Document:

Exhibit 4.18

 

 

 

THIRD SUPPLEMENTAL SENIOR INDENTURE

 

 

 

AMONG

 

DEUTSCHE
BANK AKTIENGESELLSCHAFT 

Issuer

AND

LAW DEBENTURE TRUST COMPANY OF NEW YORK

Trustee

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS, 

Paying
Agent, Authenticating Agent, Issuing Agent and Registrar

 

 

 

 

 

 

Dated as of January 1, 2016

 

 

 

 

 

 

SUPPLEMENTAL TO SENIOR INDENTURE 

DATED AS OF NOVEMBER 22, 2006

 

 

    	 

    	 

    

THIS THIRD SUPPLEMENTAL SENIOR INDENTURE,
dated as of January 1, 2016, among DEUTSCHE BANK AKTIENGESELLSCHAFT (the “Issuer”), LAW DEBENTURE TRUST COMPANY
OF NEW YORK, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Authenticating
Agent, Issuing Agent and Registrar.

 

W I T N E S S E T H :

 

WHEREAS, the Issuer and the Trustee are
parties to that certain Senior Indenture, dated as of November 22, 2006, as supplemented
by the First Supplemental Senior Indenture, dated as of March 7, 2014, and the Second Supplemental Senior Indenture, dated as of
January 1, 2015 (the “Second Supplemental Senior Indenture”), each among the Issuer, the Trustee and Deutsche
Bank Trust Company Americas (the “Indenture”);

 

WHEREAS, Section 8.01(d) of the Indenture
provides that, without the consent of the Holders of any Securities, the Issuer and the Trustee may enter into indentures supplemental
to the Indenture for the purpose of, among other things, making any provisions as the Issuer may deem necessary or desirable; provided
that no such action shall adversely affect the interests of the Holders of the Securities or Coupons;

 

WHEREAS, there are no Securities Outstanding
of any series created prior to the execution of this Third Supplemental Senior Indenture which are entitled to the benefit of the
provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS, the Issuer established and

 

		(i)	on November 14, 2007 issued its ELEMENTSSM – “Dogs of the Dow” Linked to the Dow Jones High Yield
Select 10 Total Return IndexSM due November 14, 2022 (the “ELEMENTS – Dogs of the Dow”);

 

		(ii)	on October 23, 2007 issued its ELEMENTSSM – Linked to the Morningstar® Wide Moat FocusSM
Total Return Index due October 24, 2022 (the “ELEMENTS – Morningstar Wide Moat,” and collectively
with the ELEMENTS – Dogs of the Dow, the “ELEMENTS ETNs”);

 

		(iii)	on October 10, 2013 issued its FI Enhanced Global High Yield Exchange Traded Notes Linked to the MSCI World High Dividend Yield
USD Gross Total Return Index due October 12, 2023 (the “FI ETNs”);

 

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		(iv)	on March 3, 2008 issued its DB Gold Double Short Exchange Traded Notes due February 15, 2038, DB Gold Double Long Exchange
Traded Notes due February 15, 2038 and DB Gold Short Exchange Traded Notes due February 15, 2038 (the “Gold ETNs”);

 

		(v)	on April 17, 2008 issued its DB Agriculture Double Short Exchange Traded Notes due April 1, 2038, DB Agriculture Double Long
Exchange Traded Notes due April 1, 2038, DB Agriculture Short Exchange Traded Notes due April 1, 2038 and DB Agriculture Long Exchange
Traded Notes due April 1, 2038 (the “Agriculture ETNs”);

 

		(vi)	on June 19, 2008 issued its DB Base Metals Double Short Exchange Traded Notes due June 1, 2038, DB Base Metals Double Long
Exchange Traded Notes due June 1, 2038, DB Base Metals Short Exchange Traded Notes due June 1, 2038 and DB Base Metals Long Exchange
Traded Notes due June 1, 2038 (the “Base Metals ETNs”);

 

		(vii)	on June 19, 2008 issued its DB Crude Oil Double Short Exchange Traded Notes due June 1, 2038, DB Crude Oil Short Exchange Traded
Notes due June 1, 2038 and DB Crude Oil Long Exchange Traded Notes due June 1, 2038 (the “Crude Oil ETNs”);

 

		(viii)	on May 1, 2008 issued its DB Commodity Double Short Exchange Traded Notes due April 1, 2038, DB Commodity Double Long Exchange
Traded Notes due April 1, 2038, DB Commodity Short Exchange Traded Notes due April 1, 2038 and DB Commodity Long Exchange Traded
Notes due April 1, 2038 (the “Commodity ETNs”);

 

		(ix)	on July 1, 2010 issued its DB 3x Short 25+ Year Treasury Bond Exchange Traded Notes due May 31, 2040 and DB 3x Long 25+ Year
Treasury Bond Exchange Traded Notes due May 31, 2040 (the “Treasury ETNs”);

 

		(x)	on March 25, 2011 issued its DB 3x German Bund Futures Exchange Traded Notes due March 31, 2021 and DB German Bund Futures
Exchange Traded Notes due March 31, 2021 (the “Bund ETNs”);

 

		(xi)	on March 25, 2011 issued its DB 3x Japanese Govt Bond Futures Exchange Traded Notes due March 31, 2021 and DB Japanese Govt
Bond Futures Exchange Traded Notes due March 31, 2021 (the “JGB ETNs”);

 

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		(xii)	on November 14, 2011 issued its DB 3x Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021 and DB
Inverse Japanese Govt Bond Futures Exchange Traded Notes due November 30, 2021 (the “JGB Short ETNs” and, collectively
with each of the preceding ETNs, the “ETNs”);

 

WHEREAS, the Issuer desires to modify certain
provisions of the ELEMENTS ETNs to reduce the minimum number of ELEMENTS ETNs a Holder must offer in order to effect a repurchase
by the Issuer;

 

WHEREAS, the Issuer desires to modify certain
contact information in the Form of Offer for Repurchase appended to the ETNs;

 

WHEREAS, the Issuer and the Trustee desire
to amend the Indenture to provide that the Holders (including the Beneficial Owners) of certain Securities to be issued under the
Indenture on or after the date of this Third Supplemental Senior Indenture shall be bound by and shall be deemed to consent to
the imposition of any Resolution Measure by the competent resolution authority as set forth in this Third Supplemental Senior Indenture,
rather than as had been set forth in the Second Supplemental Senior Indenture;

 

WHEREAS, Section 8.01(e) of the Indenture
provides that, without the consent of the Holders of any Securities, the Issuer and the Trustee may enter into indentures supplemental
to the Indenture for the purpose of, among other things, establishing the forms or terms of Securities of any series or of the
Coupons appertaining to such Securities as permitted by Sections 2.01 and 2.03 of the Indenture;

 

WHEREAS, the parties hereto desire to establish
the forms of Securities for the Global Notes, Series A to be issued under the Indenture on or after the date of this Third Supplemental
Senior Indenture pursuant to Sections 2.01 and 2.03 of the Indenture;

 

WHEREAS, the entry into this Third Supplemental
Senior Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture; and

 

WHEREAS, all things necessary to make this
Third Supplemental Senior Indenture a valid indenture and agreement according to its terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises, 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 Securities, including the ETNs, as follows:

 

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Article
1

Amendment
of the ETNs

 

Section 1.01. Amendment of the ELEMENTS
ETNs. Effective 4:00 p.m. New York City time on January 4, 2016, the terms of the ELEMENTS ETNs are hereby amended in the following
respects:

 

		(a)	The definition entitled “Repurchase Option” in each of the ELEMENTS ETNs is hereby amended by replacing the sentence
“Any holder of Securities represented by this Security may elect to offer Securities for repurchase by the Issuer on any
Repurchase Date in an aggregate principal amount of $2,500,000 or more by following the procedures set forth below” with
“Any holder of Securities represented by this Security may elect to offer Securities for repurchase by the Issuer on any
Repurchase Date in an aggregate principal amount of $100,000 (the ‘Minimum Repurchase Amount’) or more by following
the procedures set forth below. At any time, however, the Issuer shall have the sole discretion to reduce the Minimum Repurchase
Amount. Any such reduction shall be applied on a consistent basis for all holders of the Securities at the time the reduction becomes
effective.”

 

		(b)	The Form of Offer for Repurchase and the Broker’s Confirmation of Repurchase appended to each of the ELEMENTS ETNs are
hereby amended by replacing the phrase “Stated principal amount of ELEMENTS offered for repurchase (You must offer at least
250,000 ELEMENTS ($2,500,000 stated principal amount) for repurchase at one time for your offer to be valid.)” with “Stated
principal amount of ELEMENTS offered for repurchase (Unless a lower Minimum Repurchase Amount has been announced by Deutsche Bank
and is effective, you must offer at least 10,000 ELEMENTS ($100,000 stated principal amount) for repurchase at one time for your
offer to be valid.).”

 

Section 1.02 Amendment of the ETNs.

 

		(a)	The Form of Offer for Repurchase appended to each of the ELEMENTS ETNs is hereby amended by replacing the phrase “Fax:
917-512-9226” with “Phone: 212-250-6054; Email: Equity_ETN.Confirmations@list.db.com (or other contact information
provided by DBSI).”

 

		(b)	The Form of Offer for Repurchase appended to the FI ETNs is hereby amended by replacing the phrase “Phone: 212-250-6689
or 212-250-2356; Email: EIMG.NY@db.com” with “Phone: 212-

 

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250-6054;
Email: LDN_EQ_ETNs@list.db.com (or other contact information provided by DBSI).”

 

		(c)	The Form of Offer for Repurchase appended to each of the Gold ETNs, Agriculture ETNs, Base Metals ETNs, Crude Oil ETNs and
Commodity ETNs is hereby amended by replacing the phrase “Fax: 917-338-3849” with “Email: ETN.creations.redemptions@list.db.com
(or other contact information provided by DBSI).”

 

		(d)	The Form of Offer for Repurchase appended to each of the Treasury ETNs, Bund ETNs, JGB ETNs and JGB Short ETNs is hereby amended
by replacing the phrase “Fax: 917-338-3849” with “Email: Rates_ETNs@list.db.com (or other contact information
provided by DBSI).”

 

Article
2 

Application
of Second Supplemental Senior Indenture

 

Section 2.01. Application of Second Supplemental
Senior Indenture. The Second Supplemental Senior Indenture shall not apply to the Securities to be issued under the Indenture
on or after the date of this Third Supplemental Senior Indenture.

 

Article
3

Forms of Securities

 

Section 3.01. Forms of Securities.
As applied to the Securities to be issued under the Indenture on or after the date of this Third Supplemental Senior Indenture,
the forms of Securities for the Global Notes, Series A shall be substantially in the forms of Schedule I or Schedule
II to this Third Supplemental Senior Indenture and as may be determined from time to time pursuant to Officers’ Certificates
pursuant to Section 2.03 of the Indenture.

 

Article
4

Additional Terms Applicable to the Securities

 

Section 4.01. Certain Terms Defined.
With respect to the Securities to be issued under the Indenture on or after the date of this Third Supplemental Senior Indenture,
Section 1.01 of the Indenture is amended to include the following definitions (which shall be deemed to arise in Section 1.01 in
their proper alphabetical order):

 

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“Beneficial Owner” shall
mean (i) if any Securities are in global form, the beneficial owners of such Securities (and any interest therein) and (ii) if
any Securities are in definitive form, the holders in whose name such Securities are registered in the Security register of the
Issuer and any beneficial owners holding an interest in such Securities in definitive form.

 

“bridge bank” shall mean
a newly chartered German bank that would receive some or all of the Issuer’s assets, liabilities and material contracts,
including those attributable to the Issuer’s branches and subsidiaries, in a resolution proceeding.

 

“group entity” shall
mean an entity that is included in the corporate group subject to a Resolution Measure.

 

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

 

“Resolution Measure”
shall have the meaning set forth in Section 4.03 of this Third Supplemental Senior Indenture.

 

Section 4.02. Amount Unlimited; Issuable
in Series. With respect to the Securities to be issued under the Indenture on or after the date of this Third Supplemental
Senior Indenture, Section 2.03 of the Senior Indenture is hereby amended by replacing the phrase “save for those preferred
by mandatory provisions of law” with “subject to any statutory priority regime of the jurisdiction of the Issuer’s
incorporation (or, in the case of Securities issued by the Issuer through a branch, of the jurisdiction where the branch is established)
that provides certain claims will be satisfied first in a resolution or German insolvency proceeding with respect to the Issuer.”

 

Section 4.03. Securities Subject to Resolution
Measures. The following provisions apply to the Securities to be issued under the Indenture on or after the date of this Third
Supplemental Senior Indenture, unless the face of any such Security has specified that “Resolution Measures” are “not
applicable”:

 

By acquiring the Securities, the Holders
(including the Beneficial Owners) shall be bound by and shall be deemed to consent to the imposition of any Resolution Measure
by the competent resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Issuer from time to time, the Securities may be subject
to the powers exercised by the competent resolution authority to:

 

		(i)	write down, including write down to zero, the claims for payment of the principal amount, the interest amount, if

 

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any,
or any other amount or, if applicable, claims for delivery of any property in respect of the Securities;

 

		(ii)	convert the Securities into ordinary shares of (i) the Issuer or (ii) any group entity or (iii) any bridge bank or other instruments
of ownership of such entities qualifying as common equity tier one capital; and/or

 

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of the Securities to another entity, (B)
the amendment, modification or variation of the terms and conditions of the Securities or (C) the cancellation of the Securities;

 

			(each, a “Resolution Measure”).

 

For the avoidance of doubt, any non-payment
or non-delivery by the Issuer arising out of any such Resolution Measure will not constitute a failure by the Issuer under the
terms of the Securities or the Indenture to make a payment of principal of, interest on, or other amounts owing under the Securities.
If any Securities provide for delivery of any property, any reference in the Indenture and this Third Supplemental Senior Indenture
to payment by the Issuer under the Securities shall be deemed to include the delivery of such property.

 

		(b)	By its acquisition of the Securities, each Holder (including each Beneficial Owner) shall be deemed irrevocably to have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification or variation of the terms
and conditions of the Securities to give effect to any Resolution Measure;

 

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

 

		(iii)	that the imposition of any Resolution Measure will not constitute a default or an Event of Default (A) under the Securities,
(B) under the Indenture or (C) for the purpose of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939
(including, without limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default)
of the Trust Indenture Act of 1939).

 

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		(c)	The terms and conditions of the Securities shall continue to apply in relation to the residual principal amount of, or outstanding
amount payable in respect of, the Securities, subject to any modification of the amount of interest payable, if any, 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.

 

		(d)	No repayment of any then-current principal amount of the Securities or payment of interest or any other amount 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.

 

		(e)	By its acquisition of the Securities, each Holder (including each Beneficial Owner) waives, to the fullest extent permitted
by the Trust Indenture Act of 1939 and applicable law, any and all claims against the Trustee or the Agents for, agrees not to
initiate a suit against the Trustee or the Agents in respect of, and agrees that the Trustee and the Agents shall not be liable
for, any action that the Trustee or the Agents take, or abstain from taking, in either case in accordance with the imposition of
a Resolution Measure by the competent resolution authority with respect to the Securities.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect to the Securities, the Issuer
shall provide a written notice directly to the Holders in accordance with Section 11.04 of the Indenture as soon as practicable
regarding such imposition of a Resolution Measure by the competent resolution authority for purposes of notifying Holders of such
occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for information purposes, and the
Trustee and the Agents shall be entitled to rely, and will not be liable for relying, on the competent resolution authority and
the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall not affect the validity
or enforceability of any Resolution Measure nor the effects thereof on the Securities.

 

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		(g)	If any Securities are called or being called for redemption by the Issuer or submitted or being submitted by the Holders for
repurchase by the Issuer pursuant to the Holders’ option to require the Issuer to repurchase such Securities, but the competent
resolution authority has imposed a Resolution Measure with respect to the Securities prior to the payment of the redemption or
repurchase amount, the relevant redemption or repurchase notice, if any, shall be automatically rescinded and shall be of no force
and effect, and no payment of the redemption or repurchase amount will be due and payable.

 

		(h)	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 Securities under Section 5.09 of the Indenture, which section authorizes Holders of
a majority in aggregate principal amount of the Securities at the time Outstanding to direct certain actions relating to the Securities,
and if any such direction was previously given under Section 5.09 of the Indenture to the Trustee by the Holders, it shall automatically
cease to be effective, be null and void and have no further effect. The Indenture shall impose no duties, obligations or liabilities
upon the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution
authority. The Trustee and the Agents shall be fully protected in acting or refraining from acting in accordance with a Resolution
Measure. Notwithstanding the foregoing, if, following completion of the imposition of a Resolution Measure by the competent resolution
authority, the Securities remain outstanding (for example, if the imposition of a Resolution Measure results in only a partial
write-down of the principal of the Securities), then the Trustee’s and each Agent’s duties under the Indenture shall
remain applicable with respect to the Securities 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.

 

		(i)	By the acquisition of the Securities, each Holder (including each Beneficial Owner) 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 Securities, (ii) authorized, directed and requested the Depositary
and any direct participant in the Depositary or other intermediary through which it holds such Securities to take any and all

 

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necessary
action, if required, to implement the imposition of any Resolution Measure with respect to the Securities as it may be imposed,
without any further action or direction on the part of such Holders of the Securities, the Trustee or the Agents and (iii) acknowledged
and accepted that the provisions contained in Article 4 of this Third Supplemental Senior Indenture are exhaustive on the matters
described in Article 4 of this Third Supplemental Senior Indenture to the exclusion of any other agreements, arrangements or understandings
between it and the Issuer relating to the terms and conditions of the Securities.

 

		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the total outstanding principal
amount of the Securities, 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 Securities pursuant to the Resolution Measure will
be made on a substantially pro rata basis among the Securities of any series.

 

The Issuer’s obligations to indemnify
the Trustee and the Agents in accordance with Sections 6.02 and 6.06 of the Indenture shall survive the imposition of a Resolution
Measure by the competent resolution authority with respect to the Securities.

 

Section 4.04. Amendment to the Indenture.
(a) In addition to Section 8.01 of the Senior Indenture, the Issuer and the Trustee may amend, modify or supplement the Indenture
without the consent of any Holder to give effect to any variation to the terms of the Securities as a result of the imposition
of any Resolution Measure.

 

(b) In addition, for purposes of Section
8.01(d) of the Senior Indenture, any amendment made solely to conform the provisions of this Third Supplemental Senior Indenture
to the description of the Securities contained in the Issuer’s prospectus addendum dated January 1, 2016 will not be deemed
to materially or adversely affect the interests of the Holders of the Securities.

 

Article
5

Miscellaneous Provisions

 

Section 5.01. Further Assurances. The
Issuer will, upon request by the Trustee, execute and deliver such further instruments and do such further acts as may reasonably
be necessary or proper to carry out more effectively the purposes of this Third Supplemental Senior Indenture.

 

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Section 5.02. Other Terms of Indenture.
Except insofar as herein otherwise expressly provided, all provisions, terms and conditions of the Indenture are in all respects
ratified and confirmed and shall remain in full force and effect.

 

Section 5.03. Terms Defined. All
terms defined elsewhere in the Indenture shall have the same meanings when used herein.

 

Section 5.04. Governing Law. This
Third Supplemental Senior 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 as may otherwise be required by mandatory provisions of law.

 

Section 5.05. Counterparts. This
Third Supplemental Senior 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 5.06. Responsibility of the Trustee.
The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Senior
Indenture or the Securities, including the ETNs.

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Third Supplemental Senior Indenture to be duly executed, all as of January 1, 2016.

 

	 	DEUTSCHE BANK AKTIENGESELLSCHAFT
	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ John Vergel de Dios	 
	 	 	Name:	John Vergel de Dios	 
	 	 	Title:	Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Sean Rahavy	 
	 	 	Name:	Sean Rahavy	 
	 	 	Title:	Vice President	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	LAW DEBENTURE TRUST COMPANY OF NEW YORK, TRUSTEE
	 	 
	 	 	 	 	 
	 	By:	/s/ James D. Heaney	 
	 	 	Name:	James D. Heaney	 
	 	 	Title:	Managing Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Paying Agent, Issuing Agent and Registrar
	 	 
	 	 
	 	By:	/s/ Chris Niesz	 
	 	 	Name:	Chris Niesz	 
	 	 	Title:	Assistant Vice President	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Kathryn Fischer	 
	 	 	Name:	Kathryn Fischer	 
	 	 	Title:	Assistant Vice President	 

 

 

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Schedule I

 

 

 

 

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DEUTSCHE BANK AG 

[Insert
branch office through which the Note is issued, if applicable]

 

[FORM OF FACE OF DEBT SECURITY]

 

FIXED RATE SENIOR REGISTERED NOTE

 

	REGISTERED	CUSIP:
	No. FXR	[PRINCIPAL 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.

 

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GLOBAL NOTES, SERIES A

 

Fixed Rate Senior Registered Note

 

 

	Original Issue Date	[ ]
	Maturity Date	[ ]
	Specified Currency	[ ]
	If Specified Currency Other Than U.S. Dollars, 

Option to Elect Payment in U.S. Dollars	[N/A]
	Principal Amount	[ ]
	Aggregate Principal Amount	[ ]
	Minimum Denominations	[ ]
	Interest Rate	[ ]
	Interest Payment Date(s)	[ ]
	Interest Period(s)	[ ]
	Interest Accrual Date	[ ]
	Resolution Measures Provisions	[Applicable]
	Currency Early Redemption	[ ]
	Initial Redemption Date	[ ]
	Redemption Dates	[ ]
	Redemption Notice Period	[ ]
	Initial Redemption Percentage	[ ]
	Annual Redemption Percentage Reduction	[ ]
	Optional Repayment Date(s)	[ ]
	Applicability of Modified Payment Upon Acceleration or Redemption	[ ]
	If yes, state Issue Price	[ ]

 

 

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	Original Yield to Maturity	[ ]
	Tax Redemption	[N/A]
	Payment of Additional Tax Amounts	[N/A]
	Other Provisions	[ ]

 

 

Deutsche
Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft) organized under the laws of the Federal Republic of Germany,
if so specified, acting through the office specified on the front page of this Note, (together with its successors and assigns,
the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assignees, the amount
in cash, or other property, as determined in accordance with the provisions set forth above, due with respect to [each Principal
Amount specified above of the Aggregate Principal Amount]1
[the principal sum]2
specified above on the Maturity Date specified above (except to the extent previously
redeemed or repaid) and to pay interest thereon at the Interest Rate per annum specified above from and including the Interest
Accrual Date specified above until but excluding the date [the amount due with respect to]2
the principal amount is paid or duly made available for payment (except as provided
below) weekly, monthly, quarterly, semi-annually or annually in arrears on the Interest Payment Dates specified above in each
year commencing on the Interest Payment Date next succeeding the Interest Accrual Date specified above, and at maturity (or on
any redemption or repayment date); provided, however, that if the Interest Accrual Date occurs between a Record
Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second Interest
Payment Date succeeding the Interest Accrual Date to the registered Holder of this Note on the Record Date with respect to such
second Interest Payment Date.

 

Interest on this Note
will accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, or,
if no interest has been paid or duly provided for, from and including the Interest Accrual Date, until but excluding the date [the
amount due with respect to]2 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 Note (or one or more predecessor Notes) is registered at
the close of business on the date one New York Business Day prior to such Interest Payment Date (as adjusted, if applicable) (each
such date, a “Record Date”); provided, however, that any interest payable at maturity (or on any
redemption or repayment date) will be payable to the person to whom the [amount due with respect to the]2 principal
hereof shall be payable.

 

 

1
To be used for structured products

 

2
To be used for non-structured products

 

 

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Payment
of the [amount due with respect to the]2
principal, premium, if any, and any interest due at maturity (or on any redemption or repayment date) on this Note, unless this
Note is denominated in a Specified Currency other than U.S. dollars and is to be paid in whole or in part in such Specified Currency,
will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined
on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such other paying
agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity (or
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 Note register. A Holder of U.S. $10,000,000 (or the equivalent in a Specified Currency) or
more in aggregate principal amount of 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 at maturity (or 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.

 

If
this Note is denominated in a Specified Currency other than U.S. dollars, and the Holder does not elect (in whole or in part)
to receive payment in U.S. dollars pursuant to the next succeeding paragraph, payments of the [amount due with respect to the]3
principal, premium, if any, and interest, if any, with regard to this Note will be made by wire transfer of immediately
available funds to an account maintained by the Holder hereof with a bank located outside the United States if appropriate wire
transfer instructions have been received by the Paying Agent in writing not less than 15 calendar days prior to the applicable
payment date; provided, that if such wire transfer instructions are not received, such payments will be made by check payable
in such Specified Currency mailed to the address of the person entitled thereto as such address shall appear in the Note register;
and provided further that payment of the [amount due with respect to the]4
principal of this Note, any premium and the interest due at maturity (or on any redemption or repayment date), if any, will be
made upon surrender of this Note at the office or agency referred to in the preceding paragraph.

 

If
so indicated on the face hereof, the Holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may
elect to receive all or a portion of payments on this Note in U.S. dollars by transmitting a written request to the Paying Agent,
at least ten Business Days prior to the Interest Payment Date, the Maturity Date or any redemption or repayment date, as the case
may be. Such election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or
a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least
ten calendar days prior to the Maturity Date or any redemption or repayment date, for payments of the [amount due with respect
to the]3 principal, as the case may be.

 

 

3
To be used for structured products

 

     17

     

    

If
the Holder elects to receive all or a portion of payments of the [amount due with respect to the]3 principal of, premium,
if any, and interest, if any, on this Note, if denominated in a Specified Currency other than U.S. dollars, in U.S. dollars, the
Exchange Rate Agent (as defined on the reverse hereof) will convert such payments into U.S. dollars. In the event of such an election,
payment in respect of this Note will be based upon the exchange rate as determined by the Exchange Rate Agent based on the highest
bid quotation in The City of New York received by such Exchange Rate Agent at approximately 11:00 a.m., New York City time, on
the second Business Day preceding the applicable payment date from three recognized foreign exchange dealers (one of which may
be the Exchange Rate Agent unless such Exchange Rate Agent is an affiliate of the Issuer) for the purchase by the quoting dealer
of the Specified Currency for U.S. dollars for settlement on such payment date in the amount of the Specified Currency payable
in the absence of such an election to such Holder and at which the applicable dealer commits to execute a contract. If such bid
quotations are not available, such payment will be made in the Specified Currency. All currency exchange costs will be borne by
the Holder of this Note by deductions from such payments. 

 

Reference
is hereby made to the further provisions of this 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 Authenticating Agent, acting on behalf of the Trustee, referred to on the reverse
hereof by manual signature, this Note shall not be entitled to any benefit under the Senior Indenture, as defined on the reverse
hereof, or be valid or obligatory for any purpose.

 

     18

     

    

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

 

	DATED: [ ]	 	DEUTSCHE BANK AG [INSERT BRANCH OFFICE THROUGH WHICH THE NOTE IS ISSUED, IF
    APPLICABLE]	 
	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	 	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

	 

        CERTIFICATE
        OF AUTHENTICATION

         

        This
        Note is one of the Notes referred

        to in the within-mentioned

        Senior Indenture.

         

        DEUTSCHE
        BANK NATIONAL TRUST COMPANY

        on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS, as Authenticating Agent

         

	By:	 
	 	Authorized Officer

 

 

     19

     

    

[FORM OF REVERSE OF SECURITY]

 

This Note is one of
a duly authorized issue of Global Notes, Series A of the Issuer (the “Notes”). The Notes are issuable under
a Senior Indenture, dated as of November 22, 2006, among the Issuer, Law Debenture Trust Company of New York, as trustee (the “Trustee,”
which term includes any successor trustee under the Senior Indenture), and Deutsche Bank Trust Company Americas (“DBTCA”),
as issuing agent, paying agent, authenticating agent and registrar (as supplemented by the First Supplemental Senior Indenture
dated as of March 7, 2014, the Second Supplemental Senior Indenture dated as of January 1, 2015 and the Third Supplemental Senior
Indenture dated as of January 1, 2016 and as may be further amended or supplemented from time to time, the “Senior Indenture”),
to which Senior Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities of the Issuer, the Trustee and Holders of the Notes and the terms upon which the 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 (the “Paying Agent,” which term includes
any additional or successor Paying Agent appointed by the Issuer) with respect to the Notes. The Trustee has appointed DBTCA as
its authenticating agent (the “Authenticating Agent,” which term includes any additional or successor Authenticating
Agent appointed by the Trustee) with respect to the Notes. The terms of individual Notes may vary with respect to interest rates,
interest rate formulas, issue dates, maturity dates, or otherwise, all as provided in the Senior Indenture. To the extent not inconsistent
herewith, the terms of the Senior Indenture are hereby incorporated by reference herein.

 

Unless otherwise indicated
on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise indicated on the face hereof in accordance
with the provisions of the following three paragraphs and except as set forth below, will not be redeemable or subject to repayment
at the option of the Holder prior to maturity.

 

If so indicated on
the face hereof, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof or on the Redemption Dates specified on the face hereof on the terms set forth on the face hereof,
together with interest accrued and unpaid hereon to the date of redemption (except as indicated below).

 

If this Note is subject
to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated on the face hereof
will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the
face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest accrued and
unpaid hereon to the date of redemption (except as provided below). Notice of redemption shall be mailed to the registered Holders
of the Notes designated for redemption at their addresses as the same shall appear on the Note register not less than 30 nor more
than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof,
subject to all the conditions and provisions of the Senior Indenture. In the event of redemption of this Note in part only, a new
Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation
hereof.

 

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If so indicated on
the face of this Note, this Note will be subject to repayment at the option of the Holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional Repayment Date, this Note will be repayable in whole
or in part in increments of the Minimum Denomination specified on the face of this Note (provided that any remaining principal
amount hereof shall not be less than the minimum authorized denomination hereof) at the option of the Holder hereof at a price
equal to the amount to be repaid, calculated as set forth on the face of this Note, together with interest accrued and unpaid hereon
to the date of repayment (except as provided below), provided that if this Note is issued with original issue discount,
this Note will be repayable on the applicable Optional Repayment Date or Dates at the price(s) specified on the face hereof. For
this Note to be repaid at the option of the Holder hereof, the Paying Agent must receive at its corporate trust office in the Borough
of Manhattan, The City of New York, at least 15 but not more than 30 calendar days prior to the date of repayment, (i) this Note
with the form entitled “Option to Elect Repayment” below duly completed or (ii) a telegram, telex, facsimile transmission
or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc. or a commercial
bank or a trust company in the United States, setting forth the name of the Holder of this Note, the principal amount hereof, the
certificate number of this Note or a description of this Note’s tenor and terms, the principal amount hereof to be repaid,
a statement that the option to elect repayment is being exercised thereby and a guarantee that this Note, together with the form
entitled “Option to Elect Repayment” duly completed, will be received by the Paying Agent not later than the
fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; provided, that such telegram,
telex, facsimile transmission or letter shall only be effective if this Note and form duly completed are received by the Paying
Agent by the fifth Business Day after the date of that telegram, telex, facsimile transmission or letter. Unless otherwise indicated
on the face of this Note, exercise of such repayment option by the Holder hereof shall be irrevocable. In the event of repayment
of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof shall be issued in the name of the Holder
hereof upon the cancellation hereof.

 

Interest payments on
this Note will include interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption
or repayment date), as the case may be. Unless indicated otherwise on the face hereof, interest payments for this Note will be
computed and paid on the basis of a 360-day year of twelve 30-day months.

 

In the case where the
calendar date indicated on the face hereof as the Interest Payment Date or the Maturity Date (or any redemption or repayment date)
does not fall on a Business Day or where the Interest Payment Date or the Maturity Date (or any redemption or repayment date) is
otherwise postponed according to the terms and procedures specified on the face hereof, payment of interest, premium, if any, or
principal otherwise payable on such calendar date need not be made on such date, but may be made on the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) as postponed with the same force and effect as if made on the indicated
calendar date, and no interest on such payment shall accrue for the period from and after the indicated calendar date to the Interest
Payment Date or the Maturity Date (or any redemption or repayment date) as postponed.

 

     21

     

    

This Note and all the
obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among
themselves and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer,
subject to any statutory priority regime of the jurisdiction of the Issuer’s incorporation (or, in the case of Notes issued
by the Issuer through a branch, of the jurisdiction where the branch is established) that provides certain claims will be satisfied
first in a resolution or German insolvency proceeding with respect to the Issuer.

 

This Note, and any
Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and is issuable
only in the minimum denominations set forth on the face hereof or any amount in excess thereof which is an integral multiple thereof.

 

DBTCA has been appointed
registrar for the Notes, and DBTCA will maintain at its office in The City of New York, a register for the registration and transfer
of Notes. This Note may be transferred at either the aforesaid New York office of DBTCA by surrendering this Note for cancellation,
accompanied by a written instrument of transfer in form satisfactory to the Issuer, the Trustee and the Authenticating Agent and
duly executed by the registered Holder hereof in person or by the Holder’s attorney duly authorized in writing, and thereupon
the Trustee or the Authenticating Agent shall authenticate and deliver in the name of the transferee or transferees, in exchange
herefor, a new Note or 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 neither the Trustee nor the Authenticating
Agent will be required to (i) register the transfer of or exchange any Note that has been called for redemption in whole or in
part, except the unredeemed portion of Notes being redeemed in part, (ii) register the transfer of or exchange any Note if the
Holder thereof has exercised his right, if any, to require the Issuer to repurchase such Note in whole or in part, except the portion
of such Note not required to be repurchased, or (iii) register the transfer of or exchange Notes to the extent and during the period
so provided in the Senior Indenture with respect to the redemption of Notes. Notes are exchangeable at said offices for other Notes
of other authorized denominations of equal aggregate principal amount having identical terms and provisions. All such registrations,
exchanges and transfers of 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 Notes surrendered for exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Issuer, the Trustee and the Authenticating Agent and executed by the registered
Holder in person or by the Holder’s attorney duly authorized in writing. The date of registration of any Note delivered upon
any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer.

 

In case this Note shall
at any time become mutilated, defaced or be destroyed, lost or stolen and this 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 and the Authenticating Agent, the Issuer in its discretion may execute a new Note of like tenor
in exchange for this Note, but, in the case of any destroyed or lost or stolen Note, only upon receipt of evidence satisfactory
to the Trustee, the

 

     22

     

    

Authenticating Agent and the Issuer that this 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 Note shall be borne by
the owner of the Note mutilated, defaced, destroyed, lost or stolen.

 

The Senior Indenture
provides that (a) if an Event of Default due to the default in payment of principal, premium, if any, or interest, if any, on any
series of debt securities issued under the Senior Indenture, including the series of Senior Global Notes of which this Note forms
a part, or due to the default in the performance or breach of any other covenant or warranty of the Issuer applicable to the debt
securities of such series but not applicable to all outstanding debt securities issued under the Senior Indenture, shall have occurred
and be continuing, either the Trustee or the Holders of not less than 331⁄3% in
aggregate principal amount of the outstanding debt securities of each affected series, voting as one class, by notice in writing
to the Issuer and to the Trustee, if given by the securityholders, may then declare the principal of all debt securities of all
such series and interest accrued thereon to be due and payable immediately and (b) if an Event of Default due to a default
in the performance of any other of the covenants or agreements in the Senior Indenture applicable to all outstanding debt securities
issued thereunder, including this Note, or due to certain events of bankruptcy, insolvency or reorganization of the Issuer, shall
have occurred and be continuing, either the Trustee or the Holders of not less than 331⁄3%
in aggregate principal amount of all outstanding debt securities issued under the Senior Indenture voting as one class, by notice
in writing to the Issuer and to the Trustee, if given by the securityholders, may declare the principal of all such debt securities
and interest accrued thereon to be due and payable immediately, but upon certain conditions such declarations may be annulled and
past defaults may be waived (except a continuing default in payment of principal, premium, if any, or interest, if any, on such
debt securities) by the Holders of a majority in aggregate principal amount of the debt securities of all affected series then
outstanding.

 

If the face hereof
indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption,” (i) in the event
of redemption, repayment or acceleration of maturity, the amount declared to be due and payable as described in the preceding paragraph
shall be equal to the sum of (a) the Issue Price (increased by any accruals of discount) or, in the event of any redemption by
the Issuer (if applicable), the Issue Price (increased by any accruals of discount) multiplied by the Initial Redemption Percentage
indicated on the face hereof (as adjusted by the Initial Redemption Percentage reduction, if applicable) and (b) any unpaid interest
accrued from the Interest Accrual Date to the date of such redemption, repayment or acceleration of maturity, with the amount of
original issue discount accrued being calculated using a constant yield method (as described in the next paragraph), (ii) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture prior to the acceleration of payment of this Note,
the principal amount hereof shall equal the amount that would be due and payable hereon, calculated as set forth in clause (i)
above, if this Note were declared to be due and payable on the date of any such vote and (iii) for the purpose of any vote of securityholders
taken pursuant to the Senior Indenture following the acceleration of payment of this Note, the

 

     23

     

    

principal amount hereof shall equal the amount of principal
due and payable with respect to this Note, calculated as set forth in clause (i) above.

 

The constant yield
shall be calculated using (i) a 30-day month, 360-day year convention, (ii) a compounding period that, except for the initial period
(as defined below), corresponds to the shortest period between Interest Payment Dates (with ratable accruals within a compounding
period), and (iii) an assumption that the maturity will not be accelerated. If the period from the Original Issue Date to the first
Interest Payment Date (the “initial period”) is shorter than the compounding period for this Note, a proportionate
amount of the yield for an entire compounding period will be accrued. If the initial period is longer than the compounding period,
then the period will be divided into a regular compounding period and a short period with the short period being treated as provided
in the preceding sentence.

 

If the face hereof
indicates that this Note is subject to “Tax Redemption,” this Note may be redeemed, as a whole, at the option
of the Issuer at any time prior to maturity, upon the giving of a Notice of redemption as described below, at a redemption price
equal to 100% of the principal amount hereof, together with any accrued interest to the date fixed for redemption, except as otherwise
provided above in the event of “Modified Payment upon Acceleration or Redemption,” if the Issuer determines
that, as a result of any change in or amendment to the laws, or any regulations or rulings promulgated thereunder, of the Federal
Republic of Germany, the United States, the jurisdiction of residence or incorporation of any successor corporation to the Issuer,
or the jurisdiction of any issuing branch (each a “Relevant Jurisdiction”), or of any political subdivision
or taxing authority thereof or therein affecting taxation, or any change in official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment becomes effective on or after the Trade Date hereof, the Issuer
has or will become obligated to pay Additional Tax Amounts, as defined below, with respect to this Note as described below. Prior
to the giving of any Notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate
stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions
precedent to the right of the Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel satisfactory
to the Trustee to such effect based on such statement of facts; provided, that no such Notice of redemption shall be given
earlier than 60 calendar days prior to the earliest date on which the Issuer would be obligated to pay such Additional Tax Amounts
if a payment in respect of this Note were then due.

 

Notice
of redemption will be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the
Redemption Notice Period specified on the face hereof which date and the applicable redemption price will be specified in the
Notice.

 

Every net payment of
the principal of and interest on this Note and any other amounts payable on this Note will be made without any withholding or deduction
for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed, levied or collected
by or on behalf of the Relevant Jurisdiction, or by or on behalf of any political subdivision or authority therein or thereof having
the power to tax (“withholding taxes”) unless such deduction or withholding is required by law. In such event
and if (but only if) the face hereof indicates that this Note is subject to “Payment of Additional Tax Amounts,”
the Issuer

 

     24

     

    

will, subject to certain exceptions and limitations set forth
below, pay such additional tax amounts (the “Additional Tax Amounts”) to the Beneficial Owner of this Note as
may be necessary in order that every net payment of the principal of and interest on this Note and any other amounts payable on
this Note, after withholding or deduction for or on account of any present or future tax, assessment or governmental charge imposed
upon or as a result of such payment by the Relevant Jurisdiction, or any political subdivision or taxing authority thereof or therein,
will not be less than the amount provided for in this Note to be then due and payable. The Issuer will not, however, make any payment
of Additional Tax Amounts to any such Beneficial Owner for or on account of:

 

		(a)	any present or future tax, assessment or other governmental charge that would
not have been so imposed but for (i) the existence of any present or former connection between a Holder or Beneficial Owner of
this Note and the Relevant Jurisdiction, other than the mere holding or beneficial ownership of this Note; (ii) the presentation
by or on behalf of the Holder of this Note for payment on a date more than 15 calendar days after the date on which such payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or (iii) a failure by
the Holder or Beneficial Owner of this Note (or any financial institution through which the Holder or Beneficial Owner holds this
Note or through which payment on this Note is made) to enter into an agreement described in Section 1471(b)(1) of the U.S. Internal
Revenue Code of 1986 (the “Code”) or otherwise comply with Sections 1471 through 1474 of the Code or any regulations
promulgated thereunder;

 

		(b)	any estate, inheritance, gift, sales, transfer, excise or personal property
tax or any similar tax, assessment or governmental charge;

 

		(c)	any tax, assessment or other governmental charge that is payable otherwise
than by withholding or deduction from payments on or in respect of this Note;

 

		(d)	any tax, assessment or other governmental charge required to be withheld
by any Paying Agent from any payment of principal of, or interest on, this Note, if such payment can be made without such withholding
by at least one other Paying Agent;

 

		(e)	any tax, assessment or other governmental charge that would not have been
imposed but for the failure of the Holder or Beneficial Owner of this Note to comply with certification, information or other reporting
requirements concerning the nationality, residence or identity of the Holder or Beneficial Owner of this Note, if such compliance
is required by statute or by regulation of the Relevant Jurisdiction or of any political subdivision or taxing authority thereof
or therein as a precondition to

 

     25

     

    

relief
or exemption from such tax, assessment or other governmental charge; or

 

		(f)	any combination of items listed above.

 

In addition, the Issuer
shall not be required to make any payment of Additional Tax Amounts (i) with respect to any withholding taxes which are deducted
or withheld pursuant to (A) European Council Directive 2003/48/EC or any other European Union Directive or Regulation implementing
the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income, or (B) any international
treaty or understanding entered into for the purpose of facilitating cooperation in the reporting and collection of savings income
and to which (x) the United States, and (y) the European Union or Germany is a party, or (C) any provision of law implementing,
or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; (ii) to the extent such
deduction or withholding can be avoided or reduced if the Holder or Beneficial Owner of this Note makes a declaration of non-residence
or other similar claim for exemption to the relevant tax authority or complies with any reasonable certification, documentation,
information or other reporting requirement imposed by the relevant tax authority; provided, however, that the exclusion
in this clause will not apply if the certification, information, documentation or other reporting requirement would be materially
more onerous (in form, procedure or substance of information required to be disclosed) to the Holder or Beneficial Owner of this
Note than comparable information or other reporting requirements imposed under U.S. tax law, regulation and administrative practice
(such as IRS Forms W-8 and W-9); or (iii) by or on behalf of a Holder that would have been able to avoid such withholding or deduction
by presenting this Note or the relevant coupon to another Paying Agent in a member state of the European Union nor shall the Issuer
pay Additional Tax Amounts with respect to any payment on this Note to a Holder who is a fiduciary or partnership or other than
the sole Beneficial Owner of such payment to the extent such payment would be required by the laws of the Relevant Jurisdiction
(or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect
to such fiduciary or a member of such partnership or a Beneficial Owner that would not have been entitled to the Additional Tax
Amounts had such beneficiary, settlor, member or Beneficial Owner been the Holder of this Note.

 

Unless the face hereof
indicates that this Note is not subject to the “Resolution Measures Provisions,” the terms and conditions set
forth in the following paragraphs (a) – (k) shall apply to this Note, and by acquiring this Note, the Holder and each Beneficial
Owner of this Note shall be bound by and shall be deemed to consent to the imposition of any Resolution Measure by the competent
resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Issuer from time to time,
this Note may be subject to the powers exercised by the competent resolution authority to:

 

		(i)	write down, including write down to zero, the claims for payment of the principal amount, the interest
amount, if any, or any other amount or, if applicable, claims for delivery of any property in respect of this Note;

 

     26

     

    

		(ii)	convert this Note into ordinary shares of (i) the Issuer or (ii) any group entity or (iii) any
bridge bank or other instruments of ownership of such entities qualifying as common equity tier one capital; and/or

 

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of this Note
to another entity, (B) the amendment, modification or variation of the terms and conditions of this Note or (C) the cancellation
of this Note;

 

			(each, a “Resolution Measure”).

 

For the avoidance
of doubt, any non-payment or non-delivery by the Issuer arising out of any such Resolution Measure will not constitute a failure
by the Issuer under the terms of this Note or the Senior Indenture to make a payment of principal of, interest on, or other amounts
owing under this Note. If this Note provides for delivery of any property, any reference in the Senior Indenture and in this Note
to payment by the Issuer under this Note shall be deemed to include the delivery of such property.

 

		(b)	By its acquisition of this Note, the Holder and each Beneficial Owner of this Note shall be deemed
irrevocably to have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification
or variation of the terms and conditions of this Note to give effect to any Resolution Measure;

 

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

 

		(iii)	that the imposition of any Resolution Measure will not constitute a default or an Event of Default
(A) under this Note, (B) under the Senior Indenture or (C) for the purpose of, but only to the fullest extent permitted by, the
Trust Indenture Act of 1939 (including, without limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the
Trustee in Case of Default) of the Trust Indenture Act of 1939).

 

		(c)	The terms and conditions of this Note shall continue to apply in relation to the residual principal
amount of, or outstanding amount payable in respect of, this Note, subject to any modification of the amount of interest payable,
if any, 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.

 

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		(d)	No repayment of any then-current principal amount of this Note or payment of interest or any other
amount 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.

 

		(e)	By its acquisition of this Note, the Holder and each Beneficial Owner of this Note waives, to the
fullest extent permitted by the Trust Indenture Act of 1939 and applicable law, any and all claims against the Trustee or the Agents
for, agrees not to initiate a suit against the Trustee or the Agents in respect of, and agrees that the Trustee and the Agents
shall not be liable for, any action that the Trustee or the Agents take, or abstain from taking, in either case in accordance with
the imposition of a Resolution Measure by the competent resolution authority with respect to this Note.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect
to this Note, the Issuer shall provide a written notice directly to the Holder in accordance with Section 11.04 of the Senior Indenture
as soon as practicable regarding such imposition of a Resolution Measure by the competent resolution authority for purposes of
notifying the Holder of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for
information purposes, and the Trustee and the Agents shall be entitled to rely, and will not be liable for relying, on the competent
resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall
not affect the validity or enforceability of any Resolution Measure nor the effects thereof on this Note.

 

		(g)	If this Note is called or being called for redemption by the Issuer or submitted or being submitted
by the Holder for repurchase by the Issuer pursuant to the Holder’s option to require the Issuer to repurchase this Note,
but the competent resolution authority has imposed a Resolution Measure with respect to this Note prior to the payment of the redemption
or repurchase amount, the relevant redemption or repurchase notice, if any, shall be automatically rescinded and shall be of no
force and effect, and no payment of the redemption or repurchase amount will be due and payable.

 

		(h)	Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee
shall not be required to take any further directions from the Holders of the Notes under Section 5.09 of the Senior Indenture,
which section authorizes Holders of a majority in aggregate principal amount of the Notes at the time Outstanding to direct certain
actions relating to the Notes, and if any such direction was previously given under Section 5.09 of the Senior Indenture to the
Trustee by the Holders, it shall automatically cease to be effective, be null and

 

     28

     

    

void
and have no further effect. The Senior Indenture shall impose no duties, obligations or liabilities upon the Trustee or the Agents
whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. The Trustee and the
Agents shall be fully protected in acting or refraining from acting in accordance with a Resolution Measure. Notwithstanding the
foregoing, if, following completion of the imposition of a Resolution Measure by the competent resolution authority, this Note
remains outstanding, then the Trustee’s and each Agent’s duties under the Senior Indenture shall remain applicable
with respect to this Note 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.

 

		(i)	By the acquisition of this Note, the Holder and each Beneficial Owner of this Note 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 Note, (ii) authorized, directed
and requested the Depositary and any direct participant in the Depositary or other intermediary through which it holds this Note
to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to this Note
as it may be imposed, without any further action or direction on the part of the Holder of this Note, the Trustee or the Agents
and (iii) acknowledged and accepted that the provisions contained in Article 4 of the Third Supplemental Senior Indenture are exhaustive
on the matters described in Article 4 of the Third Supplemental Senior Indenture to the exclusion of any other agreements, arrangements
or understandings between it and the Issuer relating to the terms and conditions of this Note.

 

		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding principal amount of the 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 Notes pursuant to
the Resolution Measure will be made on a substantially pro rata basis among the Notes of any series.

 

		(k)	The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections
6.02 and 6.06 of the Senior Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority
with respect to this Note.

 

The Senior 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 debt securities of all series issued under the Senior 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 the Issuer and the Trustee may not, without the

 

     29

     

    

consent of the Holder of each outstanding debt security affected
thereby, (a) extend the final maturity of any such debt security, or reduce the principal amount thereof, or reduce the rate or
extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change the currency of payment
thereof, or modify or amend the provisions for conversion of any currency into any other currency, or modify or amend the provisions
for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property or the cash
value of the property (other than as provided in the antidilution provisions or other similar adjustment provisions of the debt
securities or otherwise in accordance with the terms thereof), or impair or affect the rights of any Holder to institute suit for
the payment thereof or (b) reduce the aforesaid percentage in principal amount of debt securities the consent of the Holders of
which is required for any such supplemental indenture. The Issuer and the Trustee may, without the consent of the Holder of this
Note, conform the terms of this Note to the description thereof in the prospectus and prospectus supplements relating to the offering
and sale of this Note.

 

Except as set forth
below, if the principal of, premium, if any, or interest, if any, on this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making payments hereon due to the imposition of exchange
controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing
such currency or for the settlement of transactions by public institutions within the international banking community, then the
Issuer will be entitled to satisfy its obligations to the Holder of this Note by making such payments in U.S. dollars (the “Substitute
Currency”). The Substitute Currency will become the currency of payment on each payment date occurring after the last
date on which the Specified Currency was available (the “Conversion Date”) but such Specified Currency will,
at the Issuer’s election, resume being the currency of payment on the first such payment date preceded by 15 Business Days
during which the circumstances which gave rise to the change of currency no longer prevail, in each case, as determined in good
faith by the Issuer. The Substitute Currency amount to be paid by the Issuer to the Paying Agent and by the Paying Agent to the
Holder of this Note with respect to such payment date will be the Currency Equivalent or Currency Unit Equivalent (each as defined
below) of the Specified Currency as determined by the Exchange Rate Agent (as defined below), which such determination will be
delivered in writing to the Paying Agent not later than the fifth Business Day prior to the applicable payment date, as of the
Conversion Date, or, if later, the date most recently preceding the payment date in question on which such determination is possible
of performance, but not more than 15 Business Days before such payment date. Such Conversion Date or date preceding a payment date
is referred to as the “Substitute Currency Valuation Date.” Any payment in a Substitute Currency under the circumstances
described above will not constitute an Event of Default under this Note.

 

The “Currency
Equivalent” will be determined by the Exchange Rate Agent as of each Substitute Currency Valuation Date and will be obtained
by converting the Specified Currency (unless the Specified Currency is a currency unit) into the Substitute Currency at the Market
Exchange Rate (as defined below) on the Substitute Currency Valuation Date.

 

The “Currency
Unit Equivalent” will be determined by the Exchange Rate Agent as of each Substitute Currency Valuation Date and will
be the sum obtained by adding together the

 

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results obtained by converting the Specified Amount of each
initial Component Currency into the Substitute Currency at the Market Exchange Rate on the Substitute Currency Valuation Date for
such Component Currency.

 

The “Component
Currency” means any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

The term “Market
Exchange Rate” means, as of any date, for any Specified Currency (including any currency unit), the noon buying rate
for such currency in New York City for cable transfers payable in foreign currencies, as reported by the Federal Reserve Bank of
New York. If the Market Exchange Rate is not available for any reason with respect to one or more currencies or currency units
for which an exchange rate is required, the Exchange Rate Agent will use, in its sole discretion and without liability on its part,
such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major
banks in New York City or in the country of issue of the currency or currency unit in question, or such other quotations as the
Exchange Rate Agent shall deem appropriate. If there is more than one market for dealing in any currency or currency unit by reason
of foreign exchange regulations or otherwise, the market to be used in respect of such currency or currency unit will be that upon
which a non-resident issuer of securities designated in such currency or currency unit would, as determined in its sole discretion
and without liability on the part of the exchange rate agent, purchase such currency or currency unit in order to make payments
in respect of such securities.

 

The “Specified
Amount” of a Component Currency means the number of units (including decimals) which such Component Currency represented
in the relevant currency unit, on the Conversion Date or the Substitute Currency Valuation Date or the last date the currency unit
was so used, whichever is later. If after such date the official unit of any Component Currency is altered by way of combination
or subdivision, the Specified Amount of such Component Currency will be divided or multiplied in the same proportion. If after
such date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component
Currencies will be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated
Component Currencies expressed in such single currency, and such amount will thereafter be a Specified Amount and such single currency
will thereafter be a Component Currency. If after such date any Component Currency will be divided into two or more currencies,
the Specified Amount of such Component Currency will be replaced by Specified Amounts of such two or more currencies, the sum of
which, at the Market Exchange Rate of such two or more currencies on the date of such replacement, will be equal to the Specified
Amount of such former Component Currency and such amounts will thereafter be Specified Amounts and such currencies will thereafter
be Component Currencies.

 

The “Exchange
Rate Agent” shall be Deutsche Bank AG, London Branch, unless otherwise indicated on the face hereof.

 

All determinations
referred to above made by, or on behalf of, the Issuer or by, or on behalf of, the Exchange Rate Agent shall be at such entity’s
sole discretion and shall, in the

 

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absence of manifest error, be conclusive for all purposes and
binding on the Holder of this Note and coupons.

 

So long as this Note
shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium,
if any, and interest, if any, on this Note as herein provided in the Borough of Manhattan, The City of New York, and an office
or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of this Note. If this Note is listed
on the London Stock Exchange plc and such exchange so requires, the Issuer shall maintain a Paying Agent in London. If any European
Union Directive on the taxation of savings comes into force, the Issuer will, to the extent possible as a matter of law, maintain
a Paying Agent in a member state of the European Union that will not be obligated to withhold or deduct tax pursuant to any such
Directive or any law implementing or complying with, or introduced in order to conform to, such Directive. The Issuer may designate
other agencies for the payment of said principal, premium and interest at such place or places outside the United States (subject
to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the
Trustee advised of the names and locations of such agencies, if any are so designated.

 

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 Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and
payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the Holders
of such Notes that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to
the Issuer for payment thereof 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 Note as the same shall become due.

 

No provision of this
Note or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay
the amount of cash, or other property, as determined in accordance with the provisions set forth on the face of this Note due with
respect to the principal of, premium, if any, and interest, if any, on this Note at the time, place, and rate, and in the coin
or currency, herein prescribed unless otherwise agreed between the Issuer and the registered Holder of this Note.

 

Prior to due presentment
of this 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the
Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse shall be
had for the payment of the principal of, premium, if any, or the interest, if any, on this Note, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Senior 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,

 

     32

     

    

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.

 

This Note shall for
all purposes be governed by, and construed in accordance with, the laws of the State of New York, except as may be required by
mandatory provisions of law.

 

As used herein:

 

		(a)	the term “Beneficial Owner” shall mean the beneficial owners of this Note (and any interest therein);

 

		(b)	the term “bridge bank” shall mean a newly chartered German bank that would receive some or all of the Issuer’s
assets, liabilities and material contracts, including those attributable to the Issuer’s branches and subsidiaries, in a
resolution proceeding;

 

		(c)	the term “Business Day” means, unless otherwise provided on the face of this Note, any day other than a
day that (i) is a Saturday or Sunday, (ii) is a day on which banking institutions generally in The City of New York or London,
England are authorized or obligated by law, regulation or executive order to close or (iii) is a day on which transactions in U.S.
dollars are not conducted in The City of New York or London, England; and, in addition, (x) for Notes having a Specified Currency
other than U.S. dollars only, other than Notes denominated in euro, any day that in the principal financial center of the country
of the specified currency is not a day on which banking institutions generally are authorized or obligated by law, regulation or
executive order to close; and (y) for notes denominated in euro, a day on which TARGET2 is operating;

 

		(d)	the term “competent resolution authority” shall mean any authority with the ability to exercise a Resolution
Measure;

 

		(e)	the term “group entity” shall mean an entity that is included in the corporate group subject to a Resolution
Measure;

 

		(f)	“New York Business Day” means, unless otherwise provided on the face of this
Note, any day other than a day that is (i) a Saturday or Sunday or (ii) a day on which banking institutions generally in The City
of New York are authorized or obligated by law, regulation or executive order to close;

 

		(g)	the term “Notices” refers to notices to the Holders of the Notes at each Holder’s address as that
address appears in the register for the Notes by first class mail, postage prepaid, and to 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, and London or,
if publication in London is not practical, in an English language newspaper with general circulation in Western Europe; provided
that notice may be made, at the option of the Issuer, through the customary notice provisions of the clearing system or systems
through which beneficial interests in this Note are owned. Such Notices will be deemed to have

 

     33

     

    

been
given on the date of such publication (or other transmission, as applicable), or if published in such newspapers on different
dates, on the date of the first such publication;

 

		(h)	the term “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer System;
and

 

		(i)	the term “United States” means the United States of America (including the States and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction.

 

All other terms used
in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them
in the Senior Indenture.

 

     34

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	–	as tenants in common
	TEN ENT	–	as tenants by the entireties
	JT TEN	–	as joint tenants with right of survivorship and not as tenants in
	 	 	common

 

	UNIF GIFT MIN ACT –	 	Custodian	 
	 	(Minor)	 	(Cust)
	 	 	 	 
	Under Uniform Gifts to Minors Act	 	 
	 	(State)	 
	 	 	 	 	 	 

Additional abbreviations may also be used though not in the
above list.

 

_________________

 

 

 

 

     35

     

    

  

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 Note and all rights thereunder, hereby irrevocably
constituting and appointing such person attorney to transfer such 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 Note in every particular
without alteration or enlargement or any change whatsoever.

 

 

 

     36

     

    

 

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests
and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to
the principal amount thereof, together with interest to the Optional Repayment Date, to the undersigned at

 

	 
	 
	 
	(Please print or typewrite name and address of the undersigned)

 

If less than the entire principal amount
of the within Note is to be repaid, specify the portion thereof which the Holder elects to have repaid: _______________; and specify
the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued
to the Holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note will
be issued for the portion not being repaid): _______________.

 

	Dated:	 	 	 
	 	 	 	NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

 

 

     37

     

    

 

 

Schedule II

 

 

 

 

 

     38

     

    

DEUTSCHE BANK AG

 

[INSERT
BRANCH OFFICE THROUGH WHICH THE NOTE IS ISSUED, IF APPLICABLE]

 

[FORM OF FACE OF DEBT SECURITY]

FLOATING RATE SENIOR REGISTERED NOTE

 

	REGISTERED

No. FLR	CUSIP:

[PRINCIPAL 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.

 

     39

     

    

GLOBAL NOTES, SERIES A

Floating Rate Senior Registered Note

 

	Original
    Issue Date	[ ]
	Maturity
    Date	[ ]
	Specified
    Currency	[ ]
	If
    Specified Currency Other Than U.S. Dollars, Option to Elect Payment in U.S. Dollars	[N/A]
	Principal
    Amount	[ ]
	Aggregate
    Principal Amount	[ ]
	Minimum Denominations	[ ]
	Interest Accrual Date	[ ]
	Base
    Rate	[ ]
	Index
    Maturity	[ ]
	Spread
    (plus or minus)	[ ]
	Spread
    Multiplier	[ ]
	Initial Interest Rate	[ ]
	Initial Interest Reset
    Date	[ ]
	Maximum
    Interest Rate	[ ]
	Minimum
    Interest Rate	[ ]
	Interest Payment Date(s)	[ ]
	Interest Payment Period	[ ]
	Interest
    Reset Period	[ ]
	Interest
    Reset Date(s)	[ ]
	Resolution
    Measures Provisions	[Applicable]

 

 

     40

     

    

 

	Calculation Agent	[ ]
	Initial Redemption Date	[ ]
	Initial Redemption Percentage	[ ]
	Index Currency	[ ]
	Exchange Rate Agent	[ ]
	Annual Redemption Percentage Reduction	[ ]
	Optional Repayment Date(s)	[ ]
	Redemption Notice Period	[ ]
	Tax Redemption	[N/A]
	Payment of Additional Tax Amounts	[N/A]
	If yes, state Initial Offering Date	[N/A]
	Designated CMT Reuters Page	[ ]
	Designated CMT Maturity Index	[ ]
	Other Provisions	[ ]

 

Deutsche Bank Aktiengesellschaft, a stock
corporation (Aktiengesellschaft) organized under the laws of the Federal Republic of Germany, if so specified, acting through
the office specified on the front page of this Note, (together with its successors and assigns, the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assignees, the amount in cash, or other property, as
determined in accordance with the provisions set forth above, due with respect to the principal sum specified above on the Maturity
Date specified above (except to the extent previously redeemed or repaid) and to pay interest thereon from the Interest Accrual
Date specified above at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date
specified above, and thereafter at a rate per annum determined in accordance with the provisions specified on the reverse hereof
until the principal hereof is paid or duly made available for payment.

 

The Issuer will pay interest in arrears
weekly, monthly, quarterly, semi-annually or annually as specified above as the Interest Payment Period on each Interest Payment
Date (as specified above), commencing on the first Interest Payment Date next succeeding the Interest Accrual Date specified above,
and on the Maturity Date (or on any redemption or repayment date); provided, however, that if the Interest Accrual
Date occurs between a Record Date, as

 

     41

     

    

defined below, and the next succeeding Interest Payment Date,
interest payments will commence on the second Interest Payment Date succeeding the Interest Accrual Date to the registered Holder
of this Note on the Record Date with respect to such second Interest Payment Date; and provided, further, that if
an Interest Payment Date (other than the Maturity Date or a redemption or repayment date) would fall on a day that is not a Business
Day, as defined on the reverse hereof, such Interest Payment Date shall be the following day that is a Business Day, except that
if the Base Rate specified above is LIBOR or EURIBOR and such next Business Day falls in the next calendar month, such Interest
Payment Date shall be the immediately preceding day that is a Business Day; and provided, further, that if the Maturity
Date or redemption or repayment date would fall on a day that is not a Business Day, such payment shall be made on the following
day that is a Business Day and no interest shall accrue for the period from and after such Maturity Date or redemption or repayment
date; and provided, further, that if an Interest Payment Date or the Maturity Date or redemption or repayment date
would fall on a day that is not a Business Day, payment of interest, premium, if any, or principal otherwise payable on such date
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on
the Interest Payment Date or on the Maturity Date or redemption or repayment date.

 

Interest on this Note will accrue from and
including the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been
paid or duly provided for, from and including the Interest Accrual Date, 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
Note (or one or more predecessor Notes) is registered at the close of business on the date one New York Business Day prior to such
Interest Payment Date (as adjusted if applicable) (each such date, a “Record Date”); provided, however,
that interest payable at maturity (or on any redemption or repayment date) will be payable to the person to whom the principal
hereof shall be payable.

 

Payment
of the principal, premium, if any, and interest due at maturity (or on any redemption or repayment date) on this Note, unless this
Note is denominated in a Specified Currency other than U.S. dollars and is to be paid in whole or in part in such Specified Currency,
will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined
on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The City of New York, or at such other paying agency
as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity (or 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 Note register. A Holder of U.S. $10,000,000 (or the equivalent in a Specified Currency) or more in
aggregate principal amount of 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 at maturity (or 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. 

 

     42

     

    

If
this Note is denominated in a Specified Currency other than U.S. dollars, and the Holder does not elect (in whole or in part) to
receive payment in U.S. dollars pursuant to the next succeeding paragraph, payments of the principal, premium, if any, and interest
with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the Holder hereof
with a bank located outside the United States if appropriate wire transfer instructions have been received by the Paying Agent
in writing not less than 15 calendar days prior to the applicable payment date; provided, that if such wire transfer instructions
are not received, such payments will be made by check payable in such Specified Currency mailed to the address of the person entitled
thereto as such address shall appear in the Note register; and provided further that payment of the principal of this Note,
any premium and the interest due at maturity (or on any redemption or repayment date) will be made upon surrender of this Note
at the office or agency referred to in the preceding paragraph.

 

If
so indicated on the face hereof, the Holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect
to receive all or a portion of payments on this Note in U.S. dollars by transmitting a written request to the Paying Agent, at
least ten Business Days prior to the Interest Payment Date, the Maturity Date or any redemption or repayment date, as the case
may be. Such election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or
a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least
ten calendar days prior to the Maturity Date or any redemption or repayment date, for payments of the principal, as the case may
be.

 

If
the Holder elects to receive all or a portion of payments of the principal of, premium, if any, and interest on this Note, if denominated
in a Specified Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on the reverse hereof) will
convert such payments into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the
exchange rate as determined by the Exchange Rate Agent based on the highest bid quotation in The City of New York received by such
Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment
date from three recognized foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent
is an affiliate of the Issuer) for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement
on such payment date in the amount of the Specified Currency payable in the absence of such an election to such Holder and at which
the applicable dealer commits to execute a contract. If such bid quotations are not available, such payment will be made in the
Specified Currency. All currency exchange costs will be borne by the Holder of this Note by deductions from such payments.

 

Reference is hereby made to the further
provisions of this 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 Authenticating Agent, acting on behalf of the Trustee, referred to on the reverse hereof by manual
signature, this

 

     43

     

    

Note shall not be entitled to any benefit under the Senior Indenture,
as defined on the reverse hereof, or be valid or obligatory for any purpose.

 

 

     44

     

    

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

 

DATED: [ ]

 

	DEUTSCHE BANK AG [INSERT BRANCH OFFICE THROUGH WHICH THE NOTE IS ISSUED, IF APPLICABLE]	 
	 	 
	By:	 	 
		Name:	 
		Title:	 
	 	 
	By:	 	 
		Name:	 
		Title:	 

 

 

CERTIFICATE

OF AUTHENTICATION

 

This Note is one of the Notes referred

to in the within-mentioned

Senior Indenture.

 

	DEUTSCHE BANK NATIONAL TRUST COMPANY on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS, as Authenticating

Agent
	 
	By:	 
	 	Authorized Officer

 

     45

     

    

[FORM OF REVERSE OF SECURITY]

 

This
Note is one of a duly authorized issue of Global Notes, Series A of the Issuer (the “Notes”). The Notes are
issuable under a Senior Indenture, dated as of November 22, 2006, among the Issuer, Law Debenture Trust Company of New York, as
trustee (the “Trustee,” which term includes any successor trustee under the Senior Indenture), and Deutsche
Bank Trust Company Americas (“DBTCA”), as issuing agent, paying agent, authenticating agent and registrar (as
supplemented by the First Supplemental Senior Indenture dated as of March 7, 2014, the Second Supplemental Senior Indenture dated
as of January 1, 2015 and the Third Supplemental Senior Indenture dated as of January 1, 2016 and as may be further amended or
supplemented from time to time, the “Senior Indenture”), to which Senior Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities of the
Issuer, the Trustee and Holders of the Notes and the terms upon which the 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 (the “Paying Agent,” which term includes any additional or successor Paying Agent
appointed by the Issuer) with respect to the Notes. The Trustee has appointed DBTCA as its authenticating agent (the “Authenticating
Agent,” which term includes any additional or successor Authenticating Agent appointed by the Trustee) with respect to
the Notes. The terms of individual Notes may vary with respect to interest rates, interest rate formulas, issue dates, maturity
dates, or otherwise, all as provided in the Senior Indenture. To the extent not inconsistent herewith, the terms of the Senior
Indenture are hereby incorporated by reference herein.

 

Unless
otherwise indicated on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise indicated on the
face hereof in accordance with the provisions of the following three paragraphs and except as set forth below, will not be redeemable
or subject to repayment at the option of the Holder prior to maturity.

 

If
so indicated on the face hereof, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial
Redemption Date specified on the face hereof or on the Redemption Dates specified on the face hereof on the terms set forth on
the face hereof, together with interest accrued and unpaid hereon to the date of redemption (except as indicated below). 

 

If
this Note is subject to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated
on the face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction
specified on the face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest
accrued and unpaid hereon to the date of redemption (except as provided below). Notice of redemption shall be mailed to the registered
Holders of the Notes designated for redemption at their addresses as the same shall appear on the Note register not less than 30
nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face
hereof, subject to all the conditions and provisions of the Senior Indenture. In the event of redemption of this Note in part only,
a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation
hereof.

 

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If
so indicated on the face of this Note, this Note will be subject to repayment at the option of the Holder on the Optional Repayment
Date or Dates specified on the face hereof on the terms set forth herein. On any Optional Repayment Date, this Note will be repayable
in whole or in part in increments of the Minimum Denomination specified on the face of this Note (provided that any remaining principal
amount hereof shall not be less than the minimum authorized denomination hereof) at the option of the Holder hereof at a price
equal to the amount to be repaid, calculated as set forth on the face of this Note, together with interest accrued and unpaid hereon
to the date of repayment (except as provided below). For this Note to be repaid at the option of the Holder hereof, the
Paying Agent must receive at its corporate trust office in the Borough of Manhattan, The City of New York, at least 15 but not
more than 30 calendar days prior to the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment”
below duly completed or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange
or the Financial Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the United States, setting forth
the name of the Holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this
Note’s tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being
exercised thereby and a guarantee that this Note, together with the form entitled “Option to Elect Repayment” duly
completed, will be received by the Paying Agent not later than the fifth Business Day after the date of such telegram, telex, facsimile
transmission or letter; provided, that such telegram, telex, facsimile transmission or letter shall only be effective if
this Note and form duly completed are received by the Paying Agent by the fifth Business Day after the date of that telegram, telex,
facsimile transmission or letter. Unless otherwise indicated on the face of this Note, exercise of such repayment option by the
Holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of
the unpaid portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.

 

This Note will bear
interest at the rate determined in accordance with the applicable provisions below by reference to the Base Rate shown on the face
hereof based on the Index Maturity, if any, shown on the face hereof (i) plus or minus the Spread, if any, and/or (ii) multiplied
by the Spread Multiplier, if any, specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the
face hereof, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified on the
face hereof (as used herein, the term “Interest Reset Date” shall include the Initial Interest Reset Date).
The determination of the rate of interest at which this Note will be reset on any Interest Reset Date shall be made on the Interest
Determination Date (as defined below) pertaining to such Interest Reset Dates; provided, however, that the interest
rate in effect for the period from the Interest Accrual Date to the Initial Interest Reset Date will be the Initial Interest Rate.
If any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall be postponed to
the next succeeding day that is a Business Day, except that if the Base Rate specified on the face hereof is LIBOR or EURIBOR and
such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business
Day.

 

As used herein:

 

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		(a)	“Business Day” means, unless otherwise provided on the face of this Note, any
day other than a day that (i) is a Saturday or Sunday, (ii) is a day on which banking institutions generally, in The City of New
York or London, England are authorized or obligated by law, regulation or executive order to close or (iii) is a day on which transactions
in U.S. dollars are not conducted in The City of New York or London, England; and, in addition, (x) for LIBOR Notes only, a London
Banking Day (as defined below), (y) for Notes having a Specified Currency other than U.S. dollars only, other than Notes denominated
in euro, any day that in the principal financial center of the country of the specified currency is not a day on which banking
institutions generally are authorized or obligated by law, regulation or executive order to close, and (z) for notes denominated
in euro, a day on which TARGET2 (as defined below) is operating.

 

		(b)	“New York Business Day” means, unless otherwise provided on the face of this
Note, any day other than a day that (i) is a Saturday or Sunday or (ii) is a day on which banking institutions generally in The
City of New York are authorized or obligated by law, regulation or executive order to close.

 

		(c)	“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express
Transfer System.

 

		(d)	“U.S. Government Securities Business Day” means any day other than a Saturday,
Sunday or a day on which the Securities Industry and Financial Markets Association (or any successor thereto) recommends that the
fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities.

 

The Interest Determination
Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the CMS Rate will be the second
U.S. Government Securities Business Day prior to such Interest Reset Date. The Interest Determination Date pertaining to an Interest
Reset Date for Notes bearing interest calculated by reference to the Commercial Paper Rate, Federal Funds Rate, Prime Rate and
CMT Rate (each as defined below) will be the second New York Business Day prior to such Interest Reset Date. The Interest Determination
Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Eleventh District Cost of Funds
Rate will be the last working day of the month immediately preceding the applicable Interest Reset Date on which the Federal Home
Loan Bank of San Francisco (the “FHLB of San Francisco”) publishes the Eleventh District Index (as defined below).
The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to EURIBOR
shall be the second TARGET Settlement Day prior to such Interest Reset Date. The Interest Determination Date pertaining to an Interest
Reset Date for Notes bearing interest calculated by reference to LIBOR shall be the second London Banking Day prior to such Interest
Reset Date, except that the Interest Determination Date pertaining to an Interest Reset Date for a LIBOR Note for which the Index
Currency is British pounds sterling will be such Interest Reset Date. As used herein, “London Banking Day” means
any day on which dealings in deposits in the Index Currency (as defined herein) are transacted in the London

 

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interbank market. The Interest Determination Date pertaining
to an Interest Reset Date for Notes bearing interest calculated by reference to the Treasury Rate shall be the day of the week
in which such Interest Reset Date falls on which Treasury Bills normally would be auctioned. Treasury Bills are normally sold at
auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following
Tuesday, except that the auction may be held on the preceding Friday; provided, that if an auction is held on the Friday
of the week preceding such Interest Reset Date, the Interest Determination Date shall be such preceding Friday; and provided,
further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset Date shall instead be the first
Business Day following the date of such auction. The Interest Determination Date pertaining to an Interest Reset Date for Notes
bearing interest calculated by reference to two or more Base Rates will be the latest Business Day that is at least two Business
Days before the Interest Reset Date for the applicable Note on which each Base Rate is determinable.

 

Unless otherwise specified
on the face hereof, the “Calculation Date” pertaining to an Interest Determination Date will be the earlier
of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a Business Day, the next succeeding
Business Day, or (ii) the Business Day immediately preceding the applicable Interest Payment Date or Maturity Date (or, with respect
to any principal amount to be redeemed or repaid, any redemption or repayment date), as the case may be.

 

Determination of
CMS Rate. If the Base Rate specified on the face hereof is the “CMS Rate,” for any Interest Determination
Date, the CMS Rate with respect to this Note shall be the “USD-ISDA-Swap Rate,” which shall be the rate for U.S. dollar
swaps with the Index Maturity specified on the face hereof, expressed as a percentage, that appears on the Reuters Screen ISDAFIX1
Page (or any other page as may replace such page) as of 11:00 a.m., New York City time, on such Interest Determination Date.

 

The following procedures
shall be followed if the CMS Rate cannot be determined as described above.

 

If the CMS Rate does
not appear on the applicable Reuters Screen ISDAFIX 1 page (or any other page as may replace such page) at 11:00 a.m., New York
City time, on any Interest Determination Date, the Calculation Agent shall determine the CMS Rate for such Interest Determination
Date on the basis of the Mid-Market Semi-Annual Swap Rate quotations provided by five leading swap dealers selected by the Calculation
Agent in the New York City interbank market (the “CMS Reference Banks”) at approximately 11:00 a.m., New York
City time, on such Interest Determination Date. The Calculation Agent will request the principal New York City office of each of
the CMS Reference Banks to provide a quotation of its rate, and (a) if at least three quotations are provided, the rate for such
Interest Determination Date shall 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); or (b) if fewer than
three quotations are provided, the Calculation Agent shall determine the rate in good faith and in a commercially reasonable manner.

 

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“Mid-Market
Semi-Annual Swap Rate” means, on any Interest Determination Date, the mean of the bid and offered rates for the semi-annual
fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S. dollar interest rate swap transaction with a term
equal to the Index Maturity set forth on the face hereof commencing on such Interest Determination Date and in a CMS Representative
Amount with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on an actual/360 day count
basis, is equivalent to U.S. dollar LIBOR with a designated maturity of three months.

 

“CMS Representative
Amount” means an amount that is representative for a single transaction in the relevant market at the relevant time as
determined by the Calculation Agent in good faith and in a commercially reasonable manner.

 

Determination of
CMT Rate. If the Base Rate specified on the face hereof is the “CMT Rate,” for any Interest Determination
Date, the CMT Rate with respect to this Note shall be the rate displayed on the Designated CMT Reuters Page (as defined below)
under the caption “...Constant Maturities Treasury ... Federal Reserve Board Release H.15... Mondays Approximately 3:45 p.m.,”
under the column for the Designated CMT Maturity Index, as defined below, for:

 

(1)          the rate on
such Interest Determination Date, if the Designated CMT Reuters Page is FRBCMT; and

 

(2)          the weekly or
monthly average, as specified on the face hereof, for the week or the month, as applicable, ended immediately preceding the week
or month, as applicable, in which the related Interest Determination Date occurs, if the Designated CMT Reuters Page is FEDCMT.

 

The following procedures
shall be followed if the CMT Rate cannot be determined as described above.

 

(i)          If the above
rate is no longer displayed on the relevant page, or is not displayed by 3:00 p.m., New York City time, on the related Calculation
Date, then the CMT Rate on such Interest Determination Date shall be the Treasury Constant Maturity rate for the Designated CMT
Maturity Index as published in H.15(519).

 

(ii)          If such Treasury
Constant Maturity rate is no longer published, or is not published in H.15(519) by 3:00 p.m., New York City time, on the related
Calculation Date, then the CMT Rate on such Interest Determination Date shall be the Treasury Constant Maturity Rate for the Designated
CMT Maturity Index (or other U.S. Treasury rate for the Designated CMT Maturity Index) on such Interest Determination Date as may
then be published by either the Board of Governors of the Federal Reserve Board or the United States Department of the Treasury
that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Reuters Page and published
in H.15(519).

 

(iii)          If such Treasury
Constant Maturity rate is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the Calculation
Agent shall determine the CMT

 

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Rate to be a yield to maturity, based on the arithmetic mean
of the secondary market offered rates as of approximately 3:30 p.m., New York City time, on such Interest Determination Date, reported,
according to their written records, by three leading primary U.S. government securities dealers (“Reference Dealers”)
in The City of New York (which may include the Issuer or its affiliates), selected by the Calculation Agent from five such Reference
Dealers selected by the Calculation Agent and 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), for the most recently issued direct noncallable fixed
rate obligations of the United States that are commonly referred to as “Treasury Notes” with an original maturity
of approximately the Designated CMT Maturity Index and a remaining term to maturity of not less than such Designated CMT Maturity
Index minus one year and in an amount that is representative for a single transaction in the securities in such market at such
time. If two Treasury Notes with an original maturity as described above have remaining terms to maturity equally close to the
Designated CMT Maturity Index, the quotations for the Treasury Notes with the shorter remaining term to maturity shall be used.

 

(iv)          If the Calculation
Agent is unable to obtain three Treasury Notes quotations as described in (iii) above, the Calculation Agent shall determine the
CMT Rate to be a yield to maturity based on the arithmetic mean of the secondary market offered rates as of approximately 3:30
p.m., New York City time, on the Interest Determination Date of three Reference Dealers in The City of New York, selected using
the same method described in (iii) above, for Treasury Notes with an original maturity of the number of years that is the next
highest to the Designated CMT Maturity Index and a remaining term to maturity closest to the Designated CMT Maturity Index and
in an amount that is representative for a single transaction in the securities in that market at that time. If two Treasury Notes
with an original maturity as described above have remaining terms to maturity equally close to the Designated CMT Maturity Index,
the quotations for the Treasury Note with the shorter remaining term to maturity shall be used.

 

(v)          If three or
four (and not five) of the Reference Dealers are quoting as described in (iv) above, then the CMT Rate for such Interest Determination
Date shall be based on the arithmetic mean of the offered rates obtained, and neither the highest nor the lowest of such quotations
shall be eliminated.

 

(vi)          If fewer than
three Reference Dealers selected by the Calculation Agent are quoting as described in (iv) above, the CMT Rate for such Interest
Determination Date shall remain the CMT Rate for the immediately preceding Interest Reset Period, or, if there was no preceding
Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

 

“Designated
CMT Maturity Index” means the original period to maturity of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10,
20 or 30 years) as specified on the face hereof for which the CMT Rate shall be calculated or, if no such maturity is specified
on the face hereof, the Designated CMT Maturity Index shall be two years.

 

“Designated
CMT Reuters Page” means the display on Reuters, or any successor service, on the page designated on the face hereof (or
any other page as may replace such page)

 

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for the purpose of displaying Constant Maturities Treasury as
reported in H.15(519) or, if no page is specified on the face hereof, Reuters page FEDCMT (or any other page as may replace FEDCMT).
Unless otherwise provided on the face hereof, the weekly average shall be used if the applicable Designated CMT Reuters Page is
FEDCMT (or any other page as may replace FEDCMT).

 

Determination of
Commercial Paper Rate. If the Base Rate specified on the face hereof is the “Commercial Paper Rate,” for
any Interest Determination Date, the Commercial Paper Rate with respect to this Note shall be the Money Market Yield (as defined
herein), calculated as described below, of the rate on that date for commercial paper having the Index Maturity specified on the
face hereof, as that rate is published by the Federal Reserve Board in “Statistical Release H.15(519), Selected Interest
Rates,” or any successor publication (“H.15(519)”) under the heading “Commercial Paper—Non-Financial.”

 

The following procedures
shall be followed if the Commercial Paper Rate cannot be determined as described above.

 

(i)          If
the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date pertaining to such
Interest Determination Date, then the Commercial Paper Rate shall be the Money Market Yield of the rate on such Interest
Determination Date for commercial paper of the Index Maturity specified on the face hereof as published in the daily update
of H.15(519), available through the world wide website of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update/h15upd.htm, or any successor site or publication (“H.15 Daily
Update”) under the heading “Commercial Paper — Non-Financial,” or other recognized
electronic source used for the purpose of displaying such rate.

 

(ii)          If by 3:00
p.m., New York City time, on that Calculation Date the rate is not yet published in H.15(519), H.15 Daily Update or another recognized
electronic source, then the Calculation Agent shall determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic
mean of the offered rates as of 11:00 a.m., New York City time, on that Interest Determination Date of three leading dealers in
U.S. dollar commercial paper in The City of New York (which may include the Issuer or its affiliates) selected by the Calculation
Agent, for commercial paper of the Index Maturity specified on the face hereof for a nonfinancial issuer whose bond rating is “AA,”
or the equivalent, from a nationally recognized rating agency.

 

(iii)          If the dealers
selected by the Calculation Agent are not quoting as set forth above, the Commercial Paper Rate for that Interest Determination
Date shall remain the Commercial Paper Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset
Period, the rate of interest payable shall be the Initial Interest Rate.

 

The “Money
Market Yield” shall be a yield calculated in accordance with the following formula:

 

	Money Market Yield   =   	D x 360	   x 100
	360 – (D x M)

 

 

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where “D”
refers to the applicable per year rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M”
refers to the actual number of days in the interest period for which interest is being calculated.

 

Determination of
Eleventh District Cost of Funds Rate. If the Base Rate specified on the face hereof is the “Eleventh District Cost
of Funds Rate,” for any Interest Determination Date, the Eleventh District Cost of Funds Rate with respect to this Note
shall be the rate equal to the monthly weighted average cost of funds for the calendar month immediately preceding the month in
which such Interest Determination Date falls as set forth opposite the heading “11TH Dist COFI:” on the display on
the Reuters Screen COFI/ARMS page (or any other page as may replace such page) as of 11:00 a.m., San Francisco time, on such Interest
Determination Date.

 

The following procedures
shall be followed if the rate cannot be determined as described above.

 

(i)          If such rate
does not appear on the Reuters Screen COFI/ARMS page on such Interest Determination Date, then the Eleventh District Cost of Funds
Rate on such Interest Determination Date shall be the monthly weighted average cost of funds paid by member institutions of the
Eleventh Federal Home Loan Bank District that was most recently announced (which we refer to as the “Eleventh District
Index”) by the FHLB of San Francisco as such cost of funds for the calendar month immediately preceding such Interest
Determination Date.

 

(ii)          If the FHLB
of San Francisco fails to announce the Eleventh District Index on or prior to such Interest Determination Date for the calendar
month immediately preceding such Interest Determination Date, the Eleventh District Cost of Funds Rate shall remain the Eleventh
District Cost of Funds Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the
rate of interest payable shall be the Initial Interest Rate.

 

Determination of
EURIBOR. If the Base Rate specified on the face hereof is “EURIBOR,” for any Interest Determination Date,
EURIBOR with respect to this Note shall be the rate for deposits in euro as sponsored, calculated and published jointly by the
European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for
purposes of compiling and publishing those rates, for the Index Maturity specified on the face hereof as that rate appears on Reuters,
or any successor service, on page EURIBOR01 (or any other page as may replace page EURIBOR01) (“Reuters Page EURIBOR01”)
as of 11:00 a.m., Brussels time, on such Interest Determination Date.

 

The following procedures
shall be followed if the rate cannot be determined as described above.

 

(i)          If the above
rate does not appear on Reuters Page EURIBOR01 or is not so published by 11:00 a.m., Brussels time, on the applicable Interest
Determination Date, EURIBOR for such Interest Determination Date will be the rate calculated by the Calculation Agent as the arithmetic mean of at least two quotations obtained
by the Calculation 

 

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Agent after requesting the principal Euro-zone offices of four major banks in the Euro-zone interbank market,
which may include the Issuer, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation
for deposits in euro for the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to
prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on the applicable Interest Determination
Date and in a principal amount not less than the equivalent of U.S.$1,000,000 in euro that is representative for a single transaction
in euro in such market at such time.

 

(ii)          If fewer than
two quotations are so provided, EURIBOR shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m., Brussels
time, on such Interest Determination Date by four major banks in the Euro-zone interbank market, as selected by the Calculation
Agent, for loans in euro to leading European banks for a period of time equivalent to the Index Maturity specified on the face
hereof commencing on the applicable Interest Reset Date in a principal amount not less than the equivalent of U.S.$1,000,000 in
euro that is representative for a single transaction in euro, in such market at such time.

 

(iii)          If the banks
so selected by the Calculation Agent are not quoting as set forth above, the EURIBOR for that Interest Determination Date shall
remain the EURIBOR for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of
interest payable shall be the Initial Interest Rate.

 

“Euro-zone”
means the region comprising member states of the European Union that have adopted the single currency in accordance with the relevant
treaty of the European Union, as amended.

 

Determination of
the Federal Funds Rate. If the Base Rate specified on the face hereof is the “Federal Funds Rate,” for any
Interest Determination Date, the Federal Funds Rate with respect to this Note shall be the rate on that date for federal funds
as published in H.15(519) under the heading “Federal Funds (Effective)” as displayed on Reuters, or any successor service,
on page FEDFUNDS1 (or any other page as may replace the applicable page on that service) (“Reuters Page FEDFUNDS1”).

 

The following procedures
shall be followed if the Federal Funds Rate cannot be determined as described above.

 

(i)          If the above
rate does not appear on Reuters Page FEDFUNDS1, or is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining
to such Interest Determination Date, the Federal Funds Rate shall be the rate on such Interest Determination Date as published
in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under
the heading “Federal Funds (Effective).”

 

(ii)          If the above
rate does not appear on Reuters Page FEDFUNDS1, or is not published in H.15(519), H.15 Daily Update or another recognized electronic
source by 3:00 p.m., New York City time, on such Calculation Date, the Calculation Agent shall determine the Federal Funds Rate to be the arithmetic mean of the rates for
the last transaction in overnight 

 

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U.S. dollar federal funds quoted by each of three leading dealers in U.S. dollar federal funds
transactions in The City of New York, which may include the Issuer or its affiliates, selected by the Calculation Agent, prior
to 9:00 a.m., New York City time, on such Interest Determination Date.

 

(iii)          If the dealers
selected by the Calculation Agent are not quoting as set forth in (ii) above, the Federal Funds Rate for that Interest Determination
Date shall remain the Federal Funds Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset
Period, the rate of interest payable shall be the Initial Interest Rate.

 

Determination of
LIBOR. If the Base Rate specified on the face hereof is “LIBOR,” LIBOR with respect to this Note shall be
based on the London Interbank Offered Rate. The Calculation Agent shall determine LIBOR for each Interest Determination Date as
follows:

 

(i)           As of the Interest
Determination Date, LIBOR shall be the arithmetic mean of the offered rates appearing on the Designated LIBOR Page (as defined
below), as of 11:00 a.m., London time, on that Interest Determination Date, for deposits in the Index Currency having the Index
Maturity designated on the face hereof, commencing on the applicable Interest Reset Date, if at least two offered rates appear
on the Designated LIBOR Page; except that if the Designated LIBOR Page, by its terms provides only for a single rate, that single
rate shall be used.

 

(ii) I          f (a) fewer than
two offered rates appear and the Designated LIBOR Page does not by its terms provide only for a single rate or (b) no rate appears
and the Designated LIBOR Page by its terms provides only for a single rate, then the Calculation Agent shall request the principal
London offices of each of four major reference banks (which may include the Issuer or its affiliates) in the London interbank market,
as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in the Index Currency
for the period of the Index Maturity specified on the face hereof commencing on the applicable Interest Reset Date immediately
following the Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time,
on such Interest Determination Date and in a principal amount that is representative for a single transaction in the Index Currency
in such market at such time.

 

(iii)           If at least two
such quotations are so provided, LIBOR on such Interest Determination Date shall be the arithmetic mean of such quotations. If
fewer than two such quotations are provided, LIBOR on such Interest Determination Date shall the arithmetic mean of the rates quoted
at approximately 11:00 a.m. in the applicable principal financial center for the country of the Index Currency on that Interest
Determination Date, by three major banks (which may include the Issuer or its affiliates) in such principal financial center selected
by the Calculation Agent for loans in the Index Currency to leading European banks, having the Index Maturity specified on the
face hereof and in a principal amount that is representative for a single transaction in the Index Currency in such market at such
time.

 

(iv)
          If the banks so selected by the Calculation Agent are not quoting
as set forth above, LIBOR for that Interest Determination Date shall remain LIBOR for the immediately preceding 

 

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Interest Reset Period,
or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate.

 

The “Index
Currency” means the currency specified on the face hereof as the currency for which LIBOR shall be calculated, or, if
the euro is substituted for that currency, the Index Currency shall be the euro. If that currency is not specified on the face
hereof, the Index Currency shall be U.S. dollars.

 

“Designated
LIBOR Page” means the display designated as “LIBOR01” on Reuters 3000 Xtra (or any successor service) (or
such other page as may replace Page LIBOR01 on Reuters 3000 Xtra or any other successor service).

 

Determination of
Prime Rate. If the Base Rate specified on the face hereof is “Prime Rate,” for any Interest Determination
Date, the Prime Rate with respect to this Note shall be the rate on that date as published in H.15(519) under the heading “Bank
Prime Loan.”

 

The following procedures
shall be followed if the Prime Rate cannot be determined as described above.

 

(i)          If the above
rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Interest Determination Date,
then the Prime Rate shall be the rate on that Interest Determination Date as published in H.15 Daily Update under the heading “Bank
Prime Loan” or in another recognized electronic source used for the purpose of displaying such rate.

 

(ii)          If the above
rate is not published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00 p.m., New York City time,
on such Calculation Date, then the Calculation Agent shall determine the Prime Rate to be the arithmetic mean of the rates of interest
publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page (as defined below) as such bank’s prime
rate or base lending rate as of 11:00 a.m. New York City time, so such Interest Determination Date.

 

(iii)          If fewer than
four rates appear on the Reuters Screen US PRIME 1 Page by 3:00 p.m., New York City time, for such Interest Determination Date,
the Calculation Agent shall determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted
on the basis of the actual number of days in the year divided by a 360-day year as of the close of business on such Interest Determination
Date by four major money center banks (which may include the Issuer or its affiliates) in The City of New York, selected by the
Calculation Agent.

 

(iv)          If fewer than
four such quotations are so provided, the Calculation Agent shall determine the Prime Rate to be the arithmetic mean of three prime
rates quoted on the basis of the actual number of days in the year divided by a 360-day year as of the close of business on such
Interest Determination Date as furnished in The City of New York by the major money center banks, if any, that have provided such quotations and
by substitute banks or trust companies (which may include the Issuer or its affiliates), provided such substitute banks or trust

 

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companies are organized and doing business under the laws of the United States, or any State thereof, each having total equity
capital of at least $500 million and being subject to supervision or examination by a Federal or state authority, selected by the
Calculation Agent to provide such rate or rates.

 

(v)          If the banks
or trust companies selected by the Calculation Agent are not quoting as set forth above, the Prime Rate for such Interest Determination
Date shall remain the Prime Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period,
the rate of interest payable shall be the Initial Interest Rate.

 

“Reuters Screen
US PRIME 1 Page” means the display designated as page “US PRIME 1” on the Reuters Monitor Money Rates Service,
or any successor service, or any other page as may replace the US PRIME 1 Page on that service for the purpose of displaying prime
rates or base lending rates of major U.S. banks.

 

Determination of
Treasury Rate. If the Base Rate specified on the face hereof is “Treasury Rate,” for any Interest Determination
Date, the Treasury Rate with respect to this Note shall be the rate from the auction held on such Interest Determination Date (the
“Auction”) of direct obligations of the United States that are commonly referred to as “Treasury Bills,”
having the Index Maturity specified on the face hereof as such rate appears on Reuters, or any successor service, on page USAUCTION
10 (or any other page as may replace page USAUCTION 10 on that service), which we refer to as “Reuters Page USAUCTION 10,”
or on page USAUCTION 11 (or any other page as may replace page USAUCTION 11 on that service), which we refer to as “Reuters
Page USAUCTION 11.”

 

The following procedures
will be followed if the Treasury Rate cannot be determined as described above.

 

(i)          If the above
rate is not published by 3:00 p.m., New York City time, on the Calculation Date pertaining to such Interest Payment Date, the Treasury
Rate shall be the Bond Equivalent Yield of the auction rate for such Treasury Bills as published in H.15 Daily Update, or other
recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury
Bills/Auction High.”

 

(ii)          If the rate
described in (i) above is not published by 3:00 p.m., New York City time, on the related Calculation Date, the Treasury Rate shall
be the Bond Equivalent Yield of the Auction rate of such Treasury Bills as announced by the United States Department of the Treasury.

 

(iii)          In the event
that the Auction rate of Treasury Bills having the Index Maturity specified on the face hereof is not so announced by the United
States Department of the Treasury, or if no such Auction is held, then the Treasury rate will be calculated by the Calculation
Agent and will be the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30
p.m., New York City time, on such Interest Determination Date, of three primary United States government
securities dealers (which may 

 

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include the Issuer or its affiliates) selected by the Calculation Agent, for the issue of Treasury
Bills with a remaining maturity closest to the Index Maturity specified on the face hereof.

 

(iv)          If the dealers
selected by the Calculation Agent are not quoting as described in (iii), the Treasury Rate for such Interest Determination Date
shall remain the Treasury Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period,
the rate of interest payable shall be the Initial Interest Rate.

 

The “Bond
Equivalent Yield” means a yield calculated in accordance with the following formula and expressed as a percentage:

 

	Bond Equivalent Yield   =    	D x N	   x 100
	360 – (D x M)

 

where “D”
refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis, “N” refers to 365 or 366,
as the case may be, and “M” refers to the actual number of days in the interest period for which interest is being
calculated.

 

Notwithstanding the
foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest
Rate, if any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the
foregoing on or before each Calculation Date. The interest rate on this Note will in no event be higher than the maximum rate permitted
by New York law, as the same may be modified by United States Federal law of general application.

 

At the request of the
Holder hereof, the Calculation Agent will provide to the Holder hereof the interest rate hereon then in effect and, if determined,
the interest rate that will become effective as of the next Interest Reset Date.

 

Unless otherwise indicated
on the face hereof, interest payments on this Note shall be the amount of interest accrued from and including the Interest Accrual
Date or from and including the last date to which interest has been paid or duly provided for to but excluding the Interest Payment
Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Accrued interest hereon shall be
an amount calculated by multiplying the Principal Amount hereof by an accrued interest factor. Such accrued interest factor shall
be computed by adding the interest factor calculated for each day in the period for which interest is being paid. The interest
factor for each such date shall be computed by dividing the interest rate applicable to such day (i) by 360 if the Base Rate is
CMS Rate, Commercial Paper Rate, Eleventh District Cost of Funds Rate, EURIBOR, Federal Funds Rate, Prime Rate or LIBOR (if the
Specified Currency is not British pounds sterling), (ii) by 365 if the Base Rate is LIBOR and the Specified Currency is British
pounds sterling or (iii) by the actual number of days in the year if the Base Rate is the Treasury Rate or the CMT Rate. All percentages
resulting from any calculation of the rate of interest on this Note will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point (with .000005% being rounded up to .00001%) and all dollar amounts used in or resulting from such calculation on this Note will be rounded
to the nearest cent, with one-

 

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half cent rounded upward. The interest rate in effect on any Interest Reset Date will be the applicable
rate as reset on such date. The interest rate applicable to any other day is the interest rate from the immediately preceding Interest
Reset Date (or, if none, the Initial Interest Rate).

 

This Note and all the
obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among
themselves and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject
to any statutory priority regime of the jurisdiction of the Issuer’s incorporation (or, in the case of Notes issued by the
Issuer through a branch, of the jurisdiction where the branch is established) that provides certain claims will be satisfied first
in a resolution or German insolvency proceeding with respect to the Issuer.

 

This Note, and any
Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if denominated
in U.S. dollars, unless otherwise specified above, is issuable only in denominations of U.S. $1,000 and any integral multiple of
U.S. $1,000 in excess thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless otherwise
specified above or unless a higher minimum denomination is required by applicable law, it is issuable only in denominations of
the equivalent of U.S. $1,000 (rounded to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess
thereof which is an integral multiple of such number of units of such Specified Currency, as determined by reference to the noon
dollar buying rate in The City of New York for cable transfers of such Specified Currency published by the Federal Reserve Bank
of New York (the “Market Exchange Rate”) on the Business Day immediately preceding the date of issuance. If
the Market Exchange Rate is not available for any reason with respect to one or more currencies or currency units for which an
exchange rate is required, the Exchange Rate Agent will use, in its sole discretion and without liability on its part, such quotation
of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in New
York City or in the country of issue of the currency or currency unit in question, or such other quotations as the Exchange Rate
Agent shall deem appropriate. If there is more than one market for dealing in any currency or currency unit by reason of foreign
exchange regulations or otherwise, the market to be used in respect of such currency or currency unit will be that upon which a
non-resident issuer of securities designated in such currency or currency unit would, as determined in its sole discretion and
without liability on the part of the exchange rate agent, purchase such currency or currency unit in order to make payments in
respect of such securities.

 

DBTCA
has been appointed registrar for the Notes, and DBTCA will maintain at its office in The City of New York, a register for the
registration and transfer of Notes. This Note may be transferred at either the aforesaid New York office of DBTCA by surrendering
this Note for cancellation, accompanied by a written instrument of transfer in form satisfactory to the Issuer, the Trustee and
the Authenticating Agent and duly executed by the registered Holder hereof in person or by the Holder’s attorney duly authorized
in writing, and thereupon the Trustee or the Authenticating Agent shall authenticate and deliver in the name of the transferee
or transferees, in exchange herefor, a new Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms

 

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and conditions set forth herein; provided,
however, that neither the Trustee nor the Authenticating Agent will be required to (i) register the transfer of or exchange
any Note that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part,
(ii) register the transfer of or exchange any Note if the Holder thereof has exercised his right, if any, to require the Issuer
to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased, or (iii) register
the transfer of or exchange Notes to the extent and during the period so provided in the Senior Indenture with respect to the
redemption of Notes. Notes are exchangeable at said offices for other Notes of other authorized denominations of equal aggregate
principal amount having identical terms and provisions. All such registrations, exchanges and transfers of 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 Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to
the Issuer, the Trustee and the Authenticating Agent and executed by the registered Holder in person or by the Holder’s
attorney duly authorized in writing. The date of registration of any Note delivered upon any exchange or transfer of Notes shall
be such that no gain or loss of interest results from such exchange or transfer.

 

In case this Note shall
at any time become mutilated, defaced or be destroyed, lost or stolen and this 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 and the Authenticating Agent, the Issuer in its discretion may execute a new Note of like tenor
in exchange for this Note, but, in the case of any destroyed or lost or stolen Note, only upon receipt of evidence satisfactory
to the Trustee, the Authenticating Agent and the Issuer that this 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 Note shall be borne by the owner of the Note mutilated, defaced, destroyed,
lost or stolen.

 

If the face hereof
indicates that this Note is subject to “Tax Redemption,” this Note may be redeemed, as a whole, at the option
of the Issuer at any time prior to maturity, upon the giving of a Notice of redemption as described below, at a redemption price
equal to 100% of the principal amount hereof, together with accrued interest to the date fixed for redemption, if the Issuer determines
that, as a result of any change in or amendment to the laws, or any regulations or rulings promulgated thereunder, of the Federal
Republic of Germany, the United States, the jurisdiction of residence or incorporation of any successor corporation to the Issuer
or the jurisdiction of any issuing branch (each a “Relevant Jurisdiction”), or of any political subdivision
or taxing authority thereof or therein affecting taxation, or any change in official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment becomes effective on or after the Trade Date hereof, the Issuer
has or will become obligated to pay Additional Tax Amounts, as defined below, with respect to this Note as described below. Prior
to the giving of any Notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate
stating that the Issuer is entitled to effect such redemption and setting forth a
statement of facts showing that the conditions precedent to the 

 

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right of the Issuer to so redeem have occurred, and (ii) an
opinion of independent legal counsel satisfactory to the Trustee to such effect based on such statement of facts; provided,
that no such Notice of redemption shall be given earlier than 60 calendar days prior to the earliest date on which the Issuer
would be obligated to pay such Additional Tax Amounts if a payment in respect of this Note were then due.

 

Notice of redemption
will be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice
Period specified on the face hereof, which date and the applicable redemption price will be specified in the Notice.

 

Every net payment of
the principal of and interest on this Note and any other amounts payable on this Note will be made without any withholding or deduction
for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed, levied or collected
by or on behalf of the Relevant Jurisdiction, or by or on behalf of any political subdivision or authority therein or thereof having
the power to tax (“withholding taxes”) unless such deduction or withholding is required by law. In such event
and if (but only if) the face hereof indicates that this Note is subject to “Payment of Additional Tax Amounts,”
the Issuer will, subject to certain exceptions and limitations set forth below, pay such additional tax amounts (the “Additional
Tax Amounts”) to the Beneficial Owner of this Note as may be necessary in order that every net payment of the principal
of and interest on this Note and any other amounts payable on this Note, after withholding or deduction for or on account of any
present or future tax, assessment or governmental charge imposed upon or as a result of such payment by the Relevant Jurisdiction,
or any political subdivision or taxing authority thereof or therein, will not be less than the amount provided for in this Note
to be then due and payable. The Issuer will not, however, make any payment of Additional Tax Amounts to any such Beneficial Owner
for or on account of:

 

		(a)	any present or future tax, assessment or other governmental charge that would
not have been so imposed but for (i) the existence of any present or former connection between a Holder or Beneficial Owner of
this Note and the Relevant Jurisdiction, other than the mere holding or beneficial ownership of this Note; (ii) the presentation
by or on behalf of the Holder of this Note for payment on a date more than 15 calendar days after the date on which such payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or (iii) a failure by
the Holder or Beneficial Owner of this Note (or any financial institution through which the Holder or Beneficial Owner holds this
Note or through which payment on this Note is made) to enter into an agreement described in Section 1471(b)(1) of the U.S. Internal
Revenue Code of 1986 (the “Code”) or otherwise comply with Sections 1471 through 1474 of the Code or any regulations
promulgated thereunder; 

 

		(b)	any estate, inheritance, gift, sales, transfer, excise or personal property
tax or any similar tax, assessment or governmental charge;

 

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		(c)	any tax, assessment or other governmental charge that is payable otherwise
than by withholding or deduction from payments on or in respect of this Note;

 

		(d)	any tax, assessment or other governmental charge required to be withheld
by any Paying Agent from any payment of principal of, or interest on, this Note, if such payment can be made without such withholding
by at least one other Paying Agent;

 

		(e)	any tax, assessment or other governmental charge that would not have been
imposed but for the failure of the Holder or Beneficial Owner of this Note to comply with certification, information or other reporting
requirements concerning the nationality, residence or identity of the Holder or Beneficial Owner of this Note, if such compliance
is required by statute or by regulation of the Relevant Jurisdiction or of any political subdivision or taxing authority thereof
or therein as a precondition to relief or exemption from such tax, assessment or other governmental charge; or

 

		(f)	any combination of items listed above.

 

In addition, the Issuer
shall not be required to make any payment of Additional Tax Amounts (i) with respect to any withholding taxes which are deducted
or withheld pursuant to (A) European Council Directive 2003/48/EC or any other European Union Directive or Regulation implementing
the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income, or (B) any international
treaty or understanding entered into for the purpose of facilitating cooperation in the reporting and collection of savings income
and to which (x) the United States, and (y) the European Union or Germany is a party, or (C) any provision of law implementing,
or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; (ii) to the extent such
deduction or withholding can be avoided or reduced if the Holder or Beneficial Owner of this Note makes a declaration of non-residence
or other similar claim for exemption to the relevant tax authority or complies with any reasonable certification, documentation,
information or other reporting requirement imposed by the relevant tax authority; provided, however, that the exclusion
in this clause will not apply if the certification, information, documentation or other reporting requirement would be materially
more onerous (in form, procedure or substance of information required to be disclosed) to the Holder or Beneficial Owner of this
Note than comparable information or other reporting requirements imposed under U.S. tax law, regulation and administrative practice
(such as IRS Forms W-8 and W-9); or (iii) by or on behalf of a Holder that would have been able to avoid such withholding or deduction
by presenting this Note or the relevant coupon to another Paying Agent in a member state of the European Union, nor shall the
Issuer pay Additional Tax Amounts with respect to any payment on this Note to a Holder who is a fiduciary or partnership or other
than the sole Beneficial Owner of such payment to the extent such payment would be required by the laws of the Relevant Jurisdiction
(or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect
to such fiduciary or a member of such partnership or a Beneficial Owner that would not have been entitled to the

 

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Additional Tax Amounts had such beneficiary, settlor, member
or Beneficial Owner been the Holder of this Note.

 

Unless the face hereof
indicates that this Note is not subject to the “Resolution Measures Provisions,” the terms and conditions set
forth in the following paragraphs (a) – (k) shall apply to this Note, and by acquiring this Note, the Holder and each Beneficial
Owner of this Note shall be bound by and shall be deemed to consent to the imposition of any Resolution Measure by the competent
resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Issuer from time to time,
this Note may be subject to the powers exercised by the competent resolution authority to:

 

		(i)	write down, including write down to zero, the claims for payment of the principal amount, the interest
amount, if any, or any other amount or, if applicable, claims for delivery of any property in respect of this Note;

 

		(ii)	convert this Note into ordinary shares of (i) the Issuer or (ii) any group entity or (iii) any
bridge bank or other instruments of ownership of such entities qualifying as common equity tier one capital; and/or

 

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of this Note
to another entity, (B) the amendment, modification or variation of the terms and conditions of this Note or (C) the cancellation
of this Note;

 

			(each, a “Resolution Measure”).

 

For the avoidance
of doubt, any non-payment or non-delivery by the Issuer arising out of any such Resolution Measure will not constitute a failure
by the Issuer under the terms of this Note or the Senior Indenture to make a payment of principal of, interest on, or other amounts
owing under this Note. If this Note provides for delivery of any property, any reference in the Senior Indenture and in this Note
to payment by the Issuer under this Note shall be deemed to include the delivery of such property.

 

		(b)	By its acquisition of this Note, the Holder and each Beneficial Owner of this Note shall be deemed
irrevocably to have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification
or variation of the terms and conditions of this Note to give effect to any Resolution Measure;

 

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

 

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		(iii)	that the imposition of any Resolution Measure will not constitute a default or an Event of Default
(A) under this Note, (B) under the Senior Indenture or (C) for the purpose of, but only to the fullest extent permitted by, the
Trust Indenture Act of 1939 (including, without limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the
Trustee in Case of Default) of the Trust Indenture Act of 1939).

 

		(c)	The terms and conditions of this Note shall continue to apply in relation to the residual principal
amount of, or outstanding amount payable in respect of, this Note, subject to any modification of the amount of interest payable,
if any, 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.

 

		(d)	No repayment of any then-current principal amount of this Note or payment of interest or any other
amount 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.

 

		(e)	By its acquisition of this Note, the Holder and each Beneficial Owner of this Note waives, to the
fullest extent permitted by the Trust Indenture Act of 1939 and applicable law, any and all claims against the Trustee or the Agents
for, agrees not to initiate a suit against the Trustee or the Agents in respect of, and agrees that the Trustee and the Agents
shall not be liable for, any action that the Trustee or the Agents take, or abstain from taking, in either case in accordance with
the imposition of a Resolution Measure by the competent resolution authority with respect to this Note.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect
to this Note, the Issuer shall provide a written notice directly to the Holder in accordance with Section 11.04 of the Senior Indenture
as soon as practicable regarding such imposition of a Resolution Measure by the competent resolution authority for purposes of
notifying the Holder of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for
information purposes, and the Trustee and the Agents shall be entitled to rely, and will not be liable for relying, on the competent
resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall
not affect the validity or enforceability of any Resolution Measure nor the effects thereof on this Note.

 

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		(g)	If this Note is called or being called for redemption by the Issuer or submitted or being submitted
by the Holder for repurchase by the Issuer pursuant to the Holder’s option to require the Issuer to repurchase this Note,
but the competent resolution authority has imposed a Resolution Measure with respect to this Note prior to the payment of the redemption
or repurchase amount, the relevant redemption or repurchase notice, if any, shall be automatically rescinded and shall be of no
force and effect, and no payment of the redemption or repurchase amount will be due and payable.

 

		(h)	Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee
shall not be required to take any further directions from the Holders of the Notes under Section 5.09 of the Senior Indenture,
which section authorizes Holders of a majority in aggregate principal amount of the Notes at the time Outstanding to direct certain
actions relating to the Notes, and if any such direction was previously given under Section 5.09 of the Senior Indenture to the
Trustee by the Holders, it shall automatically cease to be effective, be null and void and have no further effect. The Senior Indenture
shall impose no duties, obligations or liabilities upon the Trustee or the Agents whatsoever with respect to the imposition of
any Resolution Measure by the competent resolution authority. The Trustee and the Agents shall be fully protected in acting or
refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing, if, following completion of the
imposition of a Resolution Measure by the competent resolution authority, this Note remains outstanding, then the Trustee’s
and each Agent’s duties under the Senior Indenture shall remain applicable with respect to this Note 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.

 

		(i)	By the acquisition of this Note, the Holder and each Beneficial Owner of this Note 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 Note, (ii) authorized, directed
and requested the Depositary and any direct participant in the Depositary or other intermediary through which it holds this Note
to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to this Note
as it may be imposed, without any further action or direction on the part of the Holder of this Note, the Trustee or the Agents
and (iii) acknowledged and accepted that the provisions contained in Article 4 of the Third Supplemental Senior Indenture are exhaustive
on the matters described in Article 4 of the Third Supplemental Senior Indenture to the exclusion of any other agreements, arrangements
or understandings between it and the Issuer relating to the terms and conditions of this Note.

 

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		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding principal amount of the 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 Notes pursuant to
the Resolution Measure will be made on a substantially pro rata basis among the Notes of any series.

 

		(k)	The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections
6.02 and 6.06 of the Senior Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority
with respect to this Note.

 

The
Senior Indenture provides that (a) if an Event of Default due to the default in payment of principal, premium, if any, or interest
on any series of debt securities issued under the Senior Indenture, including the series of Senior Global Notes of which this Note
forms a part, or due to the default in the performance or breach of any other covenant or warranty of the Issuer applicable to
the debt securities of such series but not applicable to all outstanding debt securities issued under the Senior Indenture, shall
have occurred and be continuing, either the Trustee or the Holders of not less than 331⁄3% in aggregate principal amount of
the outstanding debt securities of each affected series, voting as one class, by notice in writing to the Issuer and to the Trustee,
if given by the securityholders, may then declare the principal of all debt securities of all such series and interest accrued
thereon to be due and payable immediately and (b) if an Event of Default due to a default in the performance of any other of the
covenants or agreements in the Senior Indenture applicable to all outstanding debt securities issued thereunder, including this
Note, or due to certain events of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred and be continuing,
either the Trustee or the Holders of not less than 331⁄3% in aggregate principal amount of all outstanding debt securities
issued under the Senior Indenture voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders,
may declare the principal of all such debt securities and interest accrued thereon to be due and payable immediately, but upon
certain conditions such declarations may be annulled and past defaults may be waived (except a continuing default in payment of
principal, premium, if any, or interest on such debt securities) by the Holders of a majority in aggregate principal amount of
the debt securities of all affected series then outstanding.

 

The
Senior 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 debt securities of all series issued under the Senior 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 the Issuer and the Trustee may not, without the consent of the Holder of each outstanding debt
security affected thereby, (a) extend the final maturity of any such debt security, or reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change
the currency of payment thereof, or modify or amend the provisions for conversion of any currency into any other currency, or modify
or amend the provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for 

 

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other property or the
cash value of the property (other than as provided in the antidilution provisions or other similar adjustment provisions of the
debt securities or otherwise in accordance with the terms thereof), or impair or affect the rights of any Holder to institute suit
for the payment thereof or (b) reduce the aforesaid percentage in principal amount of debt securities the consent of the Holders
of which is required for any such supplemental indenture. The Issuer and the Trustee may, without the consent of the Holder of
this Note, conform the terms of this Note to the description thereof in the prospectus and prospectus supplements relating to the
offering and sale of this Note.

 

Except
as set forth below, if the principal of, premium, if any, or interest on this Note is payable in a Specified Currency other than
U.S. dollars and such Specified Currency is not available to the Issuer for making payments hereon due to the imposition of exchange
controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing
such currency or for the settlement of transactions by public institutions within the international banking community, then the
Issuer will be entitled to satisfy its obligations to the Holder of this Note by making such payments in U.S. dollars (the “Substitute
Currency”). The Substitute Currency will become the currency of payment on each payment date occurring after the last
date on which the Specified Currency was available (the “Conversion Date”) but such Specified Currency will,
at the Issuer’s election, resume being the currency of payment on the first such payment date preceded by 15 Business Days
during which the circumstances which gave rise to the change of currency no longer prevail, in each case, as determined in good
faith by the Issuer. The Substitute Currency amount to be paid by the Issuer to the Paying Agent and by the Paying Agent to the
Holder of this Note with respect to such payment date will be the Currency Equivalent or Currency Unit Equivalent (each as defined
below) of the Specified Currency as determined by the Exchange Rate Agent (as defined below), which such determination will be
delivered in writing to the Paying Agent not later than the fifth Business Day prior to the applicable payment date, as of the
Conversion Date, or, if later, the date most recently preceding the payment date in question on which such determination is possible
of performance, but not more than 15 Business Days before such payment date. Such Conversion Date or date preceding a payment date
is referred to as the “Substitute Currency Valuation Date.” Any payment in a Substitute Currency under the circumstances
described above will not constitute an Event of Default under this Note.

 

The “Currency
Equivalent” will be determined by the Exchange Rate Agent as of each Substitute Currency Valuation Date and will be obtained
by converting the Specified Currency (unless the Specified Currency is a currency unit) into the Substitute Currency at the Market
Exchange Rate on the Substitute Currency Valuation Date.

 

The “Currency
Unit Equivalent” will be determined by the Exchange Rate Agent as of each Substitute Currency Valuation Date and will
be the sum obtained by adding together the results obtained by converting the Specified Amount of each initial Component Currency
into the Substitute Currency at the Market Exchange Rate on the Substitute Currency Valuation Date for such Component Currency.

 

The “Component
Currency” means any currency which, on the Conversion Date, was a component currency of the relevant currency unit.

 

     67

     

    

The “Specified
Amount” of a Component Currency means the number of units (including decimals) which such Component Currency represented
in the relevant currency unit, on the Conversion Date or the Substitute Currency Valuation Date or the last date the currency unit
was so used, whichever is later. If after such date the official unit of any Component Currency is altered by way of combination
or subdivision, the Specified Amount of such Component Currency will be divided or multiplied in the same proportion. If after
such date two or more Component Currencies are consolidated into a single currency, the respective Specified Amounts of such Component
Currencies will be replaced by an amount in such single currency equal to the sum of the respective Specified Amounts of such consolidated
Component Currencies expressed in such single currency, and such amount will thereafter be a Specified Amount and such single currency
will thereafter be a Component Currency. If after such date any Component Currency will be divided into two or more currencies,
the Specified Amount of such Component Currency will be replaced by Specified Amounts of such two or more currencies, the sum of
which, at the Market Exchange Rate of such two or more currencies on the date of such replacement, will be equal to the Specified
Amount of such former Component Currency and such amounts will thereafter be Specified Amounts and such currencies will thereafter
be Component Currencies.

 

The “Exchange
Rate Agent” shall be Deutsche Bank AG, London Branch, unless otherwise indicated on the face hereof.

 

All determinations
referred to above made by, or on behalf of, the Issuer or by, or on behalf of, the Exchange Rate Agent shall be at such entity’s
sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and binding on the Holder of this Note
and coupons.

 

So long as this Note
shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided in the Borough of Manhattan, The City of New York, and an office or agency
in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of this Note. The Issuer may designate other
agencies for the payment of said principal, premium and interest at such place or places (subject to applicable laws and regulations)
as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and
locations of such agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force,
the Issuer will, to the extent possible as a matter of law, maintain a Paying Agent in a member state of the European Union that
will not be obligated to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced
in order to conform to, such Directive.

 

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 Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and
payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the Holders
of such Notes that such moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to
the Issuer for payment

 

     68

     

    

thereof 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 Note as the same shall become due.

 

No provision of this
Note or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay
the amount of cash, or other property, as determined in accordance with the provisions set forth on the face of this Note due with
respect to the principal of, premium, if any, and interest on this Note at the time, place, and rate, and in the coin or currency,
herein prescribed unless otherwise agreed between the Issuer and the registered Holder of this Note.

 

Prior to due presentment
of this 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the
Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse shall be
had for the payment of the principal of, premium, if any, or the interest, if any, on this Note, for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Senior 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.

 

This Note shall for
all purposes be governed by, and construed in accordance with, the laws of the State of New York, except as may be required by
mandatory provisions of law.

 

As used herein:

 

		(a)	the term “Beneficial Owner” shall mean the beneficial owners of this Note (and any interest therein);

 

		(b)	the term “bridge bank” shall mean a newly chartered German bank that would receive some or all of the Issuer’s
assets, liabilities and material contracts, including those attributable to the Issuer’s branches and subsidiaries, in a
resolution proceeding.

 

		(c)	the term “competent resolution authority” shall mean any authority with the ability to exercise a Resolution
Measure;

 

		(d)	the term “group entity” shall mean an entity that is included in the corporate group subject to a Resolution
Measure; and

 

		(e)	the term “Notices” refers to notices to the Holders of the Notes at each Holder’s address as that
address appears in the register for the Notes by first class mail, postage prepaid,

 

     69

     

    

and
to 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, and London or, if publication in London is not practical, in an English language newspaper with general
circulation in Western Europe; provided that notice may be made, at the option of the Issuer, through the customary notice
provisions of the clearing system or systems through which beneficial interests in this Note are owned. Such Notices will be deemed
to have been given on the date of such publication (or other transmission, as applicable), or if published in such newspapers
on different dates, on the date of the first such publication.

 

All other terms used
in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them
in the Senior Indenture.

 

     70

     

    

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	–	as tenants in common
	TEN ENT	–	as tenants by the entireties
	JT TEN	–	as joint tenants with right of survivorship and not as tenants in
	 	 	common

 

	UNIF GIFT MIN ACT –	 	Custodian	 
	 	(Minor)	 	(Cust)
	 	 	 	 
	Under Uniform Gifts to Minors Act	 	 
	 	(State)	 
	 	 	 	 	 	 

Additional abbreviations may also be used though not in the
above list.

 

_________________

 

     71

     

    

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 Note and all rights thereunder, hereby irrevocably
constituting and appointing such person attorney to transfer such 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 Note in every particular
without alteration or enlargement or any change whatsoever.

 

     72

     

    

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests
and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to
the principal amount thereof, together with interest to the Optional Repayment Date, to the undersigned at

 

	 
	 
	 
	(Please print or typewrite name and address of the undersigned)

 

If less than the entire principal amount
of the within Note is to be repaid, specify the portion thereof which the Holder elects to have repaid: _______________; and specify
the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued
to the Holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note will
be issued for the portion not being repaid): _______________.

 

	Dated:	 	 	 
	 	 	 	NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

 

 

 

     73Exhibit 4.20

 

 

SECOND
AMENDMENT TO THE WARRANT AGREEMENT

 

BETWEEN

 

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, Warrant
Agent

 

_______________________

 

Dated as of January 1, 2016

 

AMENDMENT TO WARRANT AGREEMENT

DATED AS OF NOVEMBER 15, 2007

 

 

 

 

     

     

    

THIS SECOND AMENDMENT TO THE WARRANT AGREEMENT,
dated as of January 1, 2016, between DEUTSCHE BANK AKTIENGESELLSCHAFT, a stock corporation with limited liability incorporated
in the Federal Republic of Germany, which may act through its London Branch (the “Bank”), and DEUTSCHE BANK
TRUST COMPANY AMERICAS, a New York trust company (the “Warrant Agent”).

 

WITNESSETH:

 

WHEREAS, the Bank and the Warrant Agent
are parties to that certain Warrant Agreement, dated as of November 15, 2007, as supplemented by the First Amendment to the Warrant
Agreement, dated as of January 1, 2015 (the “First Amendment to the Warrant Agreement”), each between the Bank
and the Warrant Agent (the “Warrant Agreement”);

 

WHEREAS, Section 6.01(a)(iv) of the Warrant
Agreement provides that, without the consent of the Warrantholders of any series of Warrants, the Bank and the Warrant Agent may
amend the Warrant Agreement for the purpose of, among other things, making any provisions as the Bank may deem necessary or desirable
and which will not materially and adversely affect the interests of the Warrantholders of such series;

 

WHEREAS, there are no Warrants outstanding
of any series created prior to the execution of this Second Amendment to the Warrant Agreement which are entitled to the benefit
of the provisions set forth herein or would be materially and adversely affected by such provisions;

 

WHEREAS, the Bank and the Warrant Agent
desire to amend the Warrant Agreement to provide that the Registered Holders (including the Beneficial Owners) of certain Warrants
to be issued under the Warrant Agreement on or after the date of this Second Amendment to the Warrant Agreement shall be bound
by and shall be deemed to consent to the imposition of any Resolution Measure by the competent resolution authority as set forth
in this Second Amendment to the Warrant Agreement, rather than as had been set forth in the First Amendment to the Warrant Agreement;

 

WHEREAS, Section 6.01(a)(ii) of the Warrant
Agreement provides that, without the consent of the Warrantholders of any series of Warrants, the Bank and the Warrant Agent may
amend the Warrant Agreement for the purpose of, among other things, establishing the forms or terms of Warrant Certificates or
Warrants of any series as permitted by Sections 1.02 and 1.03 of the Warrant Agreement;

 

WHEREAS, the parties hereto desire to establish
the forms of Warrants of each series to be issued under the Warrant Agreement on or after the date of this Second Amendment to
the Warrant Agreement pursuant to Sections 1.02 and 1.03 of the Warrant Agreement;

 

    1 

     

    

WHEREAS,
the entry into this Second Amendment to the Warrant Agreement by the parties hereto is in all respects authorized by the provisions
of the Warrant Agreement; and

 

WHEREAS,
all things necessary to make this Second Amendment to the Warrant Agreement a valid agreement according to its terms have been
done;

 

NOW,
THEREFORE:

 

In
consideration of the premises, the Bank and the Warrant Agent mutually covenant and agree, for the equal and proportionate benefit
of the respective Warrantholders from time to time of the Warrants, as follows:

 

Article
1

Application
of First Amendment to Warrant Agreement

 

Section 1.01. Application of First Amendment
to Warrant Agreement. The First Amendment to the Warrant Agreement shall not apply to the Warrants to be issued under the Warrant
Agreement on or after the date of this Second Amendment to the Warrant Agreement.

 

Article
2

Forms
of Warrants

 

Section 2.01. Forms of Warrants.
As applied to the Warrants to be issued under the Warrant Agreement on or after the date of this Second Amendment to the Warrant
Agreement, the forms of Warrants for each series shall be substantially in the forms of Exhibits I and II to this Second Amendment
to the Warrant Agreement and as may be determined from time to time pursuant to Officers’ Certificates pursuant to Section
1.03 of the Warrant Agreement.

 

Article
3

Additional
Terms Applicable to the Warrants

 

Section 3.01. Certain Terms Defined.
With respect to the Warrants to be issued under the Warrant Agreement on or after the date of this Second Amendment to the Warrant
Agreement, the Warrant Agreement is hereby amended to include the following definitions:

 

“Beneficial Owner” shall
mean (i) if any Warrants are in global form, the beneficial owners of such Warrants and (ii) if any Warrants are in definitive
form, the holders in whose name such Warrants are registered in the Warrant register of the Bank and any beneficial owners holding
an interest in such Warrants in definitive form.

 

“bridge bank” shall mean
a newly chartered German bank that would receive some or all of the Bank’s assets, liabilities and material contracts,

 

    2 

     

    

including those attributable to the Bank’s branches and
subsidiaries, in a resolution proceeding.

 

“group entity” shall
mean an entity that is included in the corporate group subject to a Resolution Measure.

 

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

 

“Resolution Measure”
shall have the meaning set forth in Section 3.03 of this Second Amendment to the Warrant Agreement.

 

Section 3.02. Ranking. With respect
to the Warrants to be issued under the Warrant Agreement on or after the date of this Second Amendment to the Warrant Agreement,
Section 1.01 of the Warrant Agreement is hereby deleted in its entirety and replaced with the following section:

 

Section 1.01. Ranking. The
Warrants are unsecured contractual obligations of the Bank and will rank equally and pari passu with the Bank’s other
unsecured contractual obligations and with the Bank’s unsecured and unsubordinated debt, subject to any statutory priority
regime of the jurisdiction of the Bank’s incorporation (or, in the case of Warrants issued by the Bank through a branch,
of the jurisdiction where the branch is established) that provides certain claims will be satisfied first in a resolution or German
insolvency proceeding with respect to the Bank.

 

Section 3.03. Warrants Subject to Resolution
Measures. The following provisions apply to the Warrants to be issued under the Warrant Agreement on or after the date of this
Second Amendment to the Warrant Agreement, unless the face of any such Warrant has specified that “Resolution Measures”
are “not applicable”:

 

By acquiring the Warrants, the Registered
Holders (including the Beneficial Owners) shall be bound by and shall be deemed to consent to the imposition of any Resolution
Measure by the competent resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Bank from time to time, the Warrants may be subject
to the powers exercised by the competent resolution authority to:

 

		(i)	write down, including write down to zero, the claims for payment of any amount or, if applicable, claims for delivery of any
property in respect of the Warrants;

 

		(ii)	convert the Warrants into ordinary shares of (i) the Bank or (ii) any group entity or (iii) any bridge bank or other instruments
of ownership of such entities qualifying as common equity tier one capital; and/or

 

    3 

     

    

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of the Warrants to another entity, (B)
the amendment, modification or variation of the terms and conditions of the Warrants or (C) the cancellation of the Warrants;

 

			(each, a “Resolution Measure”).

 

For the avoidance of doubt, any non-payment
or non-delivery by the Bank arising out of any such Resolution Measure will not constitute a failure by the Bank under the terms
of the Warrants or the Warrant Agreement to make a payment or delivery owing under the Warrants. If any Warrants provide for delivery
of any property, any reference in the Warrant Agreement and this Second Amendment to the Warrant Agreement to payment by the Bank
under the Warrants shall be deemed to include the delivery of such property.

 

		(b)	By its acquisition of the Warrants, each Registered Holder (including each Beneficial Owner) shall be deemed irrevocably to
have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification or variation of the terms
and conditions of the Warrants to give effect to any Resolution Measure;

 

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

 

		(iii)	that the imposition of any Resolution Measure will not constitute a default under (A) the Warrants or (B) the Warrant Agreement.

 

		(c)	The terms and conditions of the Warrants shall continue to apply in relation to the residual notional amount of, or the amount
due but unpaid in respect of, the Warrants, subject to any modification of the amount payable, if any, to reflect the reduction
of the notional amount or amount due but unpaid in respect of the Warrants, 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.

 

		(d)	No payment of any amount (or delivery of any property, if applicable) thereon (to the extent of the portion thereof affected
by the imposition of a Resolution Measure) shall become due and

 

    4 

     

    

payable after the imposition of any Resolution Measure
by the competent resolution authority, unless such payment or delivery would be permitted to be made by the Bank under the laws
and regulations of the Federal Republic of Germany then applicable to the Bank.

 

		(e)	By its acquisition of the Warrants, each Registered Holder (including each Beneficial Owner) waives, to the fullest extent
permitted by applicable law, any and all claims against the Warrant Agent for, agrees not to initiate a suit against the Warrant
Agent in respect of, and agrees that the Warrant Agent shall not be liable for, any action that the Warrant Agent 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 Warrants.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect to the Warrants, the Bank shall
provide a written notice directly to the Warrantholders in accordance with Section
6.04 of the Warrant Agreement as soon as practicable regarding such imposition of a Resolution Measure by the competent resolution
authority for purposes of notifying the Warrantholders of such occurrence. The Bank
shall also deliver a copy of such notice to the Warrant Agent for information purposes, and the Warrant Agent shall be entitled
to rely, and will not be liable for relying, on the competent resolution authority and the Resolution Measure identified in such
notice. Any delay or failure by the Bank to give notice shall not affect the validity or enforceability of any Resolution Measure
nor the effects thereof on the Warrants.

 

		(g)	If the Warrantholders have elected to exercise the Warrants, but the competent
resolution authority has imposed a Resolution Measure with respect to the Warrants prior to the payment or delivery of the cash
settlement amount or Warrant Property for the Warrants, the exercise notice shall be automatically rescinded and shall be of no
force and effect, and no payment or delivery of the cash settlement amount or Warrant Property for the Warrants will be due and
payable or deliverable.

 

		(h)	The Warrant Agreement shall impose no duties, obligations or liabilities upon the Warrant Agent whatsoever with respect to
the imposition of any Resolution Measure by the competent resolution authority. The Warrant Agent shall be fully protected in acting
or refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing, if, following completion of the
imposition of a Resolution Measure by the competent resolution

 

    5 

     

    

authority, the Warrants remain outstanding, then the
Warrant Agent’s duties under the Warrant Agreement shall remain applicable with respect to the Warrants following such completion
to the extent that the Bank and the Warrant Agent agree pursuant to an amendment to the Warrant Agreement, unless the Bank and
the Warrant Agent agree that an amendment to the Warrant Agreement is not necessary.

 

		(i)	By the acquisition of the Warrants, each Registered Holder (including each Beneficial Owner) 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 Warrants, (ii) authorized, directed and requested the Depositary
and any direct participant in the Depositary or other intermediary through which it holds such Warrants to take any and all necessary
action, if required, to implement the imposition of any Resolution Measure with respect to the Warrants as it may be imposed, without
any further action or direction on the part of such Warrantholders of the Warrants
or the Warrant Agent and (iii) acknowledged and accepted that the provisions contained in Article 3 of this Second Amendment to
the Warrant Agreement are exhaustive on the matters described in Article 3 of this Second Amendment to the Warrant Agreement to
the exclusion of any other agreements, arrangements or understandings between it and the Bank relating to the terms and conditions
of the Warrants.

 

		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the total outstanding notional
amount of the Warrants, unless the Warrant Agent is otherwise instructed by the Bank or the competent resolution authority, any
cancellation, write-off or conversion into equity made in respect of the Warrants pursuant to the Resolution Measure will be made
on a substantially pro rata basis among the Warrants of any series.

 

		(k)	The Bank’s obligations to indemnify the Warrant Agent in accordance with Section 5.02 of the Warrant Agreement shall
survive the imposition of a Resolution Measure by the competent resolution authority with respect to the Warrants.

 

Section 3.04. Amendment to the Warrant
Agreement. (a) In addition to Section 6.01 of the Warrant Agreement, the Bank and the Warrant Agent may amend, modify or supplement
the Warrant Agreement without the consent of any Warrantholder to give effect to any variation to the terms of the Warrants as
a result of the imposition of any Resolution Measure.

 

    6 

     

    

(b) In addition, for purposes of Section
6.01(a) of the Warrant Agreement, any amendment made solely to conform the provisions of this Second Amendment to the Warrant Agreement
to the description of the Warrants contained in the Bank’s prospectus addendum dated January 1, 2016 will not be deemed to
materially or adversely affect the interests of the Warrantholders of the Warrants.

 

Article
4

Miscellaneous Provisions

 

Section 4.01. Further Assurances.
The Bank will, upon request by the Warrant Agent, execute and deliver such further instruments and do such further acts as
may reasonably be necessary or proper to carry out more effectively the purposes of this Second Amendment to the Warrant Agreement.

 

Section 4.02. Other Terms of Warrant
Agreement. Except insofar as herein otherwise expressly provided, all provisions, terms and conditions of the Warrant Agreement
are in all respects ratified and confirmed and shall remain in full force and effect.

 

Section 4.03. Terms Defined. All
terms defined elsewhere in the Warrant Agreement shall have the same meanings when used herein.

 

Section 4.04. Governing Law. This
Second Amendment to the Warrant Agreement 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 said State, excluding choice of law provisions, except as may otherwise
be required by mandatory provisions of law.

 

Section 4.05. Counterparts. This
Second Amendment to the Warrant Agreement may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original; but such counterparts shall together constitute but one and the same instrument.

 

Section 4.06. Responsibility of the Warrant
Agent. The recitals contained herein shall be taken as the statements of the Bank, and the Warrant Agent assumes no responsibility
for the correctness of the same. The Warrant Agent makes no representations as to the validity or sufficiency of this Second Amendment
to the Warrant Agreement or the Warrants.

 

    7 

     

    

IN WITNESS WHEREOF, the parties hereto have
caused this Second Amendment to the Warrant Agreement to duly executed, all as of January 1, 2016.

 

	 	DEUTSCHE BANK AKTIENGESELLSCHAFT	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ John Vergel de Dios	 
	 	 	Name:	John Vergel de Dios	 
	 	 	Title:	Director	 
	 	 	 	 	 
	 	 	 	 	 

	 	By:	/s/ Sean Rahavy	 
	 	 	Name:	Sean Rahavy	 
	 	 	Title:	Vice President	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, WARRANT AGENT	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Chris Niesz	 
	 	 	Name:	Chris Niesz	 
	 	 	Title:	Assistant Vice President	 
	 	 	 	 	 
	 	 	 	 	 

	 	By:	/s/ Kathryn Fischer	 
	 	 	Name:	Kathryn Fischer	 
	 	 	Title:	Assistant Vice President	 

    8 

     

    

Exhibit I

 

    9 

     

    

[FORM OF FACE OF REGISTERED PUT WARRANT
CERTIFICATE]

 

	No. _____	CUSIP No. __________

 

[Unless and until it is exchanged in whole
for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby 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.

 

Unless this Warrant Certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Bank
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.]1

 

DEUTSCHE BANK AKTIENGESELLSCHAFT

[Designation of Warrants]

 

NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO ____]1

 

CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING
SAME):

 

[WARRANT PROPERTY:]2

 

[AMOUNT OF WARRANT
PROPERTY SALABLE PER WARRANT:]2

 

[PUT PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER
WARRANT:]2

 

 

 

 

1 Applies to global
warrant certificates.

 

2 Only if the terms
of the Warrants contemplate that the holder may deliver Warrant Property to exercise the Warrants.

  

    10 

     

    

[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED
FOR SALE UPON EXERCISE OF WARRANTS:]2

 

RESOLUTION MEASURES PROVISIONS: [APPLICABLE]

 

DATES OF EXERCISE:

 

OTHER TERMS:

 

This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the “Warrants”)
[specified above]3 [specified on Schedule A hereto].4
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice
in substantially identical form delivered herewith) (the “Exercise Notice”), duly completed and executed, and
the Amount of Warrant Property saleable per Warrant set forth above, adjusted, if applicable, as set forth above, for each Warrant
to be exercised, delivered as set forth above at the Warrant Agent’s Window in Nashville, Tennessee, each Warrant evidenced
hereby entitles the Registered Holder hereof to receive, subject to the terms and conditions set forth herein and in the Warrant
Agreement (as defined below), from Deutsche Bank Aktiengesellschaft (the “Bank”) the [Cash Settlement Value]
[Put Price]5 per Warrant specified above.

 

Unless otherwise indicated above, a Warrant
will not require or entitle a Warrantholder to sell or deliver to the Bank, nor will the Bank be under any obligation to, nor will
it, purchase or take delivery from any Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the Bank will make
only a cash payment in the amount of the Cash Settlement Value or Put Price per Warrant. Warrantholders will not receive any interest
on any Cash Settlement Value.

 

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as though fully set forth in this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.

 

 

 

 

3 Applies to definitive
warrant certificates.

 

4 Applies to global
warrant certificates.

 

5 Only if the terms
of the Warrants contemplate that the holder may deliver Warrant Property to exercise the Warrants.

 

    11 

     

    

IN WITNESS WHEREOF, Deutsche Bank Aktiengesellschaft
has caused this Warrant Certificate to be duly executed.

 

Dated:______________________

 

	 	DEUTSCHE BANK AKTIENGESELLSCHAFT	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	   	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

Attest:

 

	By:	  	 
	 	Secretary	 

 

 

Countersigned as of the date above written:

 

DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Warrant Agent

 

	By:	   	 
	 	Authorized Officer	 

    12 

     

    

[FORM OF REVERSE OF REGISTERED PUT WARRANT
CERTIFICATE]

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants issued by the Bank pursuant to a warrant agreement, dated as of November 15, 2007
(as may be amended or supplemented from time to time, the “Warrant Agreement”), between the Bank and Deutsche
Bank Trust Company Americas (the “Warrant Agent”) and are subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate or
a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant
Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. The Warrants
constitute a separate series of Warrants under the Warrant Agreement.

 

The Warrants are unsecured contractual obligations
of the Bank and will rank equally and pari passu with the Bank’s other unsecured contractual obligations and with
the Bank’s unsecured and unsubordinated debt, subject to any statutory priority regime of the jurisdiction of the Bank’s
incorporation (or, in the case of Warrants issued by the Bank through a branch, of the jurisdiction where the branch is established)
that provides certain claims will be satisfied first in a resolution or German insolvency proceeding with respect to the Bank.

 

Subject to the provisions hereof and the
Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing
to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property for each
such Warrant to the Warrant Agent’s Window, in Nashville, Tennessee, which is, on the date hereof:

 

	 	(a)	By Mail	DB Services Tennessee, Inc.
	 	 		Reorganization Unit
	 	 		P.O. Box 292737
	 	 		Nashville, TN 37229-2737
	 	 	 	 

	 	By Overnight Mail or Courier	DB Services Tennessee, Inc.
	 	Trust and Securities Services
	 	Reorganization Unit
	 	648 Grassmere Park Road
	 	Nashville, TN 37211
	 	 

 

or at such other address as the Warrant Agent
may specify from time to time.

 

    13 

     

    

Each Warrant entitles the Warrantholder
to receive, upon exercise, the [Cash Settlement Value] [Put Price]6
per Warrant set forth on the face hereof.

 

Unless the face hereof
indicates that the Warrants are not subject to the “Resolution Measures Provisions,” the terms and conditions set forth
in the following paragraphs (a) – (k) shall apply to the Warrants, and by acquiring the Warrants evidenced by this Warrant
Certificate, the Registered Holder and each Beneficial Owner of the Warrants shall be bound by and shall be deemed to consent to
the imposition of any Resolution Measure by the competent resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Bank from time to time,
the Warrants evidenced by this Warrant Certificate may be subject to the powers exercised by the competent resolution authority
to:

 

		(i)	write down, including write down to zero, the claims for payment of any amount or, if applicable,
claims for delivery of any property in respect of the Warrants;

 

		(ii)	convert the Warrants into ordinary shares of (i) the Bank or (ii) any group entity or (iii) any
bridge bank or other instruments of ownership of such entities qualifying as common equity tier one capital; and/or

 

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of the Warrants
to another entity, (B) the amendment, modification or variation of the terms and conditions of the Warrants or (C) the cancellation
of the Warrants;

 

			(each, a “Resolution Measure”).

 

For the avoidance
of doubt, any non-payment or non-delivery by the Bank arising out of any such Resolution Measure will not constitute a failure
by the Bank under the terms of this Warrant Certificate or the Warrant Agreement to make a payment or delivery owing under the
Warrants. If any Warrants provide for delivery of any property, any reference in this Warrant Certificate or the Warrant Agreement
to payment by the Bank under the Warrants shall be deemed to include the delivery of such property.

 

 

 

 

6 Only if the terms
of the Warrants contemplate that the holder may deliver Warrant Property to exercise the Warrants.

  

    14 

     

    

		(b)	By its acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants shall be deemed irrevocably to have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification
or variation of the terms and conditions of the Warrants to give effect to any Resolution Measure;

 

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

 

		(iii)	that the imposition of any Resolution Measure will not constitute a default under (A) the Warrants
or (B) the Warrant Agreement.

 

		(c)	The terms and conditions of this Warrant Certificate shall continue to apply in relation to the
residual notional amount of, or the amount due but unpaid in respect of, the Warrants, subject to any modification of the amount
payable, if any, to reflect the reduction of the notional amount or amount due but unpaid in respect of the Warrants, 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.

 

		(d)	No payment of any amount (or delivery of any property, if applicable) 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 payment or delivery would be permitted to be made by the
Bank under the laws and regulations of the Federal Republic of Germany then applicable to the Bank.

 

		(e)	By its acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants waives, to the fullest extent permitted by applicable law, any and all claims against
the Warrant Agent for, agrees not to initiate a suit against the Warrant Agent in respect of, and agrees that the Warrant Agent
shall not be liable for, any action that the Warrant Agent 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 Warrants.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect
to the Warrants evidenced by this

 

    15 

     

    

Warrant Certificate, the Bank shall provide a written
notice directly to the Warrantholders in accordance with Section 6.04 of the Warrant Agreement as soon as practicable regarding
such imposition of a Resolution Measure by the competent resolution authority for purposes of notifying the Warrantholders of such
occurrence. The Bank shall also deliver a copy of such notice to the Warrant Agent for information purposes, and the Warrant Agent
shall be entitled to rely, and will not be liable for relying, on the competent resolution authority and the Resolution Measure
identified in such notice. Any delay or failure by the Bank to give notice shall not affect the validity or enforceability of any
Resolution Measure nor the effects thereof on the Warrants.

 

		(g)	If the Warrantholders have elected to exercise the Warrants, but the competent resolution authority
has imposed a Resolution Measure with respect to the Warrants represented by this Warrant Certificate prior to the payment or delivery
of the cash settlement amount or Warrant Property for the Warrants, the exercise notice shall be automatically rescinded and shall
be of no force and effect, and no payment or delivery of the cash settlement amount or Warrant Property for the Warrants will be
due and payable or deliverable.

 

		(h)	The Warrant Agreement shall impose no duties, obligations or liabilities upon the Warrant Agent
whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. The Warrant Agent shall
be fully protected in acting or refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing,
if, following completion of the imposition of a Resolution Measure by the competent resolution authority, the Warrants evidenced
by this Warrant Certificate remain outstanding, then the Warrant Agent’s duties under the Warrant Agreement shall remain
applicable with respect to the Warrants following such completion to the extent that the Bank and the Warrant Agent agree pursuant
to an amendment to the Warrant Agreement, unless the Bank and the Warrant Agent agree that an amendment to the Warrant Agreement
is not necessary.

 

		(i)	By the acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants 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 Warrants, (ii) authorized, directed and requested the Depositary and any direct participant in the Depositary
or other intermediary through which it holds the Warrants to take any and all necessary action, if

 

    16 

     

    

required, to implement the imposition of any Resolution
Measure with respect to the Warrants as it may be imposed, without any further action or direction on the part of such Warrantholders
of the Warrants or the Warrant Agent and (iii) acknowledged and accepted that the provisions contained in Article 3 of the Second
Amendment to the Warrant Agreement are exhaustive on the matters described in Article 3 of the Second Amendment to the Warrant
Agreement to the exclusion of any other agreements, arrangements or understandings between it and the Bank relating to the terms
and conditions of the Warrants.

 

		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding notional amount of the Warrants, unless the Warrant Agent is otherwise instructed by the Bank or the competent
resolution authority, any cancellation, write-off or conversion into equity made in respect of the Warrants pursuant to the Resolution
Measure will be made on a substantially pro rata basis among the Warrants of any series.

 

		(k)	The Bank’s obligations to indemnify the Warrant Agent in accordance with Section 5.02 of
the Warrant Agreement shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to
the Warrants evidenced by this Warrant Certificate.

 

The Warrant Agreement and the terms of the
Warrants are subject to amendment as provided in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by, and interpreted in accordance with the laws of the State of New York, excluding choice of law provisions, except as may otherwise
be required by mandatory provision of law.

 

    17 

     

    

[Designation
of Warrants]

 

Exercise Notice

 

[By Mail]

[DB Services Tennessee, Inc. 

Reorganization Unit

P.O. Box 292737 

Nashville, TN 37229-2737]

 

[By Overnight Mail or Courier]

[DB Services Tennessee, Inc. 

Trust and Securities Services

Reorganization Unit 

648 Grassmere Park Road

Nashville, TN 37211]

 

 

Attention: Reorganization Unit

 

The undersigned (the “Registered
Holder”) hereby irrevocably exercises __________ Warrants (the “Exercised Warrants”) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder’s name, representing a number
of Warrants at least equal to the number of Exercised Warrants[, and the Warrant Property with respect thereto].7

 

The Registered Holder hereby directs the
Warrant Agent (a) to deliver the [Cash Settlement Value][Put Price]7 per Warrant as follows:

and (b) if the number of Exercised Warrants is less than the number of Warrants represented by the enclosed Warrant Certificate,
to deliver a Warrant Certificate representing the unexercised Warrants to:

 

	 	 	 	 
	Dated:	 	 	 
	 	 	 	(Registered Holder)

 

 

 

 

7 Only if terms of
the Warrants contemplate that the holder may deliver Warrant Property to exercise the Warrants.

  

    18 

     

    

	 	By:	   	 
	 	 	Authorized Signature	 
	 	 	Address:	 
	 	 	Telephone:	 

    19 

     

    

[If Warrant is a Global Warrant,
insert this Schedule A.]

 

SCHEDULE A

 

[Designation of Warrants]

 

GLOBAL

WARRANT

SCHEDULE OF EXCHANGES

 

The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of [              ] among the
Bank, [              ] as Unit Agent, Deutsche Bank Trust Company Americas as Warrant Agent, [              ] as Collateral Agent, and Law Debenture Trust
Company of New York as Trustee under the Indenture referred to therein and the Holders from time to time of the Units described
therein, the following (A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented
by a Global Warrant that has been separated from a Unit (a “Separated Warrant”)]8
[the number of Warrants that had been represented by a Global Warrant that is part of a Unit (an “Attached Unit Warrant”)
for a like number of Warrants represented by this Global Warrant]9
or (B) reductions as a result of the exercise of the number of Warrants indicated below have been made:

 

	Date of Exchange or Exercise	 	[Number Exchanged for Separated Warrants]8	 	[Reduced Number Outstanding Following Such Exchange]8	 	[Number of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]9	 	[Increased Number Outstanding Following Such Exchange]9	 	Number of Warrants Exercised	 	Reduced Number Outstanding Following Such Exercise	 	Notation Made by or on Behalf of Warrant Agent
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

8 Applies only if this
Global Warrant is part of a Unit.

 

9 Applies only if this
Global Warrant has been separated from a Unit.

    20 

     

    

Exhibit II

 

    21 

     

    

[FORM OF FACE OF REGISTERED CALL WARRANT
CERTIFICATE]

 

	No. _____	CUSIP No. __________

 

[Unless and until it is exchanged in whole
for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby 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.

 

Unless this Warrant Certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Bank
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.]1

 

DEUTSCHE BANK AKTIENGESELLSCHAFT

[Designation of Warrants]

 

NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO _____]1

 

[CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING
SAME):]

 

WARRANT PROPERTY:

 

AMOUNT OF WARRANT
PROPERTY PURCHASABLE PER WARRANT:

 

CALL PRICE PER WARRANT:

 

RESOLUTION MEASURES PROVISIONS:
[APPLICABLE]

 

 

 

 

1 Applies to global
warrant certificates.

 

    22 

     

    

FORM OF PAYMENT OF CALL
PRICE:

 

FORM OF SETTLEMENT:

 

DATES OF EXERCISE:

 

OTHER TERMS:

 

This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the “Warrants”)
[specified above]2 [specified on Schedule A hereto]3. Upon receipt by the Warrant Agent of this Warrant Certificate,
the exercise notice on the reverse hereof (or an exercise notice in substantially identical form delivered herewith) (the “Exercise
Notice”), duly completed and executed, and the Call Price per Warrant set forth above, in the form set forth above, for
each Warrant to be exercised (the “Exercise Property”) at the Warrant Agent’s Window in Nashville, Tennessee,
each Warrant evidenced hereby entitles the Registered Holder hereof to receive, subject to the terms and conditions set forth herein
and in the Warrant Agreement (as defined below), from Deutsche Bank Aktiengesellschaft (the “Bank”) the amount
and form of property (the “Warrant Property”) specified above. Warrants will not entitle the Warrantholder to
any of the rights of the holders of any of the Warrant Property.

 

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as though fully set forth in this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.

 

 

 

 

2 Applies to definitive
warrant certificates.

 

3 Applies to global
warrant certificates.

 

    23 

     

    

IN WITNESS WHEREOF, Deutsche Bank Aktiengesellschaft
has caused this Warrant Certificate to be duly executed.

 

Dated:______________________

 

	 	DEUTSCHE BANK AKTIENGESELLSCHAFT	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	   	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

Attest:

 

	By:	  	 
	 	Secretary	 

 

 

Countersigned as of the date above written:

 

DEUTSCHE BANK TRUST
COMPANY AMERICAS, as Warrant Agent

 

	By:	  	 
	 	Authorized Officer	 

    24 

     

    

[FORM OF REVERSE OF REGISTERED CALL WARRANT
CERTIFICATE]

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants issued by the Bank pursuant to a warrant agreement, dated as of November 15, 2007
(as may be amended or supplemented from time to time, the “Warrant Agreement”), between the Bank and Deutsche
Bank Trust Company Americas (the “Warrant Agent”) and are subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate or
a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant
Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. The Warrants
constitute a separate series of Warrants under the Warrant Agreement.

 

The Warrants are unsecured contractual obligations
of the Bank and will rank equally and pari passu with the Bank’s other unsecured contractual obligations and with
the Bank’s unsecured and unsubordinated debt, subject to any statutory priority regime of the jurisdiction of the Bank’s
incorporation (or, in the case of Warrants issued by the Bank through a branch, of the jurisdiction where the branch is established)
that provides certain claims will be satisfied first in a resolution or German insolvency proceeding with respect to the Bank.

 

Subject to the provisions hereof and the
Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing
to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property for each
such Warrant to the Warrant Agent’s Window, in Nashville, Tennessee, which is, on the date hereof:

 

	 	(b)	By Mail	DB Services Tennessee, Inc.
	 	 		Reorganization Unit
	 	 		P.O. Box 292737
	 	 		Nashville, TN 37229-2737
	 	 	 	 

	 	By Overnight Mail or Courier	DB Services Tennessee, Inc.
	 	Trust and Securities Services
	 	Reorganization Unit
	 	648 Grassmere Park Road
	 	Nashville, TN 37211
	 	 

or at such other address as the Warrant Agent
may specify from time to time.

 

Each Warrant entitles the Warrantholder
to receive, upon exercise, the Warrant Property set forth on the face hereof.

 

    25 

     

    

Unless the face hereof
indicates that the Warrants are not subject to the “Resolution Measures Provisions,” the terms and conditions set forth
in the following paragraphs (a) – (k) shall apply to the Warrants, and by acquiring the Warrants evidenced by this Warrant
Certificate, the Registered Holder and each Beneficial Owner of the Warrants shall be bound by and shall be deemed to consent to
the imposition of any Resolution Measure by the competent resolution authority.

 

		(a)	Under the relevant resolution laws and regulations as applicable to the Bank from time to time,
the Warrants evidenced by this Warrant Certificate may be subject to the powers exercised by the competent resolution authority
to:

 

		(i)	write down, including write down to zero, the claims for payment of any amount or, if applicable,
claims for delivery of any property in respect of the Warrants;

 

		(ii)	convert the Warrants into ordinary shares of (i) the Bank or (ii) any group entity or (iii) any
bridge bank or other instruments of ownership of such entities qualifying as common equity tier one capital; and/or

 

		(iii)	apply any other resolution measure, including, but not limited to, (A) any transfer of the Warrants
to another entity, (B) the amendment, modification or variation of the terms and conditions of the Warrants or (C) the cancellation
of the Warrants;

 

			(each, a “Resolution Measure”).

 

For the avoidance
of doubt, any non-payment or non-delivery by the Bank arising out of any such Resolution Measure will not constitute a failure
by the Bank under the terms of this Warrant Certificate or the Warrant Agreement to make a payment or delivery owing under the
Warrants. If any Warrants provide for delivery of any property, any reference in this Warrant Certificate or the Warrant Agreement
to payment by the Bank under the Warrants shall be deemed to include the delivery of such property.

 

		(b)	By its acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants shall be deemed irrevocably to have agreed:

 

		(i)	to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification
or variation of the terms and conditions of the Warrants to give effect to any Resolution Measure;

 

    26 

     

    

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

 

		(iii)	that the imposition of any Resolution Measure will not constitute a default under (A) the Warrants
or (B) the Warrant Agreement.

 

		(c)	The terms and conditions of this Warrant Certificate shall continue to apply in relation to the
residual notional amount of, or the amount due but unpaid in respect of, the Warrants, subject to any modification of the amount
payable, if any, to reflect the reduction of the notional amount or amount due but unpaid in respect of the Warrants, 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.

 

		(d)	No payment of any amount (or delivery of any property, if applicable) 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 payment or delivery would be permitted to be made by the
Bank under the laws and regulations of the Federal Republic of Germany then applicable to the Bank.

 

		(e)	By its acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants waives, to the fullest extent permitted by applicable law, any and all claims against
the Warrant Agent for, agrees not to initiate a suit against the Warrant Agent in respect of, and agrees that the Warrant Agent
shall not be liable for, any action that the Warrant Agent 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 Warrants.

 

		(f)	Upon the imposition of a Resolution Measure by the competent resolution authority with respect
to the Warrants evidenced by this Warrant Certificate, the Bank shall provide a written notice directly to the Warrantholders in
accordance with Section 6.04 of the Warrant Agreement as soon as practicable regarding such imposition of a Resolution Measure
by the competent resolution authority for purposes of notifying the Warrantholders of such occurrence. The Bank shall also deliver
a copy of such notice to the Warrant Agent for information purposes, and the Warrant Agent shall be entitled to rely, and will
not be liable for relying, on

 

    27 

     

    

the competent resolution authority and the Resolution
Measure identified in such notice. Any delay or failure by the Bank to give notice shall not affect the validity or enforceability
of any Resolution Measure nor the effects thereof on the Warrants.

 

		(g)	If the Warrantholders have elected to exercise the Warrants, but the competent resolution authority
has imposed a Resolution Measure with respect to the Warrants represented by this Warrant Certificate prior to the payment or delivery
of the cash settlement amount or Warrant Property for the Warrants, the exercise notice shall be automatically rescinded and shall
be of no force and effect, and no payment or delivery of the cash settlement amount or Warrant Property for the Warrants will be
due and payable or deliverable.

 

		(h)	The Warrant Agreement shall impose no duties, obligations or liabilities upon the Warrant Agent
whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. The Warrant Agent shall
be fully protected in acting or refraining from acting in accordance with a Resolution Measure. Notwithstanding the foregoing,
if, following completion of the imposition of a Resolution Measure by the competent resolution authority, the Warrants evidenced
by this Warrant Certificate remain outstanding, then the Warrant Agent’s duties under the Warrant Agreement shall remain
applicable with respect to the Warrants following such completion to the extent that the Bank and the Warrant Agent agree pursuant
to an amendment to the Warrant Agreement, unless the Bank and the Warrant Agent agree that an amendment to the Warrant Agreement
is not necessary.

 

		(i)	By the acquisition of the Warrants evidenced by this Warrant Certificate, the Registered Holder
and each Beneficial Owner of the Warrants 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 Warrants, (ii) authorized, directed and requested the Depositary and any direct participant in the Depositary
or other intermediary through which it holds the Warrants to take any and all necessary action, if required, to implement the imposition
of any Resolution Measure with respect to the Warrants as it may be imposed, without any further action or direction on the part
of such Warrantholders of the Warrants or the Warrant Agent and (iii) acknowledged and accepted that the provisions contained in
Article 3 of the Second Amendment to the Warrant Agreement are exhaustive on the matters described in Article 3 of the Second Amendment
to the Warrant Agreement to the exclusion of any other agreements,

 

    28 

     

    

arrangements or understandings between it and the Bank
relating to the terms and conditions of the Warrants.

 

		(j)	If the competent resolution authority imposes a Resolution Measure with respect to less than the
total outstanding notional amount of the Warrants, unless the Warrant Agent is otherwise instructed by the Bank or the competent
resolution authority, any cancellation, write-off or conversion into equity made in respect of the Warrants pursuant to the Resolution
Measure will be made on a substantially pro rata basis among the Warrants of any series.

 

		(k)	The Bank’s obligations to indemnify the Warrant Agent in accordance with Section 5.02 of
the Warrant Agreement shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to
the Warrants evidenced by this Warrant Certificate.

 

The Warrant Agreement and the terms of the
Warrants are subject to amendment as provided in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by, and interpreted in accordance with the laws of the State of New York, excluding choice of law provisions, except as may otherwise
be required by mandatory provision of law.

 

    29 

     

    

[Designation of Warrants]

 

Exercise Notice

 

[By Mail]

[DB Services Tennessee, Inc. 

Reorganization Unit

P.O. Box 292737 

Nashville, TN 37229-2737]

 

[By Overnight Mail or Courier]

[DB Services Tennessee, Inc. 

Trust and Securities Services

Reorganization Unit 

648 Grassmere Park Road

Nashville, TN 37211]

 

 

Attention: Reorganization Unit

 

The undersigned (the “Registered
Holder”) hereby irrevocably exercises __________ Warrants (the “Exercised Warrants”) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder’s name, representing a number
of Warrants at least equal to the number of Exercised Warrants, and the Exercise Property with respect thereto.

 

The Registered Holder hereby directs the
Warrant Agent (a) to deliver the Warrant Property as follows:

 

 

and (b) if the number of Exercised Warrants
is less than the number of Warrants represented by the enclosed Warrant Certificate, to deliver a Warrant Certificate representing
the unexercised Warrants to:

 

	 	 	 	 
	Dated:	 	 	 
	 	 	 	(Registered Holder)
	 	 	 	 

	 	By:	 
	 	 	Authorized Signature
	 	 	Address:
	 	 	Telephone:

    30 

     

    

[If Warrant is a Global Warrant,
insert this Schedule A.]

 

SCHEDULE A

 

[Designation of Warrants]

 

GLOBAL

WARRANT

SCHEDULE OF EXCHANGES

 

The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of [            ] among the
Bank, [              ] as Unit Agent, Deutsche Bank Trust Company Americas as Warrant Agent, [              ] as Collateral Agent, and Law Debenture Trust
Company of New York as Trustee under the Indenture referred to therein and the Holders from time to time of the Units described
therein, the following (A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented
by a Global Warrant that has been separated from a Unit (a “Separated Warrant”)]4 [the number of
Warrants that had been represented by a Global Warrant that is part of a Unit (an “Attached Unit Warrant”) for
a like number of Warrants represented by this Global Warrant]5 or (B) reductions as a result of the exercise of the
number of Warrants indicated below have been made:

 

	Date of Exchange or Exercise	 	[Number Exchanged for Separated Warrants]4	 	[Reduced Number Outstanding Following Such Exchange]4	 	[Number of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]5	 	[Increased Number Outstanding Following Such Exchange]5	 	Number of Warrants Exercised	 	Reduced Number Outstanding Following Such Exercise	 	Notation Made by or on Behalf of Warrant Agent
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

 

4 Applies only if this
Global Warrant is part of a Unit.

 

5
Applies only if this Global Warrant has been separated from a Unit.

 

    31

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