Obligation Deutsch Bank AG 1.5% ( DE000DL19TA6 ) en EUR

Deutsch Bank AG

100 % ▼

Allemagne

DE000DL19TA6 ( en EUR )

1.5% par an ( paiement annuel )

19/01/2022 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank AG DE000DL19TA6 en EUR 1.5%, échue

100 000 EUR

1 500 000 000 EUR

Deutsche Bank AG est une banque mondiale allemande offrant une large gamme de services financiers, notamment la banque de financement et d'investissement, la gestion de patrimoine et la banque privée.

Le présent article détaille les caractéristiques d'une obligation émise par Deutsche Bank AG (Code ISIN : DE000DL19TA6) qui, ayant atteint sa maturité le 19 janvier 2022, a été intégralement remboursée. L'émetteur de cette obligation, Deutsche Bank AG, est une institution bancaire de premier plan dont le siège est en Allemagne, reconnue mondialement pour son expertise dans les services bancaires de détail, d'entreprise et d'investissement. Cette émission obligataire, d'une taille totale de 1 500 000 000 EUR, était libellée en Euros (EUR) et proposait un taux d'intérêt nominal annuel de 1,5%. Accessible aux investisseurs via une taille minimale d'achat de 100 000 EUR, cette obligation prévoyait une fréquence de paiement des intérêts annuelle. Au moment de son observation, elle cotait à 100% de sa valeur nominale sur le marché, attestant de sa stabilité avant son échéance. Conformément à ses termes, l'obligation est arrivée à maturité le 19 janvier 2022 et a été entièrement remboursée par Deutsche Bank AG, honorant ainsi l'engagement pris auprès de ses créanciers.

_______________

Base Prospectus
24 June 2016
_______________
Deutsche Bank Aktiengesellschaft
(Frankfurt am Main, Germany)
Euro 80,000,000,000
Debt Issuance Programme
Under the Euro 80,000,000,000 Debt Issuance Programme (the "Programme") Deutsche Bank
Aktiengesellschaft (the "Issuer") may from time to time issue notes ("Notes") and Pfandbriefe ("Pfandbriefe"
and together with Notes, "Securities"), which may be issued on a subordinated or unsubordinated basis. The
Securities will 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 admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official
List of the Luxembourg Stock Exchange. Securities issued under the Programme may also be admitted to
trading or listed on the regulated markets 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 Surveillance 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 a prospectus the CSSF assumes no responsibility for the economic and
financial soundness of the transactions contemplated by this 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 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
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 Prospectus to "Exempt Securities" are to Securities for which no prospectus is required to
be published under the Prospectus Directive. The CSSF has neither approved nor reviewed information
contained in this 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") will 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 25 June 2015.

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 will
(other than in the case of Exempt Securities, as defined above) be set out in a final terms document (the "Final
Terms") which will be filed with the CSSF. The applicable Final Terms will (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 will be set out in a pricing supplement document (the
"Pricing Supplement"). The applicable Pricing Supplement will (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 will 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 will, 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 Pricing Supplement, in the case of Exempt Securities) will 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 will 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 admitted to trading on, and listed on the Official List of, the
Luxembourg Stock Exchange or offered to the public in any EEA member state, the applicable Final Terms will
be published on the Luxembourg Stock Exchange's website at www.bourse.lu, but only for so long as such
listing or admission to trading is maintained and the rules of the relevant 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 (ii) 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 thereto 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.
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 lawfully 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 will 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 will 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
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 will 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).

3

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") will 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".
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
24 June 2016 (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
4

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). All 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 all 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 predicted 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, there is no assurance that
the Stabilisation Manager(s) (or persons acting on behalf of a Stabilisation Manager) will undertake
stabilisation action. 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 be ended at any time, but it must end no later than the earlier of 30 days after the issue date
of the relevant Tranche of 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 will 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.
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.

5

TABLE OF CONTENTS
Page
Important Notices ......................................................................................................................................... 2
Summary ....................................................................................................................................................... 8
Risk Factors ................................................................................................................................................ 33
Risk Factors in Respect of the Issuer ............................................................................................. 33
Risk Factors in Respect of the Securities ....................................................................................... 41
Consent to Use the Prospectus................................................................................................................. 63
Responsibility Statement ........................................................................................................................... 64
General Description of the Programme .................................................................................................... 65
General ........................................................................................................................................... 65
Issue Procedures ............................................................................................................................ 69
Description of the Issuer ............................................................................................................................ 72
Statutory Auditors ............................................................................................................................ 72
Information about Deutsche Bank ................................................................................................... 72
Business Overview .......................................................................................................................... 72
Organisational Structure ................................................................................................................. 73
Trend Information ............................................................................................................................ 74
Administrative, Management, and Supervisory Bodies ................................................................... 80
Major Shareholders ......................................................................................................................... 82
Financial Information Concerning Deutsche Bank's Assets and Liabilities, Financial Position and Profits
and Losses ...................................................................................................................................... 82
Material Contracts ........................................................................................................................... 99
Third Party Information and Statement by Experts and Declaration of any Interest ....................... 99
Description of the Securities ................................................................................................................... 100
Description of Interest Rate and Redemption Provisions .............................................................. 100
Form of the Securities ................................................................................................................... 107
Bearer Securities ........................................................................................................................... 107
Swiss Global Securities ................................................................................................................. 109
Registered Securities .................................................................................................................... 109
Securityholders and Transfer of Interests ..................................................................................... 110
Acceleration of Securities .............................................................................................................. 111
Fungible Issues of Securities ........................................................................................................ 111
Pfandbriefe .................................................................................................................................... 111
Terms and Conditions English Language Version ............................................................................. 116
Fixed Rate Notes and Zero Coupon Notes (Option I) ................................................................... 117
Floating Rate Notes (Option II) ..................................................................................................... 155
Fixed Rate Pfandbriefe and Zero Coupon Pfandbriefe (Option III) ............................................... 196
Floating Rate Pfandbriefe (Option IV) ........................................................................................... 211
Structured Notes (Option V) .......................................................................................................... 231
Terms and Conditions German Language Version ............................................................................ 309
Festverzinsliche Anleihen und Nullkupon-Anleihen (Option I) ...................................................... 310
Variabel verzinsliche Anleihen (Option II) ..................................................................................... 354
Festverzinsliche Pfandbriefe und Nullkupon-Pfandbriefe (Option III) ........................................... 401
Variabel verzinsliche Pfandbriefe (Option IV) ............................................................................... 418
Strukturierte Anleihen (Option V) .................................................................................................. 440
Annexes to the Terms and Conditions ................................................................................................... 531
Credit Linked Notes Annex A ........................................................................................................ 531
Credit Linked Notes Annex B ........................................................................................................ 611
Registered Securities Annex ......................................................................................................... 698
Form of Final Terms ................................................................................................................................. 712
Form of Pricing Supplement .................................................................................................................... 771
Taxation ..................................................................................................................................................... 827
General Taxation Information ........................................................................................................ 827
Germany ....................................................................................................................................... 827
6

Luxembourg .................................................................................................................................. 831
Australia ........................................................................................................................................ 834
Austria ........................................................................................................................................... 837
Belgium ......................................................................................................................................... 841
Denmark ........................................................................................................................................ 846
France ........................................................................................................................................... 847
Hong Kong .................................................................................................................................... 848
Ireland ........................................................................................................................................... 850
Italy ................................................................................................................................................ 851
Netherlands ................................................................................................................................... 859
Portugal ......................................................................................................................................... 861
Singapore ...................................................................................................................................... 866
Spain ............................................................................................................................................. 872
Sweden ......................................................................................................................................... 875
Switzerland .................................................................................................................................... 876
United Kingdom ............................................................................................................................. 880
UNITED STATES .......................................................................................................................... 881
The Proposed Financial Transactions Tax ("FTT") ....................................................................... 883
Book Entry Clearance Systems ............................................................................................................... 885
Book-Entry Systems ...................................................................................................................... 885
Book-Entry Ownership of and Payments in Respect of DTC Securities ....................................... 887
Transfers of Securities Represented by Registered Global Securities ......................................... 887
Transfer and Selling Restrictions............................................................................................................ 889
Transfer Restrictions ..................................................................................................................... 889
United States ................................................................................................................................. 891
European Economic Area ............................................................................................................. 892
United Kingdom ............................................................................................................................. 893
Australia ........................................................................................................................................ 893
Austria ........................................................................................................................................... 894
Belgium ......................................................................................................................................... 894
Denmark ........................................................................................................................................ 895
France ........................................................................................................................................... 895
Hong Kong .................................................................................................................................... 895
Ireland ........................................................................................................................................... 896
Italy ................................................................................................................................................ 896
Japan ............................................................................................................................................ 897
Netherlands ................................................................................................................................... 897
Portugal ......................................................................................................................................... 897
Singapore ...................................................................................................................................... 898
Spain ............................................................................................................................................. 899
Sweden ......................................................................................................................................... 900
Switzerland .................................................................................................................................... 900
General ......................................................................................................................................... 900
General Information .................................................................................................................................. 901
Use of Proceeds ............................................................................................................................ 901
Authorisation ................................................................................................................................. 901
Post Issuance Information ............................................................................................................. 901
Clearing Systems .......................................................................................................................... 901
Listing and Admission to Trading Information ............................................................................... 901
Undertaking ................................................................................................................................... 901
Yield .............................................................................................................................................. 902
Documents on Display ............................................................................................................................. 903
Documents Incorporated by Reference .................................................................................................. 904
Documents Incorporated by Reference ........................................................................................ 904
Cross-Reference List of Documents Incorporated by Reference .................................................. 904
Names and Addresses ............................................................................................................................. 907

7

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 finally 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) [], provided (which may be
shortened or extended by the Issuer) however, that the Prospectus is still 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 will
8

Ele-
Disclosure

ment requirement
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).
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 will 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,
Bank has its registered office in Frankfurt am Main, Germany. It maintains its head
Legislation,
office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
Country of
[If the Securities are issued by Deutsche Bank AG, London Branch, insert:
Incorporation
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 Phillip 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.]

9

Ele-
Disclosure

ment requirement
[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,
Portugal.]
[If the Securities are issued by Deutsche Bank AG, Sucursal en España, insert:
Deutsche Bank AG, acting through its Spanish branch ("Deutsche Bank AG,
Sucursal en España") is domiciled at Paseo De La Castellana, 18, 28046 Madrid,
Spain.]
[If the Securities are issued by Deutsche Bank AG, [insert branch] Branch,
insert: Deutsche Bank AG, acting through its [insert branch] branch ("Deutsche
Bank AG, [insert branch] Branch") is domiciled at [insert address].]
B.4b Known trends
With the exception of the effects of the macroeconomic conditions and market
affecting the
environment, litigation risks associated with the financial markets crisis as well as the
Issuer and the effects of legislation and regulations applicable to all financial institutions in Germany
industries in
and the eurozone, there are no known trends, uncertainties, demands, commitments
which it operates
or events that are reasonably likely to have a material effect on the Issuer's
prospects in its current financial year.
B.5
Description of the Deutsche Bank is the parent company and the most material entity of Deutsche Bank
group and the Group, a group consisting of banks, capital market companies, fund management
Issuer's position companies, property finance companies, instalment financing companies, research
within the group
and consultancy companies and other domestic and foreign companies (the
"Deutsche Bank Group").
B.9
Profit forecasts Not applicable. No profit forecast or estimate is made.
or estimate
B.10
Qualifications in Not applicable. There are no qualifications in the audit report on the historical
the audit report
financial information.
B.12
Selected
The following table shows an overview from the balance sheet of Deutsche Bank AG
historical key
which has been extracted from the respective audited consolidated financial
financial
statements prepared in accordance with IFRS as of 31 December 2014 and 31
information
December 2015 as well as from the unaudited consolidated interim financial
statements as of 31 March 2015 and of 31 March 2016.
31 December 2014
31 March 2015
31 December 2015
31 March 2016

(IFRS, audited)
(IFRS, unaudited)
(IFRS, audited)
(IFRS, unaudited)
Share capital (in
3,530,939,215.36 3,530,939,215.36
3,530,939,215.36
3,530,939,215.36*
EUR)
Number of ordinary
1,379,273,131 1,379,273,131
1,379,273,131
1,379,273,131*
shares
Total assets (in
1,708,703 1,955,465
1,629,130
1,740,569
million Euro)
Total liabilities (in
1,635,481 1,877,533
1,561,506
1,674,023
million Euro)
Total equity (in
73,223
77,932
67,624
66,546
10