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Deutsche Bank Reduces the Redemption Size of Eighteen Exchange Traded Notes on a Specified Day of Each Month

Deutsche Bank today announced that it will reduce the redemption unit size on eighteen of its commodity-based Exchange Traded Notes (ETNs) to 100 ETNs (or integral multiples of 100 ETNs in excess thereof) on the 15th calendar day of each month (or, if such 15th calendar day is not a trading day, the trading day immediately thereafter).The redemption unit size for the rest of each month will remain the same as set forth in the related pricing supplement. This change will be effective after the close of trading on March 15, 2016.

As disclosed in the related pricing supplement for each ETN, the market value of the ETNs may be influenced by, among other things, the levels of supply and demand for the ETNs. It is possible that the periodic reduction of the redemption unit size as described above may materially influence the market value and the liquidity of the ETNs. As of January 1, 2016, further issuances of the ETNs were suspended. The limitations on issuances and sales implemented may cause an imbalance of supply and demand in the secondary market for the ETNs, which may cause the ETNs to trade at a premium or discount in relation to their intraday indicative value.

Investors considering any purchase or sale of the ETNs should be aware of the fact that the trading price of the ETNs on the exchange could be significantly different from their intraday indicative value, which is meant to approximate the intrinsic economic value of the ETNs, and be aware of the risks of buying at a premium or selling at a discount to the indicative value.

The following ETNs will be affected:

ETN NameNYSE Arca Ticker
DB Agriculture Double Short Exchange Traded Notes AGA
DB Agriculture Double Long Exchange Traded Notes DAG
DB Agriculture Short Exchange Traded Notes ADZ
DB Agriculture Long Exchange Traded Notes AGF
DB Base Metals Double Short Exchange Traded Notes BOM
DB Base Metals Double Long Exchange Traded Notes BDD
DB Base Metals Short Exchange Traded Notes BOS
DB Base Metals Long Exchange Traded Notes BDG
DB Commodity Double Short Exchange Traded Notes DEE
DB Commodity Double Long Exchange Traded Notes DYY
DB Commodity Short Exchange Traded Notes DDP
DB Commodity Long Exchange Traded Notes DPU
DB Crude Oil Double Short Exchange Traded Notes DTO
DB Crude Oil Short Exchange Traded Notes SZO
DB Crude Oil Long Exchange Traded Notes OLO
DB Gold Double Short Exchange Traded Notes DZZ
DB Gold Double Long Exchange Traded Notes DGP
DB Gold Short Exchange Traded Notes DGZ

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 20 March 2015 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.

Issued by the press department of Deutsche Bank AG NY

Internet: http://www.db.com

60 Wall Street, New York, NY 10005

http://www.db.com/press

Phone: +1 (212) 250-7171

E-Mail: press-media-relations.americas@db.com

Contacts:

Deutsche Bank AG Press & Media Relations
Amanda Williams, 212-250-1499
amanda.williams@db.com

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