Obligation Deutsch Bank 0% ( XS1958269430 ) en USD

Deutsch Bank

100 % ⇌

Allemagne

XS1958269430 ( en USD )

03/03/2049

Prospectus brochure de l'obligation Deutsche Bank XS1958269430 en USD 0%, échéance 03/03/2049

250 000 USD

50 000 000 USD

Deutsche Bank est une banque universelle allemande, offrant une large gamme de services financiers aux particuliers, entreprises et institutions, opérant à l'échelle mondiale.

L'Obligation émise par Deutsch Bank ( Allemagne ) , en USD, avec le code ISIN XS1958269430, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 03/03/2049

Base Prospectus
22 June 2018
_______________
Deutsche Bank Aktiengesellschaft
(Frankfurt am Main, Germany)
Euro 80,000,000,000
Debt Issuance Programme
Under its Euro 80,000,000,000 Debt Issuance Programme (the "Programme") Deutsche Bank
Aktiengesellschaft (the "Issuer") may from time to time issue notes ("Notes") and Pfandbriefe ("Pfandbriefe"
and together with the Notes, "Securities"), which may be issued on an unsubordinated or a subordinated basis.
The Securities will be denominated in any currency agreed between the Issuer and the relevant Dealer (as
defined below).
Application has been made to the Luxembourg Stock Exchange for Securities issued under the Programme to
be listed on the Official List of the Luxembourg Stock Exchange and to be admitted to trading on the
Luxembourg Stock Exchange's regulated market. Securities issued under the Programme may also be admitted
to trading on the regulated market of the Frankfurt Stock Exchange or the regulated market of any other stock
exchange which is, like the regulated market of the Luxembourg Stock Exchange, a regulated market for the
purposes of the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on
markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (as amended,
"MiFID II"). Securities issued under the Programme may also be admitted to trading or listed on the SIX Swiss
Exchange or an unregulated market such as the "Euro MTF" market of the Luxembourg Stock Exchange or the
Open Market (Freiverkehr) of the Frankfurt Stock Exchange or may not be admitted to trading or listed.
This document has been approved as a base prospectus by the Commission de Surveil ance du Secteur
Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated 10 July 2005
(the "Law") on prospectuses for securities which implements the Prospectus Directive (as defined below) into
Luxembourg law. By approving this base prospectus 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 Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Portugal,
Spain, Sweden and the United Kingdom of Great Britain and Northern Ireland, 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 (the "EEA") with a Notification.
The requirement to publish a base prospectus under the Prospectus Directive only applies to Securities which
are to be admitted to trading on a regulated market in the EEA and/or offered to the public in the EEA other than
in circumstances where an exemption is available under Article 3.2 of the Prospectus Directive. When used in
this base prospectus, "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive
2010/73/EU), and includes any relevant implementing measure in a relevant Member State of the EEA.
References in this base prospectus to "Exempt Securities" are to Securities for which no base prospectus is
required to be published under the Prospectus Directive. The CSSF has neither approved nor reviewed
information contained in this base prospectus in connection with Exempt Securities.
Arranger
Deutsche Bank
This document comprises a base prospectus in respect of all Securities other than Exempt Securities issued
under the Programme for the purpose of article 5.4 of the Prospectus Directive. This base prospectus (the
"Prospectus") wil be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website (www.db.com/ir) of the Issuer. This Prospectus supersedes and replaces in
its entirety the base prospectus dated 22 June 2017.
1

IMPORTANT NOTICES
Notice of the aggregate principal amount of Securities, interest (if any) payable in respect of Securities, the
issue price of Securities and certain other information which is applicable to each tranche of Securities (each, a
"Tranche") wil (other than in the case of Exempt Securities, as defined above) be set out in a final terms
document (the "Final Terms") which wil be filed with the CSSF in case the Securities are to be admitted to
trading on a regulated market in the EEA and/or offered to the public in the EEA other than in circumstances
where an exemption is available under Article 3.2 of the Prospectus Directive. The applicable Final Terms wil (if
applicable) contain information relating to any underlying equity security, index, inflation index, credit risk to
which the relevant Securities relate and which is contained in such Final Terms. In the case of Exempt
Securities, notice of the aggregate principal amount of Securities, interest (if any) payable in respect of
Securities, the issue price of Securities and certain other information which is applicable to each Tranche will be
set out in a pricing supplement document (the "Pricing Supplement"). The applicable Pricing Supplement will
(if applicable) contain information relating to any underlying equity security, index, inflation index, currency,
commodity, fund unit or share, credit risk or other item(s) (each a "Reference Item") to which the relevant
Securities relate and which is contained in such Pricing Supplement. However, unless otherwise expressly
stated in the applicable Final Terms (or Pricing Supplement, in the case of Exempt Securities), any information
contained therein relating to a Reference Item will only consist of extracts from, or summaries of, information
contained in financial and other information released publicly in respect of such Reference Item. The Issuer wil ,
unless otherwise expressly stated in the applicable Final Terms (or Pricing Supplement, in the case of Exempt
Securities), confirm that such extracts or summaries have been accurately reproduced and that, so far as it is
aware, and is able to ascertain from information published in respect of such Reference Item, no facts have
been omitted that would render the reproduced inaccurate or misleading.
Copies of Final Terms (or Pricing Supplements, in the case of Exempt Securities) will be available from the
registered office of the Issuer and the specified office set out below of each of the Paying Agents (save that a
Pricing Supplement wil only be available for inspection by a holder of the relevant Security and such holder
must produce evidence satisfactory to the Issuer and the Paying Agent as to its holding of Securities and
identity). In the case of Securities that are to be listed on the Official List of, and admitted to trading on, the
Luxembourg Stock Exchange or offered to the public in any EEA member state, the applicable Final Terms wil
be published on the Luxembourg Stock Exchange's website at www.bourse.lu, but only for so long as such
admission to trading and listing is maintained and the rules of the Luxembourg Stock Exchange or the laws or
regulations so require.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any other
documents incorporated herein by reference (see the section entitled "Documents Incorporated by Reference").
Full information on the Issuer and any Securities issued under the Programme is only available on the basis of
the combination of this Prospectus (including any supplement and any document incorporated by reference
herein) and the relevant Final Terms (or Pricing Supplement, in the case of Exempt Securities).
No person is or has been authorised to give any information or to make any representations, other than those
contained in this Prospectus, in connection with the Programme or the issue and sale of the Securities and, if
given or made, such information or representations must not be relied upon as having been authorised by
Deutsche Bank. Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, create any implication that the information herein is correct as of any time subsequent to the
date hereof.
Neither this Prospectus nor any other information supplied in connection with the Programme or any Securities
(i) is intended to provide the basis of any credit or other evaluation or (ii) should be considered as a
recommendation by the Issuer or any of the Dealers that any recipient of this Prospectus or any recipient of any
other information supplied in connection with the Programme or any Securities should purchase any Securities.
Each investor contemplating purchasing any Securities should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this
Prospectus nor any other information supplied in connection with the Programme or the issue of any Securities
constitutes an offer or invitation by or on behalf of the Issuer or any of the Dealers to subscribe for or to
purchase any Securities.
2

This Prospectus is valid for twelve months upon its date of approval and it and any supplement hereto as well
as any Final Terms (or Pricing Supplement, in the case of Exempt Securities) reflect the status as of their
respective dates of issue. Neither the delivery of this Prospectus nor the offering, sale or delivery of any
Securities shall in any circumstances imply that the information contained in the related documents is accurate
and complete subsequent to the date hereof or that there has been no adverse change in the financial condition
of the Issuer since such date or that any other information supplied in connection with the Programme is correct
at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The Issuer has undertaken for the benefit of any Dealer to amend or supplement this Prospectus or publish a
new Prospectus if and when the information herein should become materially inaccurate or incomplete and has
further agreed with the Dealers to furnish a supplement to this Prospectus in the event of any significant new
factor, material mistake or inaccuracy relating to the information included in this Prospectus which is capable of
affecting the assessment of the Securities and which arises or is noted between the time when this Prospectus
has been approved and the final closing of any Tranche of Securities offered to the public or, as the case may
be, when trading of any Tranche of Securities on a regulated market begins.
If the Final Terms in respect of any Securities (or Pricing Supplement, in the case of Exempt Securities)
includes a legend entitled "Prohibition of Sales to Retail Investors in the European Economic Area", the
Securities are not intended to be offered, sold or otherwise made available to and, with effect from such date,
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 (i i) not a qualified investor
as defined in the Prospectus Directive. If the relevant Final Terms (or Pricing Supplement, in the case of
Exempt Securities) 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 Final Terms (or the Pricing Supplement, in the case of Exempt Securities) in respect of any Securities may
include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in
respect of the Securities and which channels for distribution of the Securities are appropriate. Any person
subsequently offering, selling or recommending the Instruments (a "Distributor") should take into consideration
the target market assessment; however, a Distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the Securities (by either adopting or refining the target market
assessment) and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the Product
Governance Rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Securities is a manufacturer in respect of such Securities, but otherwise neither any
of the Arranger nor any other Dealer nor any of their respective affiliates will be a manufacturer for the purpose
of the MiFID Product Governance Rules.
This Prospectus does not constitute an offer to sel or the solicitation of an offer to buy any Securities in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Securities may be restricted by law in certain jurisdictions.
The Issuer and the Dealers do not represent that this Prospectus may be lawfully distributed, or that any
Securities may be lawfully offered, in compliance with any applicable registration or other requirements in any
such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating
any such distribution or offering. In particular, no action has been taken by the Issuer or the Dealers which
would permit a public offering of any Securities in any jurisdiction other than each Member State of the EEA
which has implemented the Prospectus Directive as at the date of this Prospectus or distribution of this
document in any jurisdiction where action for that purpose is required. Accordingly, no Securities may be offered
or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may
be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any
applicable laws and regulations. Persons into whose possession this Prospectus or any Securities may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and the
3

offering and sale of Securities. In particular, there are restrictions on the distribution of this Prospectus and the
offer or sale of Securities in the United States, the EEA (in particular the United Kingdom, France, Italy,
Portugal, Spain, Sweden and the Netherlands), Australia, Hong Kong, Japan and Switzerland (see the section
entitled "Transfer and Selling Restrictions"). In making an investment decision, investors must rely on their own
examination of the Issuer and the terms of the Securities being offered, including the merits and risks involved.
The Securities have not been approved or disapproved by the United States Securities and Exchange
Commission or any other securities commission or other regulatory authority in the United States, nor have the
foregoing authorities approved this Prospectus or confirmed the accuracy or the adequacy of the information
contained in this Prospectus. Any representation to the contrary is unlawful.
In particular, the Securities have not been and will not be registered under the United States Securities Act of
1933 (as amended) (the "Securities Act") and may not be offered or sold in the United States or to, or for the
account or benefit of, (a) a "U.S. person" as defined in Regulation S under the Securities Act, (b) a person other
than a "Non-United States person" as defined in Rule 4.7 under the United States Commodity Exchange Act of
1936, as amended (the "Commodity Exchange Act"), or (c) a "U.S. person" as defined in the Interpretive
Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations promulgated by the
Commodity Futures Trading Commission (the "CFTC") pursuant to the Commodity Exchange Act, or in
regulations or guidance adopted under the Commodity Exchange Act (each such person, a "U.S. person"),
unless the Securities are registered under the Securities Act or an exemption from the registration requirements
of the Securities Act is available. See the section entitled "Description of the Securities  Form of the Securities"
for a description of the manner in which Securities wil be issued. Registered Securities are subject to certain
restrictions on transfer (see the section entitled "Transfer and Selling Restrictions"). Registered Securities may
be offered or sold within the United States only to QIBs (as defined under "Description of the Securities  Form
of the Securities") in transactions exempt from registration under the Securities Act (see the section entitled
"U.S. Information" below).
The Securities do not constitute, and have not been marketed as, contracts of sale of a commodity for future
delivery (or options thereon) subject to the Commodity Exchange Act, and trading in the Securities has not been
approved by the CFTC pursuant to the Commodity Exchange Act.
The Securities are not deposits. The Securities are not insured by the U.S. Federal Deposit Insurance
Corporation or any other agency, and are subject to investment risk, including the possible loss of principal. The
Securities have not been approved or disapproved by the U.S. Federal Deposit Insurance Corporation nor has
the U.S. Federal Deposit Insurance Corporation passed on the adequacy or accuracy of this Prospectus. Any
representation of the contrary is unlawful. The Securities are subordinate to the claims of depositors.
The language of this Prospectus is English. In respect of the issue of any Tranche of Securities under the
Programme, the German text of the Terms and Conditions may be controlling and binding if specified in the
applicable Final Terms (or Pricing Supplement, in the case of Exempt Securities).
Neither this Prospectus nor any Final Terms (or Pricing Supplement, in the case of Exempt Securities)
may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer
or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or
solicitation.
Neither this Prospectus nor any Final Terms (or Pricing Supplement, in the case of Exempt Securities)
constitutes an offer or an invitation to subscribe for or purchase any Securities and should not be considered as
a recommendation or a statement of an opinion (or a report of either of those things) by Deutsche Bank, the
Dealers or any of them that any recipient of this Prospectus or any Final Terms (or Pricing Supplement, in the
case of Exempt Securities) should subscribe for or purchase any Securities. Each recipient of this Prospectus or
any Final Terms (or Pricing Supplement, in the case of Exempt Securities) shall be taken to have made its own
appraisal of the condition (financial or otherwise) of the Issuer.
None of the Dealers or the Issuer makes any representation to any purchaser of the Securities regarding the
legality of its investment under any applicable laws. Any purchaser of the Securities should be able to bear the
economic risk of an investment in the Securities for an indefinite period of time.
4

Pursuant to the Prospectus, Securities may be issued whose interest and/or redemption payment will be
calculated by reference to a specific benchmark which will be provided by an administrator (the "Benchmark
linked Securities").
As at the date of this Prospectus, the specific benchmark applicable to an issue of Benchmark linked Securities
has not yet been determined. However, amounts payable under Benchmark linked Securities may be calculated
by reference to (i) BBSW (Bank Bil Swap Rate) which is provided by ASX Limited ("ASX"), (ii) EURIBOR (Euro
Interbank Offered Rate) which is provided by the European Money Markets Institute ("EMMI"), (ii ) LIBOR
(London Interbank Offered Rate) and certain CMS (constant maturity swap) rates which are provided by ICE
Benchmark Administration Limited ("IBA"), (iv) NIBOR (Norwegian Interbank Offered Rate) which is provided by
Norske Finansiel e Referanser AS ("NoRe"), (v) STIBOR (Stockholm Interbank Offered Rate) which is provided
by the Swedish Bankers' Association ("SBA"), or (vi) another benchmark (an "Other Benchmark"). As at the
date of this Prospectus, only IBA appears on the register (the "ESMA Register") of administrators and
benchmarks established and maintained by the European Securities and Markets Authority (the "ESMA")
pursuant to Article 36 of the Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8
June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the
performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU)
No 596/2014 (the "Benchmarks Regulation"). As at the date of the Prospectus, neither ASX, EMMI, NoRe nor
SBA appear on the ESMA Register. As far as the Issuer is aware, the transitional provisions in Article 51 of the
Benchmarks Regulation apply, so that neither ASX, EMMI, NoRe nor SBA are currently required to obtain
authorisation or registration (or, if located outside the European Union, recognition, endorsement or
equivalence).
In case Securities are issued which make reference to an Other Benchmark, the relevant Final Terms wil
specify the name of the specific benchmark and the relevant administrator. In such case the Final Terms wil
further specify if the relevant administrator is included in the ESMA Register or whether the transitional
provisions in Article 51 of the Benchmarks Regulation apply.
U.S. INFORMATION
This Prospectus is being submitted on a confidential basis in the United States to a limited number of QIBs (as
defined under "Description of the Securities  Form of the Securities") for informational use solely in connection
with the consideration of the purchase of the Securities being offered hereby. Its use for any other purpose in
the United States is not authorised. It may not be copied or reproduced in whole or in part nor may it be
distributed or any of its contents disclosed to anyone other than the prospective investors to whom it is originally
submitted.
Registered Securities may be offered or sold within the United States only to QIBs in transactions exempt from
registration under the Securities Act. Each U.S. purchaser of Registered Securities is hereby notified that the
offer and sale of any Registered Securities to it may be being made pursuant to the exemption from the
registration requirements of the Securities Act provided by Rule 144A under the Securities Act ("Rule 144A").
Each purchaser or holder of Securities represented by a Rule 144A Global Security (as defined under
"Registered Securities" below) or any Securities issued in registered form in exchange or substitution therefor
(together "Legended Securities") will be deemed, by its acceptance or purchase of any such Legended
Securities, to have made certain representations and agreements intended to restrict the resale or other transfer
of such Securities as set out in "Transfer and Selling Restrictions". Unless otherwise stated, terms used in this
paragraph have the meanings given to them in "Description of the Securities  Form of the Securities".
The Securities in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered
within the United States of America (the "United States") or its possessions or to United States persons, except
in certain transactions permitted by U.S. Treasury regulations. Terms used in this paragraph have the meanings
given to them by the U.S. Internal Revenue Code of 1986 and the Treasury regulations promulgated
thereunder.
5

AVAILABLE INFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of Securities that are
"restricted securities" within the meaning of the Securities Act, the Issuer has undertaken in a deed poll dated
25 June 2015 (the "Deed Poll") to furnish, upon the request of a holder of such Securities or any beneficial
interest therein, to such holder or to a prospective purchaser designated by him, the information required to be
delivered under Rule 144A(d)(4) under the Securities Act if, at the time of the request, the Issuer is neither a
reporting company under section 13 or section 15(d) of the U.S. Securities Exchange Act of 1934, as amended
(the "Exchange Act") nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is incorporated as a German stock corporation with limited liability (Aktiengesel schaft). All the
members of the Management Board (Vorstand) and most of the members of the Supervisory Board
(Aufsichtsrat) of the Issuer are non-residents of the United States, and all or a portion of the assets of the Issuer
and such persons are located outside the United States. As a result, it may not be possible for holders or
beneficial owners of the Securities to effect service of process within the United States upon the Issuer or such
persons, or to enforce against any of them in U.S. courts judgments obtained in such courts predicated upon
the civil liability provisions of the federal securities or other laws of the United States or any state or other
jurisdiction thereof.
STABILISATION MANAGER
In connection with the issue of any Tranche of Securities under the Programme, the Dealer or Dealers (if
any) named as the Stabilisation Manager(s) in the applicable Final Terms (or Pricing Supplement, in the
case of Exempt Securities) (or persons acting on behalf of any Stabilisation Manager(s)) may, outside
Australia (and on a market operated outside Australia) and in accordance with applicable law, over-allot
Securities or effect transactions with a view to supporting the market price of the Securities at a level
higher than that which might otherwise prevail. However stabilisation may not necessarily occur. Any
stabilisation action may begin on or after the date on which the adequate public disclosure of the final
terms of the offer of the relevant Tranche of Securities is made and, if begun, may cease at any time, but
it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Securities
and 60 days after the date of the allotment of the relevant Tranche of Securities. Any stabilisation action
or over-allotment must be conducted by the relevant Stabilisation Manager(s) (or person(s) acting on
behalf of any Stabilisation Manager(s)) in accordance with all applicable laws and rules.
ISDA DOCUMENTATION
Investors should consult the Issuer should they require a copy of the 2006 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., the 2009 ISDA Credit
Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003
ISDA Credit Derivatives Definitions (14 July 2009), the 2014 ISDA Credit Derivatives Definitions or the
relevant Credit Derivatives Physical Settlement Matrix as published by the International Swaps and
Derivatives Association, Inc., as applicable.
CERTAIN DEFINED TERMS AND CONVENTIONS
Capitalised terms which are used but not defined in any particular section of this Prospectus will have the
meaning attributed to them in the section entitled "Terms and Conditions" and the section entitled "Annexes to
the Terms and Conditions", as applicable, or any other section of this Prospectus.
In addition, the fol owing terms as used in this Prospectus have the fol owing meanings: al references to "" or
"EUR" are to Euro, al references to "CHF" are to Swiss Francs and al references to "U.S. dollars", "U.S. $",
"USD" and "$" are to United States dollars.
Certain figures and percentages included in this Prospectus have been subject to rounding adjustments;
accordingly, figures shown in the same category presented in different tables may vary slightly and figures
shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.
6

TABLE OF CONTENTS
Page
Important Notices ..................................................................................................................................................... 2
Summary ................................................................................................................................................................... 9
Risk Factors ............................................................................................................................................................ 40
Risk Factors in Respect of the Issuer ......................................................................................................... 40
Risk Factors in Respect of the Securities ................................................................................................... 48
Consent to Use this Prospectus ........................................................................................................................... 72
Responsibility Statement ....................................................................................................................................... 73
General Description of the Programme ................................................................................................................ 74
General ....................................................................................................................................................... 74
Issue Procedures ........................................................................................................................................ 78
Description of the Issuer ........................................................................................................................................ 81
Statutory Auditors ........................................................................................................................................ 81
Information about Deutsche Bank ............................................................................................................... 81
Business Overview ...................................................................................................................................... 81
Organisational Structure ............................................................................................................................. 82
Trend Information ........................................................................................................................................ 83
Administrative, Management, and Supervisory Bodies ............................................................................... 88
Major Shareholders ..................................................................................................................................... 90
Financial Information Concerning Deutsche Bank's Assets and Liabilities, Financial Position and Profits
and Losses .................................................................................................................................................. 91
Material Contracts ..................................................................................................................................... 107
Third Party Information and Statement by Experts and Declaration of any Interest ................................. 107
Description of the Securities ............................................................................................................................... 108
Description of Interest Rate and Redemption Provisions .......................................................................... 108
Form of the Securities ............................................................................................................................... 116
Bearer Securities ....................................................................................................................................... 116
Swiss Global Securities ............................................................................................................................. 118
Registered Securities ................................................................................................................................ 118
Securityholders and Transfer of Interests ................................................................................................. 119
Acceleration of Securities .......................................................................................................................... 120
Fungible Issues of Securities .................................................................................................................... 120
Pfandbriefe ................................................................................................................................................ 120
Terms and Conditions English Language Version ......................................................................................... 125
Fixed Rate Notes and Zero Coupon Notes (Option I) .............................................................................. 126
Floating Rate Notes (Option II) ................................................................................................................. 169
Fixed Rate Pfandbriefe and Zero Coupon Pfandbriefe (Option III) ........................................................... 216
Floating Rate Pfandbriefe (Option IV) ...................................................................................................... 232
Structured Notes (Option V) ...................................................................................................................... 253
Terms and Conditions German Language Version ........................................................................................ 337
Festverzinsliche Anleihen und Nul kupon-Anleihen (Option I) .................................................................. 338
Variabel verzinsliche Anleihen (Option II) ................................................................................................. 388
Festverzinsliche Pfandbriefe und Nul kupon-Pfandbriefe (Option III) ....................................................... 443
Variabel verzinsliche Pfandbriefe (Option IV) ........................................................................................... 460
Strukturierte Anleihen (Option V) .............................................................................................................. 483
Annexes to the Terms and Conditions ............................................................................................................... 581
Credit Linked Notes Annex A .................................................................................................................... 581
Credit Linked Notes Annex B .................................................................................................................... 663
Registered Securities Annex ..................................................................................................................... 752
Form of Final Terms ............................................................................................................................................. 766
Form of Pricing Supplement ................................................................................................................................ 831
Taxation ................................................................................................................................................................. 892
General Taxation Information .................................................................................................................... 892
Germany ................................................................................................................................................... 892
Luxembourg .............................................................................................................................................. 896
7

Australia .................................................................................................................................................... 899
Austria ....................................................................................................................................................... 902
Belgium ..................................................................................................................................................... 905
Denmark .................................................................................................................................................... 910
France ....................................................................................................................................................... 912
Hong Kong ................................................................................................................................................ 913
Ireland ....................................................................................................................................................... 915
Italy ............................................................................................................................................................ 916
Netherlands ............................................................................................................................................... 924
Portugal ..................................................................................................................................................... 926
Singapore .................................................................................................................................................. 930
Spain ......................................................................................................................................................... 936
Sweden ..................................................................................................................................................... 940
Switzerland ................................................................................................................................................ 940
United Kingdom ......................................................................................................................................... 945
United States ............................................................................................................................................. 946
The Proposed Financial Transactions Tax ................................................................................................ 949
Book Entry Clearance Systems ........................................................................................................................... 950
Book-Entry Systems .................................................................................................................................. 950
Book-Entry Ownership of and Payments in Respect of DTC Securities ................................................... 952
Transfers of Securities Represented by Registered Global Securities ..................................................... 952
Transfer and Selling Restrictions ....................................................................................................................... 954
Transfer Restrictions ................................................................................................................................. 954
United States ............................................................................................................................................. 956
Prohibition of Sales to EEA Retail Investors ............................................................................................. 957
United Kingdom ......................................................................................................................................... 958
Australia .................................................................................................................................................... 959
Austria ....................................................................................................................................................... 959
Belgium ..................................................................................................................................................... 960
Denmark .................................................................................................................................................... 960
France ....................................................................................................................................................... 961
Hong Kong ................................................................................................................................................ 961
Ireland ....................................................................................................................................................... 961
Italy ............................................................................................................................................................ 962
Japan ........................................................................................................................................................ 963
Netherlands ............................................................................................................................................... 963
Portugal ..................................................................................................................................................... 963
Singapore .................................................................................................................................................. 963
Spain ......................................................................................................................................................... 965
Sweden ..................................................................................................................................................... 965
Switzerland ................................................................................................................................................ 966
General Information .............................................................................................................................................. 967
Use of Proceeds ........................................................................................................................................ 967
Authorisation ............................................................................................................................................. 967
Post Issuance Information ......................................................................................................................... 967
Clearing Systems ...................................................................................................................................... 967
Listing and Admission to Trading Information ........................................................................................... 967
Undertaking ............................................................................................................................................... 967
Yield .......................................................................................................................................................... 968
Documents on Display ......................................................................................................................................... 969
Documents Incorporated by Reference .............................................................................................................. 970
Documents Incorporated by Reference .................................................................................................... 970
Cross-Reference List of Documents Incorporated by Reference .............................................................. 971
Names and Addresses ......................................................................................................................................... 976

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 the Elements.
Even though an Element may be required to be inserted in this 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 this summary with the statement 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 this summary,
including any translation thereof, but only if this 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 [[If general consent is given, insert: Each Dealer and/or each further financial
the Prospectus
intermediary subsequently reselling or finally placing the Securities is] [If individual
consent is given, insert: [insert name[s] and address[es] [is] [are] entitled to use
the Prospectus for the subsequent resale or final placement of the Securities in the
Offer Jurisdiction[s] during the offer period for the subsequent resale or final
placement of the Securities from (and including) [] to (and including) [] (which
may be shortened or extended by the Issuer), provided however, that the Prospectus
is stil valid in accordance with Article 11(2) of the Luxembourg Law relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières)
which implements Directive 2003/71/EC of the European Parliament and of the
Council of 4 November 2003 (as amended).
"Offer Jurisdiction[s]" means [specify each relevant Member State in which the
Securities can be offered].
[Such consent is subject to and given under the condition [].]
The Prospectus may only be delivered to potential investors together with al
supplements published before such delivery. Any supplement to the Prospectus wil
be 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).
9

Ele-
Disclosure

ment requirement
When using the Prospectus, [each Dealer and/or relevant further financial
intermediary] [[insert name[s] and address[es]] must make certain that it
complies with all applicable laws and regulations in force in the respective
jurisdictions.
In the event of an offer being made by [a Dealer and/or a further financial
intermediary] [[[insert name[s] and address[es]], [it][they] shall provide
information to investors on the terms and conditions of the Securities at the
time of that offer.
The Issuer may in its sole discretion revoke any such consent.]
[If no consent is given, insert: Not applicable. [The Securities wil be offered
without Dealers or other financial intermediaries and] [T][t]he Issuer has not given its
consent to use the Prospectus.]
Section B -- Issuer

Ele-
Disclosure

ment requirement
B.1
Legal
and The legal and commercial name of the Issuer is Deutsche Bank Aktiengesel schaft
commercial
("Deutsche Bank" or the "Bank").
name
of
the
Issuer
B.2
Domicile,
legal Deutsche Bank is a stock corporation (Aktiengesellschaft) under German law. The
form, legislation, Bank has its registered office in Frankfurt am Main, Germany. It maintains its head
country
of office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
incorporation
[If the Securities are issued by Deutsche Bank AG, London Branch, insert:
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.]
[If the Securities are issued by Deutsche Bank AG, Sydney Branch, insert:
Deutsche Bank AG, acting through its Sydney branch ("Deutsche Bank AG,
Sydney Branch") is domiciled at Level 16, Deutsche Bank Place, Corner of Hunter
and Phillip Streets, Sydney NSW 2000, Australia.]
[If the Securities are issued by Deutsche Bank AG, Singapore Branch, insert:
Deutsche Bank AG, acting through its Singapore branch ("Deutsche Bank AG,
Singapore Branch") is domiciled at One Raffles Quay, South Tower Level 17,
Singapore 048583.]
[If the Securities are issued by Deutsche Bank AG, Hong Kong Branch, insert:
Deutsche Bank AG, acting through its Hong Kong branch ("Deutsche Bank AG,
Hong Kong Branch") is domiciled at Level 52, International Commerce Centre, 1
Austin Road West, Kowloon, Hong Kong.]
[If the Securities are issued by Deutsche Bank AG, Milan Branch, insert:
Deutsche Bank AG, acting through its Milan branch ("Deutsche Bank AG, Milan
Branch") is domiciled at Via Filippo Turati 25/27, Milan, Italy.]
[If the Securities are issued by Deutsche Bank AG, Sucursal em Portugal,
insert: Deutsche Bank AG, acting through its Portuguese branch ("Deutsche Bank
AG, Sucursal em Portugal") is domiciled at Rua Castilho, 20, 1250-069 Lisbon,
10