Obligation Deutsch Bank London 0% ( XS0819573394 ) en ZAR

Deutsch Bank London

100 % ▲

Allemagne

XS0819573394 ( en ZAR )

21/08/2032

Prospectus brochure de l'obligation Deutsche Bank (London Branch) XS0819573394 en ZAR 0%, échéance 21/08/2032

10 000 ZAR

830 000 000 ZAR

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 émise par Deutsch Bank London ( Allemagne ) , en ZAR, avec le code ISIN XS0819573394, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 21/08/2032

Series
No:
1135
Tranche
6

1
April
2015
Final Terms
Issue ZAR 50,000,000 Zero Coupon Notes due 21 August 2032
(to be consolidated and form a single series with the ZAR 200,000,000 Zero Coupon Notes
due 21 August 2032 issued on 21 August 2012, the Issue ZAR 100,000,000 Zero Coupon Notes due
21 August 2032 issued on 12 September 2012, the Issue ZAR 250,000,000 Zero Coupon Notes due
21 August 2032 issued on 25 September 2012, the Issue ZAR 100,000,000 Zero Coupon Notes due
21 August 2032 issued on 28 January 2015 and the Issue ZAR 50,000,000 Zero Coupon Notes due
21 August 2032 issued on 19 February 2015 (the "Original Securities"))
issued by Deutsche Bank Aktiengesellschaft acting through its London Branch
pursuant to the

Euro 80,000,000,000
Debt Issuance Programme
dated 26 June 2014
of
Deutsche Bank Aktiengesellschaft
Issue Price 19.50 per cent.
Issue Date: 1 April 2015
(the "Securities")

The secondary market price of the Notes may be different from the Issue Price. The market price may
move on an ongoing basis in accordance with the economics of the Notes and market conditions then
prevailing.
These Final Terms have been prepared for the purpose of Article 5 (4) of the Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended, and must be read in conjunction
with the Base Prospectus dated 26 June 2014 (including the documents incorporated into the Base
Prospectus by reference) (the "Prospectus") pertaining to the Euro 80,000,000,000 Debt Issuance
Programme of Deutsche Bank Aktiengesellschaft (the "Programme") and the supplement(s) dated 1
August 2014, 17 November 2014 and 4 February 2015 (including the documents incorporated into the
supplement(s) by reference). The Prospectus (and any supplements to the Prospectus) are available for
viewing in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the
website of the Issuer (www.db.com/ir). Full information on Deutsche Bank Aktiengesellschaft and the offer
of the Securities is only available on the basis of the combination of the Prospectus, any supplement and
these Final Terms.
Part I: Terms and Conditions
The Conditions are as set out below:
This Part I. of the Final Terms is to be read in conjunction with the set of Terms and Conditions that apply
to Zero Coupon Notes set forth in the Prospectus as Option III. Capitalised terms shall have the meanings
specified in the Conditions.

All references in this Part I. of the Final Terms to numbered Sections and Paragraphs are unless stated
otherwise to sections and paragraphs of the Conditions.
The blanks in the provisions of the Terms and Conditions which are applicable to the Securities shall be
deemed to be completed by the information contained in these Final Terms as if such information were
inserted in the blanks of such provisions. All provisions in the Terms and Conditions corresponding to items
in these Final Terms which are either not selected or completed or which are deleted shall be deemed to
be deleted from the Terms and Conditions applicable to the Securities (the "Conditions").

1. GOVERNING
LAW
English Law ("English Securities")
2. TYPE
OF
SECURITIES

Legal type
Bearer Securities
Appellation
Notes
3.
CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1)
Specified Currency
South African Rand ("ZAR")
Aggregate Principal Amount

(i) Series
ZAR 750,000,000

(ii) Tranche
ZAR 50,000,000

(iii) Date on which the Securities will be
The Securities will be consolidated, form a single
consolidated and form a single Series
series and be interchangeable for trading purposes
with the Original Securities on the Exchange Date
Specified Denomination(s)
ZAR 10,000
Calculation Amount
ZAR 10,000
Form of Bearer Securities

TEFRA D
Temporary Global Security exchangeable for
Permanent Global Security exchangeable for
Definitive Securities
Exchangeable on request
Not applicable
Exchange Event provisions
Applicable

Global securities(s) to be in CGN form
Yes

Global securities(s) to be in NGN form
No

Clearing System
Clearstream Banking société anonyme,
Luxembourg ("CBL")
Euroclear Bank S. A./N. V. Brussels ("Euroclear")

4.
STATUS (§ 2)
Status of Securities
Unsubordinated
2

5.
INTEREST (§ 3)

A.
Fixed Rate Securities
Not Applicable
B.
Floating Rate or other variable interest rate Securities Not applicable
B.1
Basic Floating Rate Securities
Not applicable
B.2 Range
Accrual
Securities
Not applicable
B.3 Securities
with
Interest
Switch
Not applicable
B.4
Equity or Index Linked Interest Securities Not applicable
B.5 Inflation
Linked
Interest
Securities Not applicable
C.
Zero Coupon Securities/Non-Interest Bearing Securities
Applicable

Accrual of Interest

Accretion Yield
9.857239160 per cent per annum (30/360, annually,

unadjusted)

Business Day Convention
Following Business Day Convention, unadjusted

Day Count Fraction
30/360

6.
PAYMENTS (§ 4)

Relevant Financial Centre(s) (for determining

the Payment Business Day)
London, New York and Johannesburg

7. REDEMPTION
(§
5)
Maturity Date
21 August 2032, subject to adjustment with the
Following Business Day Convention

Redemption Amount
ZAR 10,000 per Calculation Amount
Redemption in Instalments
Not applicable

Early Redemption at the Option of the Issuer
Not applicable

Early Redemption at the Option of a
Not applicable
Securityholder

Automatic Redemption
Not applicable

Early redemption upon the occurrence of a Regulatory Event

Early Redemption Amount
Early Redemption Amount per Calculation Amount
payable on redemption for taxation reasons or on
event of default shall be an amount equal to the
sum of (a) ZAR 2,500.00 (the "Reference Price")
and (b) the product of 7.1773463 per cent. per
annum (compounded semi-annually) being applied
to the Reference Price from (and including) the
3

Original Issue Date to (but excluding) the date fixed
for the redemption or (as the case may be) the date
upon which such Security becomes due and
repayable less Early Redemption Unwind Costs
(including without limitation the loss of funding

Redemption for Illegality
Applicable

Certain Definitions

Early Redemption Unwind Costs
Standard Early Redemption Unwind Costs

Exchange Date
On or after 11 May 2015 and upon the exchange of
the Temporary Global Note for the Permanent
Global Note, the Securities will be consolidated and
form a single Series with the Original Securities (the
"Exchange Date")

8.
TERMS FOR CALCULATION OF THE
Not applicable
REDEMPTION AMOUNT [(§6)]

Redemption Amount
ZAR 10,000 per Calculation Amount

9. MARKET
DISRUPTION
[(§7)]
Not applicable

10. ADJUSTMENTS, EXTRAORDINARY
Not applicable
EVENTS AND TERMINATION [(§8)]
11. FISCAL
AGENT/PAYING
AGENT(S)/CALCULATION
AGENT/DETERMINATION AGENT (§ [6] [9])

Fiscal Agent
Deutsche Bank AG, London Branch

Paying Agent(s)
Deutsche Bank AG, London Branch

Calculation Agent
Fiscal Agent

Determination Agent
Not applicable

Exchange Agent
Not applicable

Transfer Agent
Not applicable

Registrar
Not applicable

12.
TAXATION (§ [7] [10])

Withholding tax gross-up obligation of the Issuer
No

13.
NOTICES (§ [12] [15])

Publication
Not applicable

Notification to Clearing System
Applicable

Substitution of notice pursuant to paragraph (1)
Not Applicable

Notice to Clearing System deemed to have been
The day on which the notice was given to the
4

validly given on
Clearing System

Notifications by Securityholders
Not applicable
14.
RESOLUTIONS OF SECURITYHOLDERS (§ [14] [17])

15.
LANGUAGE OF CONDITIONS (§
[16]

[19])
English only

16.
PROVISIONS FOR CREDIT LINKED

NOTES [§(6)]
Not applicable
5

Part II: Additional Information

1.
ADMISSION TO TRADING, LISTING AND DEALING ARRANGEMENTS
Listing(s) and admission to trading
Yes, application is expected to be made by the Issuer
(or on its behalf) for the Securities to be listed and
admitted to trading on the exchange and/or market set
out below. No assurance can be given that such listing
and admission to trading will be obtained

Official List of the Luxembourg Stock Exchange

Regulated Market of the Luxembourg Stock Exchange
Expected date of admission
with effect from the Issue Date

Estimate of the total expenses related to admission
EUR 6,700
to trading
Regulated markets or equivalent markets on which,
Regulated Market of the Luxembourg Stock Exchange
to the knowledge of the Issuer, Securities of the
same class of the Securities to be offered or
admitted to trading are already admitted to trading.

Name and address of the entities which have a
Not applicable
commitment to act as intermediaries in secondary

trading, providing liquidity through bid and offer

rates and description of the main terms of their

commitment
2. RATINGS

The Securities have been rated by Standard &
S&P:

A
Poor's Credit Market Services France SAS ("S&P")

(the "Rating Agency") as follows.

The Rating Agency is established in the European
Community and is registered under Regulation (EC)
No 1060/2009 of the European Parliament and of
the Council of 16 September 2009 on credit rating
agencies. As such the Rating Agency is included in
the list of credit rating agencies published by the
European Securities and Markets Authority on its
website in accordance with such Regulation.
3.
INTEREST OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
Save for the fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue or
offering of the Securities has an interest material to the issue or the offering.
4.
INFORMATION CONCERNING THE SECURITIES TO BE OFFERED / ADMITTED TO TRADING

Estimated net proceeds
ZAR 9,750,000

6

Estimated total expenses of the issue
EUR 6,700

5. YIELD
Applicable

ICMA
method
Method of calculating the yield
The ICMA method determined the effective interest
rate Securities taking into account interest accrued on
a daily basis
6.
INFORMATION ON THE UNDERLYING[S],

Not applicable
7.
TERMS AND CONDITIONS OF THE
Not applicable
OFFER
8. DISTRIBUTION

Method of distribution
Non-syndicated

If non-syndicated, name of relevant Dealer:
Deutsche Bank AG, London Branch

Date of Subscription Agreement
Not applicable

Management details including form of commitment
Not applicable

Management/Underwriting Commission/quotas
Not applicable
(material features)

Total Commission
Not applicable

Selling Commission/Concession
Not applicable

Listing Commission/Fees
EUR 6,700

Distribution Fee
Not applicable

Other Fee
Not applicable

Stabilisation Manager
None

Consent to use the Prospectus
The Prospectus may not be used for subsequent offers

Settlement Instructions
Delivery against payment

9. SECURITIES
IDENTIFICATION
NUMBERS

Common Code
On the Issue Date, the temporary Common Code will
be 121378612. Following consolidation with the
Existing Notes, the Common Code will be 081957339

ISIN Code
On the Issue Date, the temporary ISIN Code will be
XS1213786129. Following consolidation with the
Existing Notes, the ISIN Code will be XS0819573394

German Securities Identification Number (WKN)
Not applicable

7

Swiss Security Number
Not applicable

Central Valores Mobiliários Code (CVM)
Not applicable

Any other securities number
Not applicable

10. EUROSYSTEM
ELIGIBILITY

Intended to be held in a manner which would allow
No
Eurosystem eligibility.

11.
ADDITIONAL TAX INFORMATION
Not Applicable

12.
ADDITIONAL TRANSFER AND SELLING
RESTRICTIONS
Republic of South Africa

The Dealer has represented, warranted and agreed
that it has not and will not offer for sale or subscription
or sell any Notes, directly or indirectly, within the
Republic of South Africa or to any person or corporate
or other entity resident in the Republic of South Africa
except (a) in accordance with the exchange control
regulations of the Republic of South Africa and (b) to
any entity resident or within the Republic of South
Africa in accordance with the Commercial Paper
regulations published in terms of the Banks Act, 1990,
as amended, and the Companies Act 1973, as
amended and (c) all other applicable laws of South
Africa. In particular, the Prospectus does not, nor is it
intended to, constitute a prospectus (as that term is
defined in the Companies Act) and the Dealer has
represented, warranted and agreed that it will not make
an "offer to the public" (as such term is defined in the
Companies Act) of any of the Notes (whether for
subscription or sale).

Deutsche Bank Aktiengesellschaft
acting through its London Branch

8

SUMMARY

Summaries are made up of disclosure requirements known as 'Elements'. These Elements are
numbered in Sections A E (A.1 E.7).

This summary contains all the Elements required to be included in a summary for securities of the
type of the Securities and an issuer of the type of the Issuer. Because some Elements are not
required to be addressed, there may be gaps in the numbering sequence of Elements.

Even though an Element may be required to be inserted in the summary because of the type of
Securities and Issuer, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the
mention of 'not applicable'.

Section A -- Introduction and warnings
Element Disclosure

Requirement

A.1 Warnings
Warning
that

this summary should be read as an introduction to the Prospectus;

any decision to invest in the Securities should be based on
consideration of the Prospectus as a whole by the investor;

where a claim relating to the information contained in the Prospectus
is brought before a court, the plaintiff investor might, under the national
legislation of the Member States, have to bear the costs of translating
the Prospectus before the legal proceedings are initiated;

Civil liability attaches only to those persons who have tabled the
summary, including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other
parts of the Prospectus or it does not provide, when read together with
the other parts of the Prospectus, key information in order to aid
investors when considering whether to invest in such Securities.

A.2
Consent to use of Not applicable. The Issuer has not given its consent to use the
the Prospectus
Prospectus.

Section B Issuer

Element Disclosure

Requirement

B.1 Legal and
The legal and commercial name of the Issuer is Deutsche Bank
Commercial
Aktiengesellschaft ("Deutsche Bank" or the "Bank").
Name of the Issuer

B.2 Domicile,
Legal
Deutsche Bank is a stock corporation (Aktiengesellschaft) under
Form,
German law. The Bank has its registered office in Frankfurt am Main,
Legislation,
Germany. It maintains its head office at Taunusanlage 12, 60325
Country of
Frankfurt am Main, Germany.
Incorporation

Deutsche Bank AG, acting through its London branch ("Deutsche Bank
AG, London Branch") is domiciled at Winchester House, 1 Great
Winchester Street, London EC2N 2DB, United Kingdom.

B.4b Known
trends
With the exception of the effects of the macroeconomic conditions and
affecting the
market environment, as well as the effects of legislation and regulations
Issuer and the applicable to all financial institutions in Germany and the Eurozone,
industries in
there are no known trends, uncertainties, demands, commitments or
which it operates
events that are reasonably likely to have a material effect on the Issuer's
9

prospects in its current financial year.

B.5
Description of the Deutsche Bank is the parent company of a group consisting of banks,
group and the capital market companies, fund management companies, a property
Issuer's position
finance company, instalment financing companies, research and
within the group
consultancy companies and other domestic and foreign companies (the
"Deutsche Bank Group").

B.9
Profit forecasts or Not applicable. No profit forecast or estimate is made.
estimate

B.10 Qualifications
in
Not applicable. There are no qualifications in the audit report on the
the audit report on historical financial information.
the historical
Financial
information

B.12 Selected
historical
The following table shows an overview from the balance sheet and
key
income statement of Deutsche Bank AG which has been extracted from
Financial
information
the respective audited consolidated financial statements prepared in
accordance with IFRS as of 31 December 2012 and 31 December 2013
as well as from the unaudited consolidated interim financial statements
as of 30 September 2013 and 30 September 2014.

31
December
30 September 31 December 30 September

2012 (FRS,
2013 (FRS,
2013 (FRS,
2014 (FRS,
audited)
unaudited)
audited)
unaudited)

Share capital (in
2,379,519,078.40
2,609,919,078.40
2,609,919,078.40
3,530,939,215.36

EUR)

Number of
929,499,640
1,019,499,640
1,019,499,640
1,379,273,131

ordinary shares

Total assets (in
2,022,275
1,787,971
1,611,400
1,709,198

million Euro)

1,968,035
1,731,206
1,556,434
1,639,083

Total liabilities
(in million Euro)

Total equity (in 54,240
56,765
54,966
70,106

million Euro)

Core Tier 1 11.4%
13.0%
12.8%
14.7%3

capital ratio

Tier 1 capital 15.1%
17.0%
16.9%
15.5%4

ratio

No
material
There has been no material adverse change in the prospects of
adverse change in Deutsche Bank since 31 December 2013.
the prospects

No
significant
There has been no significant change in the financial position of
changes in the
Deutsche Bank Group since 30 September 2014.
financial or
trading position

B.13 Recent
events Not applicable. There are no recent events particular to the Issuer which
material to the
are to a material extent relevant to the evaluation of the Issuer`s
Issuer's solvency
solvency.

B.14
Dependence
Please read the following information together with Element B.5.
10