Bond Deutsch Bahn 5% ( XS0311212723 ) in EUR

Issuer Deutsch Bahn
Market price 100 %  ▼ 
Country  Germany
ISIN code  XS0311212723 ( in EUR )
Interest rate 5% per year ( payment 1 time a year)
Maturity 24/07/2019 - Bond has expired



Prospectus brochure of the bond Deutsche Bahn XS0311212723 in EUR 5%, expired


Minimal amount 50 000 EUR
Total amount 600 000 000 EUR
Detailed description Deutsche Bahn (DB) is Germany's national railway company, operating passenger and freight services throughout the country and internationally.

The Bond issued by Deutsch Bahn ( Germany ) , in EUR, with the ISIN code XS0311212723, pays a coupon of 5% per year.
The coupons are paid 1 time per year and the Bond maturity is 24/07/2019







PROSPECTUS
Deutsche Bahn Aktiengesellschaft
(Berlin, Federal Republic of Germany)
Deutsche Bahn Finance B.V.
(Amsterdam, The Netherlands)
10,000,000,000
Debt Issuance Programme
Application has been made to list and trade the notes (the "Notes") to be issued under the Programme
on the Euro MTF Market operated by the Luxembourg Stock Exchange. The Notes may be listed and
traded on further or other non-regulated markets or not be listed at all.
The payments of all amounts due in respect of the Notes issued by Deutsche Bahn Finance B. V. will
be unconditionally and irrevocably guaranteed by Deutsche Bahn Aktiengesellschaft.
Arranger
Deutsche Bank
Dealers
ABN AMRO
Citigroup
Deutsche Bank
DZ BANK AG
Dresdner Kleinwort
Merrill Lynch International
Morgan Stanley
Société Générale Corporate & Investment Banking
UBS Investment Bank
WestLB AG
The date of this Prospectus is 21 December 2006. This Prospectus is valid for a period of 12 months
from such date and it replaces the Information Memorandum dated 15 December 2005. It is available
at the website of the Luxembourg Stock Exchange (www.bourse.lu) and Deutsche Bahn
Aktiengesellschaft (www.db.de).


THIS PROSPECTUS
This Prospectus (hereinafter, the "Prospectus") has been drawn up in order to permit the admission
of Notes issued under this Programme to trading on the Euro MTF Market operated by the Luxembourg
Stock Exchange.
This Prospectus fulfills the requirements for a prospectus pursuant to Part IV of the Luxembourg Law
relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières, the
"Luxem bourg Law") which implements Directive 2003/71/EC of the European Parliament and the
Council of 4 November 2003 (the "Prospectus Directive") and Subchapter 2 of Chapter XI of the
Rules and regulations of the Luxembourg Stock Exchange, as amended. It does not constitute a
prospectus pursuant to Part II of the Luxemburg Law and does not purport to meet the format and
dis closure requirements of the Prospectus Directive and Commission Regulation (EC) No. 809/2004
on the implementing measures of the Prospectus Directive. This Prospectus has not been, and will
not be, submitted for approval to any competent authority within the meaning of the Prospectus
Directive. Notes issued under the Programme will therefore not qualify for the benefit of the single
European passport pursuant to the Prospectus Directive.
SELLING RESTRICTION IN THE EUROPEAN ECONOMIC AREA
In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a "Relevant Member State"), with effect from and including the date on
which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant
Im plementation Date") no offers of Notes shall be made to the public in that Relevant Member State,
except that, with effect from and including the Relevant Implementation Date, an offer of Notes to
the public in that Relevant Member State may be made:
(a) in the period beginning on the date of publication of a prospectus in relation to those Notes which
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, all in accordance with the Prospectus Directive, and ending on the
date which is 12 months after the date of such publication;
(b) at any time to legal entities which are authorised or regulated to operate in the financial markets
or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities;
(c) at any time to any legal entity which has two or more of (1) an average of at least 250 employees
during the last financial year; (2) a total balance sheet of more than 43,000,000 and (3) an annual
turnover of more than 50,000,000, all as shown in its last annual or consolidated accounts; or
(d) at any time in any other circumstances which do not require the publication by the Issuer of a
prospectus pursuant to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any
Notes in any Relevant Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor
to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by
any measure implementing the Prospectus Directive in that Member State and the expression
"Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure
in each Relevant Member State.
Further selling restrictions regarding other jurisdictions are set out beginning on page 140 of this
document.
2


RESPONSIBILITY STATEMENT
Deutsche Bahn Aktiengesellschaft, with registered office in Berlin, Federal Republic of Germany
("Deutsche Bahn AG", "Deutsche Bahn" or "DB AG" and together with its subsidiaries and affiliates
"DB Group", referred to herein as an "Issuer" or the "Guarantor") and Deutsche Bahn Finance B. V.,
with registered office in Amsterdam, The Netherlands ("Deutsche Bahn Finance", an "Issuer" and
together with Deutsche Bahn AG the "Issuers") are solely responsible for the information given in
this Prospectus.
Each Issuer and the Guarantor hereby declare that, having taken all reasonable care to ensure that
such is the case, the information contained in this Prospectus is, to the best of their knowledge, in
accordance with the facts and contains no omission likely to affect its import.
NOTICE
Each Issuer and the Guarantor (as defined herein) have confirmed to the dealers set forth on the
cover page (each a "Dealer" and together the "Dealers") that this Prospectus contains all information
with regard to the Issuers and the Notes which is material in the context of the Programme and the
issue and offering of Notes thereunder; that the information contained herein with respect to the
Issuers and the Notes is accurate in all material respects and is not misleading; that any opinions and
intentions expressed herein are honestly held and based on reasonable assumptions; that there are
no other facts, the omission of which would make any statement, whether fact or opinion, in this
Prospectus misleading in any material respect; and that all reasonable enquiries have been made to
ascertain all facts and to verify the accuracy of all statements contained herein.
Deutsche Bahn and Deutsche Bahn Finance have undertaken with the Dealers to publish a supplement
to this Prospectus or to publish a new Prospectus if and when the information herein should become
materially inaccurate or incomplete or 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 Notes and, where approval by the Luxembourg Stock Exchange of any such
document is required, upon such approval having been given.
No person has been authorized to give any information which is not contained in or not consistent
with this Prospectus or any other document entered into in relation to the Programme or any
information supplied by any Issuer or such other information as in the public domain and, if given or
made, such information must not be relied upon as having been authorized by the Issuers, the
Guarantor, the Dealers or any of them.
No Dealer nor any other person mentioned in this Prospectus, excluding the Issuers, is responsible
for the information contained in this Prospectus or any amendment or supplement thereof, or any
Final Terms (as defined below) or any other document incorporated herein by reference, and
accordingly, and to the extent permitted by the laws of any relevant jurisdiction, none of these
persons accepts any responsibility for the accuracy and completeness of the information contained
in any of these documents. This Prospectus does not constitute an offer or an invitation by the Issuers
or by the Dealers or any of them to subscribe for or purchase any of the Notes.
The Dealers do not constitute an underwriting syndicate or otherwise take responsibility for the
subscription, sale or other matters in connection with any issue of Notes under this Programme
except to the extent that any Dealer takes part in such issue as manager, underwriter, selling agent or
in a similar capacity.
This Prospectus should be read and understood in conjunction with any amendment or supplement
hereto and with any other documents incorporated herein by reference and, in relation to any Series
of Notes, together with the relevant final terms (the "Final Terms").
This Prospectus is valid for 12 months following its date of publication and it and any amendment or
supplement thereto as well as any Final Terms reflect the status as of their respective dates of issue.
3


The offering, sale or delivery of any Notes may not be taken as an implication that the information
contained in such documents is accurate and complete subsequent to their respective dates of issue
or that there has been no adverse change in the financial condition of the Issuers 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 distribution of this Prospectus and any Final Terms and the offering, sale and delivery of any of
the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this
Prospectus or any Final Terms comes are required by the Issuers and the Dealers to inform themselves
about and to observe any such restrictions. For more information, see "Selling Restrictions".
The legally binding language of this Prospectus is the English language; except for the Guarantee
and Negative Pledge where the German language shall be binding and except for the Terms and
Conditions of the Notes for specific Tranches where the legally binding language will be specified in
the applicable Final Terms.
This Prospectus may be used only for the purposes for which it has been published.
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 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.
4


TABLE OF CONTENTS
Page
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Summary in respect of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Summary in respect of Deutsche Bahn Aktiengesellschaft. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Summary in respect of Deutsche Bahn Finance B. V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Summary in respect of Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12

The Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12

Deutsche Bahn AG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12

Deutsche Bahn Finance B. V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Risk Factors with respect to Deutsche Bahn Aktiengesellschaft . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Risk Factors with respect to Deutsche Bahn Finance B. V.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Risk Factors with respect to the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 6
GENERAL DESCRIPTION OF THE PROGRAMME. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Issue Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20

General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20

Long-Form Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21

Integrated Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
TERMS AND CONDITIONS OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
English Language Version . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
German Language Version. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
FORM OF GUARANTEE AND NEGATIVE PLEDGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
German Language Version (legally binding) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
English Language Version . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
61
FORM OF FINAL TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
Part I: Terms and Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65
Part II: Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
DEUTSCHE BAHN AKTIENGESELLSCHAFT AS ISSUER AND GUARANTOR . . . . . . . . . . . . . . . .
82
Establishment, Duration and Seat. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
Objects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
Share Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
Financial Year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
Principles of Cooperation within the DB Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
Liability for Obligations of DB AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
83
Financial Relationships to the Federal Republic of Germany or the Federal States . . . . . . . . . . .
84
Corporate Bodies and Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
84
Capitalisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
Shareholders' Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
Independent Auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
Deutsche Bahn at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90
Selected Financial Information of DB Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94

Consolidated Interim Financial Statements (unaudited) 2006 . . . . . . . . . . . . . . . . . . . . . . . . .
94


Consolidated Statement of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94
Consolidated
Balance
Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95
Consolidated
Statement
of
Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97

Consolidated Annual Financial Statements 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98


Consolidated Statement of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98


Consolidated Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99


Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101
Recent Developments and Outlook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 2
5


DEUTSCHE BAHN FINANCE B. V. AS ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 3
Incorporation, Duration and Registered Seat. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 3
Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 3
Share Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 3
Capitalisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 3
Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 4
General Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 4
Independent Auditors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 4
Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 4
Recent Developments and Outlook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 4
Financial Statements of Deutsche Bahn Finance B. V. ­ 200 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 6
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 4
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 4
The Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 6
EU Savings Tax Directive. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 8
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140

General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140

France. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140

Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140

United Kingdom of Great Britain and Northern Ireland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
141

United States of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
141

The Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
Authorisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
Listing Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144
Material Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144
Availability of Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
144
Incorporated by Reference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
145
NAMES AND ADDRESSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
146
6


SUMMARY
The following constitutes the summary (the "Summary") of the essential characteristics and risks
associated with each Issuer and the Notes to be issued under the Programme. This Summary should
be read as an introduction to this Prospectus. Any decision by an investor to invest in the Notes
should be based on consideration of this Prospectus as a whole and the relevant Final Terms. Where
a claim relating to the information contained in this Prospectus and the relevant Final Terms is
brought before a court, the plaintiff investor might, under the national legislation of such court, have
to bear the costs of translating the Prospectus and the relevant Final Terms before the legal
proceedings are initiated. Civil liability attaches to those persons who have tabled this Summary
including any translation thereof, and applied for its notification, but only if the Summary is
misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus.
The following description of certain general features of the Programme does not purport to be
complete and is taken from and qualified in its entirety by the remainder of this Prospectus and, in
relation to the terms and conditions of any particular tranche of Notes, the applicable Final Terms.
Summary in respect to the Notes
Issuers:
Deutsche Bahn Aktiengesellschaft ("Deutsche Bahn AG")
Deutsche Bahn Finance B. V. ("Deutsche Bahn Finance")
Guarant
Guar
or:
ant
Deutsche Bahn AG, in respect of Notes issued by Deutsche Bahn Finance,
(in such capacity, the "Guarantor")
Arr
Ar ang
r
er:
ang
Deutsche Bank Aktiengesellschaft
Dealers:
ABN AMRO Bank N. V.
Citigroup Global Markets Limited
Deutsche Bank Aktiengesellschaft
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Dresdner Bank Aktiengesellschaft
Merrill Lynch International
Morgan Stanley & Co. International Limited
Société Générale
UBS Limited
WestLB AG
Fiscal Ag
Fiscal A ent:
g
Deutsche Bank Aktiengesellschaft
Pa
P ying A
a
g
ying A ents:
g
Deutsche Bank Aktiengesellschaft
Deutsche Bank Luxembourg S. A.
and other institutions, all as indicated in the applicable Final Terms.
Luxembour
Lux
g
embour
Deutsche Bank Luxembourg S. A.
Listing Ag
Listing A ent:
g
Selling Restrictions:
Selling Restr
The Notes issued under the Programme must not be offered and sold to the
public in the European Economic Area, save under the exemptions as set out
in the Prospectus Directive. There will be also specific restrictions on the offer
and sale of Notes and the distribution of offering material in France, Italy, the
United Kingdom, the United States of America, The Netherlands and Japan
and such other restrictions as may be required under applicable law in
connection with the offering and sale of a particular Tranche of Notes.
Specified
Specified
Subject to any applicable legal or regulatory restrictions and requirements of
Curr
Cur encies:
r
relevant central banks, Notes may be issued in euro or any other currency
agreed by the Issuers and the relevant Dealer.
7


Denominations
Notes will be issued in such denominations as may be agreed between the
of Notes:
of Not
relevant Issuer and the relevant Dealer and as indicated in the applicable Final
Terms save that the minimum denomination of the Notes will be at least
Euro 1,000 or an amount in any other currency which is at least equivalent on
the issue date, save that the minimum denomination of the Notes will be such
as may be allowed or required from time to time by the relevant central bank
(or equivalent body) or any laws or regulations applicable to the relevant
Specified Currency.
Unless otherwise permitted by then current laws and regulations, Notes in
respect of which the issue proceeds are to be accepted by the relevant Issuer
in the United Kingdom will have a minimum redemption amount of £ 100,000
(or its equivalent in other currencies), unless such Notes may not be redeemed
until on or after the first anniversary of their date of issue.
Fo
F r
o m
r of Not
m
es:
of Not
Notes may be issued in bearer form only.
Notes to which U. S. Treasury Regulation § 1.163-5(c)(2)(i)(C) (the "TEFRA C
Rules") apply ("TEFRA C Notes") will be represented by a permanent global
Note in bearer form, without interest coupons, in a principal amount equal to
the aggregate principal amount of such Notes ("Permanent Global Note").
Notes to which U. S. Treasury Regulation § 1.163-5 (c)(2)(i)(D) (the "TEFRA D
Rules") apply ("TEFRA D Notes") will be represented initially by a temporary
global note in bearer form, without interest coupons, in an initial principal
amount equal to the aggregate principal amount of such Notes ("Temporary
Global Note") which will be exchanged for Notes represented by one or more
Permanent Global Note(s), in each case not earlier than 40 days and not later
than 180 days after the completion of distribution of the Notes comprising the
relevant Tranche upon certification of non U. S.-beneficial ownership in the
form available from time to time at the specified office of the Fiscal Agent.
Notes to which neither the TEFRA C Rules nor the TEFRA D Rules apply will be
represented by a Permanent Global Note.
As a general rule, Deutsche Bahn AG and Deutsche Bahn Finance issue Notes
in global form only.
Status of the Not
Stat
es:
us of the Not
The Notes will constitute unsecured and unsubordinated obligations of the
respective Issuer ranking pari passu among themselves and pari passu with
all other unsecured and unsubordinated obligations of the respective Issuer.
Description of
Descr
Notes may be either interest bearing at fixed or variable rates or non-interest
Notes:
Not
bearing, with principal repayable at a fixed amount or by reference to a formula
as may be agreed between the relevant Issuer and the relevant Dealer as
specified in the applicable Final Terms.
Fixed Rat
Fix
e Not
ed Rat
es:
e Not
Fixed Rate Notes bear a fixed interest income throughout the entire term of
the Notes. Fixed interest will be payable on such basis as may be agreed
between the relevant Issuer and the relevant Dealer as specified in the Final
Terms.
Floating Rate Not
Floating Rat
es:
e Not
Floating Rate Notes will bear interest at a rate determined (and as adjusted for
any applicable margin):
­ on the same basis as the floating rate under a notional interest rate swap
transaction in the relevant specified currency governed by an agreement
incorporating the 2000 ISDA Definitions (as published by the International
Swap and Derivatives Association, Inc., and as amended and updated as at
8


the date on which the first Tranche of the Notes of the relevant Series is
issued),
­ on the basis of a reference rate appearing on the agreed screen page of a
commercial quotation service, or
­ on such basis as indicated in the Final Terms.
The margin (if any) relating to such floating rate will be indicated in the Final
Terms for each Series of Floating Rate Notes. Interest periods for Floating Rate
Notes will be one, two, three, six or twelve months or such other period(s) as
may be agreed between the relevant Issuer and the relevant Dealer, as
indicated in the Final Terms.
Index Linked
Index Link
Payments of interest in respect of Index Linked Interest Notes will be made by
Inter
Int est Not
er
es:
est Not
reference to a single index or other factors (including changes in the price of
securities and commodities or movements in exchange rates) and/or such
formula as may be specified by the relevant Issuer and the relevant Dealer, as
indicated in the Final Terms.
Struct
Str
ur
uct
ed Floating
ur
A Floating Rate Note may include multipliers or other leverage factors, or caps
Rate Not
Rat
es:
e Not
or floors, or any combination of those features or other similar related
features.
Zero Coupon Not
Zer
es:
o Coupon Not
Zero Coupon Notes will be offered and sold either at a discount to their
principal amount or on an accumulated basis, in each case without periodic
payments of interest.
Dual Curr
Dual Cur ency
r
Dual Currency Notes are Notes where payment of principal and payment of
Notes:
Not
interest can be made in different currencies. Payments (whether in respect of
principal or interest and whether at maturity or otherwise) in respect of Dual
Currency Notes will be made in such currencies, and based on such rates of
exchange, as the relevant Issuer and the relevant Dealer may agree, as
indicated in the Final Terms.
Instalment Notes:
Instalment Not
Instalment Notes are Notes, where payment of principal is made in instalments.
Instalment will be made as the relevant Issuer and the relevant Dealer(s) may
agree, as indicated in the Final Terms.
Index Linked Not
Index Link
es:
ed Not
Index Linked Notes may be issued as Index Linked Interest Notes or Index
Linked Redemption Notes or a combination of both.
Index Linked
Index Link
Payments of principal in respect of Index Linked Redemption Notes will be
Redemption Notes:
Redemption Not
calculated by reference to a single index or other factors (including changes in
the price of securities and commodities or movements in exchange rates) and/
or such formula as may be specified by the relevant Issuer and the relevant
Dealer(s), as indicated in the Final Terms. Each nominal amount of Notes equal
to the lowest specified denomination specified in the Final Terms will be
redeemed by payment of the redemption amount specified in or as determined
pursuant to provisions in the Final Terms.
Other pro
Other pr visions in
o
Floating Rate Notes and Index Linked Interest Notes may also have a maximum
relation to Floating
r
interest rate ("Cap"), a minimum interest rate ("Floor") or both.
Rate Not
Rat
es and
e Not
Index Linked
Index Link
Interest on Floating Rate Notes and Index Linked Interest Notes in respect of
Inter
Int est Not
er
es:
est Not
each Interest Period, as selected prior to issue by the relevant Issuer and the
relevant Dealer, will be payable on such Interest Payment Dates specified in, or
determined pursuant to, the Final Terms and will be calculated as indicated in
the Final Terms.
9


Credit Link
Cr
ed Not
edit Link
es:
ed Not
Credit Linked Notes may be issued relating to one or more reference entities,
as specified in the Final Terms. Such Notes may be redeemed prior to their
scheduled maturity and at less than their principal amount on the occurrence
of a credit event, as specified in the Final Terms, and interest on such Notes
may cease to accrue prior to the scheduled maturity of such Notes or may, due
to potential principal reductions, be reduced on the occurrence of such credit
event. On the occurrence of a credit event and if so specified in the Final Terms,
such Notes may be redeemed by settlement in the form of physical delivery of
certain assets.
Equity Linked Not
Equity Link
es:
ed Not
Equity Linked Notes may be issued in the form of Equity Linked Interest Notes
or Equity Linked Redemption Notes or a combination of both.
Equity Linked
Equity Link
Payments of interest in respect of Equity Linked Interest Notes will be calculated
Inter
Int est Not
er
es:
est Not
by reference to a single equity security or a basket of equity securities on such
terms as indicated in the Final Terms.
Equity Linked
Equity Link
Payments of principal in respect of Equity Linked Redemption Notes will be
Redemption Notes:
Redemption Not
calculated by reference to a single equity security or a basket of equity
securities. Each principal amount of Notes equal to the lowest specified
denomination specified in the Final Terms will be redeemed by payment of
the redemption amount specified in, or as determined pursuant to provisions
in the Final Terms.
Other Notes:
Other Not
Notes may be of any other type which the relevant Issuer and the relevant
Dealer may agree. The terms governing any such Notes will be specified in the
Final Terms.
Matur
Mat
ities:
ur
Such maturities as may be agreed between the relevant Issuer and the relevant
Dealer and as indicated in the applicable Final Terms, provided that each Note
shall have a maturity of not less than twelve months calculated from and
including the date on which such Note is issued to and including its maturity
date and subject to such minimum or maximum maturities as may be allowed
or required from time to time by the relevant central bank (or equivalent body)
or any laws or regulations applicable to the relevant Issuer or the relevant
Specified Currency.
Redemption:
The applicable Final Terms will indicate either that the Notes cannot be
redeemed prior to their stated maturity (except for taxation reasons, or upon
the occurrence of an event of default) or that such Notes will be redeemable at
the option of the relevant Issuer and/or the Holders upon giving notice within
the notice period (if any) indicated in the applicable Final Terms to the Holders
or the relevant Issuer, as the case may be, on a date or dates specified prior to
such stated maturity and at a price or prices and on such terms as indicated in
the applicable Final Terms.
Unless otherwise permitted by then current laws and regulations, Notes in
respect of which the issue proceeds are to be accepted by the relevant Issuer
in the United Kingdom will have a minimum redemption amount of £ 100,000
(or its equivalent in other currencies), unless such Notes may not be redeemed
until on or after the first anniversary of their date of issue.
Early Redemption
Ear
Early redemption for taxation reasons will be permitted as provided in § 5 of
for Taxation
f
the Terms and Conditions of the Notes.
Reasons:
Taxation:
T
Payments of principal and interest in respect of the Notes will be made without
withholding or deduction for or on account of any present or future taxes or
duties of whatever nature imposed or levied by or on behalf of the country
10