Obligation German Bank AG [London Branch] 3% ( US25152RUW14 ) en USD

German Bank AG [London Branch]

100 % ▲

Allemagne

US25152RUW14 ( en USD )

3% par an ( paiement semestriel )

20/02/2023 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank AG [London Branch] US25152RUW14 en USD 3%, échue

1 000 USD

925 000 USD

25152RUW1

N/A

Deutsche Bank AG [London Branch] est une succursale de la Deutsche Bank AG, opérant à Londres et réglementée par les autorités financières britanniques, offrant une gamme de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'Obligation émise par German Bank AG [London Branch] ( Allemagne ) , en USD, avec le code ISIN US25152RUW14, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/02/2023

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...
424B2 1 dp36114_424b2-ps1700.htm FORM 424B2
Pricing Supplement No. 1700
Registration Statement No. 333-184193
To prospectus supplement dated September 28, 2012 and
Dated February 5, 2013; Rule 424(b)(2)
prospectus dated September 28, 2012
Deutsche Bank AG, London Branch
$500,000 10-Year Callable Step-Up Fixed Rate Notes due February 21, 2023
General

·
Unless redeemed by us, the notes pay interest semi-annually in arrears at a fixed rate of 2.125% per annum from year one through year six, 3.00% per annum from year
seven through year eight and 4.00% per annum from year nine through year ten. We have the right to redeem the notes in whole but not in part on February 21, 2019.
Therefore, the term of the notes could be as short as six years, and you will not receive the higher interest rates of 3.00% or 4.00% per annum if we exercise our right to
redeem the notes on or prior to February 21, 2019. 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 February 21, 2023.

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

·
The notes priced on February 5, 2013 (the "Trade Date") and are expected to settle on February 21, 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:
Unless the notes are redeemed earlier by us, you will receive on the Maturity Date a cash payment, for each $1,000 Principal Amount of
notes, of $1,000 plus any accrued and unpaid interest. If the scheduled Maturity Date is not a Business Day, the Maturity Date will be 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. 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 February 21, 2019
2.125% per annum

From and including February 21, 2019 to but excluding February 21, 2021
3.00% per annum

From and including February 21, 2021 to but excluding the Maturity Date
4.00% per annum
Interest Payment
Each February 21 and August 21, beginning August 21, 2013 and ending on the Maturity Date. If any scheduled Interest Payment Date is
Dates:
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 Issuer's Option:
We may, in our sole discretion, redeem your notes in whole but not in part on February 21, 2019 (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." We will not give a notice that
results in a Redemption Date later than the Maturity Date.
Business Day:
Any day other than a day that (i) is a Saturday or Sunday, (ii) is a day on which banking institutions generally in the City of New York or
London, England, are authorized or obligated by law, regulation or executive order to close or (iii) is a day on which transactions in dollars
are not conducted in the City of New York or London, England.
Trade Date:
February 5, 2013
1 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...
Settlement Date:
February 21, 2013
Maturity Date:
February 21, 2023
Listing:
The notes will not be listed on any securities exchange.
CUSIP / ISIN:
25152RUW1 / US25152RUW14
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
$25.00
$975.00
Total
At variable prices
$12,500.00
$487,500.00
(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 $975.00 per note. See "Selected Risk
Considerations -- 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.

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
$500,000.00
$68.20

Deutsche Bank Securities
February 5, 2013

2 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

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 supplement, prospectus and this pricing supplement if you so request by calling 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.

3 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

PS-1
4 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

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 ten
years, subject to our right to redeem the notes on February 21, 2019. 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
February 21, 2019. 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 February 21, 2019, the term of the notes could be as short as six years. You wil not receive the higher interest rates of 3.00% or
4.00% per annum if we exercise our right to redeem the notes on or prior to February 21, 2019. When determining whether to invest in the notes, you
should consider, among other things, the overall 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 sixth 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 $975.00 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 full 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, wil 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
5 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...
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 notes to maturity.

·
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.

PS-2
6 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

·
THE NOTES WILL NOT BE LISTED AND THERE WILL LIKELY BE LIMITED LIQUIDITY -- The notes wil 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 sel 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 commercially reasonable manner in making al 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, 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.

·
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
7 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...
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
8 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

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 fulfill 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
9 of 17
2/7/2013 11:17 AM

http://www.sec.gov/Archives/edgar/data/1159508/000095010313000919/dp36114_424b2-ps17...

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 10 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 2.125% per annum from year one
through year six, 3.00% per annum from year seven through year eight and 4.00% per annum from year nine through year ten. Interest will be paid semi-annually 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.

The specific terms of the notes are set forth under the heading "Key Terms" on the cover of this pricing supplement.

Payments on the Notes

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.

Subject to the foregoing and to applicable law (including, without limitation, United States federal laws), we or our affiliates may, at any time and from time to
time, purchase outstanding notes by tender, in open market transactions or by private agreement.

Calculation Agent

The calculation agent for the notes wil be Deutsche Bank AG, London Branch. As calculation agent, Deutsche Bank AG, London Branch will determine, among
other things, the amount of interest payable in respect of your notes on each Interest Payment Date. Al determinations made by the calculation agent will be at the
sole discretion of the calculation agent and wil , in the absence of manifest error, be conclusive for all purposes and binding on you, the trustee and us. We may
appoint a different calculation agent from time to time after the date of this pricing supplement without your consent and without notifying you.

10 of 17
2/7/2013 11:17 AM