Obligation GERMAN BANK CAPITAL FUNDING TRUST XI 9.5% ( DE000A1ALVC5 ) en EUR

GERMAN BANK CAPITAL FUNDING TRUST XI

100 % ▼

Allemagne

DE000A1ALVC5 ( en EUR )

9.5% par an ( paiement annuel )

31/03/2015 - Obligation échue

Prospectus brochure de l'obligation DEUTSCHE BANK CAPITAL FUNDING TRUST XI DE000A1ALVC5 en EUR 9.5%, échue

Deutsche Bank Capital Funding Trust XI est un fonds commun de placement fermé, investissant principalement dans des actifs à revenu fixe de haute qualité, visant à générer des revenus réguliers pour ses investisseurs.

L'obligation de type 'Obligation' identifiée par le code ISIN DE000A1ALVC5, émise depuis l'Allemagne par DEUTSCHE BANK CAPITAL FUNDING TRUST XI ? une structure de financement spécifiquement créée par Deutsche Bank, l'une des principales institutions financières mondiales ?, est arrivée à maturité le 31 mars 2015 et a été intégralement remboursée, comme en témoigne son prix de marché de 100% au moment de son échéance, offrant aux investisseurs un taux d'intérêt annuel de 9.5% avec une fréquence de paiement annuelle unique pour ce titre libellé en EUR.

Prospectus
21 August 2009
Deutsche Bank Capital Funding Trust XI
Wilmington, Delaware, United States of America
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)
http://www.oblible.com
[ ] [ ]% Non-cumulative Trust Preferred Securities
(Liquidation Preference Amount 1,000 per Trust Preferred Security)
guaranteed on a subordinated basis by Deutsche Bank Aktiengesellschaft
Offering Price 100% of liquidation preference amount
Deutsche Bank Capital Funding Trust XI, a Delaware statutory trust (the "Trust"), will offer for sale [ ] [ ]% non-cumulative trust preferred
securities (each with a 1,000 liquidation preference amount) (the "Trust Preferred Securities"), and will sell one common security to Deutsche
Bank Aktiengesellschaft, a stock corporation incorporated under the laws of Germany (the "Bank" or "Deutsche Bank AG"). 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 (the "Class B
Preferred Securities"), issued by Deutsche Bank Capital Funding LLC XI, a Delaware limited liability company (the "Company"). The Class B
Preferred Securities will be the only assets of the Trust.
Distributions ("Capital Payments") on the Trust Preferred Securities and on the Class B Preferred Securities will accrue on the respective
liquidation preference amounts of 1,000 per Trust Preferred Security and 1,000 per Class B Preferred Security, from 4 September 2009 (the
"Issue Date"), at a fixed coupon rate of [ ]% per annum and will be payable annually in arrears on 31 March of each year, commencing on 31
March 2010 (each such date, a "Payment Date"). 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 and 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.
The Trust Preferred Securities offered hereby do not have a maturity date. The Trust Preferred Securities may be redeemed in whole but not in
part, in connection with the redemption of the Class B Preferred Securities, on any Payment Date on or after 31 March 2015 at the applicable
redemption price.
Deutsche Bank AG fully and unconditionally guarantees, on a subordinated basis, payments in respect of the Trust Preferred Securities.
The final aggregate principal amount and the rate of interest of the Trust Preferred Securities is expected to be determined on or around 27
August 2009 on the basis of a bookbuilding procedure involving qualified investors carried out during the bookbuilding period beginning on or
around 24 August 2009.
This prospectus (the "Prospectus") has been approved by the Commission de Surveillance du Secteur Financier du Grand Duch de
Luxembourg (the "CSSF") in its capacity as competent authority under the Loi relative aux prospectus pour valeurs mobilières (the "Prospectus
Law"). The Trust has requested the CSSF to provide the competent authorities in Germany, Austria, Belgium, Spain, Portugal and the Netherlands
with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Loi relative aux prospectus pour valeurs
mobilières, which implements the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (the "Prospectus
Directive") into Luxembourg law.
Application will be made in order for the Trust Preferred Securities to be listed on the Official List of the Luxembourg Stock Exchange and admitted
to trading on the regulated market "Bourse de Luxembourg" of the Luxembourg Stock Exchange. The Trust Preferred Securities will also be listed
on the Regulated Market (General Standard) of the Frankfurt Stock Exchange (the "FWB") and on the Eurolist by NYSE Euronext Amsterdam N.V.
(the "Euronext Amsterdam").
THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT") AND ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES OF AMERICA TO NON-U.S.
PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT.
The Trust Preferred Securities are offered by the Managers named below, subject to receipt and acceptance by them and subject to their right to
reject any order in whole or in part.
Deutsche Bank
This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).
.

RESPONSIBILITY FOR THE PROSPECTUS
The Bank, the Company and the Trust ("Responsible Persons"), having taken all reasonable care to ensure
that such is the case, declare that the information contained in this Prospectus is, to the best of their knowledge,
in accordance with the facts and contains no omission likely to affect its import.
The Bank further confirms that this Prospectus is true, accurate and complete in all material respects and is not
misleading; that any opinions and intentions expressed by each of them therein are honestly held and based on
reasonable assumptions; that there are no other facts with respect to the Bank, the Company or the Trust the
omission of which would make this Prospectus as a whole or any statement therein or opinions or intentions
expressed therein misleading in any material respect; and that all reasonable enquiries have been made to verify
the foregoing.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement hereto and with the
documents incorporated herein by reference.
No person is authorized to provide any information or to make any representation not contained in this
Prospectus, and any information or representation not contained in this Prospectus must not be relied upon as
having been authorized by the Bank, the Trust or the Company or by the Managers. The delivery of this
Prospectus at any time does not imply that the information contained herein is correct as of any time subsequent
to its date.
This Prospectus comprises a prospectus for the purposes of (i) Article 5.3 of the Prospectus Directive and (ii) the
relevant implementing measures in the Grand Duchy of Luxembourg and, in each case, for the purpose of giving
information with regard to the Bank, the Company and the Trust.
To the extent that the offer of the Trust Preferred Securities is made in any member state of the European
Economic Area (a "Member State") that has implemented the Prospectus Directive (together with any
applicable implementing measures in any Member State) before the date of publication of a prospectus in relation
to the Trust Preferred Securities which has been approved by the competent authority in that Member State in
accordance with the Prospectus Directive (or, where appropriate, published in accordance with the Prospectus
Directive and notified to the competent authority in that Member State in accordance with the Prospectus
Directive), the offer (including any offer pursuant to this document) is only addressed to qualified investors in that
Member State within the meaning of the Prospectus Directive or has been or will be made otherwise in
circumstances that do not require the Issuer to publish a prospectus pursuant to the Prospectus Directive.
This Prospectus does not constitute an offer of, or an invitation or solicitation by or on behalf of the Bank, the
Trust, the Company or the Managers or any affiliate of any of them to subscribe for or purchase, any Trust
Preferred Securities in any jurisdiction by any person to whom it is unlawful to make such an offer, invitation or
solicitation in such jurisdiction. Applicable law in certain jurisdictions may restrict the distribution of this
Prospectus and the offering or sale of the Trust Preferred Securities. The Bank, the Trust, the Company and the
Managers require all recipients of this Prospectus to inform themselves about and to observe any such
restrictions. For a description of certain restrictions on offers and sales of Trust Preferred Securities and
distribution of this Prospectus, see "Selling Restrictions" below.
Neither the U.S. Securities and Exchange Commission nor any other regulatory body in the United States has
approved or disapproved of these securities or determined whether this Prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Affiliates of the Bank may make a secondary market in the Trust Preferred Securities. If affiliates of the Bank
make a secondary market in the Trust Preferred Securities, such market-making may give rise to limitations for
Trust Preferred Securities previously sold in offshore transactions in reliance on Regulation S under the
Securities Act ("Regulation S") with respect to resales in the United States or to U.S. Persons.
2

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 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.
Certain capitalized terms used in this Prospectus are defined under "Glossary."
References to "EUR", "Euro" 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. 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.
In this Prospectus, all references to "billions" are references to one thousand millions. Due to rounding, the
numbers presented throughout this Prospectus may not add up precisely, and percentages may not precisely
reflect absolute figures.
3

STABILIZATION
IN CONNECTION WITH THE ISSUE OF THE TRUST PREFERRED SECURITIES, DEUTSCHE BANK AG,
LONDON BRANCH, AS THE STABILIZING MANAGER (OR ANY PERSON ACTING ON ITS BEHALF) MAY
OVER-ALLOT THE TRUST PREFERRED SECURITIES (PROVIDED THAT THE AGGREGATE PRINCIPAL
AMOUNT OF THE SECURITIES ALLOTTED DOES NOT EXCEED 105% OF THE AGGREGATE
LIQUIDATION PREFERENCE AMOUNT OF THE TRUST PREFERRED SECURITIES (OR SUCH OTHER
PERCENTAGE AS MAY BE APPLICABLE TO ANY SUCH ACTIONS) IN THE JURISDICTION WHERE SUCH
ACTIONS ARE TO BE EFFECTED) 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 STABILIZING
MANAGER (OR PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE STABILIZATION ACTION. ANY
STABILIZATION ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC DISCLOSURE OF
THE TERMS OF THE OFFER OF THE TRUST PREFERRED SECURITIES IS MADE AND, IF BEGUN, MAY BE
ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 CALENDAR DAYS AFTER
THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE BY THE TRUST OR 60 CALENDAR DAYS
AFTER THE DATE OF THE ALLOTMENT OF THE TRUST PREFERRED SECURITIES OR, AS THE CASE
MAY BE, SUCH OTHER DATE(S) AS MAY BE APPLICABLE TO ANY SUCH ACTION IN THE JURISDICTION
WHERE SUCH ACTIONS ARE TO BE EFFECTED. SUCH STABILIZING SHALL BE IN COMPLIANCE WITH
ALL LAWS, REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
4

TABLE OF CONTENTS
RESPONSIBILITY FOR THE PROSPECTUS ....................................................................................................... 2
STABILIZATION..................................................................................................................................................... 4
FORWARD-LOOKING STATEMENTS.................................................................................................................. 6
SUMMARY............................................................................................................................................................. 7
RISK FACTORS................................................................................................................................................... 19
DEUTSCHE BANK CAPITAL FUNDING TRUST XI ............................................................................................ 24
DEUTSCHE BANK CAPITAL FUNDING LLC XI ................................................................................................. 27
DISTRIBUTABLE PROFITS OF THE BANK ....................................................................................................... 29
DESCRIPTION OF THE TRUST SECURITIES................................................................................................... 30
DESCRIPTION OF THE COMPANY SECURITIES............................................................................................. 41
DESCRIPTION OF THE SUBORDINATED GUARANTEES ............................................................................... 49
DESCRIPTION OF THE SERVICES AGREEMENT ........................................................................................... 53
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION ...................................................................... 54
LEGAL MATTERS ............................................................................................................................................... 57
GLOSSARY ......................................................................................................................................................... 58
DEUTSCHE BANK AKTIENGESELLSCHAFT .................................................................................................... 63
SUBSCRIPTION AND SALE ............................................................................................................................... 73
SELLING RESTRICTIONS .................................................................................................................................. 75
TAXATION ........................................................................................................................................................... 78
GENERAL INFORMATION.................................................................................................................................. 87
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................................... 89
5

FORWARD-LOOKING STATEMENTS
Deutsche Bank Aktiengesellschaft is the parent company of a group consisting of banks, capital market
companies, fund management companies, a real-estate finance company, installment financing companies,
research and consultancy companies and other domestic and foreign companies (the "Deutsche Bank
Group"). This Prospectus contains certain forward-looking statements with respect to Deutsche Bank Group's
financial condition and results of operations. Forward-looking statements are statements that are not historical
facts, including statements about Deutsche Bank Group's beliefs and expectations. When used in this
Prospectus, words such as "believe", "anticipate", "expect", "intend", "seek", "estimate", "project", "should",
"potential", "reasonably possible", "plan" and similar expressions identify forward-looking statements. In this
document, forward-looking statements include, among others, statements relating to:
implementation of strategic initiatives and management agenda;
the development of aspects of results of operations;
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;
expectations of the impact of risks that affect Deutsche Bank Group's business, including the risks of
losses on trading processes and credit exposures; and
other statements relating to future business development and economic performance.
In addition, Deutsche Bank Group may from time to time make forward-looking statements in its 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. Deutsche Bank's Board of Managing
Directors, 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.
Deutsche Bank Group bases these statements on its current plans, estimates, projections and expectations.
Potential investors should therefore not place too much reliance on them. Forward-looking statements speak only
as of the date they are made, and Deutsche Bank Group undertakes no obligation to update any of them in light
of new information or future events, unless required by law.
A number of important factors could cause Deutsche Bank Group's actual results to differ materially from those
described in any forward-looking statement. 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 Deutsche Bank Group's competitive environment;
the success of Deutsche Bank Group's acquisitions, divestitures, mergers and strategic alliances;
the success in implementing Deutsche Bank Group's management agenda and realizing the benefits
anticipated therefrom, including the success of any realignments of the Deutsche Bank Group's Divisions
and risks that Deutsche Bank Group may not fully realize the benefits anticipated from these realignments
and from any cost containment plans that Deutsche Bank Group has initiated; and
other factors, including those referred to elsewhere in this document and others that are not referred to in this
document.
6

SUMMARY
The following constitutes the summary (the "Summary") of the essential characteristics and risks associated with
the Trust, the Company, the Bank and the Trust Preferred Securities to be issued. This Summary should be read
as an introduction to this Prospectus. Any decision by an investor to invest in the Trust Preferred Securities
should be based on consideration of this Prospectus as a whole, including the documents incorporated herein by
reference and any supplement thereto. Where a claim relating to the information contained in this Prospectus, the
documents incorporated by reference and any supplements thereto is brought before a court, the plaintiff investor
might, under the national legislation of such court, have to bear the costs of translating the Prospectus, the
documents incorporated by reference and any supplements thereto before the legal proceedings are initiated.
Civil liability attaches to the Trust, the Company and the Bank who have tabled this Summary including any
translation thereof, and have applied or will apply for its Notification, but only if this Summary is misleading,
inaccurate or inconsistent when read together with the other parts of this Prospectus.
The following Summary does not purport to be complete and is taken from, and qualified in its entirety by, the
remainder of this Prospectus.
Risk Factors
An investment in the Trust Preferred Securities involves certain risks, which an investor should carefully consider
before deciding whether an investment in the Trust Preferred Securities is suitable. Among other things, these
risks relate to the following:
The Company will be authorized to declare and pay Capital Payments (and Capital Payments deemed
declared will only be payable) on the Class B Preferred Securities (and, accordingly, the Trust will only have
funds available for the payment of Capital Payments on the Trust Preferred Securities) only if the Bank has
sufficient Distributable Profits determined as described under "Distributable Profits of the Bank" and the
Company has sufficient Operating Profits. The Bank may not have sufficient Distributable Profits in any year
for the Company to be authorized to declare the full amount of Capital Payments in the succeeding year. The
Company will have sufficient Operating Profits only if the Bank makes payments in the amounts and at the
dates as required under the Initial Obligation.
Although it is the policy of the Company to distribute the full amount of Operating Profits for each Payment
Period as Capital Payments or dividends to its securityholders, the Company's Board of Directors has
discretion in declaring and making Capital Payments (except with respect to deemed declarations which are
mandatory) on the Class B Preferred Securities.
Even if the Bank has sufficient Distributable Profits, the Company will be prohibited from making Capital
Payments on the Class B Preferred Securities at any time an order from the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, the "BaFin") or any other relevant
regulatory authority prohibits the Bank from making any distributions of profits.
The Bank will control the Company through its power to elect a majority of the Board of Directors as holder of
the Company Common Security. Generally, the Trust as holder of the Class B Preferred Securities will have
no voting rights and no right to elect members of the Company's Board of Directors, except for the limited
right to elect two additional independent directors to the Company's Board of Directors if the Company has
not paid full Capital Payments on the Class B Preferred Securities for any two consecutive Payment Periods.
The Company expects that the initial (and all future) directors and officers of the Company and the Regular
Trustees of the Trust will be officers or employees of the Bank or its affiliates.
The Trust Preferred Securities have no fixed redemption date and are not redeemable at the option of the
holders of the Trust Preferred Securities (the "Holders"). The Trust is under no obligation to redeem the
Trust Preferred Securities at any time, other than in the case of a redemption of the Class B Preferred
Securities. The Company is under no obligation to redeem the Class B Preferred Securities at any time. The
Company may, at its option, redeem the Class B Preferred Securities, in whole but not in part, at any time
upon the occurrence of a Company Special Redemption Event (as defined below).
7

The Guarantees apply to Capital Payments only to the extent the Company or the Trust, as the case may be,
has funds available for payment. In addition, the Guarantees will not require the Bank to make Capital
Payments on behalf of the Company or the Trust as the case may be, if the Company has not declared (or is
not deemed to have declared) Capital Payments on the Class B Preferred Securities. The Bank's obligations
under the Guarantees will be unsecured and rank junior in priority of payment to all its current and future
indebtedness.
The Bank is exposed to various types of risk in connection with its day-to-day operations. In seeking to
manage these risks, the Bank has devoted significant resources to developing its risk management policies,
procedures and assessment methods and intends to continue to do so in the future. Nonetheless, the Bank's
risk management techniques and strategies have in the past and may in the future not be fully effective in
mitigating its risk exposure in all economic market environments and the current financial markets crisis in
particular, or against all types of risk, including risks that the Bank fails to identify or anticipate.
The Trust
The Trust is a statutory trust formed under the Delaware Statutory Trust Act, as amended (the "Delaware
Statutory Trust Act"), and will be governed by:
an amended and restated trust agreement dated on or before the Issue Date (the "Trust Agreement")
executed by the Company, as sponsor, the Trustees of the Trust and the Bank; and
a certificate of trust filed with the Secretary of State of the State of Delaware on 25 April 2008.
The Trust exists exclusively to:
issue, offer and sell the Trust Preferred Securities to investors; and
issue and sell one common security (the "Trust Common Security") with a liquidation amount of 1,000 to
the Bank for a purchase price of 1,000.
The trustees of the Trust will consist of The Bank of New York Mellon, a New York banking corporation (the
"Property Trustee"), three individuals who are officers or employees of the Bank or its subsidiaries (the
"Regular Trustees") and Deutsche Bank Trust Company Delaware (the "Delaware Trustee").
The principal executive office of the Trust is located at 60 Wall Street, New York, New York 10005, telephone
number (+1 212) 250-2077.
The Company
The Company is a limited liability company formed under the Delaware Limited Liability Company Act, as
amended (the "LLC Act"), and will be governed by:
an amended and restated limited liability company agreement of the Company dated on or before the Issue
Date (the "LLC Agreement"); and
a certificate of formation of the Company filed with the Secretary of State of the State of Delaware on
24 April 2008.
The Company exists exclusively to:
issue and sell the Class B Preferred Securities to the Trust;
issue and sell one security of a separate class of preferred securities (the "Class A Preferred Security") to
the Bank; and
8

issue one common security (the "Company Common Security") representing a limited liability company
interest in the Company to the Bank.
None of the securities issued by the Company are offered hereby.
The principal executive office of the Company is located at 60 Wall Street, New York, New York 10005, telephone
number (+1 212) 250-2077.
The Bank
History and Development of the Bank
Deutsche Bank Aktiengesellschaft ("Deutsche Bank" or the "Bank") originated from the reunification of
Norddeutsche Bank Aktiengesellschaft, Hamburg, Rheinisch-Westfälische Bank Aktiengesellschaft, Duesseldorf
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 Bank has its registered office in Frankfurt am Main, Germany. It
maintains its head office at Theodor-Heuss-Allee 70, 60486 Frankfurt am Main and branch offices in Germany
and abroad including in London, New York, Sydney, Tokyo and an Asia-Pacific Head Office in Singapore which
serve as hubs for its operations in the respective regions.
Deutsche Bank is the parent company of a group consisting of banks, capital market companies, fund
management companies, a real-estate finance company, installment financing companies, research and
consultancy companies and other domestic and foreign companies (the "Deutsche Bank Group").
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 international economic
relations. The Bank may realise these objectives itself or through subsidiaries and affiliated companies. To the
extent permitted by law, the Bank is entitled to transact all business and to take all steps which appear likely to
promote the objectives of the Bank, in particular: to acquire and dispose of real estate, to establish branches at
home and abroad, to acquire, administer and dispose of participations in other enterprises, and to conclude
company-transfer agreements. Deutsche Bank operates through three group divisions:
The Corporate and Investment Bank (CIB) comprises the following Corporate Divisions:
Corporate Banking & Securities (CB&S) comprises the following Business Divisions:
Global Markets comprises all sales, trading, structuring and research in a wide range of financial
products.
Corporate Finance comprises M&A advisory, Equity Capital Markets (ECM), Leveraged Debt Capital
Markets (LDCM), Commercial Real Estate (CRE), Asset Finance & Leasing (AFL) and corporate lending
services.
Global Transaction Banking (GTB) comprises commercial banking products and services for corporate
clients and financial institutions, including domestic and cross-border payments, professional risk mitigation
for international trade and the provision of trust, agency, depositary, custody and related services. Business
units include Cash Management for Corporates and Financial Institutions, Trade Finance and Trust &
Securities Services.
Private Clients and Asset Management (PCAM) comprises the following Corporate Divisions:
Private & Business Clients (PBC) offers banking services to private customers as well as small and
medium-sized business clients. The range of services encompasses loans, current accounts and deposits
and payment services as well as securities and mutual funds and portfolio investment advisory.
9

Asset and Wealth Management (AWM) comprises the following Business Divisions:
Asset Management (AM) comprises four delineated business lines: Retail, Alternatives, Institutional
and Insurance. AM serves retail clients with a full range of mutual fund products and institutional clients
with a fully integrated offering, from traditional asset management products through to high-value
products including absolute return strategies and real estate asset management.
Private Wealth Management (PWM) offers an integrated approach to wealth management, both
onshore and offshore, for high net worth individuals and families in over 85 offices in more than 30
countries.
Corporate Investments (CI).
10