Kommunalbanken AS

Full Redemption

Full Redemption

Deutsche Bank AG

KOMMUNALBANKEN AS

Issue of USD 10,000,000 Callable Accreting Notes

due 2040 Series 3456 Tranche 1

MTN

ISIN: XS0542592802

This Issue has been early redeemed in full, for value date 26/09/2011

The new amount outstanding will be Nil.

Please arrange to reflect this in your records