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Issuer: Deutsche Bank AG Primary Exchange: Not Listed on an exchange as of November 17th, 2008 Ticker: Not Applicable. Current bid prices of Deutsche Bank Securities, Inc. ("DBSI"), an affiliate of the issuer,  are posted via the CUSIP number (listed below) on Bloomberg. DB AUD Overnight Index Bloomberg Ticker: DBMMAUON Exchange Rate Bloomberg Ticker: AUDUSD AUD/USD Initial Exchange Rate: 0.9148 CUSIP: Inception Date: February 20, 2008 Maturity Date: February 23, 2023 Initial Index Level: 134.956 Denomination: $10.00 Yearly Fee : 0.40%

Returns
Exchange Rate and Index Returns indicate the percentage change in the AUD/USD Exchange Rate and the DB AUD Overnight Index, respectively, expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Exchange Rate and Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Exchange Rate Returns do not reflect any fees and adjustments that would reduce an investor's actual returns, while Index Returns reflect the fees and adjustments which will reduce any distribution paid to an investor. Indices are not managed and one cannot invest directly in an index.

Investors can trade in the secondary market, to the extent a trading market develops. DBSI has indicated it expects to bid for ELEMENTS offered for sale to it by investors, but it is not required to do so and may cease making bids at anytime. In the alternative, investors may receive a cash payment in U.S. dollars at the scheduled maturity date equal to the Principal Value on the Final Valuation Date plus the accrued Distribution, if any, to the Final Valuation Date or at early repurchase equal to the Daily Repurchase Value (as described below).

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the Principal Value on the Repurchase Valuation Date plus the accrued but unpaid Distribution to the Repurchase Valuation Date.

Indicative Value
The term indicative value is used to refer to the value at a given time determined based on the following equation: Closing Indicative Value = Principal Value + Accrued Distribution

Principal Value
The Principal Value on any Valuation Date will be an amount in U.S. dollars equal to the Australian Dollar Principal Amount times the Exchange Rate on such Valuation Date.

Distribution
The accrued Distribution on any Valuation Date will be an amount in U.S. dollars equal to the Australian Dollar Principal Amount times the Accrual Factor on such Valuation Date times the Exchange Rate on such Valuation Date.

Australian Dollar Principal Amount
A$10.931, the Stated Principal Amount divided by the Initial Exchange Rate.

Exchange Rate
On any Valuation Date, the Exchange Rate is the Australian dollar/U.S. dollar spot exchange rate expressed as the number of U.S. dollars that can be exchanged for one Australian dollar for settlement in two business days, as reported by the Federal Reserve Bank of New York on Reuters page 1FEE or any successor page at approximately 12:00 p.m. New York time on such Valuation Date.

Accrual Factor
The Accrual Factor on any Valuation Date is (1) the Index Level on such Valuation Date divided by the Index Level on the prior Distribution Valuation Date (or the Inception Date in the case of any Valuation Date prior to the first Distribution Valuation Date) minus (2) one.

Index Level
The level of the DB AUD Overnight Index will be calculated daily as follows: The Index Level on the Inception Date is 134.956. On each subsequent Australian Business Day until the Final Valuation Date, the Index Level will equal (1) the Index Level on the immediately preceding Australian Business Day times (2) the sum of (a) one and (b) the product of the Deposit Rate times the Daycount Fraction.

Daycount Fraction
The Daycount Fraction on any Australian Business Day will be the number of calendar days that have elapsed from and including the most recent Australian Business Day to but excluding the current Australian Business Day divided by 365.

Deposit Rate
On any Australian Business Day, the Deposit Rate is (1) the RBA 30 Rate for the immediately preceding Australian Business Day minus (2) the sum of (a) 0.25% per annum and (b) the Annual Investor Fee, subject to a minimum of 0%.

RBA 30 Rate
The Interbank Overnight Cash Rate, as reported on Reuters page RBA 30 or any successor page.

To Currency → Australian Dollar Notes

What Are Some of the Risks of the Securities?

An investment in the Securities involves risks and may not be suitable for all investors. Some of these risks are summarized here, but we urge you to read the more detailed explanation of risks in "Risk Factors" in the pricing supplement. Terms used but not defined below have the meaning set forth in the pricing supplement.

• Uncertain principal repayment - Your principal is not protected. If the Exchange Rate decreases relative to the Initial Exchange Rate you will receive an amount in U.S. dollars less than your original U.S. dollar investment in the Securities upon repurchase or at maturity.
  
  
• Distribution based on the Index and the Exchange Rate - Because the Distribution payable on the Securities is based on the Index (which includes an adjustment for the Annual Investor Fee and the deduction of 0.25% per annum from the RBA 30 Rate) and the Exchange Rate, the Distribution you receive may be less than the interest you would receive on a conventional debt security that you could purchase today with the same maturity as the Securities.
  
  
• Currency risk - The return on the Securities is linked to the performance of the Exchange Rate which, in turn, is linked to the values of the U.S. dollar and the Australian dollar. Currency prices may change unpredictably, affecting the Exchange Rate and, consequently, the value of your Securities in unforeseeable ways.
  
  
• Restrictions on repurchases by Deutsche Bank - You must offer at least $2,500,000 stated principal amount of Securities (250,000 Securities) to Deutsche Bank for your offer for repurchase to be considered.
  
  
• Your offer for repurchase is irrevocable - You will not be able to rescind your offer for repurchase after it is received by DBSI, so you will be exposed to market risk in the event market conditions change after DBSI receives your offer.
  
  
• Call risk - Your securities may be called by Deutsche Bank if the RBA 30 Rate decreases to or below 0.65% on any Australian Business Day.
  
  
• Issuer risk - The Securities are a senior unsecured obligation of Deutsche Bank, acting through its London branch. The repayment of the principal and the payment of any Distributions and returns based on the Exchange Rate at maturity are dependent on Deutsche Bank and its ability to pay. This risk is in addition to the risks posed by the Exchange Rate and the Index.
  
  
• A trading market for the Securities may not develop - We are not required to maintain any listing of the Securities on any exchange. These Securities are no longer listed on any exchange.
  
  

Uncertain Tax Treatment - Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax advisor as to the specific consequences to you of owning and disposing of Securities.