Obbligazione Deutsch Bank 8.05% ( US25150L1089 ) in USD

Deutsch Bank

100 USD ⇌

Germania

US25150L1089 ( in USD )

8.05% per anno ( pagato 4 volte l'anno)

perpetue

Prospetto opuscolo dell'obbligazione Deutsche Bank US25150L1089 en USD 8.05%, scadenza perpetue

25150L108

30/12/2025 ( In 52 giorni )

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 USD, with the ISIN code US25150L1089, pays a coupon of 8.05% per year.
The coupons are paid 4 times per year and the Obbligazione maturity is perpetue

e424b2
Page 1 of 203
424B2 1 f01990be424b2.htm 424(B)(2)
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 2 of 203
Table of Contents
CALCULATION OF REGISTRATION FEE

Title of Each Class of
Aggregate Offering

Amount of

Securities Offered
Price

Registration Fee
$1,265,000,000 8.05% Trust Preferred Securities of Deutsche Bank

Contingent Capital Trust V
$1,265,000,000 (1)

$49,714.50 (2)

(1) Includes up to $165,000,000 aggregate principal amount of the securities to cover for the over-allotment option of the
underwriters.

(2) Based upon the registration of $1,265,000,000, a filing fee of $49,714.50 has been calculated and paid by Deutsche
Bank Aktiengesellschaft in accordance with Rule 457(r).
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 3 of 203
Table of Contents

PROSPECTUS SUPPLEMENT
(To Prospectus dated October 10, 2006)

Filed pursuant to Rule 424(b)(2)
Registration Statement No. 333-137902

Deutsche Bank Contingent Capital Trust V
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)

44,000,000 8.05% Trust Preferred Securities
(Liquidation Preference Amount $25 per Trust Preferred Security)
guaranteed on a subordinated basis by Deutsche Bank Aktiengesellschaft
Deutsche Bank Contingent Capital Trust V, a Delaware statutory trust, which we refer to as the Trust, will offer
for sale 44,000,000 8.05% trust preferred securities (each with a $25 liquidation preference amount), which we
refer to as Trust Preferred Securities, and will sell one common security to Deutsche Bank Aktiengesellschaft,
which we refer to as Deutsche Bank AG or the Bank. The Trust will use the proceeds from the sale of the Trust
Preferred Securities and the common security to buy a class of preferred securities, which we refer to as
Class B Preferred Securities, issued by Deutsche Bank Contingent Capital LLC V, a Delaware limited liability
company, which we refer to as the Company. The Class B Preferred Securities will be the only assets of the
Trust. The Class B Preferred Securities are not offered hereby.
Distributions, which we also refer to as Capital Payments, on the Trust Preferred Securities and on the Class B
Preferred Securities will accrue on the respective liquidation preference amounts of $25 per Trust Preferred
Security and $25 per Class B Preferred Security, from May 9, 2008, which we refer to as the Issue Date, at a
fixed coupon rate of 8.05% per annum and will be payable quarterly in arrears, on March 30, June 30,
September 30 and December 30 of each year, which we refer to as Payment Dates, commencing on June 30,
2008. There will be a short initial Payment Period from and including the Issue Date to but excluding the first
Payment Date. Capital Payments on the Trust Preferred Securities are expected to be paid out of the Capital
Payments received by the Trust from the Company with respect to the Class B Preferred Securities. Capital
Payments on the Class B Preferred Securities will be made only when, as and if declared or deemed declared
by the Company's Board of Directors. Capital Payments on the Class B Preferred Securities will only be
authorized to be made on any Payment Date if the Company has sufficient operating profits and the Bank has
sufficient distributable profits. Capital Payments will be cumulative, unless and until the Bank elects, prior to
June 30, 2013, to qualify all or a percentage amounting to at least 10% or an integral multiple thereof of each
and every Class B Preferred Security as consolidated Tier 1 regulatory capital. If the Bank makes such an
election, Capital Payments on the percentage of the Class B Preferred Securities so qualified will be
noncumulative beginning with the first day of the Payment Period during which the Tier 1 qualification election
occurs. The respective percentages of each Class B Preferred Security for which the election has been made
and has not been made will not be separable at any time, and each Class B Preferred Security will at all times
consist of a single security with a liquidation preference amount of $25.
The Trust Preferred Securities offered hereby do not have a maturity date. We may redeem the
Trust Preferred Securities in whole but not in part, in connection with the redemption of the Class B Preferred
Securities, on any Payment Date on or after June 30, 2018 at the applicable redemption price.
Deutsche Bank AG ful y and unconditional y guarantees, on a subordinated basis, payments in respect of the
Trust Preferred Securities.

Investing in the Trust Preferred Securities involves risks. See "Risk Factors" beginning on page S-15
for a discussion of certain factors that should be considered by prospective investors.

Neither the U.S. Securities and Exchange Commission nor any state securities regulator has approved
or disapproved of these securities or determined whether this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.

Underwriting Discounts
Proceeds, before

Price to Public(1) and Commissions(2) Expenses, to the Trust(2)

Per Trust Preferred Security
$ 25.00

$ 0.7875

$ 25.00

Total
$ 1,100,000,000 $ 34,650,000

$ 1,100,000,000

file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 4 of 203
(1) Plus accrued Capital Payments, if any, from May 9, 2008.

(2) For sales to certain institutions, the Bank will pay the underwriters compensation of $0.50 per
Trust Preferred Security and, to the extent of such sales, the total underwriting discount will be less than
the amount set forth above. See "Underwriting."

The Trust Preferred Securities are not deposits or savings accounts or other obligations of a bank.
The Trust Preferred Securities are not insured by the Federal Deposit Insurance Corporation or any
other U.S. or foreign governmental agency or instrumentality.
The Bank has granted the underwriters an option, exercisable on up to two occasions within 15 days from the
date of this prospectus supplement, to purchase up to an aggregate total of 6,600,000 additional
Trust Preferred Securities to cover over-allotments, if any, at the offering price plus accrued Capital Payments,
if any, from May 9, 2008 (with a corresponding aggregate amount of Class B Preferred Securities to be issued
by the Company and purchased by the Trust).
The Bank may offer, in one or more separate transactions, non-U.S. dollar denominated securities that are
similar to the securities described in this prospectus supplement.
We will apply to list the Trust Preferred Securities on the New York Stock Exchange, but no assurance can be
given that the application for listing will be approved.
The underwriters will deliver the Trust Preferred Securities in book-entry form only through the facilities of The
Depository Trust Company, which we refer to as DTC, on or about May 9, 2008. Beneficial interests in the
Trust Preferred Securities will be shown on, and transfers thereof will be effected only through, records
maintained by DTC and its participants, including Clearstream Banking, société anonyme, and Euroclear Bank
SA/NV.

Joint Book-Running Managers

Deutsche Bank Securities Citi Merrill Lynch & Co. Wachovia Securities

Banc of America Securities LLC Morgan Stanley UBS Investment Bank

Barclays Capital Credit Suisse Morgan Keegan & Company, Inc. SunTrust Robinson Humphrey Wells Fargo S
The date of this Prospectus Supplement is May 1, 2008.
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 5 of 203

TABLE OF CONTENTS

Page

PROSPECTUS SUPPLEMENT

ABOUT THIS PROSPECTUS SUPPLEMENT
S-1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
S-3
PROSPECTUS SUPPLEMENT SUMMARY
S-4
RISK FACTORS
S-15
USE OF PROCEEDS
S-21
DEUTSCHE BANK CONTINGENT CAPITAL TRUST V
S-22
DEUTSCHE BANK CONTINGENT CAPITAL LLC V
S-24
DISTRIBUTABLE PROFITS OF THE BANK
S-26
DESCRIPTION OF THE TRUST SECURITIES
S-27
DESCRIPTION OF THE COMPANY SECURITIES
S-42
DESCRIPTION OF THE SUBORDINATED GUARANTEES
S-56
DESCRIPTION OF THE SERVICES AGREEMENT
S-62
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION
S-63
CERTAIN U. S. FEDERAL INCOME TAX CONSIDERATIONS
S-66
CERTAIN ERISA CONSIDERATIONS
S-71
UNDERWRITING
S-73
WHERE YOU CAN FIND ADDITIONAL INFORMATION
S-77
LEGAL MATTERS
S-78
GLOSSARY
S-79
EXPERTS
S-85

Prospectus

ABOUT THIS PROSPECTUS
4
WHERE YOU CAN FIND ADDITIONAL INFORMATION
5
USE OF NON-GAAP FINANCIAL MEASURES
6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
7
DEUTSCHE BANK AKTIENGESELLSCHAFT
8
THE TRUSTS
9
THE COMPANIES
10
LIMITATIONS ON ENFORCEMENT OF U.S. LAWS
11
RATIO OF EARNINGS TO FIXED CHARGES
12
CAPITALIZATION & INDEBTEDNESS
13
USE OF PROCEEDS
14
DESCRIPTION OF DEBT SECURITIES
15
DESCRIPTION OF WARRANTS
21
DESCRIPTION OF PURCHASE CONTRACTS
23
DESCRIPTION OF UNITS
23
DESCRIPTION OF CAPITAL SECURITIES
25
FORMS OF SECURITIES
33
PLAN OF DISTRIBUTION
38
EXPENSES OF THE ISSUE
40
LEGAL MATTERS
41
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
41
ERISA MATTERS FOR PENSION PLANS AND INSURANCE COMPANIES
41
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 6 of 203
Table of Contents

ABOUT THIS PROSPECTUS SUPPLEMENT
References in this prospectus supplement to "Trust" refer to Deutsche Bank Contingent
Capital Trust V. References in this prospectus supplement to "Company" or "Delaware
Company" refer to Deutsche Bank Contingent Capital LLC V. References in this
prospectus supplement to the "Bank," "we," "our," "us" or "Deutsche Bank AG" refer
to Deutsche Bank Aktiengesellschaft (including, as the context may require, acting
through one of its branches) and, unless the context requires otherwise, will include the
Trust, the Company and our other consolidated subsidiaries.
References to "you" mean those who invest in the Trust Preferred Securities, whether
they are the direct holders or owners of beneficial interests in those securities.
References to "holders" mean those who own securities registered in their own names
on the books that we or the trustee maintain for this purpose, and not those who own
beneficial interests in securities issued in book-entry form through The Depository
Trust Company or another depositary or in securities registered in street name. Owners
of beneficial interests in the Trust Preferred Securities should read the section entitled
"Description of Trust Securities -- Form, Book-Entry Procedures and Transfer."

You should rely only on the information contained in this prospectus supplement and
the accompanying prospectus or to which we refer you. We have not authorized
anyone to provide you with information that is different. This prospectus supplement
and the accompanying prospectus may only be used where it is legal to sell these
securities. You should assume that the information in this prospectus supplement and
the accompanying prospectus is accurate as of the date of this prospectus
supplement only.
The Trust is offering the Trust Preferred Securities for sale in those jurisdictions in the United
States and elsewhere where it is lawful to make such offers. The distribution of this
prospectus supplement and the accompanying prospectus and the offering of the
Trust Preferred Securities in some jurisdictions may be restricted by law. If you possess this
prospectus supplement and the accompanying prospectus, you should find out about and
observe these restrictions. This prospectus supplement and the accompanying prospectus
are not an offer to sell the Trust Preferred Securities and we are not soliciting an offer to buy
the Trust Preferred Securities in any jurisdiction where the offer or sale is not permitted or
where the person making the offer or sale is not qualified to do so or from any person to
whom it is not permitted to make such offer or sale. We refer you to the information under
"Underwriting" in this prospectus supplement. The delivery of this prospectus supplement, at
any time, does not create any implication that there has been no change in our affairs since
the date of this prospectus supplement or that the information contained in this prospectus
supplement is correct as of any time subsequent to that date.
In connection with the issue of the Trust Preferred Securities, the underwriters (or persons
acting on behalf of any underwriter) may over-allot Trust Preferred Securities or effect
transactions with a view to supporting the market price of the Trust Preferred Securities at a
level higher than that which might otherwise prevail. However, there is no assurance that the
underwriters (or persons acting on behalf of any underwriter) will undertake stabilization
action. Such stabilizing, if commenced, may be discontinued at any time and, if begun, must
be brought to an end after a limited period. Any stabilization action or over-allotment must be
conducted by the relevant underwriter (or person(s) acting on behalf of any underwriter) in
accordance with all applicable laws and rules.
This communication is only being distributed to and is only directed at (i) persons who are
outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or
(iii) high net worth companies, and other persons to whom it may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 7 of 203
as "relevant persons"). The Trust Preferred Securities are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire such
Trust Preferred Securities will be engaged in only with, relevant persons. Any person who is
not a relevant person should not act or rely on this document or any of its contents.

S-1
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 8 of 203
Table of Contents
Certain capitalized terms used in this prospectus supplement are defined under "Glossary"
starting on page S-79.
References to "EUR" and "" are to the euro, the currency introduced at the start of the third
stage of the European Economic and Monetary Union pursuant to the treaty establishing the
European Community, as amended by the treaty on European Union. References to "$" are
to United States currency, and the terms "United States" and "U.S." mean the United States
of America, its states, its territories, its possessions and all areas subject to its jurisdiction.
The Bank's consolidated financial statements as of and for the years ended December 31,
2006 and 2007, which are incorporated by reference into this prospectus supplement and the
accompanying prospectus, were prepared in accordance with International Financial
Reporting Standards, which we refer to as IFRS. The Bank's consolidated and
unconsolidated financial statements are stated in Euro.

S-2
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 9 of 203
Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities
Act, and Section 21E of the Securities Exchange Act of 1934, as amended, which we refer to
as the Exchange Act, with respect to Deutsche Bank AG's financial condition and results of
operations. Forward-looking statements are statements that are not historical facts; they
include statements about our beliefs and expectations. We use words such as "believe,"
"anticipate," "expect," "intend," "seek," "estimate," "project," "should," "potential," "reasonably
possible," "plan" and similar expressions to identify forward-looking statements.
In this document, forward-looking statements include, among others, statements relating to:

· our implementation of our strategic initiatives and management agenda;

· the development of aspects of our results of operations;

· our targets for income before income tax expense ("IBIT") attributable to Deutsche Bank
shareholders (target definition), pre-tax return on average active equity (target definition)
across the business cycle and diluted earnings per share growth;

· our expectations of the impact of risks that affect our business, including the risks of
losses on our trading activities and credit exposures; and

· other statements relating to our future business development and economic performance.
In addition, we may from time to time make forward-looking statements in our periodic
reports to the U.S. Securities and Exchange Commission, which we refer to as the SEC, on
Forms 20-F and 6-K, annual and interim reports, invitations to annual shareholders' meetings
and other information sent to shareholders, offering circulars and prospectuses, press
releases and other written materials. Our Management Board, Supervisory Board, officers
and employees may also make oral forward-looking statements to third parties, including
financial analysts.
By their very nature, forward-looking statements involve risks and uncertainties, both general
and specific. We base these statements on our current plans, estimates, projections and
expectations. You should therefore not place undue reliance on them. Our forward-looking
statements speak only as of the date we make them, and we undertake no obligation to
update any of them in light of new information or future events.
We caution you that a number of important factors could cause our actual results to differ
materially from those described in any forward-looking statements. These factors include,
among others, the following:

· changes in general economic and business conditions;

· changes and volatility in currency exchange rates, interest rates and asset prices;

· changes in governmental policy and regulation, and political and social conditions;

· changes in our competitive environment;

· the success of our acquisitions, divestitures, mergers and strategic alliances;

· our success in implementing our management agenda and realizing the anticipated
benefits therefrom; and

· other factors, including those we refer to in "Item 3: Key Information -- Risk Factors" of
our most recent Annual Report on Form 20-F and elsewhere in that Annual Report on
Form 20-F, this prospectus supplement or the accompanying prospectus, and others to
which we do not refer.

file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008

e424b2
Page 10 of 203
S-3
file://T:\Rich\Deutsche Bk Contingent Cap Tr V, 8.05% Tr Pfd Secs.htm
5/6/2008