Obligation Deutsche Bank (London Branch) 0% ( XS0874862906 ) en ZAR

Deutsche Bank (London Branch)

100 % ▲

Allemagne

XS0874862906 ( en ZAR )

15/07/2019 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank (London Branch) XS0874862906 en ZAR 0%, échue

20 000 ZAR

985 000 000 ZAR

L'Obligation émise par Deutsche Bank (London Branch) ( Allemagne ) , en ZAR, avec le code ISIN XS0874862906, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/07/2019

Series No: 1214 Tranche 17

11 January 2016
Final Terms
Issue of ZAR 80,000,000 Zero Coupon Notes due 15 July 2019
(to be consolidated and form a single series with the ZAR 100,000,000 Zero Coupon Notes
due 15 July 2019 issued on 14 January 2013, the ZAR 50,000,000 Zero Coupon Notes due 15 July
2019 issued on 10 September 2013, Issue of ZAR 75,000,000 Zero Coupon Notes due 15 July 2019
issued on 13 November 2013, Issue of ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued
on 28 February 2014 and Issue of ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 3
June 2014, ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 12 August 2014,
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 23 October 2014, the
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 5 December 2014, the Issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 20 January 2015, the Issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 13 February 2015, the Issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 10 March 2015, the issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 24 March 2015, the issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 8 April 2015, the Issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 22 May 2015, the Issue of
ZAR 50,000,000 Zero Coupon Notes due 15 July 2019 issued on 22 May 2015 issued on 6 July 2015
and the Issue of ZAR 80,000,000 Zero Coupon Notes due 15 July 2019 issued on 17 August 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 25 June 2015
of
Deutsche Bank Aktiengesellschaft
Issue Price 72.00 per cent.
Issue Date: 11 January 2016
(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 25 June 2015 (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 Aktiengesel schaft (the "Programme") (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").

English Law ("English Securities")
1.
GOVERNING LAW
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 985,000,000

(ii) Tranche
ZAR 80,000,000

(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 20,000 and integral multiples of ZAR 10,000 in
excess thereof. No notes in definitive form will be
issued with a denomination above ZAR 20,000
Calculation Amount
ZAR 10,000
Form of Bearer Securities

TEFRA D
Temporary Global Security exchangeable for
Permanent Global Security exchangeable for
Definitive Securities
2

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
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
9.807789687 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
15 July 2019, subject to adjustment with the
Following Business Day Convention

Redemption Amount
ZAR 10,000 per Calculation Amount

Redemption in Instalments
Not applicable
3

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 6,127.41 (the "Reference Price")
and (b) the product of 6.1247488 per cent. per
annum (compounded semi-annually) being applied
to the Reference Price from (and including) the
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 20 February 2016 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

4

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
validly given on
Clearing System

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

Not applicable

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
In the case of Securities which are interchangeable
Not applicable
with Securities that are already issued, indicate that

the Securities already issued are admitted to trading
on an exchange.

Expected date of admission
with effect from the Issue Date

Estimate of the total expenses related to admission
EUR 2,605
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:

BBB+
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
6

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 57,600,000

Estimated total expenses of the issue
EUR 2,605

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 2,605

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 134454032. Following consolidation with the
Existing Notes, the Common Code will be 087486290

7

ISIN Code
On the Issue Date, the temporary ISIN Code will be
XS1344540320. Following consolidation with the
Existing Notes, the ISIN Code will be XS0874862906

German Securities Identification Number (WKN)
Not applicable

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

Ele-
Disclosure

ment 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 Not applicable. The Issuer has not given its consent to use the Prospectus.
the Prospectus
Section B -- Issuer

Ele-
Disclosure

ment 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 German law.
Form,
The Bank has its registered office in Frankfurt am Main, Germany. It maintains
9

Ele-
Disclosure

ment requirement
Legislation,
its head office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
Country
of Deutsche Bank AG, acting through its London branch ("Deutsche Bank AG,
Incorporation
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 market
affecting
the environment, litigation risks associated with the financial markets crisis as well
Issuer and the as the effects of legislation and regulations applicable to all financial institutions
industries
in in Germany and the eurozone, there are no known trends, uncertainties,
which it operates
demands, commitments or events that are reasonably likely to have a material
effect on the Issuer's prospects in its current financial year.
B.5
Description of the Deutsche Bank is the parent company of a group consisting of banks, capital
group and the market companies, fund management companies, property finance companies,
Issuer's position instalment financing companies, research and consultancy companies and other
within the group
domestic and foreign companies (the "Deutsche Bank Group").
B.9
Profit
forecasts Not applicable. No profit forecast or estimate is made.
or estimate
B.10
Qualifications in Not applicable. There are no qualifications in the audit report on the historical
the audit report
financial information.
B.12
Selected
The following table shows an overview from the balance sheet and income
historical
key statement of Deutsche Bank AG which has been extracted from the respective
financial
audited consolidated financial statements prepared in accordance with IFRS as
information
of 31 December 2013 and 31 December 2014 as well as from the unaudited
consolidated interim financial statements as of 30 September 2014 and 30
September 2015.

31 December 2013
30 September 2014
31 December 2014
30 September 2015

(IFRS, audited)
(IFRS, unaudited)
(IFRS, audited)
(IFRS, unaudited)
Share capital (in
2,609,919,078.40
3,530,939,215.36*
3,530,939,215.36
3,530,939,215.36*
EUR)*
Number of ordinary
1,019,499,640
1,379,273,131*
1,379,273,131
1,379,273,131*
shares*
Total assets (in
1,611,400
1,709,189
1,708,703
1,719,374
million Euro)
Total liabilities (in
1,556,434
1,639,083
1,635,481
1,650,495
million Euro)
Total equity (in
54,966
70,106
73,223
68,879
million Euro)
Core Tier 1 capital
12.8%
14.7%
15.2%
13.4%3
ratio / Common
Equity Tier 1 capital
10