Deutsche Bank. 2% DB Rente % Blå obligationer

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1 R E S U M É Deutsche Bank 2% DB Rente % Blå obligationer

2 R E S U M É The English text of these Terms and Conditions is legally binding. The Danish translation of parts of these Terms and Conditions is for convenience only. Dette resume er en forenklet fremstilling af Deutsche Banks børsprospekt Pricing Supplement som er godkendt til notering på Københavns Fondsbørs. Resumeet kan ikke betragtes som fuldstændigt og kan ikke erstatte prospektet. I tilfælde af uoverensstemmelse i beskrivelserne vil Pricing Supplement være gældende. Samtlige vilkår for obligationerne, herunder vilkår for førtidsindfrielser, kursfastsættelse mv. er beskrevet i Pricing Supplement, der kan rekvireres hos Danske Andelskassers Bank A/S og udbydende pengeinstitutter. Fondskode DK Udsteder Deutsche Bank AG London. Valuta Danske Kroner (DKK). Nominelt beløb Der udstedes minimum samlet nominelt DKK 75 mio. Det samlede beløb bestemmes af Udsteder og Formidler efter udløb af Tegningsperioden. Skulle der ikke blive tegnet som minimum DKK 75 mio., bortfalder udsteders forpligtelse til at gennemføre emissionen. Emissionskurs Obligationerne udstedes til kurs 92 franko kurtage. Stykstørrelse og registrering Obligationerne registreres i Værdipapircentralen (VP) i andele á nominelt DKK Der vil ikke blive udstedt fysiske obligationer. Handelsdato 2. september Notering Der er søgt om optagelse til notering på Københavns Fondsbørs med forventet første noteringsdag den 5. september Udstedelsesdato 5. september Indfrielseskurs Kurs 100. Indfrielse vil ske gennem Værdipapircentralen på Indfrielsesdatoen. Indfrielsesdato 5. september 2013, med forbehold for Førtidsindfrielse (dvs. obligationernes mulige løbetid er minimum 2 år og maksimum 10 år). Førtidsindfrielse Førtidsindfrielse af obligationerne vil finde sted til kurs 100, såfremt obligationernes opskrevne værdi er lig med eller overstiger kurs 100 på de Mulige Førtidsindfrielsesdatoer, jf. afsnittet Opskrivning. Mulige Førtidsindfrielsesdatoer Mulige Førtidsindfrielsesdatoer er Rentetilskrivningsdatoerne fra og med 5. september 2005 til og med 5. september Rentetilskrivningsdatoer 5. september hvert år, startende 5. september 2004 til og med Indfrielsesdatoen

3 R E S U M É Kuponrente 2% per anno. Udbetales på Rentetilskrivningsdatoerne. Opskrivning Obligationernes opskrevne værdi fastsættes hvert år i forbindelse med fastsættelse af den årlige CIBOR 12M rentesats den 5. september, første gang den 5. september Obligationernes opskrevne værdi den 5. september 2004 bestemmes ud fra følgende formel: Emissionskurs x Opskrivning x Renteberegningsmetode Obligationernes opskrevne værdi bestemmes i efterfølgende perioder fra og med den 5. september 2004 af Beregningsagenten som følger: Akkumuleret Niveau x Opskrivning x Renteberegningsmetode Opskrivning af obligationerne beregnes af Beregningsagenten som følger: [9.25]% - (2 x CIBOR 12M) Opskrivning er nedadtil begrænset til nul. Den endelige faktor fastlægges på Handelsdatoen af Beregningsagenten i samråd med Formidler under hensyntagen til de faktiske markedsvilkår. Udstedelsen vil alene finde sted, såfremt der kan opnås en faktor på minimum 7,00%. Akkumuleret Niveau Obligationens opskrevne værdi på den umiddelbart foregående Rentetilskrivningsdato efter Opskrivning. Renteberegningsmetode Faktisk/Faktisk CIBOR 12M Den rentesats, som kvoteres kl hver CIBOR Beregningsdag af Reuters. Såfremt der på en given CIBOR Beregningsdag ikke foreligger en CIBOR 12M rentesats, bestemmer Beregningsagenten en rente som et aritmetisk gennemsnit af udvalgte større bankers udbudte interbankrenter for 12 måneders indskud i danske kroner. Såfremt der er færre end 2 sådanne rentesatser tilgængelige, bestemmer Beregningsagenten en rente på diskretionær vis. CIBOR Beregningsdato Fem bankdage forud for Rentetilskrivningsdatoerne, fra og med 5. september 2004 til og med 5. september Information om CIBOR CIBOR (Copenhagen Interbank Offered Rates) er en referencerente for afgivelse af likviditet på interbankmarkedet (i København) på usikret basis. CIBOR beregnes på baggrund af stillede satser fra en række individuelle pengeinstitutter, de såkaldte CIBOR-stillere. CIBOR beregnes på følgende måde: Hver dag klokken fastsætter hver CIBOR-stiller en CIBOR-sats med to decimaler. Denne indberettes til Nationalbanken. Nationalbanken beregner CIBOR ved at udelade de to højeste og de to laveste satser og herefter beregne et simpelt gennemsnit af de resterende satser. De beregnede CIBOR-satser offentliggøres herefter af Nationalbanken med 4 decimaler. De enkelte CIBOR-stilleres priser offentliggøres efter kl på Finansrådets hjemmeside. CIBOR beregnes for 8 forskellige løbetider: 1, 2, 3, 4, 5, 6, 9 og 12 måneder. (Kilde: Danmarks Nationalbank). Beregningsagent Deutsche Bank AG London. Formidler Danske Andelskassers Bank A/S.

4 R E S U M É Skattemæssige forhold Dette afsnit tilstræber at give en overordnet beskrivelse af gældende danske skatteregler. Nedenstående regler er af generel karakter, hvor særregler og detaljer ikke omtales. Investorer opfordres til at konsultere egne professionelle rådgivere. Obligationerne er udstedt med en kuponrente, som opfylder kravene til skattefritagelse på kapitalgevinster i henhold til Kursgevinstloven. Opfyldelse af dette krav giver dog ikke i sig selv skattefritagelse, da visse øvrige betingelser også skal opfyldes. Personer Kursgevinster realiseret ved salg eller indfrielse er skattefri. Kurstab er ikke fradragsberettiget. Renteafkastet beskattes som kapitalindkomst med op til 59%. Selskaber, fonde mv. Ved investering i obligationerne beskattes selskabet af hele kursgevinsten, og selskabet har fradrag for kurstab. Gevinst og tab beskattes normalt ved realisation. Renteafkastet beskattes med almindelig selskabsskat. Investering for pensionsmidler Investering kan tillige foretages af investorer omfattet af Lov om pensionsafkastbeskatning (Pensionsafkastbeskatningsloven), f.eks. for midler placeret i pengeinstitutternes pensionsordninger og forsikringsselskaber. Kursgevinster og tab samt renteafkastet vil være omfattet af Pensionsafkastbeskatningsloven. Beskatningen er 15%. Der gøres opmærksom på, at obligationen er underlagt 20%-grænsen for en enkelt emittent. Virksomhedsskatteordningen Der kan IKKE investeres for midler placeret i virksomheds- eller kapitalafkastordningerne. Tegningssted Ordrer om tegning af obligationer skal afgives til: Danske Andelskassers Bank A/S Baneskellet 1, Hammershøj 8830 Tjele Telefon: Telefax: Samt lokale pengeinstitutter. Tegning Tegningsperioden løber fra 18. til 29. august 2003, begge dage inklusive. Mindste tegningsbeløb er DKK nominelt. Betaling Afregning af de tildelte obligationer sker mod registrering i Værdipapircentralen den 5. september 2003.

5 PRICING SUPPLEMENT Series No: 109 DEUTSCHE BANK AG LONDON (Incorporated in Germany with limited liability) Issue of DKK75,000, ,000,00 Fixed Rate Notes due 5 September 2013 (Maturity Date subject to conditions herein) under the U.S.$ 17,000,000,000 Global Structured Note Programme (the Programme ) This document constitutes the Pricing Supplement relating to the issue of the DKK 75,000, ,000,000 Fixed Rate Notes due 5 September 2013 (the Notes ) described herein. Terms used herein shall be deemed to be defined as such for the purposes of the conditions set forth in the Offering Circular dated 28th May 2003 (the Offering Circular ). This Pricing Supplement is supplemental to and must be read in conjunction with the Offering Circular issued in relation to the Programme including without limitation the section headed Risk factors beginning on page 8 of the Offering Circular. Application has been made to the Copenhagen Stock Exchange A/S (the Copenhagen Stock Exchange ) for the Notes to be listed on Copenhagen Stock Exchange. The date of this Pricing Supplement is 14 August, Arranger and Dealer Deutsche Bank AG London

6 IMPORTANT NOTICE The purchase of Notes involves substantial risks and is suitable only for investors who have the knowledge and experience in financial and business matters necessary to enable them to evaluate the risks and the merits of an investment in the Notes. Before making an investment decision, prospective purchasers of Notes should ensure that they understand the nature of the Notes and the extent of their exposure to risks and that they consider carefully, in the light of their own financial circumstances, financial condition and investment objectives, all the information set forth in the Offering Circular (including "Risk Factors relating to Notes" on page 8 thereof) and this Pricing Supplement. No person has been authorised to give any information or make any representation not contained in or not consistent with this Pricing Supplement, 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 or the Dealer. By investing in the Notes each investor represents that: (a) (b) (c) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to invest in the Notes and as to whether the investment in the Notes is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the Issuer or the Dealer as investment advice or as a recommendation to invest in the Notes, it being understood that information and explanations related to the terms and conditions of the Notes shall not be considered to be investment advice or a recommendation to invest in the Notes. No communication (written or oral) received from the Issuer or the Dealer shall be deemed to be an assurance or guarantee as to the expected results of the investment in the Notes. Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and the risks of the investment in the Notes. It is also capable of assuming, and assumes, the risks of the investment in the Notes. Status of Parties. Neither the Issuer nor the Dealer is acting as a fiduciary for or adviser to it in respect of the investment in the Notes. Proposed EU Directive on the Taxation of Savings Income On 3rd June, 2003, the European Council of Economics and Finance Ministers agreed on proposals under which Member States will be required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State, except that, for a transitional period, Belgium, Luxembourg and Austria will instead be required to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). The proposals are anticipated to take effect from 1st January, 2005.

7 1. Issuer: Deutsche Bank AG London 2. (i) Series Number: 109 (ii) Tranche Number: 1 3. Specified Currency or Currencies: Danish Kroner ( DKK ) 4. Aggregate Nominal Amount: (i) Series: DKK75,000, ,000,000 offered as described in Annex B hereto. (ii) Tranche: DKK75,000, ,000, (i) Issue Price of Tranche: per cent of the Aggregate Nominal Amount. (ii) Net Proceeds: DKK69,000, ,000, Specified Denominations: DKK 1, (i) Issue Date and Interest Commencement Date: 5 September 2003 (ii) Interest Commencement Date (if different from the Issue Date): Not applicable 8. Maturity Date: 5 September 2013, subject to adjustment in accordance with the Following Business Day Convention. If the Calculation Agent determines the Accreted Face Amount of each Specified Denomination is at least DKK 1,000 the Notes will be repaid on the Mandatory Early Redemption Date. Mandatory Early Redemption Date means each Interest Payment Date from and including the Interest Payment Date due 5 September 2005 to, and including, the Interest Payment Date due 5 September Interest Basis: Fixed Rate (further particulars specified below) 10. Redemption/Payment Basis: Redemption at par 11. Change of Interest Basis or Not applicable

8 Redemption/ Payment Basis: 12. Put/Call Options: Not applicable 13. Status of the Notes: Senior 14. Listing: Application has been made to the Copenhagen Stock Exchange for the Notes to be listed on the Copenhagen Stock Exchange. The first day of trading in the Notes on Copenhagen Stock Exchange is expected to be 5 September, The Programme under which the Notes are issued has been admitted for listing on the Luxembourg Stock Exchange. The total costs associated with listing of the Notes on the Copenhagen Stock Exchange amount to approximately DKK! including without limitation fees to the Copenhagen Stock Exchange. 15. Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 1. Fixed Rate Note Provisions Applicable (i) Rate(s) of Interest: 2.00 per cent. per annum payable annually in arrear (ii) Interest Payment Date(s): 5 September in each year, commencing 5 September 2004 up to and including the Maturity Date (iii) Business Day Convention: TARGET, London and Copenhagen (iv) Fixed Coupon Amount(s): DKK 20 per DKK 1,000 in nominal amount (v) Broken Amount(s): Not Applicable (vi) Day Count Fraction: Actual/Actual Not Applicable (vii) Determination Date(s): None (viii) Other terms relating to the method of calculating interest for Fixed Rate Notes:

9 2. Floating Rate Note Provisions Not Applicable 3. Zero Coupon Note Provisions Not Applicable 4. Index Linked Interest Note Provisions Not applicable 5. Equity Linked Interest Note Provisions Not Applicable 6. Currency Linked Interest Note Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION 22. Issuer Call: Not applicable 23. Investor Put: Not Applicable 24. Final Redemption Amount of each Note See Annex A to this Pricing Supplement Repayment of the Notes will be effected by the Issuer through the Danish Securities Centre, Værdipapircentralen A/S ( VP ) on the Maturity Date. 25. Early Redemption Amount of each Note payable on redemption for taxation reasons, redemption for illegality or on event of default: The Calculation Agent will determine and calculate in its sole discretion the redemption amount in good faith as representing the fair economic value of the Note at the date of redemption 26. Currency Linked Redemption Notes: Not Applicable 27. Index Linked Redemption Notes: Not Applicable 28. Equity Linked Redemption Notes: Not Applicable 29. Credit Linked Notes: Not Applicable

10 GENERAL PROVISIONS APPLICABLE TO THE NOTES 30. Form of Notes: Bearer Notes: Temporary Bearer Global Note exchangeable for a Permanent Bearer Global Note which is exchangeable for Definitive Notes only upon an Exchange Event Danske Andelskassers Bank A/S will act as Registrar ( Obligationsudstedende institut ) in relation to VP. Notes registered in VP are negotiable instruments not subject to any restrictions on the free transferability within the Kingdom of Denmark under Danish law. 31. Additional Financial Centre(s) or other special provisions relating to Payment Dates: 32. Talons for future Coupons or Receipts to be attached to Definitive Bearer Notes (and dates on which such Talons mature): 33. Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: London and Copenhagen No Not Applicable 34. Details relating to Instalment Notes: (i) Instalment Amount(s): Not Applicable (ii) Instalment Date(s): Not Applicable 35. Redenomination applicable: Redenomination not applicable 36. Notices to the Issuer: Not Applicable Notice Delivery Business Day Centre: Not Applicable

11 37. Other terms or special conditions: (i) Settlement of purchase and sale transactions takes place on registration against payment basis. Transfer of ownership to the Notes will be made in accordance with the rules of VP. (ii) Registration of the Notes with VP is governed by Danish Law. The Notes will be governed by, and construed in accordance with, English law. (iii) All payments on the Notes will be effected via VP. (iv) With respect to further issues, Condition 21 regarding further issues as set forth in the Offering Circular shall apply until 1 January DISTRIBUTION 38. (i) If syndicated, names of Managers: Not Applicable (ii) Stabilising Manager (if any): Not Applicable 39. If non-syndicated, name of relevant Dealer: 40. Whether TEFRA D or TEFRA C rules applicable or TEFRA rules not applicable: Deutsche Bank AG London TEFRA D 41. Additional selling restrictions: The Dealer and Danske Andelskassers Bank A/S have represented and agreed that they have not offered or sold and will not offer to sell or deliver any of the Notes directly or indirectly in Denmark by way of public offer unless in compliance with the Danish Act on Trading In Securities, Consolidated Act No. 587 of 9 July, 2002 (Værdipapirhandelsloven) as amended and Executive Orders issued thereunder. OPERATIONAL INFORMATION 42. Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and the relevant identification number(s): VP

12 43. Delivery: Delivery against payment 44. Additional Agent(s) (if any): Not applicable ISIN: Common Code: DK LISTING APPLICATION This Pricing Supplement including the information contained in Annexes A, B, C and D together with the Offering Circular dated 28 May, 2003 comprises the details required to list the Notes described herein pursuant to the U.S.$ 17,000,000,000 Global Structured Note Programme on the Copenhagen Stock Exchange. RESPONSIBILITY The Issuer accepts responsibility for the information contained in this Pricing Supplement, including the information contained in Annexes A, B, C and D hereto. Signed on behalf of the Issuer: By:... Duly authorised By:... Duly authorised

13 ANNEX A SPECIAL PROVISIONS APPLICABLE TO THE NOTES The Accreted Face Amount of each Specified Denomination and applicable Accrual Yield will be determined by the Calculation Agent for each Interest Period as follows: The Accreted Face Amount for the first Interest Period will be determined on the CIBOR Fixing Date preceding 5 September 2004 as follows: DKK 920 x Accrual Yield x Day Count Fraction. The Accreted Face Amount for the second Interest period and each successive Interest Period will be determined by the Calculation Agent on the CIBOR Fixing Date in each year as follows: Accreted Face Amount Brought Forward x Accrual Yield x Day Count Fraction Accreted Face Amount Brought Forward means the Accreted Face Amount determined by the Calculation Agent as at the immediately previous CIBOR Fixing Date. Day Count Fraction is Actual/Actual. The Accrual Yield will be determined by the Calculation Agent as follows: Final Fixed Factor- (2 x 12 month CIBOR) The Final Fixed Factor related to the Accrual Yield will be determined by the Calculation Agent on 2 September 2003 upon consultation with Danske Andelskassers Bank A/S on the basis of the then prevailing market conditions subject to a minimum of 7.00%. For illustrative purposes only, on the basis of the market conditions on 4 August 2003 the Final Fixed Factor was 9.25%. The Accrual Yield may not be less than zero. Where: 12 month CIBOR is the rate which is quoted as of a.m., Copenhagen time on each CIBOR Fixing Date on page DKNA13 of the Reuters service (or such other page as may replace page DKNA13 on that service) for deposits in Danish Kroner ( DKK) for a period of twelve months (the DKK Reuters Screen Rate );or If on any CIBOR Fixing Date an appropriate rate is unable to be determined from the DKK Reuters Screen Rate the applicable rate for that CIBOR Fixing Date shall, subject as provided below, be the rate per annum which the Calculation Agent certifies to be the arithmetic mean (rounded if necessary to the fifth decimal place, with being rounded upwards) of the offered rates for deposits in DKK for twelve months which major banks in Copenhagen selected by the Calculation Agent are offering to prime banks in the Copenhagen interbank market, at a.m. (Copenhagen time) on the relevant CIBOR Fixing Date provided that at least two such quotations are provided. If on any CIBOR Fixing Date fewer than two of such offered rates are available, the applicable rate of interest for that CIBOR Fixing Date shall be determined by the Calculation

14 Agent in its sole discretion. CIBOR Fixing Date is the day that is five Copenhagen Business Days prior to 5 September in each year, commencing 5 September 2004 up to, and including 5 September 2012 Mandatory Early Redemption Date means each Interest Payment Date from and including the Interest Payment Date due 5 September 2005 to, and including, the Interest Payment Date due 5 September The first Interest Period means the period beginning on and including the Issue Date ending on but excluding the Interest Payment Date due 5 September The second Interest Period means the period beginning on the Interest Payment Date due 5 September 2004 ending on the Interest Payment Date due 5 September 2005 (the first Mandatory Early Redemption Date ) and each successive period beginning on and including a Mandatory Early Redemption Date ending on but excluding the next Mandatory Early Redemption Date. Calculation Agent means Deutsche Bank AG London. The purchase of Notes involves certain risks. Before making an investment decision, prospective purchasers of Notes should ensure that they understand the nature of the Notes and the extent of their exposure to risks. Payments of the Notes are linked to a particular market measure (12 Month CIBOR), the performance of which may affect the amount or timing of payments to be received in connection with this proposed transaction. Purchase of the Notes therefore reflects a particular market view taken independently by investors. Such linkage, however, will not result in the return of less than the original investment, or cause payments made by investors to exceed payments received by investors, if that market view does not prevail at the relevant times under the terms of the Notes. For the avoidance of doubt, the maturity of the Notes and redemption at par may vary between minimum 2 years and maximum 10 years. For illustrative purposes, the following table shows the gross internal rate of return (IRR) depending on the maturity of the Notes relative to the Issue Date and Interest Commencement Date. Maturity (year) IRR N/A 6.39 % 4.93 % 4.22 % 3.79 % 3.50 % 3.30 % 3.15 % 3.03 % 2.93 % There is likely to be little or no secondary market for this proposed transaction. While for instance the Issuer or Danske Andelskassers Bank A/S may quote an unwind or bid price for the Notes (which the Issuer or Danske Andelskassers Bank A/S has no obligation to do), prices quoted may materially differ from investors economic assessment of the Notes or their component parts.

15 ANNEX B SUBSCRIPTION AND SALE Subscription and resale Danske Andelskassers Bank A/S will purchase the Aggregate Nominal Amount of Notes on the issue date for its own account and resell the Notes to third parties, subject to availability, by means of, inter alia, this Pricing Supplement. The Offer The offer (the Offer ) comprises Notes amounting to a minimum Aggregate Nominal Amount of DKK 75,000,000 (the Minimum Amount ) and a maximum Aggregate Nominal Amount of DKK 500,000,000 (the Maximum Amount ). The Offer Period The Offer Period will run from 18 August 2003 to 29 August 2003, both days including. The Offer will be withdrawn if the Minimum Amount has not been fully ordered. Notwithstanding the above, at any time on or before 2 September 2003 at 4.00 p.m. Copenhagen time, the Issuer may decide to revoke the Offer and cancel the Offer. If the Offer is revoked and cancelled, this will be announced to the Copenhagen Stock Exchange. This means inter alia that the Offer will be revoked and cancelled if the Final Fixed Factor related to the Accrual Yield as determined by the Calculation Agent on 2 September 2003 is less than 7.00%, cf. Annex A. Submission of purchase forms To purchase Notes, the investor should complete and deliver the enclosed purchase form to Danske Andelskassers Bank A/S or the investor s own account-holding institution during the Offer Period. On the purchase form, the investor shall indicate the Aggregate Nominal Amount of Notes, which he wishes to acquire. The Aggregate Nominal Amount indicated shall not be less than DKK 10,000 and must be in multiples of DKK 1,000. Subscriptions are binding when submitted. If Orders are received for more than the Maximum Amount, purchase orders may be reduced at the discretion of Danske Andelskassers Bank A/S. In addition, Danske Andelskassers Bank A/S reserves the right to an individual allocation in respect of the purchase orders received irrespective of the volume of purchase orders. Issue price The Issue Price is per cent. of the Aggregate Nominal Amount free of brokerage. Trade date The first day of trading on the Copenhagen Stock Exchange is expected to be 5 September Delivery The Notes will be delivered to the investors accounts with VP on 5 September Payment

16 Payment for the Notes must be made in cash against delivery by way of registration in the investors accounts with VP on 5 September Secondary trading Settlement of purchase and sale transactions takes place in accordance with VP procedures on a registration against payment basis three business days after the transaction date. Transfer of ownership to the Notes will be made in accordance with the rules of VP. Secondary market clearing and settlement through Euroclear is possible through depository links established between VP and Euroclear.

17 ANNEX C GENERAL INFORMATION The Issuer For detailed information regarding Deutsche Bank AG London reference is made to the Offering Circular dated 28 May, Since the publication of the Offering Circular, there has been no material adverse change or any development reasonably likely to involve any material adverse change, in the condition (financial or otherwise) of the Issuer. The Issuer is not involved in any litigation, arbitration, administrative or other proceedings, which may have, or have had since the publication of the Offering Circular, a significant effect on its financial position as presented in the Offering Circular, nor is the Issuer aware that such proceedings are pending or threatened. None of the directors of the Issuer will receive any commissions or fees in connection with the issue of the Notes over and above their fees as directors of the Issuer. For so long as any of the Notes remain outstanding, copies and, where appropriate, English translations of the following documents may be inspected during normal business hours at the specified office of the Fiscal Agent and at the office of the Paying Agent in Luxembourg, namely a copy of: (a) (b) (c) (d) (f) (g) (h) (i) the Offering Circular the Deed of Covenant the Programme Agreement the Agency Agreement this Pricing Supplement the most recently published audited consolidated financial statements of the Deutsche Bank Group beginning with the audited consolidated financial statements for the years ended 31 December, 2001 and 31 December 2002 the most recently published unaudited consolidated interim quarterly financial statements of the Deutsche Bank Group; and the most recently published audited non-consolidated financial statements of Deutsche Bank AG beginning with the audited consolidated financial statements for the years ended 31 December, 2001 and 31 December, 2002.

18 ANNEX D TAXATION TAXATION The following is a general summary of certain tax considerations in Denmark relating to the Notes. It does not purport to be a complete analysis of all tax considerations relating to the Notes, nor does it constitute tax advise, as it does not address all possible tax consequences related to an investment in the Notes. Prospective purchasers of the Notes should consult their own tax advisers as to the consequences under the tax laws of any relevant jurisdiction of acquiring, holding and disposing of the Notes. This summary is based upon the law as in effect on the date of this Pricing Supplement and is subject to any change in law that may take effect after such date. Danish Taxation The following describes the taxation of certain types of Danish investors subject to full tax liability under Danish law investing in the Notes. The Notes are issued with an interest coupon, which fulfils the requirements for tax exemption on capital gains pursuant to Section 14 of the Danish Capital Gains Tax Act, Consolidated Act No. 832 of 3 October 2002 as amended (Kursgevinstloven). Fulfilment of this requirement does not in itself imply tax exemption of capital gains for a Danish investor as other conditions apply. Danish banks and other Danish institutional investors do not benefit from this tax exemption rule on capital gains. Currently, no Danish withholding tax (kildeskat) is levied on interest payments made to Danish or foreign institutional investors. Individuals Individuals being fully tax liable in Denmark are taxable according to the Danish Capital Gains Tax Act (Kursgevinstloven). Gains on the Notes are generally tax exempted, and losses are non-deductible. Interest income is taxable as capital income. Companies Danish tax resident companies are taxable according to the Danish Capital Gains Tax Act (Kursgevinstloven). Gains on the Notes are taxable at the normal corporate tax rate, and losses are tax deductible. Gains and losses are normally taxed at realisation. Gains and losses are computed on an average basis. Interest income is taxable at the normal corporate tax rate on an accrual basis. Companies liable to PAL-tax Danish pension funds and life insurance companies are among others liable to tax pursuant to the Danish Pension Yield Tax Act ( PAL ). Gains and losses on the Notes are included in taxable PALincome. Gains and losses are calculated on a market-to-market value and taxed on an accrual basis. Interest income is included in PAL-income and taxed on an accrual basis. Proposed EU Directive on the Taxation of Savings Income On 3rd June, 2003, the European Council of Economics and Finance Ministers agreed on proposals under which Member States will be required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an

19 individual resident in that other Member State, except that, for a transitional period, Belgium, Luxembourg and Austria will instead be required to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). The proposals are anticipated to take effect from 1st January, 2005.

20 2% Blå - 2% Renteobligation Tegningsblanket - Fondskode DK Med denne blanket kan du bestille 2% Blå renteobligation i tegningsperioden 18. august til 29. august Obligationerne udstedes til kurs 92 uden yderligere omkostninger. Betalingsdatoen er 5. september Bestilling Jeg vil gerne købe nominelt kr. à kurs 92 Der kan tegnes andele à kr. Minimum nominelt beløb kr. (pr. blanket) Stilling Navn CPR-/CVR-nr. Adresse Postnr. By Tlf. Betaling Beløbet (nominelt beløb x 0,92) skal trækkes på konto Pengeinstitut Reg. nr. Kontonr. Evt. kontaktperson og tlf. nr. Betalingen sker ved træk på ovennævnte konto på betalingsdatoen mod registrering i Værdipapircentralen. Registrering Obligationerne ønskes registreret på depot i Værdipapircentralen Pengeinstitut CD-ident (5 cifre) VP-depotnummer Ved udbetaling vil beløbet blive indsat på den til VP-depotet tilhørende konto. Tegningssteder Blanketten afleveres i dit pengeinstitut eller sendes til Danske Andelskassers Bank A/S Baneskellet 1 - Hammershøj Tjele Tlf Fax Indleveret gennem (Stempel) Dato: Underskrift Reg. nr.: CD-ident.: