Pricing
Supplement No. E19
To prospectus supplement dated
April 26, 2024 and
prospectus dated April 26, 2024 |
Registration Statement No. 333-278331
Rule 424(b)(2) |
Deutsche Bank AG
$428,000 Fixed-to-Floating Rate Senior Debt
Funding Notes due June 18, 2029
General
| · | The notes pay interest quarterly in arrears at
a fixed rate per annum for an initial Fixed Rate Period and, thereafter, at a variable rate per annum equal to Compounded SOFR plus
a Spread, subject to the Minimum Interest Rate, as specified below. All payments on the notes, including interest payments and the repayment
of principal at maturity, are subject to the credit of the Issuer. |
| · | Unsecured, unsubordinated senior preferred obligations
of Deutsche Bank AG due June 18, 2029 |
| · | The notes are intended to qualify as eligible
liabilities for the minimum requirement for own funds and eligible liabilities of the Issuer. |
| · | Minimum denominations of $1,000 (the “Principal
Amount”) and integral multiples in excess thereof |
| · | The notes priced on June 13, 2024 (the “Trade
Date”) and are expected to settle on June 18, 2024 (the “Settlement Date”). Delivery of the notes in book-entry
form only will be made through The Depository Trust Company (“DTC”). |
Key Terms
| Issuer: |
Deutsche Bank AG |
| Issue Price: |
100.00% |
| Interest Rate: |
From, and including, the Settlement Date to,
but excluding the Reset Date (the “Fixed Rate Period”), the notes will bear interest at 7.00% per annum, payable quarterly
in arrears on each Interest Payment Date, based on an unadjusted 30/360 day count convention.
From, and including, the Reset Date to, but
excluding the Maturity Date (the “Floating Rate Period”), the notes will bear interest equal to Compounded SOFR plus
the Spread, subject to the Minimum Interest Rate, payable quarterly in arrears on each Interest Payment Date, based on an unadjusted
30/360 day count convention. In no case will the amount payable on any Interest Payment Date during the Floating Rate Period be less
than the Minimum Interest Rate. |
| Compounded SOFR: |
A compounded average of daily SOFR determined for each quarterly Interest Period during the Floating Rate Period in accordance with the specific formula described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement. |
| Minimum Interest Rate: |
0.10% per annum during the Floating Rate Period. |
| Spread: |
0.90% |
(Key Terms continued
on next page)
Investing in the notes involves a number of
risks. See “Risk Factors” beginning on page PS–6 of the accompanying prospectus supplement
and page 20 of the accompanying prospectus and “Selected Risk Considerations” beginning on page PS–6
of this pricing supplement.
By acquiring the notes, you will be
bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure (as defined below) by the
competent resolution authority, which may include the write down of all, or a portion, of any payment on the notes
or the conversion of the notes into ordinary shares or other instruments of ownership. If any Resolution Measure becomes applicable
to us, you may lose some or all of your investment in the notes. Please see “Resolution Measures” beginning
on page 75 in the accompanying prospectus and “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing
supplement for more information.
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 or prospectus. Any representation to the contrary is a criminal offense.
| |
Price to Public |
Discounts and Commissions(1) |
Proceeds to Us |
| Per Note |
$1,000.00 |
$6.00 |
$994.00 |
| Total |
$428,000.00 |
$2,568.00 |
$425,432.00 |
| (1) | For
more detailed information about discounts and commissions, please see “Supplemental
Plan of Distribution (Conflicts of Interest)” in this pricing supplement. |
Deutsche Bank Securities Inc. (“DBSI”),
the agent for this offering, is our affiliate. For more information, see “Supplemental Plan of Distribution (Conflicts of Interest)”
in this pricing supplement.
The notes are not deposits or savings accounts
and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental
agency or instrumentality.
Deutsche Bank Securities
June 13, 2024
| |
(Key Terms continued from previous page) |
| Interest Periods: |
With respect to the Fixed Rate Period, each
period from, and including, an Interest Payment Date (or the Settlement Date in the case of the first Interest Period during the Fixed
Rate Period) to, but excluding, the following Interest Payment Date (or the Reset Date in the case of the final Interest Period during
the Fixed Rate Period).
With respect to the Floating Rate Period,
each period from, and including, an Interest Payment Date (or the Reset Date in the case of the first Interest Period during the Floating
Rate Period) to, but excluding, the following Interest Payment Date (or the Maturity Date in the case of the final Interest Period during
the Floating Rate Period). |
| Interest Payment Dates: |
With respect to the Fixed Rate Period, September
18, 2024 and December 18, 2024.
With respect to the Floating Rate Period,
quarterly, on the 18th calendar day of each March, June, September and December, beginning on March 18, 2025 and ending on
the Maturity Date.
If any scheduled Interest Payment Date (including
the Maturity Date) is not a Business Day, the payment of interest and principal (if applicable) will be paid on the first following day
that is a Business Day. Notwithstanding the foregoing, such payment will be made with the full force and effect as if made on such scheduled
Interest Payment Date, and no adjustment will be made to the amount payable. |
| Observation Period: |
In respect of each Interest Period during the Floating Rate Period, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period. |
U.S. Government
Securities Business Day: |
Any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association (or any successor thereto) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. |
| Business Day: |
Any day other than a day that is (i) a Saturday or Sunday, (ii) a day on which banking institutions generally in the City of New York are authorized or obligated by law, regulation or executive order to close, (iii) a day on which transactions in U.S. dollars are not conducted in the City of New York or (iv) a day on which T2 is not operating |
| Trade Date: |
June 13, 2024 |
| Settlement Date: |
June 18, 2024 |
| Reset Date: |
December 18, 2024 |
| Maturity Date: |
June 18, 2029 |
| Listing: |
The notes will not be listed on any securities exchange. |
| CUSIP / ISIN: |
25160YAV0 / US25160YAV02 |
RESOLUTION MEASURES AND DEEMED AGREEMENT
On May 15, 2014, the European
Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit
institutions and investment firms (Directive 2014/59/EU, as amended the “Bank Recovery and Resolution Directive” or
the “BRRD”), which was implemented into German law by the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz,
or, as amended, the “Resolution Act”), which became effective on January 1, 2015. The BRRD and the Resolution Act provided
national resolution authorities with a set of resolution powers to intervene in the event that a bank is failing or likely to fail and
certain other conditions are met. From January 1, 2016, the power to initiate Resolution Measures applicable to significant banking groups
(such as Deutsche Bank Group) in the European Banking Union was transferred to the European Single Resolution Board which, based on the
European Union regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment
firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund (Regulation (EU) No 806/2014, as amended, the “SRM
Regulation”), works in close cooperation with the European Central Bank, the European Commission and the national resolution
authorities. Pursuant to the SRM Regulation, the Resolution Act and other applicable rules and regulations, the notes may be subject to
any Resolution Measure by the competent resolution authority if we become, or are deemed by the competent supervisory authority to have
become, “non-viable” (as defined under the then-applicable law) and are unable to continue our regulated banking activities
without a Resolution Measure becoming applicable to us.
By acquiring the notes, you
will be bound by and will be deemed irrevocably to consent to the provisions set forth in the accompanying prospectus, which we have summarized
below. Under the relevant resolution laws and regulations as applicable to us from time to time, the notes may be subject to the powers
exercised by the competent resolution authority to: (i) write down, including to zero, any payment on the notes; (ii) convert the notes
into ordinary shares of (a) the Issuer, (b) any group entity or (c) any bridge bank or other instruments of ownership of such entities
qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary
shares or instruments); and/or (iii) apply any other resolution measure including, but not limited to, any transfer of the notes to another
entity, the amendment, modification or variation of the terms and conditions of the notes or the cancellation of the notes. The write-down
and conversion powers are commonly referred to as the “bail-in tool” and the bail-in tool and each of the other resolution
measures are hereinafter referred to as a “Resolution Measure.” A “group entity” refers to an entity that
is included in the corporate group subject to a Resolution Measure. A “bridge bank” refers to a newly chartered German bank
that would receive some or all of our equity securities, assets, liabilities and material contracts, including those attributable to our
branches and subsidiaries, in a resolution proceeding.
Furthermore, by acquiring
the notes, you:
| · | are
deemed irrevocably to have agreed, and you will agree: (i) to be bound by, to acknowledge and to accept any Resolution Measure and any
amendment, modification or variation of the terms and conditions of the notes to give effect to any Resolution Measure; (ii) that you
will have no claim or other right against us arising out of any Resolution Measure; and (iii) that the imposition of any Resolution Measure
will not constitute a default or an event of default under the notes, under the Amended and Restated Senior Debt Funding Indenture dated
August 3, 2021, as amended and supplemented by the First Supplemental Senior Debt Funding Indenture dated as of April 26, 2024, in each
case among us, Delaware Trust Company, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, authenticating agent, issuing
agent and registrar (as amended and supplemented from time to time, the “Indenture”), or for the purposes of, but
only to the fullest extent permitted by, the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”); |
| · | waive,
to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee and the paying
agent, the issuing agent and the registrar (each, an “indenture agent”) for, agree not to initiate a suit against
the trustee or the indenture agents in respect of, and agree that the trustee and the indenture agents will not be liable for, any action
that the trustee or any of the indenture agents takes, or abstains from taking, in either case in accordance with the imposition of a
Resolution Measure by the competent resolution authority with respect to the notes; and |
| · | will
be deemed to have: (i) consented to the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent
resolution authority of its decision to exercise such power with respect to the notes; (ii) authorized, directed and requested DTC and
any direct participant in DTC or other intermediary through which you hold such notes to take any and all necessary action, if required,
to implement the imposition of any Resolution Measure with respect to the notes as it may be imposed, without any further action or direction
on your part or on the part of the trustee or the indenture agents; and (iii) acknowledged and accepted that the Resolution Measure provisions
described herein and in the “Resolution Measures” section of the accompanying prospectus are exhaustive on the matters described
herein and therein to the exclusion of any other agreements, arrangements or understandings between you and the Issuer relating to the
terms and conditions of the notes. |
This is only a summary,
for more information please see the accompanying prospectus dated April 26, 2024, including the risk factors beginning on page
20 of such prospectus.
SUMMARY
You should read
this pricing supplement together with the prospectus supplement dated April 26, 2024 relating to our Senior Debt Funding Notes, Series
E of which these notes are a part and the prospectus dated April 26, 2024. You may access these documents on the website of the Securities
and Exchange Commission (the “SEC”) at.www.sec.gov as follows (or, if such address
has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus
supplement dated April 26, 2024: |
https://www.sec.gov/Archives/edgar/data/1159508/000095010324005864/crt_dp210218-424b2.pdf
| · | Prospectus
dated April 26, 2024: |
https://www.sec.gov/Archives/edgar/data/1159508/000119312524118649/d776815d424b21.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 all other prior or contemporaneous
oral statements as well 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 carefully consider, among
other things, the matters set forth in this pricing supplement and in “Risk Factors” in the accompanying prospectus supplement
and prospectus. We urge you to consult your investment, legal, tax, accounting and other advisers before deciding to invest in the notes.
In
making your investment decision, you should rely only on the information contained or incorporated by reference in this pricing supplement
relevant to your investment and the accompanying prospectus supplement and prospectus with respect to the notes offered by this pricing
supplement and with respect to Deutsche Bank AG. We have not authorized anyone to give you any additional or different information. The
information in this pricing supplement and the accompanying prospectus supplement and prospectus may only be accurate as of the dates
of each of these documents, respectively.
You
should be aware that the regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the laws of
certain jurisdictions (including regulations and laws that require brokers to ensure that investments are suitable for their customers)
may limit the availability of the notes. This pricing supplement and the accompanying prospectus supplement and prospectus do not constitute
an offer to sell or a solicitation of an offer to buy the notes under any circumstances in which such offer or solicitation is unlawful.
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
therefor.
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 prospectus.
| · | THE
VALUE OF THE NOTES MAY DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST RATES OVER THE TERM OF THE NOTES —
The value of the notes may decline over time due to such factors as inflation and/or rising interest rates. In addition, if the market
interest rates rise during the term of the notes, the Interest Rate on the notes during the Fixed Rate Period may in the future be lower
than the interest rates for similar debt securities then prevailing in the market. If this occurs, you will not be able to require the
Issuer to redeem the notes and will, therefore, bear the risk of holding the notes and of earning a lower return than you could earn
on other investments until the Maturity Date. |
| · | THE
NOTES ARE SUBJECT TO THE CREDIT OF DEUTSCHE BANK AG — The notes are unsecured and unsubordinated obligations of Deutsche Bank
AG, ranking in priority to its senior non-preferred obligations, and are not, either directly or indirectly, an obligation of any third
party. Any interest payments to be made on the notes and the repayment of principal at maturity depend on the ability of Deutsche Bank
AG to satisfy its obligations as they become 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 Deutsche Bank AG’s credit risk will likely have an adverse effect on the
value of the notes. As a result, the actual and perceived creditworthiness of Deutsche Bank AG will affect the value of the notes. Any
future downgrade could materially affect Deutsche Bank AG’s funding costs and cause the trading price of the notes to decline significantly.
Additionally, under many derivative contracts to which Deutsche Bank AG is a party, a downgrade could require it to post additional collateral,
lead to terminations of contracts with accompanying payment obligations or give counterparties additional remedies. In the event Deutsche
Bank AG were to default on its payment obligations or become subject to a Resolution Measure, you might not receive interest and principal
payments owed to you under the terms of the notes and you could lose your entire investment. |
| · | THE
NOTES MAY BE WRITTEN DOWN, BE CONVERTED INTO ORDINARY SHARES OR OTHER INSTRUMENTS OF OWNERSHIP OR BECOME SUBJECT TO OTHER RESOLUTION
MEASURES. YOU MAY LOSE SOME OR ALL OF YOUR INVESTMENT IF ANY SUCH MEASURE BECOMES APPLICABLE TO US —
Pursuant to the SRM Regulation, the Resolution Act and other applicable rules and regulations described above under “Resolution
Measures and Deemed Agreement,” the notes are subject to the powers exercised by the competent resolution authority to impose Resolution
Measures on us, which may include: (i) writing down, including to zero, any claim for payment on the notes; (ii) converting the notes
into ordinary shares of (x) the Issuer, (y) any group entity or (z) any bridge bank or other instruments of ownership of such entities
qualifying as common equity tier 1 capital (and the issue to or conferral on the holders (including the beneficial owners) of such ordinary
shares or instruments); or (iii) applying any other resolution measure including, but not limited to, transferring the notes to another
entity, amending, modifying or varying the terms and conditions of the notes or cancelling the notes. The competent resolution authority
may apply Resolution Measures individually or in any combination. Imposition of a Resolution Measure would likely occur if the competent
supervisory authority determines that we are failing or likely to fail and that certain other conditions are met (as set forth under
the applicable law). The BRRD, the Resolution Act and, as applicable, the SRM Regulation are intended to eliminate the need for public
support of troubled banks, and you should be aware that public support, if any, would only potentially be used by the competent supervisory
authority as a last resort after having assessed and exploited, to the maximum extent practicable, the resolution tools, including the
bail-in tool. |
By acquiring the notes, you would have
no claim or other right against us arising out of any Resolution Measure and we would have no obligation to make payments under the notes
following the imposition of such Resolution Measure. In particular, the imposition of any Resolution Measure will not constitute a default
or an
event of default under the notes, under
the Indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act. Furthermore, it will be difficult
to predict when, if at all, a Resolution Measure might become applicable to us in our individual case. Accordingly, secondary market trading
in the notes may not follow the trading behavior associated with similar types of securities issued by other financial institutions which
may be or have been subject to a Resolution Measure.
In addition, by your acquisition of the
notes, you waive, to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee
and the indenture agents for, agree not to initiate a suit against the trustee or the indenture agents in respect of, and agree that the
trustee and the indenture agents will not be liable for, any action that the trustee or the indenture agents take, or abstain from taking,
in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect to the notes.
Accordingly, you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose
any Resolution Measure.
| · | OUR
SENIOR DEBT FUNDING SECURITIES, INCLUDING THE NOTES OFFERED HEREIN, ARE INTENDED TO QUALIFY AS ELIGIBLE LIABILITIES WITHIN THE MEANING
OF ARTICLE 72B(2), WITH THE EXCEPTION OF POINT (D), CRR FOR THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES UNDER THE
ISSUER REGULATORY CAPITAL PROVISIONS APPLICABLE TO US. THEY ARE EXPECTED TO CONSTITUTE “SENIOR PREFERRED” DEBT SECURITIES
AND WOULD, IF INSOLVENCY PROCEEDINGS ARE OPENED AGAINST US OR IF RESOLUTION MEASURES ARE IMPOSED ON US, BEAR LOSSES AFTER OUR “SENIOR
NON-PREFERRED” DEBT INSTRUMENTS BUT BEFORE OTHER LIABILITIES WITH AN EVEN MORE SENIOR RANK, FOR EXAMPLE, COVERED DEPOSITS AND DEPOSITS
HELD BY NATURAL PERSONS AND MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES —The
notes are intended to qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d),
CRR for the minimum requirement for own funds and eligible liabilities, as described and provided for in the bank regulatory capital
provisions to which we are subject, including restrictions on the aggregate amount of similar instruments that we may use for such purposes,
but do not constitute senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act
(Kreditwesengesetz). The notes will constitute our unsecured and unsubordinated obligations ranking pari passu among themselves
and with all of our other unsecured and unsubordinated obligations, subject, however, to statutory priorities conferred upon certain
unsecured and unsubordinated obligations in the event of any Resolution Measures imposed on us or in the event of our dissolution, liquidation,
insolvency or composition, or if other proceedings are opened for the avoidance of the insolvency of, or against, us; in accordance with
Section 46f(5) of the German Banking Act (Kreditwesengesetz), our obligations under the notes will rank in priority to our senior
non-preferred obligations under (i) any of our debt instruments (Schuldtitel) within the meaning of Section 46f(6) sentence
1 of the German Banking Act (including the senior non-preferred obligations under any such debt instruments that we issued before July
21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision and (ii) eligible liabilities
within the meaning of Articles 72a and 72b(2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, as amended,
supplemented or replaced from time to time (the “CRR”).You as holder of notes may not set off or net your claims arising
under the notes against any of our claims. No collateral or guarantee shall be provided at any time to secure claims of a holder of notes
under the notes; any collateral or guarantee already provided or granted in the future in connection with our other liabilities may not
be used for claims under the notes. |
No subsequent agreement may enhance the
seniority of the obligations as described above or shorten the term of the notes or any applicable notice period. Any redemption, repurchase
or termination of the notes prior to their scheduled maturity is subject to the prior approval of the competent resolution authority.
If insolvency proceedings are opened
against us or if Resolution Measures are imposed on us, our “senior preferred” debt securities (including the notes offered
herein) are expected to be among the unsecured
unsubordinated obligations that would
bear losses after our “senior non-preferred” debt instruments, including our non-structured senior debt securities issued
before July 21, 2018.
On the other hand, there are liabilities
with an even more senior rank, for example, covered deposits and deposits held by natural persons and micro, small and medium-sized enterprises.
Therefore, you may lose some or all of your investment in the notes offered herein if insolvency proceedings are opened against us or
a Resolution Measure becomes applicable to us.
| · | SOFR
HAS A LIMITED HISTORY, AND ITS HISTORICAL PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE — The New York Federal Reserve
began to publish SOFR in April 2018. Although the New York Federal Reserve has also begun publishing historical indicative SOFR going
back to 2014, such historical indicative data inherently involves assumptions, estimates and approximations. Therefore, SOFR has limited
performance history and no actual investment based on the performance of SOFR was possible before April 2018. The level of SOFR over
the term of the notes may bear little or no relation to the historical level of SOFR. The future performance of SOFR is impossible to
predict and therefore no future performance of SOFR or the notes may be inferred from any of the hypothetical or actual historical performance
data. Hypothetical or actual historical performance data are not indicative of the future performance of SOFR or the notes. Changes in
the levels of SOFR will affect Compounded SOFR and, therefore, the return on the notes and the trading price of such notes, but it is
impossible to predict whether such levels will rise or fall. There can be no assurance that SOFR or Compounded SOFR will be positive. |
| · | ANY
FAILURE OF SOFR TO MAINTAIN MARKET ACCEPTANCE COULD ADVERSELY AFFECT THE NOTES — SOFR may fail to maintain market acceptance.
SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR in
part because it is considered a good representation of general funding conditions in the overnight U.S. Treasury repurchase agreement
(repo) market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit
risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants
would not consider SOFR a suitable substitute or successor for all of the purposes for which LIBOR historically has been used (including,
without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance
of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the return on the notes and the price at which you can
sell such notes. |
| · | THE
COMPOSITION AND CHARACTERISTICS OF SOFR ARE NOT THE SAME AS THOSE OF LIBOR AND NEITHER SOFR NOR COMPOUNDED SOFR IS EXPECTED TO BE A COMPARABLE
SUBSTITUTE FOR LIBOR — In June 2017, the New York Federal Reserve’s Alternative Reference Rates Committee (the “ARRC”)
announced SOFR as its recommended alternative to U.S. dollar LIBOR. However, the composition and characteristics of SOFR are not the
same as those of LIBOR. SOFR is a broad Treasury repo financing rate that represents overnight secured funding transactions. This means
that SOFR is fundamentally different from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR is an unsecured rate.
Second, SOFR is an overnight rate, while LIBOR represents interbank funding over different maturities. As a result, there can be no assurance
that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest
and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other
events. For example, since publication of SOFR began in April 2018, daily changes in SOFR have, on occasion, been more volatile than
daily changes in comparable benchmark or other market rates. For additional information regarding SOFR, see “Description of Notes—Interest
Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement. |
| · | SOFR
MAY BE MODIFIED OR DISCONTINUED, AND THE NOTES MAY BEAR INTEREST DURING THE FLOATING RATE PERIOD BY REFERENCE TO A RATE OTHER THAN COMPOUNDED
SOFR, WHICH |
COULD ADVERSELY AFFECT THE VALUE OF
THE NOTES — The New York Federal Reserve (or a successor), as administrator of SOFR, may make methodological or other changes
that could change the value of SOFR, including changes related to the method by which SOFR is calculated, eligibility criteria applicable
to the transactions used to calculate SOFR, or timing related to the publication of SOFR. In addition, the administrator may alter, discontinue
or suspend calculation or dissemination of SOFR (in which case a fallback method of determining the Interest Rate on the notes during
the Floating Rate Period as further described under “Description of Notes—Interest Rates—Secured Overnight Financing
Rate (SOFR)” in the accompanying prospectus supplement will apply). The administrator has no obligation to consider your interests
in calculating, adjusting, converting, revising or discontinuing SOFR.
If we or our designee determine that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect of SOFR, then the Interest Rate on the
notes during the Floating Rate Period will no longer be determined by reference to SOFR, but instead will be determined by reference to
a different rate, which will be a different benchmark than SOFR, plus a spread adjustment, which we refer to as a “Benchmark Replacement,”
as further described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the
accompanying prospectus supplement.
If a particular Benchmark Replacement
or Benchmark Replacement Adjustment cannot be determined, then the next-available Benchmark Replacement or Benchmark Replacement Adjustment
will apply. These replacement rates and adjustments may be selected, recommended or formulated by (i) the Relevant Governmental Body (such
as the ARRC), (ii) ISDA or (iii) in certain circumstances, us or our designee. In addition, the terms of the notes expressly authorize
us or our designee to make Benchmark Replacement Conforming Changes with respect to, among other things, changes to the definitions of
“Interest Period” and “Observation Period,” timing and frequency of determining rates and making payments of interest
and other administrative matters. The determination of a Benchmark Replacement, the calculation of the Interest Rate on the notes during
the Floating Rate Period by reference to a Benchmark Replacement (including the application of a Benchmark Replacement Adjustment), any
implementation of Benchmark Replacement Conforming Changes and any other determinations, decisions or elections that may be made under
the terms of the notes in connection with a Benchmark Transition Event could adversely affect the value of the notes, the return on the
notes and the price at which you can sell such notes.
Any determination, decision or election
described above will be made in our or our designee’s sole discretion.
In addition, (i) the composition and
characteristics of the Benchmark Replacement will not be the same as those of SOFR, the Benchmark Replacement will not be the economic
equivalent of SOFR, there can be no assurance that the Benchmark Replacement will perform in the same way as SOFR would have at any time
and there is no guarantee that the Benchmark Replacement will be a comparable substitute for SOFR (each of which means that a Benchmark
Transition Event could adversely affect the value of the notes, the return on the notes and the price at which you can sell such notes),
(ii) any failure of the Benchmark Replacement to gain market acceptance could adversely affect the notes, (iii) the Benchmark Replacement
may have a very limited history and the future performance of the Benchmark Replacement cannot be predicted based on historical performance,
(iv) the secondary trading market for notes linked to the Benchmark Replacement may be limited and (v) the administrator of the Benchmark
Replacement may make changes that could change the value of the Benchmark Replacement or discontinue the Benchmark Replacement and has
no obligation to consider your interests in doing so.
| · | THE INTEREST RATE ON THE NOTES DURING THE FLOATING
RATE PERIOD IS BASED ON A COMPOUNDED SOFR RATE, WHICH IS RELATIVELY NEW IN THE MARKETPLACE — For each Interest Period during
the Floating Rate Period, the Interest Rate on the notes is based on Compounded SOFR, which is calculated using the specific formula described
under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus
supplement, not the SOFR rate published on or in respect of a particular date during such Interest Period or an arithmetic average of
SOFR |
rates during such period. For this and
other reasons, the Interest Rate on the notes during any Interest Period within the Floating Rate Period will not be the same as the interest
rate on other SOFR-linked investments that use an alternative basis to determine the applicable interest rate. Further, if the SOFR rate
in respect of a particular date during an Interest Period within the Floating Rate Period is negative, its contribution to Compounded
SOFR will be less than one, resulting in a reduction to Compounded SOFR used to calculate the interest payable on the notes on the Interest
Payment Date for such Interest Period.
In addition, the method for calculating
an Interest Rate based on SOFR in market precedent varies. Variation in the market based on payment delays, observation periods, lookbacks
and/or lockout/suspension periods could adversely affect the market value of the notes.
| · | SOFR MAY BE MORE VOLATILE
THAN OTHER BENCHMARK OR MARKET RATES — Since the initial publication of SOFR, daily changes in the rate have, on occasion, been
more volatile than daily changes in other benchmark or market rates, such as USD LIBOR, during corresponding periods. In addition, although
changes in term SOFR and compounded SOFR generally are not expected to be as volatile as changes in SOFR on a daily basis, the return
on, value of and market for the SOFR notes may fluctuate more than floating rate debt securities with interest rates based on less volatile
rates. |
| · | COMPOUNDED SOFR WITH RESPECT
TO A PARTICULAR INTEREST PERIOD DURING THE FLOATING RATE PERIOD WILL ONLY BE CAPABLE OF BEING DETERMINED AT THE END OF THE RELEVANT INTEREST
PERIOD — The level of Compounded SOFR applicable to a particular Interest Period during the Floating Rate Period and, therefore,
the amount of interest payable with respect to such Interest Period will be determined close to the end of such Interest Period. Therefore,
you will not know the amount of interest payable with respect to a particular Interest Period until shortly prior to the related Interest
Payment Date and it may be difficult for you to reliably estimate the amount of interest that will be payable on each such Interest Payment
Date. In addition, some investors may be unwilling or unable to trade the notes without changes to their information technology systems,
both of which could adversely impact the liquidity and trading price of the notes. |
| · | WE OR OUR SUBSIDIARIES OR
AFFILIATES MAY PUBLISH RESEARCH THAT COULD AFFECT THE MARKET VALUE OF THE NOTES — We or our subsidiaries or affiliates may,
at present or in the future, publish research reports with respect to movements in interest rates generally, or the LIBOR transition or
SOFR specifically. 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 market value of such notes. |
| · | WE OR OUR DESIGNEE WILL MAKE
DETERMINATIONS WITH RESPECT TO THE NOTES — We or our designee will make certain determinations with respect to the notes as
further described in this pricing supplement. In addition, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred, we or our designee will make certain determinations with respect to the notes in our or our designee’s sole discretion
as further described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the
accompanying prospectus supplement. Any of these determinations may adversely affect the payout to investors. Moreover, certain determinations
may require the exercise of discretion and the making of subjective judgments, such as with respect to Compounded SOFR or the occurrence
or non-occurrence of a Benchmark Transition Event and any Benchmark Replacement Conforming Changes. These potentially subjective determinations
may adversely affect the payout to you on the notes. For further information regarding these types of determinations, see “Description
of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement. |
| · | THE NOTES CONTAIN LIMITED EVENTS OF DEFAULT,
AND THE REMEDIES AVAILABLE THEREUNDER ARE LIMITED — As described in “Description of Debt Securities — Senior Debt
Funding |
Securities — Events of Default”
in the accompanying prospectus, the notes provide for no event of default other than the opening of insolvency proceedings against us
by a German court having jurisdiction over us. In particular, the imposition of a Resolution Measure will not constitute an event of default
with respect to the Indenture or the notes.
If an event of default occurs, holders
of the notes have only limited enforcement remedies. If an event of default with respect to the notes occurs or is continuing, either
the trustee or the holders of not less than 33 1⁄3% in aggregate principal amount of all outstanding debt securities issued under
the Indenture, including the notes, voting as one class, may declare the principal amount of the notes and interest accrued thereon to
be due and payable immediately. We may issue further series of debt securities under the Indenture and these would be included in that
class of outstanding debt securities.
In particular, holders of the notes
will have no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under,
the notes. If such a default occurs and is continuing with respect to the notes, the trustee and the holders of the notes could take legal
action against us, but they may not accelerate the maturity of the notes. Moreover, if we fail to make any payment because of the imposition
of a Resolution Measure, the trustee and the holders of the notes would not be permitted to take such action, and in such a case you may
permanently lose the right to the affected amounts.
Holders will also have no rights of
acceleration due to a default in the performance of any of our other covenants under the notes.
| · | THE NOTES WILL NOT BE LISTED
AND THERE WILL LIKELY BE LIMITED LIQUIDITY — The notes will not be listed on any securities exchange. Since SOFR is a relatively
new market rate, an established trading market may never develop or may not be very liquid. Market terms for debt securities linked to
SOFR (such as the notes) may evolve over time and, as a result, trading prices of the notes may be lower than those of later-issued debt
securities that are linked to SOFR. Similarly, if SOFR does not prove to be widely used in debt securities similar to the notes, the trading
price of the notes may be lower than that of debt securities linked to rates that are more widely used. We or our affiliates intend to
act as market makers for the notes but are not required to do so and may cease such market making activities at any time. Even if there
is a secondary market, investors in the notes may not be able to sell such notes at all or may not be able to sell such notes at prices
that will provide them with a yield comparable to similar investments that have a developed secondary market. Further, investors wishing
to sell the notes in the secondary market will have to make assumptions as to the future performance of SOFR during the Interest Period
in which they intend the sale to take place. As a result, investors may suffer from increased pricing volatility and market risk. |
| · | MANY ECONOMIC AND MARKET FACTORS
WILL AFFECT THE VALUE OF THE NOTES — The value of the notes prior to maturity will be affected by a number of economic and market
factors that may either offset or magnify each other, including: |
| o | the actual or anticipated level of SOFR; |
| o | the volatility of the level of SOFR; |
| o | the time remaining to the maturity of the notes; |
| o | trends relating to inflation; |
| o | interest rates and yields in the markets generally; |
| o | geopolitical conditions and economic, financial, political, regulatory or judicial events that affect
the markets generally; |
| o | supply and demand for the notes; and |
| o | our creditworthiness, including actual or anticipated downgrades in our
credit ratings. |
During
the term of the notes, it is possible that their value may decline significantly due to the factors described above, and any sale prior
to the Maturity Date could result in a substantial loss to you. You must hold the notes to maturity to receive the repayment of principal.
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—Senior Debt Funding 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 “notes” refers to our Fixed-to-Floating Rate Senior Debt Funding Notes due June 18, 2029.
General
The notes are unsecured unsubordinated
obligations of Deutsche Bank AG, ranking in priority to its senior non-preferred obligations that pay interest (i) with respect to the
Fixed Rate Period, quarterly at a fixed rate per annum specified under “Key Terms—Interest Rate” above and (ii) with
respect to the Floating Rate Period, quarterly at a variable rate per annum equal to Compounded SOFR plus the Spread, subject to the Minimum
Interest Rate. The notes are our Senior Debt Funding Notes, Series E referred to in the accompanying prospectus supplement and prospectus.
The notes will be issued by Deutsche Bank AG under an indenture among us, Delaware Trust Company, as trustee, and Deutsche Bank Trust
Company Americas, as paying agent, authenticating agent, issuing agent and registrar. From time to time, we may create and issue
additional notes with the same terms, so that the additional notes will be considered as part of the same issuance as the earlier
notes.
The notes are not deposits
or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. or foreign governmental
agency or instrumentality.
The notes constitute our unsecured
and unsubordinated obligations ranking pari passu among themselves and with all of our other unsecured and unsubordinated obligations,
subject, however, to statutory priorities conferred upon certain unsecured and unsubordinated obligations in the event of any Resolution
Measures imposed on us or in the event of our dissolution, liquidation, insolvency or composition, or if other proceedings are opened
for the avoidance of the insolvency of, or against, us; in accordance with Section 46f(5) of the German Banking Act (Kreditwesengesetz),
our obligations under the notes will rank in priority to our senior non-preferred obligations (i) under any of our debt instruments (Schuldtitel)
within the meaning of Section 46f(6) sentence 1 of the German Banking Act (including the senior non-preferred obligations under any such
debt instruments that we issued before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor
provision and (ii) eligible liabilities within the meaning of Articles 72a and 72b(2) of Regulation (EU) No 575/2013 of the European Parliament
and of the Council, as amended, supplemented or replaced from time to time (the “CRR”). For more information on Resolution
Measures, see “Resolution Measures and Deemed Agreement” on page PS–3 of this pricing supplement.
The notes are intended to
qualify as eligible liabilities instruments within the meaning of Article 72b(2), with the exception of point (d), CRR for the minimum
requirement for own funds and eligible liabilities, as described and provided for in the bank regulatory capital provisions to which we
are subject, including restrictions on the aggregate amount of similar instruments that we may use for such purposes, but do not constitute
senior non-preferred debt instruments within the meaning of Section 46f(6) sentence 1 of the German Banking Act.
The notes will be issued in
minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal amount (the “Principal Amount”)
of the notes is $1,000 and the Issue Price of the notes is $1,000.00. The notes will 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 page of this pricing supplement and in the subsections below.
Payments on the Notes
We will irrevocably deposit
with DTC no later than the opening of business on the applicable Interest Payment Date and the Maturity Date funds sufficient to make
payments of the amount payable with respect to the notes on such date. We will 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) and subject to approval by the competent authority, 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
Deutsche Bank AG, London Branch
will act as the calculation agent. As the 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. Unless otherwise specified in this pricing supplement, all
determinations made by the calculation agent will be at the sole discretion of the calculation agent and will, 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.
The calculation agent will
provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, of the amount to be paid
on each Interest Payment Date and at maturity on or prior to 11:00 a.m., New York City time, on the Business Day preceding each Interest
Payment Date and the Maturity Date, as applicable.
All calculations with respect
to the amount of interest payable on the notes will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward (e.g., 0.876545 would be rounded to 0.87655); all U.S. dollar amounts related to determination of the payment per
$1,000 Principal Amount of notes at maturity will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded
upward (e.g., 0.76545 would be rounded up to 0.7655); and all U.S. dollar amounts paid on the aggregate Principal Amount
of notes per holder will be rounded to the nearest cent, with one-half cent rounded upward.
Events of Default
Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Events of Default” in the accompanying prospectus is a description
of the event of default relating to senior debt funding securities including the notes. The notes provide for no event of default other
than the opening of insolvency proceedings against us by a German court having jurisdiction over us.
The Indenture provides that
there is no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under the
notes or a default in the performance of any of our other covenants under the notes or the Indenture.
Payment Upon an Event of Default
If
an event of default occurs and the maturity of the notes is accelerated, we will pay a default amount for each $1,000 Principal Amount
of notes equal to $1,000 plus any accrued but unpaid interest to, but excluding, the date of acceleration, calculated as if the date of
such acceleration were the Maturity Date, and final Interest Payment Date.
If the maturity of the notes
is accelerated because of an event of default as described above, we will, or will cause the calculation agent to, provide written notice
to the trustee at its New York office, on which notice the trustee may
conclusively rely, and to DTC of the cash amount
due with respect to the notes as promptly as possible and in no event later than two Business Days after the date of acceleration.
Modification
Under the heading “Description
of Debt Securities — Senior Debt Funding Securities — Modification of the Senior Debt Funding Indenture” in the accompanying
prospectus is a description of when the consent of each affected holder of debt securities is required to modify the Indenture.
Listing
The notes will not be listed
on any securities exchange.
Book-Entry Only Issuance —
The Depository Trust Company
DTC will act as securities
depositary for the notes. The notes will be represented by a type of global note in book-entry form referred to as a master note registered
in the name of Cede & Co. (DTC’s nominee). In connection with the issuance of the notes by us, the trustee and/or paying
agent will, in accordance with our instructions, make appropriate entries or notations in its records relating to the master note to indicate
that the master note evidences the issuance of the notes. See the descriptions contained in the accompanying prospectus supplement under
the headings “Description of Notes — Form, Legal Ownership and Denomination of Notes.” The notes are offered on a global
basis. Investors may elect to hold interests in the registered global notes held by DTC through Clearstream, Luxembourg or the Euroclear
operator if they are participants in those systems, or indirectly through organizations that are participants in those systems. See “Notes
Offered on a Global Basis — Book-Entry, Delivery and Form” in the accompanying prospectus supplement.
Governing Law
The notes will be governed
by and construed in accordance with the laws of the State of New York, except as may be otherwise required by mandatory provisions of
law and except with respect to the provisions relating to the ranking of the notes, which will be governed by and construed in accordance
with the laws of the Federal Republic of Germany, including, in relation to such provisions, any determination of whether a Resolution
Measure has been imposed on us.
Tax Considerations
You should review carefully
the section of the accompanying prospectus supplement entitled “United States Federal Income Taxation.” The discussion below
applies to you only if you are an initial purchaser of notes acquiring them for their Issue Price as stated on the cover of this document.
Although not free from doubt, in the opinion of our special tax counsel, Davis Polk & Wardwell LLP (“DPW”), the
notes will be treated for U.S. federal income tax purposes as debt, and the remainder of this discussion so assumes. Based on information
received from us, DPW believes that the notes should be treated for U.S. federal income tax purposes as “variable rate debt instruments”
that provide for a single fixed rate followed by a qualified floating rate (“QFR”).
In order to determine the
amount of qualified stated interest (“QSI”) and original issue discount ("OID") in respect of the
notes, an equivalent fixed rate debt instrument must be constructed. The equivalent fixed rate debt instrument is constructed in the following
manner: (i) first, the initial fixed rate is converted to a QFR that would preserve the fair market value of the notes, and (ii) second,
each QFR (including the QFR determined under (i) above) is converted to a fixed rate substitute (which will generally be the value of
that QFR as of the Settlement Date of the notes). Under the applicable Treasury regulations, the notes generally will be treated as providing
for QSI at a rate equal to the lowest rate of interest in effect at any time under the equivalent fixed rate debt instrument, and any
interest under the equivalent fixed rate debt instrument in excess of that rate generally will be treated as part of the stated redemption
price at maturity and, therefore, as potentially giving rise to OID. Based on the application of these rules to the notes as of the date
hereof, we expect that the notes will not be treated as issued with OID. However, the determination of the amount of OID, if any, on the
notes must be made at the time the notes are issued. Information regarding the amount of OID, if any, on the notes may be obtained by
contacting us at ussn_oid@list.db.com.
You generally will be required
to include any QSI in income in accordance with your regular method of tax accounting for U.S. federal income tax purposes. If the notes
are not treated as issued with OID, all stated interest on the notes will be treated as QSI. If the notes are properly treated as issued
with OID, you will be required to include the OID in income for U.S. federal income tax purposes as it accrues, in accordance with a constant-yield
method based on a compounding of interest. In this event, if the amount of interest you receive on your notes in a calendar year is greater
than the amount assumed to be paid or accrued on the “equivalent fixed rate debt instrument” (as described above), the excess
will be treated as additional QSI. Conversely, Any shortfall will reduce the amount of QSI you are treated as receiving in that year.
You should consult your tax adviser regarding the U.S. federal tax consequences of an investment in the notes, as well as any tax consequences
arising under the laws of any state, local or non-U.S. taxing jurisdiction as discussed below.
The discussion above does
not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Internal Revenue Code of
1986, as amended.
If you are a non-U.S. holder,
we do not believe that you should be required to provide an IRS Form W-8 in order to avoid 30% U.S. withholding tax with respect to interest
payments on the notes, although the IRS could challenge this position. However, you should in any event expect to be required to provide
an appropriate IRS Form W-8 or other documentation in order to establish an exemption from backup withholding, as described under the
heading “United States Federal Income Taxation — Tax Consequences to Non-U.S. Holders” in the accompanying prospectus
supplement. If any withholding is required, we will not be required to pay any additional amounts with respect to amounts withheld.
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.
USE OF PROCEEDS; HEDGING
The
net proceeds we receive from the sale of the notes will be used for general corporate purposes, as more particularly described in “Use
of Proceeds” in the accompanying prospectus.
We
or our affiliates may acquire a long or short position in securities similar to the notes from time to time and may, in our or their sole
discretion, hold or resell those securities. Although we have no reason to believe that any of these activities will have a material impact
on the value of the notes, we cannot assure you that these activities will not have such an effect.
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS
OF INTEREST)
Under the terms and subject
to the conditions contained in the Distribution Agreement entered into between Deutsche Bank AG and DBSI, as agent thereunder, DBSI has
agreed to purchase, and we have agreed to sell, the Principal Amount of notes set forth on the cover of this pricing supplement.
Notes sold by DBSI to the
public will initially be offered at the Issue Price set forth on the cover of this pricing supplement. If all of the notes are not sold
at the Issue Price, DBSI may change the offering price and the other selling terms.
DBSI will receive an underwriting
discount of up to $6.00 per note, and from such underwriting discount will allow selected dealers a selling concession of up to $6.00
per note. DBSI and any dealers that participate with DBSI in the distribution of the notes may be deemed to be underwriters, and any discounts
or commissions received by them and any profit on the resale of the notes by them may be deemed to be underwriting discounts or commissions.
We own, directly or indirectly,
all of the outstanding equity securities of DBSI. The net proceeds received from the sale of the notes may be used, in part, by DBSI or
one of its affiliates in connection with hedging our obligations under the notes. Because DBSI is both our affiliate and a member of FINRA,
the underwriting arrangements for this offering must comply with the requirements of FINRA Rule 5121 regarding a FINRA member firm’s
distribution of the securities of an affiliate and related conflicts of interest. In accordance with FINRA Rule 5121, DBSI may not make
sales in offerings of the notes to any of its discretionary accounts without the prior written approval of the customer.
DBSI may act as principal
or agent in connection with offers and sales of the notes in the secondary market. Secondary market offers and sales will be made at prices
related to market prices at the time of such offer or sale; accordingly, DBSI or a dealer may change the public offering price, concession
and discount after the offering has been completed.
In order to facilitate the
offering of the notes, DBSI may engage in transactions that stabilize, maintain or otherwise affect the price of the notes. Specifically,
DBSI may sell more notes than it is obligated to purchase in connection with the offering, creating a naked short position in the notes
for its own account. DBSI must close out any naked short position by purchasing the notes in the open market. A naked short position is
more likely to be created if DBSI is concerned that there may be downward pressure on the price of the notes in the open market after
pricing that could adversely affect investors who purchase in the offering. As an additional means of facilitating the offering, DBSI
may bid for, and purchase, notes in the open market to stabilize the price of the notes. Any of these activities may raise or maintain
the market price of the notes above independent market levels or prevent or slow a decline in the market price of the notes. DBSI is not
required to engage in these activities and may end any of these activities at any time.
No action has been or will
be taken by us, DBSI or any dealer that would permit a public offering of the notes or possession or distribution of this pricing supplement,
the accompanying prospectus supplement or prospectus other than in the United States, where action for that purpose is required. No offers,
sales or deliveries of the notes, or distribution of this pricing supplement, the accompanying prospectus supplement or prospectus or
any other offering material relating to the notes, may be made in or from any jurisdiction except in circumstances which will result in
compliance with any applicable laws and regulations and will not impose any obligations on us, DBSI or any dealer.
DBSI
has represented and agreed that if any notes are to be offered outside the United States, it will not offer or sell any such notes in
any jurisdiction if such offer or sale would not be in compliance with any applicable law or regulation or if any consent, approval or
permission is needed for such offer or sale by it or for or on behalf of the Issuer unless such consent, approval or permission has been
previously obtained and DBSI will obtain any consent, approval or permission required by it for the subscription, offer, sale or delivery
of the notes, or the distribution of any offering materials, under the laws and regulations in force in any jurisdiction to which it is
subject or in or from which it makes any subscription, offer, sale or delivery.
Notice to Prospective Investors in the EEA
This pricing supplement and the
accompanying prospectus supplement and prospectus have been prepared on the basis that any offer of notes in any Member State of the European
Economic Area (“EEA”) will be made pursuant to an exemption under Regulation (EU) 2017/1129 (as amended, the “Prospectus
Regulation”) from the requirement to publish a prospectus for offers of notes. The accompanying prospectus supplement and the
accompanying prospectus are not a prospectus for the purposes of the Prospectus Regulation.
Prohibition of Sales To EEA Retail Investors
The notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in
the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a qualified investor as defined in the Prospectus Regulation
.. The expression an offer includes the communication in any form and by any means of sufficient information on the terms of the offer
and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes. Consequently no key information
document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the
notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes
or otherwise making them available to any retail investor in the EEA be unlawful under the PRIIPs Regulation.
Notice to Prospective Investors in the UK
This pricing supplement and the
accompanying prospectus supplement and prospectus have been prepared on the basis that any offer of notes in the United Kingdom (“UK”)
will be made pursuant to an exemption under Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 (the “UK Prospectus Regulation”) from the requirement to publish a prospectus for offers of notes.
The accompanying prospectus supplement and the accompanying prospectus are not a prospectus for the purposes of the UK Prospectus Regulation.
Prohibition of Sales to UK Retail Investors
The notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in
the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of
Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”);
or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (“FSMA”),
and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA
or (iii) not a qualified investor as defined in Article 2 of the UK Prospectus Regulation. The expression an offer includes the communication
in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor
to decide to purchase or subscribe for the notes. Consequently no key information document required by Regulation (EU) No 1286/2014 as
it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes
or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise
making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
Validity of the Notes
In the opinion
of Davis Polk & Wardwell LLP, as special United States products counsel to the Issuer, when the notes offered by this pricing supplement
have been issued by the Issuer pursuant to the Indenture, the trustee and/or paying agent has made, in accordance with the instructions
from the Issuer, the appropriate entries or notations in its records
relating
to the master global note that represents such notes (the “master note”), and such notes have been delivered against payment
as contemplated herein, such notes will be valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable
principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and
possible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors’
rights, provided that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar
provision of applicable law on the conclusions expressed above and (ii) the validity, legally binding effect or enforceability of any
provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent determined
to constitute unearned interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar
as this opinion involves matters governed by German law, Davis Polk & Wardwell LLP has relied, without independent investigation,
on the opinion of Group Legal Services of Deutsche Bank AG, dated April 26, 2024, filed as an exhibit to the opinion of Davis Polk &
Wardwell LLP, and this opinion is subject to the same assumptions, qualifications and limitations with respect to such matters as are
contained in such opinion of Group Legal Services of Deutsche Bank AG. In addition, this opinion is subject to customary assumptions about
the trustee’s authorization, execution and delivery of the Indenture and the authentication of the master note by the authenticating
agent and the validity, binding nature and enforceability of the Indenture with respect to the trustee, all as stated in the opinion of
Davis Polk & Wardwell LLP dated April 26, 2024, which has been filed as an exhibit to the Registration Statement referred to above.
Exhibit
107
The
pricing supplement to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price
of the related offering is $428,000.
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