Obbligazione Deutsch Bank AG 4% ( US25152RUU57 ) in USD

Deutsch Bank AG

100 USD ▲

Germania

US25152RUU57 ( in USD )

4% per anno ( pagato 1 volta l'anno)

30/01/2033

Prospetto opuscolo dell'obbligazione Deutsche Bank AG US25152RUU57 en USD 4%, scadenza 30/01/2033

1 000 USD

3 280 000 USD

25152RUU5

BBB- ( Lower medium grade - Investment-grade )

Baa1 ( Lower medium grade - Investment-grade )

31/01/2026 ( In 88 giorni )

Deutsche Bank AG è una delle maggiori banche tedesche, attiva a livello globale nei servizi finanziari, tra cui la gestione patrimoniale, l'investment banking e il credito commerciale.

The Obbligazione issued by Deutsch Bank AG ( Germany ) , in USD, with the ISIN code US25152RUU57, pays a coupon of 4% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 30/01/2033

The Obbligazione issued by Deutsch Bank AG ( Germany ) , in USD, with the ISIN code US25152RUU57, was rated Baa1 ( Lower medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Deutsch Bank AG ( Germany ) , in USD, with the ISIN code US25152RUU57, was rated BBB- ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...
424B2 1 dp35438_424b2-ps1682.htm FORM 424B2
Pricing Supplement No. 1682
Registration Statement No. 333-184193
To prospectus supplement dated September 28, 2012 and
Dated January 10, 2013; Rule
prospectus dated September 28, 2012
424(b)(2)

Deutsche Bank AG, London Branch
$2,000,000 20-Year Callable Step-Up Fixed Rate Notes due January 31, 2033
General

·
Unless redeemed by us, the notes pay interest semi-annually in arrears at a fixed rate of 3.00% per annum from year one
through year ten, 4.00% per annum from year eleven through year fifteen and 5.00% per annum from year sixteen through
year twenty. We have the right to redeem the notes in whole but not in part on January 31, 2018, January 31, 2023 and
January 31, 2028. Therefore, the term of the notes could be as short as five years, and you will not receive the higher
interest rates of 4.00% or 5.00% per annum if we exercise our right to redeem the notes on or prior to January 31, 2023. Any
payment on the notes, including interest payments and any Payment at Maturity, is subject to the credit of the Issuer.

·
Senior unsecured obligations of Deutsche Bank AG due January 31, 2033.

·
Denominations of $1,000 (the "Principal Amount") and minimum initial investments of $1,000.

·
The notes priced on January 10, 2013 (the "Trade Date") and are expected to settle on January 31, 2013 (the "Settlement
Date"). Delivery of the notes in book-entry form only will be made through The Depository Trust Company.
Key Terms
Issuer:
Deutsche Bank AG, London Branch
Issue Price:
At variable prices
Payment at Maturity:
A cash payment at maturity, for each $1,000 Principal Amount of notes, of $1,000 plus any accrued and
unpaid interest. The Payment at Maturity is subject to the credit of the Issuer.
Interest Rates:
Interest will be paid semi-annually in arrears at the applicable Interest Rate set forth below on each Interest
Payment Date, including the Maturity Date, based on an unadjusted 30/360 day count fraction. No interest
will be accrued or payable if the notes are redeemed by us.

From and including the Settlement Date to but excluding January 31, 2023
3.00% per annum

From and including January 31, 2023 to but excluding January 31, 2028
4.00% per annum

From and including January 31, 2028 to but excluding the Maturity Date
5.00% per annum
Interest Payment
Each January 31 and July 31, beginning July 31, 2013 and ending on the Maturity Date. If any scheduled
Dates:
Interest Payment Date is not a business day, the interest will be paid on the first following day that is a
business day, but no adjustment will be made to the interest payment made on such following business day.
Early Redemption at
We may, in our sole discretion, redeem your notes in whole but not in part on January 31, 2018, January 31,
Issuer's Option:
2023 and January 31, 2028 (the "Redemption Date") for an amount in cash, per $1,000 Principal Amount of
notes, equal to $1,000 plus any accrued but unpaid interest to but excluding the applicable Redemption
Date. If we decide to redeem the notes, we will give you notice not less than five (5) business days prior to
the applicable Redemption Date as described below under "Description of the Notes -- Early Redemption at
Issuer's Option."
Trade Date:
January 10, 2013
Settlement Date:
January 31, 2013
Maturity Date:
January 31, 2033
Listing:
The notes will not be listed on any securities exchange.
CUSIP / ISIN:
25152RUU5 / US25152RUU57
Investing in the notes involves a number of risks. See "Selected Risk Considerations" beginning on page PS-2 in this
pricing supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or
passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus supplement and prospectus.
Any representation to the contrary is a criminal offense.

Price to
Discounts and
Proceeds

Public(1)
Commissions(2)
to Us
Per Note
At variable prices
$30.00
$970.00
Total
At variable prices
$60,000.00
$1,940,000.00
(1)
The notes will be offered from time to time in one or more negotiated transactions at varying prices to be determined at the time of
each sale, which may be at market prices prevailing, at prices related to such prevailing prices or at negotiated prices; provided,
however, that such price will not be less than $970.00 per note. See "Risk Factors--Variable Price Reoffering Risks."
(2)
For more detailed information about discounts and commissions, please see "Supplemental Underwriting Information (Conflicts of
Interest)" in this pricing supplement.
Deutsche Bank Securities Inc., an agent for this offering, is our affiliate. For more information, see "Supplemental Underwriting
Information (Conflicts of Interest)" in this pricing supplement.
1 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.

CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$2,000,000.00
$272.80
Deutsche Bank Securities

January 10, 2013

2 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

SUMMARY

·
You should read this pricing supplement together with the prospectus supplement dated September 28, 2012 relating
to our Series A global notes of which these notes are a part and the prospectus dated September 28, 2012. You may
access these documents on the website of the Securities and Exchange Commission (the "SEC") at www.sec.gov as
fol ows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

·
Prospectus supplement dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409437/d414995d424b21.pdf

·
Prospectus dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409372/d413728d424b21.pdf

·
Our Central Index Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, "we," "us" or
"our" refers to Deutsche Bank AG, including, as the context requires, acting through one of its branches.

·
This pricing supplement, together with the documents listed above, contains the terms of the notes and supersedes al
other prior or contemporaneous oral statements as wel as any other written materials including preliminary or
indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or
other educational materials of ours. You should careful y consider, among other things, the matters set forth in "Risk
Factors" in the accompanying prospectus supplement and prospectus, as the notes involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before
deciding to invest in the notes.

·
Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange
Commission for the offering to which this pricing supplement relates. Before you invest, you should read the
prospectus in that registration statement and the other documents relating to this offering that Deutsche Bank AG has
filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Deutsche Bank AG,
any agent or any dealer participating in this offering wil arrange to send you the prospectus, prospectus supplement,
underlying supplement, product supplement and this pricing supplement if you so request by cal ing tol -free
1-800-311-4409.

·
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by
notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes
prior to their issuance. We wil notify you in the event of any changes to the terms of the notes, and you wil be asked
to accept such changes in connection with your purchase of any notes. You may also choose to reject such changes,
in which case we may reject your offer to purchase the notes.

·
We are offering to sell, and are seeking offers to buy, the notes only in jurisdictions where such offers and
sales are permitted. Neither the delivery of this pricing supplement nor the accompanying prospectus
supplement or prospectus nor any sale made hereunder implies that there has been no change in our affairs
or that the information in this pricing supplement and accompanying prospectus supplement and prospectus
is correct as of any date after the date hereof.

·
You must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection with the
possession or distribution of this pricing supplement and the accompanying prospectus supplement and
prospectus and the purchase, offer or sale of the notes and (ii) obtain any consent, approval or permission
required to be obtained by you for the purchase, offer or sale by you of the notes under the laws and
regulations applicable to you in force in any jurisdiction to which you are subject or in which you make such
purchases, offers or sales; neither we nor the agents shall have any responsibility therefore.

PS-1
3 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

Selected Risk Considerations

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a
complete list of risk factors, please see the accompanying prospectus supplement and the accompanying prospectus.

·
AN INVESTMENT IN THE NOTES MAY BE RISKIER THAN AN INVESTMENT IN NOTES WITH A SHORTER
TERM -- The notes have a term of twenty years, subject to our right to redeem the notes on January 31, 2018,
January 31, 2023 and January 31, 2028. By purchasing notes with a longer term, you wil have greater exposure
to the risk that the value of the notes may decline due to such factors as inflation and rising interest rates. If
market interest rates rise during the term of the notes, the interest rate on the notes may be lower than the
interest rates for similar debt securities then prevailing in the market. If this occurs, you wil not be able to require
the Issuer to redeem the notes and wil , therefore, bear the risk of earning a lower return than you could earn on
other investments until the Maturity Date.

·
THE NOTES MAY BE REDEEMED PRIOR TO THE MATURITY DATE -- We may, in our sole discretion,
redeem the notes in whole but not in part on January 31, 2018, January 31, 2023 and January 31, 2028. We are
more likely to redeem the notes during periods when the remaining interest is to accrue on the notes at a rate
greater than what we would pay on a comparable debt security of ours with a maturity comparable to the
remaining term of the notes. If we redeem the notes, you may not be able to reinvest your funds in another
investment that provides a similar yield with a similar level of risk.

·
THE STEP-UP FEATURE PRESENTS DIFFERENT INVESTMENT CONSIDERATIONS FROM FIXED-RATE
NOTES -- Because we have the right to redeem the notes on January 31, 2018, January 31, 2023 and January
31, 2028, the term of the notes could be as short as five years. You wil not receive the higher interest rates
of 4.00% or 5.00% per annum if we exercise our right to redeem the notes on or prior to January 31, 2023.
When determining whether to invest in the notes, you should consider, among other things, the overal Interest
Rates of the notes as compared to the interest rates of other equivalent investment alternatives rather than the
higher stated Interest Rates of the notes or any potential interest payments you may receive after the fifth year
fol owing the issuance of the notes.

·
VARIABLE PRICE REOFFERING RISKS -- Deutsche Bank AG proposes to offer the notes from time to time for
sale to investors in one or more negotiated transactions, or otherwise, at market prices prevailing at the time of
sale, at prices related to then-prevailing prices, at negotiated prices, or otherwise; provided, however, that such
price wil not be less than $970.00 per note. Accordingly, there is a risk that the price you pay for the notes wil be
higher than the prices paid by other investors based on the date and time you make your purchase, from whom
you purchase the notes (e.g., directly from Deutsche Bank Securities Inc. or through a broker or dealer), any
related transaction cost (e.g., any brokerage commission), whether you hold your notes in a brokerage account,
a fiduciary or fee-based account or another type of account and other market factors beyond our control.

·
PAYMENTS ON THE NOTES ARE SUBJECT TO DEUTSCHE BANK AG'S CREDITWORTHINESS -- The
notes are senior unsecured obligations of Deutsche Bank AG, and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the notes depends on the ability of Deutsche Bank AG
to satisfy its obligations as they come due. An actual or anticipated downgrade in Deutsche Bank AG's credit
rating or increase in the credit spreads charged by the market for taking our credit risk wil likely have an adverse
effect on the value of the notes. As a result, the actual and perceived creditworthiness of Deutsche Bank AG wil
affect the value of the notes, and in the event Deutsche Bank AG were to default on its payment obligations, you
might not receive any amount owed to you under the terms of the notes and you could lose your entire initial
investment.

·
THE NOTES HAVE CERTAIN BUILT-IN COSTS -- While the interest payments described in this pricing
supplement is based on the ful Principal Amount of your notes, the Issue Price of the notes includes the agent's
commission and the cost of hedging our obligations under the notes through one or more of our affiliates.
Therefore, the value of the notes on the Settlement Date, assuming no changes in market conditions or other
relevant factors, will be less than the Issue Price. The inclusion of the commissions and/or other fees and hedging
costs in the Issue Price wil also decrease the price, if any, at which we wil be wil ing to purchase the notes after
the Settlement Date, and any sale on the secondary market could result in a substantial loss to you. The notes
are not designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your
4 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...
notes to maturity.

PS-2
5 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

·
THE NOTES ARE NOT DESIGNED TO BE SHORT-TERM TRADING INSTRUMENTS -- The price at which
you wil be able to sel your notes to us or our affiliates prior to maturity, if at all, may be at a substantial discount
from the Principal Amount of the notes. The potential returns described in this pricing supplement assume that
your notes, which are not designed to be short-term trading instruments, are held to maturity.

·
THE NOTES WILL NOT BE LISTED AND THERE WILL LIKELY BE LIMITED LIQUIDITY -- The notes will not
be listed on any securities exchange. Deutsche Bank AG or its affiliates may offer to purchase the notes in the
secondary market but are not required to do so and may cease such market-making activities at any time. Even if
there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily.
Because other dealers are not likely to make a secondary market for the notes, the price at which you may be
able to trade your notes is likely to depend on the price, if any, at which Deutsche Bank AG or its affiliates are
wil ing to buy the notes.

·
THE VALUE OF THE NOTES WILL BE AFFECTED BY A NUMBER OF UNPREDICTABLE FACTORS -- The
value of the notes wil be affected by a number of economic and market factors that may either offset or magnify
each other, including:

·
the time remaining to maturity of the notes;

·
trends relating to inflation;

·
interest rates and yields in the market general y;

·
a variety of economic, financial, political, regulatory or judicial events; and

·
our creditworthiness, including actual or anticipated downgrades in our credit ratings, financial condition or
results of operations.

·
TRADING AND OTHER TRANSACTIONS BY US OR OUR AFFILIATES MAY IMPAIR THE VALUE OF THE
NOTES -- We and our affiliates expect to engage in hedging and trading activities related to the Interest Rates
of the notes. We may have hedged our obligations under the notes directly or through certain affiliates, and we or
they would expect to make a profit on any such hedge. Because hedging our obligations entails risk and may be
influenced by market forces beyond our or our affiliates' control, such hedging may result in a profit that is more
or less than expected, or it may result in a loss. Although they are not expected to, these hedging activities may
adversely affect the level of the interest rates available in the market and, therefore, the value of the notes. It is
possible that Deutsche Bank AG or its affiliates could receive substantial returns from these hedging activities
while the value of the notes declines. Our trading activities related to the Interest Rates of the notes may be
entered into on behalf of Deutsche Bank AG, its affiliates or customers other than for the account of the holders
of the notes or on their behalf. Accordingly, these trading activities may present conflicts of interest between
Deutsche Bank AG and you. Any of the foregoing activities described in this risk consideration may reflect trading
strategies that differ from, or are in direct opposition to, investors' trading and investment strategies relating to
the notes.

·
POTENTIAL CONFLICTS OF INTEREST EXIST BECAUSE THE ISSUER AND THE CALCULATION AGENT
FOR THE NOTES, ARE THE SAME LEGAL ENTITY -- Deutsche Bank AG, London Branch is the Issuer of the
notes and the calculation agent for the notes. While Deutsche Bank AG, London Branch wil act in good faith and
in a commercial y reasonable manner in making all determinations with respect to the notes including the amount
of interest payable on each Interest Payment Date, there can be no assurance that any determinations made by
Deutsche Bank AG, London Branch in these capacities wil not affect the value of the notes. Because
determinations made by Deutsche Bank AG, London Branch as the calculation agent for the notes, may affect the
interest payment and Payment at Maturity, potential conflicts of interest may exist between Deutsche Bank AG,
London Branch and you, as a holder of the notes. Furthermore, Deutsche Bank AG, London Branch or one or
more of its affiliates may have published, and may in the future publish, research reports on movements in interest
rates general y. This research is modified from time to time without notice and may express opinions or provide
recommendations that are inconsistent with purchasing or holding the notes. Any of these activities may affect the
value of the notes or the potential payout on the notes.

6 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

·
TREATED AS FIXED RATE DEBT INSTRUMENTS -- You should review careful y the section of the
accompanying prospectus supplement entitled "United States Federal Income Taxation." The notes wil be treated
for U.S. federal income tax purposes as fixed rate debt instruments that are issued without original issue discount.

If you purchase a note at a price that is greater or less than the issue price, you may be considered to have
purchased the note with "amortizable bond premium" or "market discount," respectively. See "United States
Federal Income Taxation--Tax Consequences to U.S. Holders--Market Discount" and "United States Federal
Income Taxation--Tax Consequences to U.S. Holders--Acquisition Premium and Amortizable Bond Premium," as
applicable, on page PS-39 of the accompanying prospectus supplement.

PS-3
7 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

If you are a non-U.S. holder, you wil not be subject to U.S. federal income tax (including withholding tax),
provided that you fulfil certain certification requirements and certain other conditions are met. See "--Tax
Consequences to Non-U.S. Holders" on page PS-42 of the accompanying prospectus supplement.

Under current law, the United Kingdom wil not impose withholding tax on payments made with respect to the
notes.

For a discussion of certain German tax considerations relating to the notes, you should refer to the section in the
accompanying prospectus supplement entitled "Taxation by Germany of Non-Resident Holders."

You should consult your tax adviser regarding the U.S. federal tax consequences of an investment in the
notes, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing
jurisdiction.

PS-4
8 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

DESCRIPTION OF THE NOTES

The following description of the terms of the notes supplements the description of the general terms of the debt
securities set forth under the headings "Description of Notes" in the accompanying prospectus supplement and
"Description of Debt Securities" in the accompanying prospectus. Capitalized terms used but not defined in this pricing
supplement have the meanings assigned to them in the accompanying prospectus supplement and prospectus. The
term "note" refers to each $1,000 Principal Amount of our 20 Year Callable Step-Up Fixed Rate Notes.

General

The notes are senior unsecured obligations of Deutsche Bank AG that, unless redeemed by us, pay interest at a rate
of 3.00% per annum from year one through year ten, 4.00% per annum from year eleven through year fifteen and 5.00%
per annum from year sixteen through year twenty. Interest wil be paid semi-annual y in arrears on each Interest Payment
Date based on an unadjusted 30/360 day count fraction. The notes are our Series A notes referred to in the accompanying
prospectus supplement and prospectus. The notes wil be issued by Deutsche Bank AG under an indenture among us, Law
Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as issuing agent, paying
agent, and registrar.

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or
by any other governmental agency.

The notes are our senior unsecured obligations and wil rank pari passu with all of our other senior unsecured
obligations.

The notes wil be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal
amount (the "Principal Amount") of notes is $1,000 and the Issue Price of the notes is variable. The notes wil be issued in
registered form and represented by one or more permanent global notes registered in the name of The Depository Trust
Company ("DTC") or its nominee, as described under "Description of Notes -- Form, Legal Ownership and Denomination
of Notes" in the accompanying prospectus supplement and "Forms of Securities -- Legal Ownership -- Global Securities"
in the accompanying prospectus.

Payments on the Notes

The "Maturity Date" wil be January 31, 2033. If the scheduled Maturity Date is not a business day, the Maturity
Date wil be the first fol owing day that is a business day, but no adjustment wil be made to the interest payment made on
such fol owing business day. Unless the notes are redeemed by us prior to the Maturity Date, you wil receive on the
Maturity Date a cash payment, for each $1,000 Principal Amount of notes, of $1,000 plus any accrued but unpaid interest.

Unless redeemed by us, the notes wil bear interest at the fol owing interest rates (the "Interest Rates"): (i) from and
including the Settlement Date to but excluding January 31, 2023, 3.00% per annum, (i ) from and including January 31, 2023
to but excluding January 31, 2028, 4.00% per annum and (i i) from and including January 31, 2028 to but excluding the
Maturity Date, 5.00% per annum. The interest wil be paid semi-annual y in arrears on January 31 and July 31 of each year,
beginning July 31, 2013 and ending on the Maturity Date (each, an "Interest Payment Date"). No interest wil be accrued
or payable if the notes are redeemed by us. If any scheduled Interest Payment Date is not a business day, the interest wil
be paid on the first fol owing day that is a business day, but no adjustment wil be made to the interest payment made on
such fol owing business day. Interest wil be computed on the basis of a 360-day year consisting of twelve 30-day months.

We wil irrevocably deposit with DTC no later than the opening of business on the applicable Interest Payment Date
and the Maturity Date (or the applicable Redemption Date) funds sufficient to make payments of the amount payable with
respect to the notes on such date. We wil give DTC irrevocable instructions and authority to pay such amount to the
holders of the notes entitled thereto.

A "business day" is any day other than a day that (i) is a Saturday or Sunday, (i ) is a day on which banking
institutions general y in the City of New York or London, England, are authorized or obligated by law, regulation or executive
order to close or (i i) is a day on which transactions in dol ars are not conducted in the City of New York or London,
England.
9 of 17
1/14/2013 4:23 PM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000273...

PS-5
10 of 17
1/14/2013 4:23 PM