DB Deutsche Bank Aktiengesellschaft

Subject to Completion. Dated December 12, 2017

Deutsche Bank AG   $        Callable Contingent Yield Securities Linked to the Least Performing of the S&P 500 ® Index , the EURO STOXX 50 ® Index and the iShares ® China Large - Cap ETF due April 15 , 2019

General 

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Investing in the securities involves a number of risks . See “ Risk Factors ” beginning on page 7 of the accompanying product supplement , page PS – 5 of the accompanying prospectus supplement and page 13 of the accompanying prospectus and “ Selected Risk Considerations ” beginning on page PS – 13 of this pricing supplement .

The Issuer ’ s estimated value of the securities on the Trade Date is approximately $949 . 25 to $969 . 25 per $1 , 000 Face Amount of securities , which is less than the Issue Price . Please see “ Issuer’s Estimated Value of the Securities ” on page PS – 5 of this pricing supplement for additional information .

By acquiring the securities , you will be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure ( as defined below ) by the competent resolution authority , which may include the write down of all , or a portion , of any payment on the securities or the conversion of the securities into ordinary shares or other instruments of ownership . If any Resolution Measure becomes applicable to us , you may lose some or all of your investment in the securities . Please see “ Resolution Measures and Deemed Agreement ” on page PS – 5 of this pricing supplement for more 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 underlying supplement, product supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

The agent for this offering is our affiliate. For more information, please see “Supplemental Plan of Distribution (Conflicts of Interest)” in this pricing supplement.

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

January    , 2018

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Issuer ’ s Estimated Value of the Securities

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 three 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.

Resolution Measures and Deemed Agreement

On May 15, 2014, the European Parliament and the Council of the European Union adopted a directive establishing a framework for the recovery and resolution of credit institutions and investment firms (commonly referred to as the “ Bank Recovery and Resolution Directive ”). The Bank Recovery and Resolution Directive required each member state of the European Union to adopt and publish by December 31, 2014 the laws, regulations and administrative provisions necessary to comply with the Bank Recovery and Resolution Directive. Germany adopted the Recovery and Resolution Act ( Sanierungs - und Abwicklungsgesetz , or the “ Resolution Act ”), which became effective on January 1, 2015. The Bank Recovery and Resolution Directive and the Resolution Act provided national resolution authorities with a set of resolution powers to intervene in the event that a bank is failing or likely to fail and certain other conditions are met. From January 1, 2016, the power to initiate resolution measures applicable to significant banking groups (such as Deutsche Bank Group) in the European Banking Union has been transferred to the European Single Resolution Board which, based on the European Union regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund (the “ SRM Regulation ”), works in close cooperation with the European Central Bank, the European Commission and the national resolution authorities. Pursuant to the SRM Regulation, the Resolution Act and other applicable rules 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. By acquiring the securities, you will be bound by and deemed irrevocably to consent to the provisions set forth in the accompanying prospectus, which we have summarized below.

By acquiring the securities, you will be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure by the competent resolution authority. Under the relevant resolution laws and regulations as applicable to us from time to time, the securities may be subject to the powers exercised by the competent resolution authority to: (i) write down, including to zero, any payment (or delivery obligations) on the securities; (ii) convert 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) apply 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. We refer to each of these measures as a “ Resolution Measure .” A “group entity” refers to an entity that is included in the corporate group subject to a Resolution Measure. A “bridge bank” refers to a newly chartered German bank that would receive some or all of our assets, liabilities and material contracts, including those attributable to our branches and subsidiaries, in a resolution proceeding.

Furthermore, by acquiring the securities, you:

you and the Issuer relating to the terms and conditions of the securities.

This is only a summary , for more information please see the accompanying prospectus dated April 27 , 2016 , including the risk factors beginning on page 13 of such prospectus .

Additional Terms Specific to the Securities

You should read this pricing supplement together with underlying supplement No. 1 dated August 17, 2015, 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 underlying supplement, 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):

https://www.sec.gov/Archives/edgar/data/1159508/000095010315006546/crt_dp58829-424b2.pdf

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

https://www.sec.gov/Archives/edgar/data/1159508/000095010315006048/crt-dp58161_424b2.pdf

https://www.sec.gov/Archives/edgar/data/1159508/000119312516559607/d181910d424b21.pdf

Our Central Index Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, “ we ,” “ us ” or “ our ” refers to Deutsche Bank AG, including, as the context requires, acting through one of its branches.

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 this pricing supplement and in “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.

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 any securities . You may choose to reject such changes , in which case we may reject your offer to purchase the securities .

Hypothetical Examples

The tables and hypothetical examples set forth below are for illustrative purposes only. The actual return applicable to a purchaser of the securities will depend on the Closing Levels of the Underlyings on each day during the Monitoring Period and the Observation Dates (including the Final Valuation Date) and whether the securities are redeemed by us prior to the Maturity Date. The following results are based solely on the hypothetical examples cited below. You should consider carefully whether the securities are suitable to your investment goals. The numbers appearing in the tables and hypothetical examples below may have been rounded for ease of analysis and it has been assumed that no event affecting the Fund has occurred during the term of the securities that would cause the calculation agent to adjust the Share Adjustment Factor.

If the securities are redeemed by us prior to maturity :

The Issuer may, in its sole discretion, redeem the securities in whole, but not in part, on any Coupon Payment Date prior to the Maturity Date. Therefore, the term of the securities may be as short as approximately three months. The following table illustrates the hypothetical payment on the securities (excluding any Contingent Coupon payment) per $1,000 Face Amount of securities upon an early redemption.

If the securities are redeemed by us prior to maturity, you will receive a cash payment per $1,000 Face Amount of securities on the Call Settlement Date equal to the Face Amount plus any Contingent Coupon that may be due on such date. The securities will cease to be outstanding following an early redemption and no Contingent Coupon will accrue or be payable following such early redemption.

The following hypothetical example illustrates how the payment on the securities upon an early redemption is calculated as well as how the payment of any Contingent Coupons will be determined. The example below reflects the Contingent Coupon of $25.50 that may be payable on one or more of the Coupon Payment Dates.

Example 1 : The Closing Levels of all the Underlyings are greater than or equal to their respective Coupon Barriers on the first and third Observation Dates . The Issuer elects to redeem the securities on the third Coupon Payment Date . Because the Closing Levels of all the Underlyings on the first and third Observation Dates are greater than or equal to their respective Coupon Barriers, but the Closing Level of at least one Underlying is less than its Coupon Barrier on the second Observation Date, the investor will receive the Contingent Coupon of $25.50 on each of the first and third Coupon Payment Dates, but not on the second Coupon Payment Date. Because the Issuer has elected to redeem the securities, the investor will receive a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon) on the Call Settlement Date. As a result, the investor will receive a total of $1,051.00 per $1,000 Face Amount of securities over the approximately nine months the securities were outstanding before they were redeemed by the Issuer, which is equal to the Face Amount plus the Contingent Coupons due on the first and third Coupon Payment Dates. The securities will cease to be outstanding following the early redemption and no Contingent Coupon will accrue or be payable following such early redemption.

If the securities are not redeemed by us prior to maturity :

The following table illustrates the hypothetical Payments at Maturity (excluding any Contingent Coupon) per $1,000 Face Amount of securities for a hypothetical range of performances of the Laggard Underlying if the securities are not redeemed by us prior to maturity . The hypothetical Payments at Maturity set forth in the table below reflect the Coupon Barrier and Knock-Out Level for each Underlying equal to 70.00% of its Initial Level. The actual Initial Level, Coupon Barrier and Knock-Out Level for each Underlying will be determined on the Trade Date. We make no representation or warranty as to which of the Underlyings will be the Laggard Underlying for purposes of calculating the Payment at Maturity .

N/A: Not applicable because a Knock-Out Event occurs if the Closing Level of any Underlying is less than its Knock-Out Level on any day during the Monitoring Period, including on the Final Valuation Date.

The following hypothetical examples illustrate how the payments on the securities set forth in the table immediately above are calculated as well as how the payment of any Contingent Coupons will be determined. The examples below reflect the Contingent Coupon of $25.50 that may be payable on one or more of the Coupon Payment Dates.

Example 1 : The Closing Levels of all the Underlyings on each Observation Date are greater than or equal to their respective Coupon Barriers, a Knock - Out Event has not occurred, and the Final Level of the Laggard Underlying is greater than its Initial Level , resulting in a positive Underlying Return of the Laggard Underlying . Because the Closing Levels of all the Underlyings were greater than or equal to their respective Knock-Out Levels on all days during the Monitoring Period, a Knock-Out Event has not occurred. Thus, even though the Underlying Return of the Laggard Underlying is positive, the investor will not participate in the positive performance of the Laggard Underlying and will receive on the Maturity Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon).

Because the Closing Levels of all the Underlyings on each Observation Date are greater than or equal to their respective Coupon Barriers, the investor will receive the Contingent Coupon of $25.50 on each Coupon Payment Date, including on the Maturity Date. As a result, the investor will receive a total of $127.50 per $1,000 Face Amount of securities over the approximately one year and three month term of the securities.

Example 2 : The Closing Levels of all the Underlyings on each Observation Date are greater than or equal to their respective Coupon Barriers, a Knock - Out Event has not occurred and the Final Level of the Laggard Underlying is less than its Initial Level , resulting in a negative Underlying Return of the Laggard Underlying . Because the Closing Levels of all the Underlyings were greater than or equal to their respective Knock-Out Levels on all days during the Monitoring Period, a Knock-Out Event has not occurred. Thus, even though the Underlying Return of the Laggard Underlying is negative, the investor will receive on the Maturity Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon).

Because the Closing Levels of all the Underlyings on each Observation Date are greater than or equal to their respective Coupon Barriers, the investor will receive the Contingent Coupon of $25.50 on each Coupon Payment Date, including on the Maturity Date. As a result, the investor will receive a total of $127.50 per $1,000 Face Amount of securities over the approximately one year and three month term of the securities.

Example 3: The Closing Levels of all the Underlyings are greater than or equal to their respective Coupon Barriers on the first, third and final Observation Dates and a Knock-Out Event has occurred. The Final Level of the Laggard Underlying is greater than its Initial Level . Because the Closing Level of at least one Underlying was less than its Knock-Out Level on at least one day during the Monitoring Period, a Knock-Out Event has occurred. Because the Final Level of the Laggard Underlying is greater than its Initial Level and a Knock-Out Event has occurred, the investor will receive on the Maturity Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon).

Because the Closing Levels of all the Underlyings on the first, third and final Observation Dates are greater than or equal to their respective Coupon Barriers, but the Closing Level of at least one Underlying is less than its Coupon Barrier on each of the other Observation Dates, the investor will receive the Contingent Coupon of $25.50 on the first and third Coupon Payment Dates and on the Maturity Date, but not on the other Coupon Payment Dates. As a result, the investor will receive a total of $1,076.50 per $1,000 Face Amount of securities over the approximately one year and three month term of the securities.

Example 4 : The Closing Levels of all the Underlyings are greater than or equal to their respective Coupon Barriers on the third and final Observation Dates and a Knock - Out Event has occurred. The Final Level of the Laggard Underlying is less than its Initial Level , resulting in an Underlying Return of the Laggard Underlying of - 20 . 00% . Because the Closing Level of at least one Underlying was less than its Knock-Out Level on at least one day during the Monitoring Period, a Knock-Out Event has occurred. Because a Knock-Out Event has occurred and the Final Level of the Laggard Underlying is less than its Initial Level, the investor will receive on the Maturity Date a cash payment of $800.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon), calculated as follows:

$1,000 + ($1,000 x Underlying Return of the Laggard Underlying)

$1,000 + ($1,000 x -20.00%) = $800.00

Because the Closing Levels of all the Underlyings on the third and final Observation Date are greater than or equal to their respective Coupon Barriers, but the Closing Level of at least one Underlying is less than its Coupon Barrier on each of the other Observation Dates, the investor will receive the Contingent Coupon on the third Coupon Payment Date and the on the Maturity Date, but not on the other Coupon Payment Dates. As a result, the investor will receive a total of $1,051.00 per $1,000 Face Amount of securities over the approximately one year and three month term of the securities.

Example 5 : The Closing Level of at least one Underlying is less than its Coupon Barrier on each Observation Date and a Knock - Out Event has occurred. The Final Level of the Laggard Underlying is less than its Initial Level , resulting in an Underlying Return of the Laggard Underlying of - 70 . 00% . Because the Closing Level of at least one Underlying was less than its Knock-Out Level on at least one day during the Monitoring Period, a Knock-Out Event has occurred. Because a Knock-Out Event has occurred and the Final Level of the Laggard Underlying is less than its Initial Level, the investor will receive on the Maturity Date a cash payment of $300.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon), calculated as follows:

$1,000 + ($1,000 x Underlying Return of the Laggard Underlying)

$1,000 + ($1,000 x -70.00%) = $300.00

Because the Closing Level of at least one Underlying is less than its Coupon Barrier on each Observation Date (including the final Observation Date), the investor will not receive any Contingent Coupon over the entire term of the securities. As a result, the investor will receive only $300.00 per $1,000 Face Amount of securities over the approximately one year and three month term of the securities.

Selected Purchase Considerations

securities are not redeemed by us, but a Knock-Out Event has occurred and the Final Level of the Laggard Underlying is less than its Initial Level. Any payment on the securities is subject to our ability to satisfy our obligations as they become due .

S&P 500 ^® Index

The S&P 500 ^® Index is intended to provide a performance benchmark for the U.S. equity markets. The calculation of the level of the S&P 500 ^® Index is based on the relative value of the aggregate market value of the shares of 500 companies as of a particular time as compared to the aggregate average market value of the shares of 500 similar companies during the base period of the years 1941 through 1943. In addition, as of July 31, 2017, the securities of companies with multiple share class structures are no longer eligible to be added to the S&P 500 ^® Index. This change does not affect securities that were already included in the S&P 500 ^® Index as of July 31, 2017 or any new public company spun off from such a constituent. This is only a summary of the S&P 500 ^® Index . For more information on the S&P 500 ^® Index , including information concerning its composition , calculation methodology and adjustment policy , please see the section entitled “The S&P Dow Jones Indices — The S&P U . S . Indices — The S&P 500 ^® Index ” in the accompanying underlying supplement No . 1 dated August 17 , 2015 .

EURO STOXX 50 ^® Index

The EURO STOXX 50 ^® Index is composed of the stocks of 50 major companies in the Eurozone. These companies include market sector leaders from within the 19 EURO STOXX ^® Supersector indices, which represent the Eurozone portion of the STOXX Europe 600 ^® Supersector indices. The STOXX Europe 600 ^® Supersector indices contain the 600 largest stocks traded on the major exchanges of 18 European countries. This is only a summary of the EURO STOXX 50 ^® Index . For more information on the EURO STOXX 50 ^® Index , including information concerning its composition , calculation methodology and adjustment policy , please see the section entitled “The STOXX Indices — The EURO STOXX 50 ^® Index” in the accompanying underlying supplement No . 1 dated August 17 , 2015 .

iShares ^® China Large - Cap ETF

The iShares ^® China Large-Cap ETF is an exchange-traded fund managed by iShares Trust, a registered investment company. The iShares Trust consists of numerous separate investment portfolios, including the iShares ^® China Large-Cap ETF. BlackRock Fund Advisors (the “ Fund Advisor ”) is the investment adviser of the iShares ^® China Large-Cap ETF. The iShares ^® China Large-Cap ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China 50 Index (the “ Tracked Index ”), which represents the performance of the largest companies in the Chinese equity market that are available to international investors. The Tracked Index consists of 50 of the largest and most liquid Chinese companies that trade on the Stock Exchange of Hong Kong. The component stocks included in the Tracked Index are weighted based on the total market value of their shares (but capped at 10% to avoid over-concentration in any one component stock), so that component stocks with higher total market values generally have a higher representation in the Tracked Index. The iShares ^® China Large-Cap ETF trades on the NYSE Arca under the ticker symbol “FXI.” This is only a summary of the iShares ^®  China Large - Cap ETF . For more information on the iShares ^®  China Large - Cap ETF , please see the section entitled “The iShares Exchange Traded Funds — iShares ^®  China Large-Cap ETF ” in the accompanying underlying supplement No . 1 dated August 17 , 2015 . For more information on the FTSE China 50 Index , please see the section entitled “The FTSE China 50 Index ” in the accompanying underlying supplement No . 1 dated August 17 , 2015 .

In 2007, the U.S. Treasury Department and the Internal Revenue Service (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; and the degree, if any, to which income (including any mandated accruals) realized by non-U.S. persons should be subject to withholding tax. 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 affect the tax consequences of an investment in the securities, possibly with retroactive effect.

As discussed in the section of the accompanying product supplement entitled “U.S. Federal Income Tax Consequences — ‘FATCA’ Legislation,” it would be prudent to assume that an applicable withholding agent will treat payments in respect of the securities and gross proceeds from any taxable disposition of a security (including retirement) as subject to withholding under FATCA. However, under a recent IRS notice, withholding under FATCA will not apply to payments of gross proceeds (other than any amount treated as interest) from the taxable disposition of a security 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, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2019 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 .

Selected Risk Considerations

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the Underlyings or in any of the components of the Underlyings. In addition to these selected risk considerations, you should review the “Risk Factors” sections of the accompanying product supplement, prospectus supplement and prospectus.

United States federal income tax purposes, an early redemption of the securities at the Issuer’s option would be a taxable event to you . In addition, if the securities are redeemed prior to the Maturity Date, you will not receive any Contingent Coupon that would have otherwise accrued after the Call Settlement Date.

The German law on the mechanism for the resolution of banks of November 2, 2015 ( Abwicklungsmechanismusgesetz , or the “ Resolution Mechanism Act ”) provides that, in a German insolvency proceeding of the Issuer, certain specifically defined senior unsecured debt instruments would rank junior to, without constituting subordinated debt, all other outstanding unsecured unsubordinated obligations of the Issuer and be satisfied only if all such other senior unsecured obligations of the Issuer have been paid in full. This prioritization would also be given effect if Resolution Measures are imposed on the Issuer, so that obligations

under debt instruments that rank junior in insolvency as described above would be written down or converted into common equity tier 1 instruments before any other senior unsecured obligations of the Issuer are written down or converted. A large portion of our liabilities consist of senior unsecured obligations that either fall outside the statutory definition of debt instruments that rank junior to other senior unsecured obligations according to the Resolution Mechanism Act or are expressly exempted from such definition.

Among those unsecured unsubordinated obligations that are expressly exempted are money market instruments and senior unsecured debt instruments whose terms provide that (i) the repayment or the amount of the repayment depends on the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured debt instruments are issued or is settled in a way other than by monetary payment, or (ii) the payment of interest or the amount of the interest payments depends on the occurrence or non-occurrence of an event which is uncertain at the point in time when the senior unsecured debt instruments are issued unless the payment of interest or the amount of the interest payments solely depends on a fixed or floating reference interest rate and is settled by monetary payment. This order of priority introduced by the Resolution Mechanism Act would apply in German insolvency proceedings instituted, or when Resolution Measures are imposed, on or after January 1, 2017 with effect for debt instruments of the Issuer outstanding at that time. In a German insolvency proceeding or in the event of the imposition of Resolution Measures with respect to the Issuer, the competent regulatory authority or court would determine which of our senior debt securities issued under the prospectus have the terms described in clauses (i) or (ii) above, referred to herein as the “ Structured Debt Securities ,” and which do not, referred to herein as the “ Non - Structured Debt Securities .” We expect the securities offered herein to be classified as Structured Debt Securities, but the competent regulatory authority or court may classify the securities differently. In a German insolvency proceeding or in the event of the imposition of Resolution Measures with respect to the Issuer, the Structured Debt Securities are expected to be among the unsecured unsubordinated obligations that would bear losses after the Non-Structured Debt Securities as described above. Nevertheless , you may lose some or all of your investment in the securities if a Resolution Measure becomes applicable to us . Imposition of a Resolution Measure would likely occur 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. The Bank Recovery and Resolution Directive and the Resolution Act are intended to eliminate the need for public support of troubled banks, and you should be aware that public support, if any, would only potentially be used by the competent supervisory authority as a last resort after having assessed and exploited, to the maximum extent practicable, the resolution tools, including the bail-in tool.

By acquiring the securities, you would have no claim or other right against us arising out of any Resolution Measure and we would have no obligation to make payments under the securities following the imposition of a Resolution Measure. In particular, the imposition of any Resolution Measure will not constitute a default or an event of default under the securities, under the Indenture or for the purposes of, but only to the fullest extent permitted by, the Trust Indenture Act. Furthermore, because the securities are subject to any Resolution Measure, secondary market trading in the securities may not follow the trading behavior associated with similar types of securities issued by other financial institutions which may be or have been subject to a Resolution Measure.

In addition, by your acquisition of the securities, you waive, to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee and the indenture agents for, agree not to initiate a suit against the trustee or the indenture agents in respect of, and agree that the trustee and the indenture agents will not be liable for, any action that the trustee or the indenture agents take, or abstain from taking, in either case in accordance with the imposition of a Resolution Measure by the competent resolution authority 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 .

party dealer were to quote a price to purchase your securities or otherwise value your securities, that price or value may differ materially from the estimated value of the securities determined by reference to our internal funding rate and pricing models. This difference is due to, among other things, any difference in funding rates, pricing models or assumptions used by any dealer who may purchase the securities in the secondary market.

changes that could change the level of such Index. You should realize that the changing of such Index components may affect such Index, as a newly added component may perform significantly better or worse than the component it replaces. Additionally, the Index Sponsor may alter, discontinue or suspend calculation or dissemination of the relevant Index. Any of these actions could adversely affect the level of such Index and, thus, the value of, and your return on, the securities. The Index Sponsors have no obligation to consider your interests in calculating or revising the relevant Indices.

All of these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of the countries represented in the Fund, the U.S. and other countries important to international trade and finance. An investor’s net exposure to currency exchange rate risk will depend on the extent to which the currencies represented in the Fund strengthen or weaken against the U.S. dollar and the relative weight of each currency represented in the Fund. If, taking into account such weighting, the U.S. dollar strengthens against the component currencies as a whole, the price of the Fund will be adversely affected and the value of the securities may be reduced. Additionally, the volatility and/or correlation (including the direction and extent of such correlation) of the exchange rates between the U.S. dollar and the currencies represented in the Fund could adversely affect the value of the securities.

In addition, because the shares of the Fund are traded on a securities exchange and are subject to supply and demand, the performance of one share of the Fund may differ from the performance of the Tracked Index or the Fund’s NAV per share. Furthermore, during periods of market volatility, securities or other assets held by the Fund may become unavailable in the secondary market due to reduced liquidity or suspensions of, or limitations on, trading, making it difficult for market participants to accurately calculate the NAV per share of the Fund and/or create, redeem or hedge shares of the Fund. In such circumstances, the prices at which market participants are willing to buy and sell shares of the Fund may be significantly lower than the Fund’s NAV and the liquidity of the shares of the Fund may be materially and adversely affected. Consequently, the performance of the Fund may deviate significantly from the performance of the Tracked Index or the Fund’s NAV per share. These

circumstances may or may not constitute market disruption events and, in either case, your return on the securities may be determined based on the price of the shares of the Fund when it deviates significantly from the performance of the Tracked Index or the Fund’s NAV per share. If this occurs, the value of, and your return on, the securities may be materially and adversely affected.

Issuer’s estimated value of the securities on the Trade Date. Our purchase price, if any, in secondary market transactions would 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 three 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.

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, it is possible that their value may decline significantly due to the factors described above even if the prices or levels, as applicable, of the Underlyings remain unchanged from their respective Initial Levels, 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.

under “Tax Consequences,” 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. Any Treasury regulations or other guidance promulgated after consideration of these issues could materially affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should review carefully the section of the accompanying product supplement entitled “U.S. Federal Income Tax Consequences,” and 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.

Historical Information

The following graphs set forth the historical performances of the S&P 500 ^® Index, the EURO STOXX 50 ^® Index and the iShares ^® China Large-Cap ETF based on their daily closing prices or levels, as applicable, from December 7, 2012 through December 7, 2017. The closing level of the S&P 500 ^® Index on December 7, 2017 was 2,636.98. The closing level of the EURO STOXX 50 ^® Index on December 7, 2017 was 3,573.130. The closing price of the iShares ^® China Large-Cap ETF on December 7, 2017 was $44.79. Each graph below also indicates by a broken line a hypothetical Coupon Barrier and Knock-Out Level equal to 70.00% of the closing price or level, as applicable, of the relevant Underlying on December 7, 2017. The actual Initial Level, Coupon Barrier and Knock-Out Level for each Underlying will be determined on the Trade Date.

Due to adjustments made in 2014 to the index tracked by the iShares ^® China Large-Cap ETF, the historical performance of the iShares ^® China Large-Cap ETF may be of limited value in assessing its anticipated future performance. Please see “Key Risks — Past Performance Of The Underlyings Is No Guide To Future Performance” in this pricing supplement for more information.

We obtained the historical closing prices and levels of the Underlyings below from Bloomberg L.P. and we have not participated in the preparation of, or verified, such information. The historical closing prices and levels of the Underlyings should not be taken as an indication of future performance and no assurance can be given as to the Closing Levels of the Underlyings on any day during the Monitoring Period and on the Observation Dates (including the Final Valuation Date). We cannot give you assurance that the performance of the Underlyings will result in the return of any of your investment .

Correlation of the Underlyings

The following graph sets forth the historical performances of the S&P 500 ^® Index, the EURO STOXX 50 ^® Index and the iShares ^® China Large-Cap ETF from December 7, 2012 through December 7, 2017, based on the daily closing prices or levels, as applicable, of the Underlyings . For comparison purposes, each Underlying has been normalized to have a closing level of 100.00 on December 7, 2012 by (1)  dividing  the closing price or level, as applicable, of that Underlying on each day by the closing price or level, as applicable, of that Underlying on December 7, 2012 and (2)  multiplying  by 100.00. However, d ue to adjustments made in 2014 to the index tracked by the iShares ^® China Large-Cap ETF, the historical performance of the iShares ^® China Large-Cap ETF may be of limited value in assessing its anticipated future performance. Please see “Key Risks — Past Performance Of The Underlyings Is No Guide To Future Performance” in this pricing supplement for more information.

We obtained the closing prices and levels used to determine the normalized closing levels set forth below from Bloomberg, without verification. Historical performance of the Underlyings should not be taken as an indication of future performance. Future performance of the Underlyings may differ significantly from historical performance and no assurance can be given as to the Closing Levels of the Underlyings on any day during the Monitoring Period and on the Observation Dates (including the Final Valuation Date). We cannot give you assurance that the performances of the Underlyings will result in the return of any of your investment.

The closer the relationship of the daily returns of a pair of Underlyings over a given period, the more positively correlated those Underlyings are. The graph above illustrates the historical performance of each Underlying relative to the other Underlyings over the time period shown and provides an indication of how close the relative performance of the daily returns of one Underlying has historically been to the others. For additional information, please see “Key Risks — Because The Securities Are Linked To The Least Performing Of The Three Underlyings, You Are Exposed To A Greater Risk Of Receiving No Contingent Coupons Or Losing Some Or All Of Your Investment Than If The Securities Were Linked To Just One Underlying” in this pricing supplement. The lower (or more negative) the correlation between two Underlyings, the less likely it is that those Underlyings will move in the same direction and, therefore, the greater the potential that a Knock-Out Event may occur or that the Final Level of at least one of the Underlyings may be less than its Initial Price. This is because the less positively correlated a pair of Underlyings are, the greater the likelihood that the price or level, as applicable, of at least one of the Underlyings will decrease. This results in a greater potential for a loss of some or all of your investment at maturity. However, even if two Underlyings have a higher positive correlation, the Closing Level of any of those Underlyings on any day during the Monitoring Period may be less than its Knock-Out Level or the Final Level of any of those Underlyings may be less than its Initial Level, as applicable, as the prices or levels, as applicable, of any of those Underlyings may decrease together.

In addition, for each additional Underlying to which the securities are linked, there is a greater potential for one pair of Underlyings to have low or negative correlation. Therefore, the greater the number of Underlyings, the greater the potential for a loss of some or all of your investment at maturity. Deutsche Bank AG determined the Contingent Coupon, Knock-Out Levels and Coupon Barriers for the securities based, in part, on the correlation among the Underlyings, calculated using internal models at the time the terms of the securities were set. As discussed above, increased risk resulting from lower correlation or from a greater number of underlyings is reflected in a higher Contingent Coupon than would be payable on, or lower Knock-Out Levels or Coupon Barriers for each Underlying than would be offered for, securities linked to fewer underlyings that have a higher degree of correlation.