Exhibit 4.18

FOURTH 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 March 15, 2016

SUPPLEMENTAL TO SENIOR INDENTURE

DATED AS OF NOVEMBER 22, 2006

THIS FOURTH SUPPLEMENTAL SENIOR INDENTURE, dated as of March 15, 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, the Second Supplemental Senior Indenture, dated as of January 1, 2015, and the Third Supplemental Senior Indenture, dated as of January 1, 2016, each among the Issuer, the Trustee and Deutsche Bank Trust Company Americas (the “ Indenture ”);

WHEREAS, the Issuer established and

Exchange Traded Notes due April 1, 2038 and DB Commodity Long Exchange Traded Notes due April 1, 2038 (the “ Commodity ETNs ,” and, collectively with the Gold ETNs, the Agriculture ETNs, Base Metals ETNs and Crude Oil ETNs, the “ ETNs ”);

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

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, the entry into this Fourth 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 Fourth 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:

Article 1  

Amendment of the ETNs

Section 1.01. Amendment of the ETNs. Effective 4:00 p.m. New York City time on March 15, 2016, the terms of the ETNs are hereby amended in the following respects:

Amount” and the “Minimum Increment,” respectively. At any time, however, the Issuer shall have the sole discretion to reduce the then-current Minimum Repurchase Amount and Minimum Increment for any period of time. Any such reduction shall be applied on a consistent basis for all holders of the Securities at the time the reduction becomes effective”;

(i) the section entitled “ Repurchase Procedures ” is hereby amended by replacing the phrase “at least 200,000 Securities (or an integral multiple of 50,000 Securities in excess thereof)” in the first and second paragraphs with “a number of Securities at least equal to the then-current Minimum Repurchase Amount (or an integral multiple of the then-current Minimum Increment in excess thereof)”; and

(ii) the Form of Offer for Repurchase and the Broker’s Confirmation of Repurchase appended to each of the Gold ETNs and Crude Oil ETNs are hereby amended by replacing the phrase “at least 200,000 ETNs or an integral multiple of 50,000 ETNs in excess thereof” with “a number of Securities at least equal to the then-current Minimum Repurchase Amount or an integral multiple of the then-current Minimum Increment in excess thereof”;

(i) the section entitled “ Repurchase Procedures ” is hereby amended by replacing the phrase “at least 5,000 Securities (or an integral multiple of 5,000 Securities in excess thereof)” in the first and second paragraphs with “a number of ETNs at least equal to the then-current Minimum Repurchase Amount (or an integral multiple of the then-current Minimum Increment in excess thereof)”; and

(ii) the Form of Offer for Repurchase and the Broker’s Confirmation of Repurchase appended to each of the Agriculture ETNs, Base Metals ETNs and Commodity ETNs are hereby amended by replacing the phrase “at least 5,000 ETNs or an integral multiple of 5,000 ETNs in excess thereof” with “a number of ETNs at least equal to the then-current Minimum Repurchase Amount or an integral multiple of the then-current Minimum Increment in excess thereof”.

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 Fourth 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 Fourth 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 Fourth 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 Fourth Supplemental Senior Indenture or the ETNs.

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Senior Indenture to be duly executed, all as of March 15, 2016.