Securities Note & Summary 3 January 2008 Deutsche Bank AG, London Branch Issue of EUR 12,750,000 104% Principal Protected Notes due 2021 linked to the KKR Protected Private Equity EUR Hedged Index Issue Price 100% The issuer (the “Issuer”) of the securities described in the “Prospectus” (consisting of a registration document dated 3 May 2007 (the “Registration Document”) and this Securities Note & Summary) is Deutsche Bank Aktiengesellschaft, acting through its London branch (“Deutsche Bank AG, London Branch”). Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act relating to prospectuses for securities (Loi relative aux Prospectus pour valeurs mobilières) to approve the Prospectus as a prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). Application has also been made to the Luxembourg Stock Exchange for the admission to trading on the Bourse de Luxembourg (“Regulated Market”) of the Luxembourg Stock Exchange and the listing on the Official List of the Luxembourg Stock Exchange of the Notes (as defined below) which are to be issued by the Issuer pursuant to its U.S.$40,000,000,000 Global Structured Note Programme (the “Programme”). The Issuer will use its reasonable efforts to ensure listing of the Notes on the Official List of the Luxembourg Stock Exchange although there is no assurance that such listing will be achieved. This Prospectus may be further modified at the sole discretion of the Issuer following the issue of the Notes for the purpose of the admission to trading on the Regulated Market and the listing on the Official List of the Luxembourg Stock Exchange of the Notes provided that such changes are not materially prejudicial to the Noteholders. This is an offering of EUR12,750,000 aggregate principal amount of 104% Principal Protected Notes due 2021 issued on 21 December 2007 (the “Notes”) linked to the KKR Protected Private Equity EUR Hedged Index (the “EUR Hedged Index”) comprising exposure to (i) the FX Swap and (ii) the KKR Protected Private Equity Index (the “Index”), which is an index established and administered by Deutsche Bank AG, London Branch as index sponsor (the “Index Sponsor”) and index administrator (the “Index Administrator”) and managed by Kohlberg Kravis Roberts & Co. L.P., as index manager (the “Index Manager”), with the objective of providing exposure to the KKR Constituents, the FI Constituent and a Cash Constituent (each as more fully described herein) and achieving, but not guaranteeing, superior alpha returns from KKR-sponsored investments while preserving capital through dynamically adjusted exposure to the FI Constituent. The Notes will be issued in the Specified Denomination of EUR50,000, provided that, for so long as the Notes are represented by a Global Note held on behalf of Euroclear and/or Clearstream, Luxembourg and either or both of them, as the case may be, so permit, the Notes shall be tradable in minimum nominal amounts of EUR50,000 and integral multiples thereof. In the event that definitive Notes are issued in exchange for interests in a Global Note, they will be issued in denominations of EUR50,000. No public market currently exists for the Notes. Potential investors should ensure that they understand the nature of the Notes and the extent of their exposure to risks and that they consider the suitability of the relevant Notes as an investment in light of their own circumstances and financial condition. Although the Notes benefit from principal protection (as described at pages 15 to 17 and pages 137 to 139 below), the Notes involve a number of risks and potential investors should be prepared to sustain a loss of part or, in limited circumstances, all of their investment. It is the responsibility of potential investors to ensure that they have sufficient knowledge, experience and professional advice to make their own legal, financial, tax, accounting and other business evaluation of the merits and risks of investing in the Notes and are not relying on the advice of the Issuer or the Dealer in that regard. See “Risk Factors” at pages 37 to 65 below for a discussion of certain factors that should be considered in connection with an investment in the Notes. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR 1 TO, OR FOR THE BENEFIT OF, U.S. PERSONS, AS DEFINED IN REGULATION S AND IN RULE 4.7 OF THE U.S. COMMODITY FUTURES TRADING COMMISSION. EACH NOTEHOLDER SHALL BE DEEMED TO REPRESENT PRIOR TO ITS PURCHASE OF ANY NOTE THAT (A) THE NOTEHOLDER IS NOT A U.S. PERSON; (B) IN PURCHASING OR HOLDING NOTES OR BENEFICIAL INTERESTS THEREIN IT WILL NOT BE, AND WILL NOT BE ACTING IN AN AGENCY CAPACITY INVESTING THE ASSETS OF, (I) AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH PLAN IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), SUBJECT TO SECTION 4975 OF THE CODE OR ANY LAW OR REGULATION THAT WOULD CAUSE THE EUR HEDGED INDEX, THE INDEX OR THE UNDERLYING ASSETS OF THE INDEX TO BE TREATED AS ASSETS OF THE INVESTING ENTITY AND THEREBY SUBJECTING THE ISSUER OR THE INDEX MANAGER TO LAWS OR REGULATIONS THAT ARE SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS CONTAINED IN TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH PLAN’S INVESTMENT IN SUCH ENTITY (INCLUDING WITHOUT LIMITATION, AS APPLICABLE, AN INSURANCE COMPANY GENERAL ACCOUNT) AND (C) THE NOTEHOLDER WILL NOT TRANSFER THE NOTE IN THE UNITED STATES OR TO A U.S. PERSON OR ANY PERSON OR ENTITY DESCRIBED IN THE PRECEDING CLAUSES (A) AND (B). Words and expressions used above but not otherwise defined shall have the meaning given them in the “Terms and Conditions of the Notes” at pages 132 to 147 below of this Securities Note & Summary or in the rules of the Index set out in the “Index Description” at pages 77 to 108 of this Securities Note & Summary (the “Index Rules”). Dealer Deutsche Bank AG, London Branch 2 IMPORTANT NOTICES Subject as provided below, the Issuer accepts responsibility for the information contained in this Securities Note & Summary as at the date of the Securities Note & Summary and to the best of the knowledge and belief of the Issuer (which has taken all reasonable care to ensure that such is the case), the information contained in this Securities Note & Summary is in accordance with the facts and does not omit anything likely to affect the import of such information. The following sections of this Securities Note & Summary have been supplied by the Index Manager: “Summary of the Index Manager” at pages 30 to 36 below; parts C, D and E of “Risk Factors” at pages 45 to 64 below; “Information about KKR” at pages 66 to 74 below; “Private Equity Valuations and Related Data” at pages 75 to 76 below; “Description of the KKR Constituents” at pages 115 to 129 below, and “Description of the Cash Constituent” at page 130 below (the “KKR Sections”). The Issuer accepts responsibility that the KKR Sections have been accurately reproduced and, as far as the Issuer is aware and is able to ascertain from information published by KKR, no facts have been omitted which would render the reproduced information inaccurate or misleading. No further or other responsibility (express or implied) in respect of the KKR Sections is accepted by the Issuer. The Index Manager accepts responsibility for the KKR Sections as at the date of the Securities Note & Summary and to the best of the knowledge and belief of the Index Manager (which has taken all reasonable care to ensure that such is the case), the information contained in the KKR Sections is in accordance with the facts and does not omit anything likely to affect the import of such information. The Index Manager does not accept any liability (express or implied) in respect of the contents of this Securities Note & Summary other than the KKR Sections. This Securities Note & Summary is to be read in conjunction with all documents which are deemed to be incorporated in this Securities Note & Summary by reference (see "Documents Incorporated by Reference" at page 9 below). This Securities Note & Summary shall be read and construed on the basis that such documents as are incorporated by reference form part of this Securities Note & Summary. The Dealer has not independently verified the information contained in this Securities Note & Summary. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Dealer as to the accuracy or completeness of the information contained or incorporated in this Securities Note & Summary or any other information provided by the Issuer in connection with the Notes. The Dealer (in that capacity only) does not accept any liability in relation to the information contained or incorporated by reference in this Securities Note & Summary or any other information provided by the Issuer in connection with the Notes. References in this Securities Note & Summary to the Dealer are to it acting in such capacity and not in any other capacity. No person is or has been authorised by the Issuer, the Index Manager or the Dealer to give any information or to make any representation not contained in or not consistent with this Securities Note & Summary or any other information supplied in connection with the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Index Manager or the Dealer.