Deutsche Bank : Consent Solicitation

RESULTS OF THE HOLDERS' MEETING

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR IN OR INTO OR TO ANY PERSON RESIDENT OR LOCATED IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO PUBLISH OR DISTRIBUTE THIS DOCUMENT.

Deutsche Bank AG

Frankfurt am Main, Germany

(the "Issuer")

announces the results of the holders' meeting of 7 December 2021

(the "Holders' Meeting")

relating to its

GBP 650,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014

(ISIN XS1071551391, Common Code 107155139 and German Securities Code (WKN) DB7XHR)

(the "Notes")

Frankfurt am Main, 8 December 2021

This announcement highlights important information and will also be published in the Federal Gazette (Bundesanzeiger) on or about 10 December 2021. Holders of the Notes (each a "Holder") are advised to carefully read this announcement in its entirety.

Unless stated otherwise, capitalised terms used, but not defined, herein will have the same meanings as assigned to them in the invitation to the Holders' Meeting dated 18 November 2021 (the "Invitation").

Result of the Holders' Meeting

The Issuer has in an invitation to vote dated 22 October 2021 (the "Invitation to Vote") requested the Holders to vote in a vote without meeting in accordance with Section 18 of the German Act on Debt Securities of 2009 (Schuldverschreibungsgesetz) (the "SchVG") during a voting period which ended at 24:00 (Frankfurt time) (end of the day) on 15 November 2021 (the "Vote without Meeting").

Due to the absence of the required quorum in the context of the Vote without Meeting, the public notary Karin Arnold, appointed by the Issuer as the scrutineer of the Vote without Meeting, convened the Holders' Meeting as a so-called "second meeting" in accordance with Section 18 (4) SchVG. The Invitation to the Holders' Meeting was published on 22 November 2021 in the Federal Gazette.

The Holders' Meeting took place on 7 December 2021. The Holders' Meeting was chaired by Karin Arnold. The minutes of the Holders' Meeting pursuant to § 16 (3) SchVG were prepared by the public notary Dr. Oliver Habighorst.

As Holders of Notes with a nominal value of more than 25% of the total nominal amount of the outstanding Notes were represented at the Holders' Meeting, the Holders' Meeting was quorate.

The Holders' Meeting has adopted the proposed amendment to the terms and conditions of the Notes (the "Terms and Conditions") as set out as agenda ITEM 1 (Resolution concerning § 3 of the Terms and Conditions) in the Invitation with the required qualified majority.

The Issuer has agreed to the resolution adopted at the Holders' Meeting.

An English language translation of the adopted resolution is set out as Annex 1to this announcement. The German language version of the resolution will be binding.

No further resolutions were passed at the Holders' Meeting.

Contestation Right of Holders

In accordance with the SchVG, each Holder has the statutory right to contest the resolution adopted by the Holders' Meeting within one month after the publication of this announcement in the Federal Gazette, which is expected to take place on 10 December 2021. A contestation claim can be based on a breach of law or the Terms and Conditions. An action for contestation must be brought before the Frankfurt Regional Court (Landgericht Frankfurt) and must be directed against the Issuer.

Implementation of the Resolution

The resolution adopted at the Holders' Meeting will become effective as soon as:

1. the statutory contestation period under the SchVG has expired (provided that no contestation proceedings are pending at that time); or
2. if contestation proceedings have been commenced, after the termination or discontinuance of such proceedings, and
3. the resolution regarding the amendment of the Terms and Conditions has been deposited with the common depositary for CBL and Euroclear and been attached to the global note representing the Notes pursuant to § 21 SchVG.

Once the resolution becomes effective, it will be binding on all Holders and their successors and transferees, whether or not such Holders consented to the amendment or participated in the Holders' Meeting. The Issuer intends to make a public announcement once the resolution becomes effective.

Availability of further information and minutes of the Holders' Meeting.

Questions regarding the results of the Holders' Meeting can be addressed at the Issuer:

Deutsche Bank Aktiengesellschaft

Mainzer Landstraße 11-17 60329 Frankfurt am Main Germany

Telephone:	[phone]
Attention:	Liability Management Team

Any Holder who was present or represented at the Holders' Meeting may request a copy of the minutes of the Holders' Meeting from the Issuer within one year after the date of the Holders' Meeting.

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DISCLAIMER

This announcement must be read in conjunction with the Invitation. This announcement and the Invitation contain important information which should be read carefully. The Invitation should be consulted for additional information regarding the Holders' Meeting. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the result of the Holders' Meeting, it should seek its own financial and legal advice, including as to any tax consequences, from its professional advisers. The distribution of this announcement and the Invitation in certain jurisdictions is restricted by law. Persons into whose possession this announcement or the Invitation comes should inform themselves about and observe any such restrictions. Persons distributing this announcement or the Invitation must satisfy themselves that it is lawful to do so. Any failure to comply with such restrictions may constitute a violation of the securities laws of the relevant country.

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Annex 1: Adopted Resolution (Convenience Translation)

§ 3 (2) to (4) of the Terms and Conditions currently reads as follows:

Rechtsverbindlicher	deutscher	Text der	English text of the Terms and Conditions of
Anleihebedingungen				the Notes (convenience translation)
(2) Zinssatz. Der Zinssatz (der "Zinssatz")	(2)	Unless expressly provided otherwise
für jede Zinsperiode (wie nachstehend		below, the Rate of Interest (the "Rate of
definiert) ist, sofern nachstehend nichts		Interest") for any Interest Period (as
Abweichendes bestimmt wird,			defined below) shall be
(a) für den Zeitraum vom Verzinsungsbeginn	(a)	for the period from the Interest
(einschließlich)	bis	zum	Ersten		Commencement Date (inclusive) to the
Vorzeitigen Rückzahlungstag (wie in § 5		First Call Date (as defined in § 5 (4))
(4) definiert) (ausschließlich) ein fester		(exclusive) a fixed rate of 7.125 per cent.
Zinssatz in Höhe von 7,125 % per		per annum, and
annum, und

1. für den Zeitraum ab dem Ersten
   VorzeitigenRückzahlungstag (einschließlich) der Referenzsatz (wie nachstehend definiert) zuzüglich der ursprünglichen Kreditmarge in Höhe von 4,257 %1 per annum.
   "Referenzsatz" bezeichnet den halbjährlichen Swapsatz für GBP-Swap- Transaktionen mit einer Laufzeit von 5 Jahren, ausgedrückt als jährliche Rate, der um 11.00 Uhr (Ortszeit London) am maßgeblichen Zinsfeststellungstag auf der Reuters-Bildschirmseite "ISDAFIX4" (bzw. einer Nachfolgeseite) (die "Bildschirmseite") unter der Überschrift "11:00 AM London time" (wie diese Überschrift jeweils erscheint) angezeigt wird.
   Für den Fall, dass der Referenzsatz am maßgeblichen Zinsfeststellungstag nicht auf der Bildschirmseite angezeigt wird, bezeichnet der Referenzsatz den auf
   jährlicher Basis ausgedrückten Prozentsatz, der auf der Grundlage der 5- Jahres-Swapsatz-Angebotssätze ermittelt wird, die der Berechnungsstelle um ca. 11.00 Uhr (Ortszeit London) am
   Zinsfeststellungstag von den Referenzbanken zur Verfügung gestellt
   werden. Falls mindestens drei Angebotssätze zur Verfügung gestellt werden, ist der Satz für den betreffenden Zinsfeststellungstag das arithmetische Mittel dieser Angebotssätze, wobei der höchste Angebotssatz (bzw. bei mehreren gleich hohen Angebotssätzen einer dieser höchsten Sätze) und der

1. for the period from the First Call Date (inclusive) the Reference Rate (as defined below) plus the initial credit spread of 4.257 per cent.1 per annum.
   "Reference Rate" means the 5 year semi-annual swap rate for GBP swap transactions, expressed as an annual rate, as displayed on the Reuters screen "ISDAFIX4" (or any successor page) (the "Screen Page") under the heading "11:00 AM London time" (as such heading may appear from time to time) as at 11:00 a.m.
   London time on the relevant Determination Date.
   In the event that the Reference Rate does not appear on the Screen Page on the relevant Determination Date, Reference Rate shall mean the percentage rate, expressed as an annual rate, determined on the basis of the 5 year Swap Rate Quotations provided by the Reference Banks to the Calculation Agent at approximately 11.00 a.m. London time on the Determination Date. If at least three quotations are provided, the rate for that Determination Date will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If only two quotations are provided, the Reference Rate will be the arithmetic mean of the

1 Entspricht der ursprünglichen Kreditmarge (initial credit spread) im Zeitpunkt der Preisfindung. Equal to the initial credit spread at the time of pricing.

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niedrigste Angebotssatz (bzw. bei

mehreren gleich niedrigen Angebotssätzen einer dieser niedrigsten Sätze) unberücksichtigt bleiben. Falls nur zwei Angebotssätze zur Verfügung gestellt werden, ist der Referenzsatz das arithmetische Mittel der zur Verfügung gestellten Angebotssätze. Falls nur ein Angebotssatz zur Verfügung gestellt wird, ist der Referenzsatz der zur Verfügung gestellte Angebotssatz. Falls keine Angebotssätze zur Verfügung gestellt werden, ist der Referenzsatz der letzte halbjährliche Swap-Satz für GBP- Swap-Transaktionen mit einer Laufzeit von 5 Jahren, der auf der Bildschirmseite verfügbar ist, ausgedrückt als eine jährliche Rate.

"5-Jahres-Swapsatz-Angebotssätze"bezeichnet das arithmetische Mittel der Geld- und Briefkurse für die halbjährliche Festzinsseite (berechnet auf der Grundlage eines Jahres mit 360 Tagen und zwölf Monaten mit je 30 Tagen) einer GBP-Zinsswap-Transaktionfest gegen variabel (i) mit einer Laufzeit von 5 Jahren, die an dem betreffenden Zinsanpassungstag beginnt, (ii) in einem Betrag, der für eine einzelne Transaktion in dem betreffenden Markt zum jeweiligen Zeitpunkt, die mit einem anerkannten Händler guter Bonität im

Swap-Markt abgeschlossen wird, repräsentativ ist, und (iii) mit einer variablen Zinsseite, die auf dem 6- Monats-GBP LIBOR (berechnet auf der Grundlage der Anzahl der in einem Jahr mit 360 Tagen tatsächlich abgelaufenen Anzahl von Tagen) basiert.

"Referenzbanken" bezeichnet fünf

führende Swap-Händler im Interbankenmarkt.

"Zinsanpassungstag" bezeichnet den Ersten Vorzeitigen Rückzahlungstag und jeden fünften Jahrestag des jeweils

unmittelbarvorhergehenden Zinsanpassungstages.

"Zinsfestlegungstag" bezeichnet in Bezug auf den Referenzsatz, der für den Zeitraum von einem Zinsanpassungstag (einschließlich) bis zum nächstfolgenden

Zinsanpassungstag (ausschließlich)

festzustellen ist, den zweiten

Geschäftstagvordem Zinsanpassungstag, an dem dieser Zeitraum beginnt.

quotations provided. If only one quotation is provided, the Reference Rate will be the quotation provided. If no quotations are provided, the Reference Rate will be equal to the last available 5 year semi- annual swap rate for GBP swap transactions, on the Screen Page, expressed as an annual rate.

"5 year Swap Rate Quotations" means the arithmetic mean of the bid and offered rates for the semi-annualfixed leg (calculated on the basis of a 360-dayyear of twelve 30-daymonths) of a fixed-for-floating GBP interest rate swap transaction which (i) has a term of 5 years commencing on the relevant Reset Date,

1. is in an amount that is representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market and (iii) has a floating leg based on the 6-months GBP LIBOR rate (calculated on the basis of the actual number of days elapsed in a 360-day year).

"Reference Banks" means five leading swap dealers in the interbank market.

"Reset Date" means the First Call Date and any fifth anniversary of the immediately preceding Reset Date.

"Determination Date" means, in respect of the Reference Rate to be determined in relation to the period from a Reset Date (inclusive) to the next following Reset Date (exclusive), the second Business Day preceding the Reset Date on which such period commences.

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