December 17, 2008

Deutsche Bank elects not to exercise call option on 3.875% 2004/2014 subordinated bond

Issue Details (the „Notes“):
ISIN:   DE0003933511
Issuer:  Deutsche Bank AG
Amount:  EUR 1 billion
Issue Date:  16 January 2004
Maturity Date: 16 January 2014
Call Date:  16 January 2009 and quarterly thereafter, subject to 30 days notice period
Call Price:  100%
Coupon:  16 Jan 04 – 16 Jan 09: 3.875%
                 16 Jan 09 – 16 Jan 14: 3m Euribor + 88 bp
Listing:  Frankfurt (regulated market)

Deutsche Bank (XETRA:DBKGn.DE / NYSE:DB) has decided not to exercise its early redemption option to call the Notes at par because replacement costs would be more expensive than the existing EURIBOR +88 bps step-up coupon. Accordingly, the Notes' early redemption provision at the option of the issuer is not in-the-money.

Deutsche Bank views the holders of the Notes as important constituents, like many other important stakeholders, including shareholders, senior creditors, other capital instrument holders, rating agencies, regulators and employees. In light of the fact that the early redemption option is not in-the-money, Deutsche Bank believes that the appropriate balance of constituent interests is served by not calling the Notes.

The Notes are redeemable at the issuer's option quarterly after 16 January 2009. Deutsche Bank will monitor this early redemption option for attractive opportunities to exercise in the future while considering the above factors.

Deutsche Bank as dealer will continue to make a market in the Notes. Deutsche Bank as issuer may repurchase Notes at fair market value from investors who wish to sell part or all of their holdings.

For further information, please call:

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+49 69 910 43800 (Frankfurt) 

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+49 69 910 35395 (Frankfurt)
+1 212 250 7125 (New York)

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our management agenda, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 26 March 2008 under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from .