Document:

Exhibit 4.1 (a)

 Exhibit 4.1(a) 
 FIRST 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, Issuing Agent and Registrar 

Dated as of March 7, 2014 

  

 THIS FIRST SUPPLEMENTAL SENIOR INDENTURE, dated as of March 7, 2014 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, 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 (the “Indenture”); 

WHEREAS, the Issuer established and 
  

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

  

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

  

	 	(iii)	on May 1, 2008 issued its PowerShares DB Commodity Double Short Exchange Traded Notes due April 1, 2038, PowerShares DB Commodity Double Long Exchange Traded
Notes due April 1, 2038, PowerShares DB Commodity Short Exchange Traded Notes due April 1, 2038 and PowerShares DB Commodity Long Exchange Traded Notes due April 1, 2038 (together, the “Commodity ETNs”, and
collectively with the Agriculture ETNs and the Base Metal ETNs, the “Notes”). 

 WHEREAS,
Section 8.01 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, the Issuer desires to modify certain provisions of the Notes to lower the minimum
number of Notes a Holder must offer in order to effect a repurchase by the Issuer; 
 WHEREAS, the entry into this First
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 First Supplemental Senior Indenture a valid indenture and agreement according to its terms have
been done; 
 NOW, THEREFORE: 
 In consideration of the premises and the purchases of the Notes by the Holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective
Holders from time to time of the Notes as follows: 
 ARTICLE 1 

Section 1.01. Amendment of the Notes. The terms of the Notes are hereby amended in the following respects: 

 

	 	(i)	The section entitled “Other Provisions—Payment upon Repurchase” is hereby amended by replacing the phrase “a minimum of 200,000 Securities and
integral multiples of 50,000 Securities in excess thereof” in the first sentence with “a minimum of 5,000 Securities and integral multiples of 5,000 Securities in excess thereof”; 

 

	 	(ii)	The section entitled “Repurchase Procedures” is hereby amended by replacing (a) the phrase “at least 200,000 Securities (or an integral multiple of
50,000 Securities in excess thereof)” in the first sentence of the first paragraph with “at least 5,000 Securities (or an integral multiple of 5,000 Securities in excess thereof)” and (b) the phrase “at least 200,000
Securities or an integral multiple of 50,000 Securities in excess thereof” in the second paragraph with “at least 5,000 Securities or an integral multiple of 5,000 Securities in excess thereof”; 

 

	 	(iii)	The Form of Offer for Repurchase and the Broker’s Confirmation of Repurchase appended to each of the Notes are hereby amended by replacing the phrase “at
least 200,000 ETNs or an integral multiple of 50,000 ETNs in excess thereof” with “at least 5,000 ETNs or an integral multiple of 5,000 ETNs in excess thereof.” 

  
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 ARTICLE 2 
 MISCELLANEOUS PROVISIONS 

Section 2.01. 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 First Supplemental Senior Indenture. 
 Section 2.02. 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 2.03. Terms Defined. All terms defined
elsewhere in the Indenture shall have the same meanings when used herein. 
 Section 2.04. Governing Law. This
First 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 2.05. Counterparts. This First 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 2.06. 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 First Supplemental Senior Indenture or the Notes. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Senior Indenture
to be duly executed, all as of March 7, 2014. 
  

					
	 DEUTSCHE BANK

AKTIENGESELLSCHAFT

		
	By:	 	 /s/ Joseph Rice

		 	Name:	 	Joseph Rice
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Joseph C. Kopec

		 	Name:	 	Joseph C. Kopec
		 	Title:	 	Managing Director & Associate General Counsel, Attorney-in-Fact

  

					
	 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:	 	Associate

  
 4Exhibit 4.1 (c)

 Exhibit 4.1(c) 
 AUTHENTICATING AGENT AGREEMENT 
 AMONG 

DEUTSCHE BANK AKTIENGESELLSCHAFT 
 AND 
 LAW DEBENTURE TRUST COMPANY OF NEW YORK 

AND 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS 
 Dated as of May 1, 2014 

 THIS AUTHENTICATING AGENT AGREEMENT, dated as of May 1, 2014 (the
“Agreement”) among DEUTSCHE BANK AKTIENGESELLSCHAFT (the “Issuer”), LAW DEBENTURE TRUST COMPANY OF NEW YORK, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS
(“DBTCA”). 
 W I T N E S S E T H : 

WHEREAS, the Issuer issues from time to time its unsecured debentures, notes or other evidences of indebtedness in one or more
series (the “Securities”) pursuant to the Senior Indenture dated as of November 22, 2006 among the Issuer, the Trustee and DBTCA, acting as Paying Agent, Issuing Agent and Registrar (as amended and supplemented from time to
time, the “Indenture”); 
 WHEREAS, pursuant to the Indenture, the Issuer has appointed the Trustee to
act in that capacity with respect to any Securities of the Issuer that are issued from time to time under the Indenture, and the Trustee has acknowledged and accepted such appointment, and agreed to act for all purposes as Trustee with respect to
the Securities, according to the terms of the Indenture; 
 WHEREAS, Section 6.13 of the Indenture provides that the Trustee
may, by an instrument in writing, appoint with the approval of the Issuer an Authenticating Agent which shall be authorized to act on behalf of the Trustee to authenticate Securities issued under the Indenture, including Securities issued upon
exchange, registration of transfer, partial redemption or pursuant to Section 2.09 of the Indenture; 
 WHEREAS, pursuant
to, and in accordance with, Section 6.13 of the Indenture, the Trustee desires to appoint DBTCA as the Authenticating Agent with respect to the Securities and the Issuer desires to acknowledge and approve such appointment; 

NOW, THEREFORE: 

In consideration of the premises, the Issuer, the Trustee and DBTCA mutually covenant and agree as follows: 

 

	1.	Definitions 

  

	 	1.1	All capitalized terms used in this Agreement and not otherwise defined have the meanings assigned to such terms in the Indenture. 

  
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	2.	Appointment 

  

	 	2.1	The Trustee hereby appoints DBTCA as the Authenticating Agent with respect to the Securities and DBTCA hereby accepts such appointment upon the terms and conditions set
forth herein. 

  

	3.	Authenticating Agent 

  

	 	3.1	All references in the Indenture to rights, powers, protections, duties and/or responsibilities of the Authenticating Agent shall, with respect to the Securities, be
deemed to be rights, powers, protections, duties and/or responsibilities of DBTCA in its capacity as the Authenticating Agent for the Securities. 

  

	 	3.2	DBTCA hereby represents and warrants that it is, and at all times during which this Agreement is in effect shall be, a corporation organized and doing business under
the laws of the United States of America or of any State, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $5,000,000 (determined as provided in Section 6.09 of the Indenture with
respect to the Trustee) and subject to supervision or examination by Federal or State authority. 

  

	 	3.3	In performing its functions and duties as the Authenticating Agent, DBTCA shall be afforded all of the rights, protections, immunities and indemnities afforded to the
Trustee, insofar as such rights, protections, immunities and indemnities relate to the Trustee’s functions and duties as an Authenticating Agent under the Indenture. 

 

	4.	Delivery of Documents 

  

	 	4.1	Any obligation of the Issuer under the Indenture to deliver to the Trustee, acting in its capacity as Authenticating Agent, any Board Resolution, Issuer Order,
Officer’s Certificate, Opinion of Counsel or any other document in connection with any duty or responsibility of the Trustee, acting in its capacity as Authenticating Agent, shall be fulfilled by delivery of any such document to DBTCA, with a
copy to the Trustee. 

  

	 	4.2	DBTCA shall be entitled to rely on each Board Resolution, Issuer Order, Officer’s Certificate or Opinion of Counsel delivered to the Trustee in connection with any
duty or responsibility of the Trustee, acting in its capacity as Authenticating Agent, pursuant to the Indenture and any other document received pursuant to Section 4.1 above. 

  
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	5.	Governing Law 

  

	 	5.1	This 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 such
State, except as may otherwise be required by mandatory provisions of law. 

  

	6.	Miscellaneous 

  

	 	6.1	This Agreement 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. 

  

	 	6.2	The headings herein are for convenience only and shall not otherwise affect the meaning or construction of any provision hereof. 

 

	 	6.3	Neither this Agreement nor any provision hereof may be waived, amended, modified or terminated except pursuant to an agreement or agreements in writing entered into by
the parties hereto. 

  
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 IN WITNESS WHEREOF, the duly authorized representatives of the parties hereto have caused
this Agreement to be duly executed, all as of May 1, 2014. 
  

					
	 DEUTSCHE BANK

AKTIENGESELLSCHAFT

		
	By:	 	 /s/ Chen Yee Tok

		 	Name:	 	Chen Yee Tok
		 	Title:	 	Vice President

  

					
	By:	 	 /s/ David W. Petrie

		 	Name:	 	David W. Petrie
		 	Title:	 	Director

  

					
	 LAW DEBENTURE TRUST

COMPANY OF NEW YORK,
 as
Trustee

		
	By:	 	 /s/ Thomas Musarra

		 	Name:	 	Thomas Musarra
		 	Title:	 	Senior Vice President

  

					
	DEUTSCHE BANK NATIONAL TRUST COMPANY on behalf of DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Chris Niesz

		 	Name:	 	Chris Niesz
		 	Title:	 	Assistant Vice President

  
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