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Sub.Fixed and Floating Rate Medium Term Notes

Deutsche Bank AG, New Zealand Branch
Subordinated Fixed and Floating Rate Medium Term Notes

Issuer: Deutsche Bank AG, New Zealand Branch
Issuer Rating: AA- / Aa3
Instrument Rating: A+/A1
Documentation: Investment Statement
New Zealand Medium Term Note Deed Poll
Structure: 10 year Subordinated Fixed & Floating Rate Medium Term Notes. The Notes may be redeemed at the option of the Issuer on any Interest Payment Date on or after 5 years (commencing on 16 June 2009).
Status: The obligation to repay principal will be an unsecured and
subordinated obligation of the Issuer and will rank at least pari passu
with all other unsecured and subordinated obligations of the Issuer
having a fixed maturity date.
The obligation to pay interest will be an unsecured and unsubordinated obligation of the Issuer and will rank at least pari passu with all other unsecured and unsubordinated obligations of the Issuer.
Maturity : 16 June 2014
Call Date : 16 June 2009 and each subsequent interest payment date
Launch Date : 11 June 2004
Pricing Date : 3 pm on 14 June 2004
Settlement : 16 June 2004
Total Volume : NZD 300,000,000
Minimum Holding : NZD 10,000
Denominations : NZD 10,000
Governing Law : The laws in force in New Zealand
Registrar : Computershare Services Limited
Business Days : Auckland/Wellington
Listing : None
Arranger: Deutsche Bank New Zealand Limited
Lead Manager : Deutsche Bank New Zealand Limited

Other Terms And
Conditions: Please refer to the Pricing Supplement and other programme
documentation for full Terms and Conditions. In the event of any
inconsistency between the Pricing Supplement and the other
programme documentation, the Pricing Supplement will prevail.

Issue Margin : 42 bps

Approved Issuer Levy (AIL) : If the securities are held by non New Zealand residents, any AIL (currently 2% of coupon) will be deducted from the coupons paid unless the investor nominates to have Non Resident Withholding Tax deducted instead.
Volume : NZD 71,500,000
Benchmark: 3 Month BKBM
Coupon Dates : Each 16 March, 16 June, 16 September, and 16 December until maturity. Commencing 16 September 2004
Coupon : 3 month BKBM + issue margin until and including 16 June 2009 when the coupon steps up by 50 bps
Business Day Convention : Following Business Day
Day Count Basis : Actual/365

Volume : NZD228,500,000
Fixed Rate Coupon: 7.14% s.a.
Coupon Dates : Each 16 June, and 16 December until and including 16 June 2009 or such later maturity date if if not called.
Coupon : Fixed rate, determined from the benchmark on the rateset date plus the issue margin, until and including 16 June 2009. If the issue is not called on 16 June 2009 the instrument will convert to a floating rate note paying a coupon comprising of BKBM + initial margin plus the step up margin of 0.50%.
Re-offer Capital Price : 100%
Accrued Interest : 0%
Re-Offer Gross Price : 100%
Business Day Convention : Following Business Day
Day Count Basis : RBNZ Bond Basis

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