Termsheet - Deutsche Bank

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Terms and Conditions, 04 January 2010
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Terms and Conditions
Issuer
Deutsche Bank AG, Frankfurt acting through Deutsche Bank AG, London (Ratings:
Moody's Aa1, Standard & Poor's A+)
Emission Volume Up to EUR 1,000,000,000
Nominal Amount
Issue Price
100.00 EUR per Security
100.00% of the Notional Amount
Front-End Load 1.00% of the Issue Price 1
Placement Fee 0.50% of the Issue Price 2
Quotation
Subscription Period
Percentage Quotation
06 January 2010 to 19 January 2010 (until 16:00 German time)
(subject to early closing)
Issue Date 19 January 2010
First Date of Stock
Exchange Listing
20 January 2010
Primary Settlement Date 21 January 2010
Maturity Date 21 January 2015
Interest Rate From 21 January 2010 to 20 January 2011: 2.75%
From 21 January 2011 to 20 January 2012: 2.75%
From 21 January 2012 to 20 January 2013: 2.90%
From 21 January 2013 to 20 January 2014: 2.90%
From 21 January 2014 to 20 January 2015: 3.00%
Interest Amount
Interest Rate Day Count
Fraction
Interest Period
Nominal Amount x Interest Rate x Interest Rate Day Count Fraction
Means the number of days in the Interest Period divided by 360 (the number of
days to be calculated on the basis of a year of 360 days with 12 months each
comprising 30 days (unless
(a) the last day of the Interest Period is the 31st day of a month, in which case
the month that includes that last day shall not be considered to be
shortened to a month comprising 30 days or
(b) the last day of the Interest Period is the last day of the month of February,
in which case the month of February shall not be considered to be
lengthened to a month comprising 30 days)
Means the period commencing on (and including) 21 January 2010 to (but
excluding) the first Interest Payment Date and each period commencing on (and
including) an Interest Payment Date to (but excluding) the next following Interest
Payment Date.
1 The client pays the front-end load to the principal bank.
2 The placement fee represents a sales remuneration dependent on turnover, payable upfront as part of
the issue price from the issuer to the bank offering the securities (principal bank) or being a discount on
the issue price. If Deutsche Bank acts as issuer as well as principal bank, i.e. offering structured products
issued by Deutsche Bank, the amount will be credited internally to the sales unit.

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Terms and Conditions, 04 January 2010
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Interest Payment Date
Payment Day
Calculation Agent
Stock Exchange Listing
Market Making
Investor Minimum
Subscription Amount
Minimum Trade Size
Settlement
WKN
ISIN
Means 21 January in each year from and including 21 January 2011 to and
including 21 January 2015.
Any day which is
(i) a day on which commercial banks and foreign exchange markets settle
payments and are open for general business (including dealings in foreign
exchange and foreign currency deposits) in the relevant place of
presentation and London and Frankfurt; and
(ii) either
(1) in relation to any sum payable in a currency other than euro, a day on
which commercial banks and foreign exchange markets settle
payments and are open for general business (including dealings in
foreign exchange and foreign currency deposits) in the principal
financial centre of the country of such currency (if other than the place
of presentation) or
(2) in relation to any sum payable in euro, a day that the Trans-European
Automated Real-Time Gross Settlement Express Transfer (TARGET)
System is open;
Deutsche Bank AG, London
Application has been made to list the Securities on the regulated unofficial market
(Freiverkehr) of the Frankfurt Stock Exchanges and Stuttgart.
Under normal market circumstances Deutsche Bank AG is expected to
continuously quote bid and offer prices, without being legally obliged to do so. The
expected bid offer spread is 1.00 percentage points.
1 Security
1 Security
Clearstream Banking AG, Frankfurt am Main, Euroclear
DB2KTF
DE000DB2KTF7

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Terms and Conditions, 04 January 2010
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Important Notice
© Deutsche Bank AG 2010. The document is current as of the initial issue date of the securities (Issue Date).
The complete terms and conditions of the Financial Instruments are included in the respective Offering Circular,
copies of which are available upon request and free of charge from Deutsche Bank AG, GME, X-markets, Große
Gallusstr. 10 – 14, 60311 Frankfurt, Telephone: 069 / 910 38808, Telefax: 069 / 910 38673 or could be
downloaded under www.x-markets.db.com.
The above information does not constitute the provision of investment advice; its sole purpose is the description
of the Financial Instruments or transactions. Any investment decision should be based on the Offering Circular.
Any views expressed reflect the current views of Deutsche Bank AG which may change without notice. Although
the above information has been taken from sources which are believed to be accurate, no warranty or
representation is made as to its correctness, completeness and accuracy. All prices listed are subject to
confirmation. They have been listed for information purposes only and do not indicate tradable prices.
Past performance is not indicative of future results.
As described in the respective Offering Circular, there are restrictions on the distribution of the Financial
Instruments in certain jurisdictions. In particular, the Financial Instruments may not be offered or sold in the United
States, to U.S. persons or U.S. residents.
This document and the information contained therein may only be distributed and published in jurisdictions in
which such distribution and publication is permitted. Any direct or indirect distribution of this document into the
United States, the United Kingdom, Canada or Japan, or to U.S. persons or U.S. residents, is prohibited.