Obbligazione Deutsch Bank 0% ( DE000DL19TX8 ) in EUR

Deutsch Bank

100 EUR ▼

Germania

DE000DL19TX8 ( in EUR )

07/12/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Deutsche Bank DE000DL19TX8 in EUR 0%, scaduta

100 000 EUR

1 250 000 000 EUR

D1T7F0CE9

Deutsche Bank è una delle più grandi banche tedesche, operante a livello globale nel settore dei servizi finanziari.

The Obbligazione issued by Deutsch Bank ( Germany ) , in EUR, with the ISIN code DE000DL19TX8, pays a coupon of 0% per year.
The coupons are paid 4 times per year and the Obbligazione maturity is 07/12/2020

_______________

Base Prospectus
22 June 2017
_______________
Deutsche Bank Aktiengesellschaft
(Frankfurt am Main, Germany)
Euro 80,000,000,000
Debt Issuance Programme
Under its Euro 80,000,000,000 Debt Issuance Programme (the "Programme") Deutsche Bank
Aktiengesel schaft (the "Issuer") may from time to time issue notes ("Notes") and Pfandbriefe ("Pfandbriefe"
and together with the Notes, "Securities"), which may be issued on an unsubordinated or a subordinated basis.
The Securities wil be denominated in any currency agreed between the Issuer and the relevant Dealer (as
defined below).
Application has been made to the Luxembourg Stock Exchange for Securities issued under the Programme to
be listed on the Official List of the Luxembourg Stock Exchange and to be admitted to trading on the
Luxembourg Stock Exchange's regulated market. Securities issued under the Programme may also be admitted
to trading on the regulated market of the Frankfurt Stock Exchange or the regulated market of any other stock
exchange which is, like the regulated market of the Luxembourg Stock Exchange, a regulated market for the
purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC). Securities issued under the
Programme may also be admitted to trading or listed on the SIX Swiss Exchange or an unregulated market
such as the "Euro MTF" market of the Luxembourg Stock Exchange or the Open Market (Freiverkehr) of the
Frankfurt Stock Exchange or may not be admitted to trading or listed.
This document has been approved as a base prospectus by the Commission de Surveil ance du Secteur
Financier (the "CSSF") in its capacity as competent authority under the Luxembourg Act dated 10 July 2005
(the "Law") on prospectuses for securities which implements the Prospectus Directive (as defined below) into
Luxembourg law. By approving this base prospectus the CSSF assumes no responsibility for the economic and
financial soundness of the transactions contemplated by this base prospectus or the quality or solvency of the
Issuer in accordance with Article 7(7) of the Law. The Issuer has also requested the CSSF to provide the
competent authorities in Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Portugal,
Spain, Sweden and the United Kingdom of Great Britain and Northern Ireland, with a certificate of approval (a
"Notification") attesting that this base prospectus has been drawn up in accordance with the Law. The Issuer
may request the CSSF to provide competent authorities in additional Member States within the European
Economic Area (the "EEA") with a Notification.
The requirement to publish a base prospectus under the Prospectus Directive only applies to Securities which
are to be admitted to trading on a regulated market in the EEA and/or offered to the public in the EEA other than
in circumstances where an exemption is available under Article 3.2 of the Prospectus Directive. When used in
this base prospectus, "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive
2010/73/EU), and includes any relevant implementing measure in a relevant Member State of the EEA.
References in this base prospectus to "Exempt Securities" are to Securities for which no base prospectus is
required to be published under the Prospectus Directive. The CSSF has neither approved nor reviewed
information contained in this base prospectus in connection with Exempt Securities.
Arranger
Deutsche Bank
This document comprises a base prospectus in respect of all Securities other than Exempt Securities issued
under the Programme for the purpose of article 5.4 of the Prospectus Directive. This base prospectus (the
"Prospectus") wil be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) and on the website (www.db.com/ir) of the Issuer. This Prospectus supersedes and replaces in
its entirety the base prospectus dated 24 June 2016.

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

This Prospectus is valid for twelve months upon its date of approval and it and any supplement hereto as well
as any Final Terms (or Pricing Supplement, in the case of Exempt Securities) reflect the status as of their
respective dates of issue. Neither the delivery of this Prospectus nor the offering, sale or delivery of any
Securities shall in any circumstances imply that the information contained in the related documents is accurate
and complete subsequent to the date hereof or that there has been no adverse change in the financial condition
of the Issuer since such date or that any other information supplied in connection with the Programme is correct
at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
The Issuer has undertaken for the benefit of any Dealer to amend or supplement this Prospectus or publish a
new Prospectus if and when the information herein should become materially inaccurate or incomplete and has
further agreed with the Dealers to furnish a supplement to this Prospectus in the event of any significant new
factor, material mistake or inaccuracy relating to the information included in this Prospectus which is capable of
affecting the assessment of the Securities and which arises or is noted between the time when this Prospectus
has been approved and the final closing of any Tranche of Securities offered to the public or, as the case may
be, when trading of any Tranche of Securities on a regulated market begins.
If the Final Terms in respect of any Securities (or Pricing Supplement, in the case of Exempt Securities)
includes a legend entitled "Prohibition of Sales to EEA Retail Investors", the Securities, from 1 January 2018 are
not intended to be offered, sold or otherwise made available to and, with effect from such date, should not be
offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive
2014/65/EU ("MiFID II"); (i ) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer
would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (i i) not a qualified
investor as defined in the Prospectus Directive. If the relevant Final Terms (or Pricing Supplement, in the case
of Exempt Securities) include the above-mentioned legend, no key information document required by
Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation") for offering or selling those Securities or otherwise
making them available to retail investors in the EEA has been prepared and therefore offering or selling those
Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the
PRIIPs Regulation.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Securities in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The
distribution of this Prospectus and the offer or sale of Securities may be restricted by law in certain jurisdictions.
The Issuer and the Dealers do not represent that this Prospectus may be lawfully distributed, or that any
Securities may be lawful y offered, in compliance with any applicable registration or other requirements in any
such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating
any such distribution or offering. In particular, no action has been taken by the Issuer or the Dealers which
would permit a public offering of any Securities in any jurisdiction other than each Member State of the EEA
which has implemented the Prospectus Directive as at the date of this Prospectus or distribution of this
document in any jurisdiction where action for that purpose is required. Accordingly, no Securities may be offered
or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may
be distributed or published in any jurisdiction, except under circumstances that wil result in compliance with any
applicable laws and regulations. Persons into whose possession this Prospectus or any Securities may come
must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and the
offering and sale of Securities. In particular, there are restrictions on the distribution of this Prospectus and the
offer or sale of Securities in the United States, the EEA (in particular the United Kingdom, France, Italy,
Portugal, Spain, Sweden and the Netherlands), Australia, Hong Kong, Japan and Switzerland (see the section
entitled "Transfer and Selling Restrictions"). In making an investment decision, investors must rely on their own
examination of the Issuer and the terms of the Securities being offered, including the merits and risks involved.
The Securities have not been approved or disapproved by the United States Securities and Exchange
Commission or any other securities commission or other regulatory authority in the United States, nor have the
foregoing authorities approved this Prospectus or confirmed the accuracy or the adequacy of the information
contained in this Prospectus. Any representation to the contrary is unlawful.
In particular, the Securities have not been and wil not be registered under the United States Securities Act of
1933 (as amended) (the "Securities Act") and may not be offered or sold in the United States or to, or for the
account or benefit of, (a) a "U.S. person" as defined in Regulation S under the Securities Act, (b) a person other
3

than a "Non-United States person" as defined in Rule 4.7 under the United States Commodity Exchange Act of
1936, as amended (the "Commodity Exchange Act"), or (c) a "U.S. person" as defined in the Interpretive
Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations promulgated by the
Commodity Futures Trading Commission (the "CFTC") pursuant to the Commodity Exchange Act, or in
regulations or guidance adopted under the Commodity Exchange Act (each such person, a "U.S. person"),
unless the Securities are registered under the Securities Act or an exemption from the registration requirements
of the Securities Act is available. See the section entitled "Description of the Securities  Form of the Securities"
for a description of the manner in which Securities wil be issued. Registered Securities are subject to certain
restrictions on transfer (see the section entitled "Transfer and Selling Restrictions"). Registered Securities may
be offered or sold within the United States only to QIBs (as defined under "Description of the Securities  Form
of the Securities") in transactions exempt from registration under the Securities Act (see the section entitled
"U.S. Information" below).
The Securities do not constitute, and have not been marketed as, contracts of sale of a commodity for future
delivery (or options thereon) subject to the Commodity Exchange Act, and trading in the Securities has not been
approved by the CFTC pursuant to the Commodity Exchange Act.
The language of this Prospectus is English. In respect of the issue of any Tranche of Securities under the
Programme, the German text of the Terms and Conditions may be controlling and binding if specified in the
applicable Final Terms (or Pricing Supplement, in the case of Exempt Securities).
Neither this Prospectus nor any Final Terms (or Pricing Supplement, in the case of Exempt Securities)
may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer
or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or
solicitation.
Neither this Prospectus nor any Final Terms (or Pricing Supplement, in the case of Exempt Securities)
constitutes an offer or an invitation to subscribe for or purchase any Securities and should not be considered as
a recommendation or a statement of an opinion (or a report of either of those things) by Deutsche Bank, the
Dealers or any of them that any recipient of this Prospectus or any Final Terms (or Pricing Supplement, in the
case of Exempt Securities) should subscribe for or purchase any Securities. Each recipient of this Prospectus or
any Final Terms (or Pricing Supplement, in the case of Exempt Securities) shall be taken to have made its own
appraisal of the condition (financial or otherwise) of the Issuer.
None of the Dealers or the Issuer makes any representation to any purchaser of the Securities regarding the
legality of its investment under any applicable laws. Any purchaser of the Securities should be able to bear the
economic risk of an investment in the Securities for an indefinite period of time.
U.S. INFORMATION
This Prospectus is being submitted on a confidential basis in the United States to a limited number of QIBs (as
defined under "Description of the Securities  Form of the Securities") for informational use solely in connection
with the consideration of the purchase of the Securities being offered hereby. Its use for any other purpose in
the United States is not authorised. It may not be copied or reproduced in whole or in part nor may it be
distributed or any of its contents disclosed to anyone other than the prospective investors to whom it is originally
submitted.
Registered Securities may be offered or sold within the United States only to QIBs in transactions exempt from
registration under the Securities Act. Each U.S. purchaser of Registered Securities is hereby notified that the
offer and sale of any Registered Securities to it may be being made pursuant to the exemption from the
registration requirements of the Securities Act provided by Rule 144A under the Securities Act ("Rule 144A").
Each purchaser or holder of Securities represented by a Rule 144A Global Security (as defined under
"Registered Securities" below) or any Securities issued in registered form in exchange or substitution therefor
(together "Legended Securities") wil be deemed, by its acceptance or purchase of any such Legended
Securities, to have made certain representations and agreements intended to restrict the resale or other transfer
of such Securities as set out in "Transfer and Selling Restrictions". Unless otherwise stated, terms used in this
paragraph have the meanings given to them in "Description of the Securities  Form of the Securities".
4

The Securities in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered
within the United States of America (the "United States") or its possessions or to United States persons, except
in certain transactions permitted by U.S. Treasury regulations. Terms used in this paragraph have the meanings
given to them by the U.S. Internal Revenue Code of 1986 and the Treasury regulations promulgated
thereunder.
AVAILABLE INFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of Securities that are
"restricted securities" within the meaning of the Securities Act, the Issuer has undertaken in a deed poll dated
25 June 2015 (the "Deed Poll") to furnish, upon the request of a holder of such Securities or any beneficial
interest therein, to such holder or to a prospective purchaser designated by him, the information required to be
delivered under Rule 144A(d)(4) under the Securities Act if, at the time of the request, the Issuer is neither a
reporting company under section 13 or section 15(d) of the U.S. Securities Exchange Act of 1934, as amended
(the "Exchange Act") nor exempt from reporting pursuant to Rule 12g3-2(b) thereunder.
SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
The Issuer is incorporated as a German stock corporation with limited liability (Aktiengesellschaft). Al the
members of the Management Board (Vorstand) and most of the members of the Supervisory Board
(Aufsichtsrat) of the Issuer are non-residents of the United States, and al or a portion of the assets of the Issuer
and such persons are located outside the United States. As a result, it may not be possible for holders or
beneficial owners of the Securities to effect service of process within the United States upon the Issuer or such
persons, or to enforce against any of them in U.S. courts judgments obtained in such courts predicated upon
the civil liability provisions of the federal securities or other laws of the United States or any state or other
jurisdiction thereof.
STABILISATION MANAGER
In connection with the issue of any Tranche of Securities under the Programme, the Dealer or Dealers (if
any) named as the Stabilisation Manager(s) (or persons acting on behalf of any Stabilisation
Manager(s)) in the applicable Final Terms (or Pricing Supplement, in the case of Exempt Securities)
may, outside Australia (and on a market operated outside Australia) and in accordance with applicable
law, over-allot Securities or effect transactions with a view to supporting the market price of the
Securities at a level higher than that which might otherwise prevail. However stabilisation may not
necessarily occur. Any stabilisation action may begin on or after the date on which the adequate public
disclosure of the final terms of the offer of the relevant Tranche of Securities is made and, if begun, may
cease at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant
Tranche of Securities and 60 days after the date of the allotment of the relevant Tranche of Securities.
Any stabilisation action or over-allotment must be conducted by the relevant Stabilisation Manager(s)
(or person(s) acting on behalf of any Stabilisation Manager(s)) in accordance with all applicable laws
and rules.
ISDA DOCUMENTATION
Investors should consult the Issuer should they require a copy of the 2006 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., the 2009 ISDA Credit
Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003
ISDA Credit Derivatives Definitions (14 July 2009), the 2014 ISDA Credit Derivatives Definitions or the
relevant Credit Derivatives Physical Settlement Matrix as published by the International Swaps and
Derivatives Association, Inc., as applicable.
CERTAIN DEFINED TERMS AND CONVENTIONS
Capitalised terms which are used but not defined in any particular section of this Prospectus wil have the
meaning attributed to them in the section entitled "Terms and Conditions" and the section entitled "Annexes to
the Terms and Conditions", as applicable, or any other section of this Prospectus.
5

In addition, the following terms as used in this Prospectus have the following meanings: all references to "" or
"EUR" are to Euro, all references to "CHF" are to Swiss Francs and all references to "U.S. dollars", "U.S.$",
"USD" and "$" are to United States dollars.
Certain figures and percentages included in this Prospectus have been subject to rounding adjustments;
accordingly, figures shown in the same category presented in different tables may vary slightly and figures
shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.
6

TABLE OF CONTENTS
Page
Important Notices ..................................................................................................................................................... 2
Summary ................................................................................................................................................................... 9
Risk Factors ............................................................................................................................................................ 36
Risk Factors in Respect of the Issuer ......................................................................................................... 36
Risk Factors in Respect of the Securities ................................................................................................... 44
Consent to Use this Prospectus ........................................................................................................................... 67
Responsibility Statement ....................................................................................................................................... 68
General Description of the Programme ................................................................................................................ 69
General ....................................................................................................................................................... 69
Issue Procedures ........................................................................................................................................ 73
Description of the Issuer ........................................................................................................................................ 76
Statutory Auditors ........................................................................................................................................ 76
Information about Deutsche Bank ............................................................................................................... 76
Business Overview ...................................................................................................................................... 76
Organisational Structure ............................................................................................................................. 77
Trend Information ........................................................................................................................................ 77
Administrative, Management, and Supervisory Bodies ............................................................................... 85
Major Shareholders ..................................................................................................................................... 88
Financial Information Concerning Deutsche Bank's Assets and Liabilities, Financial Position and
Profits and Losses ....................................................................................................................................... 88
Material Contracts ..................................................................................................................................... 103
Third Party Information and Statement by Experts and Declaration of any Interest ................................. 104
Description of the Securities ............................................................................................................................... 105
Description of Interest Rate and Redemption Provisions .......................................................................... 105
Form of the Securities ............................................................................................................................... 112
Bearer Securities ....................................................................................................................................... 112
Swiss Global Securities ............................................................................................................................. 114
Registered Securities ................................................................................................................................ 114
Securityholders and Transfer of Interests ................................................................................................. 115
Acceleration of Securities .......................................................................................................................... 116
Fungible Issues of Securities .................................................................................................................... 116
Pfandbriefe ................................................................................................................................................ 116
Terms and Conditions English Language Version ......................................................................................... 121
Fixed Rate Notes and Zero Coupon Notes (Option I) .............................................................................. 122
Floating Rate Notes (Option II) ................................................................................................................. 161
Fixed Rate Pfandbriefe and Zero Coupon Pfandbriefe (Option III) ........................................................... 204
Floating Rate Pfandbriefe (Option IV) ...................................................................................................... 220
Structured Notes (Option V) ...................................................................................................................... 240
Terms and Conditions German Language Version ........................................................................................ 320
Festverzinsliche Anleihen und Nullkupon-Anleihen (Option I) .................................................................. 321
Variabel verzinsliche Anleihen (Option II) ................................................................................................. 367
Festverzinsliche Pfandbriefe und Nullkupon-Pfandbriefe (Option III) ....................................................... 416
Variabel verzinsliche Pfandbriefe (Option IV) ........................................................................................... 433
Strukturierte Anleihen (Option V) .............................................................................................................. 455
Annexes to the Terms and Conditions ............................................................................................................... 548
Credit Linked Notes Annex A .................................................................................................................... 548
Credit Linked Notes Annex B .................................................................................................................... 630
Registered Securities Annex ..................................................................................................................... 719
Form of Final Terms ............................................................................................................................................. 733
Form of Pricing Supplement ................................................................................................................................ 796
Taxation ................................................................................................................................................................. 856
General Taxation Information .................................................................................................................... 856
Germany ................................................................................................................................................... 856
Luxembourg .............................................................................................................................................. 860
7

Australia .................................................................................................................................................... 863
Austria ....................................................................................................................................................... 865
Belgium ..................................................................................................................................................... 869
Denmark .................................................................................................................................................... 873
France ....................................................................................................................................................... 875
Hong Kong ................................................................................................................................................ 876
Ireland ....................................................................................................................................................... 878
Italy ............................................................................................................................................................ 879
Netherlands ............................................................................................................................................... 887
Portugal ..................................................................................................................................................... 889
Singapore .................................................................................................................................................. 893
Spain ......................................................................................................................................................... 899
Sweden ..................................................................................................................................................... 903
Switzerland ................................................................................................................................................ 903
United Kingdom ......................................................................................................................................... 907
United States ............................................................................................................................................. 908
The Proposed Financial Transactions Tax ................................................................................................ 911
Book Entry Clearance Systems ........................................................................................................................... 912
Book-Entry Systems .................................................................................................................................. 912
Book-Entry Ownership of and Payments in Respect of DTC Securities ................................................... 914
Transfers of Securities Represented by Registered Global Securities ..................................................... 914
Transfer and Selling Restrictions ....................................................................................................................... 916
Transfer Restrictions ................................................................................................................................. 916
United States ............................................................................................................................................. 918
Prohibition of Sales to EEA Retail Investors ............................................................................................. 919
United Kingdom ......................................................................................................................................... 920
Australia .................................................................................................................................................... 921
Austria ....................................................................................................................................................... 921
Belgium ..................................................................................................................................................... 922
Denmark .................................................................................................................................................... 922
France ....................................................................................................................................................... 922
Hong Kong ................................................................................................................................................ 923
Ireland ....................................................................................................................................................... 923
Italy ............................................................................................................................................................ 924
Japan ........................................................................................................................................................ 924
Netherlands ............................................................................................................................................... 925
Portugal ..................................................................................................................................................... 925
Singapore .................................................................................................................................................. 925
Spain ......................................................................................................................................................... 927
Sweden ..................................................................................................................................................... 927
Switzerland ................................................................................................................................................ 927
General ..................................................................................................................................................... 928
General Information .............................................................................................................................................. 929
Use of Proceeds ........................................................................................................................................ 929
Authorisation ............................................................................................................................................. 929
Post Issuance Information ......................................................................................................................... 929
Clearing Systems ...................................................................................................................................... 929
Listing and Admission to Trading Information ........................................................................................... 929
Undertaking ............................................................................................................................................... 929
Yield .......................................................................................................................................................... 930
Documents on Display ......................................................................................................................................... 931
Documents Incorporated by Reference .............................................................................................................. 932
Documents Incorporated by Reference .................................................................................................... 932
Cross-Reference List of Documents Incorporated by Reference .............................................................. 932
Names and Addresses ......................................................................................................................................... 936

8

SUMMARY
Summaries are made up of disclosure requirements known as 'Elements'. These Elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for securities of the type
of the Securities and an issuer of the type of the Issuer. Because some Elements are not required to be
addressed, there may be gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in this summary because of the type of
Securities and Issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in this summary with the statement of 'Not
applicable'.
Section A -- Introduction and Warnings

Ele-
Disclosure

ment requirement
A.1
Warnings
Warning that

this summary should be read as an introduction to the Prospectus;

any decision to invest in the Securities should be based on consideration of
the Prospectus as a whole by the investor;

where a claim relating to the information contained in the Prospectus is
brought before a court, the plaintiff investor might, under the national
legislation of the Member States, have to bear the costs of translating the
Prospectus before the legal proceedings are initiated;

civil liability attaches only to those persons who have tabled this summary,
including any translation thereof, but only if this summary is misleading,
inaccurate or inconsistent when read together with the other parts of the
Prospectus or it does not provide, when read together with the other parts of
the Prospectus, key information in order to aid investors when considering
whether to invest in such Securities.
A.2
Consent to use [[If general consent is given, insert: Each Dealer and/or each further financial
the Prospectus
intermediary subsequently reselling or final y placing the Securities is] [If individual
consent is given, insert: [insert name[s] and address[es] are] entitled to use the
Prospectus for the subsequent resale or final placement of the Securities in the Offer
Jurisdiction[s] during the offer period for the subsequent resale or final placement of
the Securities from (and including) [] to (and including) [] (which may be
shortened or extended by the Issuer), provided however, that the Prospectus is stil
valid in accordance with Article 11(2) of the Luxembourg Law relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières)
which implements Directive 2003/71/EC of the European Parliament and of the
Council of 4 November 2003 (as amended).
"Offer Jurisdiction[s]" means [specify each relevant Member State in which the
Securities can be offered].
[Such consent is subject to and given under the condition [].]
The Prospectus may only be delivered to potential investors together with all
supplements published before such delivery. Any supplement to the Prospectus wil
be available for viewing in electronic form on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of the Issuer (www.db.com/ir).
9

Ele-
Disclosure

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

Ele-
Disclosure

ment requirement
B.1
Legal
and The legal and commercial name of the Issuer is Deutsche Bank Aktiengesellschaft
commercial
("Deutsche Bank" or the "Bank").
name
of
the
Issuer
B.2
Domicile,
legal Deutsche Bank is a stock corporation (Aktiengesellschaft) under German law. The
form, legislation, Bank has its registered office in Frankfurt am Main, Germany. It maintains its head
country
of office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
incorporation
[If the Securities are issued by Deutsche Bank AG, London Branch, insert:
Deutsche Bank AG, acting through its London branch ("Deutsche Bank AG,
London Branch") is domiciled at Winchester House, 1 Great Winchester Street,
London EC2N 2DB, United Kingdom.]
[If the Securities are issued by Deutsche Bank AG, Sydney Branch, insert:
Deutsche Bank AG, acting through its Sydney branch ("Deutsche Bank AG,
Sydney Branch") is domiciled at Level 16, Deutsche Bank Place, Corner of Hunter
and Phil ip Streets, Sydney NSW 2000, Australia.]
[If the Securities are issued by Deutsche Bank AG, Singapore Branch, insert:
Deutsche Bank AG, acting through its Singapore branch ("Deutsche Bank AG,
Singapore Branch") is domiciled at One Raffles Quay, South Tower Level 17,
Singapore 048583.]
[If the Securities are issued by Deutsche Bank AG, Hong Kong Branch, insert:
Deutsche Bank AG, acting through its Hong Kong branch ("Deutsche Bank AG,
Hong Kong Branch") is domiciled at Level 52, International Commerce Centre, 1
Austin Road West, Kowloon, Hong Kong.]
[If the Securities are issued by Deutsche Bank AG, Milan Branch, insert:
Deutsche Bank AG, acting through its Milan branch ("Deutsche Bank AG, Milan
Branch") is domiciled at Via Filippo Turati 25/27, Milan, Italy.]
[If the Securities are issued by Deutsche Bank AG, Sucursal em Portugal,
insert: Deutsche Bank AG, acting through its Portuguese branch ("Deutsche Bank
AG, Sucursal em Portugal") is domiciled at Rua Castilho, 20, 1250-069 Lisbon,
10