Subject to Completion. Dated
July 17, 2017.
Deutsche Bank AG
Fixed Rate InterNotes
®
Issue Price
|
Interest Rate
|
Interest Payment Frequency
|
1
st
Interest Payment Date
|
1
st
Interest Payment Amount
|
100.00%
|
2.50% (per annum)
|
Semi-Annual
|
January 27, 2018
|
$12.50 (rounded to the nearest cent)
|
Aggregate Principal Amount
: $
Interest Type
: Fixed
Redemption
at Issuer
’
s Option
: N/A
InterNotes
®
(the
“
notes
”
) issued by Deutsche Bank AG
,
London Branch
(the
“
Issuer
”
) are senior unsecured obligations of Deutsche Bank AG
.
Investing in the notes involves a
number of risks
.
See
“
Risk Factors
”
beginning on page 5 of the accompanying
product supplement
.
Placement Agent
: Incapital LLC
Agents
: Deutsche Bank Securities Inc. and Incapital LLC
Offering Dates
:
|
July 17, 2017
|
Trade Date
:
|
July 24, 2017
|
Issue Date
:
|
July 27, 2017
|
Redemption Date(s)
:
|
N/A
|
Maturity Date
:
|
July 27, 2021
|
Minimum Denominations
:
|
$1,000
|
Principal Amount
:
|
$1,000
|
CUSIP
/
ISIN
:
|
25155MCP4 / US25155MCP41
|
Listing
:
|
The notes will not be listed on any securities exchange.
|
* Notwithstanding what is provided in the accompanying product supplement, the Interest Payment Dates
will be the 27
th
day of every sixth month, beginning on January 27, 2018 and ending on the Maturity Date.
|
|
Price to Public
|
Maximum Discounts and Commissions
(1)
|
Proceeds to Issuer
|
Per Note
|
100.00%
|
0.95%
|
99.05%
|
Total
|
$
|
$
|
$
|
|
(1)
|
The Agents may receive discounts and commissions of up to 0.40% or $4.00 per $1,000 Principal Amount
of notes. Each dealer will purchase the notes from the Agents at a price between 99.05% and 99.45% of the Principal Amount, which
may be different from the prices paid by other dealers. With respect to sales of notes by such dealer to level-fee based accounts,
the issue price of such notes will be the price paid by such dealer, in which case, such dealer will not retain any portion of
the issue price as compensation. For more detailed information about discounts and commissions, please see “Plan of Distribution
(Conflicts of Interest)” in the accompanying product supplement.
|
Deutsche Bank Securities Inc.,
an Agent for this offering, is our affiliate. For more information, see “Plan of Distribution (Conflicts of Interest)”
in the accompanying product supplement.
DTC Book Entry Only
InterNotes
®
is
a registered servicemark of Incapital Holdings LLC
By acquiring the notes
,
you will
be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure (as defined in the accompanying product
supplement) by the competent resolution authority
,
which may include the write down of all
,
or a portion
,
of
any payment on the notes or the conversion of the notes into ordinary shares or other instruments of ownership
.
In a German
insolvency proceeding or in the event of the imposition of Resolution Measures with respect to the Issuer, certain specifically
defined senior unsecured debt instruments
,
including the notes
,
would rank junior to
,
without constituting
subordinated debt
,
all other outstanding unsecured unsubordinated obligations of the Issuer
,
including some of the
other senior debt securities issued under the prospectus
,
and would be satisfied only if all such other senior unsecured
obligations of the Issuer have been paid in full
.
If any Resolution Measure becomes applicable to us
,
you may lose
some or all of your investment in the notes
.
Please see the accompanying product supplement and prospectus for more information
.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this
pricing supplement or the accompanying product supplement, prospectus supplement or prospectus. Any representation to the contrary
is a criminal offense.
The notes 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
.
Product
supplement D dated April 28, 2016:
http://www.sec.gov/Archives/edgar/data/1159508/000095010316012938/dp65301_424b2-ipsd.htm
Prospectus
supplement dated July 31, 2015:
http://www.sec.gov/Archives/edgar/data/1159508/000095010315006048/crt-dp58161_424b2.pdf
Prospectus
dated April 27, 2016:
https://www.sec.gov/Archives/edgar/data/1159508/000119312516559607/d181910d424b21.pdf
Delaware Trust Company, which acquired
the corporate trust business of Law Debenture Trust Company of New York, the predecessor trustee, is the trustee of the notes.
When you read the accompanying prospectus supplement, please note that all references in such supplement 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.
July , 2017