Registration Statement No. 333–206013

Pricing Supplement No. 2944D; Rule 424(b)(2)


Deutsche Bank AG 

Fixed Rate InterNotes®


Issue Price Interest Rate Interest Payment Frequency 1st Interest Payment Date 1st Interest Payment Amount
100.00% 3.00% (per annum) Semi-Annual April 26, 2018* $15.00 (rounded to the nearest cent)


Aggregate Principal Amount: $1,414,000.00

Interest Type: Fixed

Redemption at Issuers 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 Factorsbeginning on page 5 of the accompanying product supplement.

Placement Agent: Incapital LLC

Agents: Deutsche Bank Securities Inc. and Incapital LLC

Offering Dates: October 16, 2017
Trade Date: October 23, 2017
Issue Date: October 26, 2017
Redemption Date(s): N/A
Maturity Date: October 26, 2024
Minimum Denominations: $1,000
Principal Amount: $1,000
CUSIP / ISIN: 25155MEX5 / US25155MEX56

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 26th day of every sixth month, beginning on April 26, 2018 and ending on the Maturity Date.

  Price to Public Maximum Discounts and Commissions(1) Proceeds to Issuer
Per Note 100.00% 1.45% 98.55%
Total $1,414,000.00 $20,503.00 $1,393,497.00
(1)    The Agents may receive discounts and commissions of up to 0.60% or $6.00 per $1,000 Principal Amount of notes. Each dealer will purchase the notes from the Agents at a price between 98.55% and 99.15% 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:

Prospectus supplement dated July 31, 2015:

Prospectus dated April 27, 2016:


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.


October 23, 2017





Validity of the Notes

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Issuer, when the notes offered by this pricing supplement have been executed and issued by the Issuer and authenticated by the authenticating agent, acting on behalf of the trustee pursuant to the senior indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by German law, Davis Polk & Wardwell LLP has relied, without independent investigation, on the opinion of Group Legal Services of Deutsche Bank AG, dated as of January 1, 2016, filed as an exhibit to the opinion of Davis Polk & Wardwell LLP, and this opinion is subject to the same assumptions, qualifications and limitations with respect to such matters as are contained in such opinion of Group Legal Services of Deutsche Bank AG. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the senior indenture and the authentication of the notes by the authenticating agent and the validity, binding nature and enforceability of the senior indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated as of January 1, 2016, which has been filed by the Issuer on Form 6–K dated January 4, 2016.