Issuer:

Deutsche Bank Contingent Capital Trust V

Securities:

8.05% Cumulative and Noncumulative Trust Preferred Securities

Guarantor:

Full and unconditional guarantees of Deutsche Bank AG on a subordinated basis as set forth in the preliminary prospectus supplement dated April 30, 2008

Size:

44,000,000 trust preferred securities ($1,100,000,000)

Overallotment Option:

Yes (15 days), 6,600,000 trust preferred securities ($165,000,000)

Expected Ratings:

Aa3/A+/A+ (Moody’s/S&P/Fitch)⁽¹⁾

Maturity Date:

Perpetual

Capital Payments:

8.05% per annum on the liquidation preference amount of $25 per trust preferred security

Type of Distributions:

Cumulative unless and until the first day of any payment period in which Deutsche Bank AG elects to qualify any portion of the trust preferred securities as Tier 1 regulatory capital, and noncumulative with respect to such portion for the then current payment period and all subsequent payment periods. Deutsche Bank AG may elect to so qualify, on one or more occasions prior to June 30, 2013, all or a percentage of the trust preferred securities amounting to at least 10% of the liquidation preference amount or an integral multiple thereof. The election may be done only in increments of 10%

1^st Coupon:

June 30, 2008

Payment Dates:

Quarterly on the 30th of March, June, September and December

Optional Redemption:

At issuer’s option, on any distribution date on or after June 30, 2018 in connection with redemption of underlying Class B preferred securities at $25 per trust preferred security or at any time in the event of a tax or regulatory event

Liquidation Preference
Amount / Par:

$25 per trust preferred security

Trade Date:

May 1, 2008

Settle:

May 9, 2008 (T+6)

Format:

SEC Registered

Clearing/Settlement:

DTC, including participants Euroclear and Clearstream

Initial Public Offering Price:

$25 per trust preferred security

Joint Book-Running Managers:

Deutsche Bank Securities, Citi, Merrill Lynch & Co. (Physical Books) and Wachovia Securities

Senior Co-Managers:

Banc of America Securities LLC, Morgan Stanley and UBS Investment Bank

Co-Managers:

Morgan Keegan & Company, Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC

CUSIP/ISIN:

25150L 108 / US25150L1089