DGAP-Adhoc: Deutsche Bank AG: Deutsche Bank undertakes issuance of Additional Tier 1 capital

| Source: EQS Group AG
Deutsche Bank AG  / Key word(s): Corporate Action

28.04.2014 19:34

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Frankfurt am Main, 28 April 2014 - The Management Board of Deutsche Bank AG
(XETRA: DBKGn.DE / NYSE: DB) resolved today with the approval of the
Chairman's Committee of the Supervisory Board to undertake an inaugural
multi currency Additional Tier 1 transaction. Each tranche is expected to
be of benchmark size for the respective market and total a minimum of EUR
1.5 billion in aggregate.

The issuance will be the third step in a co-ordinated series of measures,
announced on 29 April 2013, to further strengthen the Bank's capital
structure and follows a EUR 3 billion equity capital raise in April 2013
and the issuance of USD 1.5 billion CRD4 compliant Tier 2 securities in May
2013. Today's announced transaction is the first step towards reaching the
overall targeted volume of approximately EUR 5 billion of CRD4 compliant
Additional Tier 1 capital which the Bank plans to issue by the end of 2015.

The transaction will take the form of participatory notes (the "AT1
Notes"), with temporary write-down at a trigger level of 5.125% phase-in
Common Equity Tier 1 capital ratio. The AT1 Notes will be issued with
attached warrants, excluding shareholders' pre-emptive rights. This
decision is based on the authorization granted by the 2012 Annual General
Meeting. Each AT1 Note carries one warrant, entitling the owner to purchase
one common share in Deutsche Bank. The denominations of the notes will be
EUR 100,000 or more depending on the currency of the individual tranche.
Prior to the placement of the AT1 Notes via a typical bookbuilding process,
the warrants will be detached by an initial subscriber. Deutsche Bank will
act as sole bookrunner for the placement of the AT1 Notes.

Over the coming week the Bank will conduct a roadshow, including an
investor and analyst call on 7 May 2014. The respective investor
presentation will be available at Deutsche Bank's Investor Relations
homepage on 5 May 2014.

The securities of Deutsche Bank AG mentioned in this release have not been
registered under the Securities Act of 1933, as amended ("Securities Act")
and will be issued under Regulation S of the Securities Act only and may
not be offered, sold or delivered within the United States absent
registration under the Securities Act or an exemption from registration

Deutsche Bank AG
Taunusanlage 12
60325 Frankfurt am Main
ISIN: DE0005140008
WKN: 514000

Listed: Regulated market in Berlin-Bremen, Duesseldorf, Frankfurt (Prime
Standard), Hamburg, Hanover, Munich und Stuttgart; EUREX; NYSE

The International Securities Identification Numbers (ISINs) of further
financial instruments issued by Deutsche Bank AG, and admitted to trading
on a domestic organized market or for which such admission has been applied
for, are available on Deutsche Bank's Investor Relations website under
https://www.db.com/ir/ .

28.04.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

Language:     English
Company:      Deutsche Bank AG
              Taunusanlage 12
              60325 Frankfurt a. M.
Phone:        +49 (0)69 910-00
Fax:          +49 (0)69 910-38966
E-mail:       Deutsche.Bank@db.com
Internet:     www.deutsche-bank.de
ISIN:         DE0005140008
WKN:          514000
Indices:      DAX, EURO STOXX 50
Listed:       Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
              Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
              EUREX; NYSE
End of Announcement                             DGAP News-Service