Obligation Deutsch Bank 3.5% ( PTDEU9OM0004 ) en EUR

Société émettrice Deutsch Bank
Prix sur le marché 100 %  ▲ 
Pays  Allemagne
Code ISIN  PTDEU9OM0004 ( en EUR )
Coupon 3.5% par an ( paiement annuel )
Echéance 28/03/2023 - Obligation échue



Prospectus brochure de l'obligation Deutsche Bank PTDEU9OM0004 en EUR 3.5%, échue


Montant Minimal 1 000 EUR
Montant de l'émission 50 000 000 EUR
Description détaillée Deutsche Bank est une banque universelle allemande, offrant une large gamme de services financiers aux particuliers, entreprises et institutions, opérant à l'échelle mondiale.

L'Obligation émise par Deutsch Bank ( Allemagne ) , en EUR, avec le code ISIN PTDEU9OM0004, paye un coupon de 3.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 28/03/2023










Deutsche Bank Aktiengesellschaft



Programme for the issuance of Certificates, Notes and Credit Certificates.


This document constitutes a base prospectus (the "Base Prospectus" or the "Prospectus") according to
Art. 5 (4) of the Prospectus Directive (Directive 2003/71/EC, as amended), as implemented by the relevant
provisions of the EU member states, in connection with Regulation 809/2004 of the European Commission.
Under this Programme for the issuance of certificates, notes and credit certificates (the "Programme")
Deutsche Bank Aktiengesellschaft (the "Issuer" or "Deutsche Bank") may from time to time issue securities
("Securities"). The Securities may relate to shares or equity securities, indices, other securities,
commodities, rates of exchange, futures contracts, fund units or shares and/or interest rates (the
"Underlying" and/or the "Reference Item"). Such issuance is carried out by the Issuer as part of its general
banking business (set out in article 2(1) of the Articles of Association of the Issuer).
In respect of Securities to be listed on the SIX Swiss Exchange AG (the "SIX Swiss Exchange"), this Base
Prospectus and the applicable Final Terms will constitute the listing prospectus pursuant to the listing rules
of the SIX Swiss Exchange.
Prospective purchasers of the Securities should ensure that they understand fully the nature of the
Securities, as well as the extent of their exposure to risks associated with an investment in the
Securities and should consider the suitability of an investment in the Securities in the light of their
own particular financial, fiscal and other circumstances. Prospective purchasers of the Securities
should refer to the "Risk Factors" section of this Base Prospectus. The Securities will represent
unsubordinated, unsecured contractual obligations of the Issuer which will rank pari passu in all
respects with each other.
The Issuer shall not be liable for or otherwise obliged to pay, and the relevant Securityholder shall be liable
for and/or pay, any tax, duty, charge, withholding or other payment whatsoever in connection with the
Securities. All payments made by the Issuer shall be made subject to any tax, duty, charge, withholding or
other payment which may be required to be made, paid, withheld or deducted.
The Securities have not been and will not be registered under the United States Securities Act of 1933, as
amended. Any offer or sale of the Securities must be made in a transaction exempt from the registration
requirements of such Act pursuant to Regulation S thereunder. The Securities may not be offered, sold or
otherwise transferred in the United States or to persons who are either U.S. persons defined as such in
Regulation S of such Act or persons who do not come within the definition of a non-United States person
under Rule 4.7 of the United States Commodity Exchange Act, as amended. For a description of certain
restrictions on the sale and transfer of the Securities, please refer to the General Selling and Transfer
Restrictions section of this Base Prospectus.
An investment in the Securities does not constitute a participation in a collective investment scheme for
Swiss law purposes. Therefore, the Securities are not supervised or approved by the Swiss Financial Market
Supervisory Authority FINMA ("FINMA") and investors may not benefit from the specific investor protection
provided under the Swiss Federal Act on Collective Investment Schemes.

1






This Base Prospectus will be published according to Art. 14 (2) (c) of the Prospectus Directive (Directive
2003/71/EC, as amended), as implemented by the relevant provisions of the EU member states, in
electronic form on the website of the Issuer (www.xmarkets.db.com).
The date of this Base Prospectus is 26 November 2015.


2




TABLE OF CONTENTS

TABLE OF CONTENTS

I.
SUMMARY ........................................................................................................................ 19
II.
RISK FACTORS .............................................................................................................. 161
A. Risk Factors in Respect of the Issuer .............................................................................................. 161
B. Risk Factors in Respect of the Securities ........................................................................................ 167
Certificates ............................................................................................................................. 174
Partial Protection Certificates ............................................................................................... 174
Product No. 4: Partial Capital Protection Certificate without Strike .................................... 174
Product No. 5: Partial Capital Protection Certificate with Cap, without Strike ................... 174
Product No. 6: Partial Capital Protection Certificate with Strike ......................................... 174
Product No. 7: Partial Capital Protection Certificate with Cap and Strike .......................... 174
Product No. 8: Coupon Certificate with Partial Capital Protection ...................................... 174
Certificates, X-Pert Certificates, Perpetual Certificates, Index Certificates and
Performance Certificates ...................................................................................................... 175
Product No. 9: Certificate ...................................................................................................... 175
Product No. 10: X-Pert Certificate ......................................................................................... 175
Product No. 11: Perpetual Certificate ................................................................................... 175
Product No. 12: Index Certificate .......................................................................................... 175
Product No. 13: Performance Certificate .............................................................................. 175
Product No. 14: Performance Certificate on a Basket of Shares......................................... 175
Bonus Certificates ................................................................................................................. 175
Product No. 15: Easy Reverse Bonus Certificate ................................................................. 175
Product No. 16: Easy Reverse Bonus Certificate with Cap ................................................. 175
Product No. 17: Corridor Bonus Certificate with Cap .......................................................... 176
Product No. 18: Outperformance Bonus Certificate ............................................................ 176
Product No. 19: Sprint Bonus Certificate ............................................................................. 176
Product No. 20: Sprint Bonus One Certificate ..................................................................... 176
Product No. 21: Flex Bonus Certificate ................................................................................ 176
Express Certificates .............................................................................................................. 176
Product No. 22: Express Certificate with European Barrier Observation ........................... 176
Product No. 23: Express Certificate with American Barrier Observation ........................... 177
Product No. 24: Express Start Protect Certificate with European Barrier Observation ..... 177
Product No. 25: Express Certificate with European Barrier Observation (Physical
Delivery) ................................................................................................................................. 177
Product No. 26: Express Certificate with American Barrier Observation (Physical
Delivery) ................................................................................................................................. 177
Product No. 27: Express Worst of Basket Certificate with European Barrier
Observation (Cash Settlement) ............................................................................................. 178
Product No. 28: Express Worst of Basket Certificate with American Barrier
Observation (Cash Settlement) ............................................................................................. 178

3




TABLE OF CONTENTS


Product No. 29: Express Worst of Basket Certificate with European Barrier
Observation (Physical Delivery) ........................................................................................... 178
Product No. 30: Express Worst of Basket Certificate with American Barrier
Observation (Physical Delivery) ........................................................................................... 179
Product No. 31: Express Certificate without Barrier (Cash Settlement) ............................. 179
Product No. 32: Express Certificate without Barrier (Physical Delivery) ............................ 179
Product No. 33: Express Worst of Basket Certificate without Barrier (Cash Settlement) .. 180
Product No. 34: Express Worst of Basket Certificate without Barrier (Physical Delivery) . 180
Product No. 35: FactorExpress Certificate ........................................................................... 180
Product No. 36: PerformancePlus Certificate ...................................................................... 180
Product No. 37: Reverse Express Certificate ....................................................................... 180
Product No. 38: Currency Express Certificate ..................................................................... 180
Outperformance Certificates ................................................................................................. 181
Product No. 39: Reverse Outperformance Certificate.......................................................... 181
Fixed Rate of Interest Certificates and Coupon Certificates ............................................... 181
Product No. 40: Combi Fixed Rate of Interest Certificate .................................................... 181
Product No. 41: Fixed Rate of Interest Certificate with European Barrier Observation ..... 181
Product No. 42: Fixed Rate of Interest Certificate with American Barrier Observation ..... 181
Product No. 43: Inflation-Linked Fixed Rate of Interest Certificate ..................................... 181
Product No. 44: Currency Fixed Rate of Interest Certificate ............................................... 181
Product No. 45: Coupon Certificate with Coupon Observation Dates and with
European Barrier Observation (Cash Settlement) ............................................................... 181
Product No. 46: Coupon Certificate with Coupon Observation Period and with
European Barrier Observation (Cash Settlement) ............................................................... 182
Product No. 47: Coupon Certificate with Coupon Observation Dates and with American
Barrier Observation (Cash Settlement) ................................................................................ 182
Product No. 48: Coupon Certificate with Coupon Observation Period and with
American Barrier Observation (Cash Settlement) ................................................................ 182
Product No. 49: Coupon Certificate with Coupon Observation Dates and with
European Barrier Observation (Physical Delivery) .............................................................. 182
Product No. 50: Coupon Certificate with Coupon Observation Period and with
European Barrier Observation (Physical Delivery) .............................................................. 182
Product No. 51: Coupon Certificate with Coupon Observation Dates and with American
Barrier Observation (Physical Delivery) ............................................................................... 183
Product No. 52: Coupon Certificate with Coupon Observation Period and with
American Barrier Observation (Physical Delivery) .............................................................. 183
Product No. 53: Coupon Worst of Basket Certificate with Coupon Observation Dates
and with European Barrier Observation (Cash Settlement) ................................................ 183
Product No. 54: Coupon Worst of Basket Certificate with Coupon Observation Period
and with European Barrier Observation (Cash Settlement) ................................................ 183
Product No. 55: Coupon Worst of Basket Certificate with Coupon Observation Dates
and with American Barrier Observation (Cash Settlement) ................................................. 183
Product No. 56: Coupon Worst of Basket Certificate with Coupon Observation Period
and with American Barrier Observation (Cash Settlement) ................................................. 184
Product No. 57: Coupon Worst of Basket Certificate with Coupon Observation Dates
and with European Barrier Observation (Physical Delivery) ............................................... 184

4




TABLE OF CONTENTS


Product No. 58: Coupon Worst of Basket Certificate with Coupon Observation Period
and with European Barrier Observation (Physical Delivery) ............................................... 184
Product No. 59: Coupon Worst of Basket Certificate with Coupon Observation Dates
and with American Barrier Observation (Physical Delivery) ............................................... 185
Product No. 60: Coupon Worst of Basket Certificate with Coupon Observation Period
and with American Barrier Observation (Physical Delivery) ............................................... 185
Product No. 61: Coupon Certificate with Coupon Observation Dates, without Barrier
(Cash Settlement) .................................................................................................................. 185
Product No. 62: Coupon Certificate with Coupon Observation Period, without Barrier
(Cash Settlement) .................................................................................................................. 185
Product No. 63: Coupon Certificate with Coupon Observation Dates, without Barrier
(Physical Delivery) ................................................................................................................. 186
Product No. 64: Coupon Certificate with Coupon Observation Period, without Barrier
(Physical Delivery) ................................................................................................................. 186
Product No. 65: Coupon Worst of Basket Certificate with Coupon Observation Dates,
without Barrier (Cash Settlement) ........................................................................................ 186
Product No. 66: Coupon Worst of Basket Certificate with Coupon Observation Period,
without Barrier (Cash Settlement) ........................................................................................ 186
Product No. 67: Coupon Worst of Basket Certificate with Coupon Observation Dates,
without Barrier (Physical Delivery) ....................................................................................... 186
Product No. 68: Coupon Worst of Basket Certificate with Coupon Observation Period,
without Barrier (Physical Delivery) ....................................................................................... 187
Product No. 69: Lock In Certificate ....................................................................................... 187
Product No. 70: Currency Certificate .................................................................................... 187
Product No. 71: Currency Certificate with Fixed Coupon .................................................... 187
Product No. 72: Extra Coupon Certificate (Cash Settlement) .............................................. 187
Product No. 73: Extra Coupon Certificate (Physical Delivery) ............................................ 187
Product No. 74: Coupon Certificate (Cash Settlement) ....................................................... 188
Product No. 75: Coupon Certificate (Physical Delivery) ...................................................... 188
Additional Certificates without Capital Protection ............................................................... 188
Product No. 76: Reverse Participation Corridor Certificate ................................................. 188
Product No. 77: OneStep Certificate (Cash Settlement) ...................................................... 188
Product No. 78: OneStep Certificate (Physical Delivery) ..................................................... 188
Product No. 79: OneStep Bonus Certificate ......................................................................... 188
Product No. 80: Certificate with Redemption Threshold and Barrier without Possibility
of Early Redemption .............................................................................................................. 189
Product No. 81: Airbag Certificate ........................................................................................ 189
Product No. 82: Airbag Certificate with Cap......................................................................... 189
Notes ...................................................................................................................................... 190
Reverse Convertible Notes ................................................................................................... 190
Product No. 86: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ... 190
Product No. 87: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement) .... 190
Product No. 88: Barrier Reverse Convertible Worst of Basket Note with Participation
(Physical Delivery) ................................................................................................................. 190

5




TABLE OF CONTENTS


Product No. 89: Barrier Reverse Convertible Worst of Basket Note with Participation
(Cash Settlement) .................................................................................................................. 190
Product No. 90: Barrier Pro Reverse Convertible Worst of Basket Note (Physical
Delivery) ................................................................................................................................. 191
Product No. 91: Barrier Pro Reverse Convertible Worst of Basket Note (Cash
Settlement) ............................................................................................................................. 191
Product No. 92: Easy Reverse Convertible Worst of Basket Note (Physical Delivery) ...... 191
Product No. 93: Easy Reverse Convertible Worst of Basket Note (Cash Settlement) ........ 191
Other Notes ............................................................................................................................ 192
Product No. 113: Currency Note ........................................................................................... 192
Credit Certificates .................................................................................................................. 193
Product No. 115: Credit Certificate which relates to a single Reference Entity, is not
capital protected and provides for Early Redemption on Satisfaction of the Conditions
to Settlement.......................................................................................................................... 193
Product No. 116: Credit Certificate which relates to a single Reference Entity, is capital
protected and provides for Early Redemption on Satisfaction of the Conditions to
Settlement .............................................................................................................................. 193
Product No. 117: Credit Certificate which relates to a single Reference Entity, is capital
protected and does not provide for Early Redemption on Satisfaction of the
Conditions to Settlement ...................................................................................................... 193
Product No. 118: Credit Certificate which relates to a single Reference Entity, is
partially capital protected and provides for Early Redemption on Satisfaction of the
Conditions to Settlement ...................................................................................................... 193
Product No. 119: Credit Certificate which relates to a single Reference Entity, is
partially capital protected and does not provide for Early Redemption on Satisfaction
of the Conditions to Settlement ............................................................................................ 194
Product No. 120: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is not capital protected and provides for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities .............. 194
Product No. 121: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is not capital protected and provides for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities (first
loss protect) ........................................................................................................................... 194
Product No. 122: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is not capital protected and does not provide for Early Redemption
on Satisfaction of the Conditions to Settlement in respect of to all Reference Entities
(first loss protect) .................................................................................................................. 195
Product No. 123: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is not capital protected and provides for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities (zero
recovery basket) .................................................................................................................... 195
Product No. 124: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is not capital protected and does not provide for Early Redemption
on Satisfaction of the Conditions to Settlement in respect of all Reference Entities
(zero recovery basket) ........................................................................................................... 196
Product No. 125: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is capital protected and provides for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities .............. 196
Product No. 126: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is capital protected and does not provide for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities .............. 196

6




TABLE OF CONTENTS


Product No. 127: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is partially capital protected and provides for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of all Reference Entities .............. 197
Product No. 128: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is partially capital protected and does not provide for Early
Redemption on Satisfaction of the Conditions to Settlement in respect of all Reference
Entities ................................................................................................................................... 197
Product No. 129: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is capital protected and does not provide for Early Redemption on
Satisfaction of the Conditions to Settlement in respect of a single Reference Entity
(first to default) ...................................................................................................................... 198
Product No. 130: Credit Certificate which relates to a basket consisting of multiple
Reference Entities, is partially capital protected and does not provide for Early
Redemption on Satisfaction of the Conditions to Settlement in respect of a single
Reference Entity (first to default) .......................................................................................... 198
Product No. 131: Zero Coupon Credit Certificate which relates to a single Reference
Entity, is not capital protected and provides for Early Redemption on Satisfaction of
the Conditions to Settlement ................................................................................................ 198
Product No. 132: Zero Coupon Credit Certificate which relates to a single Reference
Entity, is capital protected and provides for Early Redemption on Satisfaction of the
Conditions to Settlement ...................................................................................................... 198
Product No. 133: Zero Coupon Credit Certificate which relates to a single Reference
Entity, is capital protected and does not provide for Early Redemption on Satisfaction
of the Conditions to Settlement ............................................................................................ 198
Product No. 134: Zero Coupon Credit Certificate which relates to a single Reference
Entity, is partially capital protected and provides for Early Redemption on Satisfaction
of the Conditions to Settlement ............................................................................................ 199
Product No. 135: Zero Coupon Credit Certificate which relates to a single Reference
Entity, is partially capital protected and does not provide for Early Redemption on
Satisfaction of the Conditions to Settlement ....................................................................... 199
Product No. 136: Zero Coupon Credit Certificate which relates to a basket consisting
of multiple Reference Entities, is not capital protected and provides for Early
Redemption on Satisfaction of the Conditions to Settlement in respect of all Reference
Entities ................................................................................................................................... 199
Product No. 137: Zero Coupon Credit Certificate which relates to a basket consisting
of multiple Reference Entities, is capital protected and provides for Early Redemption
on Satisfaction of the Conditions to Settlement in respect of all Reference Entities......... 199
Product No. 138: Zero Coupon Credit Certificate which relates to a basket consisting
of multiple Reference Entities, is capital protected and does not provide for Early
redemption on Satisfaction of the Conditions to Settlement in respect of all Reference
Entities ................................................................................................................................... 200
Product No. 139: Zero Coupon Credit Certificate which relates to a basket consisting
of multiple Reference Entities, is partially capital protected and provides for Early
Redemption on Satisfaction of the Conditions to Settlement in respect of all Reference
Entities ................................................................................................................................... 200
Product No. 140: Zero Coupon Credit Certificate which relates to a basket consisting
of multiple Reference Entities, is partially capital protected and does not provide for
Early Redemption on Satisfaction of the Conditions to Settlement in respect of all
Reference Entities ................................................................................................................. 200
C. Risk Factors Related to Securities Generally .................................................................................. 211
D. Risk Factors Relating to The Market Generally ............................................................................... 217
E. Conflicts of Interest ........................................................................................................................... 223
III. GENERAL INFORMATION ON THE PROGRAMME ..................................................... 227

7




TABLE OF CONTENTS


A. Responsible Persons ­ Important Notice......................................................................................... 227
B. Form of Document ­ Publication ...................................................................................................... 228
C. General Description of the Programme ............................................................................................ 230
D. General Description of the Securities .............................................................................................. 236
Certificates ............................................................................................................................. 238
Certificates with capital protection ....................................................................................... 238
Product No. 1: Capital Protection Certificate ....................................................................... 238
Product No. 2: Capital Protection Certificate with Maximum Amount ................................ 238
Product No. 3: Capital Protection Certificate with Participation in Average Performance
and without Maximum Amount ............................................................................................. 239
Certificates with partial capital protection ........................................................................... 239
Product No. 4: Partial Capital Protection Certificate without Strike .................................... 239
Product No. 5: Partial Capital Protection Certificate with Cap, without Strike ................... 240
Product No. 6: Partial Capital Protection Certificate with Strike ......................................... 241
Product No. 7: Partial Capital Protection Certificate with Cap and Strike .......................... 241
Product No. 8: Coupon Certificate with Partial Capital Protection ...................................... 241
Certificates, X-Pert Certificates, Perpetual Certificates, Index Certificates and
Performance Certificates ...................................................................................................... 242
Product No. 9: Certificate ...................................................................................................... 242
Product No. 10: X-Pert Certificate ......................................................................................... 243
Product No. 11: Perpetual Certificate ................................................................................... 243
Product No. 12: Index Certificate .......................................................................................... 243
Product No. 13: Performance Certificate .............................................................................. 243
Product No. 14: Performance Certificate on a Basket of Shares......................................... 243
Bonus Certificates ................................................................................................................. 244
Product No. 15: Easy Reverse Bonus Certificate ................................................................. 244
Product No. 16: Easy Reverse Bonus Certificate with Cap ................................................. 244
Product No. 17: Corridor Bonus Certificate with Cap .......................................................... 245
Product No. 18: Outperformance Bonus Certificate ............................................................ 245
Product No. 19: Sprint Bonus Certificate ............................................................................. 245
Product No. 20: Sprint Bonus One Certificate ..................................................................... 246
Product No. 21: Flex Bonus Certificate ................................................................................ 246
Express Certificates .............................................................................................................. 247
Product No. 22: Express Certificate with European Barrier Observation ........................... 247
Product No. 23: Express Certificate with American Barrier Observation ........................... 247
Product No. 24: Express Start Protect Certificate with European Barrier Observation ..... 248
Product No. 25: Express Certificate with European Barrier Observation (Physical
Delivery) ................................................................................................................................. 249
Product No. 26: Express Certificate with American Barrier Observation (Physical
Delivery) ................................................................................................................................. 250
Product No. 27: Express Worst of Basket Certificate with European Barrier
Observation (Cash Settlement) ............................................................................................. 251

8




TABLE OF CONTENTS


Product No. 28: Express Worst of Basket Certificate with American Barrier
Observation (Cash Settlement) ............................................................................................. 252
Product No. 29: Express Worst of Basket Certificate with European Barrier
Observation (Physical Delivery) ........................................................................................... 253
Product No. 30: Express Worst of Basket Certificate with American Barrier
Observation (Physical Delivery) ........................................................................................... 254
Product No. 31: Express Certificate without Barrier (Cash Settlement) ............................. 255
Product No. 32: Express Certificate without Barrier (Physical Delivery) ............................ 255
Product No. 33: Express Worst of Basket Certificate without Barrier (Cash Settlement) .. 256
Product No. 34: Express Worst of Basket Certificate without Barrier (Physical Delivery) . 257
Product No. 35: FactorExpress Certificate ........................................................................... 258
Product No. 36: PerformancePlus Certificate ...................................................................... 259
Product No. 37: Reverse Express Certificate ....................................................................... 259
Product No. 38: Currency Express Certificate ..................................................................... 260
Outperformance Certificates ................................................................................................. 261
Product No. 39: Reverse Outperformance Certificate.......................................................... 261
Fixed Rate of Interest Certificates and Coupon Certificates ............................................... 261
Product No. 40: Combi Fixed Rate of Interest Certificate .................................................... 261
Product No. 41: Fixed Rate of Interest Certificate with European Barrier Observation ..... 262
Product No. 42: Fixed Rate of Interest Certificate with American Barrier Observation ..... 262
Product No. 43: Inflation-Linked Fixed Rate of Interest Certificate ..................................... 262
Product No. 44: Currency Fixed Rate of Interest Certificate ............................................... 263
Product No. 45: Coupon Certificate with Coupon Observation Dates and with
European Barrier Observation (Cash Settlement) ............................................................... 263
Product No. 46: Coupon Certificate with Coupon Observation Period and with
European Barrier Observation (Cash Settlement) ............................................................... 264
Product No. 47: Coupon Certificate with Coupon Observation Dates and with American
Barrier Observation (Cash Settlement) ................................................................................ 265
Product No. 48: Coupon Certificate with Coupon Observation Period and with
American Barrier Observation (Cash Settlement) ................................................................ 267
Product No. 49: Coupon Certificate with Coupon Observation Dates with European
Barrier Observation (Physical Delivery) ............................................................................... 268
Product No. 50: Coupon Certificate with Coupon Observation Period with European
Barrier Observation (Physical Delivery) ............................................................................... 269
Product No. 51: Coupon Certificate with Coupon Observation Dates with American
Barrier Observation (Physical Delivery) ............................................................................... 270
Product No. 52: Coupon Certificate with Coupon Observation Period with American
Barrier Observation (Physical Delivery) ............................................................................... 271
Product No. 53: Coupon Certificate Worst of Basket with Coupon Observation Dates
with European Barrier Observation (Cash Settlement) ........................................................ 273
Product No. 54: Coupon Certificate Worst of Basket with Coupon Observation Period
with European Barrier Observation (Cash Settlement) ........................................................ 274
Product No. 55: Coupon Certificate Worst of Basket with Coupon Observation Dates
with American Barrier Observation (Cash Settlement) ........................................................ 275
Product No. 56: Coupon Certificate Worst of Basket with Coupon Observation Period
with American Barrier Observation (Cash Settlement) ........................................................ 276

9




TABLE OF CONTENTS


Product No. 57: Coupon Certificate Worst of Basket with Coupon Observation Dates
with European Barrier Observation (Physical Delivery) ...................................................... 277
Product No. 58: Coupon Certificate Worst of Basket with Coupon Observation Period
with European Barrier Observation (Physical Delivery) ...................................................... 278
Product No. 59: Coupon Certificate Worst of Basket with Coupon Observation Dates
with American Barrier Observation (Physical Delivery) ...................................................... 279
Product No. 60: Coupon Certificate Worst of Basket with Coupon Observation Period
with American Barrier Observation (Physical Delivery) ...................................................... 281
Product No. 61: Coupon Certificate with Coupon Observation Dates, without Barrier
(Cash Settlement) .................................................................................................................. 282
Product No. 62: Coupon Certificate with Coupon Observation Period, without Barrier
(Cash Settlement) .................................................................................................................. 283
Product No. 63: Coupon Certificate with Coupon Observation Dates, without Barrier
(Physical Delivery) ................................................................................................................. 284
Product No. 64: Coupon Certificate with Coupon Observation Period, without Barrier
(Physical Delivery) ................................................................................................................. 285
Product No. 65: Coupon Certificate Worst of Basket with Coupon Observation Dates,
without Barrier (Cash Settlement) ........................................................................................ 286
Product No. 66: Coupon Certificate Worst of Basket with Coupon Observation Period,
without Barrier (Cash Settlement) ........................................................................................ 287
Product No. 67: Coupon Certificate Worst of Basket with Coupon Observation Dates,
without Barrier (Physical Delivery) ....................................................................................... 289
Product No. 68: Coupon Certificate Worst of Basket with Coupon Observation Period,
without Barrier (Physical Delivery) ....................................................................................... 290
Product No. 69: Lock In Certificate ....................................................................................... 291
Product No. 70: Currency Certificate .................................................................................... 292
Product No. 71: Currency Certificate with Fixed Coupon .................................................... 293
Product No. 72: Extra Coupon Certificate (Cash Settlement) .............................................. 293
Product No. 73: Extra Coupon Certificate (Physical Delivery) ............................................ 294
Product No. 74: Coupon Certificate (Cash Settlement) ....................................................... 294
Product No. 75: Coupon Certificate (Physical Delivery) ...................................................... 295
Additional Certificates without Capital Protection ............................................................... 296
Product No. 76: Reverse Participation Corridor Certificate ................................................. 296
Product No. 77: OneStep Certificate (Cash Settlement) ...................................................... 296
Product No. 78: OneStep Certificate (Physical Delivery) ..................................................... 297
Product No. 79: OneStep Bonus Certificate ......................................................................... 297
Product No. 80: Certificate with Redemption Threshold and Barrier without Possibility
of Early Redemption .............................................................................................................. 297
Product No. 81: Airbag Certificate ........................................................................................ 298
Product No. 82: Airbag Certificate with Cap......................................................................... 298
Notes ...................................................................................................................................... 300
Capital Protection Notes ....................................................................................................... 300
Product No. 83: Capital Protection Note............................................................................... 300
Product No. 84: Capital Protection Note with Cap ............................................................... 300
Product No. 85: Bonus Capital Protection Note with Cap ................................................... 300

10