Obligation Deutsch Bank London 4.5% ( US2515A1PC99 ) en USD

Deutsch Bank London

100 % ▲

Allemagne

US2515A1PC99 ( en USD )

4.5% par an ( paiement semestriel )

11/02/2021 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank (London Branch) US2515A1PC99 en USD 4.5%, échue

1 000 USD

3 397 000 USD

2515A1PC9

N/A

N/A

Deutsche Bank (London Branch) est une succursale de la Deutsche Bank AG, opérant à Londres et fournissant une gamme complète de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'obligation Deutsche Bank (London Branch) (ISIN: US2515A1PC99, CUSIP: 2515A1PC9), émise en Allemagne en USD, d'un montant total de 3 397 000 USD et dont la taille minimale à l'achat était de 1 000 USD, portant un taux d'intérêt de 4,5% et payant des coupons semestriellement, est arrivée à échéance le 11 février 2021 et a été intégralement remboursée à son prix nominal de 100%.

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424B2 1 dp21101_424b2-1087.htm FORM 424B2
Pricing supplement No. 1087
Registration Statement No. 333-162195
To prospectus supplement dated September 29, 2009 and
Dated February 8, 2011; Rule 424(b)(2)
prospectus dated September 29, 2009

Deutsche Bank AG, London Branch
$3,397,000 10 Year 4.50% Fixed Rate Notes due February 11, 2021
General

·
The 10 Year 4.50% Fixed Rate Notes due February 11, 2021 (the "notes") pay interest monthly in arrears at a rate of 4.50% per
annum. The notes are designed for investors who seek monthly interest payments with the return of principal at maturity. Any
payments, including the repayment of principal at maturity, are subject to the credit of the Issuer.

·
Senior unsecured obligations of Deutsche Bank AG due February 11, 2021.

·
Denominations of $1,000 (the "Principal Amount") and minimum initial investments of $1,000.

·
The notes priced on February 8, 2011 (the "Trade Date") and are expected to settle on February 11, 2011 (the "Settlement
Date"). Delivery of the notes in book-entry form only will be made through The Depository Trust Company.
Key Terms
Issuer:
Deutsche Bank AG, London Branch
Issue Price:
$1,000.00
Interest Rate:
4.50% per annum, payable on a monthly basis in arrears on each Interest Payment Date based on an adjusted
30/360 day count fraction
Interest Payment Dates:
Each January 11, February 11, March 11, April 11, May 11, June 11, July 11, August 11, September 11,
October 11, November 11 and December 11, beginning March 11, 2011. The last Interest Payment Date will
be the Maturity Date. If any scheduled Interest Payment Date is not a business day, the interest will be paid on
the first following day that is a business day, unless that day falls in the next calendar month, in which case, the
Interest Payment Date will be the first business day preceding the scheduled Interest Payment Date.
Trade Date:
February 8, 2011
Settlement Date:
February 11, 2011
Maturity Date:
February 11, 2021
Listing:
The notes will not be listed any securities exchange.
CUSIP / ISIN:
2515A1 PC 9 / US2515A1PC99
Investing in the notes involves a number of risks. See "Selected Risk Considerations" beginning on page PS-2 in this pricing
supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed
upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus supplement and prospectus. Any
representation to the contrary is a criminal offense.

Price to
Discounts and
Proceeds

Public
Commissions(1)
to Us
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Per Note

$1,000.00
$20.00
$980.00
Total

$3,397,000.00
$51,440.00
$3,345,560.00
(1) For more detailed information about discounts and commissions, please see "Supplemental Underwriting Information (Conflicts of
Interest)" in this pricing supplement.
Deutsche Bank Securities Inc., an agent for this offering, is our affiliate. For more information, see "Supplemental Underwriting Information
(Conflicts of Interest)" in this pricing supplement.
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental
agency.

CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$3,397,000.00
$394.39

Deutsche Bank Securities

February 8, 2011

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SUMMARY

·
You should read this pricing supplement together with the prospectus supplement dated September 29, 2009 relating to our Series A
global notes of which these notes are a part and the prospectus dated September 29, 2009. You may access these documents on the
SEC Web site at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC
Web site):

·
Prospectus supplement dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000119312509200021/d424b31.pdf

·
Prospectus dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000095012309047023/f03158be424b2xpdfy.pdf
· Our Central Index Key, or CIK, on the SEC Web site is 0001159508. As used in this pricing supplement, "we," "us" or "our" refers to
Deutsche Bank AG, including, as the context requires, acting through one of its branches.
· This pricing supplement, together with the documents listed above, contains the terms of the notes 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 "Selected Risk Considerations" beginning on page PS-2 in this
pricing supplement. We urge you to consult your investment, legal, tax, accounting and other advisers before deciding to invest in the
notes.
· In making your investment decision, you should rely only on the information contained or incorporated by reference in this pricing
supplement relevant to your investment and the accompanying prospectus supplement and prospectus with respect to the notes
offered by this pricing supplement and with respect to Deutsche Bank AG. We have not authorized anyone to give you any additional
or different information. The information in this pricing supplement and the accompanying prospectus supplement and prospectus may
only be accurate as of the dates of each of these documents, respectively.
· You should be aware that the regulations of the Financial Industry Regulatory Authority ("FINRA") and the laws of certain jurisdictions
(including regulations and laws that require brokers to ensure that investments are suitable for their customers) may limit the
availability of the notes. This pricing supplement and the accompanying prospectus supplement and prospectus do not constitute an
offer to sell or a solicitation of an offer to buy the notes under any circumstances in which such offer or solicitation is unlawful.
· We are offering to sell, and are seeking offers to buy, the notes only in jurisdictions where such offers and sales are
permitted. Neither the delivery of this pricing supplement nor the accompanying prospectus supplement or prospectus nor
any sale made hereunder implies that there has been no change in our affairs or that the information in this pricing
supplement and accompanying prospectus supplement and prospectus is correct as of any date after the date hereof.
· You must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection with the possession or
distribution of this pricing supplement and the accompanying prospectus supplement and prospectus and the purchase,
offer or sale of the notes and (ii) obtain any consent, approval or permission required to be obtained by you for the
purchase, offer or sale by you of the notes under the laws and regulations applicable to you in force in any jurisdiction to
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which you are subject or in which you make such purchases, offers or sales; neither we nor the agents shall have any
responsibility therefor.

PS-1
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Selected Risk Considerations

An investment in the notes involves risks. This section describes the most significant risks relating to the notes. For a complete list of risk
factors, please see the accompanying prospectus supplement and the accompanying prospectus.

·
THE VALUE OF THE NOTES MAY DECLINE DUE TO SUCH FACTORS AS A RISE IN INFLATION AND/OR INTEREST
RATES OVER THE TERM OF THE NOTES -- Because the notes mature in 2021, their value may decline over time due to such
factors as inflation and/or rising interest rates. In addition, the Interest Rate on the notes may in the future be low in comparison to
the interest rates for similar debt securities then prevailing in the market. Nevertheless, if this occurs, you will not be able to require
the Issuer to redeem the notes and will, therefore, bear the risk of holding the notes until the Maturity Date.

·
THE NOTES WILL NOT BE LISTED AND THERE WILL LIKELY BE LIMITED LIQUIDITY -- The notes will not be listed on any
securities exchange. Deutsche Bank AG or its affiliates may offer to purchase the notes 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 the notes easily. Because other dealers are not likely to make a secondary market for
the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which Deutsche Bank
AG or its affiliates are willing to buy the notes.

·
CREDIT OF THE ISSUER -- The notes are senior unsecured obligations of the Issuer, Deutsche Bank AG, and are not, either
directly or indirectly, an obligation of any third party. Any interest payments to be made on the notes and the repayment of principal
at maturity depend on the ability of Deutsche Bank AG to satisfy its obligations as they come due. As a result, the actual and
perceived creditworthiness of Deutsche Bank AG will affect the value of the notes and in the event Deutsche Bank AG were to
default on its obligations you may not receive interest and principal payments owed to you under the terms of the notes.

·
THE NOTES ARE NOT DESIGNED TO BE SHORT-TERM TRADING INSTRUMENTS -- The price at which you will be able to
sell your notes to us or our affiliates prior to maturity, if at all, may be at a substantial discount from the Principal Amount of the
notes. The potential returns described in this pricing supplement assume that your notes, which are not designed to be short-term
trading instruments, are held to maturity.

·
MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- The value of the notes will be
affected by a number of economic and market factors that may either offset or magnify each other, including:

·
the time remaining to maturity of the notes;

·
trends relating to inflation;

·
interest and yield rates in the market generally;

·
a variety of economic, financial, political, regulatory or judicial events; and

·
our creditworthiness, including actual or anticipated downgrades in our credit ratings, financial condition or results of
operations.

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PS-2
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DESCRIPTION OF THE NOTES

The following description of the terms of the notes supplements the description of the general terms of the debt securities set forth under
the headings "Description of Notes" in the accompanying prospectus supplement and "Description of Debt Securities of Deutsche Bank
Aktiengesellschaft" in the accompanying prospectus. Capitalized terms used but not defined in this pricing supplement have the meanings
assigned to them in the accompanying prospectus supplement and prospectus. The term "note" refers to each $1,000 Principal Amount
of our 10 Year 4.50% Fixed Rate Notes.
General

The notes are senior unsecured obligations of Deutsche Bank AG that pay interest at a rate equal to 4.50% per annum. The interest is
paid on a monthly basis and on the Maturity Date in arrears based on an adjusted 30/360 day count fraction. The notes are our Series A
notes referred to in the accompanying prospectus supplement and prospectus. The notes wil be issued by Deutsche Bank AG under an
indenture among us, Law Debenture Trust Company of New York, as trustee, and Deutsche Bank Trust Company Americas, as issuing
agent, paying agent, and registrar.

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or by any other
governmental agency.

The notes are our senior unsecured obligations and will rank pari passu with all of our other senior unsecured obligations.

The notes will be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The principal amount (the
"Principal Amount") is $1,000 and the Issue Price of each note is $1,000.00. The notes will be issued in registered form and represented by
one or more permanent global notes registered in the name of The Depository Trust Company ("DTC") or its nominee, as described under
"Description of Notes -- Form, Legal Ownership and Denomination of Notes" in the accompanying prospectus supplement and "Forms of
Securities -- Global Securities" in the accompanying prospectus.
Payments on the Notes

The "Maturity Date" will be February 11, 2021, unless that day is not a business day, in which case the Maturity Date will be the first
following business day unless that day falls in the next calendar month, in which case, the Maturity Date will be the first preceding day that is
a business day. On the Maturity Date, you will receive a cash payment, for each $1,000 Principal Amount of notes, of $1,000 plus any
accrued but unpaid interest.

The notes will bear interest from the Settlement Date at a rate equal to 4.50% per annum, payable on a monthly basis in arrears on
January 11, February 11, March 11, April 11, May 11, June 11, July 11, August 11, September 11, October 11, November 11 and December
11 of each year, commencing on March 11, 2011, based on an adjusted 30/360 day count fraction. If any scheduled Interest Payment Date
is not a business day, the interest will be paid on the first following day that is a business day, unless that day falls in the next calendar
month, in which case, the interest will be paid on the first business day preceding the scheduled Interest Payment Date. The day on which
interest is paid on the notes is an "Interest Payment Date."

The initial interest period will begin on, and include, February 11, 2011 and end on, but exclude, the first Interest Payment Date. Each
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subsequent interest period will begin on, and include, the Interest Payment Date for the preceding interest period and end on, but
exclude, the next following Interest Payment Date. The final interest period will end on the Maturity Date.

We will irrevocably deposit with DTC no later than the opening of business on the applicable Interest Payment Date and the Maturity
Date funds sufficient to make payments of the amount payable with respect to the notes on such date. We will give DTC irrevocable
instructions and authority to pay such amount to the holders of the notes entitled thereto.

A "business day" is any day other than a day that (i) is a Saturday or Sunday, (ii) is a day on which banking institutions generally in
the City of New York or London, England, are authorized or obligated by law, regulation or executive order to close or (iii) is a day on which
transactions in dollars are not conducted in the City of New York or London, England.

PS-3
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Subject to the foregoing and to applicable law (including, without limitation, United States federal laws), we or our affiliates may, at any
time and from time to time, purchase outstanding notes by tender, in open market transactions or by private agreement.
Calculation Agent

Deutsche Bank AG, London Branch, will act as the calculation agent. The calculation agent will determine, among other things, the
amount of interest payable in respect of your notes on each Interest Payment Date. All determinations made by the calculation agent will be
at the sole discretion of the calculation agent and will, in the absence of manifest error, be conclusive for all purposes and binding on you
and on us. We may appoint a different calculation agent from time to time after the date of this pricing supplement without your consent and
without notifying you.

The calculation agent will provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely,
of the amount to be paid on each Interest Payment Date and at maturity on or prior to 11:00 a.m. on the business day preceding each
Interest Payment Date and the Maturity Date. All calculations with respect to the amount of interest payable on the notes will be rounded to
the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.876545 would be rounded to 0.87655); all dollar
amounts related to determination of the payment per $1,000 Principal Amount of notes at maturity will be rounded to the nearest ten-
thousandth, with five one hundred-thousandths rounded upward (e.g., 0.76545 would be rounded up to 0.7655); and all dollar amounts paid
on the aggregate Principal Amount of notes per holder will be rounded to the nearest cent, with one-half cent rounded upward.
Events of Default

Under the heading "Description of Debt Securities of Deutsche Bank Aktiengesellschaft -- Events of Default" in the accompanying
prospectus is a description of events of default relating to debt securities including the notes.

Payment Upon an Event of Default

If an event of default occurs, and the maturity of your notes is accelerated, we will pay a default amount for each $1,000 Principal
Amount of notes equal to $1,000 plus any accrued but unpaid interest to (but excluding) the date of acceleration.

If the maturity of the notes is accelerated because of an event of default as described above, we shall, or shall cause the calculation
agent to, provide written notice to the trustee at its New York office, on which notice the trustee may conclusively rely, and to DTC of the
cash amount due with respect to the notes as promptly as possible and in no event later than two business days after the date of
acceleration.

Modification

Under the heading "Description of Debt Securities of Deutsche Bank Aktiengesellschaft -- Modification of the Indenture" in the
accompanying prospectus is a description of when the consent of each affected holder of debt securities is required to modify the indenture.
Defeasance

The provisions described in the accompanying prospectus under the heading "Description of Debt Securities of Deutsche Bank
Aktiengesellschaft -- Discharge and Defeasance" are not applicable to the notes.
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Listing

The notes will not be listed on any securities exchange.
Book-Entry Only Issuance -- The Depository Trust Company

The Depository Trust Company, or DTC, will act as securities depositary for the notes. The notes will be issued only as fully-registered
securities registered in the name of Cede & Co. (DTC's nominee). One or more fully-registered global notes certificates, representing the
total aggregate Principal Amount of the notes, will be issued and will be deposited with DTC. See the descriptions contained in the
accompanying prospectus supplement under the headings "Description of Notes -- Form, Legal Ownership and Denomination of Notes."
The notes are offered on a global basis. Investors may elect to hold interests in the registered global notes held by the DTC through
Clearstream, Luxembourg or the Euroclear operator if they are participants in those systems, or indirectly through organizations which are
participants in those

PS-4
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