Document:

Guaranty Agreement

 Exhibit 10.3 

GUARANTY OF RECOURSE OBLIGATIONS 

THIS GUARANTY OF RECOURSE OBLIGATIONS (this “Guaranty”) is executed as of November 18, 2014
by CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership, having an address at c/o City Office REIT, Inc., 1075 West Georgia Street, Suite 2600, Vancouver, British Columbia V6E 3C9, Canada
(“Guarantor”), for the benefit of PILLAR MULTIFAMILY, LLC, a Delaware limited liability company, having an address at 330 Madison Avenue, 8th Floor, New York, New York 10017 (together with its successors
and/or assigns, “Lender”). 
 W I T N E S S E T H: 

A. Pursuant to that certain Promissory Note, dated of even date herewith, executed by CIO RESEARCH PARK, LIMITED PARTNERSHIP, a
Delaware limited partnership (“Borrower”), and payable to the order of Lender in the original principal amount of SEVENTEEN MILLION AND 00/100 DOLLARS ($17,000,000.00) (together with all renewals,
modifications, increases and extensions thereof, the “Note”), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the
“Loan”) which is made pursuant to that certain Loan Agreement, dated of even date herewith, between Borrower and Lender (as the same may be amended, modified, supplemented, replaced or otherwise modified from
time to time, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement. 

B. Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees the payment and
performance to Lender of the Guaranteed Obligations (as herein defined). 
 C. Guarantor is the owner of direct or indirect interests in
Borrower, and Guarantor will directly benefit from Lender’s making the Loan to Borrower. 
 NOW, THEREFORE, as an inducement to Lender
to make the Loan to Borrower and to extend such additional credit as Lender may from time to time agree to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the parties do hereby agree as follows: 
 ARTICLE 1 

NATURE AND SCOPE OF GUARANTY 

Section 1.1 Guaranty of Obligation. 

(a) Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment and performance of the
Guaranteed Obligations (as defined below) as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for
the Guaranteed Obligations as a primary obligor. 

 (b) As used herein, the term “Guaranteed Obligations” means
(i) Borrower’s Recourse Liabilities and (ii) from and after the date that any Springing Recourse Event occurs, payment and performance of all of the Obligations. 

(c) Notwithstanding anything to the contrary in this Guaranty or in any of the other Loan Documents, Lender shall not be deemed to have waived
any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure all of the
Obligations owing to Lender in accordance with the Loan Documents. 
 Section 1.2 Nature of Guaranty. This Guaranty is an
irrevocable, absolute, continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created
after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The
fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty may be enforced by
Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of all or part of the Note. 

Section 1.3 Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations of
Guarantor to Lender hereunder shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower or any other party against Lender or against payment of the Guaranteed Obligations,
whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

Section 1.4 Payment By Guarantor. If all or any part of the Guaranteed Obligations is or shall give rise to a monetary
obligation, and such monetary obligation shall not be punctually paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender and without presentment, protest, notice of protest, notice of
non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity or any other notice whatsoever, all such notices being hereby waived by Guarantor, pay in lawful money of the United States of America, the amount
due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations and may be made from time to
time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof. 

Section 1.5 No Duty To Pursue Others. It shall not be necessary for Lender (and Guarantor hereby waives any rights which
Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i) institute suit or exhaust its remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other
Person, (ii) enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations,

  
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(iv) join Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral
which shall ever have been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or enforce
the Guaranteed Obligations. 
 Section 1.6 Waivers. Guarantor agrees to the provisions of the Loan Documents and hereby
waives notice of (i) any loans or advances made by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any amendment or extension of the Note, the Mortgage, the Loan Agreement or any other Loan Document, (iv) the
execution and delivery by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory note or other document arising under the Loan Documents or in connection with the Property,
(v) the occurrence of (A) any breach by Borrower of any of the terms or conditions of the Loan Agreement or any of the other Loan Documents, or (B) an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (vii) the sale or foreclosure (or the posting or advertising for the sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment or default by Borrower, or
(ix) any other action at any time taken or omitted by Lender and, generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the
Guaranteed Obligations and/or the obligations hereby guaranteed. 
 Section 1.7 Payment of Expenses. In the event that
Guarantor shall breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender all costs and expenses (including court costs and attorneys’ fees) incurred by Lender in the
enforcement hereof or the preservation of Lender’s rights hereunder, together with interest thereon at the Default Rate from the date requested by Lender until the date of payment to Lender. The covenant contained in this Section shall survive
the payment and performance of the Guaranteed Obligations. 
 Section 1.8 Effect of Bankruptcy. In the event that
pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder, Lender must rescind or restore any payment or any part thereof received by Lender in satisfaction of the
Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain (or shall be reinstated to be) in full force and effect.
It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

Section 1.9 Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in
this Guaranty, until the Guaranteed Obligations are repaid in full, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including,
without limitation, any law subrogating Guarantor to the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Borrower or any other party liable for the payment of any or all of
the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty or otherwise. 

  
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 ARTICLE 2 

EVENTS AND CIRCUMSTANCES NOT REDUCING 

OR DISCHARGING GUARANTOR’S OBLIGATIONS 

Guarantor hereby consents and agrees to each of the following and agrees that Guarantor’s obligations under this Guaranty shall not be
released, diminished, impaired, reduced or adversely affected by any of the following and waives any common law, equitable, statutory or other rights (including, without limitation, rights to notice) which Guarantor might otherwise have as a result
of or in connection with any of the following: 
 Section 2.1 Modifications. Any renewal, extension, increase,
modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, the Note, the Mortgage, the Loan Agreement, the other Loan Documents or any other document, instrument, contract or understanding between Borrower and Lender
or any other parties pertaining to the Guaranteed Obligations or any failure of Lender to notify Guarantor of any such action. 

Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender to
Borrower or Guarantor. 
 Section 2.3 Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement,
adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor or
any sale, lease or transfer of any or all of the assets of Borrower or Guarantor or any changes in the direct or indirect shareholders, partners or members, as applicable, of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.

 Section 2.4 Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any
part of the Guaranteed Obligations or any document or agreement executed in connection with the Guaranteed Obligations for any reason whatsoever, including, without limitation, the fact that (i) the Guaranteed Obligations or any part thereof
exceeds the amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the Note, the Mortgage, the Loan Agreement or the other Loan
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) the Borrower has valid defenses, claims or offsets (whether at law, in equity
or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or
instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Note,
the Mortgage, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person
be found not liable on the Guaranteed Obligations or any part thereof for any reason. 

  
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 Section 2.5 Release of Obligors. Any full or partial release of the liability
of Borrower for the Guaranteed Obligations or any part thereof, or of any co-guarantors, or of any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or
assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support from any other
Person, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other Persons (including Borrower) will be liable to pay or perform the Guaranteed Obligations or that
Lender will look to other Persons (including Borrower) to pay or perform the Guaranteed Obligations. 
 Section 2.6 Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations. 

Section 2.7 Release of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or
impairment (including, without limitation, negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any time existing in connection with, or assuring or securing payment of, all or any part of the
Guaranteed Obligations. 
 Section 2.8 Care and Diligence. The failure of Lender or any other party to exercise diligence
or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including, but not limited to, any neglect, delay, omission, failure or refusal of
Lender (i) to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to foreclose upon any
security therefor, or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

Section 2.9 Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended to
be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it
being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the collateral for the Guaranteed
Obligations. 
 Section 2.10 Offset. Any existing or future right of offset, claim or defense of Borrower against Lender,
or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

  
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 Section 2.11 Merger. The reorganization, merger or consolidation of Borrower
or Guarantor into or with any other Person. 
 Section 2.12 Preference. Any payment by Borrower to Lender is held to
constitute a preference under the Bankruptcy Code or for any reason Lender is required to refund such payment or pay such amount to Borrower or to any other Person. 

Section 2.13 Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan
Documents, the Guaranteed Obligations or the security and collateral therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the
terms hereof, it being the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether
contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES 

To induce Lender to enter into the Loan Documents and to extend credit to Borrower, Guarantor represents and warrants to Lender as follows:

 Section 3.1 Benefit. Guarantor is an Affiliate of Borrower, is the owner of a direct or indirect interest in Borrower
and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

Section 3.2 Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records
regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial
condition or the collateral as an inducement to enter into this Guaranty. 
 Section 3.3 No Representation By Lender.
Neither Lender nor any other party has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 

Section 3.4 Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the
contingent obligation evidenced hereby, Guarantor (a) is and will be solvent, (b) has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and (c) has and will
have property and assets sufficient to satisfy and repay its obligations and liabilities, including the Guaranteed Obligations. 

Section 3.5 Organization. Guarantor is duly organized, validly existing and in good standing with full power and authority
to own its assets and conduct its business, and is duly qualified and in good standing in all jurisdictions in the jurisdiction in which the ownership or lease of its property or the conduct of its business requires such qualification, and Guarantor
has 

  
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taken all necessary action to authorize the execution, delivery and performance of this Guaranty and the other Loan Documents to which it is a party, and has the power and authority to execute,
deliver and perform under this Guaranty, the other Loan Documents to which it is a party and all the transactions contemplated hereby and thereby. 

Section 3.6 Proceedings; Enforceability. This Guaranty and the other Loan Documents to which Guarantor is a party have been
duly authorized, executed and delivered by Guarantor and constitute a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with their respective terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law). Neither this Guaranty nor any other Loan Document to which Guarantor is a party is subject to any right of rescission, set-off, counterclaim or defense by Guarantor, including the defense of usury, nor would the operation of any of the terms
of this Guaranty or such other Loan Documents, or the exercise of any right hereunder or thereunder, render this Guaranty or such other Loan Documents unenforceable, and Guarantor not asserted any right of rescission, set-off, counterclaim or
defense with respect thereto. 
 Section 3.7 Legality. The execution, delivery and performance by Guarantor of this
Guaranty and the other Loan Documents to which Guarantor is a party, and the consummation of the transactions contemplated hereunder and thereunder, do not and will not contravene or conflict with any law, statute or regulation whatsoever to which
Guarantor is subject, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the breach of, any indenture, mortgage, charge, lien, contract, agreement or other instrument to
which Guarantor is a party or which may be applicable to Guarantor. 
 Section 3.8 Consents. No consent, approval,
authorization or order of any court or Governmental Authority is required for the execution, delivery and performance by Guarantor of, or compliance by Guarantor with, this Guaranty or the other Loan Documents to which Guarantor is a party, or the
consummation of the transactions contemplated hereby or thereby, other than those which have been obtained by Guarantor. 

Section 3.9 Litigation. There is no action, suit, proceeding or investigation pending or, to the best of Guarantor’s
knowledge, threatened against Guarantor in any court or by or before any other Governmental Authority which, if adversely determined, might materially and adversely affect the condition (financial or otherwise) or business of Guarantor (including
the ability of Guarantor to carry out the obligations contemplated by this Guaranty). 
 Section 3.10 Survival. All
representations and warranties made by Guarantor herein shall survive the execution hereof. 

  
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 ARTICLE 4 

SUBORDINATION OF CERTAIN INDEBTEDNESS 

Section 4.1 Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims”
shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, and whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint
and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or liabilities may, at their inception,
have been, or may hereafter be, created, or the manner in which they have been, or may hereafter be, acquired by Guarantor. The Guarantor Claims shall include, without limitation, all rights and claims of Guarantor against Borrower (arising as a
result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. So long as any portion of the Obligations or the Guaranteed Obligations remain outstanding, Guarantor shall not receive or
collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor Claims. 
 Section 4.2 Claims in
Bankruptcy. In the event of any receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceeding involving Guarantor as a debtor, Lender shall have the right to prove its claim in any such proceeding
so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to
Lender. Should Lender receive, for application against the Guaranteed Obligations, any dividend or payment which is otherwise payable to Guarantor and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims,
then, upon payment to Lender in full of the Obligations and the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor Claims have contributed toward the
liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received dividends or payments upon the Guarantor Claims. 

Section 4.3 Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that
Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so
received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and Guarantor
covenants promptly to pay the same to Lender. 
 Section 4.4 Liens Subordinate. Guarantor agrees that any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other
encumbrances upon Borrower’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of

  
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Lender, Guarantor shall not (i) exercise or enforce any creditor’s rights it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute
any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages,
deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of Borrower held by Guarantor. The foregoing shall in no manner vitiate or amend, nor be deemed to vitiate or amend, any prohibition in the Loan
Documents against Borrower granting liens or security interests in any of its assets to any Person other than Lender. 
 ARTICLE 5 

 COVENANTS 

Section 5.1 Definitions. As used in this Article 5, the following terms shall have the respective meanings set forth
below: 
 (a) “GAAP” shall mean generally accepted accounting principles, consistently applied. 

(b) “Liquid Asset” shall mean any of the following, but only to the extent owned individually, free of all security
interests, liens, pledges, charges or any other encumbrance: (a) cash, (b) certificates of deposit (with a maturity of two years or less) issued by, or savings account with, any bank or other financial institution reasonably acceptable to
Lender or (c) marketable securities listed on a national or international exchange reasonably acceptable to Lender, marked to market; provided that Liquid Assets shall not include any asset that is a part of any of the Properties or that is
otherwise part of the collateral for the Loan. 
 (c) “Net Worth” shall mean, as of a given date, (i) a
Guarantor’s total assets as of such date (exclusive of any interest in the Property or in any other asset that is part of the collateral for the Loan) less (ii) Guarantor’s total liabilities (taking into consideration contingent
liabilities but exclusive of any liability under the Loan Documents) as of such date, determined in accordance with GAAP. 

Section 5.2 Covenants. Until all of the Obligations and the Guaranteed Obligations have been paid in full, Guarantor
(i) shall maintain (x) a Net Worth of not less than $17,000,000.00 (the “Net Worth Threshold”) and (y) Liquid Assets of not less than $1,700,000.00 (the “Liquid Assets Threshold”) and
(ii) shall not sell, pledge, mortgage or otherwise transfer any of its assets, or any interest therein, on terms materially less favorable than would be obtained in an arms-length transaction or if such transaction would cause the Net Worth of
Guarantor to fall below the Net Worth Threshold or the Liquid Assets of Guarantor to fall below the Liquid Assets Threshold. 

Section 5.3 Prohibited Transactions. Guarantor shall not, at any time while a default in the payment of the Guaranteed
Obligations has occurred and is continuing, either (i) enter into or effectuate any transaction with any Affiliate that would reduce the Net Worth of Guarantor below the Net Worth Threshold (including the payment of any dividend or distribution
to a shareholder, or the redemption, retirement, purchase or other acquisition for consideration of any stock or other ownership interest in Guarantor) or (ii) sell, pledge, mortgage or otherwise transfer to any Person any of Guarantor’s
assets, or any interest therein, without receiving fair value therefor. 

  
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 Section 5.4 Financial Statements. Guarantor shall deliver to Lender: 

(a) within ninety (90) days after the end of each fiscal year of Guarantor, a complete copy of Guarantor’s annual financial
statements prepared by an independent certified public accountant in accordance with the Approved Accounting Method, including statements of income and expense and cash flow and a balance sheet for Guarantor, together with a certificate of the chief
financial officer of Guarantor (A) setting forth in reasonable detail Guarantor’s Net Worth and Liquid Assets as of the end of such prior calendar year and based on such annual financial statements, and (B) certifying that such annual
financial statements are true, correct, accurate and complete and fairly present the financial condition and results of the operations of Guarantor; 

(b) within forty-five (45) days after the end of each fiscal quarter of Guarantor, financial statements (including a balance sheet as of
the end of such fiscal quarter and a statement of income and expense for such fiscal quarter) certified by the chief financial officer of Guarantor and in form, content, level of detail and scope reasonably satisfactory to Lender, together with a
certificate of the chief financial officer of Guarantor (A) setting forth in reasonable detail Guarantor’s Net Worth and Liquid Assets as of the end of such prior calendar quarter and based on the foregoing quarterly financial statements,
and (B) certifying that such quarterly financial statements are true, correct, accurate and complete and fairly present the financial condition and results of the operations of Guarantor in a manner consistent with the Approved Accounting
Method; and 
 (c) twenty (20) days after request by Lender, such other financial information with respect to Guarantor as Lender may
reasonably request. 
 Section 5.5 Additional Covenants. 

(a) Existence. Compliance with Legal Requirements. Guarantor shall do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its existence and all rights, licenses, permits, franchises and all applicable governmental authorizations necessary for the operation of its business and comply with all Legal Requirements applicable to it and its
assets. Guarantor shall not engage in any dissolution, liquidation or consolidation or merger with or into any other business entity without obtaining the prior consent of Lender. 

(b) Litigation. Guarantor shall give prompt notice to Lender of any litigation or governmental proceedings pending or threatened
against Guarantor which might materially adversely affect Guarantor’s condition (financial or otherwise) or business (including Guarantor’s ability to perform its Obligations hereunder or under the other Loan Documents to which it is a
party). 
 (c) Patriot Act. Guarantor will use its good faith and commercially reasonable efforts to comply with the Patriot Act and
all applicable requirements of Governmental Authorities having jurisdiction over Guarantor, including those relating to money laundering and terrorism. 

  
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 (d) Further Assurances. Guarantor shall, at Guarantor’s sole cost and expense: 

(i) cure any defects in the execution and delivery of the Loan Documents to which Guarantor is a party and execute and deliver,
or cause to be executed and delivered, to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to correct any omissions in the Loan Documents to which Guarantor is a party,
as Lender may reasonably require; and 
 (ii) do and execute all and such further lawful and reasonable acts, conveyances and
assurances for the better and more effective carrying out of the intents and purposes of this Guaranty and the other Loan Documents to which Guarantor is a party, as Lender may reasonably require from time to time. 

ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Lender hereunder shall be in addition to all other rights provided by law.
No modification or waiver of any provision of this Guaranty, nor any consent to any departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or
demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 

Section 6.2 Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a
“Notice”) required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged) or by registered or certified mail, postage prepaid, return receipt requested, or
delivered by hand or by reputable overnight courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this
Section 6.2. Any Notice shall be deemed to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day (otherwise on
the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each
case addressed to the parties as follows: 
  

			
	If to Lender:	    	 Pillar Multifamily, LLC
 330 Madison Avenue,
8th Floor
 New York, New York 10017

		    	 Attention: Ryan Supple
 Facsimile No.: (646)
558-4301

  
 11 

			
	and to:	    	 Pillar Multifamily, LLC
 330 Madison Avenue,
8th Floor
 New York, New York 10017

		    	Attn: General Counsel
		
	with a copy to:	    	 Venable LLP
 1270 Avenue of the Americas

New York, New York 10020

		    	 Attention: Michael Peskowitz, Esq.
 Facsimile
No.: (212) 307-5598

		
	If to Guarantor:	    	 City Office REIT Operating Partnership, L.P.

1075 West Georgia Street, Suite 2600
 Vancouver, British Columbia
V6E 3C9, Canada

		    	 Attention: Jamie Farrar
 Facsimile No.:
604-661-4873

		
	with a copy to:	    	 Miller, Canfield, Paddock & Stone, P.L.C

101 North Main Street, 7th Floor

Ann Arbor, Michigan 48104

		    	 Attention: Joseph M. Fazio, Esq.
 Facsimile
No.: 734-747-7147

 Any party may change the address to which any such Notice is to be delivered by furnishing ten (10) days written notice
of such change to the other parties in accordance with the provisions of this Section 6.2. Notices shall be deemed to have been given on the date set forth above, even if there is an inability to actually deliver any Notice because of a
changed address of which no Notice was given or there is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally, Notice from Lender may also be given by Servicer.

 Section 6.3 Governing Law; Jurisdiction; Venue. This Guaranty shall be governed by and construed in accordance with
the laws of jurisdiction in which the Property is located without regard to the conflicts of law provisions thereof (“Governing State”). GUARANTOR HEREBY CONSENTS TO PERSONAL JURISDICTION IN THE GOVERNING STATE. VENUE OF ANY
ACTION BROUGHT TO ENFORCE THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR ANY ACTION RELATING TO THE LOAN OR THE RELATIONSHIPS CREATED BY OR UNDER THE LOAN DOCUMENTS (“ACTION”) SHALL, AT THE ELECTION OF LENDER, BE IN (AND IF ANY
ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE, THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED IN THE GOVERNING STATE. GUARANTOR HEREBY CONSENTS AND SUBMITS TO THE PERSONAL
JURISDICTION OF THE GOVERNING STATE AND OF FEDERAL COURTS LOCATED IN THE GOVERNING STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVES ANY AND ALL 

  
 12 

 
PERSONAL RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO OBJECT TO JURISDICTION WITHIN SUCH STATE FOR PURPOSES OF ANY ACTION. Guarantor hereby waives and agrees not to assert, as a defense to any
Action or a motion to transfer venue of any Action, (i) any claim that it is not subject to such jurisdiction, (ii) any claim that any Action may not be brought against it or is not maintainable in those courts or that this Guaranty may
not be enforced in or by those courts, or that it is exempt or immune from execution, (iii) that the Action is brought in an inconvenient forum, or (iv) that the venue for the Action is in any way improper. 

Section 6.4 Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under
present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this
Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of
this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

Section 6.5 Amendments. This Guaranty may be amended only by an instrument in writing executed by the party(ies) against
whom such amendment is sought to be enforced. 
 Section 6.6 Parties Bound; Assignment. This Guaranty shall be binding
upon and shall inure to the benefit of the parties hereto and their respective successors, permitted assigns, heirs and legal representatives. Lender shall have the right to assign or transfer its rights under this Guaranty in connection with any
assignment of the Loan and the Loan Documents. Any assignee or transferee of Lender shall be entitled to all the benefits afforded to Lender under this Guaranty. Guarantor shall not have the right to assign or transfer its rights or obligations
under this Guaranty without the prior written consent of Lender, and any attempted assignment without such consent shall be null and void. 

Section 6.7 Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation
of this Guaranty. 
 Section 6.8 Recitals. The recitals and introductory paragraphs hereof are a part hereof, form a
basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 

Section 6.9 Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be
convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a
single instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any
counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

  
 13 

 Section 6.10 Rights and Remedies. If Guarantor becomes liable for any
indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be cumulative of any and all other
rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or remedy.

 Section 6.11 Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO
GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY
GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. 

Section 6.12 Waiver of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF
RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE MORTGAGE, THE LOAN AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A
TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR. 

Section 6.13 Cooperation. Guarantor acknowledges that Lender and its successors and assigns may (i) sell this
Guaranty, the Note and the other Loan Documents to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty to one or more investors, (iii) deposit this Guaranty, the Note and the other Loan Documents with
a trust, which trust may sell certificates to investors evidencing an ownership interest in the trust assets, or (iv) otherwise sell the Loan or one or more interests therein to investors (the transactions referred to in clauses
(i) through (iv) are hereinafter each referred to as “Secondary Market Transaction”). Subject to the terms, conditions and limitations set forth in the Loan Agreement, Guarantor shall at no material cost to
Guarantor, cooperate with Lender in effecting any such Secondary Market Transaction, shall cooperate to implement all requirements imposed by any of the Rating Agencies involved in any Secondary Market Transaction. 

  
 14 

 Section 6.14 Reinstatement in Certain Circumstances. If at any time any
payment of the principal of or interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower or
otherwise, Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 

Section 6.15 Gender; Number; General Definitions. Unless the context clearly indicates a contrary intent or unless
otherwise specifically provided herein, (a) words used in this Guaranty may be used interchangeably in the singular or plural form, (b) any pronouns used herein shall include the corresponding masculine, feminine or neuter forms,
(c) the word “Borrower” shall mean “each Borrower and any subsequent owner or owners of the Property or any part thereof or interest therein”, (d) the word “Lender” shall mean
“Lender and any subsequent holder of the Note”, (e) the word “Note” shall mean “the Note and any other evidence of indebtedness secured by the Loan Agreement”, (f) the word
“Property” shall include any portion of the Property and any interest therein, and (g) the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include any and all
attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Lender in protecting its interest in the Property, the Leases
and/or the Rents and/or in enforcing its rights hereunder. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 15 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the day and year first
above written. 
  

							
	GUARANTOR:
	
	CITY OFFICE REIT OPERATING PARTNERSHIP, L.P., a Maryland limited partnership
		
	By:	 	City Office REIT, Inc.,
		 	a Maryland corporation, its general partner
			
		 	By:	 	 /s/ James Farrar

		 		 	Name:	 	James Farrar
		 		 	Title:	 	Chief Executive OfficerExhibit 4.21

 Exhibit 4.21 

Execution Version 

Supplemental Capital Securities Indenture 

DEUTSCHE BANK AKTIENGESELLSCHAFT, 

Issuer 
 AND 

THE BANK OF NEW YORK MELLON, 

Trustee 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

Paying Agent, Calculation Agent, Transfer Agent and Registrar and Authenticating Agent 

First Supplemental Capital Securities Indenture 

Dated as of November 21, 2014 

to the Capital Securities Indenture 

Dated as of November 6, 2014 

Undated Non-cumulative Fixed to Reset Rate 

Additional Tier 1 Notes of 2014 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
			
	 ARTICLE 1
	  	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	  
			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Incorporation by Reference of Trust Indenture Act	  	 	6	  
	 Section 1.03
	  	Rules of Construction	  	 	7	  
			
	 ARTICLE 2
	  	TITLE OF THE $NC10 NOTES; SUBORDINATION UNIMPAIRED; RESOLUTION MEASURES	  	 	7	  
			
	 Section 2.01
	  	Title	  	 	7	  
	 Section 2.02
	  	Subordination Unimpaired	  	 	7	  
	 Section 2.03
	  	$NC10 Notes Subject to Resolution Measures	  	 	8	  
			
	 ARTICLE 3
	  	INTEREST ON THE $NC10 NOTES	  	 	11	  
			
	 Section 3.01
	  	Interest Payment Dates	  	 	11	  
	 Section 3.02
	  	Rate of Interest	  	 	11	  
	 Section 3.03
	  	Interest Amount	  	 	12	  
	 Section 3.04
	  	Notification of Rate of Interest and Interest Amount	  	 	12	  
	 Section 3.05
	  	Determinations Binding	  	 	12	  
	 Section 3.06
	  	Accrual of Interest	  	 	12	  
	 Section 3.07
	  	Day Count Fraction	  	 	12	  
	 Section 3.08
	  	Cancellation of Interest Payment	  	 	13	  
			
	 ARTICLE 4
	  	PAYMENTS ON THE $NC10 NOTES	  	 	14	  
			
	 Section 4.01
	  	Payment of Principal and Interest	  	 	14	  
	 Section 4.02
	  	Manner of Payment	  	 	14	  
	 Section 4.03
	  	Discharge	  	 	14	  
	 Section 4.04
	  	Payment Date	  	 	15	  
	 Section 4.05
	  	References to Principal and Interest	  	 	15	  
	 Section 4.06
	  	Unclaimed Moneys	  	 	15	  
	 Section 4.07
	  	Registered Owner	  	 	15	  
	 Section 4.08
	  	No Recourse	  	 	15	  
	 Section 4.09
	  	Principal on Physical Notes	  	 	15	  
			
	 ARTICLE 5
	  	FORM OF $NC10 NOTES	  	 	16	  
			
	 Section 5.01
	  	Global Securities	  	 	16	  
	 Section 5.02
	  	Exchange and Transfer	  	 	17	  
	 Section 5.03
	  	Legends	  	 	17	  
	 Section 5.04
	  	Book-Entry Provisions for the Global Securities	  	 	19	  
			
	 ARTICLE 6
	  	NO SCHEDULE MATURITY; REDEMPTION; WRITE-DOWNS	  	 	20	  
			
	 Section 6.01
	  	No Scheduled Maturity	  	 	20	  
	 Section 6.02
	  	Deposit of Redemption Price	  	 	20	  
	 Section 6.03
	  	Redemption for Regulatory Reasons	  	 	20	  
	 Section 6.04
	  	Redemption for Reasons of Taxation	  	 	21	  

  
 i 

							
	 Section 6.05
	  	Redemption at the Option of the Issuer	  	 	21	  
	 Section 6.06
	  	Notice	  	 	21	  
	 Section 6.07
	  	Redemption after Write-Up; Redemption Amount	  	 	21	  
	 Section 6.08
	  	No Call Right of the Holders	  	 	22	  
	 Section 6.09
	  	Deemed Agreement to Principal Write-down	  	 	22	  
	 Section 6.10
	  	Write-down	  	 	22	  
	 Section 6.11
	  	Nominal Amount and Redemption Amount after Write-down; Write-up	  	 	23	  
			
	 ARTICLE 7
	  	PAYING AGENT AND CALCULATION AGENT	  	 	26	  
			
	 Section 7.01
	  	Appointment, Specified Office	  	 	26	  
	 Section 7.02
	  	Variation or Termination of Appointment	  	 	27	  
	 Section 7.03
	  	Agents of the Issuer	  	 	27	  
			
	 ARTICLE 8
	  	ADDITIONAL COVENANTS	  	 	27	  
			
	 Section 8.01
	  	Taxation	  	 	27	  
	 Section 8.02
	  	Written Statement to Trustee	  	 	28	  
			
	 ARTICLE 9
	  	FURTHER ISSUES, PURCHASES AND CANCELLATION	  	 	29	  
			
	 Section 9.01
	  	Further Issues	  	 	29	  
	 Section 9.02
	  	Purchases	  	 	29	  
	 Section 9.03
	  	Cancellation	  	 	29	  
			
	 ARTICLE 10
	  	NOTICES	  	 	29	  
			
	 Section 10.01
	  	Notices and Demands on Issuer	  	 	29	  
	 Section 10.02
	  	Notices and Demands on Trustee	  	 	30	  
	 Section 10.03
	  	Notices and Demands on Agents	  	 	30	  
	 Section 10.04
	  	Notices to Holders	  	 	31	  
	 Section 10.05
	  	Failure to Comply with Notice Provisions not an Event of Default	  	 	32	  
	 Section 10.06
	  	Provision of Notice in Certain Circumstances	  	 	32	  
	 Section 10.07
	  	Luxembourg Stock Exchange	  	 	32	  
			
	 ARTICLE 11
	  	ADDITIONAL TIER 1 CAPITAL	  	 	32	  
			
	 ARTICLE 12
	  	NO DEFAULTS EVENTS OF DEFAULT; REMEDIES	  	 	32	  
			
	 Section 12.01
	  	No Defaults or Events of Default	  	 	32	  
	 Section 12.02
	  	No Acceleration	  	 	33	  
	 Section 12.03
	  	Remedies	  	 	33	  
	 Section 12.04
	  	Special Record Date	  	 	34	  
	 Section 12.05
	  	No Other Remedies	  	 	34	  
			
	 ARTICLE 13
	  	SATISFACTION AND DISCHARGE OF THE SUPPLEMENTAL CAPITAL SECURITIES INDENTURE;
SUPPLEMENTS THERETO	  	 	35	  
			
	 Section 13.01
	  	Satisfaction and Discharge of Supplemental Capital Securities Indenture	  	 	35	  
	 Section 13.02
	  	Amendment to the Capital Securities Indenture	  	 	35	  
			
	 ARTICLE 14
	  	APPLICABLE LAW; PLACE OF JURISDICTION; PAYMENTS SUBJECT TO FISCAL LAWS	  	 	36	  
			
	 Section 14.01
	  	Applicable Law	  	 	36	  

  
 ii 

							
	 Section 14.02
	  	Submission to Jurisdiction	  	 	36	  
	 Section 14.03
	  	Payments Subject to Fiscal Laws	  	 	36	  
			
	 ARTICLE 15
	  	MISCELLANEOUS PROVISIONS	  	 	37	  
			
	 Section 15.01
	  	Scope of Supplemental Capital Securities Indenture	  	 	37	  
	 Section 15.02
	  	Provisions of Supplemental Capital Securities Indenture for the Sole Benefit of Parties and Holders of $NC10 Notes	  	 	37	  
	 Section 15.03
	  	Successors and Assigns of Issuer Bound by Supplemental Capital Securities Indenture	  	 	37	  
	 Section 15.04
	  	Conflict of any Provisions of Supplemental Capital Securities Indenture with Trust Indenture Act	  	 	37	  
	 Section 15.05
	  	Other Currencies	  	 	37	  
	 Section 15.06
	  	Counterparts	  	 	38	  
	 Section 15.07
	  	Effect of Headings	  	 	38	  
	 Section 15.08
	  	Not Responsible for Recitals or Issuance of $NC10 Notes	  	 	38	  
	 Section 15.09
	  	Waiver of Right to Set-Off	  	 	38	  
			
	 EXHIBITS
	  		  			
			
	 EXHIBIT A:
	  	Form of Global Note	  			
	 EXHIBIT B:
	  	Form of Trigger Event Notice to DTC and Holders	  			
	 EXHIBIT C:
	  	Form of Trigger Event Notice to Trustee and Paying Agent for Informational Purposes	  			
	 EXHIBIT D:
	  	Form of Interest Cancellation Notice to DTC and Holders	  			
	 EXHIBIT E:
	  	Form of Interest Cancellation Notice to Trustee and Paying Agent for Informational Purposes	  			

  
 iii 

 THIS FIRST SUPPLEMENTAL CAPITAL SECURITIES INDENTURE, dated as of November 21, 2014 among
DEUTSCHE BANK AKTIENGESELLSCHAFT (the “Issuer”), THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as Paying Agent, Calculation Agent,
Transfer Agent and Registrar and Authenticating Agent. 
 W I T N E S S E T H : 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee a capital securities indenture, dated as of November 6, 2014
(the “Base Capital Securities Indenture”), providing for the issuance from time to time of one or more series of its subordinated unsecured capital securities that are intended to qualify as Additional Tier 1 capital
(zusätzliches Kernkapital) within the meaning of the CRR (as defined herein) (the “Capital Securities”); 

WHEREAS, Section 8.01(d) of the Base Capital Securities Indenture provides that the Issuer and the Trustee may from time to time enter
into one or more indentures supplemental thereto to establish the form or terms of Capital Securities; 
 WHEREAS, the Issuer, pursuant to
the foregoing authority, proposes in and by this first supplemental capital securities indenture (the “Supplemental Capital Securities Indenture” and, together with the Base Capital Securities Indenture, the “Capital
Securities Indenture”) to supplement the Base Capital Securities Indenture insofar as it will apply only to the undated non-cumulative fixed to reset rate Additional Tier 1 notes of 2014 (the “$NC10 Notes”) issued hereunder
(and not to any other series of Capital Securities); and 
 WHEREAS, all things necessary have been done to make the $NC10 Notes, when
executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Capital Securities Indenture a valid agreement of the Issuer, in accordance with their
and its terms; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the $NC10 Notes by the holders thereof, the Issuer and the Trustee mutually covenant and
agree for the equal and proportionate benefit of the respective holders from time to time of the $NC10 Notes as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01     Definitions. Capitalized terms used herein but not defined shall have the meanings assigned
to them in the Base Capital Securities Indenture 

  
 1 

 
unless otherwise indicated. For all purposes of this Supplemental Capital Securities Indenture and the $NC10 Notes, the following terms are defined as follows: 

“Additional Amounts” has the meaning set forth in Section 8.01. 

“Additional Tier 1 Capital” means the $NC10 Notes and any other instruments that qualify as additional tier 1 capital
(zusätzliches Kernkapital) under the CRR. 
 “Agent Members” has the meaning set forth in Section 5.04.

 “Agents” means the Paying Agent, Calculation Agent, the Transfer Agent, the Registrar and the Authenticating Agent. 

“AT1 Instruments” has the meaning set forth in Section 6.11. 

“Authenticating Agent” means DBTCA. 

“Authorized Agent” has the meaning set forth in Section 14.02. 

“Authorized Signatories” means any two persons acting together authorized by the Issuer, its articles of association or
otherwise under German law to act on behalf of the Issuer. 
 “Available Distributable Items” means, with respect to any
payment of interest, the profit (Gewinn) as of the end of the financial year of the Issuer immediately preceding the relevant Interest Payment Date, and for which audited annual financial statements are available, plus (i) any profits
carried forward and distributable reserves (ausschüttungsfähige Rücklagen), minus (ii) any losses carried forward and any profits which are non-distributable pursuant to applicable law or the Articles of Association of the
Issuer and any amounts allocated to the non-distributable reserves, provided that such profits, losses and reserves shall be determined on the basis of the unconsolidated financial statements of the Issuer prepared in accordance with accounting
principles generally accepted in the Federal Republic of Germany as described in the German Commercial Code (Handelsgesetzbuch) and other applicable German law then in effect and not on the basis of its consolidated financial statements. 

“Business Day” means a day (other than Saturday or Sunday) on which commercial banks and foreign exchange markets settle
payments in New York and Frankfurt. 
 “Calculation Agent” means DBTCA. 

“Calculation Period” has the meaning set forth in Section 3.07. 

  
 2 

 “Code” has the meaning set forth in Section 14.03. 

“Common Equity Tier 1 Capital Ratio” has the meaning set forth in Section 6.10. 

“competent resolution authority” means any authority with the ability to exercise a Resolution Measure. 

“competent supervisory authority” means any authority primarily responsible for the prudential supervision of the Issuer.

 “corporation” means any corporation, association, limited liability company, company or business trust. 

“CRD IV” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (including any provisions of regulatory law supplementing this Regulation); to the extent that any provisions of the CRR are amended or replaced, the
term CRR as used in the Capital Securities Indenture and the terms of the $NC10 Notes shall refer to such amended provisions or successor provisions. 

“Day Count Fraction” has the meaning set forth in Section 3.07. 

“Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“Determination Date” means, in respect of the Reference Rate to be determined in relation to the period from a Reset Date
(inclusive) to the next following Reset Date (exclusive), the second Business Day preceding the Reset Date on which such period commences. 

“Distribution” means any kind of payment of dividends or interest. 

“Early Redemption Date” means the First Call Date and any fifth anniversary of the immediately preceding Early Redemption
Date. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“FATCA” has the meaning set forth in Section 14.03. 

  
 3 

 “First Call Date” means April 30, 2025. 

“5 year Swap Rate Quotations” means the arithmetic mean of the bid and offered rates for the semi-annual fixed leg
(calculated on the basis of a 360-day year of twelve 30-day months) of a fixed-for-floating USD interest rate swap transaction which (i) has a term of 5 years commencing on the relevant Reset Date, (ii) is in an amount that is
representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market and (iii) has a floating leg based on the 3-month USD LIBOR rate (calculated on the basis of the
actual number of days elapsed in a 360-day year). 
 “Global Security” has the meaning set forth in Section 5.01. 

“Holder,” “Holder of $NC10 Notes” or other similar term means the registered holder of any $NC10 Note or,
subject to Section 5.04 hereof, any holder of a proportionate co-ownership or other beneficial interest or right in the $NC10 Notes. 

“incorporated provision” has the meaning set forth in Section 15.04. 

“Interest Amount” shall have the meaning set forth in Section 3.03. 

“Interest Commencement Date” shall have the meaning set forth in Section 3.01. 

“Interest Payment Date” means 30 April in each year. 

“Interest Period” means the period from the Interest Commencement Date (inclusive) to the first Interest Payment Date
(exclusive) and thereafter from each Interest Payment Date (inclusive) to the next following Interest Payment Date (exclusive). 

“Issuer” means the company named as the “Issuer” in the first paragraph of this instrument until a successor Person
shall have become such pursuant to the applicable provisions of the Capital Securities Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” means a written statement, request or order of the Issuer signed in its name by any two Authorized Signatories
of the Issuer. 
 “Maximum Distributable Amount” or “MDA” has the meaning set forth in Section 6.11.

 “$NC10 Note” or “$NC10 Notes” has the meaning specified to it in the third recital paragraph of this
Supplemental Capital Securities Indenture. 

  
 4 

 “Paying Agent” means DBTCA, with respect to payments to be made in U.S. Dollars
(or such other currency as to which DBTCA or its agent has agreed to make payments hereunder), or any person authorized by the Issuer in accordance with Section 3.04 of the Base Capital Securities Indenture. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Notes” means $NC10
Notes issued in definitive, fully registered form without interest coupons. 
 “Rate of Interest” has the meaning set forth
in Section 3.02. 
 “Redemption Date,” when used with respect to any $NC10 Note to be redeemed, means the date fixed
for such redemption by or pursuant to this Supplemental Capital Securities Indenture. 
 “Redemption Amount” of each $NC10
Note, unless previously redeemed in whole or in part or repurchased and cancelled, shall be the initial nominal amount of such $NC10 Note, except in the event that the Issuer redeems the $NC10 Notes in accordance with Section 6.03,
Section 6.04 and Section 6.05; in these cases the “Redemption Amount” of each $NC10 Note, unless previously redeemed in whole or in part or repurchased and cancelled, shall be the then current nominal amount of such $NC10
Note as reduced by any write-downs (to the extent not made up for by write-up(s)). 
 “Reference Banks” means five leading
swap dealers in the interbank market. 
 “Reference Rate” means the 5 year semi-annual swap rate for USD swap transactions,
expressed as an annual rate, as displayed on the Reuters screen “ISDAFIX1” (or any successor page) (the “Screen Page”) under the heading “11:00 AM” (as such heading may appear from time to time) as at 11:00 a.m.
New York time on the relevant Determination Date. 
 “Registrar” means DBTCA. 

“Regular Record Date” has the meaning set forth in Section 3.01(d). 

“Reset Date” means the First Call Date and any fifth anniversary of the immediately preceding Reset Date. 

“Resolution Measure” has the meaning set forth in Section 2.03. 

“Special Record Date” has the meaning set forth in Section 12.04. 

  
 5 

 “Specified Currency” has the meaning set forth in Section 2.01. 

“Specified Denomination” has the meaning set forth in Section 2.01. 

“Tier 1 Instruments” means capital instruments which, according to the CRR, qualify as common equity Tier 1 capital or
Additional Tier 1 Capital. 
 “Transfer Agent” means DBTCA. 

“Trigger Event” has the meaning set forth in Section 6.10. 

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Supplemental Capital Securities Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“U.S. Dollar” or “USD” means the coin or currency of the United States of America as at the time of payment
is legal tender for the payment of public and private debts. 
 “Write-up Date” has the meaning set forth in
Section 6.11. 
 Section 1.02     Incorporation by Reference of Trust Indenture Act. Whenever this
Supplemental Capital Securities Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Supplemental Capital Securities Indenture. 

The following Trust Indenture Act terms used in this Supplemental Capital Securities Indenture have the following meanings: 

“indenture securities” means the $NC10 Notes; 

“indenture security holder” means a Holder; 

“indenture to be qualified” means the Capital Securities Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the $NC10 Notes means the Issuer and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Supplemental Capital Securities Indenture that are defined by the Trust Indenture Act,
defined by Trust Indenture Act reference to another statute or defined by U.S. Securities Exchange Commission rule have the meanings assigned to them by such definitions. 

  
 6 

 Section 1.03     Rules of Construction. 

(a)         For all purposes of this Supplemental Capital Securities Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 (1)         the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; and 

(2)         the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Supplemental Capital Securities Indenture as a whole and not to any particular Article, Section or other subdivision. 

(b)         Capitalized terms used herein but not otherwise defined shall have the meanings assigned
to them in the Base Capital Securities Indenture. 
 (c)         To the extent the terms of the Base
Capital Securities Indenture are inconsistent with provisions of this Supplemental Capital Securities Indenture, the terms of this Supplemental Capital Securities Indenture shall govern, but only with respect to the $NC10 Notes. 

ARTICLE 2 
 TITLE
OF THE $NC10 NOTES; SUBORDINATION UNIMPAIRED; RESOLUTION MEASURES 

Section 2.01     Title. The $NC10 Notes shall be known and designated as the “Fixed to Reset Rate
Additional Tier 1 Notes of 2014” of the Issuer. The aggregate principal amount of the $NC10 Notes that may be authenticated and delivered under this Supplemental Capital Securities Indenture shall not initially exceed $1,500,000,000 (except as
otherwise provided in the Capital Securities Indenture). This series of $NC10 Notes of the Issuer is being issued in USD (the “Specified Currency”) in the aggregate nominal amount of U.S.$ 1,500,000,000 (in words: one billion five
hundred million U.S. dollars) in minimum denominations of U.S.$ 200,000 and integral multiples of U.S.$ 200,000 in excess thereof (the “Specified Denomination”). 

Section 2.02     Subordination Unimpaired. No subsequent agreement may limit the subordination pursuant to the
provisions set out in this Supplemental Capital Securities and Article 13 of the Base Capital Securities Indenture or shorten the term of the $NC10 Notes or any applicable notice period. If the $NC10 Notes are redeemed or repurchased by the Issuer
otherwise than in the circumstances described in Section 13.01 of the Base Capital Securities Indenture or as a result of a redemption pursuant to Section 6.03, Section 6.04, or Section 6.05, then the amounts redeemed or paid
must be returned to the Issuer irrespective of any agreement to the contrary unless the competent supervisory 

  
 7 

 
authority of the Issuer has given its consent to such redemption or repurchase. A termination or redemption of the $NC10 Notes pursuant to Article 6 or a repurchase of the $NC10 Notes requires,
in any event, the prior consent of the competent supervisory authority of the Issuer. 
 Section 2.03     $NC10
Notes Subject to Resolution Measures. By subscribing for or otherwise acquiring the $NC10 Notes, the Holders shall be bound by and shall be deemed to consent to the imposition of any Resolution Measure (as defined below) by the competent
resolution authority. 
 (a)     Under the relevant resolution laws and regulations as applicable to
the Issuer from time to time, the $NC10 Notes may be subject to the powers exercised by the competent resolution authority to: 

(1)          write down, including write down to zero, the claims for payment of
the principal amount, the interest amount or any other amount in respect of the $NC10 Notes; 
 (2)
         convert the $NC10 Notes into ordinary shares or other instruments qualifying as core equity tier one capital; and/or 

(3)          apply any other resolution measure, including, but not limited to,
(i) any transfer of the $NC10 Notes to another entity, (ii) the amendment of the terms and conditions of the $NC10 Notes or (iii) the cancellation of the $NC10 Notes; 

(each, a “Resolution Measure”). 

For the avoidance of doubt, any non-payment by the Issuer arising out of any such Resolution Measure will not constitute a Non-Payment Event
under the terms of the $NC10 Notes or the Capital Securities Indenture. 
 (b)     By its acquisition
of the $NC10 Notes, each Holder shall be deemed irrevocably to have agreed: 
 (1)
          to be bound by any Resolution Measure; 
 (2)
          that it will have no claim or other right against the Issuer arising out of any Resolution Measure; and 

(3)           that the imposition of any Resolution Measure will not
constitute a default or an event of default under the $NC10 Notes, the Capital Securities Indenture or the Trust Indenture Act. 

(a)      The terms and conditions of the $NC10 Notes shall continue to apply in relation to the
residual principal amount of, or outstanding amount payable in respect of, the $NC10 Notes, subject to any modification of 

  
 8 

 
the amount of interest payable to reflect the reduction of the principal amount, and any further modification of the terms that the competent resolution authority may decide in accordance with
applicable laws and regulations relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the Federal Republic of Germany. 

(b)     No repayment of the then-current principal amount of the $NC10 Notes or payment of interest
thereon (to the extent of the portion thereof affected by the imposition of a Resolution Measure) shall become due and payable after the imposition of any Resolution Measure by the competent resolution authority, unless such repayment or payment
would be permitted to be made by the Issuer under the laws and regulations of the Federal Republic of Germany then applicable to the Issuer. 

(c)     By its acquisition of the $NC10 Notes, each Holder waives, to the extent permitted by the Trust
Indenture Act, any and all claims against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either
case in accordance with the imposition of a Resolution Measure by the competent resolution authority with respect to the $NC10 Notes. 

(d)     Upon the imposition of a Resolution Measure by the competent resolution authority with respect to
the $NC10 Notes, the Issuer shall provide a written notice directly to the Holders in accordance with Article 10 as soon as practicable regarding such imposition of a Resolution Measure for purposes of notifying Holders of such occurrence. The
Issuer shall also deliver a copy of such notice to the Trustee and the Paying Agent for information purposes. Any delay or failure by the Issuer to give notice shall not affect the validity and enforceability of any Resolution Measure nor the
effects thereof on the $NC10 Notes. 
 (e)     If the Issuer has elected to redeem any $NC10 Notes but
prior to the payment of the redemption amount (i) the competent resolution authority has imposed a Resolution Measure with respect to the $NC10 Notes or (ii) a Trigger Event has occurred, the relevant redemption notice shall be
automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable. 

(f)     Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee
shall not be required to take any further directions from Holders of the $NC10 Notes under Section 5.09 of the Base Capital Securities Indenture, which section authorizes Holders of a majority in aggregate outstanding principal amount of the
$NC10 Notes to direct certain actions relating to the $NC10 Notes, and if any such direction was previously given under Section 5.09 of the Base Capital Securities 

  
 9 

 
Indenture to the Trustee by the holders, it shall automatically cease to be effective, be null and void and have no further effect. The Capital Securities Indenture shall impose no duties upon
the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. Notwithstanding the foregoing, if, following the completion of the imposition of a Resolution Measure by the
competent resolution authority, the $NC10 Notes remain outstanding (for example, if the imposition of a Resolution Measure results in only a partial write-down of the principal of the $NC10 Notes), then the Trustee’s and the Paying Agent’s
duties under the Capital Securities Indenture shall remain applicable with respect to the $NC10 Notes following such completion to the extent that the Issuer, the Trustee and the Agents agree pursuant to a supplemental indenture, unless the Issuer,
the Trustee and the Agents agree that a supplemental indenture is not necessary. 
 (g)     By its
acquisition of the $NC10 Notes, each Holder shall be deemed irrevocably to have (i) consented to the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent resolution authority of its decision to
exercise such power with respect to the $NC10 Notes and (ii) authorized, directed and requested the Depositary and any direct participant in the Depositary or other intermediary through which it holds such Notes to take any and all necessary
action, if required, to implement the imposition of any Resolution Measure with respect to the $NC10 Notes as it may be imposed, without any further action or direction on the part of such Holders of the $NC10 Notes, the Trustee or the Agents. 

(h)     If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding principal amount of the $NC10 Notes, unless the Trustee or the Agents are otherwise instructed by the Issuer or the competent resolution authority, any cancellation, write-off or conversion into equity made in respect of the $NC10
Notes pursuant to the Resolution Measure will be made on a substantially pro rata basis among the $NC10 Notes. 

(i)     The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with the
Section 6.02 and Section 6.06 of the Base Capital Securities Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to the $NC10 Notes. 

  
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 ARTICLE 3 

INTEREST ON THE $NC10 NOTES 

Section 3.01    Interest Payment Dates. 

(a)        Subject to a cancellation of interest payments pursuant to Section 3.08 and a
write-down pursuant to Section 6.10 and Section 6.11, the $NC10 Notes shall bear interest on their aggregate nominal amount from November 21, 2014 (the “Interest Commencement Date”) (inclusive) to the first Interest
Payment Date (exclusive), and thereafter from each Interest Payment Date (inclusive) to the next following Interest Payment Date (exclusive). In the event of a write-down pursuant to Section 6.10, the $NC10 Notes shall for the full respective
Interest Period in which such write-down occurs only bear interest on the aggregate nominal amount which has been reduced accordingly; a potential write-up pursuant to Section 6.11 which may occur on the relevant Interest Payment Date will not
be taken into account for such Interest Period and will only become effective from the Interest Period commencing on the Interest Payment Date on which the write-up occurs. 

(b)        The first Interest Payment Date is April 30, 2015. 

(c)        If any Interest Payment Date would otherwise fall on a day which is not a Business Day, it
shall be postponed to the next day which is a Business Day. Holders shall not be entitled to further interest or other payment in respect of such postponement. 

(d)        A Holder of a $NC10 Note at the close of business on the Business Day immediately preceding
an Interest Payment Date (the “Regular Record Date”) shall be entitled to receive interest payable pursuant to Section 3.02 on such $NC10 Note on the corresponding Interest Payment Date. 

Section 3.02    Rate of Interest. Unless expressly provided otherwise below, the Rate of Interest (the
“Rate of Interest”) for any Interest Period shall be 
 (a)        for the period
from the Interest Commencement Date (inclusive) to the First Call Date (exclusive) a fixed rate of 7.50 per cent. per annum, and 

(b)        for the period from the First Call Date (inclusive) the Reference Rate plus the initial
credit spread of 5.003 per cent. per annum. 
 In the event that the Reference Rate does not appear on the Screen Page on the relevant
Determination Date, Reference Rate shall mean the percentage rate, expressed as an annual rate, determined on the basis of the 5 year Swap Rate Quotations provided by the Reference Banks to the Calculation Agent at approximately 11.00 a.m. New York
time on the Determination Date. If at least three quotations are provided, the rate for that Determination Date will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and
the lowest quotation (or, in the event of equality, one of the lowest). If only two quotations are provided, the Reference Rate will be the arithmetic mean of the quotations provided. If only one quotation is provided, the Reference Rate will be the
quotation provided. If no quotations 

  
 11 

 
are provided, the Reference Rate will be equal to the last available 5 year semi-annual swap rate for USD swap transactions on the Screen Page, expressed as an annual rate. 

Section 3.03    Interest Amount. The Calculation Agent will, forthwith after the determination of the
Reference Rate, determine the applicable Rate of Interest and calculate the amount of interest payable on the $NC10 Notes in respect of the Specified Denomination (subject to Section 6.10) (the “Interest Amount”) for the
relevant Interest Periods. The Interest Amount shall be calculated by applying the Rate of Interest and the Day Count Fraction to the Specified Denomination and rounding the resultant figure to the nearest unit of the Specified Currency, with 0.5 of
such unit being rounded upwards. 
 Section 3.04    Notification of Rate of Interest and Interest Amount.
The Calculation Agent will cause the Rate of Interest and the Interest Amount for the Interest Periods up to the next Reset Date to be notified (i) to the Issuer, to the Paying Agent, to the other Agents, to the Trustee and to the Holders
in accordance with Article 10 as soon as possible after their determination, but in no event later than the fourth Business Day thereafter and (ii), if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time
at the request of the Issuer, to such stock exchange as soon as possible after their determination, but in no event later than the first day of the Interest Period in relation to which the relevant Rate of Interest and the relevant Interest Amount
applies. 
 Section 3.05    Determinations Binding. All certificates, communications, opinions,
determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this Article 3 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the Paying
Agent and the Holders. 
 Section 3.06    Accrual of Interest. The $NC10 Notes shall cease to bear interest
from the beginning of the day on which they are due for redemption. If the Issuer shall fail to redeem the $NC10 Notes when due, interest shall continue to accrue on the outstanding aggregate nominal amount of the $NC10 Notes from the due date
(inclusive) to the date of actual redemption of the $NC10 Notes (exclusive) at the default rate of interest established by law. 

Section 3.07    Day Count Fraction. “Day Count Fraction” means with regard to the calculation
of an Interest Amount on the $NC10 Notes for any period of time (the “Calculation Period”) the number of days in the Calculation Period divided by the actual number of days in the respective interest year (i.e. from 30 April
(inclusive) in any year to the next 30 April (exclusive)). 

  
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 Section 3.08    Cancellation of Interest Payment 

(a)    Interest on the $NC10 Notes shall only be or become due and payable on an Interest Payment Date to
the extent it has not been cancelled or deemed cancelled (in each case, in whole or in part) in accordance with the provisions set forth in this Section 3.08. To the extent any payment of interest that would otherwise have been paid has been
cancelled or deemed cancelled, then the interest that would otherwise have been payable absent such cancellation shall not be due and payable and no Holder shall have any claim whatsoever in respect thereof. In addition, principal, interest or other
amounts on the $NC10 Notes shall only be or become due and payable to the extent that such amounts are not subject to any Resolution Measure. Any interest, principal or other amounts so cancelled or deemed cancelled (in each case, in whole or in
part) pursuant to such sections shall not be due and shall not accumulate or be payable at any time thereafter, and Holders shall have no rights thereto or in connection therewith or any claim therefor and shall not be entitled to any additional
interest or compensation as a result of or in connection with such cancellation or deemed cancellation. For the avoidance of doubt, any such cancellation or deemed cancellation (in whole or in part) will not constitute a Non-Payment Event under the
terms of the $NC10 Notes or the Capital Securities Indenture. 
 By its acquisition of the $NC10 Notes, each Holder shall be deemed
irrevocably to have agreed that: 
 (1)        subject to Section 6.09,
interest is due and payable in respect of any period only if and to the extent that the Issuer has not exercised its sole discretion to cancel such payment, and no amount of interest shall become due and payable in respect of any such period to the
extent that it has been (x) cancelled (in whole or in part) by the Issuer at the Issuer’s sole discretion pursuant to Section 3.08(b), (y) cancelled (in whole or in part) pursuant to a Resolution Measure and/or (z) deemed
cancelled (in whole or in part) pursuant to Section 3.08(c); 
 (2)        a
cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms hereof and of the Capital Securities Indenture shall not constitute a default in payment or otherwise constitute a default under, or a
breach of, the terms of the $NC10 Notes or the Capital Securities Indenture; and 

(3)        subject to Section 3.08(a), interest, principal or other amounts on
the $NC10 Notes shall only be or become due and payable in accordance with this Section 3.08(a). 

(b)    The Issuer has the right, in its sole discretion, to cancel all or part of any payment of
interest, including (but not limited to) if such cancellation is necessary to prevent the Common Equity Tier 1 Capital Ratio (as defined in Section 6.10) from falling below 5.125 per cent. or to meet a

  
 13 

 
requirement imposed by law or the competent supervisory authority. If the Issuer makes use of such right, it shall give notice to the Holders in accordance with Article 10 without undue delay,
but no later than on the relevant Interest Payment Date. Interest that is cancelled will not be due and will not accumulate or be payable at any time thereafter. 

(c)          Payment of interest on the $NC10 Notes for the relevant
Interest Period shall be cancelled (without prejudice to the exercise of sole discretion pursuant to Section 3.08(b)): 

(1)        to the extent that such payment of interest together with any additional
Distributions that are simultaneously planned or made or that have been made by the Issuer on the other Tier 1 Instruments in the then current financial year of the Issuer would exceed the Available Distributable Items provided that, for such
purpose, the Available Distributable Items shall be increased by an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (including payments of interest on the $NC10 Notes) in the determination
of the profit (Gewinn) on which the Available Distributable Items are based; or 

(2)        if and to the extent that the competent supervisory authority orders that
all or part of the relevant payment of interest be cancelled or another prohibition of Distributions is imposed by law or an authority. 

(d)          The Issuer has the right to use the funds from cancelled payments of interest
without restrictions for the fulfilment of its own obligations when due. To the extent that payments of interest are cancelled, such cancellation includes all Additional Amounts payable pursuant to Section 8.01. Any payments of interest which
have been cancelled will not be made or compensated at any later date. 
 ARTICLE 4 

PAYMENTS ON THE $NC10 NOTES 

Section 4.01    Payment of Principal and Interest. Any payments of principal of and interest to be made on the
Global Securities shall be payable to the Depositary by wire in immediately available funds by the Paying Agent (subject to the Paying Agent’s receipt of such funds as provided under Section 3.04(c) of the Base Capital Securities
Indenture). 
 Section 4.02    Manner of Payment. Subject to applicable fiscal and other laws and
regulations, payments of amounts due in respect of the $NC10 Notes shall be made in the Specified Currency. 

Section 4.03    Discharge. The Issuer shall be discharged by payment to, or to the order of, the Depositary.

  
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 Section 4.04    Payment Date. If the date for payment of
principal in respect of any $NC10 Note is not a Business Day then the Holders shall not be entitled to payment until the next Business Day and shall not be entitled to further interest or other payment in respect of such delay. 

Section 4.05    References to Principal and Interest. Reference in the $NC10 Notes to principal in respect of
the $NC10 Notes shall be deemed to include, as applicable, the following amounts: the Redemption Amount of the $NC10 Notes, any premium and any other amounts which may be payable under or in respect of the $NC10 Notes. Reference in these Terms and
Conditions to interest in respect of the $NC10 Notes shall be deemed to include, as applicable, any Additional Amounts payable pursuant to Section 8.01. 

Section 4.06    Unclaimed Moneys. With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on any $NC10 Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and payable (whether upon call for
redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the Holders that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment hereof and
(ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may
have to pay the principal of or interest or premium, if any, on the $NC10 Notes as the same shall become due. 

Section 4.07    Registered Owner. Prior to due presentment of any $NC10 Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder in whose name the $NC10 Notes are registered as the owner hereof for all purposes, whether or not the $NC10 Notes be overdue, and none of the Issuer, the Trustee or
any such agent shall be affected by notice to the contrary. 
 Section 4.08    No Recourse. No recourse
shall be had for the payment of the principal of, premium, if any, or the interest on the $NC10 Notes, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Capital Securities Indenture or any indenture
supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

 Section 4.09    Principal on Physical Notes. Principal on Physical Notes shall be payable at the office
or agency of the Issuer maintained for such purpose, 

  
 15 

 
initially the office of the Paying Agent. U.S. dollar payments of interest, other than interest due on any date of redemption or repayment, will be made by U.S. dollar check mailed to the address
of the person entitled thereto as such address shall appear in the register of the $NC10 Notes. A holder of U.S. $10,000,000 or more in aggregate principal amount of $NC10 Notes having the same Interest Payment Date, the interest on which is payable
in U.S. dollars, will be entitled to receive payments of interest, other than interest due on any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the
Paying Agent in writing not less than 15 calendar days prior to the applicable Interest Payment Date. 
 ARTICLE 5 

FORM OF $NC10 NOTES 

Section 5.01    Global Securities. 

(a)        Except as otherwise provided pursuant to this Article 5, the $NC10 Notes are being issued
in fully registered, global form without coupons in substantially the form of Exhibit A hereto (each, a “Global Security”), each of which representing a maximum of U.S. $500,000,000 principal amount of all such $NC10 Notes that have
the same original issue date and other terms, with such applicable legends as are provided for in Section 5.02. The $NC10 Notes are not issuable in bearer form or with detachable coupons. The terms and provisions contained in the form of $NC10
Notes shall constitute, and are hereby expressly made, a part of this Supplemental Capital Securities Indenture and to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Supplemental Capital Securities
Indenture, expressly agree to such terms and provisions and to be bound thereby. Any of the $NC10 Notes may have such letters, numbers or other markings of identification and such notations, legends and endorsements as the officers executing the
same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Capital Securities Indenture and the Base Capital Securities Indenture, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the $NC10 Notes may be listed or designated for issuance, or to conform to
usage. 
 (b)        Each Global Security shall be duly executed by the Issuer and authenticated and
delivered by the Trustee and shall be registered in the name of the Depositary or its nominee and retained by the Registrar, as custodian, at its Corporate Trust Office. The aggregate principal amount of each Global Security may from time to time be
increased or decreased by adjustments made on the records of the Registrar, as custodian, and of the Depositary or its nominee, as hereinafter provided. 

  
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 Section 5.02    Exchange and Transfer. DBTCA has been appointed
Registrar and Transfer Agent for the $NC10 Notes, and DBTCA will maintain at its office in The City of New York a register for the registration and transfer of $NC10 Notes. The $NC10 Notes may be transferred at either the aforesaid New York office
of DBTCA by surrendering the $NC10 Notes for cancellation, accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and duly executed by the registered Holder hereof in person or by the Holder’s
attorney duly authorized in writing, and thereupon the Registrar shall issue in the name of the transferee or transferees, in exchange herefor, a new $NC10 Note or $NC10 Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided, however, that the Registrar will not be required (i) to register the transfer of or exchange any $NC10 Note that has been called for
redemption in whole or in part, except the unredeemed portion of $NC10 Notes being redeemed in part, (ii) to register the transfer of or exchange any $NC10 Note if the Holder thereof has exercised his right, if any, to require the Issuer to
repurchase such $NC10 Note in whole or in part, except the portion of such $NC10 Note not required to be repurchased, or (iii) to register the transfer of or exchange $NC10 Notes to the extent and during the period so provided in the Capital
Securities Indenture with respect to the redemption of $NC10 Notes. $NC10 Notes are exchangeable at said offices for other $NC10 Notes of other authorized denominations of equal aggregate principal amount having identical terms and provisions. All
such registrations, exchanges and transfers of $NC10 Notes will be free of service charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. All $NC10 Notes surrendered for
exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the registered Holder in person or by the Holder’s attorney duly authorized in writing. The date of
registration of any $NC10 Note delivered upon any exchange or transfer of $NC10 Notes shall be such that no gain or loss of interest results from such exchange or transfer. 

Section 5.03    Legends. Each Global Security shall also bear the following legends on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN (OR AN INTEREST IN THE $NC10 NOTES REPRESENTED HEREBY). 

  
 17 

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS $NC10
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 EACH ACQUIRER AND EACH TRANSFEREE OF BENEFICIAL INTERESTS IN THIS NOTE IS DEEMED TO REPRESENT,
WARRANT AND AGREE THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH $NC10 NOTES OR ANY
INTEREST THERE IN IT WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE
PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE ASSETS USED
BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR AN INTEREST HEREIN
DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON U.S. PLAN, A NON-EXEMPT VIOLATION OF ANY SIMILAR
LAWS); (2) NEITHER THE ISSUER NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH 

  
 18 

 
RESPECT TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF “FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER OR HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING
OF THE $NC10 NOTES, OR AS A RESULT OF ANY EXERCISE BY THE ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE $NC10 NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS FORMED A PRIMARY BASIS FOR ANY INVESTMENT
DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER IN CONNECTION WITH THE $NC10 NOTES AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO THE $NC10 NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY INTEREST HEREIN OTHERWISE
THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE. 

Section 5.04    Book-Entry Provisions for the Global Securities. 

(a)          The Global Securities initially shall: 

(1)        be initially registered in the name of the Depositary (or a nominee
thereof); and 
 (2)        be delivered to the Registrar as custodian for such
Depositary. 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the $NC10 Notes
or the Capital Securities Indenture with respect to any Global Security held on their behalf by the Depositary, or the Registrar as its custodian, or under such Global Security, and the Depositary may be treated by the Issuer, the Trustee and any
agent of the Issuer or the Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of any
Holder. 
 (b)          The Holder of a Global Security may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Supplemental Capital Securities Indenture, the Base Capital Securities Indenture
or the $NC10 Notes. 

  
 19 

 (c)         A Global Security may not be transferred, in
whole or in part, to any Person other than the Depositary (or a nominee thereof), and no such transfer to any such other Person may be registered. Beneficial interests in a Global Security may be transferred in accordance with the rules and
procedures of the Depositary. 
 (d)         If at any time, the Depositary notifies the Issuer in
writing that it is no longer willing or able to continue to act as Depositary for the Global Securities, or the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary for the Global
Securities is not appointed by the Issuer within 90 days of such notice or cessation, the Depositary shall surrender such Global Security or Global Securities to the Registrar for cancellation and the Issuer shall execute, and the Trustee, upon
receipt of an Officers’ Certificate and Issuer Order for the authentication and delivery of $NC10 Notes, shall authenticate and deliver, in exchange for such Global Security or Global Securities, Physical Notes in an aggregate principal amount
equal to the aggregate principal amount of such Global Security or Global Securities. Such Physical Notes shall be registered in such names as the Depositary shall identify in writing as the beneficial owners of the $NC10 Notes represented by such
Global Security or Global Securities (or any nominee thereof). 
 (e)         Notwithstanding the
foregoing, in connection with any transfer of beneficial interests in a Global Security to the beneficial owners thereof pursuant to Section 5.04(d), the Registrar shall reflect on its books and records the date and a decrease in the principal
amount of such Global Security in an amount equal to the principal amount of the beneficial interests in such Global Security to be transferred. 

ARTICLE 6 
 NO
SCHEDULED MATURITY; REDEMPTION; WRITE-DOWNS 
 Section 6.01
    No Scheduled Maturity. The $NC10 Notes have no scheduled maturity date. 
 Section 6.02
    Deposit of Redemption Price. Prior to 10:00 a.m., New York City time, on any Redemption Date, the Issuer shall deposit with the Paying Agent an amount of money sufficient to pay the Redemption Price in respect of all
the $NC10 Notes to be redeemed on that Redemption Date and accrued and unpaid interest, if any, on such $NC10 Notes. 

Section 6.03   Redemption for Regulatory Reasons. If the Issuer determines, in its own discretion, that (i) the
percentage of the aggregate principal amount of the $NC10 Notes outstanding at such time that may be treated as Additional Tier 1 Capital for the purposes of its own funds in accordance with applicable law has been reduced or (ii) it is subject
to any other 

  
 20 

 
form of a less advantageous regulatory own funds treatment with respect to the $NC10 Notes than as of the Interest Commencement Date, the $NC10 Notes may be redeemed, in whole but not in part, at
any time at the option of the Issuer, subject to any required prior consent of the competent supervisory authority, upon not less than 25 and not more than 60 days’ prior notice of redemption at their Redemption Amount together with interest
(if any, and subject to a cancellation of the interest payment pursuant to Section 3.08) accrued to the date fixed for redemption (exclusive). 

Section 6.04   Redemption for Reasons of Taxation.   If the tax treatment of the $NC10 Notes, due to a change
in applicable legislation, including a change in any fiscal or regulatory legislation, rules or practices, or a change in the official application or official interpretation of such legislation or rules, which takes effect after the Interest
Commencement Date, changes (including but not limited to the tax deductibility of interest payable on the $NC10 Notes or the obligation to pay Additional Amounts) and the Issuer determines, in its own discretion, that such change has a material
adverse effect on the Issuer, the $NC10 Notes may be redeemed, in whole but not in part, at any time at the option of the Issuer, subject to the prior consent of the competent supervisory authority, upon not less than 25 and not more than 60
days’ prior notice of redemption at their Redemption Amount together with interest (if any, and subject to a cancellation of the interest payment pursuant to Section 3.08) accrued to the date fixed for redemption (exclusive). 

Section 6.05   Redemption at the Option of the Issuer. The Issuer may redeem the $NC10 Notes, in whole but not in part,
subject to the prior consent of the competent supervisory authority, upon not less than 25 days’ notice of redemption with effect as of the Early Redemption Date at their Redemption Amount together with interest (if any, and subject to a
cancellation of the interest payment pursuant to Section 3.08) accrued to the Early Redemption Date (exclusive), unless such $NC10 Note is written down in whole or in part pursuant to a Resolution Measure, in which case the redemption price
will be the nominal amount of the $NC10 Note after giving effect to such write-down. 
 Section 6.06    Notice.
Notice pursuant to Section 6.03, Section 6.04 and Section 6.05 shall be given in accordance with Article 10 to the Holders, the Agents and the Trustee. Such notice shall be, subject to Section 2.03(e), irrevocable and shall
state the date fixed for redemption and, in the case of a notice pursuant to Section 3.03 or Section 3.04, the reason for the redemption. 

Section 6.07   Redemption after Write-Up; Redemption Amount.  The Issuer may exercise its ordinary redemption
rights pursuant to Section 6.05 only if any write-downs pursuant to Section 6.10 have been fully written up. However, if any $NC10 Note is written down in whole or in part pursuant to a Resolution Measure, the Issuer shall be permitted to
exercise its ordinary redemption right pursuant to Section 6.05 without subsequently writing up any such write-down. 

  
 21 

 Otherwise, the exercise of the redemption rights pursuant to Section 6.03, Section 6.04
and Section 6.05 shall be at the sole discretion of the Issuer. No Holder shall have any claim against the Issuer in connection with or arising out of the reduction of the Redemption Amount in connection with any write-down under
Section 6.10 or any Resolution Measure. 
 Section 6.08     No Call Right of the
Holders.  The Holders have no right to call the $NC10 Notes for redemption. 
 Section 6.09
    Deemed Agreement to Principal Write-down. By its acquisition of the $NC10 Notes, each Holder shall be deemed irrevocably to have agreed, subject to Section 3.08(a), that: (i) subject to Section 3.08(a),
interest is not due and payable on any portions of the aggregate nominal amount of the $NC10 Notes written down pursuant to Section 6.10 (to the extent not subsequently written up pursuant to Section 6.11), (ii) a write down of the
nominal amount of the $NC10 Notes (in whole or in part) in accordance with the terms hereof and of the Capital Securities Indenture shall not constitute a default in payment or otherwise constitute a default under, or a breach of, the terms of the
$NC10 Notes or the Capital Securities Indenture; and subject to Section 3.08(a), interest or principal on the $NC10 Notes shall only be or become due and payable on an Interest Payment Date or other relevant date to the extent the nominal
amount of the $NC10 Notes at the time of such payment has not been written down in accordance with Section 6.10 (in whole or in part, and to the extent not subsequently written up pursuant to Section 6.11). Any interest, principal or other
amounts unpaid as a result of a write-down (in whole or in part) in accordance with Section 6.10 shall not be due and shall not accumulate or be payable at any time thereafter, and pursuant to the terms of the $NC10 Notes, Holders shall have no
rights thereto or in connection therewith or any claim therefor and shall not be entitled to any additional interest or compensation as a result of or in connection with such write-down. For the avoidance of doubt, any write-down (in whole or in
part) pursuant to Section 6.10 shall not constitute a Non-Payment Event under the terms of the $NC10 Notes or the Capital Securities Indenture. 

Section 6.10     Write-down. Upon the occurrence of a Trigger Event, the Redemption Amount and the nominal amount of
each $NC10 Note shall be reduced by the amount of the relevant write-down. 
 A “Trigger Event” shall occur, if at any
time, the Common Equity Tier 1 capital ratio pursuant to Article 92 (1) (a) CRR or any successor provision, determined on a consolidated basis (the “Common Equity Tier 1 Capital Ratio”), falls below 5.125 per cent.

  
 22 

 Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all
other Additional Tier 1 instruments within the meaning of the CRR (Additional Tier 1 Capital), the terms of which provide for a write-down (whether permanent or temporary) upon the occurrence of the Trigger Event. For such purpose, the total amount
of the write-downs to be allocated pro rata shall be equal to the amount required to restore fully the Common Equity Tier 1 Capital Ratio of the Issuer to 5.125 per cent. but shall not exceed the sum of the nominal amounts of the
relevant instruments outstanding at the time of occurrence of the Trigger Event. 
 The sum of the write-downs to be effected with respect
to the $NC10 Notes shall be limited to the outstanding aggregate nominal amount of the $NC10 Notes at the time of occurrence of the relevant Trigger Event. 

Upon the occurrence of a Trigger Event, the Issuer shall: 

(a)         inform the competent supervisory authority that is responsible for the Issuer and, in
accordance with Article 10, provide notice to the Trustee, the Agents and the Holders of the $NC10 Notes without undue delay about the occurrence of such Trigger Event and the fact that a write-down will have to be effected, and 

(b)         determine the write-down to be effected without undue delay, but not later than within one
month (unless the competent supervisory authority of the Issuer shortens such period), and notify such write-down (i) to the competent supervisory authority, (ii) to the Holders of the $NC10 Notes in accordance with Article 10,
(iii) to the Calculation Agent and the Paying Agent, the other Agents and the Trustee and (iv), if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time at the request of the Issuer, to such stock
exchange. 
 The write-down shall be deemed to be effected at the time when the notices pursuant to (a) and (b) above are given
and the nominal amount of each $NC10 Note (including the Redemption Amount) in the Specified Denomination shall be deemed to be reduced at such time by the amount of such write-down. 

In each case, the notice pursuant to this Section 6.11(b) shall specify the amount of the write-down and the date the write-down of the
$NC10 Notes will be (or is expected to be) effected. 
 Section 6.11     Nominal Amount and Redemption Amount
after Write-down; Write-up. After a write-down has been effected, the nominal amount and the Redemption Amount of each $NC10 Note, unless previously redeemed or repurchased and cancelled, may be written up in accordance with the following
provisions of Section 6.11 in each of the financial years of the Issuer subsequent to the occurrence of such write-down until the full initial nominal amount has been reached, to the extent that a corresponding annual profit
(Jahresüberschuss, 

  
 23 

 
calculated in accordance with German law and accounting principles) is recorded and the write-up will not give rise to or increase an annual loss (Jahresfehlbetrag, calculated in
accordance with German law and accounting principles). The write-up will occur with effect as of the Interest Payment Date (including) immediately following the financial year of the Issuer for which the above-mentioned annual profit
(Jahresüberschuss) was determined. 
 The write-up shall be effected pari passu with write-ups of other Additional Tier 1
instruments within the meaning of the CRR, unless this would cause the Issuer to be in breach of any contractual obligations that have been assumed by the Issuer or with any statutory or regulatory obligations. 

Subject to the conditions (a) to (e) below, which may limit the extent of any write-up, it shall be at the discretion of the Issuer
to effect a write-up. In particular, the Issuer may effect a write-up only in part or effect no write-up at all even if a corresponding annual profit is recorded and the conditions (a) to (e) are fulfilled. 

(a)         To the extent that the annual profit determined or to be determined is to be used for a
write-up of the $NC10 Notes (i.e. a write-up of the nominal amount and of the Redemption Amount) and of other Additional Tier 1 instruments within the meaning of the CRR, the terms of which provide for a similar Trigger Event (also if such
terms provide for a different Tier 1 capital ratio as trigger) (together with the $NC10 Notes the “AT1 Instruments”), and is available in accordance with (b) and (c) below, such write-up shall be effected pro rata
in proportion to the initial nominal amounts of the instruments. 
 (b)         The maximum total
amount that may be used for a write-up of the $NC10 Notes and of other AT1 Instruments that have been written down and for the payment of interest and other Distributions on AT1 Instruments that have been written down shall be calculated, subject to
the regulatory technical standards applicable at the time when the write-up is effected, in accordance with the following formula: 
 H = J
x S/T1 
 “H” means the maximum amount available for the write-up of the AT1 Instruments and Distributions on AT1
Instruments that have been written down; 
 “J” means the annual profit determined or to be determined for the previous
year; 
 “S” means the sum of the initial nominal amounts of the AT1 Instruments (i.e. before write-downs due to a Trigger
Event or other comparable event are effected); 

  
 24 

 “T1” means the amount of the Tier 1 capital of the Issuer immediately before the
write-up is effected. 
 The maximum amount “H” shall be determined in accordance with the regulatory technical standards
as applicable from time to time, which are currently available in the “Commission Delegated Regulation (EU) No 241/2014 of 7 January 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard
to regulatory technical standards for Own Funds requirements for institutions”. The maximum amount “H” shall be determined by the Issuer in accordance with the requirements applicable at the time of determination, and the
write-up shall be based on the amount so determined without requiring any amendment to this subparagraph (b). 

(c)         In total, the sum of the amounts of the write-ups of AT1 Instruments together with the
amounts of any dividend payments and other Distributions on shares and other Common Equity Tier 1 instruments of the Issuer (including payment of interests and other Distributions on AT1 Instruments that have been written down) for the relevant
financial year must not exceed the maximum distributable amount within the meaning of Article 141 (2) CRD IV or any successor provision (“Maximum Distributable Amount” or “MDA”) as transposed into national law.

 (d)         Write-ups of the $NC10 Notes do not have priority over dividend payments and other
Distributions on shares and other Common Equity Tier 1 instruments of the Issuer, i.e. such payments and Distributions are permitted even if no full write-up has been effected. 

(e)         At the time of a write-up, there must not exist any Trigger Event that is continuing. A
write-up is also excluded if such write-up would give rise to the occurrence of a Trigger Event. 
 If the Issuer elects to effect a
write-up in accordance with the provisions of this Section 6.11, it shall provide notice of its election to effect the write-up as of the relevant Interest Payment Date (including the amount of the write-up as a percentage of the initial
nominal amount of the $NC10 Notes and the effective date of the write-up (in each case a “Write-up Date”)) no later than 10 calendar days prior to the relevant Interest Payment Date to the Holders of the $NC10 Notes in accordance
with Article 10, to the Calculation Agent, to the Paying Agent, to the other Agents, to the Trustee and, if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time at the request of the Issuer, to such stock
exchange. The write-up shall be deemed to be effected at the time when the notice to the Holders is given in accordance with Article 10 and the nominal amount of each $NC10 Note in the Specified Denomination (including the Redemption Amount) shall
be deemed to be increased by the amount specified in the notice with effect as of the Write-up Date. 

  
 25 

 (f)         If the $NC10 Notes have been fully written
down pursuant to Section 6.10, the Issuer agrees that prior to any instruction to write up the $NC10 Notes, it will enter into any agreements with the Trustee and the Agents necessary to effectuate such write up, including but not limited to a
supplemental indenture. The Issuer shall arrange for all of the necessary documentation as required by the Depositary to effectuate such write-up. 

(g)         Neither the Trustee nor the Paying Agents will be liable with respect to (i) the
calculation or accuracy of the Common Equity Tier 1 Capital Ratio in connection with the occurrence of a Trigger Event and the timing of such Trigger Event, (ii) the Issuer’s failure to post or deliver the underlying Common Equity Tier 1
Capital Ratio calculations of a Trigger Event to the Depositary or the Holders or (iii) any aspect of the Issuer’s decision to deliver a notice of a write-down. 

ARTICLE 7 
 PAYING
AGENT AND CALCULATION AGENT 
 Section 7.01    
Appointment, Specified Office.   The initial Paying Agent and the initial Calculation Agent and their respective initial specified offices shall be: 

Paying Agent 
 Deutsche Bank
Trust Company Americas 
 Trust and Agency Services 

60 Wall Street, 16th Floor 
 Mail
Stop: NYC60-1630 
 New York, New York 10005 

United States of America 

Calculation Agent 
 Deutsche
Bank Trust Company Americas 
 Trust and Agency Services 

60 Wall Street, 16th Floor 
 Mail
Stop: NYC60-1630 
 New York, New York 10005 

United States of America 

  
 26 

 The Paying Agent and the Calculation Agent reserve the right at any time to change their
respective specified office to some other specified office in the same city. 
 Section 7.02     Variation or
Termination of Appointment. The Issuer reserves the right at any time to vary or terminate the appointment of the Calculation Agent or any Paying Agent and to appoint another Calculation Agent or additional or other Paying Agents. The Issuer
shall at all times maintain a Paying Agent and a Calculation Agent. Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 25 nor more
than 45 days’ prior notice thereof shall have been given to the Holders in accordance with Article 10. 
 Section 7.03
    Agents of the Issuer. The Calculation Agent, the Registrar, the Transfer Agent and the Paying Agent act solely as agents of the Issuer and do not assume any obligations towards or relationship of agency or trust for
any Holder. 
 ARTICLE 8 

ADDITIONAL COVENANTS 

In addition to the covenants set forth in Article 8 of the Base Capital Securities Indenture, the $NC10 Notes shall be subject to the
additional covenants set forth in this Article 8 of this Supplemental Capital Securities Indenture. 
 Section 8.01
    Taxation. All amounts payable in respect of the $NC10 Notes shall be paid without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of
withholding or deduction by or in or for the account of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax unless such withholding or deduction is required by law. In such event, the
Issuer shall pay such additional amounts (“Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after such withholding or deduction, shall equal the respective amounts which would
otherwise have been receivable by the Holders in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes or duties which: 

(a)         are payable by any person acting as custodian bank or collecting agent on behalf of a
Holder, or otherwise in any manner which does not constitute a deduction or withholding by the Issuer or the Paying Agent from payments of principal or interest made by it; or 

(b)         are payable by reason of the Holder having, or having had, some personal or business
connection with Germany and not merely by reason of the fact that payments in respect of the $NC10 Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, Germany; or 

  
 27 

 (c)         are deducted or withheld pursuant to
(i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which Germany or the European Union is a party, or (iii) any
provision of law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or; 

(d)         where presentation of the $NC10 Notes is required, are withheld or deducted by a Paying
Agent from a payment if the payment could have been made by another Paying Agent without such withholding or deduction; or 

(e)         are payable by reason of a change in a law that becomes effective more than 30 days after
the relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is published in accordance with Article 10, whichever occurs later; or 

(f)         are avoidable or would have been avoidable through fulfilment of statutory requirements or
through the submission of a declaration of non-residence or by otherwise enforcing a claim for exemption vis à vis the relevant tax authority; or 

(g)         are deducted or withheld in respect of FATCA; or 

(h)         are deducted or withheld because the beneficial owner of the $NC10 Notes is not himself
the legal owner (Holder) of the $NC10 Notes and the deduction or withholding in respect of payments to the beneficial owner would not have been made or the payment of Additional Amounts in respect of a payment to the beneficial owner in accordance
with the above provisions could have been avoided if the latter had also been the legal owner (Holder) of the $NC10 Notes. 
 For the
avoidance of doubt, no Additional Amounts shall be payable in respect of (i) principal, interest or other amounts written down pursuant to a Resolution Measure, (ii) interest cancelled pursuant to Section 3.08 or (iii) principal
written down pursuant to the terms Section 6.10. 
 Section 8.02     Written Statement to
Trustee.   The Issuer will furnish to the Trustee not less often than annually a brief certificate that complies with the requirements of the Trust Indenture Act (but which need not comply with Section 11.05 of the Base Capital
Securities Indenture) from the principal executive, financial or accounting officer of the Issuer stating that in the course of the performance by the signer of his duties as an officer of the Issuer he would normally have knowledge of any default
or non-compliance by the Issuer in the 

  
 28 

 
performance of any covenants or conditions contained in this Supplemental Capital Securities Indenture, stating whether or not he has knowledge of any such default or non-compliance and, if so,
specifying each such default or non-compliance of which the signer has knowledge and the nature thereof. 
 ARTICLE 9 

FURTHER ISSUES, PURCHASES AND CANCELLATION 

Section 9.01     Further Issues. The Issuer may from time to time, without the consent of the Holders, issue
further $NC10 Notes having the same terms and conditions as the $NC10 Notes in all respects (or in all respects except for the issue date, interest commencement date and/or issue price) so as to form a single series with the $NC10 Notes. Any such
additional $NC10 Notes, together with the $NC10 Notes, may constitute a single series of securities under the Capital Securities Indenture, provided that if the $NC10 Notes constitute debt for U.S. federal income tax purposes and such
additional $NC10 Notes have the same CUSIP, ISIN or other identifying number as the outstanding $NC10 Notes, such additional $NC10 Notes must either (i) be issued with no more than a de minimis amount of original issue discount for U.S.
federal income tax purposes or (ii) be otherwise issued in a qualified reopening for U.S. federal income tax purposes. There is no limitation on the amount of $NC10 Notes or other debt securities that the Issuer may issue under this
Supplemental Capital Securities Indenture or the Base Capital Securities Indenture. 
 Section 9.02
    Purchases. The Issuer may (subject to the prior consent of the competent supervisory authority of the Issuer, if required) purchase $NC10 Notes in a regulated market or otherwise at any price. $NC10 Notes purchased by
the Issuer may, at the option of the Issuer, be held, resold or surrendered to the Paying Agent for cancellation. If purchases are made by public tender, tenders for such $NC10 Notes must be made available to all Holders of such $NC10 Notes alike in
accordance with Article 10. 
 Section 9.03     Cancellation. All $NC10 Notes redeemed in full shall be
cancelled forthwith and may not be reissued or resold. 
 ARTICLE 10 

NOTICES 

Section 10.01     Notices and Demands on Issuer. Any notice or demand which by any provision of the $NC10
Notes or the Capital Securities Indenture is required or permitted to be given or served by the Trustee, by the Agents or by the Holders to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail (except as
otherwise specifically provided herein) addressed (until another address is filed with the Trustee) as follows: 

  
 29 

 If to the Issuer, to: 

Deutsche Bank AG 
 Attn: Group
Treasury, Capital Markets Issuance 
 Große Gallusstrasse 10-14 

60311 Frankfurt am Main 
 Germany

 Section 10.02     Notices and Demands on Trustee. Any notice, direction, request or demand by the Issuer,
by the Agents or by any Holder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail to the Trustee at: 

The Bank of New York Mellon 
 One
Canada Square 
 London, E14 5AL 

United Kingdom 
 with a copy to:

 The Bank of New York Mellon 

Corporate Trust Administration 

Internal Corporate Trust Services 

Merck House 
 Seldown, Poole 

Dorset BH15 1PX 
 United Kingdom

 Section 10.03     Notices and Demands on Agents. Any notice, direction, request or demand by the Issuer,
by the Trustee or by any Holder to or upon the Agents may be given or made if mailed by first-class mail or sent by facsimile to: 
 If to
the Agents, to: 
 Deutsche Bank Trust Company Americas 

Trust and Agency Services 
 60
Wall Street, 16th Floor 
 Mail Stop: NYC60-1630 

New York, New York 10005 
 United
States of America 
 Fax: 732-578-4635 

Attn: Corporates Team – Deutsche Bank AG 

with a copy to: 
 Deutsche Bank
Trust Company Americas 
 c/o Deutsche Bank National Trust Company 

Trust and Agency Services 
 100
Plaza One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 

United States of America 
 Fax:
732-578-4635 
 Attn: Corporates Team – Deutsche Bank AG 

  
 30 

 Section 10.04   Notices to Holders. Notices to be given to Holders
represented by the $NC10 Notes will be given only to the Depositary, as the registered Holder, in accordance with its applicable policies as in effect from time to time. Notices to be given in respect of the $NC10 Notes held in street name will be
given only to the bank, broker or other financial institution in whose name the $NC10 Notes are registered, and not the owner of any beneficial interests. Notices to be given to Holders of Physical Notes will be sent by mail to the respective
addresses of the Holders as they appear in the register of the $NC10 Notes, and will be deemed given when mailed. 
 Notice by mail shall be
made to each Holder’s address as that address appears in the register for the $NC10 Notes by first class mail, postage prepaid, and may be given by publication in an authorized newspaper in the English language and of general circulation in the
Borough of Manhattan, The City of New York; provided that notice may be made, at the option of the Issuer, through the customary notice provisions of the Depositary or systems through which beneficial interests in the $NC10 Notes are owned.

 Where this Supplemental Capital Securities Indenture provides for notice to Holders, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the register of the $NC10 Notes. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Supplemental Capital Securities Indenture provides for
notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by
reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer or Holders of $NC10 Notes when such notice is required to be given pursuant to any provision of this Supplemental Capital
Securities Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 

Any notice given pursuant to the terms of the $NC10 Notes or the Capital Securities Indenture will be deemed given or delivered, as the case
may be, when such notice is mailed or otherwise transmitted (or first published, in the case of publication in a newspaper) pursuant to the terms of the $NC10 Notes and the Capital Securities Indenture. 

  
 31 

 Section 10.05 Failure to Comply with Notice Provisions not an Event of Default. No
failure by the Issuer to comply with the notice provisions with respect to the $NC10 Notes or the Capital Securities Indenture shall constitute a default or an event of default under the terms of the $NC10 Notes or the Capital Securities Indenture
and shall not give any right to accelerate the repayment of the principal of any $NC10 Note or to declare any $NC10 Note issued hereunder due and payable. 

Section 10.06 Provision of Notice in Certain Circumstances. For the avoidance of doubt, notices to the Holders with respect to the
imposition of a Resolution Measure, a cancellation of interest pursuant to Section 3.08 or a write-down pursuant to Section 6.10 shall be given directly by the Issuer to the Depositary. The Issuer may give the notice pursuant to
Section 3.08(b) in substantially in the form of Exhibit D hereto and the notice pursuant to Section 6.10(a) and Section 6.10(b) in substantially in the form of Exhibit B and Exhibit C hereto. The Issuer may also provide notice of any
interest cancellation to the Trustee and the Paying Agent for informational purposes in substantially the form of Exhibit E. 

Section 10.07 Luxembourg Stock Exchange. In addition, so long as the $NC10 Notes are listed on the Official List of the Luxembourg
Stock Exchange, notices that the Issuer is required to publish on a website or a newspaper of general circulation pursuant to Luxembourg Stock Exchange rules shall be made available on the Luxembourg Stock Exchange’s website (www.bourse.lu).

 ARTICLE 11 

ADDITIONAL TIER 1 CAPITAL 

The $NC10 Notes are intended to qualify as Additional Tier 1 Capital (zusätzliches Kernkapital) of the Issuer for an indefinite
period of time. 
 ARTICLE 12 

NO DEFAULTS OR EVENTS OF DEFAULT;
REMEDIES 
 Section 12.01 No Defaults or Events of Default. There are no defaults or events of default under the
$NC10 Notes, and under no circumstances may the Holders declare the principal amount of the $NC10 Notes and interest accrued thereon to be due and payable. 

  
 32 

 Section 12.02   No Acceleration. If the Issuer does not make payments of
principal of, interest on, or other amounts owing under the $NC10 Notes (i) pursuant to the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result of any cancellation of interest pursuant to
Section 3.08 or (iv) as a result of any write-down pursuant to Section 6.10, the Issuer will not be in default, and none of the Trustee and the Holders shall be permitted to demand repayment of the $NC10 Notes. Moreover, in the event
of a Resolution Measure, a cancellation of interest pursuant to Section 3.08 or a write-down pursuant to Section 6.10, the Holder of the $NC10 Notes may permanently lose the right to receive such payments. If the Issuer does not make
payments of principal of, interest on, or other amounts owing under the $NC10 Notes when due for reasons other than (i) pursuant to the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result
of any cancellation of interest pursuant to Section 3.08 or (iv) as a result of any write-down pursuant to Section 6.10, the Issuer will be in breach of its obligations under the Capital Securities Indenture. Nevertheless, neither the
Trustee nor the Holders may demand repayment of the $NC10 Notes in any such case. Furthermore, if the Issuer becomes subject to German insolvency proceedings, the Trustee and Holder of the $NC10 Notes will have no right to file a claim against the
Issuer unless the competent insolvency court allows the filing of subordinated claims. 
 Section 12.03   Remedies.
Upon the occurrence of any non-payment of principal of, interest on, or other amounts owing under the $NC10 Notes (other than (i) pursuant to the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure,
(iii) as a result of any cancellation of interest pursuant to Section 3.08 or (iv) as a result of any write-down pursuant to Section 6.10), the Issuer shall give prompt written notice to the Trustee and the Paying Agent. In such
case and subject to Section 2.03(c), the Trustee may proceed to protect and enforce its rights and the rights of the Holders in accordance with the Capital Securities Indenture whether in connection with any Non-Payment Event under the terms of
the Base Capital Securities Indenture or any breach by the Issuer of its obligations under the $NC10 Notes, the Capital Securities Indenture or otherwise, by such judicial proceedings as the Trustee shall deem most effective as directed by the
Holders, provided that the Issuer shall not, as a result of the bringing of such judicial proceedings, be required to pay any amount representing or measured by reference to principal or interest on the $NC10 Notes prior to any date on which
the principal of, or any interest on, the $NC10 Notes would have otherwise been payable. 
 By its acquisition of the $NC10 Notes, each
Holder shall be deemed irrevocably to have agreed that (i) the imposition of a Resolution Measure by the competent resolution authority with respect to the $NC10 Notes (ii) a cancellation of interest pursuant to Section 3.08 or
(iii) a write-down pursuant to Section 6.10 shall not give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

  
 33 

 Section 12.04   Special Record Date. Upon the occurrence of any non-payment
of principal of, interest on, or other amounts owing under the $NC10 Notes (other than (i) pursuant to the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result of any cancellation of
interest pursuant to Section 3.08 or (iv) as a result of any write-down pursuant to Section 6.11), the Issuer may elect in its sole discretion to pay such principal of, interest on, or other amounts owing under the $NC10 Notes on a
subsequent date which the Issuer shall fix for payment (a “Special Record Date”). The Issuer shall notify the Trustee in writing of the amount proposed to be paid under this Section 12.04 on each $NC10 Note. At least 15 days
before any such Special Record Date, the Issuer shall mail to Holders affected thereby pursuant to Article 10 a notice that states the Special Record Date, the Interest Payment Date and amount of such interest to be paid. 

Section 12.05   No Other Remedies. Other than the limited remedies specified above, no remedy against the Issuer shall
be available to the Trustee or the Holders whether for the recovery of amounts owing in respect of the $NC10 Notes or under the Capital Securities Indenture or in respect of any breach by the Issuer of its obligations under the Capital Securities
Indenture or in respect of the $NC10 Notes, except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act and the Base Capital Securities Indenture, and provided that any
payments are subject to the subordination provisions of the $NC10 Notes. 

  
 34 

 ARTICLE 13 

SATISFACTION AND DISCHARGE OF THE SUPPLEMENTAL
CAPITAL SECURITIES INDENTURE; SUPPLEMENTS THERETO 

Section 13.01   Satisfaction and Discharge of Supplemental Capital Securities Indenture. If at any time (i) the
Issuer shall have paid or caused to be paid the principal of and interest on all the $NC10 Notes (other than $NC10 Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09 of the Base
Capital Securities Indenture) as and when the same shall have become due and payable, or (ii) the Issuer shall have delivered to the Trustee for cancellation all $NC10 Notes theretofore authenticated (other than any $NC10 Notes which shall have
been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09 of the Base Capital Securities Indenture), then this Supplemental Capital Securities Indenture shall cease to be of further effect (except as
to (i) rights of registration of transfer and exchange of $NC10 Notes and the Issuer’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen $NC10 Notes, (iii) rights of Holders
of $NC10 Notes to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor, (iv) the rights, obligations, duties and immunities of the Trustee hereunder and the Issuer’s obligations related
thereto, and (v) the obligations of the Issuer under Section 3.02 of the Base Capital Securities Indenture) and the Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and
expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Supplemental Capital Securities Indenture; provided, that the rights of Holders of the $NC10 Notes to receive amounts in respect
of principal of and interest on the $NC10 Notes held by them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the $NC10 Notes are listed. The Issuer agrees to reimburse
the Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Supplemental Capital Securities
Indenture or the $NC10 Notes. 
 Section 13.02 Amendment to the Capital Securities Indenture. The Issuer and the Trustee may
amend, modify or supplement this Supplemental Capital Securities Indenture or the $NC10 Notes without the consent of any Holder to cure any ambiguity or to correct or supplement any provision contained herein which may be defective or inconsistent
with any other provision contained herein, or to give effect to any variation to the terms of the $NC10 Notes as a result of any exercise of any Resolution Measure, or to make such other provisions as the Issuer may deem necessary or desirable,
provided that no such action shall adversely affect the interests of the Holders of the $NC10 Notes. Notwithstanding the foregoing, any amendment made solely to conform the provisions of this Supplemental Capital Securities Indenture to the
description of the $NC10 Notes contained in the Issuer’s prospectus supplement dated November 18, 2014 will not be deemed to adversely affect the interests of the Holders of the $NC10 Notes. 

  
 35 

 ARTICLE 14 

APPLICABLE LAW; PLACE OF JURISDICTION; PAYMENTS
SUBJECT TO FISCAL LAWS 
 Section 14.01   Applicable Law.
The $NC10 Notes and the Capital Securities Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except with respect to the
subordination provisions hereof and thereof, which shall be governed by and construed in accordance with the laws of the Federal Republic of Germany, and except as may otherwise be required by mandatory provisions of law. 

Section 14.02   Submission to Jurisdiction. The Issuer agrees that any legal suit, action or proceeding arising out of
or based upon the $NC10 Notes or the Capital Securities Indenture may be instituted in any federal or state court sitting in the Borough of Manhattan, City and State of New York, and, to the fullest extent permitted by law, waives any objection
which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding. The Issuer, as long the parties hereto have any obligation
under the $NC10 Notes, shall have an authorized agent (the “Authorized Agent”) in the United States upon whom process may be served in any such suit, action or proceeding. Service of process upon the Authorized Agent and written
notice of such service to the Issuer shall be deemed, in every respect, effective service of process upon the Issuer. The Issuer hereby appoints Deutsche Bank Americas Holding Corp., c/o office of the Secretary, 60 Wall Street, Mail Stop NYC60-4006,
New York 10005, Attention: Peter Sturzinger as its Authorized Agent, and represents and warrants that the Authorized Agent has agreed to act as said agent for service of process. 

Section 14.03 Payments Subject to Fiscal Laws. All payments in respect of the $NC10 Notes are subject in all cases to (i) any
applicable fiscal or other laws and regulations in the place of payment, but without prejudice to the terms described in Section 8.01, and (ii) any withholding or deduction required pursuant to an agreement described in
Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, (or any regulations or agreements thereunder or official interpretations thereof)
or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement) (collectively, “FATCA”). 

  
 36 

 ARTICLE 15 

MISCELLANEOUS PROVISIONS 

Section 15.01   Scope of Supplemental Capital Securities Indenture. The Base Capital Securities Indenture as
supplemented by this First Supplemental Capital Securities Indenture, is in all respects ratified and confirmed, including without limitation all the rights, immunities and indemnities of the Trustee and the Agents, and this First Supplemental
Indenture shall be deemed an integral part of the Base Capital Securities Indenture in the manner and to the extent herein and therein provided. The changes, modifications and supplements to the Base Capital Securities Indenture effected by this
Supplemental Capital Securities Indenture shall only be applicable with respect to, and govern the terms of, the $NC10 Notes and shall not apply to any other Capital Securities that may be issued by the Issuer under the Base Capital Securities
Indenture. 
 Section 15.02   Provisions of Supplemental Capital Securities Indenture for the Sole Benefit of Parties and
Holders of $NC10 Notes. Nothing in this Supplemental Capital Securities Indenture, the Base Capital Securities Indenture or in the $NC10 Notes, expressed or implied, shall give or be construed to give to any person, firm or corporation, other
than the parties hereto and their successors and the Holders of the $NC10 Notes, any legal or equitable right, remedy or claim under this Supplemental Capital Securities Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the $NC10 Notes. 

Section 15.03   Successors and Assigns of Issuer Bound by Supplemental Capital Securities Indenture. All the covenants,
stipulations, promises and agreements in this Supplemental Capital Securities Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 15.04   Conflict of any Provisions of Supplemental Capital Securities Indenture with Trust Indenture Act. If and
to the extent that any provision of this Supplemental Capital Securities Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Supplemental
Capital Securities Indenture by operation of, Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

Section 15.05   Other Currencies. If any amounts with respect to any instrument are not expressed in the functional
currency of the Issuer, for the purposes of these $NC10 Notes and the Capital Securities Indenture such amounts will be converted into such functional currency at the then-prevailing exchange rate, as determined by the Issuer in its reasonable
discretion, or such other procedure as provided by applicable capital regulations. 

  
 37 

 Section 15.06   Counterparts. This Supplemental Capital Securities
Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 15.07   Effect of Headings. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 Section 15.08   Not Responsible for Recitals or Issuance
of $NC10 Notes. The recitals contained herein and in the $NC10 Notes, except the Trustee’s or the Authenticating Agent’s certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor the
Agents assume any responsibility for their correctness. Neither the Trustee nor the Agents make any representations as to the validity or sufficiency of this Supplemental Capital Securities Indenture or of the $NC10 Notes. Neither the Trustee nor
the Agents shall be accountable for the use or application by the Issuer of $NC10 Notes or the proceeds thereof. 
 Section 15.09
  Waiver of Right to Set-Off. By accepting a $NC10 Note, each Holder will be deemed to have waived any right of set-off, counterclaim or combination of accounts with respect to such $NC10 Note or the Capital Securities Indenture (or
between our obligations under or in respect of any $NC10 Note and any liability owed by a Holder) that they might otherwise have against the Issuer, whether before or during our winding up or administration, and the claims of a Holder of a $NC10
Note may not be set off against any of the Issuer’s claims. 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Capital Securities Indenture
to be duly executed all as of November 21, 2014. 
  

			
	Very truly yours,
	
	DEUTSCHE BANK AKTIENGESELLSCHAFT
		
	By:	 	 /s/ Marco Zimmermann

		
		 	Name: Marco Zimmermann
		
		 	Title: Director
		
	By:	 	 /s/ Jonathan Blake

		
		 	Name: Jonathan Blake
		
		 	 Title: Managing Director

          Global Head of Debt Issuance

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Beth Kleeh

		
		 	Name: Beth Kleeh
		
		 	Title: Vice President
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Calculation Agent, Transfer Agent and Registrar and Authenticating Agent
	
	By: Deutsche Bank National Trust Company
		
	By:	 	 /s/ Linda Reale

		
		 	Name: Linda Reale
		
		 	Title: Vice President
		
	By:	 	 /s/ Annie Jaghatspanyan

		
		 	Name: Annie Jaghatspanyan
		
		 	Title: Vice President

  

					
	First Supplemental Capital Securities Indenture	 	39	  	

 EXHIBIT A 

FORM OF GLOBAL SECURITY 

DEUTSCHE BANK AG 
 [FORM
OF FACE OF DEBT SECURITY] 
 UNDATED NON-CUMULATIVE FIXED TO RESET RATE 

ADDITIONAL TIER 1 REGISTERED NOTE OF 2014 
  

			
	REGISTERED	  	CUSIP: 251525AN1
	No. [—]	  	ISIN: US251525AN16

 $[insert face amount] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN (OR AN INTEREST IN THE $NC10 NOTES REPRESENTED HEREBY). 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS $NC10 NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. 
 EACH ACQUIRER AND EACH TRANSFEREE OF BENEFICIAL INTERESTS IN THIS $NC10 NOTE IS DEEMED TO REPRESENT, WARRANT AND
AGREE THAT AT THE TIME OF ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS $NC10 NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT IS NOT, AND IT IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH $NC10 NOTES OR ANY
INTEREST THERE IN IT WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), SUBJECT TO THE
PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION 4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND/OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE ASSETS USED
BY IT TO ACQUIRE OR HOLD THIS $NC10 NOTE OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (B) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS $NC10 NOTE OR AN
INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH OR NON U.S. PLAN, A NON-EXEMPT
VIOLATION OF ANY SIMILAR LAWS); (2) NEITHER THE ISSUER NOR ANY OF ITS AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21) OF ERISA OR, WITH RESPECT TO A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, ANY DEFINITION OF
“FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO THE PURCHASER OR HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING OF THE $NC10 NOTES, OR AS A RESULT OF ANY 

  
 A-1 

 
EXERCISE BY THE ISSUER OR ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE $NC10 NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES HAS FORMED A PRIMARY BASIS FOR ANY
INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER AND HOLDER IN CONNECTION WITH THE $NC10 NOTES AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO THE $NC10 NOTES; AND (3) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS $NC10 NOTE OR ANY INTEREST
HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS WITH RESPECT TO ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS $NC10 NOTE. 

  
 A-2 

 GLOBAL SECURITY 

Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Registered Note 

 

			
	Interest Commencement Date	 	November 21, 2014.
		
	First Call Date	 	April 30, 2025.
		
	Reset Date	 	First Call Date and any fifth anniversary of the immediately preceding Reset Date.
		
	Maturity Date	 	None.
		
	Face Amount	 	$[insert face amount].
		
	Aggregate Face Amount	 	$1,500,000,000.
		
	Denominations	 	$200,000 and integral multiples of $200,000 in excess thereof.
		
	Rate of Interest	 	 for the period from the Interest Commencement Date (inclusive) to the First Call Date (exclusive) a fixed rate of 7.50 per cent. per
annum.
  
 for the period from the First Call Date (inclusive) the Reference Rate plus
the initial credit spread of 5.003 per cent. per annum.

		
	Interest Payment Date(s)	 	30 April in each year.
		
	Redemption for Regulatory Reasons	 	Yes.
		
	Redemption for Reasons of Taxation	 	Yes.
		
	Redemption at Option of Issuer	 	Yes.
		
	Payment of Additional Tax Amounts	 	Yes.

  
 A-3 

 Deutsche Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft) organized under
the laws of the Federal Republic of Germany (together with its successors and assigns, the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assignees, interest as specified above (except to
the extent not previously cancelled or written down) at the applicable interest rate per annum specified above from and including the Interest Commencement Date specified above until but excluding the date the principal amount is paid or duly made
available for payment (except as provided below) annually in arrears on the Interest Payment Date specified above in each year on each Interest Payment Date, or on any redemption or repayment date. 

Subject to § 2 (3), § 3 (8) and § 5 (8)(b) on the reverse hereof, interest on this $NC10 Note will accrue
from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, until but excluding the date the principal hereof has been paid or duly made available for payment (except as provided below). The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the person in whose name this $NC10 Note (or one or more predecessor $NC10 Notes) is
registered at the close of business on the Business Day (as defined on the reverse of this $NC10 Note) immediately preceding an Interest Payment Date (each such date a “Regular Record Date”); provided, however, that
interest payable on any redemption or repayment date will be payable to the person to whom the principal hereof shall be payable. 

Reference is hereby made to the further provisions of this $NC10 Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this $NC10 Note shall not be entitled to any benefit under the Capital Securities Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-4 

 IN WITNESS WHEREOF, the Issuer has caused this $NC10 Note to be duly executed. 

 

											
		 	DATED:	 		 	DEUTSCHE BANK AG
						
		 		 		 		 	By:	 	                                     
                                       
		 		 		 		 		 	Name:
		 		 		 		 		 	Title:
						
		 		 		 		 	By:	 	                                     
                                       
		 		 		 		 		 	Name:
		 		 		 		 		 	Title:
			
		 	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 	
			
		 	 This is one of the $NC10 Notes referred

to in the within-mentioned
 Capital Securities Indenture.
	 	
			
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Authenticating Agent
	 	
						
		 	By:	 	DEUTSCHE BANK NATIONAL TRUST COMPANY	 		 		 	
						
		 	By:	 	                                     
                                       	 		 		 	
		 		 	Authorized Officer:	 		 		 	

  
 A-5 

 [FORM OF REVERSE OF SECURITY] 

§ 1 
 Currency,
Denomination, Form, Book-Entry Provisions 
  

	(1)	 General. This security is one of a duly authorized series (the “$NC10 Notes”) of Additional Tier 1 instruments (within the
meaning of the CRR (as defined in § 3 (9))) of Deutsche Bank Aktiengesellschaft (the “Issuer”). The $NC10 Notes are issued under a Capital Securities Indenture, dated as of November 6, 2014 (as amended from time
to time, the “Base Capital Securities Indenture”) among the Issuer, The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor trustee under the Capital Securities Indenture (as
defined below)), and Deutsche Bank Trust Company Americas (“DBTCA”), as transfer agent (the “Transfer Agent”), calculation agent (the “Calculation Agent”), paying agent (the “Paying
Agent”), registrar (the “Registrar”) and authenticating agent (the “Authenticating Agent”) and a first supplemental capital securities indenture, dated as of November 21, 2014 among the Issuer, the
Trustee and DBTCA (the “Supplemental Capital Securities Indenture” and, together with the Base Capital Securities Indenture, the “Capital Securities Indenture”). Reference is hereby made to the Capital Securities
Indenture for a complete and full statement of the respective rights, limitations of rights, duties and immunities of the Issuer, the Trustee and holders of the $NC10 Notes and the terms upon which the $NC10 Notes are, and are to be, authenticated
and delivered. The Issuer has appointed DBTCA, acting through its principal corporate trust office in the Borough of Manhattan, The City of New York, as its Paying Agent, Calculation Agent, Transfer Agent and Registrar and Authenticating Agent. The
term “Paying Agent” includes any additional or successor Paying Agent appointed by the Issuer with respect to the $NC10 Notes. To the extent not inconsistent herewith, the terms of the Capital Securities Indenture are hereby incorporated
by reference herein. 

  

	(2)	 Currency; Denomination. This series of $NC10 Notes of the Issuer is being issued in USD (the “Specified Currency”) in the
aggregate nominal amount of U.S.$ 1,500,000,000 (in words: one billion five hundred million U.S. dollars) in minimum denominations of U.S.$ 200,000 and integral multiples of U.S.$ 200,000 in excess thereof (the “Specified
Denomination”). 

  

	(3)	 Form. The $NC10 Notes are being issued in fully registered, global form without coupons (each, a “Global Security”).

  

	(4)	 Book-Entry Provisions for the Global Securities. This $NC10 Note shall be initially registered in the name of The Depository Trust Company,
its nominees and their respective successors (the “Depositary”) (or a nominee thereof) and shall be delivered to the Registrar as custodian for such Depositary. Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this $NC10 Note held on their behalf by the Depositary or the Registrar as its custodian, or under the Capital Securities Indenture, and the Depositary may be treated by the Issuer, the Trustee and any
agent of the Issuer or the Trustee as the absolute owner of this $NC10 Note for all purposes whatsoever. Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of any Holder.

  

	  	 Holder of $NC10 Notes. “Holder” means the registered holder of any $NC10 Note or, subject to Section 5.04 of the
Supplemental Capital Securities Indenture, any holder of a proportionate co-ownership or other beneficial interest or right in the $NC10 Notes. 

  

	(5)	 Exchange and Transfer. DBTCA has been appointed Registrar and Transfer Agent for this $NC10 Note, and DBTCA will maintain at its office in
The City of New York a register for the registration and transfer of $NC10 Notes. This $NC10 Note may be transferred at either the aforesaid New York office of DBTCA by surrendering this $NC10 Note for cancellation, accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Registrar and duly executed by the registered Holder hereof in person or by the Holder’s attorney duly authorized in writing, and thereupon the Registrar shall issue in the name
of the transferee or transferees, in exchange herefor, a new $NC10 Note or $NC10 Notes having identical terms and provisions and having a like aggregate principal amount in authorized denominations, subject to the terms and conditions set forth
herein; provided, however, that the Registrar will not be required (i) to register the transfer of or exchange any $NC10 Note that has been called for redemption in whole or in part, except the unredeemed portion of $NC10 Notes being
redeemed in part, (ii) to register the transfer of or exchange any $NC10 Note if the Holder thereof has exercised his right, if any, to require the Issuer 

  
 A-6 

	 	 
to repurchase such $NC10 Note in whole or in part, except the portion of such $NC10 Note not required to be repurchased, or (iii) to register the transfer of or exchange $NC10 Notes to the
extent and during the period so provided in the Capital Securities Indenture with respect to the redemption of $NC10 Notes. $NC10 Notes are exchangeable at said offices for other $NC10 Notes of other authorized denominations of equal aggregate
principal amount having identical terms and provisions. All such registrations, exchanges and transfers of $NC10 Notes will be free of service charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental
charge in connection therewith. All $NC10 Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the registered Holder in person or by the
Holder’s attorney duly authorized in writing. The date of registration of any $NC10 Note delivered upon any exchange or transfer of $NC10 Notes shall be such that no gain or loss of interest results from such exchange or transfer.

 § 2 

Status 
  

	(1)	 The $NC10 Notes shall constitute unsecured and subordinated obligations of the Issuer, ranking pari passu among themselves. In the event of
the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, the obligations under the $NC10 Notes shall be fully subordinated to (i) the claims of unsubordinated
creditors of the Issuer, (ii) the claims under Tier 2 instruments (within the meaning of the CRR (as defined in § 3 (9)) of the Issuer, and (iii) the claims specified in § 39 (1) nos. 1 to 5 of the German
Insolvency Statute (Insolvenzordnung – “InsO”)) so that in any such event no amounts shall be payable in respect of the $NC10 Notes until (i) the claims of such unsubordinated creditors of the Issuer, (ii) the
claims under such Tier 2 instruments, and (iii) the claims specified in § 39 (1) nos. 1 to 5 InsO have been satisfied in full. Subject to this subordination provision, the Issuer may satisfy its obligations under the
$NC10 Notes also from other distributable assets (freies Vermögen) of the Issuer. 

 Claims
under the $NC10 Notes will rank pari passu with the claims against the Issuer under, as of the date of this $NC10 Note, (i) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust I of
its U.S.$ 650,000,000 Non-cumulative Trust Preferred Securities (ISIN US251528AA34), (ii) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust V of its EUR 300,000,000 Non-cumulative Trust
Preferred Securities (ISIN DE000A0AA0X5), (iii) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust VI of its EUR 900,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A0DTY34),
(iv) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust VII of its U.S.$ 800,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153RAA05), (v) the subordinated guarantee given
by the Issuer in relation with the issuance by Deutsche Bank Capital Funding Trust VIII of its U.S.$ 600,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153U2042), (vi) the subordinated guarantee given by the Issuer in relation with
the issuance by Deutsche Bank Capital Funding Trust IX of its U.S.$ 1,150,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153Y2063), (vii) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche
Bank Capital Funding Trust XI of its EUR 1,300,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A1ALVC5) as well as (viii) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust I of its
U.S.$ 318,000,000 Non-cumulative Trust Preferred Securities (ISIN XS0095376439), (ix) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust II of its JPY 20,000,000,000 Non-cumulative Trust
Preferred Securities (loan format), (x) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust IV of its U.S.$ 162,000,000 Non-cumulative Trust Preferred Securities (ISIN XS0099377060),
(xi) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust V of its U.S.$ 225,000,000 Non-cumulative Trust Preferred Securities (ISIN XS0105748387) as well as (xii) the subordinated
guarantee given by the Issuer in relation with the issuance by Deutsche Bank Contingent Capital Trust II of its U.S.$ 800,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153X2080), (xiii) the subordinated guarantee given by the
Issuer in relation with the issuance by Deutsche Bank Contingent Capital Trust III of its U.S.$ 1,975,000,000 Non-cumulative Trust Preferred Securities (ISIN US25154A1088), (xiv) the subordinated guarantee given by the Issuer in relation
with the issuance by Deutsche Bank Contingent Capital Trust IV of its EUR 1,000,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A0TU305) and (xv) the subordinated guarantee given by the Issuer in relation with the issuance by
Deutsche Bank Contingent Capital Trust V of its U.S.$ 1,385,000,000 Non-cumulative Trust Preferred Securities (ISIN US25150L1089), as well as the following issuances of the Issuer: (xvi) the EUR 1,750,000,000 Undated Non-cumulative Fixed
to Reset Rate Additional Tier 1 Notes (ISIN DE000DB7XHP3), (xvii) the 

  
 A-7 

 
USD 1,250,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes (ISIN XS1071551474) and (xiii) the GBP 650,000,000 Undated Non-cumulative Fixed to Reset Rate
Additional Tier 1 Notes (ISIN XS1071551391). 
 The term “unsubordinated creditors” shall mean the holders of any
indebtedness or other payment obligation of the Issuer that is not expressed to be subordinated by means of contractual agreement or as a matter of law. 

No Holder may set off his claims arising under the $NC10 Notes against any claims of the Issuer. No security or guarantee of
whatever kind is, or shall at any time be, provided by the Issuer or any other person securing rights of the Holders under the $NC10 Notes. 
  

	(2)	 No subsequent agreement may limit the subordination pursuant to the provisions set out in § 2 (1) or shorten the term of the $NC10
Notes or any applicable notice period. If the $NC10 Notes are redeemed or repurchased by the Issuer otherwise than in the circumstances described in § 2 (1) or as a result of a redemption pursuant to § 5 (2),
§ 5 (3) or § 5 (4), then the amounts redeemed or paid must be returned to the Issuer irrespective of any agreement to the contrary unless the competent supervisory authority of the Issuer has given its consent to such
redemption or repurchase. A termination or redemption of the $NC10 Notes pursuant to § 5 or a repurchase of the $NC10 Notes requires, in any event, the prior consent of the competent supervisory authority of the Issuer.

  

	(3)	 By subscribing for or otherwise acquiring this $NC10 Note, the Holders shall be bound by and shall be deemed to consent to the imposition of any
Resolution Measure (as defined below) by the competent resolution authority. Under the relevant resolution laws and regulations as applicable to the Issuer from time to time, this $NC10 Note may be subject to the powers exercised by the competent
resolution authority to: 

  

	(a)	 write down, including write down to zero, the claims for payment of the principal amount, the interest amount or any other amount in respect of
this $NC10 Note; 

  

	(b)	 convert this $NC10 Note into ordinary shares or other instruments qualifying as core equity tier one capital; and/or 

 

	(c)	 apply any other resolution measure, including, but not limited to, (i) any transfer of this $NC10 Note to another entity, (ii) the
amendment of the terms and conditions of this $NC10 Note or (iii) the cancellation of this $NC10 Note; 

(each, a “Resolution Measure”). 

For the avoidance of doubt, any non-payment by the Issuer arising out of any such Resolution Measure will not constitute a
Non-Payment Event under the terms of this $NC10 Note or the Capital Securities Indenture. 
  

	(4)	 By its acquisition of this $NC10 Note, each Holder shall be deemed irrevocably to have agreed and does agree: 

 

	(a)	 to be bound by any Resolution Measure; 

  

	(b)	 that it will have no claim or other right against the Issuer arising out of any Resolution Measure; and 

 

	(c)	 that the imposition of any Resolution Measure will not constitute a default or an event of default under this $NC10 Note, the Capital Securities
Indenture or the Trust Indenture Act of 1939 as amended (the “Trust Indenture Act”). 

  

	(5)	 By its acquisition of this $NC10 Note, each Holder waives, to the extent permitted by the Trust Indenture Act, any and all claims against the
Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the imposition of a
Resolution Measure by the competent resolution authority with respect to this $NC10 Note. 

  

	(6)	 By its acquisition of this $NC10 Note, each Holder shall be deemed irrevocably to have (i) consented to the imposition of any Resolution
Measure as it may be imposed without any prior notice by the competent resolution authority of its decision to exercise such power with respect to this $NC10 Note and (ii) authorized, directed and requested the Depositary and any direct
participant in the Depositary or other intermediary through which it holds such Notes to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to this $NC10 Note as it may be imposed,
without any further action or direction on the part of such Holders of this $NC10 Note, the Trustee or the principal paying agent, calculation agent, transfer agent and registrar (the “Agents”). 

  
 A-8 

	(7)	 Upon the imposition of a Resolution Measure by the competent resolution authority with respect to this $NC10 Note, the Issuer shall provide a
written notice directly to the holders in accordance with § 11 as soon as practicable regarding such imposition of a Resolution Measure for purposes of notifying Holders of such occurrence. The Issuer shall also deliver a copy of such notice to
the Trustee and the Paying Agent for information purposes. Any delay or failure by the Issuer to give notice shall not affect the validity and enforceability of any Resolution Measure nor the effects thereof on the $NC10 Notes.

  

	(8)	 If the Issuer has elected to redeem this $NC10 Note but prior to the payment of the redemption amount (i) the competent resolution authority
has imposed a Resolution Measure with respect to this $NC10 Note or (ii) a Trigger Event has occurred, the relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount
will be due and payable. 

  

	(9)	 Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee shall not be required to take any further
directions from holders of this $NC10 Note under Section 5.09 of the Base Capital Securities Indenture, which section authorizes holders of a majority in aggregate outstanding principal amount of the $NC10 Notes to direct certain actions
relating to the $NC10 Notes, and if any such direction was previously given under Section 5.09 of the Base Capital Securities Indenture to the Trustee by the holders, it shall automatically cease to be effective, be null and void and have no
further effect. The Capital Securities Indenture shall impose no duties upon the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. Notwithstanding the foregoing, if,
following the completion of the imposition of a Resolution Measure by the competent resolution authority, this $NC10 Note remains outstanding (for example, if the imposition of a Resolution Measure results in only a partial write-down of the
principal of this $NC10 Note), then the Trustee’s and the Paying Agent’s duties under the Capital Securities Indenture shall remain applicable with respect to the $NC10 Notes following such completion to the extent that the Issuer, the
Trustee and the Agents agree pursuant to a supplemental indenture, unless the Issuer, the Trustee and the Agents agree that a supplemental indenture is not necessary. 

§ 3 
 Interest

  

	(1)	 Interest Payment Dates. 

  

	(a)	 Subject to a cancellation of interest payments pursuant to § 3 (8) and a write-down pursuant to § 5 (8), the $NC10
Notes shall bear interest on their aggregate nominal amount from 21 November 2014 (the “Interest Commencement Date”) (inclusive) to the first Interest Payment Date (exclusive), and thereafter from each Interest Payment
Date (inclusive) to the next following Interest Payment Date (exclusive). In the event of a write-down pursuant to § 5 (8)(b), the $NC10 Notes shall for the full respective Interest Period in which such write-down occurs only bear
interest on the aggregate nominal amount which has been reduced accordingly; a potential write-up pursuant to § 5 (8)(c) which may occur on the relevant Interest Payment Date will not be taken into account for such Interest Period and
will only become effective from the Interest Period commencing on the Interest Payment Date on which the write-up occurs. 

  

	(b)	 “Interest Payment Date” means 30 April in each year. The first Interest Payment Date is 30 April 2015 (short first
interest period). 

  

	(c)	 If any Interest Payment Date would otherwise fall on a day which is not a Business Day, it shall be postponed to the next day which is a Business
Day. Holders shall not be entitled to further interest or other payment in respect of such postponement. 

“Business Day” means a day (other than Saturday or Sunday) on which commercial banks and foreign exchange
markets settle payments in New York and Frankfurt. 
  

	(d)	 A Holder of a $NC10 Note at the close of business on the Business Day immediately preceding an Interest Payment Date (the “Regular Record
Date”) shall be entitled to receive interest payable pursuant to § 3 (2) on such $NC10 Note on the corresponding Interest Payment Date. 

  
 A-9 

	(2)	 Unless expressly provided otherwise below, the Rate of Interest (the “Rate of Interest”) for any Interest Period (as defined
below) shall be 

  

	(a)	 for the period from the Interest Commencement Date (inclusive) to the First Call Date (as defined in § 5 (4)) (exclusive) a fixed
rate of 7.50 per cent. per annum, and 

  

	(b)	 for the period from the First Call Date (inclusive) the Reference Rate (as defined below) plus the initial credit spread of 5.003 per cent.
per annum. 

 “Reference Rate” means the 5 year semi-annual swap rate for USD
swap transactions, expressed as an annual rate, as displayed on the Reuters screen “ISDAFIX1” (or any successor page) (the “Screen Page”) under the heading “11:00 AM” (as such heading may appear from time to
time) as at 11:00 a.m. New York time on the relevant Determination Date. 
 In the event that the Reference Rate does
not appear on the Screen Page on the relevant Determination Date, Reference Rate shall mean the percentage rate, expressed as an annual rate, determined on the basis of the 5 year Swap Rate Quotations provided by the Reference Banks to the
Calculation Agent at approximately 11.00 a.m. New York time on the Determination Date. If at least three quotations are provided, the rate for that Determination Date will be the arithmetic mean of the quotations, eliminating the highest
quotation (or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest). If only two quotations are provided, the Reference Rate will be the arithmetic mean of the quotations provided.
If only one quotation is provided, the Reference Rate will be the quotation provided. If no quotations are provided, the Reference Rate will be equal to the last available 5 year semi-annual swap rate for USD swap transactions on the Screen
Page, expressed as an annual rate. 
 “5 year Swap Rate Quotations” means the arithmetic mean of the
bid and offered rates for the semi-annual fixed leg (calculated on the basis of a 360-day year of twelve 30-day months) of a fixed-for-floating USD interest rate swap transaction which (i) has a term of 5 years commencing on the relevant
Reset Date, (ii) is in an amount that is representative of a single transaction in the relevant market at the relevant time with an acknowledged dealer of good credit in the swap market and (iii) has a floating leg based on the 3-month USD
LIBOR rate (calculated on the basis of the actual number of days elapsed in a 360-day year). 
 “Reference
Banks” means five leading swap dealers in the interbank market. 
 “Reset Date” means the First
Call Date and any fifth anniversary of the immediately preceding Reset Date. 
 “Determination Date” means,
in respect of the Reference Rate to be determined in relation to the period from a Reset Date (inclusive) to the next following Reset Date (exclusive), the second Business Day preceding the Reset Date on which such period commences. 

“Interest Period” means the period from the Interest Commencement Date (inclusive) to the first Interest
Payment Date (exclusive) and thereafter from each Interest Payment Date (inclusive) to the next following Interest Payment Date (exclusive). 
  

	(3)	 Interest Amount. The Calculation Agent will, forthwith after the determination of the Reference Rate, determine the applicable Rate of
Interest and calculate the amount of interest payable on the $NC10 Notes in respect of the Specified Denomination (subject to § 5 (8)(b) (the “Interest Amount”) for the relevant Interest Periods. The Interest Amount
shall be calculated by applying the Rate of Interest and the Day Count Fraction (as defined below) to the Specified Denomination and rounding the resultant figure to the nearest unit of the Specified Currency, with 0.5 of such unit being rounded
upwards. 

  

	(4)	 Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause the Rate of Interest and the Interest Amount for the
Interest Periods up to the next Reset Date to be notified (i) to the Issuer, to the Paying Agent, to the other Agents, to the Trustee and to the Holders in accordance with § 11 as soon as possible after their determination, but in no
event later than the fourth Business Day thereafter 

  
 A-10 

	 	 
and (ii), if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time at the request of the Issuer, to such stock exchange as soon as possible after their
determination, but in no event later than the first day of the Interest Period in relation to which the relevant Rate of Interest and the relevant Interest Amount applies. 

 

	(5)	 Determinations Binding. All certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed,
made or obtained for the purposes of the provisions of this § 3 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the Paying Agent and the Holders. 

 

	(6)	 Accrual of Interest. The $NC10 Notes shall cease to bear interest from the beginning of the day on which they are due for redemption. If the
Issuer shall fail to redeem the $NC10 Notes when due, interest shall continue to accrue on the outstanding aggregate nominal amount of the $NC10 Notes from the due date (inclusive) to the date of actual redemption of the $NC10 Notes (exclusive) at
the default rate of interest established by law. 

  

	(7)	 Day Count Fraction. 

“Day Count Fraction” means with regard to the calculation of an Interest Amount on the $NC10 Notes for any
period of time (the “Calculation Period”) the number of days in the Calculation Period divided by the actual number of days in the respective interest year (i.e. from 30 April (inclusive) in any year to the next 30 April
(exclusive). 
  

	(8)	 Cancellation of Interest Payment. 

  

	(a)	 Interest on the $NC10 Notes shall only be or become due and payable on an Interest Payment Date to the extent it has not been cancelled or deemed
cancelled (in each case, in whole or in part) in accordance with the provisions set forth in this § 3 (8). To the extent any payment of interest that would otherwise have been paid has been cancelled or deemed cancelled, then the
interest that would otherwise have been payable absent such cancellation shall not be due and payable and no Holder shall have any claim whatsoever in respect thereof. In addition, principal, interest or other amounts on this $NC10 Note shall only
be or become due and payable to the extent that such amounts are not subject to any Resolution Measure. Any interest, principal or other amounts so cancelled or deemed cancelled (in each case, in whole or in part) pursuant to such sections shall not
be due and shall not accumulate or be payable at any time thereafter, and Holders shall have no rights thereto or in connection therewith or any claim therefor and shall not be entitled to any additional interest or compensation as a result of or in
connection with such cancellation or deemed cancellation. For the avoidance of doubt, any such cancellation or deemed cancellation (in whole or in part) will not constitute a Non-Payment Event under the terms of this $NC10 Note or the Capital
Securities Indenture. 

 By its acquisition of this $NC10 Note, each Holder shall be deemed irrevocably to
have agreed and, subject to § 5 (8)(a), does agree, that: 
  

	(i)	 subject to § 5 (8)(a), interest is due and payable in respect of any period only if and to the extent that the Issuer has not exercised
its sole discretion to cancel such payment, and no amount of interest shall become due and payable in respect of any such period to the extent that it has been (x) cancelled (in whole or in part) by the Issuer at the Issuer’s sole
discretion pursuant to § 3 (8)(b), (y) cancelled (in whole or in part) pursuant to a Resolution Measure and/or (z) deemed cancelled (in whole or in part) pursuant to § 3 (8)(c); 

 

	(ii)	 a cancellation or deemed cancellation of interest (in each case, in whole or in part) in accordance with the terms hereof and of the Capital
Securities Indenture shall not constitute a default in payment or otherwise constitute a default under, or a breach of, the terms of this $NC10 Note or the Capital Securities Indenture; and 

 

	(iii)	 subject to § 5 (8)(a), interest, principal or other amounts on this $NC10 Note shall only be or become due and payable in accordance with
this § 3 (8)(a). 

  
 A-11 

	(b)	 The Issuer has the right, in its sole discretion, to cancel all or part of any payment of interest, including (but not limited to) if such
cancellation is necessary to prevent the Common Equity Tier 1 Capital Ratio (as defined in § 5 (8)(b)) from falling below 5.125 per cent. or to meet a requirement imposed by law or the competent supervisory authority. If the
Issuer makes use of such right, it shall give notice to the Holders in accordance with § 11 without undue delay, but no later than on the relevant Interest Payment Date. Interest that is cancelled will not be due and will not accumulate or
be payable at any time thereafter. 

  

	(c)	 Payment of interest on the $NC10 Notes for the relevant Interest Period shall be cancelled (without prejudice to the exercise of sole discretion
pursuant to § 3 (8)(b)): 

  

	(i)	 to the extent that such payment of interest together with any additional Distributions (as defined in § 3 (9)) that are
simultaneously planned or made or that have been made by the Issuer on the other Tier 1 Instruments (as defined in § 3 (9)) in the then current financial year of the Issuer would exceed the Available Distributable Items (as
defined in § 3 (9)), provided that, for such purpose, the Available Distributable Items shall be increased by an amount equal to what has been accounted for as expenses for Distributions in respect of Tier 1 Instruments (including
payments of interest on the $NC10 Notes) in the determination of the profit (Gewinn) on which the Available Distributable Items are based; or 

  

	(ii)	 if and to the extent that the competent supervisory authority orders that all or part of the relevant payment of interest be cancelled or another
prohibition of Distributions is imposed by law or an authority. 

  

	(d)	 The Issuer has the right to use the funds from cancelled payments of interest without restrictions for the fulfilment of its own obligations when
due. To the extent that payments of interest are cancelled, such cancellation includes all Additional Amounts (as defined in § 7(2)) payable pursuant to § 7(2). Any payments of interest which have been cancelled will not be made or
compensated at any later date. 

  

	(9)	 Definitions. 

“Distribution” means any kind of payment of dividends or interest. 

“Available Distributable Items” means, with respect to any payment of interest, the profit (Gewinn) as
of the end of the financial year of the Issuer immediately preceding the relevant Interest Payment Date, and for which audited annual financial statements are available, plus (i) any profits carried forward and distributable reserves
(ausschüttungsfähige Rücklagen), minus (ii) any losses carried forward and any profits which are non-distributable pursuant to applicable law or the Articles of Association of the Issuer and any amounts allocated to the
non-distributable reserves, provided that such profits, losses and reserves shall be determined on the basis of the unconsolidated financial statements of the Issuer prepared in accordance with accounting principles generally accepted in the Federal
Republic of Germany as described in the German Commercial Code (Handelsgesetzbuch) and other applicable German law then in effect and not on the basis of its consolidated financial statements. 

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June
2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (including any provisions of regulatory law supplementing this Regulation); to the extent that any provisions of the CRR
are amended or replaced, the term CRR as used in the Capital Securities Indenture and the terms of the $NC10 Notes shall refer to such amended provisions or successor provisions. 

“Tier 1 Instruments” means capital instruments which, according to the CRR, qualify as common equity
Tier 1 capital or Additional Tier 1 capital. 
 § 4 

Payments 
  

	(1)	 Payment of Principal and Interest. Any payments of principal of and interest to be made on the Global Security shall be payable to the
Depositary by wire in immediately available funds by the Paying Agent (subject to the Paying Agent’s receipt of such funds). 

  

	(2)	 Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts due in respect of the $NC10 Notes shall
be made in the Specified Currency. 

  
 A-12 

	(3)	 Discharge. The Issuer shall be discharged by payment to, or to the order of, the Depositary. 

 

	(4)	 Payment Date. If the date for payment of principal in respect of any $NC10 Note is not a Business Day then the Holders shall not be entitled
to payment until the next Business Day and shall not be entitled to further interest or other payment in respect of such delay. 

  

	(5)	 References to Principal and Interest. Reference in this $NC10 Note to principal in respect of the $NC10 Notes shall be deemed to include, as
applicable, the following amounts: the Redemption Amount of the $NC10 Notes, any premium and any other amounts which may be payable under or in respect of the $NC10 Notes. Reference in these Terms and Conditions to interest in respect of the $NC10
Notes shall be deemed to include, as applicable, any Additional Amounts (as defined in § 7(2)) payable pursuant to § 7(2). 

  

	(6)	 Unclaimed Moneys. With respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or
interest or premium, if any, on any $NC10 Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and payable (whether upon call for redemption or otherwise), (i) the Trustee or such
Paying Agent shall notify the Holders that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment hereof and (ii) such moneys shall be so repaid to the Issuer. Upon
such repayment all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any,
on this $NC10 Note as the same shall become due. 

  

	(7)	 Prior to due presentment of this $NC10 Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Holder in whose name this $NC10 Note is registered as the owner hereof for all purposes, whether or not this $NC10 Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

  

	(8)	 No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this $NC10 Note, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Capital Securities Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of any
successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by
the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

§ 5 

Redemption; Write-downs 
  

	(1)	 No Scheduled Maturity. The $NC10 Notes have no scheduled maturity date. 

 

	(2)	 Early Redemption for Regulatory Reasons. If the Issuer determines, in its own discretion, that (i) the percentage of the aggregate
principal amount of the $NC10 Notes outstanding at such time that may be treated as Additional Tier 1 capital for the purposes of its own funds in accordance with applicable law has been reduced or (ii) it is subject to any other form of a less
advantageous regulatory own funds treatment with respect to the $NC10 Notes than as of the Interest Commencement Date, the $NC10 Notes may be redeemed, in whole but not in part, at any time at the option of the Issuer, subject to any required prior
consent of the competent supervisory authority, upon not less than 25 and not more than 60 days’ prior notice of redemption at their Redemption Amount (as defined below) together with interest (if any, and subject to a cancellation of the
interest payment pursuant to § 3 (8)) accrued to the date fixed for redemption (exclusive). 

  

	(3)	 Early Redemption for Reasons of Taxation. If the tax treatment of the $NC10 Notes, due to a change in applicable legislation, including a
change in any fiscal or regulatory legislation, rules or practices, or a change in the official application or official interpretation of such legislation or rules, which takes effect after the Interest Commencement Date, changes (including but not
limited to the tax deductibility of interest payable on the $NC10 Notes or the obligation to pay Additional Amounts (as defined in § 7(2)) and the Issuer determines, in its own discretion, that such change has a material adverse effect on
the Issuer, the $NC10 Notes may be redeemed, in whole but not in part, at any time at the option of the 

  
 A-13 

	 	 
Issuer, subject to the prior consent of the competent supervisory authority, upon not less than 25 and not more than 60 days’ prior notice of redemption at their Redemption Amount (as
defined below) together with interest (if any, and subject to a cancellation of the interest payment pursuant to § 3 (8)) accrued to the date fixed for redemption (exclusive). 

 

	(4)	 Early Redemption at the Option of the Issuer. The Issuer may redeem the $NC10 Notes, in whole but not in part, subject to the prior consent
of the competent supervisory authority, upon not less than 25 days’ notice of redemption with effect as of the Early Redemption Date (as defined below) at their Redemption Amount (as defined below) together with interest (if any, and subject to
a cancellation of the interest payment pursuant to § 3 (8)) accrued to the Early Redemption Date (exclusive), unless such $NC10 Note is written down in whole or in part pursuant to a Resolution Measure, in which case the redemption
price will be the nominal amount of the $NC10 Note after giving effect to such write-down. 

“Early Redemption Date” means the First Call Date and any fifth anniversary of the immediately preceding Early
Redemption Date. 
 “First Call Date” means 30 April 2025. 

 

	(5)	 Notice pursuant to § 5 (2), (3) and (4) shall be given in accordance with § 11 to the Holders, the Agents and the
Trustee. Such notice shall be, subject to § 2(8), irrevocable and shall state the date fixed for redemption and, in the case of a notice pursuant to § 5 (2) or (3), the reason for the redemption. 

 

	(6)	 Redemption after Write-Up; Redemption Amount. The Issuer may exercise its ordinary redemption rights pursuant to § 5 (4) only
if any write-downs pursuant to § 5 (8) have been fully written up. However, if this $NC10 Note is written down in whole or in part pursuant to a Resolution Measure, the Issuer shall be permitted to exercise its ordinary redemption
right pursuant to § 5 (4) without subsequently writing up any such write-down. 

 Otherwise, the
exercise of the redemption rights pursuant to § 5 (2), (3) and (4) shall be at the sole discretion of the Issuer. 

“Redemption Amount” of each $NC10 Note, unless previously redeemed in whole or in part or repurchased and
cancelled, shall be the initial nominal amount of such $NC10 Note, except in the event that the Issuer redeems the $NC10 Notes in accordance with § 5 (2) or § 5 (3); in these cases the “Redemption
Amount” of each $NC10 Note, unless previously redeemed in whole or in part or repurchased and cancelled, shall be the then current nominal amount of such $NC10 Note as reduced by any write-downs (to the extent not made up for by
write-up(s)). No Holder shall have any claim against the Issuer in connection with or arising out of the reduction of the Redemption Amount in connection with any write-down under § 5 (8)(b) or any Resolution Measure. 

 

	(7)	 No Call Right of the Holders. The Holders have no right to call the $NC10 Notes for redemption. 

 

	(8)	 Write-down. 

  

	(a)	 Deemed Agreement to Principal Write-down. By its acquisition of this $NC10 Note, each Holder shall be deemed irrevocably to have agreed and,
subject to § 3 (8)(a), does agree, that: 

  

	(i)	 subject to § 3 (8)(a), interest is not due and payable on any portions of the aggregate nominal amount of this $NC10 Note written down
pursuant to § 5 (8)(b) (to the extent not subsequently written up pursuant to § 5 (8)(c)); 

  

	(ii)	 a write down of the nominal amount of this $NC10 Note (in whole or in part) in accordance with the terms hereof and of the Capital Securities
Indenture shall not constitute a default in payment or otherwise constitute a default under, or a breach of, the terms of this $NC10 Note or the Capital Securities Indenture; and 

 

	(iii)	 subject to § 3 (8)(a), interest or principal on this $NC10 Note shall only be or become due and payable on an Interest Payment Date or
other relevant date to the extent the nominal amount of this $NC10 Note at the time of such payment has not been written down in accordance with § 5 (8)(b) (in whole or in part, and to the extent not subsequently written up pursuant to
§ 5 (8)(c)). Any interest, principal or other amounts unpaid as a result of a write-down (in whole or in part) in accordance with § 5 (8)(b) shall not be due and shall not accumulate or be payable at any time thereafter, and
Holders shall have no rights thereto or in 

  
 A-14 

	 	 
connection therewith or any claim therefor and shall not be entitled to any additional interest or compensation as a result of or in connection with such write-down. For the avoidance of doubt,
any write-down (in whole or in part) pursuant to § 5 (8)(b) shall not constitute a Non-Payment Event under the terms of this $NC10 Note or the Capital Securities Indenture. 

 

	(b)	 Upon the occurrence of a Trigger Event, the Redemption Amount and the nominal amount of each $NC10 Note shall be reduced by the amount of the
relevant write-down. 

 A “Trigger Event” shall occur, if at any time, the Common Equity
Tier 1 capital ratio pursuant to Article 92 (1) (a) CRR or any successor provision, determined on a consolidated basis (the “Common Equity Tier 1 Capital Ratio”), falls below 5.125 per cent. 

Upon the occurrence of a Trigger Event, a write-down shall be effected pro rata with all other Additional Tier 1
instruments within the meaning of the CRR (Additional Tier 1 capital), the terms of which provide for a write-down (whether permanent or temporary) upon the occurrence of the Trigger Event. For such purpose, the total amount of the
write-downs to be allocated pro rata shall be equal to the amount required to restore fully the Common Equity Tier 1 Capital Ratio of the Issuer to 5.125 per cent. but shall not exceed the sum of the nominal amounts of the relevant
instruments outstanding at the time of occurrence of the Trigger Event. 
 The sum of the write-downs to be effected with
respect to the $NC10 Notes shall be limited to the outstanding aggregate nominal amount of the $NC10 Notes at the time of occurrence of the relevant Trigger Event. 

Upon the occurrence of a Trigger Event, the Issuer shall: 

 

	(i)	 inform the competent supervisory authority that is responsible for the Issuer and, in accordance with § 11, provide notice to the
Trustee, the Agents and the Holders of the $NC10 Notes without undue delay about the occurrence of such Trigger Event and the fact that a write-down will have to be effected, and 

 

	(ii)	 determine the write-down to be effected without undue delay, but not later than within one month (unless the competent supervisory authority of the
Issuer shortens such period), and notify such write-down (i) to the competent supervisory authority, (ii) to the Holders of the $NC10 Notes in accordance with § 11, (iii) to the Calculation Agent and the Paying Agent, the
other Agents and the Trustee and (iv), if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time at the request of the Issuer, to such stock exchange. 

The write-down shall be deemed to be effected at the time when the notices pursuant to (a)(i) and (a)(ii) are given and the
nominal amount of each $NC10 Note (including the Redemption Amount) in the Specified Denomination shall be deemed to be reduced at such time by the amount of such write-down. 
  

	(c)	 After a write-down has been effected, the nominal amount and the Redemption Amount of each $NC10 Note, unless previously redeemed or repurchased
and cancelled, may be written up in accordance with the following provisions of § 5 (8)(c) in each of the financial years of the Issuer subsequent to the occurrence of such write-down until the full initial nominal amount has been
reached, to the extent that a corresponding annual profit (Jahresüberschuss, calculated in accordance with German law and accounting principles) is recorded and the write-up will not give rise to or increase an annual loss
(Jahresfehlbetrag, calculated in accordance with German law and accounting principles). The write-up will occur with effect as of the Interest Payment Date (including) immediately following the financial year of the Issuer for which the
above-mentioned annual profit (Jahresüberschuss) was determined. 

 The write-up shall be
effected pari passu with write-ups of other Additional Tier 1 instruments within the meaning of the CRR, unless this would cause the Issuer to be in breach of any contractual obligations that have been assumed by the Issuer or with any
statutory or regulatory obligations. 
 Subject to the conditions (i) to (v) below, which may limit the extent of
any write-up, it shall be at the discretion of the Issuer to effect a write-up. In particular, the Issuer may effect a write-up only in part or effect no write-up at all even if a corresponding annual profit is recorded and the conditions
(i) to (v) are fulfilled. 

  
 A-15 

	(i)	 To the extent that the annual profit determined or to be determined is to be used for a write-up of the $NC10 Notes (i.e. a write-up of the nominal
amount and of the Redemption Amount) and of other Additional Tier 1 instruments within the meaning of the CRR, the terms of which provide for a similar Trigger Event (also if such terms provide for a different Tier 1 capital ratio as trigger)
(together with the $NC10 Notes the “AT1 Instruments”), and is available in accordance with (ii) and (iii) below, such write-up shall be effected pro rata in proportion to the initial nominal amounts of the
instruments. 

  

	(ii)	 The maximum total amount that may be used for a write-up of the $NC10 Notes and of other AT1 Instruments that have been written down and for the
payment of interest and other Distributions on AT1 Instruments that have been written down shall be calculated, subject to the regulatory technical standards applicable at the time when the write-up is effected, in accordance with the following
formula: 

 H = J x S/T1 

“H” means the maximum amount available for the write-up of the AT1 Instruments and Distributions on AT1
Instruments that have been written down; 
 “J” means the annual profit determined or to be determined for
the previous year; 
 “S” means the sum of the initial nominal amounts of the AT1 Instruments (i.e. before
write-downs due to a Trigger Event or other comparable event are effected); 
 “T1” means the amount of the
Tier 1 capital of the Issuer immediately before the write-up is effected. 
 The maximum amount
“H” shall be determined in accordance with the regulatory technical standards as applicable from time to time, which are currently available in the “Commission Delegated Regulation (EU) No 241/2014 of 7 January 2014
supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions”. The maximum amount “H” shall be
determined by the Issuer in accordance with the requirements applicable at the time of determination, and the write-up shall be based on the amount so determined without requiring any amendment to this subparagraph (ii). 

 

	(iii)	 In total, the sum of the amounts of the write-ups of AT1 Instruments together with the amounts of any dividend payments and other Distributions on
shares and other Common Equity Tier 1 instruments of the Issuer (including payment of interests and other Distributions on AT1 Instruments that have been written down) for the relevant financial year must not exceed the maximum distributable amount
within the meaning of Article 141 (2) CRD IV or any successor provision (“Maximum Distributable Amount” or “MDA”) as transposed into national law. 

“CRD IV” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on
access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. 

 

	(iv)	 Write-ups of the $NC10 Notes do not have priority over dividend payments and other Distributions on shares and other Common Equity Tier 1
instruments of the Issuer, i.e. such payments and Distributions are permitted even if no full write-up has been effected. 

  

	(v)	 At the time of a write-up, there must not exist any Trigger Event that is continuing. A write-up is also excluded if such write-up would give rise
to the occurrence of a Trigger Event. 

 If the Issuer elects to effect a write-up in accordance with the
provisions of this § 5 (8)(c), it shall provide notice of its election to effect the write-up as of the relevant Interest Payment Date (including the amount of the write-up as a percentage of the initial nominal amount of the $NC10
Notes and the effective date of the write-up (in each case a “Write-up Date”)) no later than 10 calendar days prior to the relevant Interest Payment Date to the Holders of the $NC10 Notes in accordance with § 11, to the
Calculation Agent, to the Paying Agent, to the other Agents, to the Trustee and, if required by the rules of any stock exchange on which the $NC10 Notes are listed from time to time at the request of the Issuer, to such stock exchange. The write-up
shall be deemed to be effected at the time when the notice to the Holders is given in accordance with § 11 and the nominal amount of each $NC10 Note in the Specified Denomination (including the Redemption Amount) shall be deemed to be
increased by the amount specified in the notice with effect as of the Write-up Date. 

  
 A-16 

	(d)	 Neither the Trustee nor the Paying Agent will be liable with respect to (i) the calculation or accuracy of the Common Equity Tier 1 Capital
Ratio in connection with the occurrence of a Trigger Event and the timing of such Trigger Event, (ii) the Issuer’s failure to post or deliver the underlying Common Equity Tier 1 Capital Ratio calculations of a Trigger Event to the
Depositary or the Holders or (iii) any aspect of the Issuer’s decision to deliver a notice of a write-down. 

§ 6 
 Paying
Agent and Calculation Agent 
  

	(1)	 Appointment; Specified Office. The initial Paying Agent and the initial Calculation Agent and their respective initial specified offices
shall be: 

 Paying Agent 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 

60 Wall Street, 16th Floor 

Mail Stop: NYC60-1630 

New York, New York 10005 

United States of America 

Calculation Agent 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 

60 Wall Street, 16th Floor 

Mail Stop: NYC60-1630 

New York, New York 10005 

United States of America 

The Paying Agent and the Calculation Agent reserve the right at any time to change their respective specified office to some
other specified office in the same city. 
  

	(2)	 Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate the appointment of the Calculation
Agent or any Paying Agent and to appoint another Calculation Agent or additional or other Paying Agents. The Issuer shall at all times maintain a Paying Agent and a Calculation Agent. Any variation, termination, appointment or change shall only take
effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 25 nor more than 45 days’ prior notice thereof shall have been given to the Holders in accordance with § 11.

  

	(3)	 Agents of the Issuer. The Calculation Agent, the Registrar, the Transfer Agent and the Paying Agent act solely as agents of the Issuer and
do not assume any obligations towards or relationship of agency or trust for any Holder. 

 § 7 

Taxation 
  

	(1)	 All payments in respect of this $NC10 Note are subject in all cases to (i) any applicable fiscal or other laws and regulations in the place of
payment, but without prejudice to the terms described in § 7(2), and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the
“Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, (or any regulations or agreements thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and
another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement) (collectively, “FATCA”). 

  
 A-17 

	(2)	 All amounts payable in respect of the $NC10 Notes shall be paid without withholding or deduction for or on account of any present or future taxes
or duties of whatever nature imposed or levied by way of withholding or deduction by or in or for the account of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax unless such
withholding or deduction is required by law. In such event, the Issuer shall pay such additional amounts (“Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after such withholding or
deduction, shall equal the respective amounts which would otherwise have been receivable by the Holders in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes or duties which:

  

	(a)	 are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or otherwise in any manner which does not constitute
a deduction or withholding by the Issuer or the Paying Agent from payments of principal or interest made by it; or 

  

	(b)	 are payable by reason of the Holder having, or having had, some personal or business connection with Germany and not merely by reason of the fact
that payments in respect of the $NC10 Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, Germany; or 

  

	(c)	 are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or
(ii) any international treaty or understanding relating to such taxation and to which Germany or the European Union is a party, or (iii) any provision of law implementing, or complying with, or introduced to conform with, such Directive,
Regulation, treaty or understanding; or 

  

	(d)	 where presentation of the $NC10 Notes is required, are withheld or deducted by a Paying Agent from a payment if the payment could have been made by
another Paying Agent without such withholding or deduction; or 

  

	(e)	 are payable by reason of a change in a law that becomes effective more than 30 days after the relevant payment of principal or interest becomes
due, or is duly provided for and notice thereof is published in accordance with § 11, whichever occurs later; or 

  

	(f)	 are avoidable or would have been avoidable through fulfilment of statutory requirements or through the submission of a declaration of non-residence
or by otherwise enforcing a claim for exemption vis à vis the relevant tax authority; or 

  

	(g)	 are deducted or withheld in respect of FATCA (as defined in §7 (1)); or 

 

	(h)	 are deducted or withheld because the beneficial owner of the $NC10 Notes is not himself the legal owner (Holder) of the $NC10 Notes and the
deduction or withholding in respect of payments to the beneficial owner would not have been made or the payment of Additional Amounts in respect of a payment to the beneficial owner in accordance with the above provisions could have been avoided if
the latter had also been the legal owner (Holder) of the $NC10 Notes. 

 For the avoidance of doubt, no
Additional Amounts shall be payable in respect of (i) principal, interest or other amounts written down pursuant to a Resolution Measure, (ii) interest cancelled pursuant to § 3 (8) or (iii) principal written down pursuant
to § 5 (8)(b). 
 § 8 

Amendments to the Capital Securities Indenture and this $NC10 Note 

 

	(1)	 Amendment to the Capital Securities Indenture and this $NC10 Note. The Issuer and the Trustee may amend, modify or supplement the Capital
Securities Indenture or this $NC10 Note without the consent of any Holder to cure any ambiguity or to correct or supplement any provision contained herein, which may be defective or inconsistent with any other provision contained herein or to give
effect to any variation to the terms of this $NC10 Note as a result of any exercise of a Resolution Measure or to make such other provisions as the Issuer may deem necessary or desirable, provided that no such action shall adversely affect
the interests of the Holders. Notwithstanding the foregoing, any amendment made solely to conform the provisions of the Supplemental Capital Securities Indenture to the description of the $NC10 Notes contained in the Issuer’s prospectus
supplement dated November 18, 2014 will not be deemed to adversely affect the interests of the Holders. 

  
 A-18 

	(2)	 Majority. The Capital Securities Indenture permits the Issuer and the Trustee, with the consent of the Holders of not less than a majority
in aggregate principal amount of the capital securities of all series issued under the Capital Securities Indenture then outstanding and affected (voting as one class), to execute supplemental indentures adding any provisions to or changing in any
manner the rights of the Holders of each series so affected; provided that, other than cancellations of interest payments pursuant to § 3 (8) and write-downs pursuant to § 5 (8)(b), the Issuer and the Trustee may
not, without the consent of the Holder of each outstanding debt security affected hereby, (a) (i) introduce a final maturity of this $NC10 Note, (ii) reduce the principal amount hereof, (iii) reduce any amount payable on
redemption hereof, (iv) make the principal hereof (including any amount in respect of original issue discount), or interest hereon payable in any coin or currency other than that provided in this $NC10 Note or in accordance with the terms
hereof, (v) modify or amend any provisions for converting any currency into any other currency as provided in this $NC10 Note or in accordance with the terms hereof, (vi) impair or affect the right of any Holder to institute suit for the
payment hereof, (vii) modify the provisions of the Capital Securities Indenture with respect to the subordination of this $NC10 Note in a manner adverse to the Holders, in each case without the consent of the Holder of each subordinated debt
security so affected; or (b) reduce the aforesaid percentage of subordinated debt securities of all series issued under the Capital Securities Indenture, the consent of the Holders of which is required for any such supplemental indenture,
without the consent of the Holders of each subordinated debt security so affected. 

 § 9 

Replacement, No Sinking Fund 
  

	(1)	 Replacement of the $NC10 Notes. In case this $NC10 Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this
$NC10 Note or evidence of the loss, theft or destruction thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its
discretion may execute a new $NC10 Note of like tenor in exchange for this $NC10 Note, but, in the case of any destroyed or lost or stolen $NC10 Note, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this $NC10 Note was
destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new
$NC10 Note shall be borne by the owner of this $NC10 Note mutilated, defaced, destroyed, lost or stolen. 

  

	(2)	 No Sinking Fund. This $NC10 Note will not be subject to any sinking fund. The $NC10 Note may be redeemed at the option of the Issuer as
described in § 5 of this $NC10 Note. 

 § 10 

Further Issues, Purchases and Cancellation 
  

	(1)	 Further Issues. The Issuer may from time to time, without the consent of the Holders, issue further $NC10 Notes having the same terms and
conditions as the $NC10 Notes in all respects (or in all respects except for the issue date, interest commencement date and/or issue price) so as to form a single series with the $NC10 Notes. 

 

	(2)	 Purchases. The Issuer may (subject to the prior consent of the competent supervisory authority of the Issuer, if required) purchase $NC10
Notes in a regulated market or otherwise at any price. $NC10 Notes purchased by the Issuer may, at the option of the Issuer, be held, resold or surrendered to the Paying Agent for cancellation. If purchases are made by public tender, tenders for
such $NC10 Notes must be made available to all Holders of such $NC10 Notes alike in accordance with § 11. 

  

	(3)	 Cancellation. All $NC10 Notes redeemed in full shall be cancelled forthwith and may not be reissued or resold. 

  
 A-19 

 § 11 

Notices 
  

	(1)	 Notices and Demands on Issuer. Any notice or demand which by any provision of this $NC10 Note or the Capital Securities Indenture is
required or permitted to be given or served by the Trustee, by the Agents or by the Holders to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed
(until another address is filed with the Trustee) as follows: 

 If to the Issuer, to: 

Deutsche Bank AG 

Attn: Group Treasury, Capital Markets Issuance 

Große Gallusstrasse 10-14 

60311 Frankfurt am Main 

Germany 
  

	(2)	 Notices and Demands on Trustee. Any notice, direction, request or demand by the Issuer, by the Agents or by any Holder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail to the Trustee at: 

The Bank of New York Mellon 

One Canada Square 

London, E14 5AL 

United Kingdom 

with a copy to: 

The Bank of New York Mellon 

Corporate Trust Administration 

Internal Corporate Trust Services 

Merck House 

Seldown, Poole 

Dorset BH15 1PX 

United Kingdom 
  

	(3)	 Notices and Demands on Agents. Any notice, direction, request or demand by the Issuer, by the Trustee or by any Holder to or upon the Agents
may be given or made if mailed by first-class mail or sent by facsimile to: 

 If to the Agents, to: 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 

60 Wall Street, 16th Floor 

Mail Stop: NYC60-1630 

New York, New York 10005 

United States of America 

Fax: 732-578-4635 

Attn: Corporates Team – Deutsche Bank AG 

with a copy to: 

Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

Trust and Agency Services 

100 Plaza One, Mailstop JCY03-0699 

Jersey City, New Jersey 07311 

United States of America 

Fax: 732-578-4635 

Attn: Corporates Team – Deutsche Bank AG 
  

	(4)	 Notices to Holders.  

  

	(a)	 Notices to be given to Holders represented by this $NC10 Note will be given only to the Depositary, as the registered Holder, in accordance with
its applicable policies as in effect from time to time. Notices to be given in respect of this $NC10 Note held in street name will be given only to the bank, broker or other financial institution in whose name the $NC10 Notes are registered, and not
the owner of any beneficial interests. Notices to be given to Holders of $NC10 Notes in definitive form will be sent by mail to the respective addresses of the Holders as they appear in the register of the $NC10 Notes, and will be deemed given when
mailed. 

  
 A-20 

	(b)	 Notice by mail shall be made to each Holder’s address as that address appears in the register for the $NC10 Notes by first class mail, postage
prepaid, and may be given by publication in an authorized newspaper in the English language and of general circulation in the Borough of Manhattan, The City of New York; provided that notice may be made, at the option of the Issuer, through the
customary notice provisions of the Depositary or systems through which beneficial interests in this $NC10 Note are owned. 

  

	(5)	 Any notice given pursuant to the terms of this $NC10 Note or the Capital Securities Indenture will be deemed given or delivered, as the case may
be, when such notice is mailed or otherwise transmitted (or first published, in the case of publication in a newspaper) pursuant to the terms of this $NC10 Note and the Capital Securities Indenture. 

§ 12 

Additional Tier 1 Capital 
 The $NC10
Notes are intended to qualify as Additional Tier 1 capital (zusätzliches Kernkapital) of the Issuer for an indefinite period of time. 

§ 13 
 No
Defaults or Events of Default; Remedies 
  

	(1)	 Defaults; Events of Default. There are no defaults or events of default under this $NC10 Note, and under no circumstances may the Holders
declare the principal amount of this $NC10 Note and interest accrued thereon to be due and payable. 

  

	(2)	 If the Issuer does not make payments of principal of, interest on, or other amounts owing under this $NC10 Note (i) pursuant to the
subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result of any cancellation of interest pursuant to § 3 (8) or (iv) as a result of any write-down pursuant to
§ 5 (8)(b), the Issuer will not be in default, and none of the Trustee and the Holders shall be permitted to demand repayment of this $NC10 Note. Moreover, in the event of a Resolution Measure, a cancellation of interest pursuant to
§ 3 (8) or a write-down pursuant to § 5 (8)(b), the Holder of this $NC10 Note may permanently lose the right to receive such payments. If the Issuer does not make payments of principal of, interest on, or other amounts owing
under this $NC10 Note when due for reasons other than (i) pursuant to the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result of any cancellation of interest pursuant to § 3
(8) or (iv) as a result of any write-down pursuant to § 5 (8)(b), the Issuer will be in breach of its obligations under the Capital Securities Indenture. Nevertheless, neither the Trustee nor the Holders may demand repayment
of this $NC10 Note in any such case. Furthermore, if the Issuer becomes subject to German insolvency proceedings, the Trustee and Holder of this $NC10 Note will have no right to file a claim against the Issuer unless the competent insolvency court
allows the filing of subordinated claims. 

  

	(3)	 Upon the occurrence of any non-payment of principal of, interest on, or other amounts owing under this $NC10 Note (other than (i) pursuant to
the subordination provisions of the $NC10 Notes, (ii) due to a Resolution Measure, (iii) as a result of any cancellation of interest pursuant to § 3 (8) or (iv) as a result of any write-down pursuant to
§ 5 (8)(b)), the Issuer shall give prompt written notice to the Trustee and the Paying Agent. In such case and subject to § 2 (5), the Trustee may proceed to protect and enforce its rights and the rights of the Holders in
accordance with the Capital Securities Indenture whether in connection with any Non-Payment Event under the terms of the Base Capital Securities Indenture or breach by the Issuer of its obligations under this $NC10 Note, the Capital Securities
Indenture or otherwise, by such judicial proceedings as the Trustee shall deem most effective as directed by the Holders, provided that the Issuer shall not, as a result of the bringing of such judicial proceedings, be required to pay any
amount representing or measured by reference to principal or interest on this $NC10 Note prior to any date on which the principal of, or any interest on, this $NC10 Note would have otherwise been payable. 

 

	(4)	 By its acquisition of the $NC10 Notes, each Holder shall be deemed irrevocably to have agreed and does agree that (i) the imposition of a
Resolution Measure by the competent resolution authority with respect to the $NC10 Notes (ii) a cancellation of interest pursuant to § 3 (8) or (iii) a write-down pursuant to § 5 (8)(b) shall not give rise to
a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

  
 A-21 

	(5)	 Other than the limited remedies specified in (2) and (3) above, no remedy against the Issuer shall be available to the Trustee or the
Holders whether for the recovery of amounts owing in respect of this $NC10 Note or under the Capital Securities Indenture or in respect of any breach by the Issuer of its obligations under the Capital Securities Indenture or in respect of this $NC10
Note, except that the Trustee and the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act, and provided that any payments are subject to the subordination provisions of the $NC10 Notes, any
Resolution Measure, a cancellation of interest pursuant to § 3 (8) or a write-down pursuant to § 5 (8)(b). 

§ 14 
 Other
Currencies 
 If any amounts with respect to any instrument are not expressed in the functional currency of the Issuer, for the purposes
of these $NC10 Notes and the Capital Securities Indenture such amounts will be converted into such functional currency at the then-prevailing exchange rate, as determined by the Issuer in its reasonable discretion, or such other procedure as
provided by applicable capital regulations. 
 § 15 

Applicable Law and Place of Jurisdiction 
  

	(1)	 Applicable Law. This $NC10 Note and the Capital Securities Indenture shall be deemed to be a contract under the laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of such State, except with respect to the subordination provisions hereof and thereof, which shall be governed by and construed in accordance with the laws of the Federal
Republic of Germany, and except as may otherwise be required by mandatory provisions of law. 

  

	(2)	 Submission to Jurisdiction. The Issuer agrees that any legal suit, action or proceeding arising out of or based upon this $NC10 Note or the
Capital Securities Indenture may be instituted in any federal or state court sitting in the Borough of Manhattan, City and State of New York, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the
laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding. The Issuer, as long the parties hereto have any obligation under this $NC10 Note, shall have an
authorized agent (the “Authorized Agent”) in the United States upon whom process may be served in any such suit, action or proceeding. Service of process upon the Authorized Agent and written notice of such service to the Issuer
shall be deemed, in every respect, effective service of process upon the Issuer. The Issuer hereby appoints Deutsche Bank Americas Holding Corp., c/o office of the Secretary, 60 Wall Street, Mail Stop NYC60-4006, New York 10005, Attention: Peter
Sturzinger as its Authorized Agent, and represents and warrants that the Authorized Agent has agreed to act as said agent for service of process. 

  

	(3)	 Limitations on Suits by Holders. No Holder shall have any right by virtue or by availing of any provision of this $NC10 Note and the Capital
Securities Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this $NC10 Note or under the Capital Securities Indenture, or for the appointment of a trustee, receiver,
liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of non-payment and of the continuance thereof, as hereinbefore provided, and unless also
the Holders of not less than a majority in aggregate principal amount of the $NC10 Notes of each affected series then outstanding (treated as a single class) shall have made written request upon the Trustee to institute such action or proceedings in
its own name as trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee; it being understood and intended, and being expressly
covenanted by the Holder of every $NC10 Note with every other Holder and the Trustee, that no one or more Holders of $NC10 Notes shall have any right in any manner whatever by virtue or by availing of any provision of this $NC10 Note or the Capital
Securities Indenture to affect, disturb or prejudice the rights of any other such Holder, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this $NC10 Note or the Capital Securities
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders. For the protection and enforcement of the provisions of this section, each and every Holder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. 

  
 A-22 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  

                       
                                         
             
 [PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE] 
  

			
	  
	 	
		
	  
	 	
		
	  
	 	
	  
 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE,
OF ASSIGNEE]

 the within $NC10 NOTE and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to
transfer such $NC10 NOTE on the books of the Issuer, with full power of substitution in the premises. 

Dated:                         
                
  

			
	NOTICE:	  	The signature to this assignment must correspond with the name as written upon the face of the within $NC10 NOTE in every particular without alteration or enlargement or any change whatsoever.

  
 A-23 

 Exhibit B 

FORM OF NOTICE TO DTC AND FOR PUBLICATION AS A NOTICE TO HOLDERS 

[Deutsche Bank Aktiengesellschaft Letterhead] 
  

	To:	 The Depository Trust Company 

55 Water Street, 25th Floor 

New York, New York 10041-0099 

United States of America 

Attn: Mandatory Reorganization Department 

Fax: +1 (212) 855-5488 

Email: mandatoryreorgannouncements@dtcc.com 

Re: Deutsche Bank Aktiengesellschaft’s $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1,
ISIN: US251525AN16) – Notice to DTC, the Trustee, the Paying Agent, Holders of the Occurrence of a Trigger Event 
 This notice is in relation to
Deutsche Bank Aktiengesellschaft’s (the “Company”) $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) (the “Notes”) pursuant to the
Capital Securities Indenture, dated as of November 6, 2014, among the Company, The Bank of New York Mellon, as trustee (the “Trustee”), and Deutsche Bank Trust Company Americas (“DBTCA”), as paying agent,
calculation agent, transfer agent and registrar and authenticating agent, as supplemented by the First Supplemental Capital Securities Indenture, dated November 21, 2014, among the Company, the Trustee and DBTCA, as paying agent, calculation
agent, transfer agent and registrar and authenticating agent (together, the “Capital Securities Indenture”), and pursuant to the prospectus supplement dated November 18, 2014, supplementing the prospectus dated November 6,
2014. Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Capital Securities Indenture. 

The Company hereby notifies the Depositary Trust Company (“DTC”), the Holders, the Trustee and DBTCA that a Trigger Event has occurred with
respect to the Notes. A Trigger Event has occurred because the Common Equity Tier 1 capital ratio pursuant to Article 92 (1) (a) CRR or any successor provision, determined on a consolidated basis, has fallen below 5.125 per cent. 

Upon the occurrence of a Trigger Event, the terms of the Notes provide that the redemption amount and the nominal amount of the Notes will be reduced by the
amount of the relevant write-down, as calculated in accordance with the Capital Securities Indenture. [Include the following if the amount of the write-down is known at the time of the notice of the Trigger Event. Otherwise, include the following
in a separate notice of the amount of the write-down pursuant to Section 6.10(b).] [After giving effect to the write-down, the Notes will have a remaining nominal amount of $[•]. Accordingly, the Company hereby instructs DTC to
indicate to all participants that payments of principal and interest are no longer payable with respect to the portion of the Notes that have been written down as of the date hereof.] [Include the following if the amount of the write-down is not
known at the time of the notice of the Trigger Event.] [The Company will provide notice of the amount of the write-down within one month of [Date of Trigger Event] at which time the write-down expected to be effected.] 

The Company further requests DTC to post this notice on its Reorganization Inquiry for Participants System (or such other system as DTC uses for providing
notices to holders of securities). 
 Should DTC or any Holder have any inquiries, please contact: 

[Deutsche Bank Aktiengesellschaft Contact Person] 

[Telephone] 
 [Fax] 

[Email] 

  
 B-1 

 Exhibit C 

FORM OF NOTICE TO THE TRUSTEE AND THE PAYING AGENT FOR INFORMATIONAL PURPOSES 

[Deutsche Bank Aktiengesellschaft Letterhead] 
  

			
	 To:           The Bank of New
York Mellon

                Merck
House

                
Seldown

                Poole,
Dorset BH15 1PX

                United
Kingdom

                Attn:
International Corporate Trust Services

                Email:
corpsov2@bnymellon.com

                Fax:
01202 689600

                Tel:
01202 689978
	 	 The Bank of New York Mellon

101 Barclay Street

Floor 7-E

New York, New York 10286

United States of America

Attn: International Corporate Trust

Fax: +1 (212) 815-5366

		
	
                
Deutsche Bank Trust Company Americas

                Trust
and Agency Services

                60
Wall Street, 16th Floor

                Mail
Stop: NYC60-1630

                New
York, New York 10005

                United
States of America

                
Facsimile: 01732 5784635
	 	

 Re: Deutsche Bank Aktiengesellschaft’s $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1
Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) – Notice to DTC, the Trustee, the Paying Agent, Holders of the Occurrence of a Trigger Event 

This notice is in relation to Deutsche Bank Aktiengesellschaft’s (the “Company”) $1,500,000,000 Undated Non-cumulative Fixed to Reset
Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) (the “Notes”) pursuant to the Capital Securities Indenture, dated as of November 6, 2014, among the Company, The Bank of New York Mellon, as trustee
(the “Trustee”), and Deutsche Bank Trust Company Americas (“DBTCA”), as paying agent, calculation agent, transfer agent and registrar and authenticating agent, as supplemented by the First Supplemental Capital
Securities Indenture, dated November 21, 2014, among the Company, the Trustee and DBTCA, as paying agent, calculation agent, transfer agent and registrar and authenticating agent (together, the “Capital Securities Indenture”),
and pursuant to the prospectus supplement dated November 18, 2014, supplementing the prospectus dated November 6, 2014. Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the
Capital Securities Indenture. 
 The Company hereby notifies the Depositary Trust Company (“DTC”), the Holders, the Trustee and DBTCA that
a Trigger Event has occurred with respect to the Notes. A Trigger Event has occurred because the Common Equity Tier 1 capital ratio pursuant to Article 92 (1) (a) CRR or any successor provision, determined on a consolidated basis, has
fallen below 5.125 per cent. 
 Upon the occurrence of a Trigger Event, the terms of the Notes provide that the redemption amount and the nominal
amount of the Notes will be reduced by the amount of the relevant write-down, as calculated in accordance with the Capital Securities Indenture. [Include the following if the amount of the write-down is known at the time of the notice of the
Trigger Event. Otherwise, include the following in a separate notice of the amount of the write-down pursuant to Section 6.10(b).] [After giving effect to the write-down, the Notes will have a remaining nominal amount of $[—]. Accordingly, the Company hereby instructs DTC 

  
 C-1 

 
to indicate to all participants that payments of principal and interest are no longer payable with respect to the portion of the Notes that have been written down as of the date hereof.]
[Include the following if the amount of the write-down is not known at the time of the notice of the Trigger Event.] [The Company will provide notice of the amount of the write-down within one month of [Date of Trigger Event] at which
time the write-down is expected to be effected.] 
 The Company further requests DTC to post this notice on its Reorganization Inquiry for Participants
System (or such other system as DTC uses for providing notices to holders of securities). 
 Should DTC or any Holder have any inquiries, please contact:

 [Deutsche Bank Aktiengesellschaft Contact Person] 

[Telephone] 
 [Fax] 

[Email] 

  
 C-2 

 Exhibit D 

FORM OF NOTICE TO DTC AND FOR PUBLICATION AS A NOTICE TO HOLDERS 

[Deutsche Bank Aktiengesellschaft Letterhead] 
  

	To:	 The Depository Trust Company 

55 Water Street, 25th Floor 

New York, New York 10041-0099 

United States of America 

Attn: Mandatory Reorganization Department 

Fax: +1 (212) 855-5488 

Email: mandatoryreorgannouncements@dtcc.com 

Re: Deutsche Bank Aktiengesellschaft’s $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1,
ISIN: US251525AN16) – Notice to DTC, the Trustee, the Paying Agent, Holders of Interest Cancellation 
 This notice is in relation to Deutsche Bank
Aktiengesellschaft’s (the “Company”) 1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) (the “Notes”) pursuant to the Capital Securities
Indenture, dated as of November 6, 2014, among the Company, The Bank of New York Mellon, as trustee (the “Trustee”), and Deutsche Bank Trust Company Americas (“DBTCA”), as paying agent, calculation agent, transfer
agent and registrar and authenticating agent, as supplemented by the First Supplemental Capital Securities Indenture, dated November 21, 2014, among the Company, the Trustee and DBTCA, as paying agent, calculation agent, transfer agent and
registrar and authenticating agent (together, the “Capital Securities Indenture”), and pursuant to the prospectus supplement dated November 18, 2014, supplementing the prospectus dated November 6, 2014. Capitalized terms
used herein and not defined herein shall have the respective meanings ascribed to such terms in the Capital Securities Indenture. 
 The Company hereby
notifies the Depositary Trust Company (“DTC”), the Holders, the Trustee and DBTCA that the Company has exercised its right, in its sole discretion, to cancel [all interest][identify portion thereof cancelled] payable on
April 30, 20[—]. Accordingly, the Company hereby instructs DTC to indicate to all participants that [no interest][identify portion thereof cancelled] will be payable with respect the
Notes on April 30, 20[—]. 
 The Company further requests DTC to post this notice on its
Reorganization Inquiry for Participants System (or such other system as DTC uses for providing notices to holders of securities). 
 Should DTC or any
Holder have any inquiries, please contact: 
 [Deutsche Bank Aktiengesellschaft Contact Person] 

[Telephone] 
 [Fax] 

[Email] 

  
 D-1 

 Exhibit E 

FORM OF NOTICE TO THE TRUSTEE AND THE PAYING AGENT FOR INFORMATIONAL PURPOSES 

[Deutsche Bank Aktiengesellschaft Letterhead] 
  

			
	 To:           The Bank of New
York Mellon

                Merck
House

                
Seldown

                Poole,
Dorset BH15 1PX

                United
Kingdom

                Attn:
International Corporate Trust Services

                Email:
corpsov2@bnymellon.com

                Fax:
01202 689600

                Tel:
01202 689978
	 	 The Bank of New York Mellon

101 Barclay Street

Floor 7-E

New York, New York 10286

United States of America

Attn: International Corporate Trust

Fax: +1 (212) 815-5366

		
	
                
Deutsche Bank Trust Company Americas

                Trust
and Agency Services

                60
Wall Street, 16th Floor

                Mail
Stop: NYC60-1630

                New
York, New York 10005

                United
States of America

                
Facsimile: 01732 5784635
	 	

 Re: Deutsche Bank Aktiengesellschaft’s $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1
Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) – Notice to DTC, the Trustee, the Paying Agent, Holders of Interest Cancellation 
 This
notice is in relation to Deutsche Bank Aktiengesellschaft’s (the “Company”) $1,500,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes of 2014 (CUSIP: 251525AN1, ISIN: US251525AN16) (the
“Notes”) pursuant to the Capital Securities Indenture, dated as of November 6, 2014, among the Company, The Bank of New York Mellon, as trustee (the “Trustee”), and Deutsche Bank Trust Company Americas
(“DBTCA”), as paying agent, calculation agent, transfer agent and registrar and authenticating agent, as supplemented by the First Supplemental Capital Securities Indenture, dated November 21, 2014, among the Company, the
Trustee and DBTCA, as paying agent, calculation agent, transfer agent and registrar and authenticating agent (together, the “Capital Securities Indenture”), and pursuant to the prospectus supplement dated November 18, 2014,
supplementing the prospectus dated November 6, 2014. Capitalized terms used herein and not defined herein shall have the respective meanings ascribed to such terms in the Capital Securities Indenture. 

The Company hereby notifies the Depositary Trust Company (“DTC”), the Holders, the Trustee and DBTCA that the Company has exercised its
right, in its sole discretion, to cancel [all interest][identify portion thereof cancelled] payable on April 30, 20[—]. Accordingly, the Company hereby instructs DTC to indicate to all
participants that [no interest][identify portion thereof cancelled] will be payable with respect the Notes on April 30, 20[—]. 

The Company further requests DTC to post this notice on its Reorganization Inquiry for Participants System (or such other system as DTC uses for providing
notices to holders of securities). 

  
 E-1 

 Should DTC or any Holder have any inquiries, please contact: 

[Deutsche Bank Aktiengesellschaft Contact Person] 

[Telephone] 
 [Fax] 

[Email] 

  
 E-2

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