DB Deutsche Bank Aktiengesellschaft

We are offering Capped GEARS linked to the performance of the common stock of Apple Inc. The return on the Securities is subject to, and limited by, the Maximum Gain. The Securities are our unsubordinated and unsecured obligations and are offered for a minimum investment of $1,000 in denominations of $10.00 and integral multiples thereof. 

Please see “ Additional Terms Specific to the Securities ” in this pricing supplement. The Securities will have the terms specified in product supplement B dated July 31, 2015, the prospectus supplement dated July 31, 2015 relating to our Series A global notes of which these Securities are a part, the prospectus dated April 27, 2016 and this pricing supplement. 

The Issuer ’ s estimated value of the Securities on the Trade Date is approximately $9.541 to $9.741 per $10.00 Face Amount of Securities, which is less than the Issue Price. Please see “ Issuer ’ s Estimated Value of the Securities ” on the following page of this pricing supplement for additional information. 

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 pricing supplement or the accompanying product supplement B , prospectus supplement or prospectus . Any representation to the contrary is a criminal offense . 

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 . 

Deutsche Bank Securities Inc. (“ DBSI ”) is our affiliate. For more information, please see “Supplemental Plan of Distribution (Conflicts of Interest)”in this pricing supplement. 

The Issuer’s estimated value of the Securities is equal to the sum of our valuations of the following two components of the Securities: (i) a bond and (ii) an embedded derivative(s). The value of the bond component of the Securities is calculated based on the present value of the stream of cash payments associated with a conventional bond with a principal amount equal to the Face Amount of Securities, discounted at an internal funding rate, which is determined primarily based on our market-based yield curve, adjusted to account for our funding needs and objectives for the period matching the term of the Securities. The internal funding rate is typically lower than the rate we would pay when we issue conventional debt securities on equivalent terms. This difference in funding rate, as well as the agent’s commissions, if any, and the estimated cost of hedging our obligations under the Securities, reduces the economic terms of the Securities to you and is expected to adversely affect the price at which you may be able to sell the Securities in any secondary market. The value of the embedded derivative(s) is calculated based on our internal pricing models using relevant parameter inputs such as expected interest and dividend rates and mid-market levels of price and volatility of the assets underlying the Securities or any futures, options or swaps related to such underlying assets. Our internal pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect.

The Issuer’s estimated value of the Securities on the Trade Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Securities. The difference between the Issue Price and the Issuer’s estimated value of the Securities on the Trade Date is due to the inclusion in the Issue Price of the agent’s commissions, if any, and the cost of hedging our obligations under the Securities through one or more of our affiliates. Such hedging cost includes our or our affiliates’ expected cost of providing such hedge, as well as the profit we or our affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge.

The Issuer’s estimated value of the Securities on the Trade Date does not represent the price at which we or any of our affiliates would be willing to purchase your Securities in the secondary market at any time. Assuming no changes in market conditions or our creditworthiness and other relevant factors, the price, if any, at which we or our affiliates would be willing to purchase the Securities from you in secondary market transactions, if at all, would generally be lower than both the Issue Price and the Issuer’s estimated value of the Securities on the Trade Date. Our purchase price, if any, in secondary market transactions will be based on the estimated value of the Securities determined by reference to (i) the then-prevailing internal funding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our pricing models at that time, less a bid spread determined after taking into account the size of the repurchase, the nature of the assets underlying the Securities and then-prevailing market conditions. The price we report to financial reporting services and to distributors of our Securities for use on customer account statements would generally be determined on the same basis. However, during the period of approximately six months beginning from the Trade Date, we or our affiliates may, in our sole discretion, increase the purchase price determined as described above by an amount equal to the declining differential between the Issue Price and the Issuer’s estimated value of the Securities on the Trade Date, prorated over such period on a straight-line basis, for transactions that are individually and in the aggregate of the expected size for ordinary secondary market repurchases.

Under German and European laws and regulations, the Securities may be subject to any Resolution Measure by the competent resolution authority if we become, or are deemed by the competent supervisory authority to have become, “non-viable” (as defined under the then applicable law) and are unable to continue our regulated banking activities without a Resolution Measure becoming applicable to us. A “ Resolution Measure ” may include: (i) a write down, including to zero, of any payment (or delivery obligations) on the Securities; (ii) a conversion of the Securities into ordinary shares of (a) the Issuer, (b) any group entity or (c) any bridge bank or other instruments of ownership of such entities qualifying as common equity tier 1 capital; and/or (iii) any other resolution measure, including, but not limited to, any transfer of the Securities to another entity, the amendment, modification or variation of the terms and conditions of the Securities or the cancellation of the Securities. By acquiring the Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution authority as set forth in the accompanying prospectus dated April 27, 2016. Please read the risk factor “The Securities May Be Written Down , Be Converted into Ordinary Shares or Other Instruments of Ownership or Become Subject to Other Resolution Measures . You May Lose Some or All of Your Investment If Any Such Measure Becomes Applicable to Us ” in this pricing supplement and see the accompanying prospectus , including the risk factors beginning on page 13 of such prospectus , for further information .

You should read this pricing supplement, together with product supplement B dated July 31, 2015, the prospectus supplement dated July 31, 2015 relating to our Series A global notes of which these Securities are a part and the prospectus dated April 27, 2016. Delaware Trust Company, which acquired the corporate trust business of Law Debenture Trust Company of New York, is the successor trustee of the Securities. When you read the accompanying product supplement and prospectus supplement, please note that all references in such supplements to the prospectus dated July 31, 2015, or to any sections therein, should refer instead to the accompanying prospectus dated April 27, 2016 or to the corresponding sections of such prospectus, as applicable, unless otherwise specified or the context otherwise requires. You may access these documents on the website of the Securities and Exchange Commission (the “ SEC ”) at . www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

http://www.sec.gov/Archives/edgar/data/1159508/000095010315006059/crt_dp58181-424b2.pdf

You may revoke your offer to purchase the Securities at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the Securities prior to their issuance. We will notify you in the event of any changes to the terms of the Securities and you will be asked to accept such changes in connection with your purchase of the Securities. You may also choose to reject such changes, in which case we may reject your offer to purchase the Securities.

References to “Deutsche Bank AG,” “we,” “our” and “us” refer to Deutsche Bank AG, including, as the context requires, acting through one of its branches. In this pricing supplement, “Securities” refers to the Capped GEARS that are offered hereby, unless the context otherwise requires.

All references to “Final Underlying Price” and “Initial Underlying Price” in this pricing supplement shall be deemed to refer to “Final Level” and “Initial Level,” respectively, as used in the accompanying product supplement.

If the terms described in this pricing supplement are inconsistent with those described in the accompanying product supplement, prospectus supplement or prospectus, the terms described in this pricing supplement shall control.

This pricing supplement , together with the documents listed above , contains the terms of the Securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms , correspondence , trade ideas , structures for implementation , sample structures, brochures or other educational materials of ours . You should carefully consider , among other things , the matters set forth in “Key Risks ” in this pricing supplement and “Risk Factors ” in the accompanying product supplement , prospectus supplement and prospectus , as the Securities involve risks not associated with conventional debt securities . We urge you to consult your investment , legal , tax , accounting and other advisers before deciding to invest in the Securities .

The suitability considerations identified below are not exhaustive. Whether or not the Securities are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review “Key Risks” on page 6 of this pricing supplement and “Risk Factors” on page 7 of the accompanying product supplement, page PS-5 of the accompanying prospectus supplement and page 13 of the accompanying prospectus. For more information about the Underlying, please see the section titled “Information about the Underlying” below.

Investment Timeline
	Strike Date :		The Initial Underlying Price is observed and the Maximum Gain is set.
	Maturity Date :		The Final Underlying Price is determined and the Underlying Return is calculated on the Final Valuation Date.   If the Underlying Return is positive, Deutsche Bank AG will pay you at maturity a cash payment per $10.00 Face Amount of Securities equal to the Face Amount plus a return on the Face Amount equal to the Upside Gearing multiplied by the Underlying Return, subject to the Maximum Gain, calculated as follows:   $10.00 + [$10.00 x (the lesser of (i) Underlying Return x Upside Gearing and (ii) Maximum Gain)]   If the Underlying Return is zero, Deutsche Bank AG will pay you at maturity a cash payment per $10.00 Face Amount of Securities equal to the Face Amount.   If the Underlying Return is negative, Deutsche Bank AG will pay you at maturity a cash payment per $10.00 Face Amount of Securities that is less than the Face Amount, calculated as follows:   $10.00 + ($10.00 x Underlying Return)   In this circumstance, you will lose 1.00% of the Face Amount for every 1.00% by which the Final Underlying Price is less than the Initial Underlying Price, and you will lose some or all of your initial investment at maturity .

An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the Underlying. Some of the risks that apply to an investment in the Securities are summarized below, but we urge you to read the more detailed explanation of risks relating to the Securities generally in the “Risk Factors” sections of the accompanying product supplement, prospectus supplement and prospectus. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities.

be classified as Structured Debt Securities, and therefore to be affected after our Non-Structured Debt Securities in the event of the imposition of Resolution Measures, the competent regulatory authority or court may classify the Securities differently. Even if the Securities are classified as Structured Debt Securities, you may lose some or all of your investment in the Securities if a Resolution Measure becomes applicable to us.

By acquiring the Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution authority. As a result, you would have no claim or other right against us arising out of any Resolution Measure and the imposition of any Resolution Measure will not constitute a default or an event of default under the Securities, under the senior indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939, as amended. In addition, the trustee, the paying agent, issuing agent, registrar and The Depository Trust Company (“ DTC ”) and any direct participant in DTC or other intermediary through which you hold such Securities may take any and all necessary action, or abstain from taking any action, if required, to implement the imposition of any Resolution Measure with respect to the Securities. Accordingly , you may have limited or circumscribed rights to challenge any decision of the competent resolution authority to impose any Resolution Measure . For more information , including details on the particular German and European laws and regulations referenced above , please see the accompanying prospectus dated April 27 , 2016 , including the risk factors beginning on page 13 of such prospectus .

In addition to the factors discussed above, the value of the Securities and our purchase price in secondary market transactions after the Trade Date, if any, will vary based on many economic and market factors, including our creditworthiness, and cannot be predicted with accuracy. These changes may adversely affect the value of your Securities, including the price you may receive in any secondary market transactions. Any sale prior to the Maturity Date could result in a substantial loss to you. The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Securities to maturity.

During the term of the Securities, their value may decline significantly due to the factors described above even if the price of the Underlying remains unchanged from the Initial Underlying Price, and any sale prior to the Maturity Date could result in a substantial loss to you. You must hold the Securities to maturity to receive the stated payout from the Issuer.

The following table and hypothetical examples below illustrate the Payment at Maturity per $10.00 Face Amount of Securities for a hypothetical range of performances of the Underlying, reflect the Upside Gearing of 5.00 and the Maximum Gain of 84.00% and assume an Initial Underlying Price of $150.00. The actual Initial Underlying Price is set forth on the cover of this pricing supplement and in “Indicative Terms.” The following examples and table are hypothetical and provided for illustrative purposes only. They do not purport to be representative of every possible scenario concerning increases or decreases in the price of the Underlying relative to the Initial Underlying Price. We cannot predict the Final Underlying Price of the Underlying. You should not take these examples as an indication or assurance of the expected performance of the Underlying. You should consider carefully whether the Securities are suitable to your investment goals. The numbers in the examples and table below may have been rounded for ease of analysis and it has been assumed that no event affecting the Underlying has occurred during the term of the Securities that would cause the calculation agent to adjust the Stock Adjustment Factor.

Example 1 — The Final Underlying Price of $157 . 50 is greater than the Initial Underlying Price of $150 . 00 , resulting in an Underlying Return of 5 . 00% . Because the Underlying Return is positive and 5.00 times the Underlying Return is less than the Maximum Gain of 84.00%, Deutsche Bank AG will pay you 5.00 times the Underlying Return for a Payment at Maturity of $12.50 per $10.00 Face Amount of Securities, calculated as follows:

$10.00 + [$10.00 x (the lesser of (i) Underlying Return x Upside Gearing and (ii) Maximum Gain)]

$10.00 + [$10.00 x (5.00% x 5.00)] = $10.00 + $2.50 = $12.50

Example 2 — The Final Underlying Price of $180 . 00 is greater than the Initial Underlying Price of $150 . 00 , resulting in an Underlying Return of 20 . 00% . Because the Underlying Return is positive and 5.00 times the Underlying Return is greater than the Maximum Gain of 84.00%, Deutsche Bank AG will pay you a Payment at Maturity of $18.40 per $10.00 Face Amount of Securities, calculated as follows:

$10.00 + [$10.00  x  (the lesser of (i) Underlying Return x Upside Gearing and (ii) Maximum Gain)]

$10.00 + ($10.00 x 84.00%) = $10.00 + $8.40 = $18.40

Example 3 — The Final Underlying Price of $45 . 00 is less than the Initial Underlying Price of $150 . 00 , resulting in an Underlying Return of - 70 . 00% . Because the Underlying Return is negative, Deutsche Bank AG will pay you a Payment at Maturity of $3.00 per $10.00 Face Amount of Securities, resulting in a loss of 1.00% of the Face Amount for every 1.00% by which the Final Underlying Price is less than the Initial Underlying Price, calculated as follows:

$10.00 + ($10.00 x Underlying Return)

$10.00 + ($10.00 x -70.00%) = $3.00

If the Underlying Return is negative , for each $10 . 00 Face Amount of Securities , you will lose 1 . 00% of the Face Amount for every 1 . 00% by which the Final Underlying Price is less than the Initial Underlying Price . In this circumstance , you will lose some or all of your initial investment at maturity . Any payment on the Securities is subject to the creditworthiness of the Issuer and , if the Issuer were to default on its payment obligations or become subject to a Resolution Measure , you might not receive any amounts owed to you under the terms of the Securities and you could lose your entire investment .

All disclosures contained in this pricing supplement regarding the Underlying are derived from publicly available information. Neither Deutsche Bank AG nor any of its affiliates has participated in the preparation of, or verified, such information about the Underlying contained in this pricing supplement. You should make your own investigation into the Underlying.

Included below is a brief description of the Underlying Issuer. We obtained the historical closing price information set forth below from Bloomberg L.P. and we have not participated in the preparation of, or verified, such information. You should not take the historical closing prices of the Underlying as an indication of future performance. The Underlying is registered under the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”). Companies with securities registered under the Exchange Act are required to file certain financial and other information specified by the SEC periodically. Information filed by the Underlying Issuer with the SEC can be reviewed electronically through a web site maintained by the SEC. The address of the SEC’s web site is . http://www.sec.gov. Information filed with the SEC by the Underlying Issuer under the Exchange Act can be located by reference to its SEC file number provided below.

In addition, information filed with the SEC can be inspected and copied at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of this material can also be obtained from the Public Reference Section, at prescribed rates.

Apple Inc .

According to publicly available information, Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players, and sells related software, services, accessories, networking solutions and third-party digital content and applications. Information filed by Apple Inc. with the SEC under the Exchange Act can be located by reference to its SEC file number: 001–36743, or its CIK Code: 0000320193. The common stock of Apple Inc. is traded on the NASDAQ Stock Market under the symbol “AAPL.”

Historical Information

The following table sets forth the quarterly high and low closing prices for the common stock of Apple Inc., based on daily closing prices on the primary exchange for the common stock of Apple Inc., as reported by Bloomberg L.P. The closing price of Apple Inc.’s common stock on March 28, 2017 was $143.80.

The graph below illustrates the performance of the common stock of Apple Inc . from March 28 , 2012 to March 28 , 2017 . We obtained the historical closing prices of the Underlying from Bloomberg L . P . and we have not participated in the preparation of , or verified , such information . The historical closing prices of the Underlying should not be taken as an indication of future performance and no assurance can be given as to the Final Underlying Price or any future Closing Price of the Underlying . We cannot give you assurance that the performance of the Underlying will result in a positive return on your initial investment and you may lose some or all of your initial investment at maturity .

In the opinion of our special tax counsel, Davis Polk & Wardwell LLP, which is based on prevailing market conditions, the Securities should be treated for U.S. federal income tax purposes as prepaid financial contracts that are not debt. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the maturity or other taxable disposition of your Securities and (ii) the gain or loss on your Securities should be capital gain or loss and should be long-term capital gain or loss if you have held the Securities for more than one year. The IRS or a court might not agree with this treatment, however, in which case the timing and character of income or loss on your Securities could be materially and adversely affected.

In 2007, the U.S. Treasury Department and the IRS released a notice requesting comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether beneficial owners of these instruments should be required to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. persons should be subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect.

Withholding under legislation commonly referred to as “FATCA” might (if the Securities were recharacterized as debt instruments) apply to amounts treated as interest paid with respect to the Securities, as well as to the payment of gross proceeds of a taxable disposition, including redemption at maturity, of a Security. However, under a recent IRS notice, this regime will not apply to payments of gross proceeds (other than any amount treated as interest) with respect to dispositions occurring before January 1, 2019. You should consult your tax adviser regarding the potential application of FATCA to the Securities.

Section 871(m) of the Code and Treasury regulations promulgated thereunder (“ Section 871 ( m )”) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to non-U.S. holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations (such an index, a “ Qualified Index ”). Additionally, the applicable regulations exclude from the scope of Section 871(m) instruments issued in 2017 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an “ Underlying Security ”). Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Securities with regard to non-U.S. holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the Securities. You should consult your tax adviser regarding the potential application of Section 871(m) to the Securities.

You should review carefully the section of the accompanying product supplement entitled “U.S. Federal Income Tax Consequences.” The preceding discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel regarding the material U.S. federal income tax consequences of owning and disposing of the Securities.

Under current law, the United Kingdom will not impose withholding tax on payments made with respect to the Securities.

For a discussion of certain German tax considerations relating to the Securities, you should refer to the section in the accompanying prospectus supplement entitled “Taxation by Germany of Non-Resident Holders.”

You should consult your tax adviser regarding the U . S . federal tax consequences of an investment in the Securities (including possible alternative treatments and the issues presented by the 2007 notice) , as well as tax consequences arising under the laws of any state , local or non - U . S . taxing jurisdiction .