DEUTSCHE BANK AG LONDON - Deutsche Bank AG London - Redemption Notice - Deutsche Bank Exchange Traded Notes

Deutsche Bank AG London - Redemption Notice - Deutsche Bank Exchange Traded Notes

Deutsche Bank AG (incorporated on 10 March 1870 under the law of the Federal Republic of
Germany) acting through its London Branch.

NOTICE TO SECURITYHOLDERS
         by
Deutsche Bank AG, London
(the “Issuer” and “Calculation Agent”)
         under
Deutsche Bank AG x-markets Programme Memorandum dated 14 December 2001 (as
supplemented by the Supplement to the Programme memorandum dated 31 July 2009)
         (the “Programme Memorandum”)
         in relation to the issue of:

                        JSE                                                    Date of Pricing
        ISIN            Code                Name of the product                 Supplement
                                  Issue of up to 20,000,000 Perpetual
 DE000DE298C8        DBCHIN
                                  Certificates relating to MSCI China Index
                                  Total Return Net                              27 June 2011
                                  Issue of up to 20,000,000 Perpetual
 DE000DE298B0         DBEMER      Certificates relating to MSCI Emerging
                                  Markets Index Total Return Net
                                                                                27 June 2011
                                  Issue of up to 20,000,000 Perpetual
 DE000DE298D6         DBAFRI      Certificates relating to MSCI EFM Africa
                                  TOP 50 Capped TRN Index
                                                                                27 June 2011



                         (Each individually referred to as the “Securities”)

We refer to the Securities and the related Pricing Supplements applicable to the Securities.

Subsequent to the SENS announcements released on 10 September 2019 and 12 December 2019,
notice is hereby given to Securityholders of the following:



    1. The Issuer has irrevocably exercised its unconditional Redemption Right to redeem the
       Securities in whole in accordance with Product Condition 2.1 relating to the Securities;
    2. The last day to trade in the Securities and Redemption Date was Tuesday 14 January 2020;
    3. The net cash amount receivable by Securityholders has been calculated as:
       DBCHIN                            8695 cents
       DBEMER                            7412 cents
       DBAFRI                            12254 cents

    4. The securities have been suspended at the commencement of trade on Wednesday 15
       January 2020.
    5. The record date to participate in the Redemption will be Friday, 17 January 2020;
    6. The Redemption Settlement Date will be the fourth Business Day following the Redemption
       Date, being Monday 20 January 2020;
    7. The securities will be terminated at commencement of trade on Tuesday, 21 January 2020
    8. Securityholders will on the Redemption Settlement Date receive the Cash Settlement
       Amount less any Securityholder Expenses as calculated by the Calculation Agent;
    9. The Issuer will deliver the Cash Settlement Amount less security holder expenses to Strate
        Proprietary Limited (‘STRATE’) on the Redemption Settlement Date, following which the
        Issuer will be discharged of its payment obligations;
    10. Each of the persons shown in the records of STRATE and/or the Participants as the holder
        of a particular number of the Securities must look solely to the STRATE and/or the relevant
        Participant for his share of each such payment so made by the Issuer to, or to the order of,
        STRATE.



Terms with initial capital letters which are not defined in this notice shall have the meaning ascribed
to them in the Pricing Supplement or Programme Memorandum, as the case may be.

If you are not the ultimate beneficial holder in respect of the Securities, or if you have recently
disposed of the Securities, please forward this notice to the ultimate beneficial holder or purchaser
respectively and notify the Clearing Agent of the change of Securityholder.

Deutsche Bank AG, London
15 Janaury 2020

Date: 15-01-2020 10:50:00
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