November 19, 2019 -- Notice of Redemption for Deutsche Bank Contingent Capital Trust V Wilmington, Delaware, U.S.A. CUSIP Number: 25150L108 The Regular Trustees and the Property Trustee of Deutsche Bank Contingent Capital Trust V have been notified that on December 30, 2019, Deutsche Bank AG will redeem its Initial Debt Securities and Deutsche Bank Contingent Capital LLC V will redeem its Class B Preferred Securities. We therefore hereby give notice that subject to receipt of the Redemption Price in full by the Property Trustee, the 50,600,000 8.05% Noncumulative Trust Preferred Securities having an aggregate liquidation preference amount of US$ 1,265,000,000, issued by Deutsche Bank Contingent Capital Trust V with an issue date of May 9, 2008 and the 4,800,000 8.05% Noncumulative Trust Preferred Securities having an aggregate liquidation preference amount of US$ 120,000,000, issued by Deutsche Bank Contingent Capital Trust V with an issue date of March 30, 2010, will be redeemed on December 30, 2019 at their liquidation preference amount of US$ 25 per Trust Preferred Security plus any accrued and unpaid capital payments for the current payment period to but excluding the redemption date. All regulatory preconditions are met. ____________ This security is possibly subject to an early call as a result of the occurrence of a Regulatory Event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ October 10, 2008 -- Deutsche Bank has elected to qualify the following Contingent Capital transactions as Tier 1 capital: Deutsche Bank Contingent Capital Trust V, USD 1.265bn, (ISIN: US25150L1089). The effect of such qualification is that distributions on the securities will be made on a non-cumulative rather than cumulative basis from the current payment period onwards and that the securities will rank pari passu with Deutsche Bank's other hybrid Tier 1 securities. Distributions will continue to be paid at the same rate, namely 8.00% and 8.05% respectively, post qualification. The rationale for the qualification is to further strengthen Deutsche Bank's capital base.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Deutsche Bank Contingent Capital Trust V, 8.05% Trust Preferred Securities, liquidation amount $25 per share, guaranteed by Deutsche Bank AG (NYSE: DB) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 6/30/2018 at $25 per share plus accrued and unpaid dividends, and with no maturity date. Distributions of 8.05% ($2.0125) per annum are paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the record date which is one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-67 of the prospectus for further information). Capital Payments will be cumulative, unless and until the Bank elects, prior to June 30, 2013, to qualify all or a percentage amounting to at least 10% or an integral multiple thereof of each and every Class B Preferred Security as consolidated Tier 1 regulatory capital. If the Bank makes such an election, Capital Payments on the percentage of the Class B Preferred Securities so qualified will be noncumulative beginning with the first day of the Payment Period during which the Tier 1 qualification election occurs. The trust's assets consist of the 8.05% Class B Preferred Securities that have no maturity date and which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	8.05% $2.01	$25.00 $25.00	Called for 12/30/2019 None	B1 B+ 10/07/2019	3/30, 6/30, 9/30 & 12/30 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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HOME PAGE:     http://www.db.com/
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Email Address

db.ir@db.com

Foreign Address and Phone Numbers

Address:   60262 Frankfurt am Main Germany
Main Phone Number	+49-69-910-00
Fax Number	+49-69-910-34225
Inv Rel Phone Number	+49-69-910-35395

Address and Phone Numbers

U.S. Representative	N.A.
Address:   31 West 52nd Street, 29th Floor, New York, NY 10019
Main Phone Number	212-469-7125
Fax Number	212-469-7322
Investor Relations	212-469-7125
Toll Free Phone Number	Unknown