Bond Deutsch Bank London 0% ( US25155H6808 ) in USD

Deutsch Bank London

100 % ▲

Germany

US25155H6808 ( in USD )

31/05/2023 - Bond has expired

Prospectus brochure of the bond Deutsche Bank (London Branch) US25155H6808 in USD 0%, expired

1 000 USD

14 102 000 USD

25155H680

N/A

Deutsche Bank (London Branch) is a subsidiary of Deutsche Bank AG, operating as a significant financial institution in London, offering a wide range of banking and financial services.

The Bond issued by Deutsch Bank London ( Germany ) , in USD, with the ISIN code US25155H6808, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/05/2023

http://www.sec.gov/Archives/edgar/data/1159508/000095010313003334...
424B2 1 dp38576_424b2-1746b.htm FORM 424B2
PRICING SUPPLEMENT No.1746B
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-184193
Dated May 29, 2013
$14,102,000 Deutsche Bank AG Airbag Performance Securities
Linked to the EURO STOXX 50® Index due May 31, 2023

Investment Description

The Airbag Performance Securities (the "Securities") are unsubordinated and unsecured obligations of Deutsche Bank AG, London Branch (the "Issuer")
with returns linked to the performance of the EURO STOXX 50® Index (the "Index"). If the Index Return is positive, Deutsche Bank AG wil repay the Face
Amount of the Securities at maturity and pay a return equal to the Index Return multiplied by the Participation Rate of 244.17%. If the Index Return is zero
or negative, but does not breach the Threshold Percentage of -50.00%, Deutsche Bank AG wil repay the Face Amount of the Securities at maturity.
However, if the Index Return is negative and breaches the Threshold Percentage, Deutsche Bank AG wil pay you less than the Face Amount at maturity,
resulting in a loss on the Face Amount to investors of 2% for each 1% decline in the level of the Index in excess of the Threshold Percentage, up to a
complete loss of the Face Amount. Investing in the Securities involves significant risks. You will not receive coupon payments during the 10-year
term of the Securities. You may lose some or all of your initial investment. You will not receive dividends or other distributions paid on any
stocks included in the Index. The contingent repayment of the Face Amount applies only if you hold the Securities to maturity. Any payment
on the Securities, including any repayment of the Face Amount provided at maturity, is subject to the creditworthiness of the Issuer. If the
Issuer were to default on its payment obligations, you might not receive any amounts owed to you under the Securities and you could lose
your entire investment.

Features

Key Dates
q Participation in Positive Index Returns: If the Index Return is

Trade Date
May 29, 2013
positive, the Issuer wil repay the Face Amount of the Securities at
Settlement Date1
May 31, 2013
maturity and pay a return equal to the Index Return multiplied by
Final Valuation Date2
May 24, 2023
the Participation Rate. If the Index Return is negative, investors
Maturity Date2
May 31, 2023
may be exposed to the decline in the Index at maturity.
q Downside Exposure with Contingent Repayment of the Face
1 We expect to deliver each offering of the Securities against payment on
Amount at Maturity: If the Index Return is zero or negative but
the second business day fol owing the Trade Date. Under Rule 15c6-1 under
does not breach the Threshold Percentage of -50%, the Issuer wil
the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
repay the Face Amount of the Securities at maturity. However, if
trades in the secondary market general y are required to settle in three
the Index Return is negative and breaches the Threshold
business days, unless the parties to a trade expressly agree otherwise.
Percentage, the Issuer wil pay less than the Face Amount of the
2 See page 3 for additional details.
Securities, resulting in a loss on the Face Amount to investors of
2% for each 1% decline in the level of the Index in excess of the
Threshold Percentage, up to a complete loss of the Face Amount.
The contingent repayment of the Face Amount applies only if

you hold the Securities to maturity. You might lose some or all

of your initial investment. Any payment on the Securities is

subject to the creditworthiness of the Issuer. If the Issuer

were to default on its payment obligations, you may not
receive any amounts owed to you under the Securities and

you could lose your entire investment.

NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT SECURITIES. THE ISSUER IS NOT
NECESSARILY OBLIGATED TO REPAY YOUR INITIAL INVESTMENT IN THE SECURITIES AT MATURITY, AND THE SECURITIES CAN HAVE UP
TO THE FULL DOWNSIDE MARKET RISK OF THE INDEX. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN
PURCHASING AN OBLIGATION OF DEUTSCHE BANK AG. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR
ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES. THE SECURITIES WILL NOT BE
LISTED ON ANY SECURITIES EXCHANGE.

YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER "KEY RISKS" BEGINNING ON PAGE 4 OF THIS PRICING SUPPLEMENT
AND UNDER "RISK FACTORS" BEGINNING ON PAGE 7 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY
SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE
MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN THE
SECURITIES.

Security Offering
We are offering Airbag Performance Securities Linked to the EURO STOXX 50® Index. The Securities are not subject to a predetermined maximum gain
and, accordingly, any return at maturity wil be determined by the performance of the Index. The Securities are our unsubordinated and unsecured
obligations and are offered for a minimum investment of 100 Securities at the price to public described below.
Downside
Threshold
Index

Initial Level
Participation Rate

CUSIP/
ISIN
Participation Factor
Percentage
EURO STOXX 50® Index (Ticker:
2,786.54

244.17%

2.0

-50.00%
25155H680 / US25155H6808
SX5E)

See "Additional Terms Specific to the Securities" in this pricing supplement. The Securities will have the terms specified in underlying
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supplement No. 1 dated October 1, 2012, product supplement B dated September 28, 2012, the prospectus supplement dated September 28,
2012 relating to our Series A global notes of which these Securities are a part and the prospectus dated September 28, 2012, as modified and
supplemented by this pricing supplement. The terms of the Securities as set forth in this pricing supplement, to the extent they differ from
those set forth in the accompanying product supplement, will supersede the terms set forth in such product supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Securities or passed upon the
accuracy or the adequacy of this pricing supplement, the accompanying underlying supplement No. 1, product supplement B, the prospectus supplement
and the prospectus. Any representation to the contrary is a criminal offense. The Securities are not bank deposits and are not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other governmental agency.
Discounts and
Offering of Securities

Price to Public(1)

Commissions(1)

Proceeds to Us
Airbag Performance Securities linked to the EURO STOXX 50®
Index

Per Security

$10.00

$0.50

$9.50
Total

$14,102,000.00

$705,100.00

$13,396,900.00

(1)
For more information about discounts and commissions, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of
this pricing supplement.

CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities Offered
Maximum Aggregate Offering Price
Amount of Registration Fee
Notes
$14,102,000.00
$1,923.51

UBS Financial Services Inc.
Deutsche Bank Securities

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Additional Terms Specific to the Securities

You should read this pricing supplement, together with the underlying supplement No. 1 dated October 1, 2012, product supplement B dated September 28, 2012, the
prospectus supplement dated September 28, 2012 relating to our Series A global notes of which these Securities are a part and the prospectus dated September 28,
2012. You may access these documents on the SEC website of the Securities and Exchange Commission (the "SEC") at www.sec.gov as follows (or if such address has
changed, by reviewing our filings for the relevant date on the SEC website):

¨
Underlying supplement No. 1 dated October 1, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000095010312005120/crt_dp33209-424b2.pdf

¨
Product supplement B dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000095010312005077/crt_dp33020-424b2.pdf

¨
Prospectus supplement dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409437/d414995d424b21.pdf

¨
Prospectus dated September 28, 2012:
http://www.sec.gov/Archives/edgar/data/1159508/000119312512409372/d413728d424b21.pdf

Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, for the offering to which this
pricing supplement relates. Before you invest in the Securities offered hereby, you should read these documents and any other documents relating to this
offering that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Our Central Index Key, or CIK, on the SEC website is 0001159508.
Alternatively, Deutsche Bank AG, any agent or any dealer participating in this offering wil arrange to send you the prospectus, prospectus supplement,
product supplement, underlying supplement and this pricing supplement if you so request by cal ing tol -free 1-800-311-4409.

References to "Deutsche Bank AG," "we," "our" and "us" refer to Deutsche Bank AG, including, as the context requires, acting through one of its
branches. In this pricing supplement, "Securities" refers to the Airbag Performance Securities Linked to the EURO STOXX 50® Index that are offered
hereby, unless the context otherwise requires.

The terms of the Securities as set forth in this pricing supplement, to the extent they differ from those set forth in the accompanying product supplement,
wil supersede the terms set forth in such product supplement.

This pricing supplement, together with the documents listed above, contains the terms of the Securities and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas,
structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things,
the matters set forth in "Key Risks" in this pricing supplement and "Risk Factors" in the accompanying product supplement, as the Securities involve
risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before deciding
to invest in the Securities.

Investor Suitability

The suitability considerations identified below are not exhaustive. Whether or not the Securities are a suitable investment for you wil depend on your
individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have
careful y considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review "Key Risks" on page 4
of this pricing supplement and "Risk Factors" on page 7 of the accompanying product supplement.

The Securities may be suitable for you if, among other

The Securities may not be suitable for you if, among other
considerations:
considerations:

¨ You ful y understand the risks inherent in an investment in the
¨ You do not ful y understand the risks inherent in an investment in the
Securities, including the risk of loss of your entire initial investment.
Securities, including the risk of loss of your entire initial investment.

¨ You can tolerate a loss of all or a substantial portion of your initial
¨ You require an investment designed to guarantee a ful return of the
investment and are wil ing to make an investment that may have up to
Face Amount at maturity.
the ful downside market risk of an investment in the Index or in the

stocks included in the Index.
¨ You cannot tolerate the loss of al or a substantial portion of your

initial investment, and you are not wil ing to make an investment that
¨ You believe that the level of the Index wil increase over the term of
may have up to the ful downside market risk of an investment in the
the Securities.
Index or in the stocks included in the Index.

¨ You are willing to invest in the Securities based on the Participation Rate
¨ You believe that the level of the Index wil decline during the term of
indicated on the cover hereof.
the Securities such that the negative Index Return is likely to breach the

Threshold Percentage on the Final Valuation Date.
¨ You can tolerate fluctuations in the price of the Securities prior to

maturity that may be similar to or exceed the downside fluctuations in
¨ You are unwil ing to invest in the Securities based on the Participation
the level of the Index.
Rate indicated on the cover hereof.

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¨ You do not seek current income from your investment and are wil ing
¨ You cannot tolerate fluctuations in the price of the Securities prior to
to forgo dividends or other distributions paid on the stocks included in
maturity that may be similar to or exceed the downside fluctuations in
the Index for the 10-year term of the Securities.
the level of the Index.

¨ You seek an investment with exposure to companies in the Eurozone.
¨ You do not seek an investment with exposure to companies in the

Eurozone.
¨ You are wil ing and able to hold the Securities, which have a term of

approximately 10 years, to maturity, and accept that there may be little
¨ You seek current income from this investment or prefer to receive the
or no secondary market for the Securities.
dividends and any other distributions paid on the stocks included in the

Index for the 10-year term of the Securities.
¨ You are wil ing to assume the credit risk of Deutsche Bank AG for al

payments under the Securities, and understand that if Deutsche Bank
¨ You are unwil ing or unable to hold the Securities, which have a term
AG defaults on its obligations you might not receive any amounts due to
of approximately 10 years, to maturity, or you seek an investment for
you, including any repayment of the Face Amount.
which there wil be an active secondary market.

¨ You are not wil ing to assume the credit risk of Deutsche Bank AG for
all payments under the Securities, including any repayment of the Face
Amount.

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Final Terms
Investment
Timeline
Issuer
Deutsche Bank AG, London Branch

Issue Price
100% of the Face Amount per Security

Face Amount
$10.00 per Security

Term
Approximately 10 years

Trade Date
May 29, 2013

Settlement Date
May 31, 2013

Final Valuation Date1
May 24, 2023

Maturity Date1, 2
May 31, 2023

Index
EURO STOXX 50® Index (Ticker: SX5E)

Threshold Percentage -50%

Participation Rate
244.17%

Downside
2.0

Participation Factor
Payment at Maturity
If the Index Return is positive, Deutsche Bank AG will pay you a cash

(per $10.00 Security)
payment per $10.00 Security that provides you with the Face Amount of
$10.00 per Security plus a return equal to the Index Return multiplied by
the Participation Rate, calculated as follows:
$10.00 + ($10.00 × Index Return × Participation Rate)
If the Index Return is zero or negative but does not breach the
Threshold Percentage on the Final Valuation Date, Deutsche Bank AG
will pay you a cash payment of $10.00 per $10.00 Security.
If the Index Return is negative and breaches the Threshold
Percentage on the Final Valuation Date, Deutsche Bank AG will pay
you a cash payment at maturity less than the Face Amount of $10.00 per
Security, resulting in a loss on the Face Amount of 2% for each 1% decline
in the level of the Index in excess of the Threshold Percentage, calculated
as follows:
$10.00 + [$10.00 × (Index Return - Threshold Percentage) x Downside
Participation Factor]
In this scenario, you will lose some or all of the Face Amount.
Index Return

Final Level Initial Level

Initial Level
Initial Level
2,786.54, the closing level of the Index on the Trade Date

Final Level
The closing level of the Index on the Final Valuation Date

INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR

ALL OF YOUR INITIAL INVESTMENT. ANY PAYMENT ON THE SECURITIES, INCLUDING ANY
REPAYMENT OF THE FACE AMOUNT AT MATURITY, IS SUBJECT TO THE
CREDITWORTHINESS OF THE ISSUER. IF DEUTSCHE BANK AG WERE TO DEFAULT ON ITS
PAYMENT OBLIGATIONS, YOU MIGHT NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER
THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

1
Subject to postponement as described under "Description of Securities -- Adjustments to Valuation Dates and Payment Dates" in the accompanying product
supplement.

2
Notwithstanding what is provided under "Description of Securities -- Adjustments to Valuation Dates and Payment Dates" in the accompanying product supplement,
in the event the Final Valuation Date is postponed, the Maturity Date will be the fourth business day after the Final Valuation Date as postponed.

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Key Risks

An investment in the Securities involves significant risks. Some of the risks that apply to an investment in the Securities are summarized below, but we
urge you to read the more detailed explanation of risks relating to the Securities general y in the "Risk Factors" section of the accompanying product
supplement. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities.

¨
Your Investment in the Securities May Result in a Loss -- The Securities differ from ordinary debt securities in that Deutsche Bank AG wil not
necessarily repay the ful Face Amount at maturity. The return on the Securities at maturity is linked to the performance of the Index and wil depend
on whether, and the extent to which, the Index Return is positive, zero or negative and if the Index Return is negative, whether the decline breaches
the Threshold Percentage. If the Index Return is negative and breaches the Threshold Percentage, Deutsche Bank AG wil pay you less than the ful
Face Amount at maturity, resulting in a loss on the Face Amount of 2% for each 1% decline in the level of the Index in excess of the Threshold
Percentage. Accordingly, you could lose some or all of your initial investment if the Index Return is negative and less than the Threshold
Percentage.

¨
Contingent Repayment of Your Initial Investment Applies Only if You Hold the Securities to Maturity -- You should be wil ing to hold your
Securities to maturity. If you are able to sel your Securities prior to maturity in the secondary market, you may have to sel them at a loss relative to
your initial investment even if the return of the Index does not breach the Threshold Percentage at the time of sale. You can receive the ful potential
benefit of the Threshold Percentage only if you hold your Securities to maturity.

¨ The Participation Rate Applies Only at Maturity -- You should be wil ing to hold your Securities to maturity. If you are able to sel your Securities
prior to maturity in the secondary market, the price you receive wil likely not reflect the ful effect of the Participation Rate and the return you realize
may be less than the Index's return even if such return is positive. You can receive the ful benefit of the Participation Rate only if you hold your
Securities to maturity.

¨ No Coupon Payments -- Deutsche Bank AG wil not pay any coupon payments with respect to the Securities.

¨ Risks Relating to the Credit of the Issuer -- The Securities are unsubordinated and unsecured obligations of the Issuer, Deutsche Bank AG, and
are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Securities, including any repayment of your initial
investment at maturity, depends on the ability of Deutsche Bank AG to satisfy its obligations as they come due. An actual or anticipated downgrade in
Deutsche Bank AG's credit rating or increase in the credit spreads charged by the market for taking our credit risk wil likely have an adverse effect on
the value of the Securities. As a result, the actual and perceived creditworthiness of Deutsche Bank AG wil affect the value of the Securities, and in
the event Deutsche Bank AG were to default on its obligations, you might not receive any amount owed to you under the terms of the Securities and
you could lose your entire investment.

¨
The Securities Are Subject to Non-U.S. Securities Markets Risks -- The Index includes component stocks that are issued by non-U.S. companies
in non-U.S. securities markets. An investment in securities linked directly or indirectly to the value of securities issued by non-U.S. companies involves
particular risks. General y, non-U.S. securities markets may be more volatile than U.S. securities markets, and market developments may affect
non-U.S. markets differently from U.S. securities markets. Direct or indirect government intervention to stabilize these non-U.S. markets, as wel as
cross shareholdings in non-U.S. companies, may affect trading prices and volumes in those markets. There is general y less publicly available
information about non-U.S. companies than about those U.S. companies that are subject to the reporting requirements of the SEC, and non-U.S.
companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting
companies. Securities prices in non-U.S. countries are subject to political, economic, financial and social factors that may be unique to the particular
country. These factors, which could negatively affect the non-U.S. securities markets, include the possibility of recent or future changes in the non-U.S.
government's economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other non-U.S. laws or restrictions
applicable to non-U.S. companies or investments in non-U.S. equity securities and the possibility of fluctuations in the rate of exchange between
currencies. Moreover, certain aspects of a particular non-U.S. economy may differ favorably or unfavorably from the U.S. economy in important
respects, such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. Specifically, the stocks
included in the Index are issued by companies located in countries within the Eurozone, some of which are and have been experiencing economic
stress. Final y, it wil likely be more costly and difficult to enforce the laws or regulations of a non-U.S. country or exchange.

¨ The Index Return Will Not Be Adjusted for Changes in Exchange Rates Relative to the U.S. Dollar -- The Index is composed of stocks
denominated in foreign currencies. However, the value of your Securities wil not be adjusted for exchange rate fluctuations between the U.S. dol ar
and the currencies in which the stocks composing the Index are based. Therefore, if the applicable currencies appreciate or depreciate relative to the
U.S. dol ar over the term of the Securities, you wil not receive any additional payment or incur any reduction in your return, if any, at maturity.

¨
We Are One of the Companies That Make Up the Index -- We are one of the companies that make up the Index. To our knowledge, we are not
currently affiliated with any of the other companies the equity securities of which are represented in the Index. As a result, we will have no ability to
control the actions of such other companies, including actions that could affect the value of the equity securities underlying the Index, or your
securities. None of the other companies represented in the Index wil be involved in the offering of the Securities in any way. Neither they nor we wil
have any obligation to consider your interests as a holder of the Securities in taking any corporate actions that might affect the value of your
Securities.

¨ No Dividend Payments or Voting Rights -- As a holder of the Securities, you wil not have voting rights or rights to receive cash dividends or other
distributions or other rights that holders of component stocks underlying the Index would have.

¨ Investing in the Securities Is Not the Same as Investing in the Index or the Stocks Composing the Index -- The return on your Securities may
not reflect the return you would realize if you were able to invest directly in the Index or the stocks composing the Index.

¨ There May Be Little or No Secondary Market for the Securities -- The Securities wil not be listed on any securities exchange. Deutsche Bank AG
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or its affiliates intend to offer to purchase the Securities in the secondary market but are not required to do so and may cease such market making
activities at any time. Even if there is a secondary market, it may not provide enough liquidity to al ow you to trade or sel your Securities easily.
Because other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is
likely to depend on the price, if any, at which Deutsche Bank AG or its affiliates may be wil ing to buy the Securities.

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you to trade or sel your Securities easily. Because other dealers are not likely to make a secondary market for the Securities, the price at which you
may be able to trade your Securities is likely to depend on the price, if any, at which Deutsche Bank AG or its affiliates may be wil ing to buy the
Securities.

¨ Many Economic and Market Factors Will Impact the Value of the Securities -- While we expect that, generally, the level of the Index wil affect
the value of the Securities more than any other single factor, the value of the Securities prior to maturity wil also be affected by a number of other
factors that may either offset or magnify each other, including:

the expected volatility of the Index;

the composition of the Index;

the market prices and dividend rates on the stocks composing the Index and changes that affect those stocks and their issuers;

the time remaining to the maturity of the Securities;

interest rates and yields in the market general y;

geopolitical conditions and a variety of economic, financial, political and regulatory or judicial events that affect the Index or the markets
general y;

supply and demand for the Securities; and

our creditworthiness, including actual or anticipated downgrades in our credit ratings.

Because the Securities mature in 2023, their value may decline significantly due to the factors described above even if the level of the Index remains
unchanged from the Initial Level, and any sale prior to the Maturity Date could result in a substantial loss to you. You must hold the Securities to
maturity to receive the stated payout from the Issuer.

¨ The Securities Have Certain Built-in Costs -- While the Payment at Maturity described in this pricing supplement is based on the Face Amount, the
Issue Price of the Securities includes the agents' commission, if any, and the estimated cost of hedging our obligations under the Securities through
one or more of our affiliates. Such hedging cost includes our or our affiliates' expected cost of providing such hedge, as wel as the profit we or our
affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge. As a result, the price at which Deutsche Bank AG
or its affiliates would be wil ing to purchase Securities from you prior to maturity in secondary market transactions, if at all, wil likely be lower than the
Issue Price, and any sale prior to the Maturity Date could result in a substantial loss to you. The Securities are not designed to be short-term trading
instruments. Accordingly, you should be able and wil ing to hold your Securities to maturity.

¨ Potential Deutsche Bank AG Impact on Price -- Trading or transactions by Deutsche Bank AG or its affiliates in the stocks comprising the Index,
and/or in futures, over-the-counter options, exchange-traded funds or other instruments with returns linked to the Index or the stocks comprising the
Index may adversely affect the market value of the stocks composing the Index, the level of the Index, and, therefore, the value of the Securities.

¨
Trading and Other Transactions by Us or Our Affiliates, or UBS AG or Its Affiliates, in the Equity and Equity Derivative Markets May Impair
the Value of the Securities -- We or one or more of our affiliates expect to hedge our exposure from the Securities by entering into equity and
equity derivative transactions, such as over-the-counter options or exchange-traded instruments. Such trading and hedging activities may affect the
Index and make it less likely that you wil receive a return on your investment in the Securities. It is possible that we or our affiliates could receive
substantial returns from these hedging activities while the value of the Securities declines. We or our affiliates, or UBS AG or its affiliates, may also
engage in trading in instruments linked to the Index on a regular basis as part of our general broker-dealer and other businesses, for proprietary
accounts, for other accounts under management or to facilitate transactions for customers, including block transactions. We or our affiliates, or UBS
AG or its affiliates, may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to the Index. By
introducing competing products into the marketplace in this manner, we or our affiliates, or UBS AG or its affiliates, could adversely affect the value of
the Securities. Any of the foregoing activities described in this paragraph may reflect trading strategies that differ from, or are in direct opposition to,
investors' trading and investment strategies related to the Securities.

¨ Potential Conflict of Interest -- Deutsche Bank AG and its affiliates may engage in business with the issuers of the stocks composing the Index,
which may present a conflict between the obligations of Deutsche Bank AG and you, as a holder of the Securities. Deutsche Bank AG, as the
calculation agent, wil determine the Index Return and Payment at Maturity based on closing levels of the Index in the market. The calculation agent
can postpone the determination of the Index Return or the Maturity Date if a market disruption event occurs on the Final Valuation Date.

¨ We, Our Affiliates or Agents, or UBS AG or Its Affiliates May Publish Research, Express Opinions or Provide Recommendations That Are
Inconsistent with Investing in or Holding the Securities. Any Such Research, Opinions or Recommendations Could Affect the Level of the
Index to Which the Securities Are Linked and the Value of the Securities -- We, our affiliates and agents, and UBS AG and its affiliates, publish
research from time to time on financial markets and other matters that may influence the value of the Securities, or express opinions or provide
recommendations that may be inconsistent with purchasing or holding the Securities. We, our affiliates or agents, or UBS AG or its affiliates, may have
published research or other opinions that are inconsistent with the investment view implicit in the Securities. Any research, opinions or
recommendations expressed by us, our affiliates or agents, or UBS AG or its affiliates, may not be consistent with each other and may be modified
from time to time without notice. Investors should make their own independent investigation of the merits of investing in the Securities and the Index to
which the Securities are linked.

¨ The U.S. Federal Income Tax Consequences of an Investment in the Securities Are Uncertain --There is no direct legal authority regarding the
proper U.S. federal income tax treatment of the Securities, and we do not plan to request a ruling from the Internal Revenue Service (the "IRS").
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Consequently, significant aspects of the tax treatment of the Securities are uncertain, and the IRS or a court might not agree with the treatment of the
Securities as prepaid financial contracts that are not debt. If the IRS were successful in asserting an alternative treatment for the Securities, the tax
consequences of ownership and disposition of the Securities could be material y and adversely affected. In addition, as described below under "What
Are the Tax Consequences of an Investment in the Securities?", in 2007 the U.S. Treasury Department and the IRS released a notice requesting
comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. Any Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an
investment in the Securities, possibly with retroactive effect. You should review careful y the section of the accompanying product supplement entitled
"U.S. Federal Income Tax Consequences," and consult your tax adviser regarding the U.S. federal tax consequences of an investment in the Securities
(including possible alternative treatments and the issues presented by the 2007 notice), as wel as tax consequences arising under the laws of any
state, local or non-U.S. taxing jurisdiction.

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Scenario Analysis and Examples at Maturity

The fol owing table and hypothetical examples below il ustrate the Payment at Maturity per $10.00 Security for a hypothetical range of performances for
the Index from -100.00% to +100.00%, reflect the Downside Participation Factor of 2.0, the Threshold Percentage of -50.00%, the Initial Level of
2,786.54 and the Participation Rate of 244.17%. The hypothetical Payment at Maturity examples set forth below are for il ustrative purposes only and may
not be the actual returns applicable to a purchaser of the Securities. The actual Payment at Maturity wil be determined based on the Final Level on the
Final Valuation Date. You should consider careful y whether the Securities are suitable to your investment goals. The numbers appearing in the table below
have been rounded for ease of analysis.

Final Level
Index Return (%)
Payment at Maturity ($)
Return on Securities (%)
5,573.08
100.00%
$34.42
244.17%
5,294.43
90.00%
$31.98
219.75%
5,015.77
80.00%
$29.53
195.34%
4,737.12
70.00%
$27.09
170.92%
4,458.46
60.00%
$24.65
146.50%
4,179.81
50.00%
$22.21
122.09%
3,901.16
40.00%
$19.77
97.67%
3,622.50
30.00%
$17.33
73.25%
3,343.85
20.00%
$14.88
48.83%
3,065.19
10.00%
$12.44
24.42%
2,786.54
0.00%
$10.00
0.00%
2,507.89
-10.00%
$10.00
0.00%
2,229.23
-20.00%
$10.00
0.00%
1,950.58
-30.00%
$10.00
0.00%
1,671.92
-40.00%
$10.00
0.00%
1,393.27
-50.00%
$10.00
0.00%
1,114.62
-60.00%
$8.00
-20.00%
835.96
-70.00%
$6.00
-40.00%
557.31
-80.00%
$4.00
-60.00%
278.65
-90.00%
$2.00
-80.00%
0.00
-100.00%
$0.00
-100.00%

Example 1 -- The Final Level of 3,065.19 is greater than the Initial Level of 2,786.54, resulting in an Index Return of 10.00%. Because the Index
Return is 10.00%, Deutsche Bank AG wil pay you a Payment at Maturity of $12.44 per $10.00 Security (a return of 24.42%), calculated as fol ows:

$10.00 + ($10.00 x Index Return x Participation Rate)
$10.00 + ($10.00 × 10.00% x 244.17%) = $12.44

Example 2 -- The Final Level is equal to the Initial Level of 2,786.54. Because the Index Return is zero, Deutsche Bank AG wil pay you a Payment at
Maturity of $10.00 per $10.00 Security (a return of 0.00%).

Example 3 -- The Final Level of 2,507.89 is less than the Initial Level of 2,786.54, resulting in an Index Return of -10.00%. Because the Index
Return is negative, and the Index's percentage decline from the Initial Level to the Final Level results in an Index Return that does not breach the Threshold
Percentage of -50.00%, Deutsche Bank AG wil pay you a Payment at Maturity of $10.00 per $10.00 Security (a return of 0.00%).

Example 4 -- The Final Level of 835.96 is less than the Initial Level of 2,786.54, resulting in an Index Return of -70.00%. Because the Index
Return is negative, and the Index's percentage decline from the Initial Level to the Final Level results in an Index Return that breaches the Threshold
Percentage of -50.00%, Deutsche Bank AG wil pay you less than the ful Face Amount, resulting in a loss of 2.00% of the Face Amount for every 1.00%
decline of the Index in excess of the Threshold Percentage, and the Payment at Maturity of $6.00 per $10.00 Security (a return of -40.00%), calculated as
follows:

$10.00 + [$10.00 × (Index Return - Threshold Percentage) x 2.0]
$10.00 + [$10.00 × (-70.00% + 50.00%) x 2.0] = $6.00

If the Index Return is negative and breaches the Threshold Percentage, you will incur a loss on the Face Amount of 2% for each 1% decline in
the level of the Index in excess of the Threshold Percentage. Under these circumstances, you will lose some or all of the Face Amount at
maturity. Any payment on the Securities, including any repayment of the Face Amount at maturity, is subject to the creditworthiness of the
Issuer and if the Issuer were to default on its payment obligations, you could lose your entire investment.

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