Obligation Deutsch Bank 7.6% ( US25154A1088 ) en USD

Deutsch Bank

100 % ⇌

Allemagne

US25154A1088 ( en USD )

7.6% par an ( paiement trimestriel )

Perpétuelle

Prospectus brochure de l'obligation Deutsche Bank US25154A1088 en USD 7.6%, échéance Perpétuelle

25 USD

1 975 000 000 USD

25154A108

20/11/2025 ( Dans 13 jours )

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 USD, avec le code ISIN US25154A1088, paye un coupon de 7.6% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

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CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities
Aggregate Offering
Amount of

Offered

Price
Registration Fee
$2,012,500,000 7.60% Cumulative and Noncumulative Trust Preferred

Securities of Deutsche Bank Contingent Capital Trust III
$ 2,012,500,000(1) $ 79,091.25(2)
(1) Includes up to $262,500,000 aggregate principal amount of the securities to cover for the over-allotment option of the
underwriters.
(2) Based upon the registration of $2,012,500,000, a filing fee of $79,897 has been calculated and paid by Deutsche Bank
Aktiengesellschaft in accordance with Rule 457(r).
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PROSPECTUS SUPPLEMENT
(To Prospectus dated October 10, 2006)
Filed pursuant to Rule 424(b)(2)
Registration Statement No. 333-137902

Deutsche Bank Contingent Capital Trust III
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)

70,000,000 7.60% Trust Preferred Securities
(Liquidation Preference Amount $25 per Trust Preferred Security)
guaranteed on a subordinated basis by Deutsche Bank Aktiengesellschaft
Deutsche Bank Contingent Capital Trust III, a Delaware statutory trust, which we refer to as the Trust, will offer for sale
70,000,000 7.60% trust preferred securities (each with a $25 liquidation preference amount), which we refer to as Trust
Preferred Securities, and will sell one common security to Deutsche Bank Aktiengesellschaft, which we refer to as
Deutsche Bank AG or the Bank. The Trust will use the proceeds from the sale of the Trust Preferred Securities and the
common security to buy a class of preferred securities, which we refer to as Class B Preferred Securities, issued by
Deutsche Bank Contingent Capital LLC III, a Delaware limited liability company, which we refer to as the Company. The
Class B Preferred Securities will be the only assets of the Trust. The Class B Preferred Securities are not offered hereby.
Distributions, which we also refer to as Capital Payments, on the Trust Preferred Securities and on the Class B Preferred
Securities will accrue on the respective liquidation preference amounts of $25 per Trust Preferred Security and $25 per
Class B Preferred Security, from February 20, 2008, which we refer to as the Issue Date, at a fixed coupon rate of 7.60%
per annum and will be payable quarterly in arrears, on February 20, May 20, August 20 and November 20 of each year,
which we refer to as Payment Dates, commencing on May 20, 2008. Capital Payments on the Trust Preferred Securities
are expected to be paid out of the Capital Payments received by the Trust from the Company with respect to the Class B
Preferred Securities. Capital Payments on the Class B Preferred Securities will be made only when, as and if declared or
deemed declared by the Company's Board of Directors. Capital Payments on the Class B Preferred Securities will only
be authorized to be made on any Payment Date if the Company has sufficient operating profits and the Bank has
sufficient distributable profits. Capital Payments will be cumulative, unless and until the Bank elects, prior to February 20,
2013, to qualify all or a percentage amounting to at least 20% or an integral multiple thereof of each and every Class B
Preferred Security as consolidated Tier 1 regulatory capital. After each such election, if any, Capital Payments on the
percentage of the Class B Preferred Shares so qualified will be non-cumulative. The respective percentages of each
Class B Preferred Security for which the election has been made and has not been made will not be separable at any
time, and each Class B Preferred Security will at all times consist of a single security with a liquidation preference amount
of $25.
The Trust Preferred Securities offered hereby do not have a maturity date. We may redeem the Trust Preferred Securities
in whole but not in part, in connection with the redemption of the Class B Preferred Securities, on any Payment Date on
or after February 20, 2018 at the applicable redemption price.
Deutsche Bank AG fully and unconditionally guarantees, on a subordinated basis, payments in respect of the Trust
Preferred Securities.
Investing in the Trust Preferred Securities involves risks. See "Risk Factors" beginning on page S-15 for a
discussion of certain factors that should be considered by prospective investors.
Neither the U.S. Securities and Exchange Commission nor any state securities regulator has approved or
disapproved of these securities or determined whether this prospectus supplement or the accompanying
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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Underwriting Discounts
Proceeds, before

Price to Public(1)

and Commissions(2)

Expenses, to the Trust(2)

Per Trust Preferred Security

$
25.00

$
0.7875

$
25.00
Total

$ 1,750,000,000

$ 55,125,000

$ 1,750,000,000

(1) Plus accrued Capital Payments, if any, from February 20, 2008.

(2) For sales to certain institutions, the Bank will pay the underwriters compensation of $0.50 per Trust Preferred
Security and, to the extent of such sales, the total underwriting discount will be less than the amount set forth above.
See "Underwriting."
The Trust Preferred Securities are not deposits or savings accounts or other obligations of a bank. The Trust
Preferred Securities are not insured by the Federal Deposit Insurance Corporation or any other U.S. or foreign
governmental agency or instrumentality.
The Bank has granted the underwriters an option, exercisable on up to two occasions within 15 days from the date of this
prospectus supplement, to purchase up to an aggregate total of 10,500,000 additional Trust Preferred Securities to cover
over-allotments, if any, at the offering price plus accrued Capital Payments, if any, from February 20, 2008 (with a
corresponding aggregate amount of Class B Preferred Securities to be issued by the Company and purchased by the
Trust).
The Bank may offer, in one or more separate transactions, non-U.S. dollar denominated securities that are similar to the
securities described in this prospectus supplement.
We will apply to list the Trust Preferred Securities on the New York Stock Exchange, but no assurance can be given that
the application for listing will be approved.
The underwriters will deliver the Trust Preferred Securities in book-entry form only through the facilities of The Depository
Trust Company, which we refer to as DTC, on or about February 20, 2008. Beneficial interests in the Trust Preferred
Securities will be shown on, and transfers thereof will be effected only through, records maintained by DTC and its
participants, including Clearstream Banking, société anonyme, and Euroclear Bank SA/NV.

Joint Book-Running Managers
Deutsche Bank Securities
Citi
Merrill Lynch & Co. Wachovia Securities
Banc of America Securities LLC
Morgan Stanley
UBS Investment Bank
KeyBanc Capital Markets Morgan Keegan & Company, Inc. SunTrust Robinson HumphreyWells Fargo Securities
The date of this Prospectus Supplement is February 12, 2008.
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TABLE OF CONTENTS

Page

Prospectus Supplement

ABOUT THIS PROSPECTUS SUPPLEMENT
S-1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
S-3
PROSPECTUS SUPPLEMENT SUMMARY
S-4
S-
RISK FACTORS
15
S-
USE OF PROCEEDS
21
S-
DEUTSCHE BANK CONTINGENT CAPITAL TRUST III
22
S-
DEUTSCHE BANK CONTINGENT CAPITAL LLC III
24
S-
DISTRIBUTABLE PROFITS OF THE BANK
26
S-
DESCRIPTION OF THE TRUST SECURITIES
27
S-
DESCRIPTION OF THE COMPANY SECURITIES
42
S-
DESCRIPTION OF THE SUBORDINATED GUARANTEES
56
S-
DESCRIPTION OF THE SERVICES AGREEMENT
62
S-
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION
63
S-
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
66
S-
CERTAIN ERISA CONSIDERATIONS
71
S-
UNDERWRITING
73
S-
WHERE YOU CAN FIND ADDITIONAL INFORMATION
77
S-
LEGAL MATTERS
78
S-
GLOSSARY
79
S-
EXPERTS
85
Prospectus

ABOUT THIS PROSPECTUS

4
WHERE YOU CAN FIND ADDITIONAL INFORMATION

5
USE OF NON-GAAP FINANCIAL MEASURES

6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

7
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DEUTSCHE BANK AKTIENGESELLSCHAFT

8
THE TRUSTS

9
THE COMPANIES
10
LIMITATIONS ON ENFORCEMENT OF U.S. LAWS
11
RATIO OF EARNINGS TO FIXED CHARGES
12
CAPITALIZATION & INDEBTEDNESS
13
USE OF PROCEEDS
14
DESCRIPTION OF DEBT SECURITIES
15
DESCRIPTION OF WARRANTS
21
DESCRIPTION OF PURCHASE CONTRACTS
23
DESCRIPTION OF UNITS
23
DESCRIPTION OF CAPITAL SECURITIES
25
FORMS OF SECURITIES
33
PLAN OF DISTRIBUTION
38
EXPENSES OF THE ISSUE
40
LEGAL MATTERS
41
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
41
ERISA MATTERS FOR PENSION PLANS AND INSURANCE COMPANIES
41
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ABOUT THIS PROSPECTUS SUPPLEMENT
References in this prospectus supplement to "Trust" refer to Deutsche Bank Contingent Capital
Trust III. References in this prospectus supplement to "Company" or "Delaware Company" refer to
Deutsche Bank Contingent Capital LLC III. References in this prospectus supplement to the "Bank,"
"we," "our," "us" or "Deutsche Bank AG" refer to Deutsche Bank Aktiengesellschaft (including, as
the context may require, acting through one of its branches) and, unless the context requires otherwise,
will include the Trust, the Company and our other consolidated subsidiaries.
References to "you" mean those who invest in the Trust Preferred Securities, whether they are the
direct holders or owners of beneficial interests in those securities. References to "holders" mean those
who own securities registered in their own names on the books that we or the trustee maintain for this
purpose, and not those who own beneficial interests in securities issued in book-entry form through The
Depository Trust Company or another depositary or in securities registered in street name. Owners of
beneficial interests in the Trust Preferred Securities should read the section entitled "Description of
Trust Securities -- Form, Book-Entry Procedures and Transfer."
You should rely only on the information contained in this prospectus supplement and the
accompanying prospectus or to which we refer you. We have not authorized anyone to provide you
with information that is different. This prospectus supplement and the accompanying prospectus
may only be used where it is legal to sell these securities. You should assume that the information
in this prospectus supplement and the accompanying prospectus is accurate as of the date of this
prospectus supplement only.
The Trust is offering the Trust Preferred Securities for sale in those jurisdictions in the United States and
elsewhere where it is lawful to make such offers. The distribution of this prospectus supplement and the
accompanying prospectus and the offering of the Trust Preferred Securities in some jurisdictions may be
restricted by law. If you possess this prospectus supplement and the accompanying prospectus, you
should find out about and observe these restrictions. This prospectus supplement and the accompanying
prospectus are not an offer to sell the Trust Preferred Securities and we are not soliciting an offer to buy
the Trust Preferred Securities in any jurisdiction where the offer or sale is not permitted or where the
person making the offer or sale is not qualified to do so or from any person to whom it is not permitted to
make such offer or sale. We refer you to the information under "Underwriting" in this prospectus
supplement. The delivery of this prospectus supplement, at any time, does not create any implication that
there has been no change in our affairs since the date of this prospectus supplement or that the
information contained in this prospectus supplement is correct as of any time subsequent to that date.
In connection with the issue of the Trust Preferred Securities, the underwriters (or persons acting on behalf
of any underwriter) may over-allot Trust Preferred Securities or effect transactions with a view to
supporting the market price of the Trust Preferred Securities at a level higher than that which might
otherwise prevail. However, there is no assurance that the underwriters (or persons acting on behalf of any
underwriter) will undertake stabilization action. Such stabilizing, if commenced, may be discontinued at any
time and, if begun, must be brought to an end after a limited period. Any stabilization action or over-
allotment must be conducted by the relevant underwriter (or person(s) acting on behalf of any underwriter)
in accordance with all applicable laws and rules.
Certain capitalized terms used in this prospectus supplement are defined under "Glossary" starting on
page S-79.
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References to "EUR" and "" are to the euro, the currency introduced at the start of the third stage of the
European Economic and Monetary Union pursuant to the treaty establishing the European Community, as
amended by the treaty on European Union. References to "$" are to United States currency, and the terms
"United States" and "U.S." mean the United States of America, its states, its territories, its possessions and
all areas subject to its jurisdiction.
S-1
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The Bank's financial statements as of and for the years ended December 31, 2005 and 2006, which are
incorporated by reference into this prospectus supplement and the accompanying prospectus, were
prepared in accordance with accounting principles generally accepted in the United States of America,
which we refer to as U.S. GAAP. Beginning on January 1, 2007, the Bank's financial statements are
prepared in accordance with International Financial Reporting Standards, which we refer to as IFRS.
These financial statements are also incorporated by reference into this prospectus supplement and the
accompanying prospectus. The Bank's financial statements are stated in Euro.
S-2
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, which we refer to as the Securities Act, and Section 21E of the
Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, with respect to
Deutsche Bank AG's financial condition and results of operations. Forward-looking statements are
statements that are not historical facts; they include statements about our beliefs and expectations. We
use words such as "believe," "anticipate," "expect," "intend," "seek," "estimate," "project," "should,"
"potential," "reasonably possible," "plan" and similar expressions to identify forward-looking statements.
In this document, forward-looking statements include, among others, statements relating to:
· our implementation of our strategic initiatives and management agenda;

· the development of aspects of our results of operations;

· our expectations of the impact of risks that affect our business, including the risks of loss on our credit
exposures and risks relating to changes in interest and currency exchange rates and in asset
prices; and

· other statements relating to our future business development and economic performance.
In addition, we may from time to time make forward-looking statements in our periodic reports to the U.
S. Securities and Exchange Commission, which we refer to as the SEC, on Forms 20-F and 6-K, annual
and interim reports, invitations to annual shareholders' meetings and other information sent to
shareholders, offering circulars and prospectuses, press releases and other written materials. Our
Management Board, Supervisory Board, officers and employees may also make oral forward-looking
statements to third parties, including financial analysts.
By their very nature, forward-looking statements involve risks and uncertainties, both general and specific.
We base these statements on our current plans, estimates, projections and expectations. You should
therefore not place undue reliance on them. Our forward-looking statements speak only as of the date we
make them, and we undertake no obligation to update any of them in light of new information or future
events.
We caution you that a number of important factors could cause our actual results to differ materially from
those described in any forward-looking statements. These factors include, among others, the following:
· changes in general economic and business conditions;

· changes and volatility in currency exchange rates, interest rates and asset prices;

· changes in governmental policy and regulation, and political and social conditions;

· changes in our competitive environment;

· the success of our acquisitions, divestitures, mergers and strategic alliances;

· our success in achieving the objectives of our current management agenda and realizing the
anticipated benefits therefrom; and

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