Bond Deutsch Bank AG 0% ( XS0308876464 ) in EUR

Deutsch Bank AG

100 % ⇌

Germany

XS0308876464 ( in EUR )

21/05/2012 - Bond has expired

Prospectus brochure of the bond DEUTSCHE BANK AG XS0308876464 in EUR 0%, expired

Deutsche Bank AG is a German multinational investment bank and financial services corporation headquartered in Frankfurt, offering a wide range of financial products and services to corporate and institutional clients globally.

The Bond issued by Deutsch Bank AG ( Germany ) , in EUR, with the ISIN code XS0308876464, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 21/05/2012

BASE PROSPECTUS
Deutsche Bank AG, London Branch
U.S.$40,000,000,000
Global Structured Note Programme
Under this U.S.$40,000,000,000 Global Structured Note Programme (the "Programme")
Deutsche Bank Aktiengesellschaft ("Deutsche Bank AG") acting through its London Branch
("Deutsche Bank AG, London Branch" or the "Issuer") may from time to time issue notes (the
"Notes") denominated in any currency agreed between the Issuer and the relevant Dealer (as
defined below). This Base Prospectus supersedes and replaces in its entirety the Base
Prospectus dated 2nd August, 2007. Any Notes issued under the Programme on or after the date
of this Base Prospectus are subject to the provisions herein. This does not affect any Notes
issued prior to the date of this Base Prospectus.
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF")
in its capacity as competent authority under the Luxembourg Act relating to prospectuses for
securities (Loi relative aux Prospectus pour valeurs mobilières) to approve this document as a
base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive").
Application has also been made to the Luxembourg Stock Exchange for Notes issued under the
Programme to be admitted to trading on the Luxembourg Stock Exchange's regulated market and
to be listed on the Luxembourg Stock Exchange.
Arranger
Deutsche Bank
The date of this Base Prospectus is 1st August, 2008.

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Notes may be issued in bearer or registered form (respectively "Bearer Notes" and "Registered
Notes"). The maximum aggregate nominal amount of all Notes from time to time outstanding
under the Programme will not exceed U.S.$40,000,000,000 (or its equivalent in other currencies
calculated as described in the Programme Agreement described herein), subject to increase as
described herein.
The Notes may be issued on a continuing basis to one or more of the Dealers specified under
"Summary of the Programme" and any additional Dealer appointed under the Programme from
time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be
for a specific issue or on an ongoing basis. References in this Base Prospectus to the "relevant
Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than
one Dealer, be to all Dealers agreeing to purchase such Notes.
References in this Base Prospectus to Notes which are intended to be listed (and all related
references) shall mean that such Notes have been admitted to trading on the Luxembourg Stock
Exchange's regulated market and have been 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 the Markets in Financial Instruments Directive (Directive 2004/39/EC).
Notice of the aggregate nominal amount of Notes, interest (if any) payable in respect of Notes, the
issue price of Notes and any other terms and conditions not contained herein which are applicable
to each Tranche (as defined under "Terms and Conditions of the Notes") of Notes will be set out in
a final terms document (the "Final Terms") which will be delivered to the CSSF.
The Programme provides that Notes may be listed or admitted to trading, as the case may be, on
such other or further stock exchange(s) or markets as may be agreed between the Issuer and the
relevant Dealer. The Issuer may also issue unlisted Notes and/or Notes not admitted to trading on
any market.
Prospective purchasers of Notes should ensure that they understand the nature of the
relevant Notes and the extent of their exposure to risks and that they consider the
suitability of the relevant Notes as an investment in the light of their own circumstances
and financial condition. Certain issues of Notes involve a high degree of risk and potential
investors should be prepared to sustain a loss of all or part of their investment. It is the
responsibility of prospective purchasers to ensure that they have sufficient knowledge,
experience and professional advice to make their own legal, financial, tax, accounting and
other business evaluation of the merits and risks of investing in the notes and are not
relying on the advice of the Issuer or any Dealer in that regard. See "Risk Factors" on
pages 21 to 31. In addition any applicable Final Terms may contain specific risk factors
relating to the relevant issue of Notes.
If the applicable Final Terms specify that Condition 12(a) is applicable and, any withholding tax is
imposed, amongst other things, pursuant to (a) any European Union Directive or Regulation
concerning the taxation of interest income, (b) any international treaty or understanding relating to
such taxation and to which the United Kingdom or the European Union is a party or (c) any
provisions of law implementing, or complying with, or introduced to conform with, such Directive,
Regulation, treaty or understanding, the Issuer shall not be obliged to pay additional amounts with
respect to any Note as a result of the imposition of such withholding tax.
If the applicable Final Terms specify that Condition 12(b) is applicable, the Issuer is not obliged to
gross up any payments in respect of the Notes and shall not be liable for or otherwise obliged to
pay any tax, duty, withholding or other payment which may arise as a result of the ownership,
transfer, presentation and surrender for payment, or enforcement of any Note and all payments

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made by the Issuer shall be made subject to any such tax, duty, withholding or other payment
which may be required to be made, paid, withheld or deducted.
The Notes have not been and will not be registered under the U.S. 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, U.S. persons ("U.S. persons"), as defined in Regulation S ("Regulation
S") under the Securities Act, unless the Notes are registered under the Securities Act or an
exemption from the registration requirements of the Securities Act is available. See "Form of the
Notes" for a description of the manner in which Notes will be issued. Registered Notes are subject
to certain restrictions on transfer, see "Subscription and Sale and Transfer and Selling
Restrictions". Registered Notes may be offered or sold within the United States only to QIBs (as
defined under "Form of the Notes") in transactions exempt from registration under the Securities
Act (see "U.S. Information" below).

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IMPORTANT NOTICES
This Base Prospectus comprises a base prospectus for the purposes of Article 5(4) of the
Prospectus Directive.
The Issuer (the "Responsible Person") accepts responsibility for the information contained
in this Base Prospectus and to the best of the knowledge and belief of the Issuer (which
has taken all reasonable care to ensure that such is the case), the information contained in
this Base Prospectus is in accordance with the facts and does not omit anything likely to
affect the import of such information.
The applicable Final Terms will (if applicable) contain information relating to any underlying
equity security, index, debt security, commodity, fund unit or share, exchange rate or other
item(s) (each a "Reference Item") to which the relevant Notes relate and which is contained
in such Final Terms. However, unless otherwise expressly stated in a Final Terms, 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
by the issuer, owner or sponsor, as the case may be, of such Reference Item. The Issuer
will, unless otherwise expressly stated in the applicable Final Terms, 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 by the issuer, owner or sponsor, as the case
may be, of such Reference Item, no facts have been omitted that would render the
reproduced inaccurate or misleading.
Copies of Final Terms will be available from the registered office of the Issuer and the
specified office set out below of each of the Paying Agents (as defined below). This Base
Prospectus and the Final Terms will also be published on the Luxembourg Stock
Exchange's website at www.bourse.lu.
This Base Prospectus is to be read in conjunction with all documents which are deemed to
be incorporated herein by reference (see "Documents Incorporated by Reference" below).
This Base Prospectus shall be read and construed on the basis that such documents are
incorporated and form part of this Base Prospectus.
The Dealers have not independently verified the information contained herein. Accordingly,
no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by the Dealers as to the accuracy or completeness of
the information contained or incorporated in this Base Prospectus or any other information
provided by the Issuer in connection with the Programme. No Dealer accepts any liability in
relation to the information contained or incorporated by reference in this Base Prospectus
or any other information provided by the Issuer in connection with the Programme.
Subject as provided in the applicable Final Terms, the only persons authorised to use this
Base Prospectus in connection with an offer of Notes are the persons named in the
applicable Final Terms as the relevant Dealer or the Managers and the persons named in or
identifiable following the applicable Final Terms as the Financial Intermediaries, as the case
may be.
No person is or has been authorised by the Issuer to give any information or to make any
representation not contained in or not consistent with this Base Prospectus or any other
information supplied in connection with the Programme or the Notes and, if given or made,
such information or representation must not be relied upon as having been authorised by
the Issuer or any of the Dealers.

5
Neither this Base Prospectus nor any other information supplied in connection with the
Programme or any Notes (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 Base Prospectus or any other information supplied in
connection with the Programme or any Notes should purchase any Notes. Each investor
contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer.
Neither this Base Prospectus nor any other information supplied in connection with the
Programme or the issue of any Notes constitutes an offer or invitation by or on behalf of the
Issuer or any of the Dealers to any person to subscribe for or to purchase any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes
shall in any circumstances imply that the information contained herein concerning the
Issuer is correct at any time subsequent to the date hereof or that any other information
supplied in connection with the Programme is correct as of any time subsequent to the date
indicated in the document containing the same. The Dealers expressly do not undertake to
review the financial condition or affairs of the Issuer during the life of the Programme or to
advise any investor in the Notes of any information coming to their attention.
The Notes in bearer form are subject to U.S. tax law requirements and may not be offered,
sold or delivered within the United States or its possessions or to United States persons,
except in certain transactions permitted by U.S. tax regulations. Terms used in this
paragraph have the meanings given to them by the U.S. Internal Revenue Code and the
regulations promulgated thereunder.
This Base Prospectus does not constitute an offer to sell or the solicitation of an offer to
buy any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or
solicitation in such jurisdiction. The distribution of this Base Prospectus and the offer or
sale of Notes may be restricted by law in certain jurisdictions. The Issuer and the Dealers
do not represent that this Base Prospectus may be lawfully distributed, or that any Notes
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
unless specifically indicated to the contrary in the applicable Final Terms, no action has
been taken by the Issuer or the Dealers which is intended to permit a public offering of any
Notes in any jurisdiction where action for that purpose is required. Accordingly, no Notes
may be offered or sold, directly or indirectly, and neither this Base 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 Base Prospectus or any Notes may come
must inform themselves about, and observe, any such restrictions on the distribution of
this Base Prospectus and the offering and sale of Notes. In particular, there are restrictions
on the distribution of this Base Prospectus and the offer or sale of Notes in the United
States, the European Economic Area (including the United Kingdom, Germany and France),
Japan and Hong Kong (see "Subscription and Sale and Transfer and Selling Restrictions"
on page 179).
In making an investment decision, investors must rely on their own examination of the
Issuer and the terms of the Notes being offered, including the merits and risks involved.
The Notes 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 Base Prospectus or
confirmed the accuracy or determined the adequacy of the information contained in this
Base Prospectus. Any representation to the contrary is unlawful.

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None of the Dealers or the Issuer makes any representation to any investor in the Notes
regarding the legality of its investment under any applicable laws. Any investor in the
Notes should be able to bear the economic risk of an investment in the Notes for an
indefinite period of time.
U.S. INFORMATION
This Base Prospectus is being submitted on a confidential basis in the United States to a
limited number of QIBs (as defined under "Form of the Notes") for informational use solely
in connection with the consideration of the purchase of the Notes 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 Notes 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 Notes is hereby notified that the offer and sale of any Registered Notes to it may
be being made in reliance upon 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 Notes represented by a Rule 144A Global Note or any Notes
issued in registered form in exchange or substitution therefor (together "Legended Notes")
will be deemed, by its acceptance or purchase of any such Legended Notes, to have made
certain representations and agreements intended to restrict the resale or other transfer of
such Notes as set out in "Subscription and Sale and Transfer and Selling Restrictions".
Unless otherwise stated, terms used in this paragraph have the meanings given to them in
"Form of the Notes".
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW
HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW
HAMPSHIRE THAT ANY DOCUMENT FILED UNDER CHAPTER 421-B IS TRUE, COMPLETE
AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION
OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE
SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR
QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO
ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
AVAILABLE INFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of
Notes that are "restricted securities" within the meaning of the Securities Act, the Issuer has
undertaken in a deed poll dated 28th May, 2003 (the "Deed Poll") to furnish, upon the
request of a holder of such Notes 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 15(d) of the U.S. Securities Exchange Act of 1934,

7
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
(Aktiengesellschaft). All the members of the Management Board (Vorstand) or 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 Notes 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 predicted
upon the civil liability provisions of the federal securities or other laws of the United States
or any state thereof.
This Base Prospectus has been prepared on the basis that, except to the extent sub-
paragraph (ii) below may apply, any offer of Notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive (each, a Relevant Member
State) will be made pursuant to an exemption under the Prospectus Directive, as
implemented in that Relevant Member State, from the requirement to publish a prospectus
for offers of Notes. Accordingly any person making or intending to make an offer in that
Relevant Member State of Notes which are the subject of an offering contemplated in this
Base Prospectus as completed by final terms in relation to the offer of those Notes may
only do so (i) in circumstances in which no obligation arises for the Issuer or any Dealer to
publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to
such offer, or (ii) if a prospectus for such offer has been approved by the competent
authority in that Relevant Member State or, where appropriate, approved in another
Relevant Member State and notified to the competent authority in that Relevant Member
State and (in either case) published, all in accordance with the Prospectus Directive,
provided that any such prospectus has subsequently been completed by final terms which
specify that offers may be made other than pursuant to Article 3(2) of the Prospectus
Directive in that Relevant Member State and such offer is made in the period beginning and
ending on the dates specified for such purpose in such prospectus or final terms, as
applicable. Except to the extent sub-paragraph (ii) above may apply, neither the Issuer nor
any Dealer have authorised, nor do they authorise, the making of any offer of Notes in
circumstances in which an obligation arises for the Issuer or any Dealer to publish or
supplement a prospectus for such offer.
All references in this document to "U.S. dollars", "U.S.$" and "$" refer to United States
dollars and to "euro", "Euro", "EUR" and "" refer to the currency introduced at the start of
the third stage of European economic and monetary union pursuant to the Treaty
establishing the European Community, as amended.

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TABLE OF CONTENTS
Page
Important Notices .........................................................................................................................................4
Summary of the Programme .........................................................................................................................9
General Description of the Programme ....................................................................................................... 18
Risk Factors ............................................................................................................................................... 21
Documents Incorporated by Reference........................................................................................................ 32
Cross Reference List................................................................................................................................... 33
Form of the Notes....................................................................................................................................... 36
Applicable Final Terms .............................................................................................................................. 40
Terms and Conditions of the Notes ............................................................................................................. 70
Use of Proceeds........................................................................................................................................ 167
Description of the Issuer and the Deutsche Bank Group ............................................................................ 168
Book Entry Clearance Systems ................................................................................................................. 170
Taxation ................................................................................................................................................... 175
Subscription and Sale and Transfer and Selling Restrictions...................................................................... 179
General Information ................................................................................................................................. 186
______________________________________________
In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named
as the Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in
the applicable Final Terms may over-allot Notes or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager(s) (or persons acting
on behalf of a Stabilising Manager) will undertake stabilisation action. Any stabilisation
action may begin on or after the date on which adequate public disclosure of the final terms
of the offer of the relevant Tranche of Notes is made and, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of
Notes. Any stabilisation action or over-allotment must be conducted by the relevant
Stabilising Manager(s) (or persons acting on behalf of any Stabilising Managers(s)) in
accordance with all applicable laws and rules.

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SUMMARY OF THE PROGRAMME
This summary must be read as an introduction to this Base Prospectus and any decision to
invest in any Notes should be based on a consideration of this Base Prospectus as a whole,
including the documents incorporated by reference. Following the implementation of the
relevant provisions of the Prospectus Directive in each Member State of the European
Economic Area no civil liability will attach to the Responsible Persons in any such Member
State in respect of this Summary, including any translation hereof, unless it is misleading,
inaccurate or inconsistent when read together with the other parts of this Base Prospectus.
Where a claim relating to information contained in this Base Prospectus is brought before a
court in a Member State of the European Economic Area, the plaintiff may, under the
national legislation of the Member State where the claim is brought, be required to bear the
costs of translating the Base Prospectus before the legal proceedings are initiated.
Words and expressions defined in "Form of the Notes" and "Terms and Conditions of the Notes"
below shall have the same meanings in this summary.
Issuer:
Deutsche Bank AG, London Branch
Information about the
History and Development of the Bank
Issuer and the Deutsche
Bank Group:
Deutsche Bank Aktiengesellschaft ("Deutsche Bank AG" or the
"Bank") originated from the reunification of Norddeutsche Bank
Aktiengesellschaft, Hamburg, Rheinisch-Westfälische Bank
Aktiengesellschaft,
Düsseldorf and Süddeutsche Bank
Aktiengesellschaft, Munich; pursuant to the Law on the Regional Scope
of Credit Institutions, these had been disincorporated in 1952 from
Deutsche Bank AG which was founded in 1870. The merger and the
name were entered in the Commercial Register of the District Court
Frankfurt am Main on 2nd May, 1957. Deutsche Bank AG is a banking
institution and a stock corporation incorporated under the laws of
Germany under registration number HRB 30 000. The Bank has its
registered office in Frankfurt am Main, Germany. It maintains its head
office at Theodor-HeussAllee 70, 60486 Frankfurt am Main
(telephone: +49-69-910-00) and branch offices in Germany and abroad
including in London, New York, Sydney, Tokyo and an Asia-Pacific
Head Office in Singapore which serve as hubs for its operations in the
respective regions.
The Bank is the parent company of a group consisting of banks, capital
market companies, fund management companies, a property finance
company, instalment financing companies, research and consultancy
companies and other domestic and foreign companies (the "Deutsche
Bank Group").
The objects of Deutsche Bank AG, as laid down in its Articles of
Association, include the transaction of all kinds of banking business,
the provision of financial and other services and the promotion of
international economic relations. The Bank may realise these
objectives itself or through subsidiaries and affiliated companies. To the
extent permitted by law, the Bank is entitled to transact all business and
to take all steps which appear likely to promote the objectives of the
Bank, in particular: to acquire and dispose of real estate, to establish

10
branches at home and abroad, to acquire, administer and dispose of
participations in other enterprises, and to conclude enterprise
agreements.
Deutsche Bank AG operates through three group divisions each of
which is not established as a separate company but is rather operated
across Deutsche Bank Group:
(1) The Corporate and Investment Bank ("CIB") comprises the
following Corporate Divisions:
Corporate Banking & Securities ("CB&S") comprises the
following Business Divisions:
Global Markets comprises all sales, trading, structuring and
research in a wide range of financial products.
Corporate Finance comprises M&A advisory, Equity Capital
Markets ("ECM"), Leveraged Debt Capital Markets ("LDCM"),
Commercial Real Estate ("CRE"), Asset Finance & Leasing
("AFL") and corporate lending services.
Global Transaction Banking ("GTB")comprises commercial
banking products and services for corporate clients and financial
institutions, including domestic and cross-border payments,
professional risk mitigation for international trade and the
provision of trust, agency, depositary, custody and related
services. Business units include Cash Management for
Corporates and Financial Institutions, Trade Finance and Trust
& Securities Services.
(2) Private Clients and Asset Management ("PCAM") comprises the
following Corporate Divisions:
Private & Business Clients ("PBC") offers banking services to
private customers as well as small and medium-sized business
clients. The range of services encompasses loans, current
accounts and deposits and payment services as well as securities
and mutual funds and portfolio investment advisory.
Asset and Wealth Management ("AWM") comprises the following
Business Divisions:
Asset Management comprises four delineated business lines:
Retail, Alternatives, Institutional and Insurance. AM serves retail
clients with a full range of mutual fund products and institutional
clients with a fully integrated offering, from traditional asset
management products through to high-value products including
absolute return strategies and real estate asset management.
Private Wealth Management offers an integrated approach to
wealth management, both onshore and offshore, for high net
worth individuals and families in over 85 offices in more than 30
countries.
(3) Corporate Investments ("CI").