Obbligazione Deutsch Bank AG 0% ( DE000DB9DMQ9 ) in USD

Emittente Deutsch Bank AG
Prezzo di mercato 100 USD  ▲ 
Paese  Germania
Codice isin  DE000DB9DMQ9 ( in USD )
Tasso d'interesse 0%
Scadenza 13/04/2017 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione DEUTSCHE BANK AG DE000DB9DMQ9 in USD 0%, scaduta


Importo minimo /
Importo totale /
Descrizione dettagliata Deutsche Bank AG è una delle maggiori banche tedesche, attiva a livello globale nei servizi finanziari, tra cui la gestione patrimoniale, l'investment banking e il credito commerciale.

The Obbligazione issued by Deutsch Bank AG ( Germany ) , in USD, with the ISIN code DE000DB9DMQ9, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 13/04/2017







15 May 2006
Deutsche Bank Aktiengesellschaft
Registration Document
Pursuant to Art. 5 (3) of the Directive 2003/71/EC and § 12 (1) 3 German Securities
Prospectus Act (Wertpapierprospektgesetz)
English Language Version


Approval, Publication and Validity of Registration Document
This Registration Document has been approved pursuant to § 13 subsection 1 of the Securities Pro-
spectus Act by the Bundesanstalt für Finanzdienstleistungsaufsicht (the "BAFIN"). It has been pub-
lished on the website of Deutsche Bank (www.db.com/ir) Aktiengesellschaft (hereinafter also referred
to as "Deutsche Bank", or the "Bank") on the date of its approval.
The Registration Document is valid for a period of twelve months from the date of its publication and
it reflects the status as of its respective date of publication. The document is only valid for debt and
derivative securities and those securities which are not covered by article 4 of the Commission Regu-
lation (EC) No 809/2004, such as bonds, including certificates, and money market papers. The con-
tents of the Registration Document will be updated in accordance with the provisions of the Directive
2003/71/EC ("EU Prospectus Directive") and the applicable provisions of any national laws imple-
menting such Directive.
This Registration Document does not constitute an offer of or an invitation by or on behalf of
Deutsche Bank to subscribe for or purchase any Notes and should not be considered as a recommen-
dation by Deutsche Bank that any recipient of this Registration Document should subscribe for or
purchase any Notes Deutsche Bank may issue. No person has been authorized by Deutsche Bank to
give any information or to make any representation other than those contained in this document or
consistent with this document. If given or made, any such information or representation should not
be relied upon as having been authorized by Deutsche Bank.
2


Table of Contents
Page
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Information about Deutsche Bank
History and Development of the Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Organisational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Trend Information / Recent Developments and Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Administrative, Management, and Supervisory Bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Major Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
General Information
Legal and Arbitration Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
Significant Change in Deutsche Bank's Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Material Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Third Party Information and Statement by Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Documents on Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Persons Responsible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Financial Report 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-1
Financial Report 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-205
Annual Financial Statements and Management report of Deutsche Bank AG 2005 . . . . . . . .
F-405
Interim Report as of 31 March 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-443
Signature Page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
3


Risk Factors
An investment in debt securities, including certificates, and money market papers issued by Deutsche
Bank bears the risk that Deutsche Bank is not able to fulfil its obligations created by the issuance of
the securities on the relevant due date.
In order to assess the risk, prospective investors should consider all information provided in this
Registration Document and consult with their own professional advisers if they consider it necessary.
The risk related to an Issuer's ability to fulfill its obligations created by the issuance of debt securities
and money market papers is described by reference to the credit ratings assigned by independent
rating agencies. A credit rating is an assessment of the solvency or credit-worthiness of creditors
and/or bond-issuers according to established credit review procedures. These ratings and associated
research help investors analyse the credit risks associated with fixed-income securities by providing
detailed information of the ability of issuers to meet their obligations. The lower the assigned rating
is on the respective scale, the higher the respective rating agency assesses the risk that obligations
will not, not fully and/or not timely be met. A rating is not a recommendation to buy, sell or hold any
notes issued and may be subject to suspension, reduction or withdrawal at any time by the assigning
rating agency. A suspension, reduction or withdrawal of any rating assigned may adversely affect the
market price of the notes issued.
Deutsche Bank is rated by Standard & Poor's Ratings Services, a division of The McGraw-Hill Compa-
nies, Inc.("S&P"), Moody's Investors Service, Inc. ("Moody's") and by Fitch Ratings Limited ("Fitch",
together with S&P and Moody's, the "Rating Agencies").
As of the Publication Date of this Registration Document, the ratings assigned by the Rating Agencies
to debt securities and money market papers of Deutsche Bank were as follows:
by S&P:
long-term rating:
AA­
short-term rating:
A-1+
outlook:
stable
S&P defines:
AA­:
An obligation rated "AA" differs from the highest rated obligations only in
small degree.The obligor's capacity to meet its financial commitment on the
obligation is very strong.
Long-term ratings by S&P are divided into several categories ranging from
"AAA", reflecting the strongest creditworthiness, over categories "AA", "A",
"BBB", "BB", "B" "CCC", "CC", "C" to category "D", reflecting that an obligation
is in payment default. The ratings from "AA" to "CCC" may be modified by the
addition of a plus ("+") or minus ("­") sign to show relative standing within the
major rating categories.
A-1+:
A short-term obligation rated "A-1" is rated in the highest category by S&P.
The obligor's capacity to meet its financial commitment on the obligation is
strong. Within this category, certain obligations are designated with a plus
sign ("+"). This indicates that the obligor's capacity to meet its financial com-
mitment on these obligations is extremely strong.
Short-term ratings by S&P are divided into several categories ranging from
"A-1", reflecting the strongest creditworthiness, over categories "A-2", "A-3",
"B", "C" to category "D' reflecting that an obligigation is in payment default.
by Moody's:
long-term rating:
Aa3
short-term rating:
P-1
outlook:
stable
4


Moody's defines:
Aa3:
Obligations rated "Aa" are judged to be of high quality and are subject to very
low credit risk.
Moody's long-term obligation ratings are divided into several categories rang-
ing from "Aaa", reflecting the highest quality with minimal credit risk, over
categories "Aa", "A", "Baa", "Ba", "B", "Caa", "Ca" to category "C", reflecting the
lowest rated class of bonds which are typically in default with little prospect for
recovery of principal or interest. Moody's appends numerical modifiers 1, 2
and 3 to each generic rating classification from "Aa" through "Caa". The modi-
fier 1 indicates that the obligation ranks in the higher end of its generic rating
category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indi-
cates a ranking in the lower end of that generic rating category.
P-1:
Issuers rated Prime-1 have a superior ability to repay short-term debt obliga-
tions.
Moody's short-term ratings are divided into several categories ranging from
"P-1", reflecting a superior ability of an Issuer to repay short-term debt obliga-
tions, over categories "P-2" and "P-3" to category "NP", reflecting that an
Issuer does not fall within any of the Prime rating categories.
by Fitch:
long-term rating:
AA­
short-term rating:
F1+
outlook:
stable
Fitch defines:
AA­:
A rating of "AA" denotes a very low expectation of credit risk. It indicates a
very strong capacity for timely payment of financial commitments. This capa-
city is not significantly vulnerable to foreseeable events.
Fitch's long-term ratings are divided into several major categories ranging
from "AAA", reflecting the highest credit quality, over categories "AA", "A",
"BBB", "BB", "B", "CCC, CC, C" to category "DDD, DD, D", reflecting that an obli-
gor has defaulted on some or all of its obligations. A plus ("+") or minus ("­")
sign may be appended to a rating to denote the relative status within major
rating categories. Such suffixes are not added to the "AAA" category or to cate-
gories below "CCC".
F1+:
A rating of "F1" indicates the strongest capacity for timely payment of financial
commitments. It may have an added plus ("+") sign to denote any exception-
ally strong credit feature.
Fitch's short-term ratings are divided into several categories ranging from "F1",
reflecting the highest credit quality, over categories "F2", "F3", "B", "C" to cate-
gory "D" which denotes an actual or imminent payment default.
Rating of Subordinated Obligations
If Deutsche Bank enters into subordinated obligations, these obligations may be rated lower because,
in the case of an insolvency or liquidation of the Bank, the claims and interest claims resulting from
these obligations are subordinate to those claims of creditors of the Bank that are not also subordi-
nated. Deutsche Bank will disclose the ratings of subordinated obligations (if any).
5


Information about Deutsche Bank
History and Development of the Bank
Deutsche Bank Aktiengesellschaft originated from the reunification of Norddeutsche Bank Aktienge-
sellschaft, 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 which was founded in 1870. The merger
and the name were entered in the Commercial Register of the District Court Frankfurt am Main on
2 May 1957. Deutsche Bank is a banking institution and a stock corporation incorporated under the
laws of Germany under registration number HRB 30 000.
The objects of Deutsche Bank, 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 inter-
national 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 branches at home and abroad, to acquire, administer and dis-
pose of participations in other enterprises, and to conclude enterprise agreements.
Deutsche Bank has its registered office in Frankfurt am Main, Germany. It maintains its head office at
Taunusanlage 12, 60325 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 Singa-
pore which serve as hubs for its operations in the respective regions.
Deutsche 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"). To
the significant companies of Deutsche Bank Group belong:
Deutsche Bank Privat- und Geschäftskunden Aktiengesellschaft (Frankfurt am Main, Germany)
serves private individuals, affluent clients and small business clients with banking products.
Taunus Corporation (Delaware, United States) is a holding company for most of Deutsche Bank
Group's companies in the United States, including:
·
Deutsche Bank Trust Company Americas (New York, United States) is a subsidiary of Taunus Cor-
poration. Deutsche Bank Trust Company Americas is a New York State-chartered bank which origi-
nates loans and other forms of credit, accepts deposits, arranges financings and provides numer-
ous other commercial banking and financial services.
·
Deutsche Bank Securities Inc. (Delaware, United States) is a subsidiary of Taunus Corporation.
Deutsche Bank Securities Inc. is a U. S. SEC-registered broker dealer and a member of, and regu-
lated by, the New York Stock Exchange. It is also regulated by the individual state securities autho-
rities in the states in which it operates.
DB Capital Markets (Deutschland) GmbH (Frankfurt am Main, Germany) is a German limited liability
company and operates as a holding company for a number of European subsidiaries, mainly institu-
tional and mutual fund management companies located in Germany, Luxembourg, France, Austria,
Zwitzerland, Italy, Poland and Russia, including DWS Investment GmbH (Frankfurt am Main, Ger-
many), in which DB Capital Markets (Deutschland) GmbH indirectly owns 100 % of the equity and vot-
ing interests.
DB Investments (GB) Limited (London, United Kingdom) principally acts as an investment holding
company. It is a direct subsidiary of Deutsche Bank AG and is the holding company for most of
Deutsche Bank Group's subsidiaries in the United Kingdom providing financial services in the United
Kingdom and to clients outside the United Kingdom (principally centered around the international
equities business). Its subsidiaries also provide equity capital for unlisted companies and arrange
purchases of interests in companies by their managements.
6


DB Value GmbH (Soessen-Gostau, Germany) ist the holding company for DB Equity S.à r. L., Luxem-
bourg, which ist the holding company for Deutsche Bank Group's major industrial shareholdings
(Allianz-Aktiengesellschaft, DaimlerChrysler Aktiengesellschaft und Linde Aktiengesellschaft).
Organisational Structure
Deutsche Bank operates through three group divisions, each of which is not established as a separate
company but is rather operated across Deutsche Bank Group:
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 and research in bonds, commodities, equities, equity-
linked products, exchange-traded and OTC derivatives, foreign exchange, money market instru-
ments, asset- and mortgage-backed securities and hybrid products. Global Markets also covers debt
and equity origination, jointly with Corporate Finance.
Corporate Finance comprises M&A advisory, Asset Finance & Leasing (AFL), Commercial Real Estate
(CRE), Debt Capital Markets (DCM), Equity Capital Markets (ECM) and corporate lending businesses.
Both ECM and DCM are run in collaboration with Global Markets.
Global Transaction Banking (GTB) comprises Cash Management, including Clearing; Trust & Secu-
rities Services, including Domestic Custody Services; and Trade Finance, which includes syndicated
lending and structured trade financing products.
Private Clients and Asset Management (PCAM) comprises the following Corporate Divisions:
Private & Business Clients (PBC) serves private individuals and business clients with investment
management and traditional banking services, including loans, deposits, payments and business
banking.
Asset and Wealth Management (AWM) comprises the following Business Divisions:
Asset Management serves retail clients with a full range of mutual fund products and institutional
clients globally 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 caters to wealthy individuals and families throughout the world.
Corporate Investments (CI) encompasses industrial and other holdings, certain real estate assets
used by the Bank, private equity investments and venture capital holdings.
Trend Information / Recent Developments and Outlook
Recent Developments and Outlook
On 1 February 2006, the Supervisory Board of Deutsche Bank extended the appointments of Manage-
ment Board members Dr. Josef Ackermann and Dr. Tessen von Heydebreck until the general meeting
following their 62nd birthdays. Dr. Ackermann's contract will therefore run until the end of the Annual
General Meeting in 2010; Dr. von Heydebreck's until the end of the Annual General Meeting in 2007.
With immediate effect the Supervisory Board has also appointed Dr. Ackermann as Chairman of the
Management Board (Chief Executive Officer). Henceforth the Management Board of Deutsche Bank
will be headed by a chairman who is appointed by the Supervisory Board. Deutsche Bank is thus con-
forming to national and international practice in the appointment of its Management Board.
7


At the Management Board's proposal, the Supervisory Board resolved to propose to the Annual Gen-
eral Meeting on 1 June 2006 that a dividend of 5 2.50 per share be paid for the 2005 financial year.
This is an increase of 47 per cent compared with the previous year, when a dividend of 5 1.70 per
share was paid.
On 2 February 2006, Deutsche Bank published the preliminary and unaudited key figures for the
fourth quarter and the full year 2005 for its consolidated group.
On 9 March 2006, Deutsche Bank announced that some of the previously published preliminary and
unaudited key figures were adjusted as a result of subsequent events after 2 February 2006. Deutsche
Bank also stated that the adjusted amounts will be reflected in Deutsche Bank's 2005 Annual Report.
On 23 March 2006, Deutsche Bank published its 2005 Annual Report.
On 3 May 2006, Deutsche Bank published its interim report for the first quarter 2006.
The publication of Deutsche Bank's interim reports for the second and third quarter in 2006 is sched-
uled as follows:
Second Quarter 2006:
1 August 2006
Third Quarter 2006:
1 November 2006
On 2 April 2006, at an extraordinary meeting of the Supervisory Board of Deutsche Bank, Dr. Rolf-E.
Breuer, Chairman of the Supervisory Board, declared his resignation from the Board, effective 3 May
2006. Dr. Breuer said he was stepping down from the Supervisory Board to relieve Deutsche Bank of
further discussion regarding him personally following a decision by the German Supreme Court on
24 January 2006. The Supervisory Board accepted Dr. Breuer's decision with regret but expressed its
respect for his action and thanked him for his valuable work as Chairman and as a long time member
of the Management Board, including as Spokesman of the Management Board. Dr. Breuer will con-
tinue to represent Deutsche Bank in a number of select capacities.
After careful consideration, the Supervisory Board, in agreement with Dr. Clemens Boersig, formerly
Deutsche Bank's Chief Financial Officer, came to the conclusion that Dr. Boersig should move to the
Supervisory Board and become its Chairman. Therefore, the Supervisory Board will propose to the
Annual General Meeting on 1 June 2006 that Dr. Boersig is elected to the Board. As a result, Dr. Boer-
sig stepped down from the Bank's Management Board at the close of business on 3 May 2006.
Dr. Boersig has been appointed as a member of the Deutsche Bank Supervisory Board by the Frank-
furt Local Court and has been elected as Chairman of the Supervisory Board, effective 4 May 2006.
The Supervisory Board is convinced that the Chair of the Supervisory Board can only be transferred
to someone who, through personal and senior managerial experience, is familiar with the complex
nature of a bank with global operations.
In addition, the Supervisory Board has appointed Anthony Di Iorio and Dr. Hugo Banziger as new
members of the Management Board, effective 4 May 2006. Di Iorio, formerly Group Controller,
assumed the position of Chief Financial Officer while Dr. Banziger, formerly Chief Risk Officer for
Credit and Operational Risk, became Chief Risk Officer.
Share buyback program
On 28 July 2005, Deutsche Bank announced that its Management Board decided to launch with
immediate effect a new share buyback program under the terms of the authorization granted at the
Annual General Meeting on 18 May 2005. Within this new program, Deutsche Bank may buy back up
to 10 per cent of shares issued at the time of the Annual General Meeting, i. e. up to 54,832,129 shares,
by 31 October 2006; reserving the right to suspend the program in favour of strategic growth initia-
tives. As with previous programs, buybacks will be executed through direct purchases on XETRA and
potentially through the use of derivatives. The Bank plans to use repurchased shares to reduce share
capital and to support future equity-based compensation programs. The Bank also reserves the
option to use the repurchased shares for other purposes in accordance with the authorization granted
at the Annual General Meeting. On January 24, 2006, the Management Board of Deutsche Bank
8


decided to cancel 40 million of the shares held in treasury, which became legally effective on Febru-
ary 15, 2006.
Other
In February 2003, the Düsseldorf Prosecutor filed charges against Dr. Ackermann and other former
members of the Supervisory Board, members of the Management Board and one manager of Man-
nesmann AG at the Düsseldorf District Court (Landgericht Düsseldorf). The complaint alleges a
breach of trust in connection with payments to former members of the Management Board and
other managers of Mannesmann AG following the takeover of Mannesmann by Vodafone in spring
2000. On 22 July 2004 the Düsseldorf District Court acquitted every defendant of such charges. The
Düsseldorf Prosecutor filed a notice of appeal to the Federal Supreme Court (Bundesgerichtshof). On
21 December 2005 the Federal Supreme Court ordered a retrial at the Düsseldorf District Court. It is
not yet known when the new trial will begin. The Supervisory Board of Deutsche Bank has repeatedly
declared that it supports Dr. Ackermann's defense. On 21 December 2005 it expressed once again its
unrestricted trust in Dr. Ackermann.
Statement of no Material Adverse Change
There has been no material adverse change in the prospects of the Deutsche Bank, other than dis-
closed in this Registration Document since 31 December 2005, the date of its last audited financial
statements.
Administrative, Management, and Supervisory Bodies
In accordance with German law, Deutsche Bank has both a Management Board (Vorstand) and a
Supervisory Board (Aufsichtsrat). These Boards are separate; no individual may be a member of
both. The Supervisory Board appoints the members of the Management Board and supervises the
activities of this Board. The Management Board represents Deutsche Bank and is responsible for its
management.
The Management Board consists of
Dr. Josef Ackermann
Chairman of the Management Board
(Chief Executive Officer)
Dr. Hugo Banziger
Chief Risk Officer (CRO)
Anthony Di Iorio
Chief Financial Officer (CFO)
Dr. Tessen von Heydebreck
Chief Administrative Officer (CAO)
Hermann-Josef Lamberti
Chief Operating Officer (COO)
The Supervisory Board consists of the following 20 members:
Dr. Clemens Börsig
Chairman
Frankfurt am Main
Heidrun Förster*
Deputy Chairperson
Deutsche Bank Privat- und Geschäftskunden AG
Berlin
Dr. Karl-Gerhard Eick
Deputy Chairman of the Board of Managing Directors
of Deutsche Telekom AG
Cologne
Ulrich Hartmann
Chairman of the Supervisory Board of E.ON AG
Düsseldorf
Sabine Horn*
Deutsche Bank AG
Frankfurt am Main
9


Rolf Hunck*
Deutsche Bank AG
Hamburg
Sir Peter Job
London
Prof. Dr. Henning Kagermann
Chairman and CEO of SAP AG
Walldorf/Baden
Ulrich Kaufmann*
Deutsche Bank AG
Düsseldorf
Peter Kazmierczak*
Deutsche Bank AG
Essen
Prof. Dr. Paul Kirchhof
University professor
Ruprecht-Karls- Universität Heidelberg
Heidelberg
Henriette Mark*
Deutsche Bank AG
Munich
Margret Mönig-Raane*
Deputy Chairperson of ver.di Vereinte Dienstleistungs-
gewerkschaft
Berlin
Dr. jur. Dr.-Ing. E. h. Heinrich von Pierer
Chairman of the Supervisory Board of Siemens AG
Erlangen
Gabriele Platscher*
Deutsche Bank Privat- und Geschäftskunden AG
Braunschweig
Karin Ruck*
Deutsche Bank AG
Bad Soden am Taunus
Tilman Todenhöfer
Managing Partner of Robert Bosch Industrietreuhand KG
Stuttgart
Dipl.-Ing. Dr.-Ing. E. h. Jürgen Weber
Chairman of the Supervisory Board of
Deutsche Lufthansa AG
Hamburg
Dipl.-lng. Albrecht Woeste
Chairman of the Supervisory Board and Shareholders'
Committee of Henkel KGaA
Düsseldorf
Leo Wunderlich*
Deutsche Bank
Mannheim
*
Elected by the staff in Germany.
The members of the Management Board accept membership on the Supervisory Boards of other cor-
porations within the limits prescribed by law.
The business address of each member of the Management Board and of the Supervisory Board of
Deutsche Bank is Taunusanlage 12, 60325 Frankfurt am Main, Germany.
There are no conflicts of interest between the interest of Deutsche Bank and the private interests of
the members of the Supervisory Board and the Management Board.
Corporate Governance
Deutsche Bank has issued and made available to its shareholders the declaration prescribed by § 161
AktG.
10


Document Outline