Termsheet Express Certificate on Euro Stoxx 50 Index with 60 ...

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
1
Product Description
The <strong>Express</strong> <strong>Certificate</strong> is linked to the Underlying’s performance and has a maturity of 5 years. If the Underlying
is at or above the Strike on the respective Redemption Date, the <strong>Certificate</strong> will be early redeemed automatically
by paying the Redemption Amounts stated in the table below:
Redemption Date Strike Redemption Amount
15 September 2010
15 September 2011
17 September 2012
16 September 2013
15 September 2014
100% of the Initial Reference Level
(i.e. 2843 Indexpoints)
100% of the Initial Reference Level
(i.e. 2843 Indexpoints)
100% of the Initial Reference Level
(i.e. 2843 Indexpoints)
100% of the Initial Reference Level
(i.e. 2843 Indexpoints)
100% of the Initial Reference Level
(i.e. 2843 Indexpoints)
1110 EUR
1220 EUR
1330 EUR
1440 EUR
1550 EUR
On Final Redemption Date, if the <strong>Certificate</strong> has not been already redeemed early and the Underlying is lower
than the respective Strike on that day, the investor will receive at Maturity
(a) payment equal to 115% of the Nominal Amount, if the Final Reference Level is at or above the Barrier Level,
or
(b) if the Final Reference Level is below the Barrier Level a payment equal to:
Final Reference Level
Nominal Amount*
Initial Reference Level
Consequently, this certificate is suited for investors expecting the underlying to trade side-ways or to fall slightly
(depending on the strike levels).
Terms and Conditions
Issuer
Issue Volume
Underlying
Nominal Amount
Deutsche Bank AG, Frankfurt
Up to 7’500 <strong>Certificate</strong>s
Euro Stoxx 50 Index (ISIN: EU0009658145, Reuters RIC: .STOXX50E)
EUR 1000 per <strong>Certificate</strong>s
Issue Price EUR 1000
Trade Date 15 September 2009
Issue-/Value Date 01 October 2009
Listing Date 01 October 2009
Final Redemption Date 15 September 2014
Maturity 1 October 2014
Initial Reference Level
Final Reference Level
Official Closing Price of the Underlying on Trade Date, i.e. 2843 Indexpoints
Official Closing Price of the Underlying on Final Redemption Date

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
2
Barrier Level
Strike
Early Redemption
60% of the Initial Reference Level , i.e. 1705.80 Indexpoints
The Level determined on each respective Redemption Date as stated in the table
below
If the Official Closing Price of the Underlying on the following Redemption Dates is
at or above the Strike, the <strong>Certificate</strong> will be early redeemed automatically unless it
is the <strong>Certificate</strong>’s Final Redemption Date:
Redemption Date Strike Redemption Amount
15 September 2010
100% of the Initial Reference
Level (i.e. 2843 Indexpoints)
1110 EUR
15 September 2011
100% of the Initial Reference
Level (i.e. 2843 Indexpoints)
1220 EUR
17 September 2012
100% of the Initial Reference
Level (i.e. 2843 Indexpoints)
1330 EUR
16 September 2013
100% of the Initial Reference
Level (i.e. 2843 Indexpoints)
1440 EUR
15 September 2014
100% of the Initial Reference
Level (i.e. 2843 Indexpoints)
1550 EUR
Value Date at Early
Redemption
Redemption at Maturity
Reference Agent
Calculation and Paying
Agent
Listing
Market Making
Minimum Subscription
Minimum Tradable Size
Settlement
WKN
ISIN
Five business days following the relevant Redemption Date, or if this day is not a
business day; the next following business day
On Final Redemption Date, if the Underlying is lower than the respective Strike on
that day, the investor will receive at Maturity
(a) a cash payment equal to 115% of the Nominal Amount, if the Final Reference
Level is at or above the Barrier Level
or
(b) if the Final Reference Level is below the Barrier Level a cash payment equal to
Final Reference Level
Nominal Amount *
Initial Reference Level
Stoxx Ltd. Zürich
Deutsche Bank AG, Frankfurt
Application will be made for listing on the SIX Swiss Exchange.
Given regular market circumstances, Deutsche Bank AG will continuously quote
bid-/ ask-prices until Redemption Date. Indicative prices will be available on
Reuters Page “DBEEC=DBBL”
1 <strong>Certificate</strong>
1 <strong>Certificate</strong>
SIS SegaInterSettle
DB5QNL
DE000DB5QNL8
Valor 10470080

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
3
Symbol
DBEEC
Description and payout profile
The payout of the <strong>Express</strong> <strong>Certificate</strong> is linked to the Underlying’s performance. If the Underlying is at or above the Strike on
the respective Redemption Date, the <strong>Certificate</strong> will be early redeemed automatically by paying the Redemption Amount. This
means the investor participates in the positive performance of the Underlying up to the Redemption Amount. On Final
Redemption Date, if the <strong>Certificate</strong> has not been redeemed early and the Underlying trades below the respective Strike but at
or above the Barrier Level, the investor will receive at maturity an amount equal to 115% of the Nominal Amount. If however,
the Underlying trades lower than the Barrier Level, the investor will fully participate in the negative performance of the
underlying. The investor is not entitled to receive any dividends potentially paid by the underlying.
Scenario Analysis
Assumptions.
The <strong>Express</strong> <strong>Certificate</strong> is held from start till maturity
Underliying: Euro Stoxx 50 Index
Level of underlying on Issue Date: 2843 Indexpoints
Issue Price: EUR 1000
Barrier: 1705.80 Indexpoints
Issue Date:
Initial Reference Level of
Underlying = 2843
1st observation date
Underlying >= 2843.00 Points
Yes
Redemption at EUR 1110
( 11.00% Return)
No
2nd observation date
Underlying >= 2843.00 Points
Yes
Redemption at EUR 1220
( 22.00% Return)
No
3rd observation date
Underlying>= 2843.00 Points
Yes
Redemption at EUR 1330
( 33.00% Return)
No
4th observation date
Underlying>= 2843.00 Points
Yes
Redemption at EUR 1440
( 44.00% Return)
No
5th observation date
Underlying>= 2843.00 Points
Yes
Redemption at EUR 1550
( 55.00% Return)
No
Underlying >= 1705.80 Points
Yes Redemption at EUR 1150
No
Redemption=
Final Reference Level x EUR 1000
Initial Reference Level

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
4
Dividends, transaction costs, provisions and taxes are not considered in the scenario analysis and would have, if considered, a
negative effect on the performance of the certificate.
Benefits
Attractive return opportunity with early redemption provision, if the underlying trades at or above the strike on the
respective redemption date
In case there is no early redemption, conditional downside protection, if the underlying does not trade below the barrier on
Final Redemption Date (the redemption will be equal to 115% of the Nominal Amount in this case)
Risks
No early redemption, if the underlying trades below the strike on each of the redemption dates
If the underlying trades below the barrier on Final Redemption Date, the risk of the certificate is comparable to the risk of a
direct investment into the underlying. Worst case: if the underlying becomes valueless, the investor loses his entire
investment.
Participation in the positive performance of the underlying is limited by the redemption amount
In case of a strong negative performance of the underlying, the liquidity of the certificate in secondary market can be
limited. Potentially only Deutsche Bank is available as counterparty to buy back the certificate. Deutsche Bank will
continuously during the lifetime of the product provide indicative bid-offer-prices, without being legally obliged to do so.
Determination of market price during the lifetime of the product
During the lifetime of the product, the price of the certificate depends on the price of the underlying and different other factors.
The development of the price of the certificate might deviate from the price of the underlying during the lifetime of the product.
On the upside, the participation in the positive performance of the underlying is limited, since the maximum possible payout in
case of an early redemption is capped.
Following factors have generally a positive impact on the value of the certificate
Price of the underlying increases
Decreasing volatility of the underlying
Decreasing interest rates
Decreasing dividends
General Information on the issue price and pricing in the secondary market for structured products
1. Determinants of the issue price:
- Mathematical “fair” value: The theoretical „fair” value depends in particular on the value of the underlying as well as
certain derivative components of the security (see product description)
- Premium: The issue price charged for the securities can comprise a premium on the original mathematical „fair“ value
which is not visible to investors. Such premium is determined by the issuer in its discretion and can differ from premiums
charged by other issuers for comparable securities. The premium covers in particular costs for structuring the security
and the distribution.
- Disclosed management or other fees
A disclosed loading charge might be charged in addition.
2. Secondary market pricing:
Circumstances taken into account by the market maker when setting the quoted bid-offer prices in the secondary market are
notably
- The mathematical „fair“ value
- The bid-offer spread: The bid-offer spread for the Securities will be set by the market-maker based on supply and
demand for the Securities and certain revenue considerations.
- A loading charge originallly raised
- Fees or costs which at maturity of the securities are to be subtracted from the cash amount, i.e. management, transaction
or other fees charged on the basis of the product conditions.
- A premium on the securities original value contained in their issue price (see point 1)

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
5
- Dividends paid or received for the underlying, or its constituents, or other proceeds which, due to the securities’ design,
are economically attributable to the issuer.
Certain costs are in many cases not taken out of the quoted prices on a consistent basis over the term of the Securities (pro
rata temporis), but are subtracted from the securities’ fair value completely at an earlier point in time, as determined by the
market-maker in its discretion, as there are:
- Management fees charged on the basis of the product
- A premium contained in the issue price
- Dividends and other proceeds of the underlying which, due to the securities’ design, are economically attributable to the
issuer which often are not subtracted when the underlying, or its constituents, are traded ”ex dividend”, but at an early
stage of the securities’ term based on expected dividends for the entire term or a certain time span. The rate at which
such costs are subtracted depends, inter alia, on the net flow back of securities to the market-maker.
Subsequently, the prices quoted by the market-maker can substantially differ from the fair value of the securities, or the value
to be expected economically on the basis of the factors mentioned above, at the relevant time. In addition, the market-maker
can at any time alter the methodology used to set the quoted prices, e. g. increase or decrease the bid-offer spread.
TERMSHEET DISCLAIMER – IMPORTANT NOTICE
In connection with the offer and sale of the Securities, the distributor may acquire the Securities at a discount to
the Issue Price or at the Issue Price. If the distributor acquires the Securities at the Issue Price, it may receive a
distribution fee. Such amounts received by the distributor may be in addition to the brokerage cost/fee normally
applied by the distributor. The purchaser acknowledges that such distribution fee may be retained by the
distributor and that more information may be obtained from the relevant distributor.
Deutsche Bank AG, Frankfurt, is licensed to carry on banking business and to provide financial services by the
German Federal Financial Services Supervisory Authority ("Bundesanstalt für Finanzdienstleistungsaufsicht").
Deutsche Bank AG, London Branch, is also regulated by the Financial Services Authority for the conduct of UK
business.
This document contains a short summary description of the most relevant terms and conditions of the abovedescribed
Product (the "Product"). The complete terms and conditions are included in the Offering Circular/Final
Terms. The facts contained herein are merely for information purposes. This document, and the information
contained therein, does not constitute an issue prospectus according to the articles 652a and 1156 of the Swiss
Code of Obligations ("CO"). The relevant terms and conditions are included in the offering circular, which can be
obtained free of charge at Deutsche Bank AG, Frankfurt, Zurich Branch, POB 8730, 8021 Zurich, Switzerland.
This product does not represent a participation in any of the collective investment schemes pursuant to Art. 7 et
seq. of the Swiss Federal Act on Collective Investment Schemes (CISA) and thus is not subject to the
authorisation or supervision of the Swiss Financial Market Supervisory Authority (FINMA). Therefore, investors in
this product are not eligible for the specific investor protection under the CISA.
This document, and the information contained therein, does not constitute the provision of investment advice; its
sole purpose is the description of the Product. Investing in these Products entails risks and a decision to invest
must in all cases be taken only based on the Offering Circular. Please consider all risks described in the Offering
Circular carefully prior to investing in the Product and consult your professional independent financial, legal,
accounting, and/or tax adviser with respect to an investment in the Product. For further information, please
contact your personal client advisor.
All opinions contained herein are based on the current view of Deutsche Bank AG, and may be amended without
prior notice. Deutsche Bank AG does not make any representation, recommendation or warranty, regarding the
accuracy, adequacy, reasonableness or completeness of the information contained herein, even though all
information contained herein originates from reliable sources. All rates and prices are subject to changes and are
published for information purpose only and not as indicator for tradable rates and prices. The relevant Tax Laws
or the practice of the Tax Authorities may change at any time. Deutsche Bank AG is not responsible for and
assumes no liability with respect to any tax implications on this Product. Past performance is not indicative of
future results. The Products are unsubordinated, unsecured contractual obligations of Deutsche Bank AG. They
do not benefit from any preference in rank. The insolvency of Deutsche Bank AG may lead to a partial or total loss
of the invested capital.
Deutsche Bank AG or its affiliates or persons associated with Deutsche Bank AG or its affiliates may maintain a
long or short position in Products and Underlyings referred to herein, or in related futures or options, purchase or
sell, make a market in, or engage in any other transaction involving such Products and Underlyings, and earn

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
6
brokerage or other compensation. If applicable, the capital protection feature only applies if Securities are held to
maturity. Market values may be affected by a number of factors including index values, volatility, time to maturity,
dividend yields and issuer credit ratings. These factors are interrelated in complex ways, and as a result, the
effect of any one factor may be offset or magnified by the effect or another factor.
The distribution of these Products is prohibited in some jurisdictions. This document and the information
contained herein may only be distributed and published in jurisdictions in which such distribution and publication
is permitted. In particular these Securities have not be authorised for offer or distribution to the public in the
European Economic Area and the UK and may not be offered or sold in the United States, Canada, Japan, or to
U.S. persons.
Further risk disclosures pursuant to MiFID can be obtained on
http://globalmarkets.db.com/riskdisclosures.