Document:

Exhibit
      4.2

    
 

    
      	
              REGISTERED

            	
              U.S.$:

            
	
              PRICING
                SUPPLEMENT No.

              CERTIFICATE
                NO. 1

            	
              CUSIP:

              ISIN:

               

            

    

    

     

    ELEMENTSSM Linked
      to
      the           Exchange
      Rate

    due
      February 23, 2023

    

    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

     

    ELEMENTSSM Linked
      to
      the           Exchange
      Rate

    due
      February 23, 2023  (the "Security")

    

    
      	
              Original
                Issue Date

            	 
	
              Final
                Valuation Date

            	 
	
              Maturity
                Date

            	 
	
              Specified
                Currency

            	
              $USD

            
	
              If
                Specified Currency Other Than U.S. Dollars,

              Option
                to Elect Payment in U.S. Dollars

            	
              N.A.

            
	
              Face
                Amount

            	
              $10

            
	
              Minimum
                Denominations

            	
              US$10
                and integral multiples of US$10 in excess thereof.

            
	
              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

            	
              See
                “Repurchase at Issuer’s Option” and “Repurchase at Holder’s Option”
                below.

            
	
              Redemption
                Notice Period

            	
              N.A.

            
	
              Initial
                Redemption Percentage

            	
              N.A.

            
	
              Annual
                Redemption Percentage

            	
              N.A.

            
	
              Optional
                Repayment Date(s)

            	
              See
                “Repurchase at Issuer’s Option” and “Repurchase at Holder’s Option”
                below.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              Applicability
                of Modified Payment Upon Acceleration

            	
              N.A.

            
	
              Tax
                Redemption

            	
              N.A.

            
	
              Payment
                of AdditionalTax 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
                prevail.

            

    

    

     

    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 principal sum specified above 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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

    

    
      	
              UNDERLYING:

            	 	
              The
                return on the Securities is linked to the performance of the Foreign
                Currency relative to the U.S. dollar as measured by the Exchange
                Rate.

            
	 	 	 
	
              FOREIGN
                CURRENCY:

            	 	 
	 	 	 
	
              MATURITY
                DATE:

            	 	
              February
                23, 2023, subject to postponement as provided under “Valuation Date” below
                in the event of a Market Disruption Event.

            
	 	 	 
	
              INCEPTION
                DATE:

            	 	
              February
                20, 2008

            
	 	 	 
	
              PAYMENT
                AT MATURITY:

            	 	
              A holder
                of Securities on the Final Record Date will receive a cash payment
                at
                maturity per Security in U.S. dollars, calculated by the Calculation
                Agent, equal to the Principal Value on the Final Valuation Date plus
                the accrued Distribution, if any, to the Final Valuation
                Date.

            
	 	 	 
	
              PRINCIPAL
                VALUE:

            	 	
              On
                any Valuation Date, the Principal Value will be an amount in U.S.
                dollars
                equal to the Foreign Currency Principal Amount
                [divided/multiplied]

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              by
                the Exchange Rate on such Valuation Date.

            
	 	 	 
	
              FOREIGN
                CURRENCY PRINCIPAL AMOUNT:

            	 	
              The
                Stated Principal Amount [divided/multiplied] by
                the Initial Exchange Rate.

            
	 	 	 
	
              STATED
                PRINCIPAL AMOUNT:

            	 	
              $10.00

            
	 	 	 
	
              EXCHANGE
                RATE:

            	 	
              On
                any Valuation Date, the spot exchange rate expressed as the number
                of  that can be exchanged for one for settlement in two Business
                Days, as reported by the Federal Reserve Bank of New York on Reuters
                page [●]
                or any
                successor page at approximately [●].
                New York
                time on such Valuation Date.  If the foregoing rate source is
                unavailable, or is published in error, the rate source shall be selected
                by the Calculation Agent in a commercially reasonable manner and
                in
                accordance with general market practice.

            
	 	 	 
	
              INITIAL
                EXCHANGE RATE:

            	 	
                      ,
                the Exchange Rate on the Inception Date.

            
	 	 	 
	
              INDEX:

            	 	
              The
                DB    Overnight Index or any Successor Index (as defined
                herein) as it may be modified, replaced or adjusted from time to
                time as
                described under “Discontinuance or Modification of the Index”
                below.  The Index is published on Bloomberg
                page.

            
	 	 	 
	
              INDEX
                SPONSOR:

            	 	
              Deutsche
                Bank AG, London Branch

            
	 	 	 
	
              INDEX
                LEVEL:

            	 	
              The
                Index Level on the Inception Date
                is           , as
                determined by the Issuer.  On each subsequent Foreign Currency
                Business Day until the Final Valuation Date, the Index Level will
                equal
                (1) the Index Level on the immediately preceding Foreign Currency
                Business
                Day times (2) the sum of (a) one and (b) the product of the
                Deposit Rate times the Daycount Fraction.

            
	 	 	 
	
              DEPOSIT
                RATE:

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

               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              FOREIGN
                CURRENCY RATE:

            	 	
              The
                rate, as reported on Reuters page or any successor page. If the foregoing
                rate source is unavailable, or is published in error, the rate source
                shall be selected by the Index Sponsor, in a commercially reasonable
                manner and in accordance with general market practice.

            
	 	 	 
	
              DAYCOUNT
                FRACTION:

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

            
	 	 	 
	
              DISTRIBUTION:

            	 	
              The
                Issuer will pay a Distribution on the Securities semi-annually in
                arrears
                on each Distribution Payment Date and the Maturity Date to holders
                of
                record on the applicable Record Date.  The accrued Distribution
                on any Valuation Date will be an amount in U.S. dollars, calculated
                by the
                Calculation Agent, equal to the Foreign Currency Principal Amount
                multiplied by the Accrual Factor on such Valuation Date
                [multiplied/divided]bythe Exchange Rate on such Valuation
                Date.  Absent manifest error, the determination of a
                Distribution by the Calculation Agent shall be binding and conclusive
                on
                the holder of the Security and the Issuer.

            
	 	 	 
	 	 	
              The
                Issuer will irrevocably deposit with DTC no later than the opening
                of
                business on each Distribution Payment 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.

            
	 	 	 
	
              ACCRUAL
                FACTOR:

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

            
	 	 	 
	
              DISTRIBUTION
                VALUATION DATE:

            	 	
              In
                respect of regularly scheduled Distribution Payment Dates, February
                23and
                August 23of each year and the Final Valuation Date, commencing August
                23,
                2008,or if such day is not a Business Day, the next succeeding Business
                Day, subject to postponement as provided under “Valuation Date” below in
                the event of a Market Disruption Event.  Distributions will
                accrue from and including the most recent Distribution Valuation
                Date, or
                the Inception Date in the case 

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              of
                the first Distribution Period, to but excluding the immediately following
                Distribution Valuation Date.

            
	 	 	 
	
              DISTRIBUTION
                PERIOD:

            	 	
              The
                period from and including the most recent Distribution Valuation
                Date, or
                the Inception Date in the case of the first Distribution Period,
                to but
                excluding the immediately following Distribution Valuation
                Date.

               

            
	
              DISTRIBUTION
                PAYMENT DATE:

            	 	
              Semi-annually
                in arrears, two Business Days after each Distribution Valuation Date,
                including on the Maturity Date, subject to postponement in the event
                of a
                Market Disruption Event.

               

            
	
              REPURCHASE
                AT ISSUER’S OPTION:

            	 	
              If
                the Foreign Currency Rate decreases to or below 0.65% on any Foreign
                Currency Business Day during the term of the Securities the
                Issuer will have the right to call the Securities within seven
                calendar days of such decrease in whole and not in part for an amount,
                calculated by the Calculation Agent, equal to the Principal Value
                on the
                Repurchase Valuation Date plus the accrued but unpaid
                Distribution to the Repurchase Valuation Date.

               

              If the
                Issuer exercise its right to call the Securities, the Issuer
                will deliver an irrevocable call notice to The Depositary Trust
                Company (the holder of the global Security). The last day on
                which the Issuer can deliver a call notice is the Business Day
                immediately preceding the Final Valuation Date.

               

            
	
              REPURCHASE
                AT HOLDER’S OPTION:

            	 	
              Any
                holder of Securities represented by this Security may elect to offer
                Securities for repurchase by the Issuer on any Repurchase Date in
                an
                aggregate Stated Principal Amount of US$2,500,000 (250,000 Securities)
                or
                more by following the procedures set forth below. If the requirements
                for
                acceptance by the Issuer are met, the holder of the
                Security will receive a cash payment on the relevant Repurchase Date
                in an amount, calculated by the Calculation Agent, equal to the Principal
                Value on the Repurchase Valuation Date plus the accrued but
                unpaid Distribution to the Repurchase Valuation
                Date.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              ·  Cause
                its broker to deliver an irrevocable Offer to Repurchase, in the
                form set
                forth in Annex A to this Security, to Deutsche Bank Securities Inc.
                (“DBSI”) by 4:00 p.m., New York City time, on the
                Business Day immediately preceding the Valuation Date two Business
                Days
                prior to the applicable Repurchase Date and DBSI must have acknowledged
                receipt from such broker in order for such Offer to Repurchase to
                be
                effective;

               

              ·  Cause
                its broker to book a delivery vs. payment trade with respect to the
                Securities offered for repurchase on such Valuation Date at a price
                equal
                to the Repurchase Value on such Valuation Date, facing DBSI;
                and

               

              ·  Cause
                the DTC custodian through which it holds such Securities 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.

               

            
	 	 	
              Upon
                compliance with the foregoing procedures, the Issuer will purchase
                the
                Securities offered for repurchase on the Repurchase Date at a price
                equal
                to their applicable Repurchase Value.

            
	 	 	 
	 	 	
              If
                payment of the repurchase price for any Securities duly offered for
                repurchase in accordance with the terms hereof is deferred beyond
                the
                originally scheduled Repurchase Date due to a Market Disruption Event
                as
                provided under “Valuation Date” below, no interest or other amount will
                accrue or be payable with respect to such deferred payment. The last
                day
                on which the holder can deliver an offer to repurchase is the Business
                Day
                immediately preceding the Final Valuation Date.

            
	 	 	 
	
              REPURCHASE
                VALUATION DATE:

            	 	
              The
                Valuation Date immediately following the Business Day on which
                either the holder delivers the repurchase offer to DBSI
                (provided you deliver the
                repurchase offer by 4:00 p.m. on that Business Day) or on which the
                Issuer delivers a call notice to DTC, subject to postponement as
                provided under “Valuation Date” below in the event of a Market Disruption
                Event.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              REPURCHASE
                DATE:

            	 	
              The
                second Business Day following a Repurchase Valuation Date, subject
                to
                postponement as provided under “Valuation Date” below in the event of a
                Market Disruption Event.

            
	 	 	 
	
              VALUATION
                DATE:

            	 	
              Each
                Trading Day from February 21, 2008 to February 21, 2023 inclusive,
                unless
                the Calculation Agent determines that a Market Disruption Event occurs
                or
                is continuing on that day.

               

              If
                the Calculation Agent has determined in its sole discretion
                that:

               

              (a)
                a Market Disruption Event has occurred on any Valuation Date;
                or

               

              (b)
                any Distribution Valuation Date, the Final Valuation Date or a Repurchase
                Valuation Date is not a Trading Day,

               

              then
                the relevant Valuation Date may, at the discretion of the Calculation
                Agent in the case of (a) above, or will, in  the case of (b)
                above, roll to the next succeeding Trading Day on which no Market
                Disruption Event occurs for a maximum of five Trading Days and the
                Distribution Payment Date, Maturity Date or Repurchase Date, if and
                as
                applicable, will correspondingly roll to the day two Business Days
                after
                such adjusted Distribution Valuation Date, the Final Valuation Date
                or a
                Repurchase Valuation Date, as applicable.

               

              If
                a
                Market Disruption Event occurs on any Valuation Date, the Calculation
                Agent may determine the Distribution or payment upon repurchase or
                at
                maturity in a commercially reasonable manner under the circumstances
                on
                such date (or on such succeeding date to which such date shall have
                been
                rolled pursuant to the terms
                hereof).

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              FINAL
                VALUATION DATE:

            	 	
              February
                21, 2023 or, if such day is not a Trading Day, the next succeeding
                Trading
                Day (the “Final Valuation Date”), subject to postponement
                as provided under “Valuation Date” above in the event of a Market
                Disruption Event.

            
	 	 	 
	
              ANNUAL
                INVESTOR FEE:

            	 	
              0.40%
                per annum.

            
	 	 	 
	
              BUSINESS
                DAY:

            	 	
              A
                Monday, Tuesday, Wednesday, Thursday or Friday on which commercial
                banks
                and foreign exchange markets settle payments in New York City or
                London,
                England and that is not a day on which banking institutions in New
                York
                City or London, England generally are authorized or obligated by
                law,
                regulation or executive order to close.

            
	 	 	 
	
              TRADING
                DAY:

            	 	
              Any
                day on which (i) trading is generally conducted on the New York Stock
                Exchange, NYSE Arca, the Nasdaq Stock Market and the American Stock
                Exchange and (ii) trading in the Foreign Currency and the U.S. dollar
                is generally conducted in the interbank market, in each case as determined
                by the Calculation Agent in its sole discretion.

            
	 	 	 
	
              FOREIGN
                CURRENCY BUSINESS DAY:

            	 	 
	 	 	 
	
              RECORD
                DATES:

            	 	
              Notwithstanding
                anything herein to the contrary, the Record Date for each Distribution
                will be the Distribution Valuation Date, whether or not that day
                is a
                Business Day.

            
	 	 	 
	
              FINAL
                RECORD DATE:

            	 	
              The
                Final Record Date will be the Final Valuation Date, whether or not
                that
                day is a Business Day.

               

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    The
      Issuer
      will irrevocably deposit with DTC no later than the opening of business on
      each Interest Payment 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 and the accrued Distribution, including on any Distribution
      Payment Date, at maturity or upon repurchase by Deutsche Bank, Market Disruption
      Events, Business Days, Trading Days, the Accrual Factor, the Principal Value,
      the default amount, the Initial Exchange Rate, the Exchange Rate, the Annual
      Investor Fee, the Maturity Date, Repurchase Dates, the amount payable in respect
      of your Securities on any Distribution Payment Date, at maturity or upon
      repurchase by Deutsche Bank and any other calculations or determinations to
      be
      made by the Calculation Agent. 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.

     

    Market
      Disruption Events and Force Majeure Events

     

    A
      Market
      Disruption Event is any event determined by the Calculation Agent in its sole
      discretion to be an event which may affect the determinations of the Calculation
      Agent hereunder, including but not limited to any of the following:

     

    
      	
              ·  

            	
              The
                Exchange Rate splits into dual or multiple Exchange
                Rates;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to value
                the            ,
                the U.S. dollar or the Principal Value or the accrued Distribution
                on any
                Distribution Valuation Date, Repurchase Valuation Date or the Final
                Valuation Date, as applicable;

            

    

    

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to convert  into
                U.S. dollars through customary legal
                channels;

            

    

    

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to deliver U.S. dollars
                from accounts inside the [currency country] to accounts outside the
                [currency country], or to deliver an Exchange Rate currency between
                accounts inside the [currency country] or to a party that is a
                non-resident of the [currency
                country];

            

    

    

    
      	
              ·  

            	
              The
                occurrence of a default, event of default or other similar condition
                or
                event with respect to any security or indebtedness of, or guaranteed
                by,
                any governmental authority in relation to the Foreign Currency or
                U.S.
                dollar;

            

    

    

    
      	
              ·  

            	
              Any
                change in, or amendment to, the laws or regulations prevailing in
                the
                [currency country] or the United States with respect to the Foreign
                Currency or the U.S. dollar, or any change in any application or
                official
                interpretation of such laws or regulations, or any other governmental
                action that the Calculation Agent determines may cause another Market
                Disruption Event to occur or that leads or may lead to the introduction
                of
                a currency peg regime;

            

    

    

    
      	
              ·  

            	
              The
                Foreign Currency Rate is unavailable or is published in error on
                any
                Foreign Currency Business Day relevant to the calculations hereunder
                and
                an alternate rate source for the Foreign Currency Rate is not selected
                by
                the Index Sponsor in a commercially reasonable manner and in accordance
                with general market practice;

            

    

    

    
      	
              ·  

            	
              The
                Exchange Rate is unavailable or is published in error on any Valuation
                Date and an alternate rate source is not selected by the Calculation
                Agent
                in a commercially reasonable manner and in accordance with general
                market
                practice;

            

    

    

    
      	
              ·  

            	
              The
                occurrence of an event that makes it impossible or not reasonably
                practicable to obtain a firm quote for a currency exchange rate relevant
                to the Exchange Rate;

            

    

    

    
      	
              ·  

            	
              Any
                nationalization, confiscation, expropriation, requisition or other
                action
                by a relevant governmental authority that deprives the Issuer or
                any of
                its affiliates of all or substantially all of its assets
                in  [currency country]or the United
                States;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              ·  

            	
              The
                Calculation Agent determines that there is a material difference
                in a
                relevant currency rate as determined by reference to the rate source
                for
                the Exchange Rate and any other market
                source;

            

    

    

    
      	
              ·  

            	
              It
                becomes impossible to obtain a relevant currency Exchange Rate, either
                from the source for that rate or by the Calculation Agent itself
                acting in
                good faith in a commercially reasonable
                manner;

            

    

    

    
      	
              ·  

            	
              The
                Calculation Agent determines that it or any of its affiliates would
                be
                unable, after using commercially reasonable efforts, to acquire,
                establish, re-establish, substitute, maintain, unwind, or dispose
                of any
                hedge position relating to the Securities or other relevant Exchange
                Rate-linked transactions, or to realize, recover or remit the proceeds
                of
                any such transactions; and

            

    

    

    
      	
              ·  

            	
              Any
                event that the Calculation Agent determines may lead to any of the
                foregoing events.

            

    

    

    In
      addition, the Index Sponsor will not calculate the Index Level upon an event
      or
      circumstance (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 (a “Force Majeure Event”) and rendering
      it impossible or impractical for the Index Sponsor to calculate the Index.
      If a
      Force Majeure Event occurs on a Foreign Currency Business Day on which the
      Index
      Level is calculated, the Index Sponsor may, in its discretion, take one or
      more
      of the following actions: (i) make such determinations and/or adjustments as
      it
      considers appropriate to determine the Index Level; or (ii) defer publication
      of
      information relating to the Index Level until the next Foreign Currency Business
      Day on which it determines that no Force Majeure Event exists.

     

    Change
      in the Methodology of the Index

     

    The
      Index
      Sponsor may modify the methodology used to determine the Index as it deems
      appropriate if the Index Sponsor is of the view that such change is required
      in
      light of fiscal, market, regulatory, juridical or financial circumstances
      (including, but not limited to, any changes to or any suspension or termination
      of or any other events affecting the Foreign Currency, the U.S. dollar or the
      Exchange Rate). The Index Sponsor may also make modifications to the terms
      of
      the Index in any manner that it may deem necessary or desirable, including
      (without limitation) to correct any manifest or proven error or to cure, correct
      or supplement any defective provision used to determine the value of the Index.
      The Index Sponsor will publish notice of any such modification or change and
      the
      effective date thereof in the manner described above.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    If
      the
      Index Level made available on any Foreign Currency Business Day is subsequently
      corrected by the Index Sponsor no later than two Business Days after the Foreign
      Currency Business Day on which the original Index Level was made available,
      the
      Index Sponsor may, at its discretion, make such adjustments to the Index Level
      affected by such correction, acting in good faith and in a commercially
      reasonable manner.

     

    Discontinuance
      or Modification of the Index

     

    If
      the
      Index Sponsor discontinues compilation or publication of the Index and the
      Index
      Sponsor or any other person or entity (including Merrill Lynch, Pierce,
      Fenner & Smith Incorporated and the Issuer) calculates and publishes an
      index that the Calculation Agent determines is comparable to the Index and
      approves as a successor index, then the Calculation Agent will determine the
      Index Level on the applicable Valuation Date and the amount payable on any
      Distribution Payment Date, at maturity or upon repurchase by Deutsche Bank
      by
      reference to such successor index for the period following the discontinuation
      of the Index.

     

    If
      the
      Calculation Agent determines that the publication of the Index is discontinued
      and that there is no applicable successor index, or that the closing level
      of
      the Index is not available because of a Market Disruption Event or for any other
      reason, on the date on which the level of the Index is required to be
      determined, or if for any other reason the Index is not available to us 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 the
      Index.

     

    If
      the
      Calculation Agent determines that the Index or the method of calculating the
      Index has been changed at any time in any respect, 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 the Foreign Currency, the U.S. dollar or the Exchange
      Rate, or is due to any other reason – then the Calculation Agent will be
      permitted (but not required) to make such adjustments to the Index or method
      of
      calculating the Index as it believes are appropriate to ensure that the Index
      Level used to determine the amount payable on any Distribution Payment Date,
      the
      Maturity Date or upon repurchase by Deutsche Bank is equitable.

     

    All
      determinations and adjustments to be made by the Calculation Agent with respect
      to the Index Level and the amount payable on any Distribution Payment Date,
      at
      maturity or upon repurchase by the Issuer or otherwise relating to the Index
      Level may be made in the Calculation Agent’s sole discretion.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Payment
      Upon an Event of Default

     

    In
      case an
      Event of Default (as defined in the Senior Indenture) with respect to the
      Securities shall have occurred and be continuing, the amount declared due and
      payable per the Face Amount of the Security upon any acceleration of the
      Securities shall be determined by the Calculation Agent and shall be an amount
      per Security in cash equal to Principal Value on the Valuation Date immediately
      following the date of acceleration plus the accrued but, unpaid,
      Distribution to the Valuation Date immediately following the date of
      acceleration.

     

    If
      the
      maturity of the Securities is accelerated because of an Event of Default, the
      Issuer shall, or shall cause the Calculation Agent to, provide written notice
      to
      the Trustee at its New York office, on which notice the Trustee may conclusively
      rely, and to DTC of the cash amount due with respect to the Securities as
      promptly as possible and in no event later than two Business Days after the
      date
      of acceleration.

     

    Defeasance

     

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

     

    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.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              Dated:

            	 	
              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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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 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
      (“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;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    (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 security holders, 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 outstanding
      debt securities issued there under, 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 security holders, 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 security holders 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 security holders 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 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, 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
           

          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 Principal Amount indicated below shall not exceed $
      .

    

    
      	
              Date

            	
              Principal
                Amount of Securities Issued

            	
              Principal
                Amount of Securities Cancelled

            	
              Current
                Principal Amount

            	
              Initials
                of Trustee Officer

            
	 	
              $

            	
              --

            	
              $

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    FORM
      OF OFFER FOR REPURCHASE

     

     

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

     

    Dated:

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

    Fax:
      917-512-9226

     

    Re:
      ELEMENTSSM
      Linked to the Exchange Rate due February 23, 2023 issued by Deutsche Bank AG
      (the “ELEMENTS”)

     

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

     

    Name
      of
      beneficial holder:

     

    Stated
      principal amount of ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS (US$2,500,000 stated principal amount) for repurchase at one
      time for your offer to be valid.):

     

    Applicable
      Valuation Date:
                    ,
      20    

     

    Applicable
      Repurchase Date:
                    ,
      20    

     

    Contact
      Name:

     

    Telephone
      #:

     

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

     

    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 ELEMENTS specified above will not be
      repurchased unless (i) this offer, as completed and signed by the DTC
      Participant through which my ELEMENTS are held (the “DTC Participant”), is
      delivered to DBSI by 4:00 p.m. on the Business Day immediately preceding the
      applicable 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 ELEMENTS 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
      ELEMENTS ARE HELD AND DELIVERED TO DBSI BY 4:00 P.M. ON THE BUSINESS DAY
      IMMEDIATELY PRECEDING THE APPLICABLE VALUATION DATE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    BROKER’S
      CONFIRMATION OF REPURCHASE

     

     

    [PART
      B:
      TO BE COMPLETED BY BROKER]

     

    Dated:

    Deutsche
      Bank Securities Inc., as Repurchase Agent

     

    Re:
      ELEMENTSSM Linked
      to the Exchange Rate due February 23, 2023
      issued by Deutsche Bank AG (the “ELEMENTS”)

     

    Dear
      Sirs:

     

    The
      undersigned holder of ELEMENTSSM Linked to
      the
      Exchange Rate dueFebruary 23, 2023 issued by Deutsche Bank AG, CUSIP No. (the
      “ELEMENTS”) hereby irrevocably offers to Deutsche Bank AG the right to
      repurchase, on the Repurchase Date of
                    ,
      with respect to the stated principal amount of ELEMENTS indicated below as
      described in the pricing supplement relating to the ELEMENTS (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 ELEMENTS specified below at a price per
      ELEMENT 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 ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS ($2,500,000 stated principal amount) for repurchase at one
      time
      for your offer to be valid.):

     

    
      _____________________________________________________________________________________

       

       

    

    DTC
      # (and
      any relevant sub-account):

     

    
      _____________________________________________________________________________________Exhibit
      4.2

    
 

    
      	
              REGISTERED

            	
              U.S.$:

            
	
              PRICING
                SUPPLEMENT No.

              CERTIFICATE
                NO. 1

            	
              CUSIP:

              ISIN:

               

            

    

    

     

    ELEMENTSSM Linked
      to
      the           Exchange
      Rate

    due
      February 23, 2023

    

    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

     

    ELEMENTSSM Linked
      to
      the           Exchange
      Rate

    due
      February 23, 2023 (the "Security")

    

    
      	
              Original
                Issue Date

            	 
	
              Final
                Valuation Date

            	 
	
              Maturity
                Date

            	 
	
              Specified
                Currency

            	
              $USD

            
	
              If
                Specified Currency Other Than U.S. Dollars,

              Option
                to Elect Payment in U.S. Dollars

            	
              N.A.

            
	
              Face
                Amount

            	
              $10

            
	
              Minimum
                Denominations

            	
              US$10
                and integral multiples of US$10 in excess thereof.

            
	
              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

            	
              See
                “Repurchase at Issuer’s Option” and “Repurchase at Holder’s Option”
                below.

            
	
              Redemption
                Notice Period

            	
              N.A.

            
	
              Initial
                Redemption Percentage

            	
              N.A.

            
	
              Annual
                Redemption Percentage

            	
              N.A.

            
	
              Optional
                Repayment Date(s)

            	
              See
                “Repurchase at Issuer’s Option” and “Repurchase at Holder’s Option”
                below.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              Applicability
                of Modified Payment Upon Acceleration

            	
              N.A.

            
	
              Tax
                Redemption

            	
              N.A.

            
	
              Payment
                of AdditionalTax 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
                prevail.

            

    

    

     

    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 principal sum specified above 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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

    

    
      	
              UNDERLYING:

            	 	
              The
                return on the Securities is linked to the performance of the Foreign
                Currency relative to the U.S. dollar as measured by the Exchange
                Rate.

            
	 	 	 
	
              FOREIGN
                CURRENCY:

            	 	 
	 	 	 
	
              MATURITY
                DATE:

            	 	
              February
                23, 2023, subject to postponement as provided under “Valuation Date” below
                in the event of a Market Disruption Event.

            
	 	 	 
	
              INCEPTION
                DATE:

            	 	
              February
                20, 2008

            
	 	 	 
	
              PAYMENT
                AT MATURITY:

            	 	
              A holder
                of Securities on the Final Record Date will receive a cash payment
                at
                maturity per Security in U.S. dollars, calculated by the Calculation
                Agent, equal to the Principal Value on the Final Valuation Date plus
                the accrued Distribution, if any, to the Final Valuation
                Date.

            
	 	 	 
	
              PRINCIPAL
                VALUE:

            	 	
              On
                any Valuation Date, the Principal Value will be an amount in U.S.
                dollars
                equal to the Foreign Currency Principal Amount
                [divided/multiplied]

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              by
                the Exchange Rate on such Valuation Date.

            
	 	 	 
	
              FOREIGN
                CURRENCY PRINCIPAL AMOUNT:

            	 	
              The
                Stated Principal Amount [divided/multiplied] by
                the Initial Exchange Rate.

            
	 	 	 
	
              STATED
                PRINCIPAL AMOUNT:

            	 	
              $10.00

            
	 	 	 
	
              EXCHANGE
                RATE:

            	 	
              On
                any Valuation Date, the spot exchange rate expressed as the number
                of  that can be exchanged for one for settlement in two Business
                Days, as reported by the Federal Reserve Bank of New York on Reuters
                page [●]
                or any
                successor page at approximately [●].
                New York
                time on such Valuation Date.  If the foregoing rate source is
                unavailable, or is published in error, the rate source shall be selected
                by the Calculation Agent in a commercially reasonable manner and
                in
                accordance with general market practice.

            
	 	 	 
	
              INITIAL
                EXCHANGE RATE:

            	 	
                       
                , the Exchange Rate on the Inception Date.

            
	 	 	 
	
              INDEX:

            	 	
              The
                DB    Overnight Index or any Successor Index (as defined
                herein) as it may be modified, replaced or adjusted from time to
                time as
                described under “Discontinuance or Modification of the Index”
                below.  The Index is published on Bloomberg
                page.

            
	 	 	 
	
              INDEX
                SPONSOR:

            	 	
              Deutsche
                Bank AG, London Branch

            
	 	 	 
	
              INDEX
                LEVEL:

            	 	
              The
                Index Level on the Inception Date
                is           , as
                determined by the Issuer.  On each subsequent Foreign Currency
                Business Day until the Final Valuation Date, the Index Level will
                equal
                (1) the Index Level on the immediately preceding Foreign Currency
                Business
                Day times (2) the sum of (a) one and (b) the product of the
                Deposit Rate times the Daycount Fraction.

            
	 	 	 
	
              DEPOSIT
                RATE:

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

               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              FOREIGN
                CURRENCY RATE:

            	 	
              The
                rate, as reported on Reuters page or any successor page. If the foregoing
                rate source is unavailable, or is published in error, the rate source
                shall be selected by the Index Sponsor, in a commercially reasonable
                manner and in accordance with general market practice.

            
	 	 	 
	
              DAYCOUNT
                FRACTION:

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

            
	 	 	 
	
              DISTRIBUTION:

            	 	
              The
                Issuer will pay a Distribution on the Securities semi-annually in
                arrears
                on each Distribution Payment Date and the Maturity Date to holders
                of
                record on the applicable Record Date.  The accrued Distribution
                on any Valuation Date will be an amount in U.S. dollars, calculated
                by the
                Calculation Agent, equal to the Foreign Currency Principal Amount
                multiplied by the Accrual Factor on such Valuation Date
                [multiplied/divided]bythe Exchange Rate on such Valuation
                Date.  Absent manifest error, the determination of a
                Distribution by the Calculation Agent shall be binding and conclusive
                on
                the holder of the Security and the Issuer.

            
	 	 	 
	 	 	
              The
                Issuer will irrevocably deposit with DTC no later than the opening
                of
                business on each Distribution Payment 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.

            
	 	 	 
	
              ACCRUAL
                FACTOR:

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

            
	 	 	 
	
              DISTRIBUTION
                VALUATION DATE:

            	 	
              In
                respect of regularly scheduled Distribution Payment Dates, February
                23and
                August 23of each year and the Final Valuation Date, commencing August
                23,
                2008,or if such day is not a Business Day, the next succeeding Business
                Day, subject to postponement as provided under “Valuation Date” below in
                the event of a Market Disruption Event.  Distributions will
                accrue from and including the most recent Distribution Valuation
                Date, or
                the Inception Date in the case 

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              of
                the first Distribution Period, to but excluding the immediately following
                Distribution Valuation Date.

            
	 	 	 
	
              DISTRIBUTION
                PERIOD:

            	 	
              The
                period from and including the most recent Distribution Valuation
                Date, or
                the Inception Date in the case of the first Distribution Period,
                to but
                excluding the immediately following Distribution Valuation
                Date.

               

            
	
              DISTRIBUTION
                PAYMENT DATE:

            	 	
              Semi-annually
                in arrears, two Business Days after each Distribution Valuation Date,
                including on the Maturity Date, subject to postponement in the event
                of a
                Market Disruption Event.

               

            
	
              REPURCHASE
                AT ISSUER’S OPTION:

            	 	
              If
                the Foreign Currency Rate decreases to or below 0.65% on any Foreign
                Currency Business Day during the term of the Securities the
                Issuer will have the right to call the Securities within seven
                calendar days of such decrease in whole and not in part for an amount,
                calculated by the Calculation Agent, equal to the Principal Value
                on the
                Repurchase Valuation Date plus the accrued but unpaid
                Distribution to the Repurchase Valuation Date.

               

              If the
                Issuer exercise its right to call the Securities, the Issuer
                will deliver an irrevocable call notice to The Depositary Trust
                Company (the holder of the global Security). The last day on
                which the Issuer can deliver a call notice is the Business Day
                immediately preceding the Final Valuation Date.

               

            
	
              REPURCHASE
                AT HOLDER’S OPTION:

            	 	
              Any
                holder of Securities represented by this Security may elect to offer
                Securities for repurchase by the Issuer on any Repurchase Date in
                an
                aggregate Stated Principal Amount of US$2,500,000 (250,000 Securities)
                or
                more by following the procedures set forth below. If the requirements
                for
                acceptance by the Issuer are met, the holder of the
                Security will receive a cash payment on the relevant Repurchase Date
                in an amount, calculated by the Calculation Agent, equal to the Principal
                Value on the Repurchase Valuation Date plus the accrued but
                unpaid Distribution to the Repurchase Valuation
                Date.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	 	 	
              ·  Cause
                its broker to deliver an irrevocable Offer to Repurchase, in the
                form set
                forth in Annex A to this Security, to Deutsche Bank Securities Inc.
                (“DBSI”) by 4:00 p.m., New York City time, on the
                Business Day immediately preceding the Valuation Date two Business
                Days
                prior to the applicable Repurchase Date and DBSI must have acknowledged
                receipt from such broker in order for such Offer to Repurchase to
                be
                effective;

               

              ·  Cause
                its broker to book a delivery vs. payment trade with respect to the
                Securities offered for repurchase on such Valuation Date at a price
                equal
                to the Repurchase Value on such Valuation Date, facing DBSI;
                and

               

              ·  Cause
                the DTC custodian through which it holds such Securities 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.

               

            
	 	 	
              Upon
                compliance with the foregoing procedures, the Issuer will purchase
                the
                Securities offered for repurchase on the Repurchase Date at a price
                equal
                to their applicable Repurchase Value.

            
	 	 	 
	 	 	
              If
                payment of the repurchase price for any Securities duly offered for
                repurchase in accordance with the terms hereof is deferred beyond
                the
                originally scheduled Repurchase Date due to a Market Disruption Event
                as
                provided under “Valuation Date” below, no interest or other amount will
                accrue or be payable with respect to such deferred payment. The last
                day
                on which the holder can deliver an offer to repurchase is the Business
                Day
                immediately preceding the Final Valuation Date.

            
	 	 	 
	
              REPURCHASE
                VALUATION DATE:

            	 	
              The
                Valuation Date immediately following the Business Day on which
                either the holder delivers the repurchase offer to DBSI
                (provided you deliver the
                repurchase offer by 4:00 p.m. on that Business Day) or on which the
                Issuer delivers a call notice to DTC, subject to postponement as
                provided under “Valuation Date” below in the event of a Market Disruption
                Event.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              REPURCHASE
                DATE:

            	 	
              The
                second Business Day following a Repurchase Valuation Date, subject
                to
                postponement as provided under “Valuation Date” below in the event of a
                Market Disruption Event.

            
	 	 	 
	
              VALUATION
                DATE:

            	 	
              Each
                Trading Day from February 21, 2008 to February 21, 2023 inclusive,
                unless
                the Calculation Agent determines that a Market Disruption Event occurs
                or
                is continuing on that day.

               

              If
                the Calculation Agent has determined in its sole discretion
                that:

               

              (a)
                a Market Disruption Event has occurred on any Valuation Date;
                or

               

              (b)
                any Distribution Valuation Date, the Final Valuation Date or a Repurchase
                Valuation Date is not a Trading Day,

               

              then
                the relevant Valuation Date may, at the discretion of the Calculation
                Agent in the case of (a) above, or will, in  the case of (b)
                above, roll to the next succeeding Trading Day on which no Market
                Disruption Event occurs for a maximum of five Trading Days and the
                Distribution Payment Date, Maturity Date or Repurchase Date, if and
                as
                applicable, will correspondingly roll to the day two Business Days
                after
                such adjusted Distribution Valuation Date, the Final Valuation Date
                or a
                Repurchase Valuation Date, as applicable.

               

              If
                a
                Market Disruption Event occurs on any Valuation Date, the Calculation
                Agent may determine the Distribution or payment upon repurchase or
                at
                maturity in a commercially reasonable manner under the circumstances
                on
                such date (or on such succeeding date to which such date shall have
                been
                rolled pursuant to the terms
                hereof).

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              FINAL
                VALUATION DATE:

            	 	
              February
                21, 2023 or, if such day is not a Trading Day, the next succeeding
                Trading
                Day (the “Final Valuation Date”), subject to postponement
                as provided under “Valuation Date” above in the event of a Market
                Disruption Event.

            
	 	 	 
	
              ANNUAL
                INVESTOR FEE:

            	 	
              0.40%
                per annum.

            
	 	 	 
	
              BUSINESS
                DAY:

            	 	
              A
                Monday, Tuesday, Wednesday, Thursday or Friday on which commercial
                banks
                and foreign exchange markets settle payments in New York City or
                London,
                England and that is not a day on which banking institutions in New
                York
                City or London, England generally are authorized or obligated by
                law,
                regulation or executive order to close.

            
	 	 	 
	
              TRADING
                DAY:

            	 	
              Any
                day on which (i) trading is generally conducted on the New York Stock
                Exchange, NYSE Arca, the Nasdaq Stock Market and the American Stock
                Exchange and (ii) trading in the Foreign Currency and the U.S. dollar
                is generally conducted in the interbank market, in each case as determined
                by the Calculation Agent in its sole discretion.

            
	 	 	 
	
              FOREIGN
                CURRENCY BUSINESS DAY:

            	 	 
	 	 	 
	
              RECORD
                DATES:

            	 	
              Notwithstanding
                anything herein to the contrary, the Record Date for each Distribution
                will be the Distribution Valuation Date, whether or not that day
                is a
                Business Day.

            
	 	 	 
	
              FINAL
                RECORD DATE:

            	 	
              The
                Final Record Date will be the Final Valuation Date, whether or not
                that
                day is a Business Day.

               

            

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    The
      Issuer
      will irrevocably deposit with DTC no later than the opening of business on
      each Interest Payment 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 and the accrued Distribution, including on any Distribution
      Payment Date, at maturity or upon repurchase by Deutsche Bank, Market Disruption
      Events, Business Days, Trading Days, the Accrual Factor, the Principal Value,
      the default amount, the Initial Exchange Rate, the Exchange Rate, the Annual
      Investor Fee, the Maturity Date, Repurchase Dates, the amount payable in respect
      of your Securities on any Distribution Payment Date, at maturity or upon
      repurchase by Deutsche Bank and any other calculations or determinations to
      be
      made by the Calculation Agent. 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.

     

    Market
      Disruption Events and Force Majeure Events

     

    A
      Market
      Disruption Event is any event determined by the Calculation Agent in its sole
      discretion to be an event which may affect the determinations of the Calculation
      Agent hereunder, including but not limited to any of the following:

     

    
      	
              ·  

            	
              The
                Exchange Rate splits into dual or multiple Exchange
                Rates;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to value
                the            ,
                the U.S. dollar or the Principal Value or the accrued Distribution
                on any
                Distribution Valuation Date, Repurchase Valuation Date or the Final
                Valuation Date, as applicable;

            

    

    

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to convert  into
                U.S. dollars through customary legal
                channels;

            

    

    

    
      	
              ·  

            	
              An
                event occurs that generally makes it impossible to deliver U.S. dollars
                from accounts inside the [currency country] to accounts outside the
                [currency country], or to deliver an Exchange Rate currency between
                accounts inside the [currency country] or to a party that is a
                non-resident of the [currency
                country];

            

    

    

    
      	
              ·  

            	
              The
                occurrence of a default, event of default or other similar condition
                or
                event with respect to any security or indebtedness of, or guaranteed
                by,
                any governmental authority in relation to the Foreign Currency or
                U.S.
                dollar;

            

    

    

    
      	
              ·  

            	
              Any
                change in, or amendment to, the laws or regulations prevailing in
                the
                [currency country] or the United States with respect to the Foreign
                Currency or the U.S. dollar, or any change in any application or
                official
                interpretation of such laws or regulations, or any other governmental
                action that the Calculation Agent determines may cause another Market
                Disruption Event to occur or that leads or may lead to the introduction
                of
                a currency peg regime;

            

    

    

    
      	
              ·  

            	
              The
                Foreign Currency Rate is unavailable or is published in error on
                any
                Foreign Currency Business Day relevant to the calculations hereunder
                and
                an alternate rate source for the Foreign Currency Rate is not selected
                by
                the Index Sponsor in a commercially reasonable manner and in accordance
                with general market practice;

            

    

    

    
      	
              ·  

            	
              The
                Exchange Rate is unavailable or is published in error on any Valuation
                Date and an alternate rate source is not selected by the Calculation
                Agent
                in a commercially reasonable manner and in accordance with general
                market
                practice;

            

    

    

    
      	
              ·  

            	
              The
                occurrence of an event that makes it impossible or not reasonably
                practicable to obtain a firm quote for a currency exchange rate relevant
                to the Exchange Rate;

            

    

    

    
      	
              ·  

            	
              Any
                nationalization, confiscation, expropriation, requisition or other
                action
                by a relevant governmental authority that deprives the Issuer or
                any of
                its affiliates of all or substantially all of its assets
                in  [currency country]or the United
                States;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              ·  

            	
              The
                Calculation Agent determines that there is a material difference
                in a
                relevant currency rate as determined by reference to the rate source
                for
                the Exchange Rate and any other market
                source;

            

    

    

    
      	
              ·  

            	
              It
                becomes impossible to obtain a relevant currency Exchange Rate, either
                from the source for that rate or by the Calculation Agent itself
                acting in
                good faith in a commercially reasonable
                manner;

            

    

    

    
      	
              ·  

            	
              The
                Calculation Agent determines that it or any of its affiliates would
                be
                unable, after using commercially reasonable efforts, to acquire,
                establish, re-establish, substitute, maintain, unwind, or dispose
                of any
                hedge position relating to the Securities or other relevant Exchange
                Rate-linked transactions, or to realize, recover or remit the proceeds
                of
                any such transactions; and

            

    

    

    
      	
              ·  

            	
              Any
                event that the Calculation Agent determines may lead to any of the
                foregoing events.

            

    

    

    In
      addition, the Index Sponsor will not calculate the Index Level upon an event
      or
      circumstance (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 (a “Force Majeure Event”) and rendering
      it impossible or impractical for the Index Sponsor to calculate the Index.
      If a
      Force Majeure Event occurs on a Foreign Currency Business Day on which the
      Index
      Level is calculated, the Index Sponsor may, in its discretion, take one or
      more
      of the following actions: (i) make such determinations and/or adjustments as
      it
      considers appropriate to determine the Index Level; or (ii) defer publication
      of
      information relating to the Index Level until the next Foreign Currency Business
      Day on which it determines that no Force Majeure Event exists.

     

    Change
      in the Methodology of the Index

     

    The
      Index
      Sponsor may modify the methodology used to determine the Index as it deems
      appropriate if the Index Sponsor is of the view that such change is required
      in
      light of fiscal, market, regulatory, juridical or financial circumstances
      (including, but not limited to, any changes to or any suspension or termination
      of or any other events affecting the Foreign Currency, the U.S. dollar or the
      Exchange Rate). The Index Sponsor may also make modifications to the terms
      of
      the Index in any manner that it may deem necessary or desirable, including
      (without limitation) to correct any manifest or proven error or to cure, correct
      or supplement any defective provision used to determine the value of the Index.
      The Index Sponsor will publish notice of any such modification or change and
      the
      effective date thereof in the manner described above.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    If
      the
      Index Level made available on any Foreign Currency Business Day is subsequently
      corrected by the Index Sponsor no later than two Business Days after the Foreign
      Currency Business Day on which the original Index Level was made available,
      the
      Index Sponsor may, at its discretion, make such adjustments to the Index Level
      affected by such correction, acting in good faith and in a commercially
      reasonable manner.

     

    Discontinuance
      or Modification of the Index

     

    If
      the
      Index Sponsor discontinues compilation or publication of the Index and the
      Index
      Sponsor or any other person or entity (including Merrill Lynch, Pierce,
      Fenner & Smith Incorporated and the Issuer) calculates and publishes an
      index that the Calculation Agent determines is comparable to the Index and
      approves as a successor index, then the Calculation Agent will determine the
      Index Level on the applicable Valuation Date and the amount payable on any
      Distribution Payment Date, at maturity or upon repurchase by Deutsche Bank
      by
      reference to such successor index for the period following the discontinuation
      of the Index.

     

    If
      the
      Calculation Agent determines that the publication of the Index is discontinued
      and that there is no applicable successor index, or that the closing level
      of
      the Index is not available because of a Market Disruption Event or for any other
      reason, on the date on which the level of the Index is required to be
      determined, or if for any other reason the Index is not available to us 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 the
      Index.

     

    If
      the
      Calculation Agent determines that the Index or the method of calculating the
      Index has been changed at any time in any respect, 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 the Foreign Currency, the U.S. dollar or the Exchange
      Rate, or is due to any other reason – then the Calculation Agent will be
      permitted (but not required) to make such adjustments to the Index or method
      of
      calculating the Index as it believes are appropriate to ensure that the Index
      Level used to determine the amount payable on any Distribution Payment Date,
      the
      Maturity Date or upon repurchase by Deutsche Bank is equitable.

     

    All
      determinations and adjustments to be made by the Calculation Agent with respect
      to the Index Level and the amount payable on any Distribution Payment Date,
      at
      maturity or upon repurchase by the Issuer or otherwise relating to the Index
      Level may be made in the Calculation Agent’s sole discretion.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Payment
      Upon an Event of Default

     

    In
      case an
      Event of Default (as defined in the Senior Indenture) with respect to the
      Securities shall have occurred and be continuing, the amount declared due and
      payable per the Face Amount of the Security upon any acceleration of the
      Securities shall be determined by the Calculation Agent and shall be an amount
      per Security in cash equal to Principal Value on the Valuation Date immediately
      following the date of acceleration plus the accrued but, unpaid,
      Distribution to the Valuation Date immediately following the date of
      acceleration.

     

    If
      the
      maturity of the Securities is accelerated because of an Event of Default, the
      Issuer shall, or shall cause the Calculation Agent to, provide written notice
      to
      the Trustee at its New York office, on which notice the Trustee may conclusively
      rely, and to DTC of the cash amount due with respect to the Securities as
      promptly as possible and in no event later than two Business Days after the
      date
      of acceleration.

     

    Defeasance

     

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

     

    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.

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              Dated:

            	 	
              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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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 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
      (“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;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    (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 security holders, 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 outstanding
      debt securities issued there under, 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 security holders, 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 security holders 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 security holders 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 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, 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    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.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
           

          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 Principal Amount indicated below shall not exceed $
      .

    

    
      	
              Date

            	
              Principal
                Amount of Securities Issued

            	
              Principal
                Amount of Securities Cancelled

            	
              Current
                Principal Amount

            	
              Initials
                of Trustee Officer

            
	 	
              $

            	
              --

            	
              $

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    FORM
      OF OFFER FOR REPURCHASE

     

     

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

     

    Dated:

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

    Fax:
      917-512-9226

     

    Re:
      ELEMENTSSM
      Linked to the Exchange Rate due February 23, 2023 issued by Deutsche Bank
      AG (the “ELEMENTS”)

     

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

     

    Name
      of
      beneficial holder:

     

    Stated
      principal amount of ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS (US$2,500,000 stated principal amount) for repurchase at one
      time for your offer to be valid.):

     

    Applicable
      Valuation Date:
                    ,
      20    

     

    Applicable
      Repurchase Date:
                    ,
      20    

     

    Contact
      Name:

     

    Telephone
      #:

     

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

     

    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 ELEMENTS specified above will not be
      repurchased unless (i) this offer, as completed and signed by the DTC
      Participant through which my ELEMENTS are held (the “DTC Participant”), is
      delivered to DBSI by 4:00 p.m. on the Business Day immediately preceding the
      applicable 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 ELEMENTS 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
      ELEMENTS ARE HELD AND DELIVERED TO DBSI BY 4:00 P.M. ON THE BUSINESS DAY
      IMMEDIATELY PRECEDING THE APPLICABLE VALUATION DATE

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    BROKER’S
      CONFIRMATION OF REPURCHASE

     

     

    [PART
      B:
      TO BE COMPLETED BY BROKER]

     

    Dated:

    Deutsche
      Bank Securities Inc., as Repurchase Agent

     

    Re:
      ELEMENTSSM
Linked to
      the Exchange Rate due February 23, 2023 issued by
      Deutsche Bank AG (the “ELEMENTS”)

     

    Dear
      Sirs:

     

    The
      undersigned holder of ELEMENTSSM Linked to
      the
      Exchange Rate due February 23, 2023 issued by Deutsche Bank AG, CUSIP No. (the
      “ELEMENTS”) hereby irrevocably offers to Deutsche Bank AG the right to
      repurchase, on the Repurchase Date of
                    ,
      with respect to the stated principal amount of ELEMENTS indicated below as
      described in the pricing supplement relating to the ELEMENTS (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 ELEMENTS specified below at a price per
      ELEMENT 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 ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS ($2,500,000 stated principal amount) for repurchase at one
      time
      for your offer to be valid.):

     

    
      _____________________________________________________________________________________

       

       

    

    DTC
      # (and
      any relevant sub-account):

     

    
      _____________________________________________________________________________________

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