Bond Deutsch Bank London 0% ( US25155V6974 ) in USD

Issuer Deutsch Bank London
Market price 100 %  ▼ 
Country  Germany
ISIN code  US25155V6974 ( in USD )
Interest rate 0%
Maturity 31/07/2024 - Bond has expired



Prospectus brochure of the bond Deutsche Bank (London Branch) US25155V6974 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 3 480 000 USD
Cusip 25155V697
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description 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 US25155V6974, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/07/2024







424B2 1 dp48306_424b2-ps2079b.htm PRICING SUPPLEMENT NO. 2079B
PRICING SUPPLEMENT No. 2079B
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-184193
Dated July 29, 2014
$3,480,000 Deutsche Bank AG Airbag Performance Securities
Link e d t o t he EU RO ST OX X 5 0 ® I nde x due J uly 3 1 , 2 0 2 4
I nve st m e nt De sc ript ion
The Airbag Performance Securities (the "Se c urit ie s") are unsubordinated and unsecured obligations of Deutsche Bank AG, London Branch (the
"I ssue r") with returns linked to the performance of the EURO STOXX 50® Index (the "I nde x "). If the Index Return is positive, Deutsche Bank AG
will repay the Face Amount of Securities at maturity and pay a return equal to the Index Return multiplied by the Participation Rate of 199.43%. If
the Index Return is zero or negative, but does not breach the Threshold Percentage of -50.00%, Deutsche Bank AG will repay the Face Amount of
Securities at maturity. However, if the Index Return is negative and breaches the Threshold Percentage, Deutsche Bank AG will pay you less than
the Face Amount at maturity, resulting in a loss on the Face Amount to investors of 2.00% for each 1.00% decline in the level of the Index in
excess of the Threshold Percentage, up to a complete loss of the Face Amount. I nve st ing in t he Se c urit ie s involve s signific a nt risk s.
Y ou w ill not re c e ive c oupon pa ym e nt s during t he 1 0 -ye a r t e rm of t he Se c urit ie s. Y ou m a y lose som e or a ll of your
init ia l inve st m e nt . Y ou w ill not re c e ive divide nds or ot he r dist ribut ions pa id on a ny st oc k s inc lude d in t he I nde x . T he
c ont inge nt re pa ym e nt of t he Fa c e Am ount a pplie s only if you hold t he Se c urit ie s t o m a t urit y. Any pa ym e nt on t he
Se c urit ie s, inc luding a ny re pa ym e nt of t he Fa c e Am ount provide d a t m a t urit y, is subje c t t o t he c re dit w ort hine ss of t he
I ssue r. I f t he I ssue r w e re t o de fa ult on it s pa ym e nt obliga t ions, you m ight not re c e ive a ny a m ount s ow e d t o you unde r
t he Se c urit ie s a nd you c ould lose your e nt ire inve st m e nt .
Fe a t ure s

K e y Da t e s
Participation in Positive Index Returns: If the Index

Trade Date
July 29, 2014
Return is positive, the Issuer will repay the Face Amount of
Settlement Date
July 31, 2014
Securities at maturity and pay a return equal to the Index Return
Final Valuation Date1
July 25, 2024
multiplied by the Participation Rate. If the Index Return is
Maturity Date1
July 31, 2024
negative, investors may be exposed to the decline in the Index at
1 See page 4 for additional details
maturity.



Dow nside Exposure w ith Contingent Repayment of

t he Fa c e Am ount a t M a t urit y: If the Index Return is zero

or negative but does not breach the Threshold Percentage of -

50.00%, the Issuer will repay the Face Amount of Securities at

maturity. However, if the Index Return is negative and breaches
the Threshold Percentage, the Issuer will pay less than the Face
Amount of Securities, resulting in a loss on the Face Amount to
investors of 2.00% for each 1.00% decline in the level of the
Index in excess of the Threshold Percentage, up to a complete
loss of the Face Amount. T he c ont inge nt re pa ym e nt of
t he Fa c e Am ount a pplie s only if you hold t he
Se c urit ie s t o m a t urit y. Y ou m a y lose som e or a ll of
your init ia l inve st m e nt . Any pa ym e nt on t he
Se c urit ie s is subje c t t o t he c re dit w ort hine ss of t he
I ssue r. I f t he I ssue r w e re t o de fa ult on it s pa ym e nt
obliga t ions, you m ight not re c e ive a ny a m ount s
ow e d t o you unde r t he Se c urit ie s a nd you c ould
lose your e nt ire inve st m e nt .
N OT I CE T O I N V EST ORS: T H E SECU RI T I ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL DEBT SECU RI T I ES.
T H E I SSU ER I S N OT N ECESSARI LY OBLI GAT ED T O REPAY Y OU R I N I T I AL I N V EST M EN T I N T H E SECU RI T I ES AT
M AT U RI T Y , AN D T H E SECU RI T I ES CAN H AV E U P T O T H E FU LL DOWN SI DE M ARK ET RI SK OF T H E I N DEX . T H I S
M ARK ET RI SK I S I N ADDI T I ON T O T H E CREDI T RI SK I N H EREN T I N PU RCH ASI N G AN OBLI GAT I ON OF DEU T SCH E
BAN K AG. Y OU SH OU LD N OT PU RCH ASE T H E SECU RI T I ES I F Y OU DO N OT U N DERST AN D OR ARE N OT COM FORT ABLE
WI T H T H E SI GN I FI CAN T RI SK S I N V OLV ED I N I N V EST I N G I N T H E SECU RI T I ES. T H E SECU RI T I ES WI LL N OT BE LI ST ED
ON AN Y SECU RI T I ES EX CH AN GE.
Y OU SH OU LD CAREFU LLY CON SI DER T H E RI SK S DESCRI BED U N DER "K EY RI SK S" BEGI N N I N G ON PAGE 5 OF T H I S
PRI CI N G SU PPLEM EN T AN D U N DER "RI SK FACT ORS" BEGI N N I N G ON PAGE 7 OF T H E ACCOM PAN Y I N G PRODU CT
SU PPLEM EN T BEFORE PU RCH ASI N G AN Y SECU RI T I ES. EV EN T S RELAT I N G T O AN Y OF T H OSE RI SK S, OR OT H ER
RI SK S AN D U N CERT AI N T I ES, COU LD ADV ERSELY AFFECT T H E M ARK ET V ALU E OF, AN D T H E RET U RN ON , Y OU R
SECU RI T I ES. Y OU M AY LOSE SOM E OR ALL OF Y OU R I N I T I AL I N V EST M EN T I N T H E SECU RI T I ES.
Se c urit y Offe ring
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 will be determined by the performance of the Index. The Securities are the unsubordinated and
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unsecured obligations of Deutsche Bank AG. The Securities will be issued in minimum denominations equal to $1,000 and integral multiples of
$1,000 thereof.
Dow nside
T hre shold
I nde x
I nit ia l Le ve l Pa rt ic ipa t ion Ra t e
Pa rt ic ipa t ion
CU SI P/ I SI N
Pe rc e nt a ge
Fa c t or
EURO STOXX 50® Index (Ticker:
3,190.54
199.43%
2.00
-50.00%
25155V697 / US25155V6974
SX5E)
Se e "Addit iona l T e rm s Spe c ific t o t he Se c urit ie s" in t his pric ing supple m e nt . T he Se c urit ie s w ill ha ve t he t e rm s
spe c ifie d in unde rlying supple m e nt N o. 1 da t e d Oc t obe r 1 , 2 0 1 2 , produc t supple m e nt B da t e d Se pt e m be r 2 8 , 2 0 1 2 , t he
prospe c t us supple m e nt da t e d Se pt e m be r 2 8 , 2 0 1 2 re la t ing t o our Se rie s A globa l not e s of w hic h t he se Se c urit ie s a re
a pa rt a nd t he prospe c t us da t e d Se pt e m be r 2 8 , 2 0 1 2 , a s m odifie d a nd supple m e nt e d by t his pric ing supple m e nt .
T he I ssue r's e st im a t e d va lue of t he Se c urit ie s on t he T ra de Da t e is $ 9 1 1 .0 0 pe r $ 1 ,0 0 0 Fa c e Am ount of Se c urit ie s,
w hic h is le ss t ha n t he I ssue Pric e . Ple a se se e "I ssue r's Est im a t e d V a lue of t he Se c urit ie s" on t he follow ing pa ge of
t his pric ing supple m e nt for a ddit iona l inform a t ion.
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.
Disc ount s a nd
Offe ring of Se c urit ie s
Pric e t o Public
Com m issions (1)
Proc e e ds t o U s
Airba g Pe rform a nc e Se c urit ie s link e d t o t he EU RO
ST OX X 5 0 ® I nde x



Per Security
$1,000.00
$50.00
$950.00
Total
$3,480,000.00
$174,000.00
$3,306,000.00
(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.
Deutsche Bank Securities Inc. ("DBSI ") is our affiliate. For more information see "Supplemental Plan of Distribution (Conflicts of Interest)" on the
last page of this pricing supplement.
CALCULATION OF REGISTRATION FEE
T it le of Ea c h Cla ss of Se c urit ie s
Offe re d
M a x im um Aggre ga t e Offe ring Pric e
Am ount of Re gist ra t ion Fe e
Notes
$3,480,000.00
$448.22

U BS Fina nc ia l Se rvic e s I nc .
De ut sc he Ba nk Se c urit ie s






I ssue r's Est im a t e d V a lue of t he Se c urit ie s
The Issuer's estimated value of the Securities is equal to the sum of our valuations of the following two components of the Securities: (i) a bond and
(ii) an embedded derivative(s). The value of the bond component of the Securities is calculated based on the present value of the stream of cash
payments associated with a conventional bond with a principal amount equal to the Face Amount of Securities, discounted at an internal funding
rate, which is determined primarily based on our market-based yield curve, adjusted to account for our funding needs and objectives for the period
matching the term of the Securities. The internal funding rate is typically lower than the rate we would pay when we issue conventional debt
securities on equivalent terms. This difference in funding rate, as well as the agent's commissions, if any, and the estimated cost of hedging our
obligations under the Securities, reduces the economic terms of the Securities to you and is expected to adversely affect the price at which you may
be able to sell the Securities in any secondary market. The value of the embedded derivative(s) is calculated based on our internal pricing models
using relevant parameter inputs such as expected interest rates and mid-market levels of price and volatility of the assets underlying the Securities
or any futures, options or swaps related to such underlying assets. Our internal pricing models are proprietary and rely in part on certain
assumptions about future events, which may prove to be incorrect.

The Issuer's estimated value of the Securities on the Trade Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price
of the Securities. The difference between the Issue Price and the Issuer's estimated value of the Securities on the Trade Date is due to the
inclusion in the Issue Price of the agent's commissions, if any, and the 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 well as the profit we or our affiliates expect
to realize in consideration for assuming the risks inherent in providing such hedge.

The Issuer's estimated value of the Securities on the Trade Date does not represent the price at which we or any of our affiliates would be willing to
purchase your Securities in the secondary market at any time. Assuming no changes in market conditions or our creditworthiness and other relevant
factors, the price, if any, at which we or our affiliates would be willing to purchase the Securities from you in secondary market transactions, if at all,
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would generally be lower than both the Issue Price and the Issuer's estimated value of the Securities on the Trade Date. Our purchase price, if any,
in secondary market transactions will be based on the estimated value of the Securities determined by reference to (i) the then-prevailing internal
funding rate (adjusted by a spread) or another appropriate measure of our cost of funds and (ii) our pricing models at that time, less a bid spread
determined after taking into account the size of the repurchase, the nature of the assets underlying the Securities and then-prevailing market
conditions. The price we report to financial reporting services and to distributors of our Securities for use on customer account statements would
generally be determined on the same basis. However, during the period of approximately seventeen months beginning from the Trade Date, we or
our affiliates may, in our sole discretion, increase the purchase price determined as described above by an amount equal to the declining
differential between the Issue Price and the Issuer's estimated value of the Securities on the Trade Date, prorated over such period on a straight-
line basis, for transactions that are individually and in the aggregate of the expected size for ordinary secondary market repurchases.



2


Addit iona l T e rm s Spe c ific t o t he Se c urit ie s
You should read this pricing supplement, together with 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 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 will arrange to send you the
prospectus, prospectus supplement, product supplement, underlying supplement and this pricing supplement if you so request by calling toll-free 1-
800-311-4409.

The trustee has appointed Deutsche Bank Trust Company Americas as its authenticating agent with respect to our Series A global notes.

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 that are offered hereby, unless the context otherwise
requires.

If the terms described in this pricing supplement are inconsistent with those described in the accompanying underlying supplement, product
supplement, prospectus supplement or prospectus, the terms described in this pricing supplement shall control.

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.
I nve st or Suit a bilit y
The suitability considerations identified below are not exhaustive. Whether or not the Securities are a suitable investment for you will 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 carefully considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review
"Key Risks" on page 5 of this pricing supplement and "Risk Factors" on page 7 of the accompanying product supplement.
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T he Se c urit ie s m a y be suit a ble for you if, a m ong ot he r

T he Se c urit ie s m a y not be suit a ble for you if, a m ong
c onside ra t ions:
ot he r c onside ra t ions:



¨You fully understand the risks inherent in an investment in the

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


¨You can tolerate a loss of some or all of your initial investment and
¨You require an investment designed to guarantee a full return of
are willing to make an investment that can have up to the full
the Face Amount at maturity.
downside market risk of a hypothetical investment in the Index or

in the stocks included in the Index.
¨You cannot tolerate the loss of some or all of your initial

investment, and you are not willing to make an investment that
¨You believe that the level of the Index will increase over the term
can have up to the full downside market risk of a hypothetical
of the Securities.
investment in the Index or in the stocks included in the Index.


¨You are willing to invest in the Securities based on the
¨You believe that the level of the Index will decline during the term
Participation Rate indicated on the cover hereof.
of 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
¨You are unwilling to invest in the Securities based on the
fluctuations in the level of the Index.
Participation Rate indicated on the cover hereof.


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


¨You seek an investment with exposure to companies in the
¨You seek current income from this investment or prefer to receive
Eurozone.
any dividends and any other distributions paid on the stocks

included in the Index.
¨You are willing and able to hold the Securities to the Maturity Date,

as set forth on the cover of this pricing supplement, and accept
¨You do not seek an investment with exposure to companies in the
that there may be little or no secondary market for the Securities.
Eurozone.


¨You are willing to assume the credit risk of Deutsche Bank AG for
¨You are unwilling or unable to hold the Securities to the Maturity
all payments under the Securities, and understand that if
Date, as set forth on the cover of this pricing supplement, or you
Deutsche Bank AG defaults on its obligations you might not
seek an investment for which there will be an active secondary
receive any amounts due to you, including any repayment of the
market.
Face Amount.

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


3



Fina l T e rm s
Issuer

Deutsche Bank AG, London Branch
Issue Price

100% of the Face Amount per Security
Face Amount

$1,000 per Security. The Payment at Maturity will be based on the Face Amount.
Term

10 years
Trade Date

July 29, 2014
Settlement Date

July 31, 2014
Final Valuation Date1

July 25, 2024
Maturity Date1, 2

July 31, 2024
®
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Index

EURO STOXX 50 Index (Ticker: SX5E)
Threshold Percentage

-50.00%
Participation Rate

199.43%
Downside Participation Factor

2.00
Payment at Maturity (per $1,000 I f t he I nde x Re t urn is posit ive , Deutsche Bank AG will pay you at maturity a cash payment of $1,000
Face Amount of Securities)
per $1,000 Face Amount of Securities plus a return on the Face Amount equal to the Index Return multiplied
by the Participation Rate, calculated as follows:

$1,000 + ($1,000 × Index Return × Participation Rate)

I f t he I nde x Re t urn is ze ro or ne ga t ive but doe s not bre a c h t he T hre shold Pe rc e nt a ge
on t he Fina l V a lua t ion Da t e , Deutsche Bank AG will pay you at maturity a cash payment of $1,000 per
$1,000 Face Amount of Securities.

I f t he I nde x Re t urn is ne ga t ive a nd bre a c he s t he T hre shold Pe rc e nt a ge on t he Fina l
V a lua t ion Da t e , Deutsche Bank AG will pay you at maturity a cash payment that is less than the Face
Amount of $1,000 per $1,000 Face Amount of Securities, resulting in a loss on the Face Amount of 2.00% for
each 1.00% decline in the level of the Index in excess of the Threshold Percentage, calculated as follows:

$1,000 + [$1,000 × (Index Return - Threshold Percentage) x Downside Participation Factor]

I n t his sc e na rio, you w ill lose som e or a ll of t he Fa c e Am ount .
Index Return

Final Level ­ Initial Level
Initial Level
Initial Level

3,190.54, equal to the closing level of the Index on the Trade Date
Final Level

The closing level of the Index on the Final Valuation Date
I N V EST I N G I N T H E SECU RI T I ES I N V OLV ES SI GN I FI CAN T RI SK S. Y OU M AY LOSE SOM E OR ALL OF Y OU R I N I T I AL
I N V EST M EN T . AN Y PAY M EN T ON T H E SECU RI T I ES, I N CLU DI N G AN Y REPAY M EN T OF T H E FACE AM OU N T AT
M AT U RI T Y , I S SU BJ ECT T O T H E CREDI T WORT H I N ESS OF T H E I SSU ER. I F DEU T SCH E BAN K AG WERE T O DEFAU LT
ON I T S PAY M EN T OBLI GAT I ON S, Y OU M I GH T N OT RECEI V E AN Y AM OU N T S OWED T O Y OU U N DER T H E SECU RI T I ES
AN D Y OU COU LD LOSE Y OU R EN T I RE I N V EST M EN T .
I nve st m e nt T im e line


T ra de Da t e :

The closing level of the Index (Initial Level) is observed and the Participation Rate is set.





The Final Level and Index Return are determined on the Final Valuation Date.

I f t he I nde x Re t urn is posit ive , Deutsche Bank AG will pay you at maturity a cash payment of $1,000
per $1,000 Face Amount of Securities plus a return on the Face Amount equal to the Index Return multiplied
by the Participation Rate, calculated as follows:

$1,000 + ($1,000 x Index Return x Participation Rate)

I f t he I nde x Re t urn is ze ro or ne ga t ive but doe s not bre a c h t he T hre shold Pe rc e nt a ge on
t he Fina l V a lua t ion Da t e , Deutsche Bank AG will pay you at maturity a cash payment of $1,000 per
M a t urit y Da t e :
$1,000 Face Amount of Securities.

I f t he I nde x Re t urn is ne ga t ive a nd bre a c he s t he T hre shold Pe rc e nt a ge on t he Fina l
V a lua t ion Da t e , Deutsche Bank AG will pay you at maturity a cash payment that is less than the Face
Amount of $1,000 per $1,000 Face Amount of Securities, resulting in a loss on the Face Amount of 2.00% for
each 1.00% decline in the level of the Index in excess of the Threshold Percentage, calculated as follows:

$1,000 + [$1,000 × (Index Return - Threshold Percentage) x Downside Participation Factor]

I n t his sc e na rio, you w ill lose som e or a ll of t he Fa c e Am ount .

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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.



4



K e y Risk s
An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the Index
or in any of the stocks composing the Index. 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 generally 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.

¨
Y our I nve st m e nt in t he Se c urit ie s M a y Re sult in a Loss of Y our I nit ia l I nve st m e nt -- The Securities differ from
ordinary debt securities in that Deutsche Bank AG will not necessarily pay you your initial investment in the Securities at maturity.
The return on the Securities at maturity is linked to the performance of the Index and will 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 will pay you
less than the full Face Amount at maturity, resulting in a loss on the Face Amount of 2.00% for each 1.00% decline in the level of
the Index in excess of the Threshold Percentage. Accordingly, you will lose some or all of your initial investment if the Index
Return is negative and less than the Threshold Percentage.

¨
Cont inge nt Re pa ym e nt of Y our I nit ia l I nve st m e nt Applie s Only if Y ou H old t he Se c urit ie s t o M a t urit y -- You
should be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary
market, you may have to sell 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 full potential benefit of the Threshold Percentage only if you hold
your Securities to maturity.

¨
T he Pa rt ic ipa t ion Ra t e Applie s Only a t M a t urit y -- You should be willing to hold your Securities to maturity. If you are
able to sell your Securities prior to maturity in the secondary market, the price you receive will likely not reflect the full 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 full benefit of the Participation Rate only if you hold your Securities to maturity.

¨
N o Coupon Pa ym e nt s -- Deutsche Bank AG will not pay any coupon payments with respect to the Securities.

¨
Risk s Re la t ing t o t he Cre dit of t he I ssue r -- 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 will likely have an adverse effect on the value of the Securities. As a
result, the actual and perceived creditworthiness of Deutsche Bank AG will 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.

¨
T he I ssue r's Est im a t e d V a lue of t he Se c urit ie s on t he T ra de Da t e Will Be Le ss t ha n t he I ssue Pric e of t he
Se c urit ie s -- The Issuer's estimated value of the Securities on the Trade Date (as disclosed on the cover of this pricing
supplement) is less than the Issue Price of the Securities. The difference between the Issue Price and the Issuer's estimated
value of the Securities on the Trade Date is due to the inclusion in the Issue Price of the agent's commissions, if any, and the
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 well as the profit we or our affiliates expect to realize in consideration for
assuming the risks inherent in providing such hedge. The Issuer's estimated value of the Securities is determined by reference to
an internal funding rate and our pricing models. The internal funding rate is typically lower than the rate we would pay when we
issue conventional debt securities on equivalent terms. This difference in funding rate, as well as the agent's commissions, if any,
and the estimated cost of hedging our obligations under the Securities, reduces the economic terms of the Securities to you and is
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expected to adversely affect the price at which you may be able to sell the Securities in any secondary market. In addition, our
internal pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be
incorrect. If at any time a third party dealer were to quote a price to purchase your Securities or otherwise value your Securities,
that price or value may differ materially from the estimated value of the Securities determined by reference to our internal funding
rate and pricing models. This difference is due to, among other things, any difference in funding rates, pricing models or
assumptions used by any dealer who may purchase the Securities in the secondary market.

¨
T he re Are Risk s Assoc ia t e d Wit h I nve st m e nt s in Se c urit ie s Link e d t o t he V a lue s of Equit y Se c urit ie s
I ssue d by N on -U .S. Com pa nie s -- The Index includes component stocks that are issued by companies incorporated outside
of the U.S. Because the component stocks also trade outside the U.S., the Securities are subject to the risks associated with non-
U.S. securities markets. Generally, non-U.S. securities markets may be more volatile than U.S. securities markets, and market
developments may affect non-U.S. securities markets differently than U.S. securities markets, which may adversely affect the level
of the Index and the value of your Securities. Furthermore, there are risks associated with investments in securities linked to the
values of equity securities issued by non-U.S. companies. There is generally 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. In addition, the prices of equity securities issued by non-U.S. companies may be adversely affected by
political, economic, financial and social factors that may be unique to the particular countries in which the non-U.S. companies are
incorporated. These factors include the possibility of recent or future changes in a non-U.S. government's economic and fiscal
policies (including any direct or indirect intervention to stabilize the economy and/or securities market of the country of such non-
U.S. government), the presence, and extent, of cross shareholdings in non-U.S. companies, 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. 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 within the Eurozone, some of which are and have been experiencing economic stress.

¨
T he I nde x Re t urn Will N ot Be Adjust e d for Cha nge s in t he Euro Re la t ive t o t he U .S. Dolla r -- The Index is
composed of stocks denominated in, and the level of the Index is calculated in, Euros. Because the level of the Index is calculated
in Euros and not in U.S. dollars, the performance of the Index will not be adjusted for exchange rate fluctuations between the U.S.
dollar and the Euro. Therefore,



5




if the Euro strengthens or weakens relative to the U.S. dollar over the term of the Securities, you will not receive any additional
payment or incur any reduction in your return, if any, at maturity.

¨
We Are One of t he Com pa nie s T ha t M a k e U p t he I nde x -- 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 will
be involved in the offering of the Securities in any way. Neither they nor we will 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.

¨
N o Divide nd Pa ym e nt s or V ot ing Right s -- As a holder of the Securities, you will not have voting rights or rights to receive
cash dividends or other distributions or other rights that holders of the component stocks underlying the Index would have.

¨
I nve st ing in t he Se c urit ie s I s N ot t he Sa m e a s I nve st ing in t he I nde x or t he St oc k s Com posing t he I nde x --
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.

¨
T he I nde x Re fle c t s t he Pric e Re t urn of t he St oc k s Com posing t he I nde x , N ot a T ot a l Re t urn -- The return on
the Securities is based on the performance of the Index, which reflects the changes in the market prices of the stocks composing
the Index. It is not, however, linked to a "total return" version of the Index, which, in addition to reflecting those price returns, would
also reflect all dividends and other distributions paid on the stocks composing the Index. The return on the Securities will not
include such a total return feature.
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¨
T he re M a y Be Lit t le or N o Se c onda ry M a rk e t for t he Se c urit ie s -- The Securities will not be listed on any securities
exchange. We or our 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
allow you to trade or sell 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 we or our
affiliates may be willing to buy the Securities.

¨
Assum ing N o Cha nge s in M a rk e t Condit ions a nd Ot he r Re le va nt Fa c t ors, t he Pric e Y ou M a y Re c e ive for
Y our Se c urit ie s in Se c onda ry M a rk e t T ra nsa c t ions Would Ge ne ra lly Be Low e r t ha n Bot h t he I ssue Pric e
a nd t he I ssue r's Est im a t e d V a lue of t he Se c urit ie s on t he T ra de Da t e -- While the payment(s) on the Securities
described in this pricing supplement is based on the full Face Amount of your Securities, the Issuer's estimated value of the
Securities on the Trade Date (as disclosed on the cover of this pricing supplement) is less than the Issue Price of the Securities.
The Issuer's estimated value of the Securities on the Trade Date does not represent the price at which we or any of our affiliates
would be willing to purchase your Securities in the secondary market at any time. Assuming no changes in market conditions or
our creditworthiness and other relevant factors, the price, if any, at which we or our affiliates would be willing to purchase the
Securities from you in secondary market transactions, if at all, would generally be lower than both the Issue Price and the Issuer's
estimated value of the Securities on the Trade Date. Our purchase price, if any, in secondary market transactions would be
based on the estimated value of the Securities determined by reference to (i) the then-prevailing internal funding rate (adjusted by
a spread) or another appropriate measure of our cost of funds and (ii) our pricing models at that time, less a bid spread
determined after taking into account the size of the repurchase, the nature of the assets underlying the Securities and then-
prevailing market conditions. The price we report to financial reporting services and to distributors of our Securities for use on
customer account statements would generally be determined on the same basis. However, during the period of approximately
seventeen months beginning from the Trade Date, we or our affiliates may, in our sole discretion, increase the purchase price
determined as described above by an amount equal to the declining differential between the Issue Price and the Issuer's
estimated value of the Securities on the Trade Date, prorated over such period on a straight-line basis, for transactions that are
individually and in the aggregate of the expected size for ordinary secondary market repurchases.

In addition to the factors discussed above, the value of the Securities and our purchase price in secondary market transactions
after the Trade Date, if any, will vary based on many economic market factors, including our creditworthiness, and cannot be
predicted with accuracy. These changes may adversely affect the value of your Securities, including the price you may receive in
any secondary market transactions. 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 willing to hold your Securities to
maturity.

¨
M a ny Ec onom ic a nd M a rk e t Fa c t ors Will Affe c t t he V a lue of t he Se c urit ie s -- While we expect that, generally, the
level of the Index will affect the value of the Securities more than any other single factor, the value of the Securities prior to
maturity will 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 of 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 generally;


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


·
supply and demand for the Securities; and


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


6

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Because the Securities will be outstanding until the Maturity Date, 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.

¨
Pot e nt ia l De ut sc he Ba nk AG I m pa c t on Pric e -- Trading or transactions by Deutsche Bank AG or its affiliates in the
stocks composing 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 composing 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.

¨
T ra ding a nd Ot he r T ra nsa c t ions by U s or Our Affilia t e s, or U BS AG or I t s Affilia t e s, in t he Equit y a nd Equit y
De riva t ive M a rk e t s M a y Affe c t t he V a lue of t he Se c urit ie s -- 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 will receive
a positive 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.

¨
Pot e nt ia l Conflic t of I nt e re st -- 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, will determine the Index Return and Payment at Maturity based on the
closing level of the Index in the market. The calculation agent can postpone the determination of the Index Return and the
Maturity Date if a market disruption event occurs on the Final Valuation Date. Deutsche Bank AG has determined the Issuer's
estimated value of the Securities on the Trade Date and will determine the price, if any, at which Deutsche Bank AG or our
affiliates would be willing to purchase the Securities from you in secondary market transactions. In performing these roles, our
economic interests and those of our affiliates are potentially adverse to your interests as an investor in the Securities.

¨
We , Our Affilia t e s or Our Age nt s, or U BS AG or it s Affilia t e s, M a y Publish Re se a rc h, Ex pre ss Opinions or
Provide Re c om m e nda t ions t ha t Are I nc onsist e nt Wit h I nve st ing in or H olding t he Se c urit ie s. Any Suc h
Re se a rc h, Opinions or Re c om m e nda t ions Could Adve rse ly Affe c t t he Le ve l of t he I nde x a nd t he V a lue of
t he Se c urit ie s -- We, our affiliates or our agents, or UBS AG or its affiliates, may publish research from time to time on
financial markets and other matters that could adversely affect the value of the Securities, or express opinions or provide
recommendations that are inconsistent with purchasing or holding the Securities. Any research, opinions or recommendations
expressed by us, our affiliates or our agents, or UBS AG or its affiliates, may not be consistent with each other and may be
modified from time to time without notice. You should make your own independent investigation of the merits of investing in the
Securities and the Index to which the Securities are linked.

¨
T he U .S. Fe de ra l I nc om e T a x Conse que nc e s of a n I nve st m e nt in t he Se c urit ie s Are U nc e rt a in -- 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 "I RS"). 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 materially 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
carefully 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 well as tax consequences arising under the laws of any state, local or
non-U.S. taxing jurisdiction.



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7


Sc e na rio Ana lysis a nd Ex a m ple s a t M a t urit y
The following table and hypothetical examples below illustrate the Payment at Maturity per $1,000 Face Amount of Securities for a
hypothetical range of performances for the Index from -100.00% to +100.00%, reflect the Downside Participation Factor of 2.00, the
Threshold Percentage of -50.00% and the Participation Rate of 199.43% and assume an Initial Level of 3,000.00. The actual Initial
Level is set forth on the cover of this pricing supplement and in "Final Terms." The hypothetical Payment at Maturity examples set
forth below are for illustrative purposes only and may not be the actual returns applicable to a purchaser of the Securities. The actual
Payment at Maturity will be determined based on the Final Level on the Final Valuation Date. You should consider carefully whether
the Securities are suitable to your investment goals. The numbers appearing in the table and in the examples below have been
rounded for ease of analysis.

Pa ym e nt a t M a t urit y
Fina l Le ve l
I nde x Re t urn (% )
($ )
Re t urn on Se c urit ie s (% )
6,000.00
100.00%
$2,994.30
199.43%
5,700.00
90.00%
$2,794.87
179.49%
5,400.00
80.00%
$2,595.44
159.54%
5,100.00
70.00%
$2,396.01
139.60%
4,800.00
60.00%
$2,196.58
119.66%
4,500.00
50.00%
$1,997.15
99.72%
4,200.00
40.00%
$1,797.72
79.77%
3,900.00
30.00%
$1,598.29
59.83%
3,600.00
20.00%
$1,398.86
39.89%
3,300.00
10.00%
$1,199.43
19.94%
3,000.00
0.00%
$1,000.00
0.00%
2,700.00
-10.00%
$1,000.00
0.00%
2,400.00
-20.00%
$1,000.00
0.00%
2,100.00
-30.00%
$1,000.00
0.00%
1,800.00
-40.00%
$1,000.00
0.00%
1,500.00
-50.00%
$1,000.00
0.00%
1,200.00
-60.00%
$800.00
-20.00%
900.00
-70.00%
$600.00
-40.00%
600.00
-80.00%
$400.00
-60.00%
300.00
-90.00%
$200.00
-80.00%
0.00
-100.00%
$0.00
-100.00%

Ex a m ple 1 -- T he Fina l Le ve l of 3 ,3 0 0 .0 0 is gre a t e r t ha n t he I nit ia l Le ve l of 3 ,0 0 0 .0 0 , re sult ing in a n I nde x
Re t urn of 1 0 .0 0 % . Because the Index Return is 10.00%, Deutsche Bank AG will pay you a Payment at Maturity of $1,199.43 per
$1,000 Face Amount of Securities (a return of approximately 19.94%), calculated as follows:

$1,000 + ($1,000 x Index Return x Participation Rate)
$1,000 + ($1,000 × 10.00% x 199.43%) = $1,199.43

Ex a m ple 2 -- T he Fina l Le ve l is e qua l t o t he I nit ia l Le ve l of 3 ,0 0 0 .0 0 , re sult ing in a n I nde x Re t urn of ze ro.
Because the Index Return is zero, Deutsche Bank AG will pay you a Payment at Maturity of $1,000 per $1,000 Face Amount of
Securities (a return of 0.00%).

Ex a m ple 3 -- T he Fina l Le ve l of 2 ,7 0 0 .0 0 is le ss t ha n t he I nit ia l Le ve l of 3 ,0 0 0 .0 0 , re sult ing in a n I nde x Re t urn
of -1 0 .0 0 % . Because the Index Return is negative and the Index's percentage decline from the Initial Level to the Final Level results
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