Registration Statement No. 333-226421 Dated April 22, 2019; Rule …

[Pages:169]Amendment No. 5 to pricing supplements Nos. 208, 235, 341, 342, 343 and 344 dated July 31, 2015 and pricing supplement No. 1842 dated December 1, 2015 (as amended by amendment No. 1 dated November 30, 2015, amendment No. 2 dated January 4, 2016, amendments No. 3 dated January 4, 2016, amendment No. 3 dated March 15, 2016 and amendment No. 4 dated June 21, 2016, as applicable) To prospectus supplement dated July 31, 2015 and prospectus dated July 31, 2015

Registration Statement No. 333-226421 Dated April 22, 2019; Rule 424(b)(3)

Deutsche Bank AG, London Branch

ELEMENTSSM Linked to the Morningstar? Wide Moat FocusSM Total Return Index due October 24, 2022 ELEMENTSSM--"Dogs of the Dow" Linked to the Dow Jones High Yield Select 10 Total Return IndexSM due November 14, 2022 DB Agriculture Double Long Exchange Traded Notes due April 1, 2038 DB Agriculture Long Exchange Traded Notes due April 1, 2038 DB Base Metals Double Short Exchange Traded Notes due June 1, 2038 DB Base Metals Double Long Exchange Traded Notes due June 1, 2038 DB Base Metals Short Exchange Traded Notes due June 1, 2038 DB Crude Oil Long Exchange Traded Notes due June 1, 2038 DB Crude Oil Short Exchange Traded Notes due June 1, 2038 DB Commodity Double Long Exchange Traded Notes due April 1, 2038 DB Commodity Short Exchange Traded Notes due April 1, 2038 FI Enhanced Global High Yield ETN Linked to the MSCI World High Dividend Yield USD Gross Total Return Index due October 12, 2023

This amendment No. 5 amends the original pricing supplements of the twelve Exchange Traded Notes set forth above, as amended by amendment No. 1 dated November 30, 2015, amendment No. 2 dated January 4, 2016, amendments No. 3 dated January 4, 2016, amendment No. 3 dated March 15, 2016 and amendment No. 4 dated June 21, 2016, as applicable (together, the "previous amendments"). We refer to the above twelve Exchange Traded Notes as the "securities" in this amendment No. 5. Other than the specific amendments described below, the terms of the securities are as described in the relevant original pricing supplement for each security, as amended by the previous amendments.

Delisting of Securities

Due to low levels of trading activity for the securities, Deutsche Bank delisted the securities from NYSE Arca after the close of trading on April 12, 2019. The securities will remain outstanding after the delisting, but they will no longer trade on any national securities exchange. To provide liquidity, Deutsche Bank will repurchase your securities if you exercise your repurchase right as described below under "Repurchase at Your Option," regardless of the number of securities you elect to offer to Deutsche Bank for repurchase.

Repurchase at Your Option

Following the delisting, you will continue to have the right to require Deutsche Bank to repurchase your securities for an amount in cash equal to the "repurchase value" on the applicable valuation date, subject to the notice cut-off time and other requirements described in the relevant original pricing supplement, except that, starting from April 22, 2019 (the "Effective Date"), we will eliminate the requirement that you must offer a minimum number of securities in order to effect a repurchase by Deutsche Bank at your option. On or after the Effective Date, Deutsche Bank will repurchase your securities regardless of the number of securities you elect to offer to Deutsche Bank for repurchase.

If you wish to offer your securities to Deutsche Bank for repurchase, please contact Deutsche Bank Securities Inc. by phone at 212-2504940 or by email at db_etn_redemptions@list..

As a result of this modification, any "Specific Terms of the Securities -- Repurchase at Your Option" and "-- Repurchase Procedures" in the relevant original pricing supplement and any "Form of Offer for Repurchase" and "Broker's Confirmation of Repurchase" in Annex A to the relevant original pricing supplement will be deemed to be amended to reflect the elimination of the minimum repurchase amount pursuant to this amendment No. 5.

Investing in the securities involves a number of risks. See "Risk Factors" in the original pricing supplements. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this amendment No. 5, the previous amendments, the relevant original pricing supplement or the accompanying prospectus supplement or prospectus. Any representation to the contrary is a criminal offense. The agent for the offerings, Deutsche Bank Securities Inc., is our affiliate. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in the relevant original pricing supplement for more information. The securities 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.

April 22, 2019

Deutsche Bank Securities

Selling Your Securities in the Secondary Market Could Lead to Significant Losses

The intraday indicative security value of the securities is not the same as the trading price of such securities in the secondary market. The intraday indicative security value is meant to approximate the economic value of the securities at any given time during a trading day. The trading price of the securities at any time is the price that you may be able to sell or purchase the securities in the secondary market at such time. The trading price of the securities at any time may vary significantly from their intraday indicative security value at such time due to, among other things, imbalances of supply and demand, lack of liquidity, transaction costs, credit considerations and bid-offer spreads, many of which are beyond our control. You can compare the trading price of the securities against the intraday indicative security value to determine whether the securities are trading in the secondary market at a premium or a discount to the economic value of the securities at any given time.

If the securities trade in the secondary market at a discount below the intraday indicative security value, you will receive less than the intraday indicative security value if you sell the securities in the market at such time. The trading price in the secondary market may be significantly less than the repurchase value you would receive had you exercised your right to have the securities repurchased by Deutsche Bank.

Please contact Deutsche Bank Securities Inc. as described above under "Repurchase at Your Option" if you wish to offer your securities to Deutsche Bank for repurchase.

There may be little or no secondary market for the securities following the delisting. We or our affiliates intend to act as market makers for the securities but are not required to do so and may cease such market making activities at any time.

Starting from the Effective Date, you can find the Intraday Indicative Security Value of the relevant securities using the tickers in the table below, which will replace the corresponding tickers for the securities as described in the original pricing supplements. The tickers for the Repurchase Value will remain the same as described in the original pricing supplements.

ETN

CUSIP

ELEMENTSSM Linked to the Morningstar? Wide Moat FocusSM Total Return Index due October 24, 2022

ELEMENTSSM--"Dogs of the Dow" Linked to the Dow Jones High Yield Select 10 Total Return IndexSM due November 14, 2022

DB Agriculture Double Long Exchange Traded Notes due April 1, 2038

DB Agriculture Long Exchange Traded Notes due April 1, 2038

DB Base Metals Double Short Exchange Traded Notes due June 1, 2038

DB Base Metals Double Long Exchange Traded Notes due June 1, 2038

DB Base Metals Short Exchange Traded Notes due June 1, 2038

DB Crude Oil Short Exchange Traded Notes due June 1, 2038

DB Crude Oil Long Exchange Traded Notes due June 1, 2038

DB Commodity Double Long Exchange Traded Notes due April 1, 2038

DB Commodity Short Exchange Traded Notes due April 1, 2038

FI Enhanced Global High Yield ETN Linked to the MSCI World High Dividend Yield USD Gross Total Return Index due October 12, 2023

25153Q708

25153Q658

25154H558 25154H533 25154K858 25154K841 25154K833 25154K874 25154K866 25154H475 25154H467 25155L293

Old ETN Ticker WMW

DOD

DAG AGF BOM BDD BOS SZO OLO DYY DDP FIEG

New ETN Ticker

WMWXF

DODXF

DAGXF AGFXF BOMMF BDDXF BOSXF SZOXF OLOXF DYYXF DDPXF FIEGF

Intraday Indicative Security Value Ticker

WMWXFIV

DODXFIV

DAGXFIV AGFXFIV BOMMFIV BDDXFIV BOSXFIV SZOXFIV OLOXFIV DYYXFIV DDPXFIV FIEGFIV

Repurchase Value Ticker

--

--

DAGRP AGFRP BOMRP BDDRP BOSRP SZORP OLORP DYYRP DDPRP

--

The securities do not guarantee any return of principal and an investment in the securities may result in a loss on an accelerated basis. Anyone considering investing in the securities or continuing to hold the securities should consider the risks described in the pricing supplements for the relevant securities when making an investment decision and consult with their broker or financial adviser to evaluate their investment in the securities.

We describe each security in the relevant original pricing supplement (as amended by the previous amendments), prospectus supplement and prospectus filed with the Securities and Exchange Commission, or SEC. You may access the previous amendments, the relevant original pricing supplement and the related prospectus supplement and prospectus on the SEC website:

? Amendment No. 4 dated June 21, 2016 to pricing supplement No. 208:

? Amendment No. 3 dated March 15, 2016 to pricing supplements Nos. 304, 341, 342, 343 and 344:

? Amendment No. 3 dated January 4, 2016 to pricing supplement No. 208:

? Amendment No. 3 dated January 4, 2016 to pricing supplement No. 235:

? Amendment No. 2 dated January 4, 2016 to pricing supplements Nos. 208, 235, 304, 341, 342, 343, 344, 693, 1139, 1140, 1253 and 1842:

? Amendment No. 1 dated November 30, 2015 to pricing supplements Nos. 208, 235, 304, 341, 342, 343, 344, 693, 1139, 1140, 1253 and 1842:

? Original pricing supplement No. 208 dated July 31, 2015:

? Original pricing supplement No. 235 dated July 31, 2015:

? Original pricing supplement No. 341 dated July 31, 2015:

? Original pricing supplement No. 342 dated July 31, 2015:

? Original pricing supplement No. 343 dated July 31, 2015:

? Original pricing supplement No. 344 dated July 31, 2015:

? Original pricing supplement No. 1842 dated December 1, 2015:

? Prospectus supplement dated July 31, 2015:

? Prospectus dated July 31, 2015:

Terms used but not defined herein have the meanings given to such terms in the relevant original pricing supplement.

Amendment No. 3 to pricing supplement No. 235 dated July 31, 2015 (as amended by the amendment No. 1 dated November 30, 2015 and the amendment No. 2 dated January 4, 2016) To prospectus supplement dated July 31, 2015 and prospectus dated July 31, 2015

Registration Statement No. 333-206013 Dated January 4, 2016; Rule 424(b)(3)

25,000,000 ELEMENTSSM--"Dogs of the Dow"

Linked to the Dow Jones High Yield Select 10 Total Return IndexSM

due November 14, 2022

? This amendment No. 3 amends the original pricing supplement dated July 31, 2015 relating to the ELEMENTSSM--"Dogs of the Dow"

Linked to the Dow Jones High Yield Select 10 Total Return IndexSM Exchange Traded Notes (the "Securities"), as amended by the amendment No. 1 dated November 30, 2015 and the amendment No. 2 dated January 4, 2016. The Securities do not guarantee any return of principal at maturity and do not pay any interest during their term. Instead, you will receive a cash payment at maturity or upon repurchase by Deutsche Bank AG, London Branch ("Deutsche Bank") based on the performance of the Dow Jones High Yield Select 10 Total Return IndexSM, less an investor fee. Other than the specific amendments described below, the terms of the Securities are as described in the original pricing supplement dated July 31, 2015, as amended by the amendment No. 1 dated November 30, 2015 and the amendment No. 2 dated January 4, 2016.

? Repurchase at Your Option

Subject to the requirements described in the original pricing supplement, you have the right to require Deutsche Bank to repurchase your Securities for an amount in cash equal to the "daily repurchase value" on the applicable valuation date. After the close of trading on January 4, 2016 (the "Effective Date"), the minimum number of securities you must irrevocably offer in order to effect a repurchase by Deutsche Bank at your option (the "Minimum Repurchase Amount") will be reduced from a minimum of 250,000 securities to a minimum of 10,000 Securities. At any time, however, we will have the sole discretion to further reduce the Minimum Repurchase Amount. Any such reduction will be applied on a consistent basis for all holders of the securities at the time the reduction becomes effective. As a result of this modification, the "Specific Terms of the Securities -- Payment Upon Repurchase" and "-- Repurchase Procedures" in the original pricing supplement and the "Form of Offer for Repurchase" and the "Broker's Confirmation of Repurchase" in Annex A to the original pricing supplement will be deemed to be amended to reflect the minimum repurchase amount of 10,000 Securities, as well as any announced further reduction of the Minimum Repurchase Amount. After the Effective Date, if less than 10,000 Securities of an offering are outstanding, you will not be able to avail yourself of the repurchase option.

? As disclosed in the pricing supplement, the market value of the Securities may be influenced by, among other things, supply and demand

for the Securities. It is possible that the reduction of the Minimum Repurchase Amount may materially influence the market value and the liquidity of the Securities.

? We describe the Securities in the original pricing supplement (as amended by amendment No. 1 and amendment No. 2), prospectus

supplement and prospectus filed with the Securities and Exchange Commission, or SEC. You may access the amendment No. 2, the amendment No. 1, the original pricing supplement and the related prospectus supplement and prospectus on the SEC website:

? Amendment No. 2 dated January 4, 2016:



? Amendment No. 1 dated November 30, 2015:



? Original pricing supplement dated July 31, 2015:



? Prospectus supplement dated July 31, 2015:



? Prospectus dated July 31, 2015:



Terms used but not defined herein have the meanings given to such terms in the original pricing supplement.

? Stated Principal Amount: $10 per security.

? CUSIP Number:

25153Q 65 8

Investing in the Securities involves a number of risks. See "Risk Factors" beginning on page PS-11 of the original pricing supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this amendment No. 3 to the original pricing supplement, amendment No. 2 or amendment No. 1 to the original pricing supplement, the original pricing supplement or the accompanying prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

The agent for this offering, Deutsche Bank Securities Inc., is our affiliate. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in the original pricing supplement for more information.

The Securities are not bank 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.

January 4, 2016

Deutsche Bank Securities

Amendment No. 2 to pricing supplements Nos. 208, 235, 304, 341, 342, 343, 344, 693, 1139, 1140, 1253 and 1842 dated July 31, 2015 (as amended by the amendment No. 1 dated November 30, 2015) To prospectus supplement dated July 31, 2015 and prospectus dated July 31, 2015

Registration Statement No. 333-206013 Dated January 4, 2016; Rule 424(b)(3)

Deutsche Bank AG, London Branch

ELEMENTSSM Linked to the Morningstar? Wide Moat FocusSM Total Return Index due October 24, 2022 ELEMENTSSM--"Dogs of the Dow" Linked to the Dow Jones High Yield Select 10 Total Return IndexSM due November 14, 2022

DB Gold Double Short Exchange Traded Notes due February 15, 2038 DB Gold Double Long Exchange Traded Notes due February 15, 2038 DB Gold Short Exchange Traded Notes due February 15, 2038

DB Agriculture Double Short Exchange Traded Notes due April 1, 2038 DB Agriculture Double Long Exchange Traded Notes due April 1, 2038 DB Agriculture Short Exchange Traded Notes due April 1, 2038 DB Agriculture Long Exchange Traded Notes due April 1, 2038

DB Commodity Double Short Exchange Traded Notes due April 1, 2038 DB Commodity Double Long Exchange Traded Notes due April 1, 2038 DB Commodity Short Exchange Traded Notes due April 1, 2038 DB Commodity Long Exchange Traded Notes due April 1, 2038

DB Base Metals Double Short Exchange Traded Notes due June 1, 2038 DB Base Metals Double Long Exchange Traded Notes due June 1, 2038 DB Base Metals Short Exchange Traded Notes due June 1, 2038 DB Base Metals Long Exchange Traded Notes due June 1, 2038

DB Crude Oil Double Short Exchange Traded Notes due June 1, 2038 DB Crude Oil Short Exchange Traded Notes due June 1, 2038 DB Crude Oil Long Exchange Traded Notes due June 1, 2038

DB 3x Short 25+ Year Treasury Bond Exchange Traded Notes due May 31, 2040 DB 3x Long 25+ Year Treasury Bond Exchange Traded Notes due May 31, 2040

DB 3x German Bund Futures Exchange Traded Notes due March 31, 2021 DB German Bund Futures Exchange Traded Notes due March 31, 2021

DB 3x Japanese Govt Bond Futures Exchange Traded Notes due March 31, 2021 DB Japanese Govt Bond Futures Exchange Traded Notes due March 31, 2021 DB 3x Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021 DB Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021

FI Enhanced Global High Yield ETN Linked to the MSCI World High Dividend Yield USD Gross Total Return Index

This amendment No. 2 amends the original pricing supplements dated July 31, 2015 of the twenty-nine Exchange Traded Notes set forth above, each as amended by the amendment No. 1 dated November 30, 2015. We refer to the above twenty-nine Exchange Traded Notes as the "securities" in this Amendment No. 2. Other than the specific amendments described below, the terms of the securities are as described in the relevant original pricing supplement for each security, each as amended by the amendment No. 1 dated November 30, 2015.

Effective the date of this amendment No. 2, the contact information of Deutsche Bank Securities Inc. ("DBSI") in the Form of Offer for Repurchase appended to the relevant pricing supplement for each security will be modified as follows:

? For each of the ELEMENTSSM Linked to the Morningstar? Wide Moat FocusSM Total Return Index due October 24, 2022 and the ELEMENTSSM--"Dogs of the Dow" Linked to the Dow Jones High Yield Select 10 Total Return IndexSM due November 14, 2022, "Fax: 917-512-9226" will be replaced with "Phone: 212-250-6054; Email: Equity_ETN.Confirmations@list. (or other contact information provided by DBSI)."

? For each of the Gold Double Short ETNs, Gold Double Long ETNs, Gold Short ETNs, Agriculture Double Short ETNs, Agriculture Double Long ETNs, Agriculture Short ETNs, Agriculture Long ETNs, Commodity Double Short ETNs, Commodity Double Long ETNs, Commodity Short ETNs and Commodity Long ETNs, Base Metals Double Short ETNs, Base Metals Double Long ETNs, Base Metals Short ETNs, Base Metals Long ETNs, Crude Oil Double Short ETNs, Crude Oil Short ETNs, Crude Oil Long ETNs, "Fax: 917-338-3849" will be replaced with "Email: ETN.creations.redemptions@list. (or other contact information provided by DBSI)."

? For each of the 3x Short UST ETNs, 3x Long UST ETNs, 3x German Bund Futures ETNs, German Bund Futures ETNs, 3x JGB Futures ETNs, JGB Futures ETNs, 3x Inverse JGB Futures ETNs and Inverse JGB Futures ETNs, "Fax: 917-338-3849" will be replaced with "Email: Rates_ETNs@list. (or other contact information provided by DBSI)."

? For the FI Enhanced Global High Yield ETN Linked to the MSCI World High Dividend Yield USD Gross Total Return Index, "Phone: 212-250-6689 or 212-250-2356; Email: EIMG.NY@" will be replaced with "Phone: 212-250-6054; Email: LDN_EQ_ETNs@list. (or other contact information provided by DBSI)."

Investing in the securities involves a number of risks. See "Risk Factors" in the original pricing supplements.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this amendment No. 2 to the original pricing supplements, amendment No. 1 to the original pricing supplements, the relevant original pricing supplement or the accompanying prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

The agent for the offerings, Deutsche Bank Securities Inc., is our affiliate. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in the relevant original pricing supplement for more information.

The securities are not bank 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.

January 4, 2016

Deutsche Bank Securities

We describe the securities in the relevant original pricing supplement (each as amended by amendment No. 1), prospectus supplement and prospectus filed with the Securities and Exchange Commission, or SEC. You may access the amendment No. 1, the relevant original pricing supplement and the related prospectus supplement and prospectus on the SEC website:

? Amendment No. 1 dated November 30, 2015:

? Original pricing supplement No. 208 dated July 31, 2015:

? Original pricing supplement No. 235 dated July 31, 2015:

? Original pricing supplement No. 304 dated July 31, 2015:

? Original pricing supplement No. 341 dated July 31, 2015:

? Original pricing supplement No. 342 dated July 31, 2015:

? Original pricing supplement No. 343 dated July 31, 2015:

? Original pricing supplement No. 344 dated July 31, 2015:

? Original pricing supplement No. 693 dated July 31, 2015:

? Original pricing supplement No. 1139 dated July 31, 2015:

? Original pricing supplement No. 1140 dated July 31, 2015:

? Original pricing supplement No. 1253 dated July 31, 2015:

? Original pricing supplement No. 1842 dated July 31, 2015:

? Prospectus supplement dated July 31, 2015:

? Prospectus dated July 31, 2015:

Terms used but not defined herein have the meanings given to such terms in the relevant original pricing supplement.

Amendment No. 1 to pricing supplements Nos. 208, 235, 304, 341, 342, 343, 344, 693, 1139, 1140, 1253 and 1842 dated July 31, 2015 To prospectus supplement dated July 31, 2015 and prospectus dated July 31, 2015

Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-206013

Deutsche Bank AG, London Branch ELEMENTSSM Linked to the Morningstar? Wide Moat FocusSM Total Return Index due October 24, 2022 ELEMENTSSM--"Dogs of the Dow" Linked to the Dow Jones High Yield Select 10 Total Return IndexSM due November 14, 2022

DB Gold Double Short Exchange Traded Notes due February 15, 2038 DB Gold Double Long Exchange Traded Notes due February 15, 2038 DB Gold Short Exchange Traded Notes due February 15, 2038

DB Base Metals Double Short Exchange Traded Notes due June 1, 2038 DB Base Metals Double Long Exchange Traded Notes due June 1, 2038 DB Base Metals Short Exchange Traded Notes due June 1, 2038 DB Base Metals Long Exchange Traded Notes due June 1, 2038

DB Crude Oil Double Short Exchange Traded Notes due June 1, 2038 DB Crude Oil Short Exchange Traded Notes due June 1, 2038 DB Crude Oil Long Exchange Traded Notes due June 1, 2038

DB 3x Short 25+ Year Treasury Bond Exchange Traded Notes due May 31, 2040 DB 3x Long 25+ Year Treasury Bond Exchange Traded Notes due May 31, 2040

DB 3x German Bund Futures Exchange Traded Notes due March 31, 2021 DB German Bund Futures Exchange Traded Notes due March 31, 2021

DB 3x Japanese Govt Bond Futures Exchange Traded Notes due March 31, 2021 DB Japanese Govt Bond Futures Exchange Traded Notes due March 31, 2021 DB 3x Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021 DB Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021

FI Enhanced Global High Yield ETN Linked to the MSCI World High Dividend Yield USD Gross Total Return Index

Deutsche Bank AG announced on November 25, 2015 that, effective January 1, 2016, it will suspend any further issuances of the twenty-one Exchange Traded Notes set forth above (the "2016 Suspended Securities"). The holders' option to require Deutsche Bank AG to repurchase the 2016 Suspended Securities will not be affected by this suspension. However, Deutsche Bank AG will not be making additional issuances of these 2016 Suspended Securities to the market effective January 1, 2016.

DB Agriculture Double Short Exchange Traded Notes due April 1, 2038 DB Agriculture Double Long Exchange Traded Notes due April 1, 2038 DB Agriculture Short Exchange Traded Notes due April 1, 2038 DB Agriculture Long Exchange Traded Notes due April 1, 2038

DB Commodity Double Short Exchange Traded Notes due April 1, 2038 DB Commodity Double Long Exchange Traded Notes due April 1, 2038 DB Commodity Short Exchange Traded Notes due April 1, 2038 DB Commodity Long Exchange Traded Notes due April 1, 2038

As previously announced, further issuances of the DB Agriculture Double Long Exchange Traded Notes were suspended on February 14, 2011, and further issuances of the remaining three DB Agriculture Exchange Traded Notes and four DB Commodity Exchange Traded Notes set forth above were suspended on February 9, 2012. We refer to the eight Agriculture and Commodity Exchange Traded Notes, together with the twenty-one 2016 Suspended Securities, as the "securities" in this Amendment No. 1.

As disclosed in the relevant original pricing supplement for each security, the market value of the securities may be influenced by, among other things, the levels of supply and demand for such securities. It is possible that the suspension may materially influence the market value and the liquidity of the securities. The limitations on issuance and sale may cause an imbalance of supply and demand in the secondary market for the securities, which may cause the securities to trade at a premium or discount in relation to their intraday indicative value. See "Risk Factors -- We may issue and sell additional securities from time to time but we are under no obligation to do so. Any limitation or suspension on the issuance of the securities may materially and adversely affect the price and liquidity of the securities in the secondary market and may cause the securities to trade at a premium or discount in relation to their intraday indicative security value" in the relevant original pricing supplement for more information. Investors considering any purchase of the securities should be aware of the fact that the trading price of the securities on the exchange could be significantly different from their intraday indicative value, which is meant to approximate the intrinsic economic value of the securities. Paying a premium purchase price over the intraday indicative value of the securities could lead to significant losses.

Investing in the securities involves a number of risks. See "Risk Factors" in the original pricing supplements.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or the adequacy of this amendment No. 1, the relevant original pricing supplement or the accompanying prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

The agent for the offerings, Deutsche Bank Securities Inc., is our affiliate. Please see "Supplemental Plan of Distribution (Conflicts of Interest)" in the relevant original pricing supplement for more information.

The securities are not bank 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.

November 30, 2015

Deutsche Bank Securities

We describe the securities in the relevant original pricing supplement, prospectus supplement and prospectus filed with the Securities and Exchange Commission, or SEC. You may access the relevant original pricing supplement, and the related prospectus supplement and prospectus, on the SEC website:

? Original pricing supplement No. 208 dated July 31, 2015:

? Original pricing supplement No. 235 dated July 31, 2015:

? Original pricing supplement No. 304 dated July 31, 2015:

? Original pricing supplement No. 341 dated July 31, 2015:

? Original pricing supplement No. 342 dated July 31, 2015:

? Original pricing supplement No. 343 dated July 31, 2015:

? Original pricing supplement No. 344 dated July 31, 2015:

? Original pricing supplement No. 693 dated July 31, 2015:

? Original pricing supplement No. 1139 dated July 31, 2015:

? Original pricing supplement No. 1140 dated July 31, 2015:

? Original pricing supplement No. 1253 dated July 31, 2015:

? Original pricing supplement No. 1842 dated July 31, 2015:

? Prospectus supplement dated July 31, 2015:

? Prospectus dated July 31, 2015:

Terms used but not defined herein have the meanings given to such terms in the relevant original pricing supplement.

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