Obligation Deutsch Bank London 0% ( XS0461369695 ) en EUR

Deutsch Bank London

100 % ▲

Allemagne

XS0461369695 ( en EUR )

29/01/2025 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank (London Branch) XS0461369695 en EUR 0%, échue

1 000 EUR

21 000 000 EUR

Deutsche Bank (London Branch) est une succursale de la Deutsche Bank AG, opérant à Londres et fournissant une gamme complète de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'obligation de type zéro coupon, identifiée par le code ISIN XS0461369695 et émise par la Deutsche Bank (London Branch), est arrivée à pleine maturité et a été intégralement remboursée le 29 janvier 2025, confirmant ainsi le respect de ses engagements par l'émetteur. La Deutsche Bank AG, émetteur de cette obligation, est une institution financière mondiale de premier plan, dont le siège est à Francfort-sur-le-Main, en Allemagne ; elle opère à travers une vaste gamme de services bancaires et financiers destinés aux entreprises, aux institutions et aux particuliers, notamment la banque de détail et commerciale, la gestion d'actifs et la banque d'investissement, avec la London Branch agissant comme un centre clé pour ses opérations de marchés de capitaux internationaux. Cette dette, dont le pays d'émission officiel était l'Allemagne, était libellée en euros (EUR) et affichait un taux d'intérêt de 0%, caractéristique des instruments financiers remboursés à leur valeur nominale à l'échéance, ce qui était le cas avec un prix de marché final de 100% au moment du remboursement. L'émission totale représentait un montant de 21 000 000 EUR, avec une taille minimale d'achat fixée à 1 000 EUR par titre, et sa fréquence de paiement de '1' correspondait au paiement unique du capital à la date de maturité, comme il est typique pour les obligations zéro coupon.

Deutsche Bank Aktiengesellschaft
Programme for the issuance of Certificates, Warrants and Notes
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Art. 5 (4) of the Prospectus Directive (Directive 2003/71/EC, as amended or superseded), as implemented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, warrants and notes (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 other equity securities, indices, other securities,
commodities, exchange rates, futures contracts, fund units or fund shares and/or interest rates (the
"Underlying" and/or the "Reference Item"). The Securities may be unsecured or may be secured by a
segregated pool of collateral assets. 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). The Issuer will only issue non-
equity securities under this Base Prospectus, where "non-equity securities" has the meaning given to it in
Article 22 no. 6(4) of Regulation 809/2004 of the European Commission.
Application has been made to the Luxembourg Stock Exchange for Securities issued under the Programme
to be admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the
Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a
regulated market for the purposes of Directive 2014/65/EU (as amended, "MIFID II"). Securities issued
under the Programme may also be admitted to trading or listed on the Euro MTF exchange regulated market
operated by the Luxembourg Stock Exchange, other or further stock exchange(s) or multilateral trading
facility(ies) or may not be admitted to trading or listed.
This document has been approved as a base prospectus by the Commission de Surveillance du Secteur
Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated 10 July 2005
as amended (the "Law") on prospectuses for securities which implements the Prospectus Directive
(Directive 2003/71/EC, as amended) into Luxembourg law. The CSSF assumes no responsibility for the
economic and financial soundness of the transactions contemplated by this Base Prospectus or the quality
or solvency of the Issuer in accordance with Article 7(7) of the Law. The Issuer has also requested the
CSSF to provide the competent authorities in Belgium, Denmark, Finland, France, Italy, Norway, Portugal,
Spain, Sweden and the United Kingdom with a certificate of approval (a "Notification") attesting that this
Base Prospectus has been drawn up in accordance with the Law. The Issuer may request the CSSF to
provide competent authorities in additional Member States within the European Economic Area ("EEA") with
a Notification. Under the Law, Securities for which no prospectus is required to be published under the
Prospectus Directive ("Exempt Securities") are not subject to the approval provisions of Part II of such law.
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 (other than
Securities that are secured by a segregated pool of collateral assets) will represent direct, unsecured
and unsubordinated contractual obligations of the Issuer which will rank pari passu among
themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer
except for any statutory priority regime of the jurisdiction of the Issuer's incorporation (or, in the
case of Securities issued by Deutsche Bank AG through a branch, of the jurisdiction where such
branch is established) that provides certain claims will be satisfied first in a resolution or German
insolvency proceeding with respect to the Issuer. The Securities will be subject to Resolution
1

Measures, as discussed in the "Risk Factors" section of this Base Prospectus under "Regulatory
Bail-in and other Resolution Measures" below.
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.
If the Final Terms in respect of any Securities includes a legend entitled "Prohibition of Sales to EEA Retail
Investors", the Securities are not intended to be offered, sold or otherwise made available to and, should not
be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of
MiFID II; (ii) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in the Prospectus Directive. If the relevant Final Terms include the above-mentioned
legend, no key information document required by Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation")
for offering or selling those Securities or otherwise making them available to retail investors in the EEA has
been prepared and therefore offering or selling those Securities or otherwise making them available to any
retail investor in the EEA may be unlawful under the PRIIPs Regulation.
The securities offered on the basis of this Base Prospectus may relate to benchmarks within the meaning of
the Benchmark Regulation (Regulation 2016/1011 "BMR"). In such case, the issuer is subject to certain
requirements as regards the use of these benchmarks and related information obligations within the
framework of this Base Prospectus. However, it can be assumed that the requirements of the BMR as
regards the maintenance and use of these benchmarks will not yet or not fully be applicable during a
transitional period (until at least 1 January 2020). Moreover, also due to ongoing internal technical
preparations, the issuer is likely to have limited or no information on such circumstances during the validity
period of this Base Prospectus. Investors are therefore advised that this Base Prospectus may contain
limited or no relevant information during this period.
According to Article 29(2) BMR, the Issuer is required to state in the Base Prospectus whether, for securities
issued on its basis referencing a benchmark, the administrator of the respective benchmark is registered in
the Register prescribed by the BMR. Due to the mentioned transitional period, the Issuer assumes that
during the validity period of this Base Prospectus, the number of administrators registered in the Register
will only increase relatively slowly. In line with both its internal technical preparations and the relevant
external factors, where possible, the relevant Final Terms will disclose the fact that the administrator of a
benchmark used for the respective securities has been registered according to the BMR. As at the date of
this Base Prospectus: (i) ICE Benchmark Administration Limited (the administrator of LIBOR and the
Reference CMS Rate) is included in the register of administrators and benchmarks; and (ii) the European
Money Markets Institute (the administrator of EURIBOR), Financial Benchmarks Sweden AB (the
administrator of STIBOR) and Norske Finansielle Referanser (NoRe) (the administrator of NIBOR) are not
included in such register and, as far as the Issuer is aware, the transitional provisions in Article 51 of the
BMR apply, such that such administrators are not currently required to obtain authorisation or registration.
The registration status of any administrator under the BMR is a matter of public record and, save where
required by applicable law, the Issuer does not intend to update the Final Terms to reflect any change in the
registration status of the administrator.
The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws and trading in the Securities has not been
approved by the United States Commodity Futures Trading Commission (the "CFTC") under the United
States Commodity Exchange Act, as amended (the "Commodity Exchange Act"). Any offer or sale of the
Securities must be made in a transaction exempt from the registration requirements of the Securities Act
pursuant to Regulation S thereunder ("Regulation S"). The Securities may not be offered, sold or otherwise
transferred in the United States or to persons who are (i) U.S. persons as defined in Regulation S, (ii)
persons who do not come within the definition of a non-United States person under Rule 4.7 of the
Commodity Exchange Act, (iii) U.S. persons as defined in the Interpretive Guidance and Policy Statement
Regarding Compliance with Certain Swap Regulations, 78 Fed. Reg. 45,292 (July 26, 2013) promulgated by
the CFTC; or (iv) any other U.S. persons as such term may be defined in regulations or guidance adopted
under the Commodity Exchange Act. 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
2

Supervisory Authority FINMA ("FINMA") and investors may not benefit from the specific investor protection
provided under the Swiss Federal Act on Collective Investment Schemes.
The website addresses of certain third parties have been provided in this Base Prospectus. Except as
expressly set forth in this Base Prospectus, information in such websites are for information purposes only
and should not be deemed to be incorporated by reference in, or form a part of, this Base Prospectus.
This Base Prospectus will be published according to Art. 14 (2) (c) of the Prospectus Directive (Directive
2003/71/EC, as amended or superseded), 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 8 February 2019.
3

TABLE OF CONTENTS
TABLE OF CONTENTS
I.
SUMMARY....................................................................................................................................................... 19
II.
RISK FACTORS ............................................................................................................................................ 159
A. Risk Factors in Respect of the Issuer....................................................................................................... 159
B. Risk Factors in Respect of the Securities................................................................................................. 159
1.
Introduction ....................................................................................................................................... 159
2.
Risk factors relating to certain features of the Securities ................................................................. 160
Certificates, Certificates 100%, Perpetual Certificates and Index Certificates ............................ 161
Product No. C4: Certificate........................................................................................................... 161
Product No. C5: Certificate 100% ................................................................................................ 161
Product No. C6: Perpetual Certificate .......................................................................................... 161
Product No. C7: Index Certificate................................................................................................. 161
Product No. C8: Performance Certificate ..................................................................................... 161
Discount Certificates..................................................................................................................... 162
Product No. C9: Discount Certificate (Physical Delivery)............................................................. 162
Product No. C10: Discount Certificate (Cash Settlement) ........................................................... 162
Bonus Certificates ........................................................................................................................ 162
Product No. C11: Bonus Certificate ............................................................................................. 162
Product No. C12: Bonus Certificate with Cap .............................................................................. 162
Product No. C13: BonusPro Certificate........................................................................................ 162
Product No. C14: BonusPro Certificate with Cap......................................................................... 162
Product No. C15: Easy Bonus Certificate .................................................................................... 162
Product No. C16: Easy Bonus Certificate with Cap ..................................................................... 163
Product No. C17: Reverse Bonus Certificate............................................................................... 163
Product No. C18: Reverse Bonus Certificate with Cap................................................................ 163
Product No. C19: Flex Bonus Certificate...................................................................................... 163
Express Certificates...................................................................................................................... 163
Product No. C20: Express Certificate with European Barrier Observation .................................. 163
Product No. C21: Express Certificate with American Barrier Observation .................................. 163
Product No. C22: PerformancePlus Certificate............................................................................ 163
Product No. C23: Reverse Express Certificate ............................................................................ 163
Product No. C24: Currency Express Certificate........................................................................... 164
Product No. C25: Express Autocallable Certificate...................................................................... 164
Product No. C26: Worst of Express Autocallable Certificate ....................................................... 164
Outperformance Certificates ........................................................................................................ 164
Product No. C27: Outperformance Certificate ............................................................................. 164
Product No. C28: Reverse Outperformance Certificate ............................................................... 164
Fixed Rate of Interest Certificates and Coupon Certificates ........................................................ 164
Product No. C29: Fixed Rate of Interest Certificate with European Barrier Observation ............ 164
Product No. C30: Fixed Rate of Interest Certificate with American Barrier Observation............. 164
Product No. C31: Inflation-Linked Fixed Rate of Interest Certificate ........................................... 164
Product No. C32: Currency Fixed Rate of Interest Certificate ..................................................... 165
Product No. C33: Coupon Certificate with European Barrier Observation .................................. 165
Product No. C34: Coupon Certificate with American Barrier Observation................................... 165
Product No. C35: Currency Certificate with Fixed Coupon .......................................................... 165
Product No. C36: Extra Coupon Certificate (Cash Settlement) ................................................... 165
Product No. C37: Extra Coupon Certificate (Physical Delivery) .................................................. 165
Additional Certificates without Capital Protection......................................................................... 165
Product No. C38: Reverse Participation Corridor Certificate ....................................................... 165
Product No. C39: Sprinter Certificate ........................................................................................... 166
Product No. C40: OneStep Certificate ......................................................................................... 166
Product No. C41: Certificate with Redemption Threshold and Barrier without Possibility of Early
Redemption .................................................................................................................................. 166
Product No. C42: Parachute Certificate ....................................................................................... 166
Product No. C44: Twin Win Certificate with European Barrier Observation ................................ 166
4

TABLE OF CONTENTS
Product No. C45: Twin Win Certificate with European Barrier Observation with Cap ................. 166
Product No. C46: Twin Win Certificate with American Barrier Observation................................. 166
Product No. C47: Twin Win Certificate with American Barrier Observation with Cap ................. 166
Product No. C48: Autocallable Twin Win Certificate with European Barrier Observation ........... 167
Product No. C49: Autocallable Twin Win Certificate with American Barrier Observation............ 167
Product No. C50: Bonus Worst Of Certificates with European Barrier Observation.................... 167
Product No. C51: Bonus Worst Of Certificates with American Barrier Observation .................... 167
Product No. C52: Autocallable Certificate (with instalment redemption) ..................................... 167
Product No. C53: Autocallable Outperformance Certificate......................................................... 167
Product No. C54: Range Certificate ............................................................................................. 167
Product No. C55: Autocallable Bonus Certificate......................................................................... 167
Product No. C56: Delta One Certificate ....................................................................................... 168
Product No. C57: Dual Fixed Rate Certificate (with instalment redemption) ............................... 168
Product No. C58: Currency Chooser Basket Certificate .............................................................. 168
Product No. C59: Certificate linked to a Basket ........................................................................... 168
Product No. C60: Rainbow Return Certificate.............................................................................. 168
Product No. C61: Worst of Express Autocallable Certificate (no Protection Level)..................... 168
Product No. C62: Worst of Phoenix Autocallable Certificate ....................................................... 168
Product No. C63: Lookback Certificate ........................................................................................ 168
Product No. C64: Coupon Certificate with Minimum Reference Level ........................................ 169
Product No. C65: Simplified Digital Variable Coupon Certificate ................................................. 169
Product No. C66: Parachute Certificate with Cap .................................................................................... 169
Product No. C67: Hybrid Express Certificate ........................................................................................... 169
Classic Warrants .......................................................................................................................... 170
Product No. W1: Call Warrant and Discount Call Warrant........................................................... 170
Product No. W2: Put Warrant and Discount Put Warrant ............................................................ 170
Turbo (Knock Out) Warrants ........................................................................................................ 170
Product No. W3: Turbo (Knock Out) Call Warrant ....................................................................... 170
Product No. W4: Turbo (Knock Out) Call Warrant with Additional Barrier Determination X-DAX®
Index ............................................................................................................................................. 170
Product No. W5: Turbo (Knock Out) Put Warrant ........................................................................ 170
Product No. W6: Turbo (Knock Out) Put Warrant with Additional Barrier Determination X-DAX® Index
...................................................................................................................................................... 170
Turbo Infini BEST (Knock Out Perpetual) Warrants..................................................................... 171
Product No. W7: Turbo Infini BEST (Knock Out Perpetual) Call Warrant.................................... 171
Product No. W8: Turbo Infini BEST (Knock Out Perpetual) Call Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 171
Product No. W9: Turbo Infini BEST (Knock Out Perpetual) Put Warrant .................................... 171
Product No. W10: Turbo Infini BEST (Knock Out Perpetual) Put Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 171
Turbo Infini (Knock Out Perpetual) Warrants ............................................................................... 171
Product No. W11: Turbo Infini (Knock Out Perpetual) Call Warrant ............................................ 171
Product No. W12: Turbo Infini (Knock Out Perpetual) Call Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 172
Product No. W13: Turbo Infini (Knock Out Perpetual) Put Warrant............................................. 172
Product No. W14: Turbo Infini (Knock Out Perpetual) Put Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 172
One Touch Warrants .................................................................................................................... 172
Product No. W15: One Touch Single Barrier Call Warrant .......................................................... 172
Product No. W16: One Touch Single Barrier Put Warrant ........................................................... 172
Product No. W17: One Touch Dual Barrier Warrant .................................................................... 173
No Touch Warrants ...................................................................................................................... 173
Product No. W18: No Touch Single Barrier Call Warrant ............................................................ 173
Product No. W19: No Touch Single Barrier Put Warrant ............................................................. 173
Product No. W20: Inline Warrant.................................................................................................. 173
Digital Warrants ............................................................................................................................ 173
Product No. W21: Digital Call Warrant......................................................................................... 173
Product No. W22: Digital Put Warrant.......................................................................................... 173
5

TABLE OF CONTENTS
Other Warrants ............................................................................................................................. 173
Product No. W23: Down and Out Put Barrier Warrant................................................................. 173
Product No. W24: Up and Out Call Barrier Warrant..................................................................... 174
Product No. W25: Lock-in Warrant............................................................................................... 174
Product No. W26: Top Rank Warrant........................................................................................... 174
Reverse Convertible Notes .......................................................................................................... 175
Product No. N1: Reverse Convertible Note (Physical Delivery) .................................................. 175
Product No. N2: Reverse Convertible Note (Cash Settlement) ................................................... 175
Product No. N3: Barrier Reverse Convertible Note (Physical Delivery)....................................... 175
Product No. N4: Barrier Reverse Convertible Note (Cash Settlement) ....................................... 175
Product No. N5: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ............ 175
Product No. N6: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement)............. 176
Product No. N7: Barrier Reverse Convertible Worst of Basket Note with Participation (Physical
Delivery) ....................................................................................................................................... 176
Product No. N8: Barrier Reverse Convertible Worst of Basket Note with Participation (Cash
Settlement) ................................................................................................................................... 176
Product No. N9: Barrier Pro Reverse Convertible Note (Physical Delivery) ................................ 176
Product No. N10: Barrier Pro Reverse Convertible Note (Cash Settlement)............................... 176
Product No. N11: Barrier Pro Reverse Convertible Worst of Basket Note (Physical Delivery) ... 176
Product No. N12: Barrier Pro Reverse Convertible Worst of Basket Note (Cash Settlement) .... 177
Product No. N13: Easy Reverse Convertible Note (Physical Delivery) ....................................... 177
Product No. N14: Easy Reverse Convertible Note (Cash Settlement) ........................................ 177
Product No. N15: Easy Reverse Convertible Worst of Basket Note (Physical Delivery)............. 177
Product No. N16: Easy Reverse Convertible Worst of Basket Note (Cash Settlement).............. 177
Product No. N17: Worst of Basket Autocallable Note .................................................................. 178
Product No. N18: Worst of Basket Callable Note......................................................................... 178
Other Notes .................................................................................................................................. 178
Product No. N31: Currency Note.................................................................................................. 178
Product No. N32: Autocallable Note (with instalment redemption) .............................................. 178
Product No. N33: Stability Note.................................................................................................... 178
Product No. N34: Digital Variable Coupon Note .......................................................................... 178
Product No. N35: Range Accrual Note ........................................................................................ 179
Product No. N36: Leveraged Floater Note................................................................................... 179
Product No. N37: Altiplano Basket Note ...................................................................................... 179
Product No. N38: Individual Cap Note ......................................................................................... 179
Product No. N39: Autocallable Note with Memory Coupon ......................................................... 179
Product No. N40: Autocallable Note with Knock Out Barrier of Down and In Put ....................... 179
Product No. N41: Recovery Note ................................................................................................. 179
Product No. N42: Single Underlying Autocallable Note ............................................................... 180
Product No. N43: Outperformance Note ...................................................................................... 180
Product No. N44: Switchable Note............................................................................................... 180
Product No. N45: Note linked to a Basket.................................................................................... 180
Product No. N46: Worst of Basket Callable Note with performance-linked coupon .................... 180
Product No. N47: Currency Chooser Basket Note....................................................................... 180
Product No. N48: Currency Express Note.................................................................................... 181
Product No. N49: Rainbow Return Note ...................................................................................... 181
Product No. N50: Autocallable Note with Knock Out Barrier ....................................................... 181
Product No. N51: Single Underlying Callable Note...................................................................... 181
Product No. N52: Switchable Coupon Note ................................................................................. 181
Product No. N53: Outperformance Note (Geared Put) ................................................................ 181
Product No. N54: Express Autocallable Note on a Basket .......................................................... 181
Product No. N55: Express Autocallable Note on a Share Basket with Put on an Index.............. 182
Product No. N56: Altiplano Coupon Lock In Note ........................................................................ 182
Product No. N57: Outperformance Call Note............................................................................... 182
Product No. N58: Currency Autocallable Note............................................................................. 182
Product No. N59: Simplified Digital Variable Coupon Note.......................................................... 182
Product No. N60: Contingent Coupon Note ................................................................................. 183
Product No. N61: Fixed Coupon Note with Conditional Bonus Coupon ...................................... 183
Product No. N62: Simplified Digital Variable as Coupon Note with Initial Fixed Interest............. 183
6

TABLE OF CONTENTS
Product No. N63: Autocallable Note on a Basket Average (with instalment redemption) ........... 184
Product No. N64: Autocallable Note with Conditional Coupons .................................................. 184
Product No. N65: Enhanced Participation Note ........................................................................... 184
Product No. N66: Capital Protected Lock-In Note........................................................................ 184
Product No. N67: Lookback Note................................................................................................. 184
Product No. N68: Top Rank Note................................................................................................. 185
Product No. N69: Coupon Note with performance payout ........................................................... 185
Product No. N72: Worst of Basket Autocallable Note (with basket averaging) ........................... 185
Product No. N73: Fixed to Floating Reverse Convertible Note ................................................................ 185
Product No. N74: Switchable Note with performance payout .................................................................. 185
Product No. N75: Partial Captial Protection Note..................................................................................... 186
3.
Risk factors relating to the Underlying .............................................................................................. 187
C. Risk Factors Related to Securities Generally ........................................................................................... 194
1.
No statutory or voluntary deposit guarantee scheme ....................................................................... 194
2.
No Payments until Settlement........................................................................................................... 194
3.
Adjustment Events and Adjustment/Termination Events.................................................................. 194
4.
Taxation ............................................................................................................................................ 197
5.
As the Issuer is not obliged to offset any withholding tax pursuant to section 871(m) on interest, capital
or other payments to Securityholders by paying an additional amount, Securityholders will receive smaller
payments in such case than they would have received without withholding tax imposedChanges in any
applicable tax law or practice may have an adverse effect on a Securityholder...................................... 199
6.
Exercise Notices, Delivery Notices and Certifications ...................................................................... 199
7.
Time Lag after Exercise .................................................................................................................... 199
8.
Physically Settled Securities ............................................................................................................. 199
9.
Settlement Systems .......................................................................................................................... 199
10. Chinese Renminbi (CNY) as the Settlement Currency..................................................................... 200
11. Regulatory Bail-in and other Resolution Measures .......................................................................... 200
12. Regulation and reform of "benchmarks" ........................................................................................... 201
D. Risk Factors Relating to The Market Generally........................................................................................ 207
1.
Market Factors .................................................................................................................................. 207
2.
Market Value ..................................................................................................................................... 208
3.
Market price determining factors....................................................................................................... 208
4.
Certain Hedging Considerations ....................................................................................................... 209
5.
The Securities may be Illiquid ........................................................................................................... 209
6.
Certain considerations relating to public offers of Securities ............................................................ 210
E. Conflicts of Interest ................................................................................................................................... 211
1.
Transactions Involving the Underlying .............................................................................................. 211
2.
Parties Acting in Other Capacities .................................................................................................... 211
3.
Issuing of Other Derivative Instruments in Respect of the Underlying ............................................. 211
4.
Conducting of Hedging Transactions................................................................................................ 211
5.
Issue Price ........................................................................................................................................ 211
6.
Re-offer Price and Inducements ....................................................................................................... 211
7.
Market-Making for the Securities ...................................................................................................... 212
8.
Market-Making for the Underlying..................................................................................................... 212
9.
Acting as Underwriter or Otherwise for the issuer of Underlying...................................................... 212
10. Obtaining of Non-public Information ................................................................................................. 213
III.
GENERAL INFORMATION ON THE PROGRAMME.................................................................................... 214
A. Responsible Persons Important Notice ................................................................................................. 214
B. Form of Document Publication .............................................................................................................. 215
7

TABLE OF CONTENTS
1.
Form of Document ............................................................................................................................ 215
2.
Publication......................................................................................................................................... 215
C. General Description of the Programme .................................................................................................... 216
D. General Description of the Securities ....................................................................................................... 223
Certificates with capital protection................................................................................................ 223
Product No. C1: Capital Protection Certificate ............................................................................. 223
Product No. C2: Capital Protection Certificate with Maximum Amount ....................................... 223
Product No. C3: Capital Protection Certificate with Participation in Average Performance and without
Maximum Amount......................................................................................................................... 223
Certificates, Certificates 100%, Perpetual Certificates and Index Certificates ............................ 224
Product No. C4: Certificates......................................................................................................... 224
Product No. C5: Certificate 100% ................................................................................................ 224
Product No. C6: Perpetual Certificate .......................................................................................... 224
Product No. C7: Index Certificate................................................................................................. 224
Product No. C8: Performance Certificate ..................................................................................... 225
Discount Certificates..................................................................................................................... 225
Product No. C9: Discount Certificate (Physical Delivery)............................................................. 225
Product No. C10: Discount Certificate (Cash Settlement) ........................................................... 225
Bonus Certificates ........................................................................................................................ 225
Product No. C11: Bonus Certificate ............................................................................................. 225
Description of Call Product No. C12: Bonus Certificate with Cap................................................ 226
Product No. C13: BonusPro Certificate........................................................................................ 226
Product No. C14: BonusPro Certificate with Cap......................................................................... 226
Product No. C15: Easy Bonus Certificate .................................................................................... 227
Product No. C16: Easy Bonus Certificate with Cap ..................................................................... 227
Product No. C17: Reverse Bonus Certificate............................................................................... 227
Product No. C18: Reverse Bonus Certificate with Cap................................................................ 227
Product No. C19: Flex Bonus Certificate...................................................................................... 228
Express Certificates...................................................................................................................... 228
Product No. C20: Express Certificate with European Barrier Observation .................................. 228
Product No. C21: Express Certificate with American Barrier Observation .................................. 229
Product No. C22: PerformancePlus Certificates .......................................................................... 230
Product No. C23: Reverse Express Certificate ............................................................................ 230
Product No. C24: Currency Express Certificate........................................................................... 231
Product No. C25: Express Autocallable Certificate...................................................................... 231
Product No. C26: Worst of Express Autocallable Certificate ....................................................... 232
Outperformance Certificates ........................................................................................................ 232
Product No. C27: Outperformance Certificate ............................................................................. 232
Product No. C28: Reverse Outperformance Certificate ............................................................... 233
Fixed Rate of Interest Certificates and Coupon Certificates ........................................................ 233
Product No. C29: Fixed Rate of Interest Certificate with European Barrier Observation ............ 233
Product No. C30: Fixed Rate of Interest Certificate with American Barrier Observation............. 233
Product No. C31: Inflation-Linked Fixed Rate of Interest Certificate ........................................... 234
Product No. C32: Currency Fixed Rate of Interest Certificate ..................................................... 234
Product No. C33: Coupon Certificate with European Barrier Observation .................................. 235
Product No. C34: Coupon Certificate with American Barrier Observation................................... 236
Product No. C35: Currency Certificate with Fixed Coupon .......................................................... 237
Product No. C36: Extra Coupon Certificate (Cash Settlement) ................................................... 237
Product No. C37: Extra Coupon Certificate (Physical Delivery) .................................................. 238
Additional Certificates without Capital Protection......................................................................... 238
Product No. C38: Reverse Participation Corridor Certificate ....................................................... 238
Product No. C39: Sprinter Certificate ........................................................................................... 239
Product No. C40: OneStep Certificate ......................................................................................... 239
Product No. C41: Certificate with Redemption Threshold and Barrier without Possibility of Early
Redemption .................................................................................................................................. 240
Product No. C42: Parachute Certificate ....................................................................................... 240
Product No. C43: Equity Protection Certificate ............................................................................ 240
Product No. C44: Twin Win Certificate with European Barrier Observation ................................ 241
8

TABLE OF CONTENTS
Product No. C45: Twin Win Certificate with European Barrier Observation with Cap ................. 241
Product No. C46: Twin Win Certificate with American Barrier Observation................................. 242
Product No. C47: Twin Win Certificate with American Barrier Observation with Cap ................. 242
Product No. C48: Autocallable Twin Win Certificate with European Barrier Observation ........... 242
Product No. C49: Autocallable Twin Win Certificate with American Barrier Observation............ 243
Product No. C50: Bonus Worst Of Certificates with European Barrier Observation.................... 243
Product No. C51: Bonus Worst Of Certificates with American Barrier Observation .................... 244
Product No. C52: Autocallable Certificate (with instalment redemption) ..................................... 244
Product No. C53: Autocallable Outperformance Certificate......................................................... 245
Product No. C54: Range Certificate ............................................................................................. 245
Product No. C55: Autocallable Bonus Certificate......................................................................... 245
Product No. C56: Delta One Certificate ....................................................................................... 246
Product No. C57: Dual Fixed Rate Certificate (with instalment redemption) ............................... 246
Product No. C58: Currency Chooser Basket Certificate .............................................................. 247
Product No. C59: Certificate linked to a Basket ........................................................................... 247
Product No. C60: Rainbow Return Certificate.............................................................................. 248
Product No. C61: Worst of Express Autocallable Certificate (no Protection Level)..................... 248
Product No. C62: Worst of Phoenix Autocallable Certificate ....................................................... 248
Product No. C63: Lookback Certificate ........................................................................................ 249
Product No. C64: Coupon Certificate with Minimum Reference Level ........................................ 249
Product No. C65: Simplified Digital Variable Coupon Certificate................................................. 250
Product No. C66: Parachute Certificate with Cap ........................................................................ 251
Product No. C67: Hybrid Express Certificate on Basket of Shares ............................................. 251
Classic Warrants .......................................................................................................................... 253
Product No. W1: Call Warrant and Discount Call Warrant........................................................... 253
Product No. W2: Put Warrant and Discount Put Warrant ............................................................ 253
Turbo Knock Out Warrants........................................................................................................... 253
Product No. W3: Turbo (Knock Out) Call Warrant ....................................................................... 253
Product No. W4: Turbo (Knock Out) Call Warrant with Additional Barrier Determination X-DAX®
Index ............................................................................................................................................. 253
Product No. W5: Turbo (Knock Out) Put Warrant ........................................................................ 254
Product No. W6: Turbo (Knock Out) Put Warrant with Additional Barrier Determination X-DAX® Index
...................................................................................................................................................... 254
Turbo Infini BEST (Knock Out Perpetual) Warrants..................................................................... 254
Product No. W7: Turbo Infini BEST (Knock Out Perpetual) Call Warrant.................................... 254
Product No. W8: Turbo Infini BEST (Knock Out Perpetual) Call Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 255
Product No. W9: Turbo Infini BEST (Knock Out Perpetual) Put Warrant .................................... 255
Product No. W10: Turbo Infini BEST (Knock Out Perpetual) Put Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 256
Turbo Infini (Knock Out Perpetual) Warrants ............................................................................... 257
Product No. W11: Turbo Infini (Knock Out Perpetual) Call Warrant ............................................ 257
Product No. W12: Turbo Infini (Knock Out Perpetual) Call Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 257
Product No. W13: Turbo Infini (Knock Out Perpetual) Put Warrant............................................. 258
Product No. W14: Turbo Infini (Knock Out Perpetual) Put Warrant with Additional Barrier
Determination X-DAX® Index ....................................................................................................... 259
One Touch Warrants .................................................................................................................... 259
Product No. W15: One Touch Single Barrier Call Warrant .......................................................... 259
Product No. W16: One Touch Single Barrier Put Warrant ........................................................... 260
Product No. W17: One Touch Dual Barrier Warrant .................................................................... 260
No Touch Warrants ...................................................................................................................... 260
Product No. W18: No Touch Single Barrier Call Warrant ............................................................ 260
Product No. W19: No Touch Single Barrier Put Warrant ............................................................. 261
Product No. W20: Inline Warrant.................................................................................................. 261
Digital Warrants ............................................................................................................................ 261
Product No. W21: Digital Call Warrant......................................................................................... 261
Product No. W22: Digital Put Warrant.......................................................................................... 261
Other Warrants ............................................................................................................................. 262
9

TABLE OF CONTENTS
Product No. W23: Down and Out Put Barrier Warrant................................................................. 262
Product No. W24: Up and Out Call Barrier Warrant..................................................................... 262
Product No. W25: Lock-In Warrant .............................................................................................. 262
Product No. W26: Top Rank Warrant........................................................................................... 263
Reverse Convertible Notes .......................................................................................................... 264
Product No. N1: Reverse Convertible Note (Physical Delivery) .................................................. 264
Product No. N2: Reverse Convertible Note (Cash Settlement) ................................................... 264
Product No. N3: Barrier Reverse Convertible Note (Physical Delivery)....................................... 265
Product No. N4: Barrier Reverse Convertible Note (Cash Settlement) ....................................... 265
Product No. N5: Barrier Reverse Convertible Worst of Basket Note (Physical Delivery) ............ 266
Product No. N6: Barrier Reverse Convertible Worst of Basket Note (Cash Settlement)............. 267
Product No. N7: Barrier Reverse Convertible Worst of Basket Note with Participation (Physical
Delivery) ....................................................................................................................................... 267
Product No. N8: Barrier Reverse Convertible Worst of Basket Note with Participation (Cash
Settlement) ................................................................................................................................... 268
Product No. N9: Barrier Pro Reverse Convertible Note (Physical Delivery) ................................ 269
Product No. N10: Barrier Pro Reverse Convertible Note (Cash Settlement)............................... 269
Product No. N11: Barrier Pro Reverse Convertible Worst of Basket Note (Physical Delivery) ... 270
Product No. N12: Barrier Pro Reverse Convertible Worst of Basket Note (Cash Settlement) .... 271
Product No. N13: Easy Reverse Convertible Note (Physical Delivery) ....................................... 272
Product No. N14: Easy Reverse Convertible Note (Cash Settlement) ........................................ 272
Product No. N15: Easy Reverse Convertible Worst of Basket Note (Physical Delivery)............. 273
Product No. N16: Easy Reverse Convertible Worst of Basket Note (Cash Settlement).............. 274
Product No. N17: Worst of Basket Autocallable Note .................................................................. 274
Product No. N18: Worst of Basket Callable Note......................................................................... 275
Other Notes .................................................................................................................................. 276
Product No. N19: Conditional Coupon Note ................................................................................ 276
Product No. N20: Step Up Note ................................................................................................... 276
Product No. N21: Fixed Rate Interest Note.................................................................................. 276
Product No. N22: Fixed Rate Interest Plus Note.......................................................................... 277
Product No. N23: Fix to Floating Note.......................................................................................... 277
Product No. N24: Fix to Floating Pure Note................................................................................. 277
Product No. N25: Fix to Floating Money Market Note.................................................................. 277
Product No. N26: Floater Note ..................................................................................................... 277
Product No. N27: Inflation-Indexed Note ..................................................................................... 278
Product No. N28: Coupon Lock In Note ....................................................................................... 278
Product No. N29: Rolling Lock In plus Note................................................................................. 278
Product No. N30: ZinsPlus Note .................................................................................................. 279
Product No. N31: Currency Note.................................................................................................. 279
Product No. N32: Autocallable Note (with instalment redemption) .............................................. 280
Product No. N33: Stability Note.................................................................................................... 280
Product No. N34: Digital Variable Coupon Note .......................................................................... 280
Product No. N35: Range Accrual Note ........................................................................................ 281
Product No. N36: Leveraged Floater Note................................................................................... 282
Product No. N37: Altiplano Basket Note ...................................................................................... 282
Product No. N38: Individual Cap Note ......................................................................................... 282
Product No. N39: Autocallable Note with Memory Coupon ......................................................... 283
Product No. N40: Autocallable Note with Knock Out Barrier of Down and In Put ....................... 284
Product No. N41: Recovery Note ................................................................................................. 285
Product No. N42: Single Underlying Autocallable Note ............................................................... 285
Product No. N43: Outperformance Note ...................................................................................... 285
Product No. N44: Switchable Note............................................................................................... 286
Product No. N45: Note linked to a Basket.................................................................................... 286
Product No. N46: Worst of Basket Callable Note with performance-linked coupon .................... 287
Product No. N47: Currency Chooser Basket Note....................................................................... 288
Product No. N48: Currency Express Note.................................................................................... 288
Product No. N49: Rainbow Return Note ...................................................................................... 289
Product No. N50: Autocallable Note with Knock Out Barrier ....................................................... 289
Product No. N51: Single Underlying Callable Note...................................................................... 290
10