Document:

Exhibit
        4.2

    

     

    
      	
              REGISTERED

            	 
	
              PRICING
                SUPPLEMENT No. 304

              CERTIFICATE
                NO. 1

            	
              CUSIP:
                25154H749

              ISIN:

               

            

    

    

     

    DB
      Gold Double Long Exchange Traded Notes

    due
      February 15, 2038

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company (55 Water Street, New York, New York) to the issuer or its agent
      for registration of transfer, exchange or payment, and any certificate issued
      is
      registered in the name of Cede & Co. or such other name as requested by an
      authorized representative of The Depository Trust Company and any payment is
      made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
      Cede & Co., has an interest herein.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Deutsche
      Bank AG, acting through its London Branch

    SERIES
      A

     

    DB
      Gold Double Long Exchange Traded Notes

    due
      February 15, 2038 (the “Security”)

    

    
      	
              Original
                Issue Date

            	
              March
                3, 2008.

            
	
              Final
                Valuation Date

            	
              February
                10, 2038.

            
	
              Maturity
                Date

            	
              February
                15, 2038, subject to postponement in the event of a Market Disruption
                Event.

            
	
              Specified
                Currency

            	
              $USD.

            
	
              If
                Specified Currency Other Than U.S. Dollars,

              Option
                to Elect Payment in U.S. Dollars

            	
              N.A.

            
	
              Face
                Amount

            	
              $25
                per Security.

            
	
              Minimum
                Denominations

            	
              N.A.

            
	
              Interest
                Rate

            	
              N.A.

            
	
              Interest
                Payment Date(s)

            	
              N.A.

            
	
              Interest
                Period(s)

            	
              N.A.

            
	
              Interest
                Accrual Date

            	
              N.A.

            
	
              Initial
                Redemption Date

            	
              N.A.

            
	
              Redemption
                Dates

            	
              N.A.

            
	
              Redemption
                Notice Period

            	
              N.A.

            
	
              Initial
                Redemption Percentage

            	
              N.A.

            
	
              Annual
                Redemption Percentage

            	
              N.A.

            
	
              Optional
                Repayment Date(s)

            	
              N.A.

            
	
              Applicability
                of Modified Payment Upon Acceleration

            	
              N.A.

            
	
              Tax
                Redemption

            	
              N.A.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Payment
                of Additional Tax Amounts

            	
              N.A.

            
	
              Issue
                Price

            	
              100%

            
	
              Other
                Provisions

            	
              See
                below. To the extent the Other Provisions are inconsistent with any
                other
                provision of this Security, the Other Provisions will
                control.

            

    

     

    Deutsche
      Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft)
      organized under the laws of the Federal Republic of Germany acting through
      its
      London Branch, (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to Cede
& Co., or registered assignees, the amount in cash, as determined
      in
      accordance with the provisions set forth under “Payment at Maturity” below, due
      with respect to the Current Outstanding Face Amount specified on Schedule I
      hereto on the Maturity Date specified above (except to the extent previously
      redeemed or repaid) and to pay interest, if applicable, thereon at the Interest
      Rate per annum specified above from and including the Interest Accrual Date
      specified above until but excluding the date the principal amount is paid or
      duly made available for payment (except as provided below) weekly, monthly,
      quarterly, semi-annually or annually in arrears on the Interest Payment Dates
      specified above in each year commencing on the Interest Payment Date next
      succeeding the Interest Accrual Date specified above, and at maturity (or on
      any
      redemption or repayment date); provided, however, that if the
      Interest Accrual Date occurs between a Record Date, as defined below, and the
      next succeeding Interest Payment Date, interest payments will commence on the
      second Interest Payment Date succeeding the Interest Accrual Date to the
      registered holder of this Security on the Record Date with respect to such
      second Interest Payment Date.

     

    If
      applicable, interest on this Security will accrue from and including the most
      recent Interest Payment Date to which interest has been paid or duly provided
      for, or, if no interest has been paid or duly provided for, from and including
      the Interest Accrual Date, until but excluding the date the principal hereof
      has
      been paid or duly made available for payment (except as provided below). The
      interest so payable, and punctually paid or duly provided for, on any Interest
      Payment Date will, subject to certain exceptions described herein, be paid
      to
      the person in whose name this Security (or one or more predecessor Securities)
      is registered at the close of business on the date 15 calendar days prior to
      such Interest Payment Date (whether or not a Business Day (as defined on the
      reverse of this Security)); provided, however, that interest
      payable at maturity (or on any redemption or repayment date) will be payable
      to
      the person to whom the principal hereof shall be payable.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Payment
      of
      the principal of this Security, premium, if any, and interest, if applicable,
      due at maturity on this Security (or any redemption or repayment date), unless
      this Security is denominated in a Specified Currency other than U.S. dollars
      and
      is to be paid in whole or in part in such Specified Currency, will be made
      in
      immediately available funds upon surrender of this Security at the office or
      agency of the Paying Agent, as defined on the reverse hereof, maintained for
      that purpose in the Borough of Manhattan, the City of New York, or at such
      other
      paying agency as the Issuer may determine, in U.S. dollars.  U.S.
      dollar payments of interest, other than interest due at maturity or any date
      of
      redemption or repayment, will be made by U.S. dollar check mailed to the address
      of the person entitled thereto as such address shall appear in the Security
      register.  A holder of U.S. $10,000,000 (or the equivalent in a
      Specified Currency) or more in aggregate principal amount of Securities having
      the same Interest Payment Date, the interest on which is payable in U.S.
      dollars, will be entitled to receive payments of interest, other than interest
      due at maturity or on any date of redemption or repayment, by wire transfer
      of
      immediately available funds if appropriate wire transfer instructions have
      been
      received by the Paying Agent in writing not less than 15 calendar days prior
      to
      the applicable Interest Payment Date.

     

    If
      this
      Security is denominated in a Specified Currency other than U.S. dollars, and
      the
      holder does not elect (in whole or in part) to receive payment in U.S. dollars
      pursuant to the next succeeding paragraph, payments of principal, premium,
      if
      any, and interest with regard to this Security will be made by wire transfer
      of
      immediately available funds to an account maintained by the holder hereof with
      a
      bank located outside the United States if appropriate wire transfer instructions
      have been received by the Paying Agent in writing not less than 15 calendar
      days
      prior to the applicable payment date; provided, that if such wire
      transfer instructions are not received, such payments will be made by check
      payable in such Specified Currency mailed to the address of the person entitled
      thereto as such address shall appear in the Security register; and provided,
      further, that payment of the principal of this Security, any premium and
      the interest due at maturity (or on any redemption or repayment date) will
      be
      made upon surrender of this Security at the office or agency referred to in
      the
      preceding paragraph.

     

    If
      so
      indicated on the face hereof, the holder of this Security, if denominated in
      a
      Specified Currency other than U.S. dollars, may elect to receive all or a
      portion of payments on this Security in U.S. dollars by transmitting a written
      request to the Paying Agent, on or prior to the fifth Business Day after such
      Record Date or at least ten Business Days prior to the Maturity Date or any
      redemption or repayment date, as the case may be. Such election shall remain
      in
      effect unless such request is revoked by written notice to the Paying Agent
      as
      to all or a portion of payments on this Security at least five Business Days
      prior to such Record Date, for payments of interest, or at least ten calendar
      days prior to the Maturity Date or any redemption or repayment date, for
      payments of principal, as the case may be.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      the
      holder elects to receive all or a portion of payments of principal of, premium,
      if any, and interest on this Security, if denominated in a Specified Currency
      other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined
      on
      the reverse hereof) will convert such payments into U.S. dollars. In the event
      of such an election, payment in respect of this Security will be based upon
      the
      exchange rate as determined by the Exchange Rate Agent based on the highest
      bid
      quotation in the City of New York received by such Exchange Rate Agent at
      approximately 11:00 a.m., New York City time, on the second Business Day
      preceding the applicable payment date from three recognized foreign exchange
      dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate
      Agent is an affiliate of the Issuer) for the purchase by the quoting dealer
      of
      the Specified Currency for U.S. dollars for settlement on such payment date
      in
      the amount of the Specified Currency payable in the absence of such an election
      to such holder and at which the applicable dealer commits to execute a contract.
      If such bid quotations are not available, such payment will be made in the
      Specified Currency. All currency exchange costs will be borne by the holder
      of
      this Security by deductions from such payments.

     

    Denominations

     

    The
      Securities will be denominated in U.S. dollars as specified above.

    

    OTHER
      PROVISIONS

    

    
      	
              STATED
                PRINCIPAL AMOUNT:

            	 	
              $25.00
                per Security on the Inception Date.

               

              At
                any time, the aggregate outstanding Stated Principal Amount of this
                Security shall be the last amount set forth on Schedule I hereto
                under the
                heading “Current Outstanding Face Amount”.

               

              Securities
                represented by this Security may be issued after the date hereof
                upon
                notice by the Issuer to the Trustee, without the consent of the beneficial
                owners of the Securities then outstanding, and will have the same
                rights
                and privileges as Securities issued on the date hereof.

               

              Upon
                receipt of an Issuer Order instructing the Trustee to issue more
                Securities represented by this Security and delivery of such Securities
                through the DTC book-entry system, the Trustee shall make notations
                on
                Schedule I to evidence such issuance and the new aggregate Stated
                Principal Amount of Securities represented by this Security, provided,
                however, that in no event may the Current Outstanding Face Amount
                

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	represented
              by this Security exceed $500,000,000. 
               

              The
                Issuer may also instruct the Trustee to cancel Securities held by
                the
                Issuer represented by this Security.  Upon delivery of the Securities
                to be cancelled through the DTC book-entry system, the Trustee shall
                make
                notations on Schedule I to evidence such cancellation and the new
                aggregate Stated Principal Amount of Securities represented by this
                Security.

               

              The
                Trustee may, as necessary, add additional pages of the same format
                to
                Schedule I, to evidence additional issuances, cancellations and the
                Current Outstanding Face Amount of Securities represented by this
                Security, which additional pages shall constitute part of this Security
                to
                the same extent as if they had been part of this Security at the
                initial
                issuance and authentication hereof.

            
	 	 	 
	
              INCEPTION
                DATE:

            	 	
              February
                27, 2008.

            
	 	 	 
	
              SUB-INDICES:

            	 	
              DB
                3-Month T-Bill Index (the “TBill Index”)

               

              Deutsche
                Bank Liquid Commodity Index – Optimum Yield GoldTM Excess
                Return
                (the “Gold Index”).

               

            
	
              PAYMENT
                AT MATURITY:

            	 	
              At
                maturity, a holder of a Security will receive for each Security held
                on
                the Record Date, a payment at maturity per Security in U.S. dollars,
                calculated by the Calculation Agent equal to:

               

              the
                Current Principal Amount of the Security times the Index Factor
                on the Final Valuation Date times the Fee Factor on the Final
                Valuation Date

               

              where,

               

              “Current
                Principal Amount” means, for the period from the Inception Date
                to March 31, 2008 (such period, the “Initial Calendar
                Month”),  $25.00 for each Security;
                and

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              for
                each subsequent calendar month, the Current Principal Amount will
                be reset
                as follows on the Monthly Reset Date:

               

              new
                Current Principal Amount =

               

              previous
                Current Principal Amount x Index Factor on the applicable Monthly
                Valuation Date x Fee Factor on the applicable Monthly Valuation
                Date,

               

              “Index
                Factor” means 1 + TBill Index Return + (2 x Gold Index
                Return),

               

              “Fee
                Factor” means 1 - [Investor Fee x Day Count
                Fraction],

               

              “Investor
                Fee” means 0.75 per annum, and

               

              “Day
                Count Fraction” means, for each calendar month, a fraction, the
                numerator of which is the number of days elapsed from and including
                the
                Monthly Reset Date (or the Inception Date in the case of the Initial
                Calendar Month) to and including the Monthly Valuation Date (or the
                Trading Day, Valuation Date or Final Valuation Date, if applicable)
                and
                the denominator of which is 365.

               

            
	
              GOLD
                INDEX RETURN:

            	 	
              (Gold
                Index Closing Level minus Gold Index Monthly Initial
                Level)

               

              divided
                by

               

              Gold
                Index Monthly Initial Level

               

            
	
              TBILL
                INDEX RETURN:

            	 	
              (TBill
                Index Closing Level minus TBill Index Monthly Initial
                Level)

               

              divided
                by

               

              TBill
                Index Monthly Initial Level

               

            
	
              PAYMENT
                UPON REPURCHASE:

            	 	
              A
                holder of Securities may offer a minimum of 200,000 Securities and
                integral multiples of 50,000 Securities in excess thereof to Deutsche
                Bank
                for repurchase for an amount in U.S. dollars per Security equal to
                the
                Repurchase Value. If a 

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              holder
                complies with the Repurchase Procedures, the Issuer will be obligated
                to
                repurchase the offered Securities and pay to the holder the Repurchase
                Value for each offered Security on the applicable Repurchase
                Date. 

               

            
	
              REPURCHASE
                VALUE:

            	 	
              On
                each Trading Day, an amount in U.S. dollars for each Security, equal
                to:

               

              the
                Current Principal Amount times the Index Factor on the applicable
                Trading Day times the Fee Factor on such Trading
                Day.

               

            
	
              REPURCHASE
                DATE:

            	 	
              The
                third Business Day following the applicable Valuation Date, subject
                to
                postponement in the event of a Market Disruption Event as described
                under
                “Specific Terms of the Securities – Market Disruption
                Events”.

               

            
	
              VALUATION
                DATE:

            	 	
              In
                connection with a repurchase, the Trading Day on which effective
                notice is
                given to the Issuer of an offer of the Securities for
                repurchase.

               

            
	
              ACCELERATION
                UPON ZERO REPURCHASE VALUE:

            	 	
              If
                the Repurchase Value on any day equals zero, the Maturity Date for
                the
                Securities will be automatically accelerated to that day and the
                holder of
                a Security will not receive any payment in respect of the
                Security.

               

            
	
              GOLD
                INDEX MONTHLY INITIAL LEVEL:

            	 	
              For
                the Initial Calendar Month, the Gold Index Monthly Initial Level
                will
                equal       , the Gold Index Closing
                Level on the Inception Date. For each subsequent calendar month,
                the Gold
                Index Monthly Initial Level will equal the Gold Index Closing Level
                on the
                Monthly Reset Date for that calendar month.

               

            
	
              GOLD
                INDEX CLOSING LEVEL:

            	 	
              The
                Gold Index Closing Level will equal the closing level of the Gold
                Index as
                reported on Bloomberg page “DGLDIX <Index>”,
                subject to the occurrence of a Market Disruption Event; provided
                that on
                any calendar day which is not a day on which the closing level of
                the Gold
                Index is published, the Gold Index Closing Level will equal such
                level on
                the immediately preceding Trading Day.

               

            
	
              TBILL
                INDEX MONTHLY INITIAL LEVEL:

            	 	
              The
                TBill Index Monthly Initial Level will
                equal

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
                        ,
                the TBill Index Closing Level on the Inception Date. For each subsequent
                calendar month, the TBill Index Monthly Initial Level will equal
                the TBill
                Index Closing Level on the Monthly Reset Date for that calendar
                month.

               

            
	
              TBILL
                INDEX CLOSING LEVEL:

            	 	
              The
                TBill Index Closing Level will equal the closing level of the TBill
                Index
                as reported on Bloomberg page “DBTRBL3M<INDEX>”,
                subject to the occurrence of a Market Disruption Event.

               

            
	
              MONTHLY
                RESET DATE:

            	 	
              For
                each calendar month, the first calendar day of that month beginning
                on
                April 1, 2008 and ending on February 1, 2038.

               

            
	
              MONTHLY
                VALUATION DATE:

            	 	
              For
                each Monthly Reset Date, the last calendar day of the previous calendar
                month beginning on March 31, 2008 and ending on January 31,
                2008.

               

            
	
              TRADING
                DAY:

            	 	
              Any
                day on which (i) the values of the Sub-Indices are published by
                Deutsche Bank AG, London Branch, (ii) trading is generally conducted
                on NYSE Arca and (iii) trading is generally conducted on the markets
                on which the futures contracts underlying the Gold Index are traded,
                in
                each case as determined by the Calculation Agent, in its sole
                discretion.

               

            
	
              BUSINESS
                DAY:

            	 	
              A
                Monday, Tuesday, Wednesday, Thursday or Friday 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 New York City.

               

            
	
              INDEX
                SPONSOR:

            	 	
              Deutsche
                Bank AG, London Branch

               

            
	
              CALCULATION
                AGENT:

            	 	
              Deutsche
                Bank AG, London Branch

               

            
	
              FORM:

            	 	
              Book-Entry.

               

            
	
              RECORD
                DATE:

            	 	
              The
                Final Valuation Date, whether or not that day is a business
                day.

            

    

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    The
      Issuer
      will irrevocably deposit with The Depository Trust Company
      (“DTC”) no later than the opening of business on each Interest
      Payment Date, if applicable, each Repurchase Date, if applicable, and on the
      Maturity Date funds sufficient to make payments of the amount payable with
      respect to the Securities on such date.  The Issuer will give DTC
      irrevocable instructions and authority to pay such amount to the Holders
      entitled thereto.

     

    Subject
      to
      the foregoing and to applicable law (including, without limitation, United
      States federal laws), the Issuer or its affiliates may, at any time and from
      time to time, purchase outstanding Securities by tender, in open market or
      by
      private agreement.

     

    Role
      of Calculation Agent

     

    Deutsche
      Bank AG, London Branch will serve as the Calculation Agent. The Calculation
      Agent will, in its sole discretion, make all determinations regarding the value
      of the Securities, including at maturity or upon repurchase by the Issuer,
      Market Disruption Events, Business Days, Trading Days, the Current Principal
      Amount, the Fee Factor, the Index Factor, the Default Amount, the initial index
      levels, the final index levels, the closing levels of the Sub-Indices on any
      Valuation Date, the Maturity Date, Repurchase Dates, the amount payable in
      respect of the Securities at maturity or upon repurchase by Issuer and any
      other
      calculations or determinations to be made by the Calculation Agent as specified
      herein. The Calculation Agent will rely upon the published levels of the
      Sub-Indices. Absent manifest error, all determinations of the Calculation Agent
      will be final and binding on the Holders and the Issuer, without any liability
      on the part of the Calculation Agent. Holders will not be entitled to any
      compensation from the Issuer for any loss suffered as a result of any of the
      above determinations by the Calculation Agent.

     

    Repurchase
      Procedures

     

    To
      effect
      a repurchase, a holder of the Securities must irrevocably offer at least 200,000
      Securities (or an integral multiple of 50,000 Securities in excess thereof)
      to
      Deutsche Bank Securities Inc. (“DBSI”) no later than 10:00
      a.m., New York City time, beginning on March 3, 2008 and ending on the Final
      Valuation Date, on the desired Valuation Date.

     

    A
      holder
      wishing to offer Securities to the Issuer for repurchase must follow the
      following procedures:

     

    
      	
              ·  

            	
              Cause
                its broker must deliver an irrevocable Offer for Repurchase, a form
                of
                which is attached as Annex A to this pricing supplement, to DBSI by
                10:00 a.m., New York City time, on the desired Valuation
                Date.  A holder must offer at least 200,000 Securities or an
                integral multiple of 50,000 Securities in excess thereof for repurchase
                by
                the Issuer on any repurchase date. DBSI must acknowledge receipt
                from such
                broker in order for the holder’s offer to be
                effective;

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              ·  

            	
              Cause
                its broker to book a delivery vs. payment trade with respect to the
                holder’s Securities on the applicable Valuation Date at a price equal to
                the applicable Repurchase Value, facing DBSI;
                and

            

    

     

    
      	
              ·  

            	
              Cause
                its DTC custodian to deliver the trade as booked for settlement via
                DTC at
                or prior to 10:00 a.m. New York City time on the applicable Repurchase
                Date (the third Business Day following the Valuation Date, subject
                to
                postponement in the event of a Market Disruption
                Event.

            

    

     

    Any
      repurchase instructions that received in accordance with the procedures
      described above will be irrevocable.

     

    Market
      Disruption Events

     

    A
      disrupted day is any Trading day on which a Market Disruption Event occurs
      or is
      continuing (a “Disrupted Day”).

     

    An
      index
      business day is any day (other than a Saturday or Sunday) on which commercial
      banks and foreign exchange markets settle payments are open for general business
      (including dealings in foreign exchange and foreign currency deposits) in New
      York City (an “Index Business Day”).

     

    If
      any
      Monthly Valuation Date, Valuation Date or the Final Valuation Date (each a
      “Reference Date”) is a Disrupted Day with respect to a
      Sub-Index, the closing level of such Sub-Index on the next succeeding Trading
      Day that is not a Disrupted Day will be deemed to be the closing level of such
      Sub-Index for such Reference Date; provided that if the ten successive
      Trading Days immediately following such Reference Date are all Disrupted Days,
      the Calculation Agent will determine, in its sole discretion, the closing level
      of such Sub-Index for such Reference Date on the tenth Trading Day immediately
      following such Reference Date, notwithstanding that such tenth Trading Day
      is a
      Disrupted Day.

     

    If
      any
      Valuation Date or the Final Valuation Date is a Disrupted Day with respect
      to
      either or both Sub-Indices, and the date as of which the calculation agent
      determines the closing levels of both sub-indices falls less than three Business
      Days prior to the scheduled Repurchase Date corresponding to such Valuation
      Date
      or the Maturity Date, as applicable, such scheduled Repurchase Date or the
      Maturity Date, as applicable, will be postponed to the third Business Day
      following the date as of which the Calculation Agent has determined the closing
      levels of both Sub-Indices for such Valuation Date or the Final Valuation Date,
      as applicable.

     

    Any
      of the
      following will be a Market Disruption Event:

    

    
      	
              ·  

            	
              a
                material limitation, suspension or disruption in the trading of the
                underlying gold futures contract which results in a failure by the
                trading
                

            

    

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	 	facility
              on which the relevant contract is traded to report a daily contract
              reference price (the price of the relevant contract that is used as
              a
              reference or benchmark by market
              participants); 

      	
              ·  

            	
              the
                daily contract reference price for the underlying gold futures contract
                is
                a “limit price”, which means that the daily contract reference price for
                such contract has increased or decreased from the previous day’s daily
                contract reference price by the maximum amount permitted under the
                applicable rules or procedures of the relevant trading
                facility;

            

    

    
      	
              ·  

            	
              failure
                by the Index Sponsor to publish the closing value of the Gold Index
                or of
                the applicable trading facility or other price source to announce
                or
                publish the daily contract reference price for the underlying gold
                futures
                contract;

            

    

    
      	
              ·  

            	
              any
                other event, if the Calculation Agent determines in its sole discretion
                that the event materially interferes with the Issuer’s ability or the
                ability of any of the Issuer’s affiliates to unwind all or a material
                portion of a hedge with respect to the Securities that the Issuer
                or its
                affiliates have effected or may
                effect.

            

    

     

    The
      following events will not be Market Disruption Events:

    

    
      	
              ·  

            	
              a
                limitation on the hours or number of days of trading on a trading
                facility
                on which the underlying gold futures contract is traded, but only
                if the
                limitation results from an announced change in the regular business
                hours
                of the relevant market; or

            

    

    
    

    
      	
              ·  

            	
              a
                decision by a trading facility to permanently discontinue trading
                in the
                underlying gold futures contract.

            

    

     

    Interruption
      of Gold Index Calculation

    

    Force
      Majeure Event

     

    Calculation
      of the Gold Index may not be possible or feasible under certain events or
      circumstances, including, without limitation, a systems failure, natural or
      man-made disaster, act of God, armed conflict, act of terrorism, riot or labor
      disruption or any similar intervening circumstance, that is beyond the
      reasonable control of the Index Sponsor and that the Index Sponsor determines
      affects the Gold Index or gold (a “Force Majeure Event”). Upon
      the occurrence of any such Force Majeure Event, the Index Sponsor may, in its
      discretion, elect one (or more) of the following options:

    

    
      	
              ·  

            	
              make
                such determinations and/or adjustments to the terms of the Gold Index
                as
                it considers appropriate to determine any closing level on any such
                appropriate Index Business Day;
                and/or

            

    

    
      	 	 

    

     

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
 

    
      	
              ·  

            	
              defer
                publication of the information relating to the Gold Index until the
                next
                Index Business Day on which it determines that no Force Majeure Event
                exists; and/or

            

    

    
      	
              ·  

            	
              permanently
                cancel publication of the information relating to the Gold
                Index.

            

    

     

    Index
      Disruption Event

     

    Additionally,
      calculation of the Gold Index may be disrupted by an event that would require
      the Index Sponsor to calculate the closing price in respect of the underlying
      gold futures contract on an alternative basis were such event to occur or exist
      on a day that is a Trading Day for the underlying gold futures contract on
      the
      relevant exchange (an “Index Disruption Event”). If such an
      Index Disruption Event in relation to the underlying gold futures contract
      as
      described in the prior sentence occurs and continues for a period of five
      successive Trading Days on the relevant exchange, the Index Sponsor will, in
      its
      discretion, either

    

    
      	
              ·  

            	
              continue
                to calculate the relevant closing price for a further period of five
                successive Trading Days on the relevant exchange;
                or

            

    

    
      	
              ·  

            	
              if
                such period extends beyond the five successive Trading Days, the
                Index
                Sponsor may elect to replace the underlying gold futures contract
                and make
                all necessary adjustments to the methodology and calculation of the
                Gold
                Index as it deems appropriate.

            

    

    

    Discontinuance
      or Modification of the Sub-Indices

     

    If
      the
      Index Sponsor discontinues compilation or publication of a Sub-Index and the
      Index Sponsor or any other person or entity (including the Issuer) calculates
      and publishes an index that the Calculation Agent determines is comparable
      to
      such discontinued Sub-Index and approves as a successor index, then the
      Calculation Agent will determine the level of the Sub-Index on any relevant
      date
      and the amount payable at maturity or upon repurchase by the Issuer by reference
      to such successor Sub-Index for the period following the discontinuation of
      the
      Sub-Index.

     

    If
      the
      Calculation Agent determines that the publication of a Sub-Index is discontinued
      and that there is no applicable successor index, or that the closing level
      of
      the Sub-Index is not available for any reason other than a Market Disruption
      Event, on the date on which the level of the Sub-Index is required to be
      determined, or if for any other reason (excluding a Market Disruption Event)
      the
      Sub-Index is not available to the Issuer or the Calculation Agent on the
      relevant date, the Calculation Agent will determine the amount payable by a
      computation methodology that the Calculation Agent determines will as closely
      as
      reasonably possible replicate such Sub-Index.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    If
      the
      Calculation Agent determines that either or both Sub-Indices, the components
      underlying either or both Sub-Indices (the “Index Components”)
      or the method of calculating either or both Sub-Indices has been changed at
      any
      time in any respect – including any addition, deletion or substitution and any
      reweighting or rebalancing of Index Components, and whether the change is made
      by the Index Sponsor under its existing policies or following a modification
      of
      those policies, is due to the publication of a successor index, is due to events
      affecting one or more of the Index Components, or is due to any other reason
–
then the Calculation Agent will be permitted (but not required) to make such
      adjustments to such Sub-Index or method of calculating such Sub-Index as it
      believes are appropriate to ensure that the level of such Sub-Index used to
      determine the amount payable on the Maturity Date or upon repurchase by the
      Issuer is equitable.

     

    All
      determinations and adjustments to be made by the Calculation Agent with respect
      to the level of the Sub-Indices and the amount payable at maturity or upon
      repurchase by the Issuer or otherwise relating to the level of the Sub-Indices
      may be made in the Calculation Agent’s sole discretion.

     

    Payment
      Upon an Event of Default

     

    If
      an
      Event of Default (as defined in the Senior Indenture) occurs and the maturity
      of
      the Securities is accelerated, the Issuer will pay the Default Amount in respect
      of each Security.

     

    For
      the
      purpose of determining whether the holders of the Issuer’s Series A Global
      Notes, of which the Securities are a part, are entitled to take any action
      under
      the Senior Indenture, the Issuer will treat the Stated Principal Amount of
      each
      security outstanding as the principal amount of that security. Although the
      terms of the Securities may differ from those of the other Series A Global
      Notes, holders of specified percentages in principal amount of all Series A
      Global Notes, together in some cases with other series of the Issuer’s debt
      securities, will be able to take action affecting all the Series A Global Notes,
      including the Securities. This action may involve changing some of the terms
      that apply to the Series A Global Notes, accelerating the maturity of the Series
      A Global Notes after a default or waiving some of the Issuer’s obligations under
      the Senior Indenture.

     

    If
      a
      holder of a Security accelerates the maturity of the Security upon an Event
      of
      Default under the Senior Indenture, the amount payable upon acceleration will
      be
      the Repurchase Value determined by the Calculation Agent on the next Trading
      Day
      (the “Default Amount”).

     

    Defeasance

     

    The
      Securities will not be subject to the defeasance provisions contained in Article
      10 of the Senior Indenture.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    REFERENCE
      IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
      REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
      EFFECT AS IF SET FORTH AT THIS PLACE.

     

    Unless
      the
      certificate of authentication hereon has been executed by the Trustee referred
      to on the reverse hereof by manual signature, this Security shall not be
      entitled to any benefit under the Senior Indenture, as defined on the reverse
      hereof, or be valid or obligatory for any purpose.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS
      WHEREOF, the Issuer has caused this Security to be duly executed.

     

    
      	
              Dated:                        ,
                2008

            	 	
              DEUTSCHE
                BANK AG, LONDON BRANCH

            	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	 	 
	 	 	 	 	
              Name:

            	 	 
	 	 	 	 	
              Title:

            	 	 
	 	 	 	 	 	 	 
	 	 	 	
              By:

            	 	 	 
	 	 	 	 	
              Name:

            	 	 
	 	 	 	 	
              Title:

            	 	 

    

    

    
      	
              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION

              This
                is one of the Securities referred

              to
                in the within-mentioned

              Senior
                Indenture.

              LAW
                DEBENTURE TRUST COMPANY

              OF
                NEW YORK, as Trustee

            
	 	 	 
	
              By:

            	 	 
	 	
              Authorized
                Officer

            

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    

    REVERSE
      OF SECURITY

     

    This
      Note
      is one of a duly authorized issue of Global Notes, Series A of the
      Issuer.  The Notes are issuable under a Senior Indenture, dated as of
      November 22, 2006, among the Issuer, Law Debenture Trust Company of New York,
      as
      trustee (the “Trustee,” which term includes any successor
      trustee under the Senior Indenture), and Deutsche Bank Trust Company Americas
      (“DBTCA”), as issuing agent, paying agent and registrar (as may
      be amended or supplemented from time to time, the “Senior
      Indenture”), to which Senior Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights,
      limitations of rights, duties and immunities of the Issuer, the Trustee and
      holders of the Notes and the terms upon which the Notes are, and are to be,
      authenticated and delivered.  The Issuer has appointed DBTCA acting
      through its principal corporate trust office in the Borough of Manhattan, the
      City of New York, as its paying agent (the “Paying Agent”,
      which term includes any additional or successor Paying Agent appointed by the
      Issuer) with respect to the Notes.  The terms of individual Notes may
      vary with respect to interest rates, interest rate formulas, issue dates,
      maturity dates, or otherwise, all as provided in the Senior
      Indenture.  To the extent not inconsistent herewith, the terms of the
      Senior Indenture are hereby incorporated by reference herein.

     

    Unless
      otherwise indicated on the face hereof, this Note will not be subject to any
      sinking fund and, unless otherwise indicated on the face hereof in accordance
      with the provisions of the following two paragraphs and except as set forth
      below, will not be redeemable or subject to repayment at the option of the
      holder prior to maturity.

     

    If
      so
      indicated on the face hereof, this Note may be redeemed in whole or in part
      at
      the option of the Issuer on or after the Initial Redemption Date specified
      on
      the face hereof or on the Redemption Dates specified on the face hereof on
      the
      terms set forth on the face hereof, together with interest accrued and unpaid
      hereon to the date of redemption (except as indicated below).  If this
      Note is subject to “Annual Redemption Percentage Reduction,”
the Initial Redemption Percentage indicated on the face hereof
      will be reduced
      on each anniversary of the Initial Redemption Date by the Annual Redemption
      Percentage Reduction specified on the face hereof until the redemption price
      of
      this Note is 100% of the principal amount hereof, together with interest accrued
      and unpaid hereon to the date of redemption (except as provided
      below).  Notice of redemption shall be mailed to the registered
      holders of the Notes designated for redemption at their addresses as the same
      shall appear on the Note register not less than 30 nor more than 60 calendar
      days prior to the date fixed for redemption or within the Redemption Notice
      Period specified on the face hereof, subject to all the conditions and
      provisions of the Senior Indenture.  In the event of redemption of
      this Note in part only, a new Note or Notes for the amount of the unredeemed
      portion hereof shall be issued in the name of the holder hereof upon the
      cancellation hereof.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    If
      so
      indicated on the face of this Note, this Note will be subject to repayment
      at
      the option of the holder on the Optional Repayment Date or Dates specified
      on
      the face hereof on the terms set forth herein. On any Optional Repayment Date,
      this Note will be repayable in whole or in part in increments of the Face Amount
      (provided that any remaining principal amount hereof shall not be less than
      the
      minimum authorized denomination hereof) at the option of the holder hereof
      at a
      price equal to 100% of the principal amount to be repaid, together with interest
      accrued and unpaid hereon to the date of repayment (except as provided below);
      provided, that if this Note is issued with original issue discount,
      this Note will be repayable on the applicable Optional Repayment Date or Dates
      at the price(s) specified on the face hereof.  For this Note to be
      repaid at the option of the holder hereof, the Paying Agent must receive at
      its
      corporate trust office in the Borough of Manhattan, the City of New York, at
      least 15 but not more than 30 calendar days prior to the date of repayment,
      (i)
      this Note with the form entitled “Option to Elect Repayment” below duly
      completed or (ii) a telegram, telex, facsimile transmission or a letter from
      a
      member of a national securities exchange or the National Association of
      Securities Dealers, Inc. or a commercial bank or a trust company in the United
      States setting forth the name of the holder of this Note, the principal amount
      hereof, the certificate number of this Note or a description of this Note’s
      tenor and terms, the principal amount hereof to be repaid, a statement that
      the
      option to elect repayment is being exercised thereby and a guarantee that this
      Note, together with the form entitled “Option to Elect
      Repayment” duly completed, will be received by the Paying Agent not
      later than the fifth Business Day after the date of such telegram, telex,
      facsimile transmission or letter; provided, that such telegram, telex,
      facsimile transmission or letter shall only be effective if this Note and form
      duly completed are received by the Paying Agent by such fifth Business
      Day.  Unless otherwise indicated on the face of this Note, exercise of
      such repayment option by the holder hereof shall be irrevocable. In the event
      of
      repayment of this Note in part only, a new Note or Notes for the amount of
      the
      unpaid portion hereof shall be issued in the name of the holder hereof upon
      the
      cancellation hereof.

     

    Interest
      payments on this Note, if applicable, will include interest accrued to but
      excluding the Interest Payment Dates or the Maturity Date (or any earlier
      redemption or repayment date), as the case may be.  Unless indicated
      otherwise on the face hereof, interest payments for this Note will be computed
      and paid on the basis of a 360-day year of twelve 30-day months.

     

    In
      the
      case where the calendar date indicated on the face hereof as the Maturity Date
      does not fall on a Business Day or where the Maturity Date is otherwise
      postponed according to the terms and procedures specified on the face hereof,
      payment of premium, if any, or principal otherwise payable on such calendar
      date
      need not be made on such date, but may be made on the Maturity Date as postponed
      with the same force and effect as if made on the indicated calendar date, and
      no
      interest on such payment shall accrue for the period from and after the
      indicated calendar date to the Maturity Date as postponed.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    This
      Note
      and all the obligations of the Issuer hereunder are direct, unsecured
      obligations of the Issuer and rank without preference or priority among
      themselves and pari passu with all other existing and future unsecured
      and unsubordinated indebtedness of the Issuer, subject to certain statutory
      exceptions in the event of liquidation upon insolvency.

     

    This
      Note,
      and any Note or Notes issued upon transfer or exchange hereof, is issuable
      only
      in fully registered form, without coupons, and is issuable only in the minimum
      denominations set forth on the face hereof or any amount in excess thereof
      which
      is an integral multiple thereof.

     

    DBTCA
      has
      been appointed registrar for the Notes, and DBTCA will maintain at its office
      in
      the City of New York, a register for the registration and transfer of
      Notes.  This Note may be transferred at either the aforesaid New York
      office of DBTCA by surrendering this Note for cancellation, accompanied by
      a
      written instrument of transfer in form satisfactory to the Issuer and the
      Trustee and duly executed by the registered holder hereof in person or by the
      holder’s attorney duly authorized in writing, and thereupon the Trustee shall
      issue in the name of the transferee or transferees, in exchange herefor, a
      new
      Note or Notes having identical terms and provisions and having a like aggregate
      principal amount in authorized denominations, subject to the terms and
      conditions set forth herein; provided, however, that the
      Trustee will not be required (i) to register the transfer of or exchange any
      Note that has been called for redemption in whole or in part, except the
      unredeemed portion of Notes being redeemed in part, (ii) to register the
      transfer of or exchange any Note if the holder thereof has exercised his right,
      if any, to require the Issuer to repurchase such Note in whole or in part,
      except the portion of such Note not required to be repurchased, or (iii) to
      register the transfer of or exchange Notes to the extent and during the period
      so provided in the Senior Indenture with respect to the redemption of
      Notes.  Notes are exchangeable at said offices for other Notes of
      other authorized denominations of equal aggregate principal amount having
      identical terms and provisions.  All such registrations, exchanges and
      transfers of Notes will be free of service charge, but the Issuer may require
      payment of a sum sufficient to cover any tax or other governmental charge in
      connection therewith.  All Notes surrendered for exchange shall be
      accompanied by a written instrument of transfer in form satisfactory to the
      Issuer and the Trustee and executed by the registered holder in person or by
      the
      holder’s attorney duly authorized in writing.  The date of
      registration of any Note delivered upon any exchange or transfer of Notes shall
      be such that no gain or loss of interest results from such exchange or
      transfer.

     

    In
      case
      this Note shall at any time become mutilated, defaced or be destroyed, lost
      or
      stolen, and this Note or evidence of the loss, theft or destruction thereof
      (together with the indemnity hereinafter referred to and such other documents
      or
      proof as may be required in the premises) shall be delivered to the Trustee,
      the
      Issuer in its discretion may execute a new Note of like tenor in exchange for
      this Note, but, in the case of any destroyed or lost or stolen Note, only upon
      receipt of evidence satisfactory to the Trustee and the Issuer that this Note
      was destroyed or lost or stolen and, if required, upon receipt also of

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    indemnity
      satisfactory to each of them.  All expenses and reasonable charges
      associated with procuring such indemnity and with the preparation,
      authentication and delivery of a new Note shall be borne by the owner of the
      Note mutilated, defaced, destroyed, lost or stolen.

     

    If
      the
      face hereof indicates that this Note is subject to “Tax
      Redemption,” this Note may be redeemed, as a whole, at the option of
      the Issuer at any time prior to maturity, upon the giving of a Notice of
      redemption as described below, at a redemption price equal to 100% of the
      principal amount hereof, together with accrued interest to the date fixed for
      redemption (except that if this Note is subject to “Modified Payment
      upon Acceleration or Redemption,” such redemption price would be
      limited to the aggregate principal amount hereof multiplied by the sum of the
      Issue Price specified on the face hereof (expressed as a percentage of the
      aggregate principal amount) plus the original issue discount amortized from
      the
      Interest Accrual Date to the date of redemption, which amortization shall be
      calculated using the “interest method” (computed in accordance
      with generally accepted accounting principles in effect on the date of
      redemption)), if the Issuer determines that, as a result of any change in or
      amendment to the laws, or any regulations or rulings promulgated thereunder,
      of
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch, or of any
      political subdivision or taxing authority thereof or therein affecting taxation,
      or any change in official position regarding the application or interpretation
      of such laws, regulations or rulings, which change or amendment becomes
      effective on or after the Original Issue Date hereof, the Issuer has or will
      become obligated to pay Additional Tax Amounts, as defined below, with respect
      to this Note as described below. Prior to the giving of any Notice of redemption
      pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a
      certificate stating that the Issuer is entitled to effect such redemption and
      setting forth a statement of facts showing that the conditions precedent to
      the
      right of the Issuer to so redeem have occurred, and (ii) an opinion of
      independent legal counsel satisfactory to the Trustee to such effect based
      on
      such statement of facts; provided, that no such Notice of redemption
      shall be given earlier than 60 calendar days prior to the earliest date on
      which
      the Issuer would be obligated to pay such Additional Tax Amounts if a payment
      in
      respect of this Note were then due.

     

    Notice
      of
      redemption will be given not less than 30 nor more than 60 calendar days prior
      to the date fixed for redemption or within the Redemption Notice Period
      specified on the face hereof, which date and the applicable redemption price
      will be specified in the Notice.

     

    Every
      net
      payment of the principal of and interest on the Note and any other amounts
      payable on the Note will be made without any withholding or deduction for or
      on
      account of any present or future taxes, duties or governmental charges of any
      nature whatsoever imposed, levied or collected by or on behalf of the Federal
      Republic of Germany, the jurisdiction of incorporation of any successor to
      the
      Issuer or the jurisdiction of any issuing branch, or by or on behalf of any
      political subdivision or authority therein or thereof having the power to
      tax

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

     (“withholding
      taxes”) unless such deduction or withholding is required by law. In
      such event and if specified on the face hereof, the Issuer will, subject to
      certain exceptions and limitations set forth below, pay such additional tax
      amounts (the “Additional Tax Amounts”) to the holder of this
      Note as may be necessary in order that every net payment of the principal of
      and
      interest on this Note and any other amounts payable on this Note, after
      withholding or deduction for or on account of any present or future tax,
      assessment or governmental charge imposed upon or as a result of such payment
      by
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch, or any
      political subdivision or taxing authority thereof or therein, will not be less
      than the amount provided for in this Note to be then due and payable. The Issuer
      will not, however, make any payment of Additional Tax Amounts to any such holder
      for or on account of:

     

    (a)           any
      present or future tax, assessment or other governmental charge that would not
      have been so imposed but for (i) any withholding taxes that are payable by
      reason of a holder or beneficial owner of the Notes having some connection
      with
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch other than
      by
      reason only of the mere holding or beneficial ownership of the Notes; or (ii)
      the presentation by or on behalf of the holder of this Note for payment on
      a
      date more than 15 calendar days after the date on which such payment became
      due
      and payable or the date on which payment thereof is duly provided for, whichever
      occurs later;

     

    (b)           any
      estate, inheritance, gift, sales, transfer, excise or personal property tax
      or
      any similar tax, assessment or governmental charge;

     

    (c)           any
      tax, assessment or other governmental charge that is payable otherwise than
      by
      withholding or deduction from payments on or in respect of this
      Note;

     

    (d)           any
      tax, assessment or other governmental charge required to be withheld by any
      Paying Agent from any payment of principal of, or interest on, this Note, if
      such payment can be made without such withholding by at least one other Paying
      Agent;

     

    (e)           any
      tax, assessment or other governmental charge that would not have been imposed
      but for the failure to comply with certification, information or other reporting
      requirements concerning the nationality, residence or identity of the holder
      or
      beneficial owner of this Note, if such compliance is required by statute or
      by
      regulation of the United States or of any political subdivision or taxing
      authority thereof or therein as a precondition to relief or exemption from
      such
      tax, assessment or other governmental charge;

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (f)           any
      combination of items listed above.

     

    In
      addition, the Issuer shall not be required to make any payment of Additional
      Tax
      Amounts (i) with respect to any withholding taxes which are deducted or withheld
      pursuant to (A) European Council Directive 2003/48/EC or any other European
      Union Directive or Regulation implementing the conclusions of the ECOFIN Council
      meeting of 26-27 November 2000 on the taxation of savings income, or (B) any
      international treaty or understanding entered into for the purpose of
      facilitating cooperation in the reporting and collection of savings income
      and
      to which (x) the United States, and (y) the European Union or Germany is a
      party, or (C) any provision of law implementing, or complying with, or
      introduced to conform with, such Directive, Regulation, treaty or understanding;
      (ii) to the extent such deduction or withholding can be avoided or reduced
      if
      the holder or beneficial owner of the note makes a declaration of non-residence
      or other similar claim for exemption to the relevant tax authority or complies
      with any reasonable certification, documentation, information or other reporting
      requirement imposed by the relevant tax authority; provided,
      however, that the exclusion in this clause will not apply if the
      certification, information, documentation or other reporting requirement would
      be materially more onerous (in form, procedure or substance of information
      required to be disclosed) to the holder or beneficial owner of note than
      comparable information or other reporting requirements imposed under U.S. tax
      law, regulation and administrative practice (such as IRS Forms W-8 and W-9);
      or
      (iii) by or on behalf of a holder who would have been able to avoid such
      withholding or deduction by presenting this Note or the relevant coupon to
      another Paying Agent in a member state of the European Union. Nor shall the
      Issuer pay Additional Tax Amounts with respect to any payment on this Note
      to a
      holder who is a fiduciary or partnership or other than the sole beneficial
      owner
      of such payment to the extent such payment would be required by the laws of
      the
      United States (or any political subdivision thereof) to be included in the
      income, for tax purposes, of a beneficiary or settlor with respect to such
      fiduciary or a member of such partnership or a beneficial owner who would not
      have been entitled to the Additional Tax Amounts had such beneficiary, settlor,
      member or beneficial owner been the holder of this Note.

     

    The
      Senior
      Indenture provides that (a) if an Event of Default (as defined in the Senior
      Indenture) due to the default in payment of principal, premium, if any, or
      interest on, any series of debt securities issued under the Senior Indenture,
      including the series of Senior Global Notes of which this Note forms a part,
      or
      due to the default in the performance or breach of any other covenant or
      warranty of the Issuer applicable to the debt securities of such series but
      not
      applicable to all outstanding debt securities issued under the Senior Indenture,
      shall have occurred and be continuing, either the Trustee or the holders of
      not
      less than 331⁄3%
      in aggregate principal amount of the outstanding debt securities of
      each
      affected series voting as one class, by notice in writing to the Issuer and
      to
      the Trustee, if given by the securityholders, may then declare the principal
      of
      all debt securities of all such series and interest accrued thereon to be due
      and payable immediately and (b) if an Event of Default due to a default in
      the
      performance of any other of the covenants or agreements in the Senior Indenture
      applicable to all 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    outstanding
      debt securities issued thereunder, including this Note, or due to certain events
      of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred
      and be continuing, either the Trustee or the holders of not less than 331⁄3% in aggregate principal
      amount
      of all outstanding debt securities issued under the Senior Indenture voting
      as
      one class, by notice in writing to the Issuer and to the Trustee, if given
      by
      the securityholders, may declare the principal of all such debt securities
      and
      interest accrued thereon to be due and payable immediately, but upon certain
      conditions such declarations may be annulled and past defaults may be waived
      (except a continuing default in payment of principal, premium, if any, or
      interest on such debt securities) by the holders of a majority in aggregate
      principal amount of the debt securities of all affected series then
      outstanding.

     

    If
      the
      face hereof indicates that this Note is subject to “Modified Payment
      upon Acceleration or Redemption,” then (a) if the principal hereof is
      declared to be due and payable as described in the preceding paragraph, the
      amount of principal due and payable with respect to this Note shall be limited
      to the aggregate principal amount hereof multiplied by the sum of the Issue
      Price specified on the face hereof (expressed as a percentage of the aggregate
      principal amount) plus the original issue discount amortized from the Interest
      Accrual Date to the date of declaration, which amortization shall be calculated
      using the “interest method” (computed in accordance with
      generally accepted accounting principles in effect on the date of declaration),
      (b) for the purpose of any vote of securityholders taken pursuant to the Senior
      Indenture prior to the acceleration of payment of this Note, the principal
      amount hereof shall equal the amount that would be due and payable hereon,
      calculated as set forth in clause (a) above, if this Note were declared to
      be
      due and payable on the date of any such vote and (c) for the purpose of any
      vote
      of securityholders taken pursuant to the Senior Indenture following the
      acceleration of payment of this Note, the principal amount hereof shall equal
      the amount of principal due and payable with respect to this Note, calculated
      as
      set forth in clause (a) above.

     

    The
      Senior
      Indenture permits the Issuer and the Trustee, with the consent of the holders
      of
      not less than a majority in aggregate principal amount of the debt securities
      of
      all series issued under the Senior Indenture then outstanding and affected
      (voting as one class), to execute supplemental indentures adding any provisions
      to or changing in any manner the rights of the holders of each series so
      affected; provided, that the Issuer and the Trustee may not, without
      the consent of the holder of each outstanding debt security affected thereby,
      (a) extend the final maturity of any such debt security, or reduce the principal
      amount thereof, or reduce the rate or extend the time of payment of interest
      thereon, or reduce any amount payable on redemption thereof, or change the
      currency of payment thereof, or modify or amend the provisions for conversion
      of
      any currency into any other currency, or modify or amend the provisions for
      conversion or exchange of the debt security for securities of the Issuer or
      other entities or for other property or the cash value of the property (other
      than as provided in the antidilution provisions or other similar adjustment
      provisions of the debt securities or otherwise in accordance with the terms
      thereof), or impair or affect 

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    the
      rights
      of any holder to institute suit for the payment thereof or (b) reduce the
      aforesaid percentage in principal amount of debt securities the consent of
      the
      holders of which is required for any such supplemental indenture.

     

    Except
      as
      set forth below, if the principal of, premium, if any, or interest on this
      Note
      is payable in a Specified Currency other than U.S. dollars and such Specified
      Currency is not available to the Issuer for making payments hereon due to the
      imposition of exchange controls or other circumstances beyond the control of
      the
      Issuer or is no longer used by the government of the country issuing such
      currency or for the settlement of transactions by public institutions within
      the
      international banking community, then the Issuer will be entitled to satisfy
      its
      obligations to the holder of this Note by making such payments in U.S. dollars
      on the basis of the Market Exchange Rate (as defined below) on the date of
      such
      payment or, if the Market Exchange Rate is not available on such date, as of
      the
      most recent practicable date; provided, however, that if the
      euro has been substituted for such Specified Currency, the Issuer may at its
      option (or shall, if so required by applicable law) without the consent of
      the
      holder of this Note effect the payment of principal of, premium, if any, or
      interest on any Note denominated in such Specified Currency in euro in lieu
      of
      such Specified Currency in conformity with legally applicable measures taken
      pursuant to, or by virtue of, the Treaty establishing the European Community,
      as
      amended.  Any payment made under such circumstances in U.S. dollars or
      euro where the required payment is in an unavailable Specified Currency will
      not
      constitute an Event of Default.  If such Market Exchange Rate is not
      then available to the Issuer or is not published for a particular Specified
      Currency, the Market Exchange Rate will be based on the highest bid quotation
      in
      the City of New York received by the Exchange Rate Agent (as defined below)
      at
      approximately 11:00 a.m., New York City time, on the second Business Day
      preceding the date of such payment from three recognized foreign exchange
      dealers (the “Exchange Dealers”) for the purchase by the
      quoting Exchange Dealer of the Specified Currency for U.S. dollars for
      settlement on the payment date, in the aggregate amount of the Specified
      Currency payable to those holders or beneficial owners of Notes and at which
      the
      applicable Exchange Dealer commits to execute a contract.  One of the
      Exchange Dealers providing quotations may be the Exchange Rate Agent unless
      the
      Exchange Rate Agent is an affiliate of the Issuer.  If those bid
      quotations are not available, the Exchange Rate Agent shall determine the market
      exchange rate at its sole discretion.

     

    The
      “Exchange Rate Agent” shall be Deutsche Bank AG, London Branch,
      unless otherwise indicated on the face hereof.

     

    All
      determinations referred to above made by, or on behalf of, the Issuer or by,
      or
      on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion
      and shall, in the absence of manifest error, be conclusive for all purposes
      and
      binding on holders of Notes and coupons.

     

    So
      long as
      this Note shall be outstanding, the Issuer will cause to be maintained an office
      or agency for the payment of the principal of and premium, if any, and interest
      on this Note as herein provided in the Borough of Manhattan, 

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    the
      City
      of New York, and an office or agency in said Borough of Manhattan for the
      registration, transfer and exchange as aforesaid of the Notes.  If
      this Note is listed on the London Stock Exchange plc and such exchange so
      requires, the Issuer shall maintain a Paying Agent in London.  If any
      European Union Directive on the taxation of savings comes into force, the Issuer
      will, to the extent possible as a matter of law, maintain a Paying Agent in
      a
      member state of the European Union that will not be obligated to withhold or
      deduct tax pursuant to any such Directive or any law implementing or complying
      with, or introduced in order to conform to, such Directive.  The
      Issuer may designate other agencies for the payment of said principal, premium
      and interest at such place or places outside the United States (subject to
      applicable laws and regulations) as the Issuer may decide.  So long as
      there shall be such an agency, the Issuer shall keep the Trustee advised of
      the
      names and locations of such agencies, if any are so designated.

     

    With
      respect to moneys paid by the Issuer and held by the Trustee or any Paying
      Agent
      for payment of the principal of or interest or premium, if any, on any Notes
      that remain unclaimed at the end of two years after such principal, interest
      or
      premium shall have become due and payable (whether at maturity or upon call
      for
      redemption or otherwise), (i) the Trustee or such Paying Agent shall notify
      the
      holders of such Notes that such moneys shall be repaid to the Issuer and any
      person claiming such moneys shall thereafter look only to the Issuer for payment
      thereof and (ii) such moneys shall be so repaid to the Issuer.  Upon
      such repayment all liability of the Trustee or such Paying Agent with respect
      to
      such moneys shall thereupon cease, without, however, limiting in any way any
      obligation that the Issuer may have to pay the principal of or interest or
      premium, if any, on this Note as the same shall become due.

     

    No
      provision of this Note or of the Senior Indenture shall alter or impair the
      obligation of the Issuer, which is absolute and unconditional, to pay the
      principal of, premium, if any, and interest on this Note at the time, place,
      and
      rate, and in the coin or currency, herein prescribed unless otherwise agreed
      between the Issuer and the registered holder of this Note.

     

    Prior
      to
      due presentment of this Note for registration of transfer, the Issuer, the
      Trustee and any agent of the Issuer or the Trustee may treat the holder in
      whose
      name this Note is registered as the owner hereof for all purposes, whether
      or
      not this Note be overdue, and none of the Issuer, the Trustee or any such agent
      shall be affected by notice to the contrary.

     

    No
      recourse shall be had for the payment of the principal of, premium, if any,
      or
      the interest on this Note, for any claim based hereon, or otherwise in respect
      hereof, or based on or in respect of the Senior Indenture or any indenture
      supplemental thereto, against any incorporator, shareholder, officer or
      director, as such, past, present or future, of the Issuer or of any successor
      corporation, either directly or through the Issuer or any successor corporation,
      whether by virtue of any constitution, statute or rule of law or by the
      enforcement of any assessment or penalty or otherwise, all such liability being,
      by the acceptance hereof and as part of the consideration for the issue hereof,
      expressly waived and released.

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    This
      Note
      shall for all purposes be governed by, and construed in accordance with, the
      laws of the State of New York.

     

    As
      used
      herein:

     

    (a)           the
      term “Business Day” means any day other than a day that (i) is
      a Saturday or Sunday, (ii) is a day on which banking institutions generally,
      in
      New York City 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 New York City or London, England; and, in addition, (x)
      for
      Notes having a specified currency other than U.S. dollars only, other than
      Notes
      denominated in euros, any day that in the principal financial center (as defined
      below) of the country of the specified currency is not a day on which banking
      institutions generally are authorized or obligated by law to close; and (y)
      for
      Notes denominated in euros, a day on which TARGET is operating (a
“TARGET Settlement Day”);

     

    (b)           the
      term “Market Exchange Rate” means the noon U.S. dollar buying
      rate in the City of New York for cable transfers of the Specified Currency
      indicated on the face hereof published by the Federal Reserve Bank of New
      York;

     

    (c)           the
      term “Notices” refers to notices to the holders of the Notes at
      each holder’s address as that address appears in the register for the Notes by
      first class mail, postage prepaid, and to be given by publication in an
      authorized newspaper in the English language and of general circulation in
      the
      Borough of Manhattan, the City of New York, and London or, if publication in
      London is not practical, in an English language newspaper with general
      circulation in Western Europe; provided, that notice may be made, at
      the option of the Issuer, through the customary notice provisions of the
      clearing system or systems through which beneficial interests in this Note
      are
      owned.  Such Notices will be deemed to have been given on the date of
      such publication (or other transmission, as applicable), or if published in
      such
      newspapers on different dates, on the date of the first such
      publication;

     

    (d)           the
      term “principal financial center” means the capital city of the
      country issuing the specified currency. However, for Australian dollars,
      Canadian dollars and Swiss francs, the principal financial center will be
      Sydney, Toronto and Zurich, respectively;

     

    (e)           the
      term “TARGET” means the Trans-European Automated Real-time
      Gross Settlement Express Transfer System; and

     

    (f)           the
      term “United States” means the United States of America
      (including the States and the District of Columbia), its territories, its
      possessions and other areas subject to its jurisdiction.

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    All
      other
      terms used in this Note which are defined in the Senior Indenture and not
      otherwise defined herein shall have the meanings assigned to them in the Senior
      Indenture.

     

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

      
        ABBREVIATIONS

         

        The
          following abbreviations, when used in the inscription on the face of this
          instrument, shall be construed as though they were written out in full
          according
          to applicable laws or regulations:

         

        TEN
          COM   –   as tenants in common

        TEN
          ENT    –   as tenants by the
          entireties

        
          JT
            TEN        –   as
            joint
            tenants with right of survivorship and not as tenants in
            common

        

         

        UNIF
          GIFT
          MIN ACT – ______________________Custodian
          __________________________

        (Minor)                                                      (Cust)

         

        Under
          Uniform Gifts to Minors Act ______________________________

        (State)

         

        Additional
          abbreviations may also be used though not in the above list.

         

        _______________________

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
           

          FOR
            VALUE
            RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
            unto

           

          ____________________________________________

          [PLEASE
            INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING
            NUMBER OF ASSIGNEE] 
             

             
              
                

              

            

             
              
                

                 
                  
                    
[PLEASE
                    PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
                    ASSIGNEE]

                

              

            

          

           

          the
            within
            Note and all rights thereunder, hereby irrevocably constituting and appointing
            such person attorney to transfer such note on the books of the Issuer,
            with full
            power of substitution in the premises.

           

          Dated:_______________________

           

          
            	
                    NOTICE:

                  	
                    The
                      signature to this assignment must correspond with the name
                      as written upon
                      the face of the within Note in every particular without alteration
                      or
                      enlargement or any change
                      whatsoever.

                  

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

          OPTION
            TO ELECT REPAYMENT

           

          The
            undersigned hereby irrevocably requests and instructs the Issuer to repay
            the
            within Note (or portion thereof specified below) pursuant to its terms
            at a
            price equal to the principal amount thereof, together with interest to
            the
            Optional Repayment Date, to the undersigned at

           
            
              

            

          

           
            
              

            

          

           
            
              

            

          

          (Please
            print or typewrite name and address of the undersigned)

           

          If
            less
            than the entire principal amount of the within Note is to be repaid,
            specify the
            portion thereof which the holder elects to have repaid: _________________;
            and
            specify the denomination or denominations (which shall not be less than
            the
            minimum authorized denomination) of the Notes to be issued to the holder
            for the
            portion of the within Note not being repaid (in the absence of any such
            specification, one such Note will be issued for the portion not being
            repaid):
            __________________.

           

          Dated:________________________                                _______________________________________

          
            	
                     

                  	
                    NOTICE:  The
                      signature on this Option to Elect Repayment must correspond
                      with the name
                      as written upon the face of the within instrument in every
                      particular
                      without alteration or
                      enlargement.

                  

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        
          The
            Current Outstanding Face Amount indicated below shall not exceed
            $500,000,000.

        

        

        
          	
                  Date

                	
                  Face
                    Amount of 

                  Securities
                    Issued

                	
                  
                    Face
                      Amount of 

                    Securities
                      Cancelled

                  

                	
                  
                    Current
                      Outstanding 

                    Face
                      Amount

                  

                	
                  Initials
                    of Trustee Officer

                
	 	
                  $

                	
                  --

                	
                  $

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

    

     

    FORM
      OF OFFER FOR REPURCHASE

     

    [PART
      A:
      TO BE COMPLETED BY THE BENEFICIAL OWNER]

     

    Dated:
      [Desired Valuation Date]

    Deutsche
      Bank Securities Inc., as Repurchase Agent (“DBSI”)

    Fax:
      917-512-9226

     

    
      	
              Re:

            	
              ETNs
                linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
                GoldTM
                due
                February 15, 2038 issued by Deutsche Bank AG (the
                “ETNs”)

            

    

     

    
      	 o	
              DB
                Gold Double Short Exchange Traded Notes (CUSIP Number:
                25154H756)

            
	 o	
              DB
                Gold Double Long Exchange Traded Notes (CUSIP Number:
                25154H749)

            
	 o	
              DB
                Gold Short Exchange Traded Notes (CUSIP Number:
                25154H731)

            

    

     

    (Please
      check only one offering of ETNs)

     

    The
      undersigned beneficial owner hereby irrevocably offers to Deutsche Bank AG
      (“Deutsche Bank”) the right to repurchase the ETNs in the amounts and on the
      date set forth below.

     

    Name
      of
      beneficial holder:

     

    Stated
      Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
      ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase
      at
      one time for your offer to be valid.):

     

    Applicable
      Valuation Date:
                    ,
      20    

     

    Applicable
      Repurchase Date:
                    ,
      20    

     

    Contact
      Name:

     

    Telephone
      #:

     

    My
      ETNs
      are held in the following DTC Participant’s Account (the following information
      is available from the broker through which you hold your ETNs):

     

    Name:

    DTC
      Account Number (and any relevant sub-account):

    Contact
      Name:

    Telephone
      Number:

     

    Acknowledgement:
      In addition to any other requirements specified in the Pricing Supplement being
      satisfied, I acknowledge that the ETNs specified above will not 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    be
      repurchased unless (i) this offer, as completed and signed by the DTC
      Participant through which my ETNs are held (the “DTC Participant”), is delivered
      to DBSI by 10:00 a.m. on the desired Valuation Date, (ii) the DTC
      Participant has booked a “delivery vs. payment” (“DVP”) trade on the applicable
      Valuation Date facing DBSI, and (iii) the DTC Participant instructs DTC to
      deliver the DVP trade to DBSI as booked for settlement via DTC at or prior
      to
      10:00 a.m. on the applicable Repurchase Date.

     

    The
      undersigned acknowledges that Deutsche Bank and DBSI will not be responsible
      for
      any failure by the DTC Participant through which such undersigned’s ETNs are
      held to fulfill the requirements for repurchase set forth above.

     

    
      	 
	 
	 
	
              [Beneficial
                Holder]

            

    

     

    PART
      B OF
      THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE
      ETNS
      ARE HELD AND DELIVERED TO DBSI BY 10:00 a.m. ON THE DESIRED VALUATION DATE
       

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    BROKER’S
      CONFIRMATION OF REPURCHASE

     

    [PART
      B:
      TO BE COMPLETED BY BROKER]

     

    Dated:
      [Desired Valuation Date]

    Deutsche
      Bank Securities Inc., as Repurchase Agent

     

    
      	
              Re:

            	
              ETNs
                linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
                GoldTM
                due
                February 15, 2038 issued by Deutsche Bank AG (the
                “ETNs”)

            

    

     

    
      	 o	
              DB
                Gold Double Short Exchange Traded Notes (CUSIP Number:
                25154H756)

            
	 o	
              DB
                Gold Double Long Exchange Traded Notes (CUSIP Number:
                25154H749)

            
	 o	
              DB
                Gold Short Exchange Traded Notes (CUSIP Number:
                25154H731)

            

    

     

    (Please
      check only one offering of ETNs)

     

    Dear
      Sirs:

     

    The
      undersigned holder of the ETNs checked above hereby irrevocably offers to
      Deutsche Bank AG the right to repurchase, on the Repurchase Date of
                    ,
      with respect to the Stated Principal Amount of ETNs indicated below as described
      in the pricing supplement relating to the ETNs (the “Pricing Supplement”). Terms
      not defined herein have the meanings given to such terms in the Pricing
      Supplement.

     

    The
      undersigned certifies to you that it will (i) book a delivery vs. payment
      trade on the Valuation Date with respect to the Stated Principal Amount of
      ETNs
      specified below at a price per ETN equal to the Repurchase Value, facing
      Deutsche Bank Securities Inc., DTC #0573 and (ii) deliver the trade as
      booked for settlement via DTC at or prior to 10:00 a.m. New York City time
      on
      the Repurchase Date.

     

    Very
      truly
      yours,

    [NAME
      OF
      DTC PARTICIPANT HOLDER]

     

                                          
                                              
                                        
                                        
                                        
                         

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Contact
      Name:

    Title:

    Telephone:

    Fax:

    E-mail:

     

    Stated
      Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
      ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase
      at
      one time for your offer to be valid.):

     

                                          
                                              
                                        
                                        
                                        
                         

     

    DTC
      # (and
      any relevant sub-account):Exhibit
        4.2

    

     

    
      	
              REGISTERED

            	 
	
              PRICING
                SUPPLEMENT No. 304

              CERTIFICATE
                NO. 1

            	
              CUSIP:
                25154H756

              ISIN:

               

            

    

    

     

    DB
      Gold Double Short Exchange Traded Notes

    due
      February 15, 2038

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company (55 Water Street, New York, New York) to the issuer or its agent
      for registration of transfer, exchange or payment, and any certificate issued
      is
      registered in the name of Cede & Co. or such other name as requested by an
      authorized representative of The Depository Trust Company and any payment is
      made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
      Cede & Co., has an interest herein.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Deutsche
      Bank AG, acting through its London Branch

    SERIES
      A

     

    DB
      Gold Double Short Exchange Traded Notes

    due
      February 15, 2038 (the “Security”)

    

    
      	
              Original
                Issue Date

            	
              March
                3, 2008.

            
	
              Final
                Valuation Date

            	
              February
                10, 2038.

            
	
              Maturity
                Date

            	
              February
                15, 2038, subject to postponement in the event of a Market Disruption
                Event.

            
	
              Specified
                Currency

            	
              $USD.

            
	
              If
                Specified Currency Other Than U.S. Dollars,

              Option
                to Elect Payment in U.S. Dollars

            	
              N.A.

            
	
              Face
                Amount

            	
              $25
                per Security.

            
	
              Minimum
                Denominations

            	
              N.A.

            
	
              Interest
                Rate

            	
              N.A.

            
	
              Interest
                Payment Date(s)

            	
              N.A.

            
	
              Interest
                Period(s)

            	
              N.A.

            
	
              Interest
                Accrual Date

            	
              N.A.

            
	
              Initial
                Redemption Date

            	
              N.A.

            
	
              Redemption
                Dates

            	
              N.A.

            
	
              Redemption
                Notice Period

            	
              N.A.

            
	
              Initial
                Redemption Percentage

            	
              N.A.

            
	
              Annual
                Redemption Percentage

            	
              N.A.

            
	
              Optional
                Repayment Date(s)

            	
              N.A.

            
	
              Applicability
                of Modified Payment Upon Acceleration

            	
              N.A.

            
	
              Tax
                Redemption

            	
              N.A.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Payment
                of Additional Tax Amounts

            	
              N.A.

            
	
              Issue
                Price

            	
              100%

            
	
              Other
                Provisions

            	
              See
                below. To the extent the Other Provisions are inconsistent with any
                other
                provision of this Security, the Other Provisions will
                control.

            

    

     

    Deutsche
      Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft)
      organized under the laws of the Federal Republic of Germany acting through
      its
      London Branch, (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to Cede
& Co., or registered assignees, the amount in cash, as determined
      in
      accordance with the provisions set forth under “Payment at Maturity” below, due
      with respect to the Current Outstanding Face Amount specified on Schedule I
      hereto on the Maturity Date specified above (except to the extent previously
      redeemed or repaid) and to pay interest, if applicable, thereon at the Interest
      Rate per annum specified above from and including the Interest Accrual Date
      specified above until but excluding the date the principal amount is paid or
      duly made available for payment (except as provided below) weekly, monthly,
      quarterly, semi-annually or annually in arrears on the Interest Payment Dates
      specified above in each year commencing on the Interest Payment Date next
      succeeding the Interest Accrual Date specified above, and at maturity (or on
      any
      redemption or repayment date); provided, however, that if the
      Interest Accrual Date occurs between a Record Date, as defined below, and the
      next succeeding Interest Payment Date, interest payments will commence on the
      second Interest Payment Date succeeding the Interest Accrual Date to the
      registered holder of this Security on the Record Date with respect to such
      second Interest Payment Date.

     

    If
      applicable, interest on this Security will accrue from and including the most
      recent Interest Payment Date to which interest has been paid or duly provided
      for, or, if no interest has been paid or duly provided for, from and including
      the Interest Accrual Date, until but excluding the date the principal hereof
      has
      been paid or duly made available for payment (except as provided below). The
      interest so payable, and punctually paid or duly provided for, on any Interest
      Payment Date will, subject to certain exceptions described herein, be paid
      to
      the person in whose name this Security (or one or more predecessor Securities)
      is registered at the close of business on the date 15 calendar days prior to
      such Interest Payment Date (whether or not a Business Day (as defined on the
      reverse of this Security)); provided, however, that interest
      payable at maturity (or on any redemption or repayment date) will be payable
      to
      the person to whom the principal hereof shall be payable.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Payment
      of
      the principal of this Security, premium, if any, and interest, if applicable,
      due at maturity on this Security (or any redemption or repayment date), unless
      this Security is denominated in a Specified Currency other than U.S. dollars
      and
      is to be paid in whole or in part in such Specified Currency, will be made
      in
      immediately available funds upon surrender of this Security at the office or
      agency of the Paying Agent, as defined on the reverse hereof, maintained for
      that purpose in the Borough of Manhattan, the City of New York, or at such
      other
      paying agency as the Issuer may determine, in U.S. dollars.  U.S.
      dollar payments of interest, other than interest due at maturity or any date
      of
      redemption or repayment, will be made by U.S. dollar check mailed to the address
      of the person entitled thereto as such address shall appear in the Security
      register.  A holder of U.S. $10,000,000 (or the equivalent in a
      Specified Currency) or more in aggregate principal amount of Securities having
      the same Interest Payment Date, the interest on which is payable in U.S.
      dollars, will be entitled to receive payments of interest, other than interest
      due at maturity or on any date of redemption or repayment, by wire transfer
      of
      immediately available funds if appropriate wire transfer instructions have
      been
      received by the Paying Agent in writing not less than 15 calendar days prior
      to
      the applicable Interest Payment Date.

     

    If
      this
      Security is denominated in a Specified Currency other than U.S. dollars, and
      the
      holder does not elect (in whole or in part) to receive payment in U.S. dollars
      pursuant to the next succeeding paragraph, payments of principal, premium,
      if
      any, and interest with regard to this Security will be made by wire transfer
      of
      immediately available funds to an account maintained by the holder hereof with
      a
      bank located outside the United States if appropriate wire transfer instructions
      have been received by the Paying Agent in writing not less than 15 calendar
      days
      prior to the applicable payment date; provided, that if such wire
      transfer instructions are not received, such payments will be made by check
      payable in such Specified Currency mailed to the address of the person entitled
      thereto as such address shall appear in the Security register; and provided,
      further, that payment of the principal of this Security, any premium and
      the interest due at maturity (or on any redemption or repayment date) will
      be
      made upon surrender of this Security at the office or agency referred to in
      the
      preceding paragraph.

     

    If
      so
      indicated on the face hereof, the holder of this Security, if denominated in
      a
      Specified Currency other than U.S. dollars, may elect to receive all or a
      portion of payments on this Security in U.S. dollars by transmitting a written
      request to the Paying Agent, on or prior to the fifth Business Day after such
      Record Date or at least ten Business Days prior to the Maturity Date or any
      redemption or repayment date, as the case may be. Such election shall remain
      in
      effect unless such request is revoked by written notice to the Paying Agent
      as
      to all or a portion of payments on this Security at least five Business Days
      prior to such Record Date, for payments of interest, or at least ten calendar
      days prior to the Maturity Date or any redemption or repayment date, for
      payments of principal, as the case may be.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      the
      holder elects to receive all or a portion of payments of principal of, premium,
      if any, and interest on this Security, if denominated in a Specified Currency
      other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined
      on
      the reverse hereof) will convert such payments into U.S. dollars. In the event
      of such an election, payment in respect of this Security will be based upon
      the
      exchange rate as determined by the Exchange Rate Agent based on the highest
      bid
      quotation in the City of New York received by such Exchange Rate Agent at
      approximately 11:00 a.m., New York City time, on the second Business Day
      preceding the applicable payment date from three recognized foreign exchange
      dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate
      Agent is an affiliate of the Issuer) for the purchase by the quoting dealer
      of
      the Specified Currency for U.S. dollars for settlement on such payment date
      in
      the amount of the Specified Currency payable in the absence of such an election
      to such holder and at which the applicable dealer commits to execute a contract.
      If such bid quotations are not available, such payment will be made in the
      Specified Currency. All currency exchange costs will be borne by the holder
      of
      this Security by deductions from such payments.

     

    Denominations

     

    The
      Securities will be denominated in U.S. dollars as specified above.

    

    OTHER
      PROVISIONS

    

    
      	
              STATED
                PRINCIPAL AMOUNT:

            	 	
              $25.00
                per Security on the Inception Date.

               

              At
                any time, the aggregate outstanding Stated Principal Amount of this
                Security shall be the last amount set forth on Schedule I hereto
                under the
                heading “Current Outstanding Face Amount”.

               

              Securities
                represented by this Security may be issued after the date hereof
                upon
                notice by the Issuer to the Trustee, without the consent of the beneficial
                owners of the Securities then outstanding, and will have the same
                rights
                and privileges as Securities issued on the date hereof.

               

              Upon
                receipt of an Issuer Order instructing the Trustee to issue more
                Securities represented by this Security and delivery of such Securities
                through the DTC book-entry system, the Trustee shall make notations
                on
                Schedule I to evidence such issuance and the new aggregate Stated
                Principal Amount of Securities represented by this Security, provided,
                however, that in no event may the Current Outstanding Face Amount
                

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	represented
              by this Security exceed $500,000,000. 
               

              The
                Issuer may also instruct the Trustee to cancel Securities held by
                the
                Issuer represented by this Security.  Upon delivery of the Securities
                to be cancelled through the DTC book-entry system, the Trustee shall
                make
                notations on Schedule I to evidence such cancellation and the new
                aggregate Stated Principal Amount of Securities represented by this
                Security.

               

              The
                Trustee may, as necessary, add additional pages of the same format
                to
                Schedule I, to evidence additional issuances, cancellations and the
                Current Outstanding Face Amount of Securities represented by this
                Security, which additional pages shall constitute part of this Security
                to
                the same extent as if they had been part of this Security at the
                initial
                issuance and authentication hereof.

            
	 	 	 
	
              INCEPTION
                DATE:

            	 	
              February
                27, 2008.

            
	 	 	 
	
              SUB-INDICES:

            	 	
              DB
                3-Month T-Bill Index (the “TBill Index”)

               

              Deutsche
                Bank Liquid Commodity Index – Optimum Yield GoldTM Excess
                Return
                (the “Gold Index”).

               

            
	
              PAYMENT
                AT MATURITY:

            	 	
              At
                maturity, a holder of a Security will receive for each Security held
                on
                the Record Date, a payment at maturity per Security in U.S. dollars,
                calculated by the Calculation Agent equal to:

               

              the
                Current Principal Amount of the Security times the Index Factor
                on the Final Valuation Date times the Fee Factor on the Final
                Valuation Date

               

              where,

               

              “Current
                Principal Amount” means, for the period from the Inception Date
                to March 31, 2008 (such period, the “Initial Calendar
                Month”),  $25.00 for each Security;
                and

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              for
                each subsequent calendar month, the Current Principal Amount will
                be reset
                as follows on the Monthly Reset Date:

               

              new
                Current Principal Amount =

               

              previous
                Current Principal Amount x Index Factor on the applicable Monthly
                Valuation Date x Fee Factor on the applicable Monthly Valuation
                Date,

               

              “Index
                Factor” means 1 + TBill Index Return - (2 x Gold Index
                Return),

               

              “Fee
                Factor” means 1 - [Investor Fee x Day Count
                Fraction],

               

              “Investor
                Fee” means 0.75 per annum, and

               

              “Day
                Count Fraction” means, for each calendar month, a fraction, the
                numerator of which is the number of days elapsed from and including
                the
                Monthly Reset Date (or the Inception Date in the case of the Initial
                Calendar Month) to and including the Monthly Valuation Date (or the
                Trading Day, Valuation Date or Final Valuation Date, if applicable)
                and
                the denominator of which is 365.

               

            
	
              GOLD
                INDEX RETURN:

            	 	
              (Gold
                Index Closing Level minus Gold Index Monthly Initial
                Level)

               

              divided
                by

               

              Gold
                Index Monthly Initial Level

               

            
	
              TBILL
                INDEX RETURN:

            	 	
              (TBill
                Index Closing Level minus TBill Index Monthly Initial
                Level)

               

              divided
                by

               

              TBill
                Index Monthly Initial Level

               

            
	
              PAYMENT
                UPON REPURCHASE:

            	 	
              A
                holder of Securities may offer a minimum of 200,000 Securities and
                integral multiples of 50,000 Securities in excess thereof to Deutsche
                Bank
                for repurchase for an amount in U.S. dollars per Security equal to
                the
                Repurchase Value. If a 

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    
      	 	 	
              holder
                complies with the Repurchase Procedures, the Issuer will be obligated
                to
                repurchase the offered Securities and pay to the holder the Repurchase
                Value for each offered Security on the applicable Repurchase
                Date. 

               

            
	
              REPURCHASE
                VALUE:

            	 	
              On
                each Trading Day, an amount in U.S. dollars for each Security, equal
                to:

               

              the
                Current Principal Amount times the Index Factor on the applicable
                Trading Day times the Fee Factor on such Trading
                Day.

               

            
	
              REPURCHASE
                DATE:

            	 	
              The
                third Business Day following the applicable Valuation Date, subject
                to
                postponement in the event of a Market Disruption Event as described
                under
                “Specific Terms of the Securities – Market Disruption
                Events”.

               

            
	
              VALUATION
                DATE:

            	 	
              In
                connection with a repurchase, the Trading Day on which effective
                notice is
                given to the Issuer of an offer of the Securities for
                repurchase.

               

            
	
              ACCELERATION
                UPON ZERO REPURCHASE VALUE:

            	 	
              If
                the Repurchase Value on any day equals zero, the Maturity Date for
                the
                Securities will be automatically accelerated to that day and the
                holder of
                a Security will not receive any payment in respect of the
                Security.

               

            
	
              GOLD
                INDEX MONTHLY INITIAL LEVEL:

            	 	
              For
                the Initial Calendar Month, the Gold Index Monthly Initial Level
                will
                equal       , the Gold Index Closing
                Level on the Inception Date. For each subsequent calendar month,
                the Gold
                Index Monthly Initial Level will equal the Gold Index Closing Level
                on the
                Monthly Reset Date for that calendar month.

               

            
	
              GOLD
                INDEX CLOSING LEVEL:

            	 	
              The
                Gold Index Closing Level will equal the closing level of the Gold
                Index as
                reported on Bloomberg page “DGLDIX <Index>”,
                subject to the occurrence of a Market Disruption Event; provided
                that on
                any calendar day which is not a day on which the closing level of
                the Gold
                Index is published, the Gold Index Closing Level will equal such
                level on
                the immediately preceding Trading Day.

               

            
	
              TBILL
                INDEX MONTHLY INITIAL 

            	 	
              The
                TBill Index Monthly Initial Level will
                equal

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	LEVEL: 	 	
                        ,
                the TBill Index Closing Level on the Inception Date. For each subsequent
                calendar month, the TBill Index Monthly Initial Level will equal
                the TBill
                Index Closing Level on the Monthly Reset Date for that calendar
                month.

               

            
	
              TBILL
                INDEX CLOSING LEVEL:

            	 	
              The
                TBill Index Closing Level will equal the closing level of the TBill
                Index
                as reported on Bloomberg page “DBTRBL3M<INDEX>”,
                subject to the occurrence of a Market Disruption Event.

               

            
	
              MONTHLY
                RESET DATE:

            	 	
              For
                each calendar month, the first calendar day of that month beginning
                on
                April 1, 2008 and ending on February 1, 2038.

               

            
	
              MONTHLY
                VALUATION DATE:

            	 	
              For
                each Monthly Reset Date, the last calendar day of the previous calendar
                month beginning on March 31, 2008 and ending on January 31,
                2008.

               

            
	
              TRADING
                DAY:

            	 	
              Any
                day on which (i) the values of the Sub-Indices are published by
                Deutsche Bank AG, London Branch, (ii) trading is generally conducted
                on NYSE Arca and (iii) trading is generally conducted on the markets
                on which the futures contracts underlying the Gold Index are traded,
                in
                each case as determined by the Calculation Agent, in its sole
                discretion.

               

            
	
              BUSINESS
                DAY:

            	 	
              A
                Monday, Tuesday, Wednesday, Thursday or Friday 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 New York City.

               

            
	
              INDEX
                SPONSOR:

            	 	
              Deutsche
                Bank AG, London Branch

               

            
	
              CALCULATION
                AGENT:

            	 	
              Deutsche
                Bank AG, London Branch

               

            
	
              FORM:

            	 	
              Book-Entry.

               

            
	
              RECORD
                DATE:

            	 	
              The
                Final Valuation Date, whether or not that day is a business
                day.

            

    

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    The
      Issuer
      will irrevocably deposit with The Depository Trust Company
      (“DTC”) no later than the opening of business on each Interest
      Payment Date, if applicable, each Repurchase Date, if applicable, and on the
      Maturity Date funds sufficient to make payments of the amount payable with
      respect to the Securities on such date.  The Issuer will give DTC
      irrevocable instructions and authority to pay such amount to the Holders
      entitled thereto.

     

    Subject
      to
      the foregoing and to applicable law (including, without limitation, United
      States federal laws), the Issuer or its affiliates may, at any time and from
      time to time, purchase outstanding Securities by tender, in open market or
      by
      private agreement.

     

    Role
      of Calculation Agent

     

    Deutsche
      Bank AG, London Branch will serve as the Calculation Agent. The Calculation
      Agent will, in its sole discretion, make all determinations regarding the value
      of the Securities, including at maturity or upon repurchase by the Issuer,
      Market Disruption Events, Business Days, Trading Days, the Current Principal
      Amount, the Fee Factor, the Index Factor, the Default Amount, the initial index
      levels, the final index levels, the closing levels of the Sub-Indices on any
      Valuation Date, the Maturity Date, Repurchase Dates, the amount payable in
      respect of the Securities at maturity or upon repurchase by Issuer and any
      other
      calculations or determinations to be made by the Calculation Agent as specified
      herein. The Calculation Agent will rely upon the published levels of the
      Sub-Indices. Absent manifest error, all determinations of the Calculation Agent
      will be final and binding on the Holders and the Issuer, without any liability
      on the part of the Calculation Agent. Holders will not be entitled to any
      compensation from the Issuer for any loss suffered as a result of any of the
      above determinations by the Calculation Agent.

     

    Repurchase
      Procedures

     

    To
      effect
      a repurchase, a holder of the Securities must irrevocably offer at least 200,000
      Securities (or an integral multiple of 50,000 Securities in excess thereof)
      to
      Deutsche Bank Securities Inc. (“DBSI”) no later than 10:00
      a.m., New York City time, beginning on March 3, 2008 and ending on the Final
      Valuation Date, on the desired Valuation Date.

     

    A
      holder
      wishing to offer Securities to the Issuer for repurchase must follow the
      following procedures:

     

    
      	
              ·  

            	
              Cause
                its broker must deliver an irrevocable Offer for Repurchase, a form
                of
                which is attached as Annex A to this pricing supplement, to DBSI by
                10:00 a.m., New York City time, on the desired Valuation
                Date.  A holder must offer at least 200,000 Securities or an
                integral multiple of 50,000 Securities in excess thereof for repurchase
                by
                the Issuer on any repurchase date. DBSI must acknowledge receipt
                from such
                broker in order for the holder’s offer to be
                effective;

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
              ·  

            	
              Cause
                its broker to book a delivery vs. payment trade with respect to the
                holder’s Securities on the applicable Valuation Date at a price equal to
                the applicable Repurchase Value, facing DBSI;
                and

            

    

     

    
      	
              ·  

            	
              Cause
                its DTC custodian to deliver the trade as booked for settlement via
                DTC at
                or prior to 10:00 a.m. New York City time on the applicable Repurchase
                Date (the third Business Day following the Valuation Date, subject
                to
                postponement in the event of a Market Disruption
                Event.

            

    

     

    Any
      repurchase instructions that received in accordance with the procedures
      described above will be irrevocable.

     

    Market
      Disruption Events

     

    A
      disrupted day is any Trading day on which a Market Disruption Event occurs
      or is
      continuing (a “Disrupted Day”).

     

    An
      index
      business day is any day (other than a Saturday or Sunday) on which commercial
      banks and foreign exchange markets settle payments are open for general business
      (including dealings in foreign exchange and foreign currency deposits) in New
      York City (an “Index Business Day”).

     

    If
      any
      Monthly Valuation Date, Valuation Date or the Final Valuation Date (each a
      “Reference Date”) is a Disrupted Day with respect to a
      Sub-Index, the closing level of such Sub-Index on the next succeeding Trading
      Day that is not a Disrupted Day will be deemed to be the closing level of such
      Sub-Index for such Reference Date; provided that if the ten successive
      Trading Days immediately following such Reference Date are all Disrupted Days,
      the Calculation Agent will determine, in its sole discretion, the closing level
      of such Sub-Index for such Reference Date on the tenth Trading Day immediately
      following such Reference Date, notwithstanding that such tenth Trading Day
      is a
      Disrupted Day.

     

    If
      any
      Valuation Date or the Final Valuation Date is a Disrupted Day with respect
      to
      either or both Sub-Indices, and the date as of which the calculation agent
      determines the closing levels of both sub-indices falls less than three Business
      Days prior to the scheduled Repurchase Date corresponding to such Valuation
      Date
      or the Maturity Date, as applicable, such scheduled Repurchase Date or the
      Maturity Date, as applicable, will be postponed to the third Business Day
      following the date as of which the Calculation Agent has determined the closing
      levels of both Sub-Indices for such Valuation Date or the Final Valuation Date,
      as applicable.

     

    Any
      of the
      following will be a Market Disruption Event:

    

    
      	
              ·  

            	
              a
                material limitation, suspension or disruption in the trading of the
                underlying gold futures contract which results in a failure by the
                trading
                

            

    

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	 	facility
              on which the relevant contract is traded to report a daily contract
              reference price (the price of the relevant contract that is used as
              a
              reference or benchmark by market
              participants); 

      	
              ·  

            	
              the
                daily contract reference price for the underlying gold futures contract
                is
                a “limit price”, which means that the daily contract reference price for
                such contract has increased or decreased from the previous day’s daily
                contract reference price by the maximum amount permitted under the
                applicable rules or procedures of the relevant trading
                facility;

            

    

    
      	
              ·  

            	
              failure
                by the Index Sponsor to publish the closing value of the Gold Index
                or of
                the applicable trading facility or other price source to announce
                or
                publish the daily contract reference price for the underlying gold
                futures
                contract;

            

    

    
      	
              ·  

            	
              any
                other event, if the Calculation Agent determines in its sole discretion
                that the event materially interferes with the Issuer’s ability or the
                ability of any of the Issuer’s affiliates to unwind all or a material
                portion of a hedge with respect to the Securities that the Issuer
                or its
                affiliates have effected or may
                effect.

            

    

     

    The
      following events will not be Market Disruption Events:

    

    
      	
              ·  

            	
              a
                limitation on the hours or number of days of trading on a trading
                facility
                on which the underlying gold futures contract is traded, but only
                if the
                limitation results from an announced change in the regular business
                hours
                of the relevant market; or

            

    

    
    

    
      	
              ·  

            	
              a
                decision by a trading facility to permanently discontinue trading
                in the
                underlying gold futures contract.

            

    

     

    Interruption
      of Gold Index Calculation

    

    Force
      Majeure Event

     

    Calculation
      of the Gold Index may not be possible or feasible under certain events or
      circumstances, including, without limitation, a systems failure, natural or
      man-made disaster, act of God, armed conflict, act of terrorism, riot or labor
      disruption or any similar intervening circumstance, that is beyond the
      reasonable control of the Index Sponsor and that the Index Sponsor determines
      affects the Gold Index or gold (a “Force Majeure Event”). Upon
      the occurrence of any such Force Majeure Event, the Index Sponsor may, in its
      discretion, elect one (or more) of the following options:

    

    
      	
              ·  

            	
              make
                such determinations and/or adjustments to the terms of the Gold Index
                as
                it considers appropriate to determine any closing level on any such
                appropriate Index Business Day;
                and/or

            

    

    
      	 	 

    

     

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
 

    
      	
              ·  

            	
              defer
                publication of the information relating to the Gold Index until the
                next
                Index Business Day on which it determines that no Force Majeure Event
                exists; and/or

            

    

    
      	
              ·  

            	
              permanently
                cancel publication of the information relating to the Gold
                Index.

            

    

     

    Index
      Disruption Event

     

    Additionally,
      calculation of the Gold Index may be disrupted by an event that would require
      the Index Sponsor to calculate the closing price in respect of the underlying
      gold futures contract on an alternative basis were such event to occur or exist
      on a day that is a Trading Day for the underlying gold futures contract on
      the
      relevant exchange (an “Index Disruption Event”). If such an
      Index Disruption Event in relation to the underlying gold futures contract
      as
      described in the prior sentence occurs and continues for a period of five
      successive Trading Days on the relevant exchange, the Index Sponsor will, in
      its
      discretion, either

    

    
      	
              ·  

            	
              continue
                to calculate the relevant closing price for a further period of five
                successive Trading Days on the relevant exchange;
                or

            

    

    
      	
              ·  

            	
              if
                such period extends beyond the five successive Trading Days, the
                Index
                Sponsor may elect to replace the underlying gold futures contract
                and make
                all necessary adjustments to the methodology and calculation of the
                Gold
                Index as it deems appropriate.

            

    

    

    Discontinuance
      or Modification of the Sub-Indices

     

    If
      the
      Index Sponsor discontinues compilation or publication of a Sub-Index and the
      Index Sponsor or any other person or entity (including the Issuer) calculates
      and publishes an index that the Calculation Agent determines is comparable
      to
      such discontinued Sub-Index and approves as a successor index, then the
      Calculation Agent will determine the level of the Sub-Index on any relevant
      date
      and the amount payable at maturity or upon repurchase by the Issuer by reference
      to such successor Sub-Index for the period following the discontinuation of
      the
      Sub-Index.

     

    If
      the
      Calculation Agent determines that the publication of a Sub-Index is discontinued
      and that there is no applicable successor index, or that the closing level
      of
      the Sub-Index is not available for any reason other than a Market Disruption
      Event, on the date on which the level of the Sub-Index is required to be
      determined, or if for any other reason (excluding a Market Disruption Event)
      the
      Sub-Index is not available to the Issuer or the Calculation Agent on the
      relevant date, the Calculation Agent will determine the amount payable by a
      computation methodology that the Calculation Agent determines will as closely
      as
      reasonably possible replicate such Sub-Index.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    If
      the
      Calculation Agent determines that either or both Sub-Indices, the components
      underlying either or both Sub-Indices (the “Index Components”)
      or the method of calculating either or both Sub-Indices has been changed at
      any
      time in any respect – including any addition, deletion or substitution and any
      reweighting or rebalancing of Index Components, and whether the change is made
      by the Index Sponsor under its existing policies or following a modification
      of
      those policies, is due to the publication of a successor index, is due to events
      affecting one or more of the Index Components, or is due to any other reason
–
then the Calculation Agent will be permitted (but not required) to make such
      adjustments to such Sub-Index or method of calculating such Sub-Index as it
      believes are appropriate to ensure that the level of such Sub-Index used to
      determine the amount payable on the Maturity Date or upon repurchase by the
      Issuer is equitable.

     

    All
      determinations and adjustments to be made by the Calculation Agent with respect
      to the level of the Sub-Indices and the amount payable at maturity or upon
      repurchase by the Issuer or otherwise relating to the level of the Sub-Indices
      may be made in the Calculation Agent’s sole discretion.

     

    Payment
      Upon an Event of Default

     

    If
      an
      Event of Default (as defined in the Senior Indenture) occurs and the maturity
      of
      the Securities is accelerated, the Issuer will pay the Default Amount in respect
      of each Security.

     

    For
      the
      purpose of determining whether the holders of the Issuer’s Series A Global
      Notes, of which the Securities are a part, are entitled to take any action
      under
      the Senior Indenture, the Issuer will treat the Stated Principal Amount of
      each
      security outstanding as the principal amount of that security. Although the
      terms of the Securities may differ from those of the other Series A Global
      Notes, holders of specified percentages in principal amount of all Series A
      Global Notes, together in some cases with other series of the Issuer’s debt
      securities, will be able to take action affecting all the Series A Global Notes,
      including the Securities. This action may involve changing some of the terms
      that apply to the Series A Global Notes, accelerating the maturity of the Series
      A Global Notes after a default or waiving some of the Issuer’s obligations under
      the Senior Indenture.

     

    If
      a
      holder of a Security accelerates the maturity of the Security upon an Event
      of
      Default under the Senior Indenture, the amount payable upon acceleration will
      be
      the Repurchase Value determined by the Calculation Agent on the next Trading
      Day
      (the “Default Amount”).

     

    Defeasance

     

    The
      Securities will not be subject to the defeasance provisions contained in Article
      10 of the Senior Indenture.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    REFERENCE
      IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE
      REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
      EFFECT AS IF SET FORTH AT THIS PLACE.

     

    Unless
      the
      certificate of authentication hereon has been executed by the Trustee referred
      to on the reverse hereof by manual signature, this Security shall not be
      entitled to any benefit under the Senior Indenture, as defined on the reverse
      hereof, or be valid or obligatory for any purpose.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS
      WHEREOF, the Issuer has caused this Security to be duly executed.

     

    
      	
              Dated:                        ,
                2008

            	 	
              DEUTSCHE
                BANK AG, LONDON BRANCH

            	 
	 	 	 	 	 	 
	 	 	 	
              By:

            	 	 
	 	 	 	 	
              Name:

            	 	 
	 	 	 	 	
              Title:

            	 	 
	 	 	 	 	 	 	 
	 	 	 	
              By:

            	 	 	 
	 	 	 	 	
              Name:

            	 	 
	 	 	 	 	
              Title:

            	 	 

    

    

    
      	
              TRUSTEE’S
                CERTIFICATE OF AUTHENTICATION

              This
                is one of the Securities referred

              to
                in the within-mentioned

              Senior
                Indenture.

              LAW
                DEBENTURE TRUST COMPANY

              OF
                NEW YORK, as Trustee

            
	 	 	 
	
              By:

            	 	 
	 	
              Authorized
                Officer

            

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    

    REVERSE
      OF SECURITY

     

    This
      Note
      is one of a duly authorized issue of Global Notes, Series A of the
      Issuer.  The Notes are issuable under a Senior Indenture, dated as of
      November 22, 2006, among the Issuer, Law Debenture Trust Company of New York,
      as
      trustee (the “Trustee,” which term includes any successor
      trustee under the Senior Indenture), and Deutsche Bank Trust Company Americas
      (“DBTCA”), as issuing agent, paying agent and registrar (as may
      be amended or supplemented from time to time, the “Senior
      Indenture”), to which Senior Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights,
      limitations of rights, duties and immunities of the Issuer, the Trustee and
      holders of the Notes and the terms upon which the Notes are, and are to be,
      authenticated and delivered.  The Issuer has appointed DBTCA acting
      through its principal corporate trust office in the Borough of Manhattan, the
      City of New York, as its paying agent (the “Paying Agent”,
      which term includes any additional or successor Paying Agent appointed by the
      Issuer) with respect to the Notes.  The terms of individual Notes may
      vary with respect to interest rates, interest rate formulas, issue dates,
      maturity dates, or otherwise, all as provided in the Senior
      Indenture.  To the extent not inconsistent herewith, the terms of the
      Senior Indenture are hereby incorporated by reference herein.

     

    Unless
      otherwise indicated on the face hereof, this Note will not be subject to any
      sinking fund and, unless otherwise indicated on the face hereof in accordance
      with the provisions of the following two paragraphs and except as set forth
      below, will not be redeemable or subject to repayment at the option of the
      holder prior to maturity.

     

    If
      so
      indicated on the face hereof, this Note may be redeemed in whole or in part
      at
      the option of the Issuer on or after the Initial Redemption Date specified
      on
      the face hereof or on the Redemption Dates specified on the face hereof on
      the
      terms set forth on the face hereof, together with interest accrued and unpaid
      hereon to the date of redemption (except as indicated below).  If this
      Note is subject to “Annual Redemption Percentage Reduction,”
the Initial Redemption Percentage indicated on the face hereof
      will be reduced
      on each anniversary of the Initial Redemption Date by the Annual Redemption
      Percentage Reduction specified on the face hereof until the redemption price
      of
      this Note is 100% of the principal amount hereof, together with interest accrued
      and unpaid hereon to the date of redemption (except as provided
      below).  Notice of redemption shall be mailed to the registered
      holders of the Notes designated for redemption at their addresses as the same
      shall appear on the Note register not less than 30 nor more than 60 calendar
      days prior to the date fixed for redemption or within the Redemption Notice
      Period specified on the face hereof, subject to all the conditions and
      provisions of the Senior Indenture.  In the event of redemption of
      this Note in part only, a new Note or Notes for the amount of the unredeemed
      portion hereof shall be issued in the name of the holder hereof upon the
      cancellation hereof.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    If
      so
      indicated on the face of this Note, this Note will be subject to repayment
      at
      the option of the holder on the Optional Repayment Date or Dates specified
      on
      the face hereof on the terms set forth herein. On any Optional Repayment Date,
      this Note will be repayable in whole or in part in increments of the Face Amount
      (provided that any remaining principal amount hereof shall not be less than
      the
      minimum authorized denomination hereof) at the option of the holder hereof
      at a
      price equal to 100% of the principal amount to be repaid, together with interest
      accrued and unpaid hereon to the date of repayment (except as provided below);
      provided, that if this Note is issued with original issue discount,
      this Note will be repayable on the applicable Optional Repayment Date or Dates
      at the price(s) specified on the face hereof.  For this Note to be
      repaid at the option of the holder hereof, the Paying Agent must receive at
      its
      corporate trust office in the Borough of Manhattan, the City of New York, at
      least 15 but not more than 30 calendar days prior to the date of repayment,
      (i)
      this Note with the form entitled “Option to Elect Repayment” below duly
      completed or (ii) a telegram, telex, facsimile transmission or a letter from
      a
      member of a national securities exchange or the National Association of
      Securities Dealers, Inc. or a commercial bank or a trust company in the United
      States setting forth the name of the holder of this Note, the principal amount
      hereof, the certificate number of this Note or a description of this Note’s
      tenor and terms, the principal amount hereof to be repaid, a statement that
      the
      option to elect repayment is being exercised thereby and a guarantee that this
      Note, together with the form entitled “Option to Elect
      Repayment” duly completed, will be received by the Paying Agent not
      later than the fifth Business Day after the date of such telegram, telex,
      facsimile transmission or letter; provided, that such telegram, telex,
      facsimile transmission or letter shall only be effective if this Note and form
      duly completed are received by the Paying Agent by such fifth Business
      Day.  Unless otherwise indicated on the face of this Note, exercise of
      such repayment option by the holder hereof shall be irrevocable. In the event
      of
      repayment of this Note in part only, a new Note or Notes for the amount of
      the
      unpaid portion hereof shall be issued in the name of the holder hereof upon
      the
      cancellation hereof.

     

    Interest
      payments on this Note, if applicable, will include interest accrued to but
      excluding the Interest Payment Dates or the Maturity Date (or any earlier
      redemption or repayment date), as the case may be.  Unless indicated
      otherwise on the face hereof, interest payments for this Note will be computed
      and paid on the basis of a 360-day year of twelve 30-day months.

     

    In
      the
      case where the calendar date indicated on the face hereof as the Maturity Date
      does not fall on a Business Day or where the Maturity Date is otherwise
      postponed according to the terms and procedures specified on the face hereof,
      payment of premium, if any, or principal otherwise payable on such calendar
      date
      need not be made on such date, but may be made on the Maturity Date as postponed
      with the same force and effect as if made on the indicated calendar date, and
      no
      interest on such payment shall accrue for the period from and after the
      indicated calendar date to the Maturity Date as postponed.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    This
      Note
      and all the obligations of the Issuer hereunder are direct, unsecured
      obligations of the Issuer and rank without preference or priority among
      themselves and pari passu with all other existing and future unsecured
      and unsubordinated indebtedness of the Issuer, subject to certain statutory
      exceptions in the event of liquidation upon insolvency.

     

    This
      Note,
      and any Note or Notes issued upon transfer or exchange hereof, is issuable
      only
      in fully registered form, without coupons, and is issuable only in the minimum
      denominations set forth on the face hereof or any amount in excess thereof
      which
      is an integral multiple thereof.

     

    DBTCA
      has
      been appointed registrar for the Notes, and DBTCA will maintain at its office
      in
      the City of New York, a register for the registration and transfer of
      Notes.  This Note may be transferred at either the aforesaid New York
      office of DBTCA by surrendering this Note for cancellation, accompanied by
      a
      written instrument of transfer in form satisfactory to the Issuer and the
      Trustee and duly executed by the registered holder hereof in person or by the
      holder’s attorney duly authorized in writing, and thereupon the Trustee shall
      issue in the name of the transferee or transferees, in exchange herefor, a
      new
      Note or Notes having identical terms and provisions and having a like aggregate
      principal amount in authorized denominations, subject to the terms and
      conditions set forth herein; provided, however, that the
      Trustee will not be required (i) to register the transfer of or exchange any
      Note that has been called for redemption in whole or in part, except the
      unredeemed portion of Notes being redeemed in part, (ii) to register the
      transfer of or exchange any Note if the holder thereof has exercised his right,
      if any, to require the Issuer to repurchase such Note in whole or in part,
      except the portion of such Note not required to be repurchased, or (iii) to
      register the transfer of or exchange Notes to the extent and during the period
      so provided in the Senior Indenture with respect to the redemption of
      Notes.  Notes are exchangeable at said offices for other Notes of
      other authorized denominations of equal aggregate principal amount having
      identical terms and provisions.  All such registrations, exchanges and
      transfers of Notes will be free of service charge, but the Issuer may require
      payment of a sum sufficient to cover any tax or other governmental charge in
      connection therewith.  All Notes surrendered for exchange shall be
      accompanied by a written instrument of transfer in form satisfactory to the
      Issuer and the Trustee and executed by the registered holder in person or by
      the
      holder’s attorney duly authorized in writing.  The date of
      registration of any Note delivered upon any exchange or transfer of Notes shall
      be such that no gain or loss of interest results from such exchange or
      transfer.

     

    In
      case
      this Note shall at any time become mutilated, defaced or be destroyed, lost
      or
      stolen, and this Note or evidence of the loss, theft or destruction thereof
      (together with the indemnity hereinafter referred to and such other documents
      or
      proof as may be required in the premises) shall be delivered to the Trustee,
      the
      Issuer in its discretion may execute a new Note of like tenor in exchange for
      this Note, but, in the case of any destroyed or lost or stolen Note, only upon
      receipt of evidence satisfactory to the Trustee and the Issuer that this Note
      was destroyed or lost or stolen and, if required, upon receipt also of

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    indemnity
      satisfactory to each of them.  All expenses and reasonable charges
      associated with procuring such indemnity and with the preparation,
      authentication and delivery of a new Note shall be borne by the owner of the
      Note mutilated, defaced, destroyed, lost or stolen.

     

    If
      the
      face hereof indicates that this Note is subject to “Tax
      Redemption,” this Note may be redeemed, as a whole, at the option of
      the Issuer at any time prior to maturity, upon the giving of a Notice of
      redemption as described below, at a redemption price equal to 100% of the
      principal amount hereof, together with accrued interest to the date fixed for
      redemption (except that if this Note is subject to “Modified Payment
      upon Acceleration or Redemption,” such redemption price would be
      limited to the aggregate principal amount hereof multiplied by the sum of the
      Issue Price specified on the face hereof (expressed as a percentage of the
      aggregate principal amount) plus the original issue discount amortized from
      the
      Interest Accrual Date to the date of redemption, which amortization shall be
      calculated using the “interest method” (computed in accordance
      with generally accepted accounting principles in effect on the date of
      redemption)), if the Issuer determines that, as a result of any change in or
      amendment to the laws, or any regulations or rulings promulgated thereunder,
      of
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch, or of any
      political subdivision or taxing authority thereof or therein affecting taxation,
      or any change in official position regarding the application or interpretation
      of such laws, regulations or rulings, which change or amendment becomes
      effective on or after the Original Issue Date hereof, the Issuer has or will
      become obligated to pay Additional Tax Amounts, as defined below, with respect
      to this Note as described below. Prior to the giving of any Notice of redemption
      pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a
      certificate stating that the Issuer is entitled to effect such redemption and
      setting forth a statement of facts showing that the conditions precedent to
      the
      right of the Issuer to so redeem have occurred, and (ii) an opinion of
      independent legal counsel satisfactory to the Trustee to such effect based
      on
      such statement of facts; provided, that no such Notice of redemption
      shall be given earlier than 60 calendar days prior to the earliest date on
      which
      the Issuer would be obligated to pay such Additional Tax Amounts if a payment
      in
      respect of this Note were then due.

     

    Notice
      of
      redemption will be given not less than 30 nor more than 60 calendar days prior
      to the date fixed for redemption or within the Redemption Notice Period
      specified on the face hereof, which date and the applicable redemption price
      will be specified in the Notice.

     

    Every
      net
      payment of the principal of and interest on the Note and any other amounts
      payable on the Note will be made without any withholding or deduction for or
      on
      account of any present or future taxes, duties or governmental charges of any
      nature whatsoever imposed, levied or collected by or on behalf of the Federal
      Republic of Germany, the jurisdiction of incorporation of any successor to
      the
      Issuer or the jurisdiction of any issuing branch, or by or on behalf of any
      political subdivision or authority therein or thereof having the power to
      tax

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

     (“withholding
      taxes”) unless such deduction or withholding is required by law. In
      such event and if specified on the face hereof, the Issuer will, subject to
      certain exceptions and limitations set forth below, pay such additional tax
      amounts (the “Additional Tax Amounts”) to the holder of this
      Note as may be necessary in order that every net payment of the principal of
      and
      interest on this Note and any other amounts payable on this Note, after
      withholding or deduction for or on account of any present or future tax,
      assessment or governmental charge imposed upon or as a result of such payment
      by
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch, or any
      political subdivision or taxing authority thereof or therein, will not be less
      than the amount provided for in this Note to be then due and payable. The Issuer
      will not, however, make any payment of Additional Tax Amounts to any such holder
      for or on account of:

     

    (a)           any
      present or future tax, assessment or other governmental charge that would not
      have been so imposed but for (i) any withholding taxes that are payable by
      reason of a holder or beneficial owner of the Notes having some connection
      with
      the Federal Republic of Germany, the jurisdiction of incorporation of any
      successor to the Issuer, or the jurisdiction of any issuing branch other than
      by
      reason only of the mere holding or beneficial ownership of the Notes; or (ii)
      the presentation by or on behalf of the holder of this Note for payment on
      a
      date more than 15 calendar days after the date on which such payment became
      due
      and payable or the date on which payment thereof is duly provided for, whichever
      occurs later;

     

    (b)           any
      estate, inheritance, gift, sales, transfer, excise or personal property tax
      or
      any similar tax, assessment or governmental charge;

     

    (c)           any
      tax, assessment or other governmental charge that is payable otherwise than
      by
      withholding or deduction from payments on or in respect of this
      Note;

     

    (d)           any
      tax, assessment or other governmental charge required to be withheld by any
      Paying Agent from any payment of principal of, or interest on, this Note, if
      such payment can be made without such withholding by at least one other Paying
      Agent;

     

    (e)           any
      tax, assessment or other governmental charge that would not have been imposed
      but for the failure to comply with certification, information or other reporting
      requirements concerning the nationality, residence or identity of the holder
      or
      beneficial owner of this Note, if such compliance is required by statute or
      by
      regulation of the United States or of any political subdivision or taxing
      authority thereof or therein as a precondition to relief or exemption from
      such
      tax, assessment or other governmental charge;

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (f)           any
      combination of items listed above.

     

    In
      addition, the Issuer shall not be required to make any payment of Additional
      Tax
      Amounts (i) with respect to any withholding taxes which are deducted or withheld
      pursuant to (A) European Council Directive 2003/48/EC or any other European
      Union Directive or Regulation implementing the conclusions of the ECOFIN Council
      meeting of 26-27 November 2000 on the taxation of savings income, or (B) any
      international treaty or understanding entered into for the purpose of
      facilitating cooperation in the reporting and collection of savings income
      and
      to which (x) the United States, and (y) the European Union or Germany is a
      party, or (C) any provision of law implementing, or complying with, or
      introduced to conform with, such Directive, Regulation, treaty or understanding;
      (ii) to the extent such deduction or withholding can be avoided or reduced
      if
      the holder or beneficial owner of the note makes a declaration of non-residence
      or other similar claim for exemption to the relevant tax authority or complies
      with any reasonable certification, documentation, information or other reporting
      requirement imposed by the relevant tax authority; provided,
      however, that the exclusion in this clause will not apply if the
      certification, information, documentation or other reporting requirement would
      be materially more onerous (in form, procedure or substance of information
      required to be disclosed) to the holder or beneficial owner of note than
      comparable information or other reporting requirements imposed under U.S. tax
      law, regulation and administrative practice (such as IRS Forms W-8 and W-9);
      or
      (iii) by or on behalf of a holder who would have been able to avoid such
      withholding or deduction by presenting this Note or the relevant coupon to
      another Paying Agent in a member state of the European Union. Nor shall the
      Issuer pay Additional Tax Amounts with respect to any payment on this Note
      to a
      holder who is a fiduciary or partnership or other than the sole beneficial
      owner
      of such payment to the extent such payment would be required by the laws of
      the
      United States (or any political subdivision thereof) to be included in the
      income, for tax purposes, of a beneficiary or settlor with respect to such
      fiduciary or a member of such partnership or a beneficial owner who would not
      have been entitled to the Additional Tax Amounts had such beneficiary, settlor,
      member or beneficial owner been the holder of this Note.

     

    The
      Senior
      Indenture provides that (a) if an Event of Default (as defined in the Senior
      Indenture) due to the default in payment of principal, premium, if any, or
      interest on, any series of debt securities issued under the Senior Indenture,
      including the series of Senior Global Notes of which this Note forms a part,
      or
      due to the default in the performance or breach of any other covenant or
      warranty of the Issuer applicable to the debt securities of such series but
      not
      applicable to all outstanding debt securities issued under the Senior Indenture,
      shall have occurred and be continuing, either the Trustee or the holders of
      not
      less than 331⁄3% in aggregate principal amount of the outstanding debt securities
      of each affected series voting as one class, by notice in writing to the Issuer
      and to the Trustee, if given by the securityholders, may then declare the
      principal of all debt securities of all such series and interest accrued thereon
      to be due and payable immediately and (b) if an Event of Default due to a
      default in the performance of any other of the covenants or agreements in the
      Senior Indenture applicable to all 

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    outstanding
      debt securities issued thereunder, including this Note, or due to certain events
      of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred
      and be continuing, either the Trustee or the holders of not less than 331⁄3% in aggregate
      principal amount of all outstanding debt securities issued under the Senior
      Indenture voting as one class, by notice in writing to the Issuer and to the
      Trustee, if given by the securityholders, may declare the principal of all
      such
      debt securities and interest accrued thereon to be due and payable immediately,
      but upon certain conditions such declarations may be annulled and past defaults
      may be waived (except a continuing default in payment of principal, premium,
      if
      any, or interest on such debt securities) by the holders of a majority in
      aggregate principal amount of the debt securities of all affected series then
      outstanding.

     

    If
      the
      face hereof indicates that this Note is subject to “Modified Payment
      upon Acceleration or Redemption,” then (a) if the principal hereof is
      declared to be due and payable as described in the preceding paragraph, the
      amount of principal due and payable with respect to this Note shall be limited
      to the aggregate principal amount hereof multiplied by the sum of the Issue
      Price specified on the face hereof (expressed as a percentage of the aggregate
      principal amount) plus the original issue discount amortized from the Interest
      Accrual Date to the date of declaration, which amortization shall be calculated
      using the “interest method” (computed in accordance with
      generally accepted accounting principles in effect on the date of declaration),
      (b) for the purpose of any vote of securityholders taken pursuant to the Senior
      Indenture prior to the acceleration of payment of this Note, the principal
      amount hereof shall equal the amount that would be due and payable hereon,
      calculated as set forth in clause (a) above, if this Note were declared to
      be
      due and payable on the date of any such vote and (c) for the purpose of any
      vote
      of securityholders taken pursuant to the Senior Indenture following the
      acceleration of payment of this Note, the principal amount hereof shall equal
      the amount of principal due and payable with respect to this Note, calculated
      as
      set forth in clause (a) above.

     

    The
      Senior
      Indenture permits the Issuer and the Trustee, with the consent of the holders
      of
      not less than a majority in aggregate principal amount of the debt securities
      of
      all series issued under the Senior Indenture then outstanding and affected
      (voting as one class), to execute supplemental indentures adding any provisions
      to or changing in any manner the rights of the holders of each series so
      affected; provided, that the Issuer and the Trustee may not, without
      the consent of the holder of each outstanding debt security affected thereby,
      (a) extend the final maturity of any such debt security, or reduce the principal
      amount thereof, or reduce the rate or extend the time of payment of interest
      thereon, or reduce any amount payable on redemption thereof, or change the
      currency of payment thereof, or modify or amend the provisions for conversion
      of
      any currency into any other currency, or modify or amend the provisions for
      conversion or exchange of the debt security for securities of the Issuer or
      other entities or for other property or the cash value of the property (other
      than as provided in the antidilution provisions or other similar adjustment
      provisions of the debt securities or otherwise in accordance with the terms
      thereof), or impair or affect 

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    the
      rights
      of any holder to institute suit for the payment thereof or (b) reduce the
      aforesaid percentage in principal amount of debt securities the consent of
      the
      holders of which is required for any such supplemental indenture.

     

    Except
      as
      set forth below, if the principal of, premium, if any, or interest on this
      Note
      is payable in a Specified Currency other than U.S. dollars and such Specified
      Currency is not available to the Issuer for making payments hereon due to the
      imposition of exchange controls or other circumstances beyond the control of
      the
      Issuer or is no longer used by the government of the country issuing such
      currency or for the settlement of transactions by public institutions within
      the
      international banking community, then the Issuer will be entitled to satisfy
      its
      obligations to the holder of this Note by making such payments in U.S. dollars
      on the basis of the Market Exchange Rate (as defined below) on the date of
      such
      payment or, if the Market Exchange Rate is not available on such date, as of
      the
      most recent practicable date; provided, however, that if the
      euro has been substituted for such Specified Currency, the Issuer may at its
      option (or shall, if so required by applicable law) without the consent of
      the
      holder of this Note effect the payment of principal of, premium, if any, or
      interest on any Note denominated in such Specified Currency in euro in lieu
      of
      such Specified Currency in conformity with legally applicable measures taken
      pursuant to, or by virtue of, the Treaty establishing the European Community,
      as
      amended.  Any payment made under such circumstances in U.S. dollars or
      euro where the required payment is in an unavailable Specified Currency will
      not
      constitute an Event of Default.  If such Market Exchange Rate is not
      then available to the Issuer or is not published for a particular Specified
      Currency, the Market Exchange Rate will be based on the highest bid quotation
      in
      the City of New York received by the Exchange Rate Agent (as defined below)
      at
      approximately 11:00 a.m., New York City time, on the second Business Day
      preceding the date of such payment from three recognized foreign exchange
      dealers (the “Exchange Dealers”) for the purchase by the
      quoting Exchange Dealer of the Specified Currency for U.S. dollars for
      settlement on the payment date, in the aggregate amount of the Specified
      Currency payable to those holders or beneficial owners of Notes and at which
      the
      applicable Exchange Dealer commits to execute a contract.  One of the
      Exchange Dealers providing quotations may be the Exchange Rate Agent unless
      the
      Exchange Rate Agent is an affiliate of the Issuer.  If those bid
      quotations are not available, the Exchange Rate Agent shall determine the market
      exchange rate at its sole discretion.

     

    The
      “Exchange Rate Agent” shall be Deutsche Bank AG, London Branch,
      unless otherwise indicated on the face hereof.

     

    All
      determinations referred to above made by, or on behalf of, the Issuer or by,
      or
      on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion
      and shall, in the absence of manifest error, be conclusive for all purposes
      and
      binding on holders of Notes and coupons.

     

    So
      long as
      this Note shall be outstanding, the Issuer will cause to be maintained an office
      or agency for the payment of the principal of and premium, if any, and interest
      on this Note as herein provided in the Borough of Manhattan, 

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    the
      City
      of New York, and an office or agency in said Borough of Manhattan for the
      registration, transfer and exchange as aforesaid of the Notes.  If
      this Note is listed on the London Stock Exchange plc and such exchange so
      requires, the Issuer shall maintain a Paying Agent in London.  If any
      European Union Directive on the taxation of savings comes into force, the Issuer
      will, to the extent possible as a matter of law, maintain a Paying Agent in
      a
      member state of the European Union that will not be obligated to withhold or
      deduct tax pursuant to any such Directive or any law implementing or complying
      with, or introduced in order to conform to, such Directive.  The
      Issuer may designate other agencies for the payment of said principal, premium
      and interest at such place or places outside the United States (subject to
      applicable laws and regulations) as the Issuer may decide.  So long as
      there shall be such an agency, the Issuer shall keep the Trustee advised of
      the
      names and locations of such agencies, if any are so designated.

     

    With
      respect to moneys paid by the Issuer and held by the Trustee or any Paying
      Agent
      for payment of the principal of or interest or premium, if any, on any Notes
      that remain unclaimed at the end of two years after such principal, interest
      or
      premium shall have become due and payable (whether at maturity or upon call
      for
      redemption or otherwise), (i) the Trustee or such Paying Agent shall notify
      the
      holders of such Notes that such moneys shall be repaid to the Issuer and any
      person claiming such moneys shall thereafter look only to the Issuer for payment
      thereof and (ii) such moneys shall be so repaid to the Issuer.  Upon
      such repayment all liability of the Trustee or such Paying Agent with respect
      to
      such moneys shall thereupon cease, without, however, limiting in any way any
      obligation that the Issuer may have to pay the principal of or interest or
      premium, if any, on this Note as the same shall become due.

     

    No
      provision of this Note or of the Senior Indenture shall alter or impair the
      obligation of the Issuer, which is absolute and unconditional, to pay the
      principal of, premium, if any, and interest on this Note at the time, place,
      and
      rate, and in the coin or currency, herein prescribed unless otherwise agreed
      between the Issuer and the registered holder of this Note.

     

    Prior
      to
      due presentment of this Note for registration of transfer, the Issuer, the
      Trustee and any agent of the Issuer or the Trustee may treat the holder in
      whose
      name this Note is registered as the owner hereof for all purposes, whether
      or
      not this Note be overdue, and none of the Issuer, the Trustee or any such agent
      shall be affected by notice to the contrary.

     

    No
      recourse shall be had for the payment of the principal of, premium, if any,
      or
      the interest on this Note, for any claim based hereon, or otherwise in respect
      hereof, or based on or in respect of the Senior Indenture or any indenture
      supplemental thereto, against any incorporator, shareholder, officer or
      director, as such, past, present or future, of the Issuer or of any successor
      corporation, either directly or through the Issuer or any successor corporation,
      whether by virtue of any constitution, statute or rule of law or by the
      enforcement of any assessment or penalty or otherwise, all such liability being,
      by the acceptance hereof and as part of the consideration for the issue hereof,
      expressly waived and released.

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    This
      Note
      shall for all purposes be governed by, and construed in accordance with, the
      laws of the State of New York.

     

    As
      used
      herein:

     

    (a)           the
      term “Business Day” means any day other than a day that (i) is
      a Saturday or Sunday, (ii) is a day on which banking institutions generally,
      in
      New York City 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 New York City or London, England; and, in addition, (x)
      for
      Notes having a specified currency other than U.S. dollars only, other than
      Notes
      denominated in euros, any day that in the principal financial center (as defined
      below) of the country of the specified currency is not a day on which banking
      institutions generally are authorized or obligated by law to close; and (y)
      for
      Notes denominated in euros, a day on which TARGET is operating (a
“TARGET Settlement Day”);

     

    (b)           the
      term “Market Exchange Rate” means the noon U.S. dollar buying
      rate in the City of New York for cable transfers of the Specified Currency
      indicated on the face hereof published by the Federal Reserve Bank of New
      York;

     

    (c)           the
      term “Notices” refers to notices to the holders of the Notes at
      each holder’s address as that address appears in the register for the Notes by
      first class mail, postage prepaid, and to be given by publication in an
      authorized newspaper in the English language and of general circulation in
      the
      Borough of Manhattan, the City of New York, and London or, if publication in
      London is not practical, in an English language newspaper with general
      circulation in Western Europe; provided, that notice may be made, at
      the option of the Issuer, through the customary notice provisions of the
      clearing system or systems through which beneficial interests in this Note
      are
      owned.  Such Notices will be deemed to have been given on the date of
      such publication (or other transmission, as applicable), or if published in
      such
      newspapers on different dates, on the date of the first such
      publication;

     

    (d)           the
      term “principal financial center” means the capital city of the
      country issuing the specified currency. However, for Australian dollars,
      Canadian dollars and Swiss francs, the principal financial center will be
      Sydney, Toronto and Zurich, respectively;

     

    (e)           the
      term “TARGET” means the Trans-European Automated Real-time
      Gross Settlement Express Transfer System; and

     

    (f)           the
      term “United States” means the United States of America
      (including the States and the District of Columbia), its territories, its
      possessions and other areas subject to its jurisdiction.

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    All
      other
      terms used in this Note which are defined in the Senior Indenture and not
      otherwise defined herein shall have the meanings assigned to them in the Senior
      Indenture.

     

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

       

      
        ABBREVIATIONS

         

        The
          following abbreviations, when used in the inscription on the face of this
          instrument, shall be construed as though they were written out in full
          according
          to applicable laws or regulations:

         

        TEN
          COM   –   as tenants in common

        TEN
          ENT    –   as tenants by the
          entireties

        
          JT
            TEN        –   as
            joint
            tenants with right of survivorship and not as tenants in
            common

        

         

        UNIF
          GIFT
          MIN ACT – ______________________Custodian
          __________________________

        (Minor)                                                      (Cust)

         

        Under
          Uniform Gifts to Minors Act ______________________________

        (State)

         

        Additional
          abbreviations may also be used though not in the above list.

         

        _______________________

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        
           

          FOR
            VALUE
            RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
            unto

           

          ____________________________________________

          [PLEASE
            INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING
            NUMBER OF ASSIGNEE] 
             

             
              
                

              

            

             
              
                

                 
                  
                    
[PLEASE
                    PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
                    ASSIGNEE]

                

              

            

          

           

          the
            within
            Note and all rights thereunder, hereby irrevocably constituting and appointing
            such person attorney to transfer such note on the books of the Issuer,
            with full
            power of substitution in the premises.

           

          Dated:_______________________

           

          
            	
                    NOTICE:

                  	
                    The
                      signature to this assignment must correspond with the name
                      as written upon
                      the face of the within Note in every particular without alteration
                      or
                      enlargement or any change
                      whatsoever.

                  

          

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

          OPTION
            TO ELECT REPAYMENT

           

          The
            undersigned hereby irrevocably requests and instructs the Issuer to repay
            the
            within Note (or portion thereof specified below) pursuant to its terms
            at a
            price equal to the principal amount thereof, together with interest to
            the
            Optional Repayment Date, to the undersigned at

           
            
              

            

          

           
            
              

            

          

           
            
              

            

          

          (Please
            print or typewrite name and address of the undersigned)

           

          If
            less
            than the entire principal amount of the within Note is to be repaid,
            specify the
            portion thereof which the holder elects to have repaid: _________________;
            and
            specify the denomination or denominations (which shall not be less than
            the
            minimum authorized denomination) of the Notes to be issued to the holder
            for the
            portion of the within Note not being repaid (in the absence of any such
            specification, one such Note will be issued for the portion not being
            repaid):
            __________________.

           

          Dated:________________________                                _______________________________________

          
            	
                     

                  	
                    NOTICE:  The
                      signature on this Option to Elect Repayment must correspond
                      with the name
                      as written upon the face of the within instrument in every
                      particular
                      without alteration or
                      enlargement.

                  

          

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        
          The
            Current Outstanding Face Amount indicated below shall not exceed
            $500,000,000.

        

        

        
          	
                  Date

                	
                  Face
                    Amount of 

                  Securities
                    Issued

                	
                  
                    Face
                      Amount of 

                    Securities
                      Cancelled

                  

                	
                  
                    Current
                      Outstanding 

                    Face
                      Amount

                  

                	
                  Initials
                    of Trustee Officer

                
	 	
                  $

                	
                  --

                	
                  $

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

    

     

    FORM
      OF OFFER FOR REPURCHASE

     

    [PART
      A:
      TO BE COMPLETED BY THE BENEFICIAL OWNER]

     

    Dated:
      [Desired Valuation Date]

    Deutsche
      Bank Securities Inc., as Repurchase Agent (“DBSI”)

    Fax:
      917-512-9226

     

    
      	
              Re:

            	
              ETNs
                linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
                GoldTM
                due
                February 15, 2038 issued by Deutsche Bank AG (the
                “ETNs”)

            

    

     

    
      	 o	
              DB
                Gold Double Short Exchange Traded Notes (CUSIP Number:
                25154H756)

            
	 o	
              DB
                Gold Double Long Exchange Traded Notes (CUSIP Number:
                25154H749)

            
	 o	
              DB
                Gold Short Exchange Traded Notes (CUSIP Number:
                25154H731)

            

    

     

    (Please
      check only one offering of ETNs)

     

    The
      undersigned beneficial owner hereby irrevocably offers to Deutsche Bank AG
      (“Deutsche Bank”) the right to repurchase the ETNs in the amounts and on the
      date set forth below.

     

    Name
      of
      beneficial holder:

     

    Stated
      Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
      ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase
      at
      one time for your offer to be valid.):

     

    Applicable
      Valuation Date:
                    ,
      20    

     

    Applicable
      Repurchase Date:
                    ,
      20    

     

    Contact
      Name:

     

    Telephone
      #:

     

    My
      ETNs
      are held in the following DTC Participant’s Account (the following information
      is available from the broker through which you hold your ETNs):

     

    Name:

    DTC
      Account Number (and any relevant sub-account):

    Contact
      Name:

    Telephone
      Number:

     

    Acknowledgement:
      In addition to any other requirements specified in the Pricing Supplement being
      satisfied, I acknowledge that the ETNs specified above will not 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    be
      repurchased unless (i) this offer, as completed and signed by the DTC
      Participant through which my ETNs are held (the “DTC Participant”), is delivered
      to DBSI by 10:00 a.m. on the desired Valuation Date, (ii) the DTC
      Participant has booked a “delivery vs. payment” (“DVP”) trade on the applicable
      Valuation Date facing DBSI, and (iii) the DTC Participant instructs DTC to
      deliver the DVP trade to DBSI as booked for settlement via DTC at or prior
      to
      10:00 a.m. on the applicable Repurchase Date.

     

    The
      undersigned acknowledges that Deutsche Bank and DBSI will not be responsible
      for
      any failure by the DTC Participant through which such undersigned’s ETNs are
      held to fulfill the requirements for repurchase set forth above.

     

    
      	 
	 
	 
	
              [Beneficial
                Holder]

            

    

     

    PART
      B OF
      THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE
      ETNS
      ARE HELD AND DELIVERED TO DBSI BY 10:00 a.m. ON THE DESIRED VALUATION DATE
       

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    BROKER’S
      CONFIRMATION OF REPURCHASE

     

    [PART
      B:
      TO BE COMPLETED BY BROKER]

     

    Dated:
      [Desired Valuation Date]

    Deutsche
      Bank Securities Inc., as Repurchase Agent

     

    
      	
              Re:

            	
              ETNs
                linked to the Deutsche Bank Liquid Commodity Index – Optimum Yield
                GoldTM
                due
                February 15, 2038 issued by Deutsche Bank AG (the
                “ETNs”)

            

    

     

    
      	 o	
              DB
                Gold Double Short Exchange Traded Notes (CUSIP Number:
                25154H756)

            
	 o	
              DB
                Gold Double Long Exchange Traded Notes (CUSIP Number:
                25154H749)

            
	 o	
              DB
                Gold Short Exchange Traded Notes (CUSIP Number:
                25154H731)

            

    

     

    (Please
      check only one offering of ETNs)

     

    Dear
      Sirs:

     

    The
      undersigned holder of the ETNs checked above hereby irrevocably offers to
      Deutsche Bank AG the right to repurchase, on the Repurchase Date of
                    ,
      with respect to the Stated Principal Amount of ETNs indicated below as described
      in the pricing supplement relating to the ETNs (the “Pricing Supplement”). Terms
      not defined herein have the meanings given to such terms in the Pricing
      Supplement.

     

    The
      undersigned certifies to you that it will (i) book a delivery vs. payment
      trade on the Valuation Date with respect to the Stated Principal Amount of
      ETNs
      specified below at a price per ETN equal to the Repurchase Value, facing
      Deutsche Bank Securities Inc., DTC #0573 and (ii) deliver the trade as
      booked for settlement via DTC at or prior to 10:00 a.m. New York City time
      on
      the Repurchase Date.

     

    Very
      truly
      yours,

    [NAME
      OF
      DTC PARTICIPANT HOLDER]

     

                                          
                                              
                                        
                                        
                                        
                         

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Contact
      Name:

    Title:

    Telephone:

    Fax:

    E-mail:

     

    Stated
      Principal Amount of ETNs offered for repurchase (You must offer at least 200,000
      ETNs or an integral multiple of 50,000 ETNs in excess thereof for repurchase
      at
      one time for your offer to be valid.):

     

                                          
                                              
                                        
                                        
                                        
                         

     

    DTC
      # (and
      any relevant sub-account):

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