Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-137902 Dated March 9, 2009 Expressing macro-economic views through Interest Rate Structured Products March 2009 Deutsche Bank Securities, Inc. A Passion to Perform. [Deutsche Bank Logo] slide00

Why Interest Rate Structured Products? |X| One of the deepest and most liquid underlying derivatives markets - Enables a wide array of products to be created and customized for different requirements |X| Ability to express views on fundamental macro economic variables and drivers - Short Term Rates - Long Term Rates - Yield Curve Slope, i.e. differential between long-term and short-term rates - Inflation |X| Interest Rate Structured Products can serve multiple purposes within a core portfolio - Yield Enhancement - Protecting Real Returns (Inflation linked structures) - Hedging (E.g. Bearish Long Term Rate Structure for a Treasury Portfolio) [Deutsche Bank Logo] slide01

Market Overview (1) The Fed has acted quickly to lower short term rates [GRAPHIC OMITTED] - Risk-free rates in the short term fall close to zero - Yield on Treasury Bills was negative for a short while - Creates a lack of viable alternatives for short term liquidity [GRAPHIC OMITTED] - The drop in long-term rates has largely been driven by extremely heavy technical flows - Massive rally in long maturity Treasury Bonds - Fixed income investors seek protection against a reversal of this trend (to lock-in their gains) [Deutsche Bank Logo] slide02

Market Overview (2) The inflation markets are pricing in significant deflation going forward [GRAPHIC OMITTED] - Market prices for TIPS and CPI Swaps imply years of deflation - Partly explained by commodity prices and economic slowdown, but a large part is due to technical flows (deleveraging) - However a reversal could come quickly, given current policy bias - Investors seek to hedge their portfolios against a pickup in inflation, taking advantage of attractive market levels created by recent dislocation [GRAPHIC OMITTED] - Volatility spiked towards the end of 2008, but has come down in the start of 2009 - Creates opportunities for investors depending on their outlook on rates Selected Themes and Opportunities [Deutsche Bank Logo] slide03

Selected Themes and Opportunities Short-term rates to remain low / range-bound? - - Fed is unlikely to hike until economy shows sign of recovering (more likely to risk a hike in inflation to escape the liquidity trap) - - At the same time, the market is pricing relatively high implied volatilities Range Accrual Notes Long-term rates too low? - - The increasing supply of treasuries could eventually put upward pressure on yields - - The levels of inflation priced into rates may be too low, even after taking into account a steep deflationary environment in the first half of 2009 CMS-Linked Notes Steepener Notes Is the market overestimating deflation risk? - - Massive increase in money supply could be inflationary once the credit market unfreezes - - A recovery of commodity prices would restore inflation CPI-Linked Notes [Deutsche Bank Logo] slide04

Selected Themes/Opportunities(1) Short Term Rates to Remain Low/Range bound? |X| Fed is unlikely to hike rates until economy shows sign of recovering (more likely to risk a hike in inflation to escape liquidity trap) |X| At the same time market is pricing in high implied volatilities Opportunities |X| Range Accrual Notes - Designed for investors who think monetary policy will keep short term rates low for an extended time [GRAPHIC OMITTED] [Deutsche Bank Logo] slide 05

5y Libor Range Accrual Short Term Rates Remaining in a Tight Range Sample Terms Issuer Deutsche Bank (Aa1/A+/AA-) Maturity 5 years Coupon (3mLibor + 2.75%) x N/D (floating) OR 4.80% x N/D (fixed) N = number of days in coupon period when 3mLibor is inside the range D = total number of days in coupon period Quarterly,30/360 Range 0.60% - 3.60% Call Not Callable Payoff Under Hypothetical Scenarios [GRAPHIC OMITTED] Rationale |X| Investors receive a coupon or 3m Libor + 2.75% (or 4.80% for the fixed range accrual) for the proportion of days that 3mL sets within a range o Currently 3mL is at 1.18% and Fed Funds target rate is 0.25% |X| Designed for investors who think monetary policy will keep short term rates low, but not too close to zero |X| 100% Principal Protected at maturity (senior unsecured obligation of DB) |X| Possibility of earning above-market coupons while 3mL remains within the range |X| Main Risks: o Subject to issuer credit risk o Notes could yield zero coupons if 3mL is above 3.60% or below 0.60% o Mark-to-market volatility (influenced by market factors like rates, volatilities, credit spreads, liquidity, among others) [Deutsche Bank Logo] slide06

Selected Themes/Opportunities (2) Long Term Rates too low? |X| Long-term swap rates are near all-time lows |X| The spread between long-term swap rates and treasury rates is close to zero |X| The increasing supply of Treasuries could eventually put upward pressure on yields (currently absorbed by massive flight to quality) Opportunities |X| CMS "Caps" (essentially call options on interest rates) can by used by investors to benefit from a rise in long-term rates while limiting downside xposure |X| 10ySteepener Note can be used to monetize term premium in the Yield Curve [GRAPHIC OMITTED] [Deutsche Bank Logo] slide07

CMS-Linked Note Benefit from a rise in long-term rates Issuer Deutsche Bank (Aa1/A+/AA-) Maturity 3 years Coupons Zero Coupon Redemption 100% + 16x(10yCMS - 3.80%) Subject to a minimum redemption of 85% Set in arrears Payoff Under Hypothetical Scenarios [GRAPHIC OMITTED] Rationale |X| Investors make money if 10y swap rate (10y CMS) is higher than 3.80% after 3 years o 16x Leverage o If 10y swap rate increases to 5.50%, the redemption would be 127% o However if the 10y swap stays at current levels or falls, the redemption will be 85% |X| This is a directional view suitable for investors with a view that the 10y swap rate will increase in the course of the next 3 years |X| 85% Principal Protected at maturity (senior unsecured obligation of DB) |X| Main Risks: o Subject to issuer credit risk o Redemption below 100% if 10y swaps don't increase o Secondary market price of the notes can be significantly influenced by market factors like rates, volatilities, credit spreads, liquidity, among others [Deutsche Bank Logo] SLIDE08

10y Steepener Note Monetizing Term Premium in the Yield Curve Sample Terms Issuer Deutsche Bank (Aa1/A+/AA-) Maturity 10 years Coupon 7 x (10yCMS - 2yCMS) Quarterly, 30/360 Capped at 9.50% and Floored at 0.00% Set in arrears Payoff Under Hypothetical Scenarios [GRAPHIC OMITTED] Rationale |X| Investors receive coupons that are a multiple of the spread between the 10y Swap (10yCMS) and the 2y swap (2yCMS) o At the current spread of 1.32%, a multiple of 7x would deliver a coupon of around 9.2% o If the curve steepens further, investors can receive up to 9.5% coupons |X| 100% Principal Protected at maturity (senior unsecured obligation of DB) |X| Main Risks: o Subject to issuer credit risk o Notes can yield zero coupons if 10y swaps are equal or less than 2y swaps o Secondary market price can be influenced by market factors like rates, volatilities, credit spreads, liquidity, among others) [Deutsche Bank Logo] slide09

Selected Themes/Opportunities (3) Inflation Expectation too low? |X| Massive increase in money supply likely to be inflationary once credit market unfreezes |X| A recovery of commodities prices would help restore inflation |X| Quantitative easing and increasing national debt could ultimately pose structural inflation risk, which is not currently priced in by the market |X| Long term deflation (Japan scenario) is unlikely given the quick and far reaching monetary policy reaction [GRAPHIC OMITTED] [Deutsche Bank Logo] slide10

3y CPI-Linked Note Benefit from Rising Inflation Sample Terms Issuer Deutsche Bank (Aa1/A+/AA-) Maturity 3 years Coupons Zero Coupon Redemption 100% + 1.25x Inflation Subject to minimum redemption of 85% Where: Inflation = CPI(maturity-3m)/CPI(sett. date-3m)-1 CPI = CPI for All Urban Consumers Non- Seasonally Adjusted Payoff Under Hypothetical Scenarios [GRAPHIC OMITTED] Rationale |X| Investors make money when inflation is positive over a 3 year period o 1.25x Leverage o If inflation is positive, the redemption will increase beyond 100% o If inflation is negative (deflation), the redemption will be less than 100% o Minimum redemption of 85% |X| 85% Principal Protected at maturity (senior unsecured obligation of DB) |X| Main Risks: o Subject to issuer credit risk o Redemption below 100% if there is deflation o Secondary market price of the notes can be significantly influenced by market factors like inflation breakevens, interest rates, volatilities, credit spreads, liquidity, among others [Deutsche Bank Logo] slide11

Conclusion |X| Macro economic parameters such as the level of interest rates, inflation etc have a significant impact on any financial portfolio either through first or second-order effects |X| Interest rate linked products allow investors to directly express views on these macro-economic variables and therefore should be a core part of an investors structured product exposure |X| These products can serve as a variety of purposes ranging from yield enhancement to real return protection to hedging exposures in other parts of the portfolio |X| A deep and liquid underlying derivatives market combined with Deutsche Bank's market leading product platform means that products can be easily customised and efficiently tailored to investors specific requirements [Deutsche Bank Logo] slide12

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These instruments are not insured or guaranteed by any statutory scheme or governmental agency of the United Kingdom. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for offerings to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the other documents relating to such offering that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and the offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Deutsche Bank AG, any agent or any dealer participating in the offering will arrange to send you the prospectus if you so request by calling toll-free 1-866-620-6443. [Deutsche Bank Logo] slide13