other shareholder holding more than 3 per cent. of the shares.
The Issuer is thus not directly or indirectly owned or controlled.
B.17
Credit ratings to Issuer Rating
the Issuer and the
Securities
Deutsche Bank is rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's
Credit Market Services Europe Limited ("S&P"), Fitch Deutschland GmbH ("Fitch") and
DBRS, Inc. ("DBRS", together with Fitch, S&P and Moody's, the "Rating Agencies").
S&P and Fitch are established in the European Union and have been registered in
accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the
Council of 16 September 2009, as amended, on credit rating agencies ("CRA Regulation").
With respect to Moody's, the credit ratings are endorsed by Moody's office in the UK (Moody's
Investors Service Ltd.) in accordance with Article 4(3) of the CRA Regulation. With respect to
DBRS, the credit ratings are endorsed by DBRS Ratings Ltd. in the UK in accordance with
Article 4(3) of the CRA Regulation.
As of 28 September 2015, the following ratings were assigned to Deutsche Bank:
Rating Agency
Long term
Short term
Outlook
Moody's
A3
P-2
negative
S&P
BBB+
A-2
stable
Fitch
A
F1
negative
DBRS
A (high)
R-1 (middle)
Under Review -
Negative

The Securities are not rated.
- 6 -

Element
Section C Securities
C.1
Type and the
Type of Securities
class of the
securities,
The Securities are Notes (the "Securities"). For a further description see Elements C.9 and
including any
C.10.
security
Security identification number(s) of Securities
identification
number
ISIN: XS0461345083
WKN: DB1Y1Z
Common Code: 046134508
RIC:
DEDB1Y1Z=DBBL
C.2
Currency of the
Euro ("EUR")
securities issue
C.5
Restrictions on
Each Security is transferable in accordance with applicable law and any rules and procedures
the free
for the time being of any Clearing Agent through whose books such Security is transferred.
transferability of
the securities
C.8
Rights attached to
Rights attached to the Securities
the securities,
including ranking
The Securities provide holders of the Securities, on redemption or upon exercise, with a claim
and limitations to
for payment of a cash amount. The Securities may also provide holders with an entitlement for
those rights
the payment of a coupon.
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.
Status of the Securities
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
C.8 plus:
interest rate, the
date from which
The Securities have a derivative component in the interest payment.
interest becomes
Coupon Payment Date:
Each of 28 October 2016, 30 October 2017, 30
payable and the
October 2018, 30 October 2019, 30 October 2020, 29
due dates for
October 2021, 28 October 2022, 30 October 2023, 30
interest, where
October 2024 or, in each case, if later, the fifth
the rate is not
Business Day following the Coupon Observation Date
fixed, description
immediately preceding such date, and the Settlement
of the underlying
Date.
on which it is
based, maturity
Underlying:
date and
arrangements for
Type:
Fund Share
the amortization
Name: DNCA Invest - Eurose - Class A - EUR
of the loan,
including the
ISIN:
LU0284394235
repayment
procedures, an
Information on the historical and ongoing performance of the Underlying and its volatility can
indication of yield,
be obtained from Bloomberg page LEODEFA LX <Equity>
name of
Settlement Date and Redemption:
The later of (a) 30 October 2025, and (b) the fifth
representative of
Business Day after the last Coupon Observation
debt security
Date.
holders

The Securities redeem on the Settlement Date at a
cash amount equal to 100 per cent. of the Nominal
- 7 -

Amount (being EUR 1,000 per Security). The
redemption is not guaranteed by a third party, but
solely assured by the Issuer and is therefore
dependent on the Issuer's ability to meet its payment
obligations
Yield:
Not applicable; the Securities do not pay a fixed
coupon
Name of representative of debt security holders:
Not
applicable;
there
is
no
representative
of
debt
security
holders
C.10
Derivative
C.9 plus:
component in the
interest payment.
Whether a coupon is paid on a Coupon Payment Date, and the amount of such coupon,
depends on the value, price or level of the Underlying on the Coupon Observation Date
falling immediately prior to such Coupon Payment Date.
a)
If the Reference Level of the Underlying is above the Coupon Threshold on a
Coupon Observation Date, a Coupon Payment will be made on the next Coupon
Payment Date,
b)
If the Reference Level of the Underlying is below or equal to the Coupon Threshold
on a Coupon Observation Date, no Coupon Payment will be made on the next
Coupon Payment Date.
If a Coupon Payment is to be made on a Coupon Payment Date, the amount of such Coupon
Payment depends on the performance of the Underlying on the Coupon Observation Date
falling immediately prior to such Coupon Payment Date and whether such Coupon
Observation Date falls earlier or later in the term of the Note. The Coupon Payment on a
Coupon Payment Date will be calculated as (a) the Nominal Amount, multiplied by (b) the
Participation Factor, multiplied by (c) one divided by the Coupon Divisor, and further
multiplied by (d) the Reference Level of the Underlying on the Coupon Observation Date
falling immediately prior to such Coupon Payment Date divided by the Initial Reference Level
of the Underlying, minus one. The Coupon Payment will be subject to a minimum of zero.
The Coupon Payment on a Coupon Payment Date will thus be a non-zero amount if the
Reference Level of the Underlying on the Coupon Observation Date falling immediately prior
to such Coupon Payment Date is above the Initial Reference Level of the Underlying, and will
be zero if it is not. In addition, the Coupon Divisor will be different for each Coupon
Observation Date, and the Coupon Divisor will be higher for later Coupon Observation Dates,
which will result in a larger proportional reduction of Coupon Payments for Coupon Payment
Dates falling later in time.
Coupon Observation Dates:
21 October 2016, 23 October 2017, 23
October 2018, 23 October 2019, 23 October
2020, 22 October 2021, 21 October 2022, 23
October 2023, 23 October 2024 and 23
October 2025
Coupon Threshold:
100 per cent. of the Initial Reference Level
Coupon Divisor:
For the Coupon Observation Date scheduled
to fall (i) on 21 October 2016, one, (ii) on 23
October 2017, two, (iii) on 23 October 2018,
three, (iv) on 23 October 2019, four, (v) on
23 October 2020, five, (vi) on 22 October
2021, six, (vii) on 21 October 2022, seven
(viii) on 23 October 2023, eight, (ix) on 23
October 2024, nine, and (x) on 23 October
2025, ten.
Initial Reference Level:
The Reference Level on the Initial Valuation
Date
Initial Valuation Date:
30 October 2015
Participation Factor
100 per cent.
Reference Level:
The official net asset value of the Underlying
for any day

C.11
Application for
Application will be made to list the Securities on the Official List of the Luxembourg Stock
admission to
Exchange and to trade them on the Regulated Market of the Luxembourg Stock Exchange,
trading, with a
which is a regulated market for the purposes of Directive 2004/39/EC, with effect from, at the
view to their
earliest, the Issue Date. No assurances can be given that such application for listing and
distribution in a
- 8 -

regulated market
admission to trading will be granted (or, if granted, will be granted by the Issue Date).
or other
equivalent
markets with
indication of the
markets in
question

Element
Section D Risks
D.2
Key information
Investors will be exposed to the risk of the Issuer becoming insolvent as a result of being
on the key risks
that are specific to
overindebted or unable to pay debts, i.e. to the risk of a temporary or permanent inability to
the issuer
meet interest and/or principal payments on time. The Issuer's credit ratings reflect the
assessment of these risks.
Factors that may have a negative impact on Deutsche Bank's profitability are described in the
following:

Even as the U.S. economy has gradually improved, Europe continues to experience
tepid economic growth, high levels of structural debt, persistent long-term
unemployment and very low inflation. These persistently challenging market
conditions have contributed to political uncertainty in many member countries of the
eurozone and continue to negatively affect Deutsche Bank's results of operations and
financial condition in some of Deutsche Bank's businesses, while a continuing low
interest environment and competition in the financial services industry have
compressed margins in many Deutsche Bank's businesses. If these conditions persist
or worsen, Deutsche Bank could determine that it needs to make changes to its
business model.

Regulatory and political actions by European governments in response to the
European 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. In particular, anti-austerity populism in Greece and other member countries
of the eurozone could undermine confidence in the continued viability of those
countries' participation in the euro. The default or departure from the euro of any one
or more countries could have unpredictable political consequences as well as
consequences for 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 is limited.

Deutsche Bank may be required to take impairments on its exposures to the
sovereign debt of European or other countries as the European sovereign debt crisis
continues. The credit default swaps into which Deutsche Bank has entered to manage
sovereign credit risk may not be available to offset these losses.

Deutsche Bank has a continuous demand for liquidity to fund its business activities. It
may suffer during periods of market-wide or firm-specific liquidity constraints, and
liquidity may not be available to it even if its underlying business remains strong.

Regulatory reforms enacted and proposed in response to weaknesses in the financial
sector, together with increased regulatory scrutiny more generally, have created
significant uncertainty for Deutsche Bank and may adversely affect its business and
ability to execute its strategic plans.

Regulatory and legislative changes require Deutsche Bank to maintain increased
capital and may significantly affect its business model and the competitive
environment. Any perceptions in the market that Deutsche Bank may be unable to
meet its capital requirements with an adequate buffer, or that it should maintain
capital in excess of the requirements, could intensify the effect of these factors on
Deutsche Bank's business and results.

The increasingly stringent regulatory environment to which Deutsche Bank is subject,
- 9 -

coupled with substantial outflows in connection with litigation and enforcement
matters, may make it difficult for Deutsche Bank to maintain its capital ratios at levels
above those required by regulators or expected in the market.

Legislation in the United States and in Germany as well as proposals in the European
Union regarding the prohibition of proprietary trading or its separation from the
deposit-taking business may materially affect Deutsche Bank's business model.

European and German legislation regarding the recovery and resolution of banks and
investment firms as well as proposals published by the Financial Stability Board
proposing a new minimum capital requirement for "total loss absorbing capacity"
(TLAC) could result in higher refinancing costs and, if resolution measures were
imposed on Deutsche Bank, significantly affect its business operations and lead to
losses for its creditors.

Other regulatory reforms adopted or proposed in the wake of the financial crisis for
example, extensive new regulations governing Deutsche Bank's derivatives activities,
bank levies or a possible financial transaction tax may materially increase Deutsche
Bank's operating costs and negatively impact its business model.

Adverse market conditions, historically low prices, volatility and cautious investor
sentiment have affected and may in the future materially and adversely affect
Deutsche Bank's revenues and profits, particularly in its investment banking,
brokerage and other commission- and fee-based businesses. As a result, Deutsche
Bank has in the past incurred and may in the future incur significant losses from its
trading and investment activities.

Since Deutsche Bank published its Strategy 2015+ targets in 2012, macroeconomic
and market conditions as well as the regulatory environment have been much more
challenging than originally anticipated, and as a result, Deutsche Bank has updated
its aspirations to reflect these challenging conditions and developed the next phase
of its strategy in the form of its Strategy 2020, which was announced in April 2015. If
Deutsche Bank is unable to implement its updated strategy successfully, it may be
unable to achieve its financial objectives, or incur losses or low profitability or
erosions of its capital base, and its share price may be materially and adversely
affected.

Deutsche Bank operates in a highly and increasingly regulated and litigious
environment, potentially exposing it to liability and other costs, the amounts of which
may be substantial and difficult to estimate, as well as to legal and regulatory
sanctions and reputational harm.

Deutsche Bank is currently subject to a number of investigations by regulatory and
law enforcement agencies globally as well as associated civil actions relating to
potential misconduct. The eventual outcomes of these matters are unpredictable, and
may materially and adversely affect Deutsche Bank's results of operations, financial
condition and reputation.

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

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

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

Operational risks may disrupt Deutsche Bank's businesses.

Deutsche Bank's operational systems are subject to an increasing risk of cyber
attacks and other internet crime, which could result in material losses of client or
customer information, damage Deutsche Bank's reputation and lead to regulatory
penalties and financial losses.
- 10 -