Obligation Deutsch Bank AG 0% ( XS0076085603 ) en ZAR

Deutsch Bank AG

100 % ▲

Allemagne

XS0076085603 ( en ZAR )

27/05/2027

Prospectus brochure de l'obligation Deutsche Bank Ag XS0076085603 en ZAR 0%, échéance 27/05/2027

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.

L'instrument financier en question est une obligation, identifiée par le code ISIN XS0076085603, émise par Deutsche Bank AG, une institution financière de renommée mondiale dont le siège est en Allemagne, acteur majeur du secteur bancaire global offrant une large gamme de services financiers aux entreprises, aux institutions et aux particuliers à travers le monde ; actuellement négociée à 100% de sa valeur nominale, cette obligation libellée en ZAR (Rand Sud-Africain) arrivera à maturité le 27 mai 2027 et se distingue par un taux d'intérêt de 0%, la positionnant comme une obligation zéro-coupon où le rendement pour l'investisseur découle de la différence entre son prix d'acquisition et sa valeur de remboursement à l'échéance, la fréquence de paiement "1" confirmant l'absence de versements d'intérêts périodiques au profit d'un unique remboursement du capital à la date de maturité.

Offering Circular
May 27, 1997
Deutsche Finance (Netherlands) B.V.
Amsterdam, The Netherlands
ZAR 4,000,000,000 Zero Coupon South African Rand Bonds
of 1997/2027
(the "Securities")
(First Tranche: ZAR 3,000,000,000; Second Tranche: ZAR 500,000,000; Third Tranche: ZAR 500,000,000)
Settlement Date: May 27, 1997
Issue Price: First Tranche: 2.95%; Second and Third Tranche: 3 %
Deutsche Morgan Grenfell
ICCREA S.p.A.
Credit Suisse First Boston
Credito Italiano
IMI Bank (Lux) S.A.
ING Barings
J.P. Morgan Securities Ltd.
Kredietbank International Group
Merrill Lynch International
Norddeutsche Landesbank
SBC Warburg
Girozentrale
A Division of Swiss Bank Corporation
Société Générale S.T.
Toronto Dominion Bank
UBS Limited
VEREINS- UND WESTBANK
WestMerchant
Aktiengesellschaft
Unconditionally and irrevocably guaranteed by
Deutsche Bank
Aktiengesellschaft
Frankfurt am Main
Application has been made to list the Securities on the Luxembourg Stock Exchange.

The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as
amended, and include Securities in bearer form that are subject to U.S. tax law requirements. The
Securities may not be offered, sold or delivered within the United States or to U.S. persons, except
to the extent permitted in the Bond Purchase Agreement. Sales of Bonds under Rule 144A under the
Securities Act are not permitted except that Deutsche Bank AG London through its affiliated selling
agent may make sales pursuant to Rule 144A.
This document may not be publicly distributed in Germany.
This document may not be passed on to any person in the United Kingdom unless that person is of a
kind described in Article 11 (3) of the Financial Services Act 1986 (Investment Advertisements)
(Exemptions) Order 1996 or is a person to whom this document may otherwise lawfully be issued or
passed on.
The purpose of this Offering Circular is to give information with regard to Deutsche Finance
(Netherlands) B.V. (the "Company" or the "Issuer"), Deutsche Bank Aktiengesellschaft (the "Bank"
or the "Guarantor"), and the ZAR 4,000,000,000 Zero Coupon South African Rand Bonds of 1997/
2027 (the "Securities"). The Company and the Bank have taken all reasonable care to ensure that the
facts stated in this Offering Circular are true and accurate in all material respects and that there are no
other material facts the omission of which would make misleading any statements herein, whether of
fact or opinion. The Company and the Bank accept responsibility accordingly.
No person has been authorised to give any information or to make any representations, other than
those contained in this Offering Circular, in connection with 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 the Company, the Bank or by any of the following financial institutions: Deutsche Bank
AG London, ICCREA S.p.A., Credit Suisse First Boston (Europe) Limited, Credito Italiano S.p.A., IMI
Bank (Lux) S.A., ING Bank N.V., J.P. Morgan Securities Ltd., Kredietbank N.V., Merrill Lynch Inter-
national, Norddeutsche Landesbank Girozentrale, Société Générale Strauss Turnbull Securities Lim-
ited, Swiss Bank Corporation, The Toronto-Dominion Bank, UBS Limited, VEREINS- UND WESTBANK
Aktiengesellschaft, WestMerchant Bank Limited (the "Managers"). Neither the delivery of this Offer-
ing Circular 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.
This document does not constitute an offer or an invitation by or on behalf of the Company, the Bank
or by or on behalf of any Manager to subscribe for or purchase any of the Securities.
Each of the Managers has acknowledged that the Securities are subject to the restrictions provided in
the German Securities Prospectus Act (Wertpapier-Verkaufsprospektgesetz) with respect to Euro-
Securities (Euro-Wertpapiere); in particular, they may not be offered in Germany by way of public
promotion.
The Securities may not be offered or sold, directly or indirectly, and neither this document nor any
other offering material may be distributed or published in any jurisdiction, except under circum-
stances that will result in compliance with any applicable laws and regulations.
All references herein to ZAR are to the currency of the Republic of South Africa, references to DM or
Deutsche Mark to the currency of the Federal Republic of Germany and references to $, U.S.$ or
United States dollars are to the currency of the United States of America.
The dual exchange rate system operated by South Africa from 1985 until March 1995, came to an end
on March 10, 1995 when the Financial Rand was abolished leaving as the sole South African currency
the Commercial Rand. While it now appears to be the general policy of the Exchange Control Depart-
ment of the South African Reserve Bank not to apply any direct exchange controls to non-residents,
the Reserve Bank does, in practice, require that prior approval be obtained in certain circumstances,
for instance, before loans can be made by or repaid to non-residents and before certain payments can
2

be made to non-residents. This notwithstanding, the issue of eurobonds denominated in South Afri-
can Rands outside South Africa by a non-resident and the payment of interest on such eurobonds do
not require exchange control approval provided that the eurobonds are not sold or the interest paid
to South African residents. The other exchange control restrictions on transactions by residents have
remained in place, although the Government has indicated that it is its long term intention to phase
these out and has to date taken various steps to reduce the limitations. No time frame has, however,
been given. The Government has in addition indicated that it will gradually relax the restrictions on
foreign portfolio investments by South African institutional investors and this relaxation has already
commenced.
In connection with the Securities Deutsche Bank AG London may over-allot or effect transactions
which stabilise or maintain the market prices of the Securities at a level which might not otherwise
prevail. Such stabilising, if commenced, may be discontinued at any time.
The audited Financial Statements of Deutsche Finance (Netherlands) B.V. for the year ended Decem-
ber 31, 1996 are incorporated by reference into this Offering Circular. Copies thereof may be obtained
without charges at the offices of the paying agent in the City of Luxembourg.
T a b l e o f C o n t e n t s
Page
General Information 4
Anleihebedingungen/Conditions of Issue 8
Garantien/Guarantees 13
Deutsche Finance (Netherlands) B.V. - Issuer - 14
Incorporation, Corporate Seat, Duration and Objects 14
Share Capital 14
Capitalisation 15
Bonds and Notes Outstanding as of April 30, 1997 15
Management 16
Financial Year 16
Auditors 16
Balance Sheet as of December 31, 1996 17
Profit and Loss Account for the Year 1996 18
Outlook 18
3

General Information
The ZAR 4,000,000,000 Zero Coupon South African Rand Bonds of 1997/2027 described in this Offer-
ing Circular were authorised by a resolution of the Board of Management, with the approval of the
Supervisory Board, of the Company on April 24, 1997 (First Tranche), April 29, 1997 (Second Tranche)
and April 30, 1997 (Third Tranche).
Subscription and Sale
The Managers have, under a bond purchase agreement dated May 23, 1997 (the "Subscription Agree-
ment"), jointly and severally agreed with the Company and the Bank to subscribe for the Securities,
the issue price of which is 2.95% for the first tranche of ZAR 3 billion, and 3% for the second and third
tranches of ZAR 500 million each.
Sales Restrictions
Each Manager has represented and agreed that it has not offered or sold and will not offer or sell,
directly or indirectly, any Securities in the Republic of South Africa or to persons resident in the
Republic of South Africa except in accordance with South African Exchange Control Regulations and
in circumstances which would not constitute an offer to the public within the meaning of the South
African Companies Act, 1973, as amended.
The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as
amended, (the "Securities Act") and may not be offered or sold within the United States of America
(the "United States") or to, or for the account or benefit of, U.S. persons except in accordance with
Regulation S under the Securities Act or pursuant to an exemption from the registration require-
ments of the Securities Act. Each Manager has represented and agreed that it has offered or sold,
and will offer or sell, the Securities (i) as part of their distribution at any time and (ii) otherwise until
40 days after the later of the commencement of the offering and the closing date, only in accordance
with Rule 903 of Regulation S under the Securities Act, except that Deutsche Bank AG London,
through its affiliated selling agent, may make sales pursuant to Rule 144A under the Securities Act.
Accordingly, each Manager has represented and agreed that neither it, nor its affiliates nor any per-
sons acting on its or their behalf have engaged or will engage in any directed selling efforts with re-
spect to the Securities, and it and they have complied and will comply with the offering restrictions
requirement of Regulation S. In addition, each Manager has confirmed that neither it, its affiliates nor
any persons acting on its or their behalf has solicited offers for, offered or sold the Securities, and will
not solicit offers for, offer or sell the Securities, by any form of general solicitation or general adver-
tising (as those terms are use in Regulation D under the Securities Act) in the United States and
Deutsche Bank AG London agrees that it, its affiliates and any persons acting on its or their behalf
will sell the Securities in the United States only to persons that it reasonably belives are qualified
institutional buyers (as defined in Rule 144A under the Securities Act) in transactions meeting the
requirements of Rule 144A under the Securities Act.
Terms used in this paragraph have the meanings given to them by Regulation S.
Each Manager has represented and agreed that it has not entered and will not enter into any contrac-
tual arrangement with respect to the distribution or delivery of the Securities except with its affiliates
or with the prior written consent of the Issuer.
In addition:
(a) except to the extent permitted under U.S. Treas. Reg. § 1.163-5(c)(2)(i)(D) (the "D Rules"), each
Manager has represented and agreed that (i) it has not offered or sold, and during the restricted
period will not offer or sell, Securities in bearer form to a person who is within the United States
or its possessions or to a United State person, and (ii) it has not delivered and will not deliver
within the United States or its possessions definitive Securities in bearer form that are sold during
the restricted period;
4

(b) each Manger has represented and agreed that it has and throughout the restricted period will have
in effect procedures reasonably designed to ensure that its employees or agents who are directly
engaged in selling Securities are aware that such Securities in bearer form may not be offered or
sold during the restricted period to a person who is within the United States or its possessions or
to a United States person, except as permitted by the D Rules;
(c) if it is a United States person, each Manager has represented that it is acquiring Securities in
bearer form for the purpose of resale in connection with their original issuance and if it retains
Securities in bearer form for its own account, it will only do so in accordance with the require-
ments of U.S. Treas. Reg. § 1.163-5(c)(2)(i)(D)(6);
(d) with respect to each affiliate of a Manager that aquires Securities in bearer form from such Man-
ager for the purpose of offering or selling such Securities during the restricted period, such Man-
ager has repeated and confirmed the representations and agreements contained in clauses (a), (b)
and (c) of this subparagraph on behalf of that affiliate; and
(e) each Manager has represented and agreed that it will use reasonable efforts to procure the
exchange of the Global Security in accordance with its terms as soon as practicable after the 40th
day following the issuance of the Global Security.
Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code
and regulations thereunder, including the D Rules.
The Issuer and its affiliates (as defined in Rule 405 under the Securities Act) have represented and
warranted that:
(a) they have not engaged and will not engage in any directed selling efforts (as defined in Regulation S
under the Securities Act) in respect of the Securities;
(b) they have complied with and will comply with the offering restrictions requirement of Regulation S
under the Securities Act; and
(c) they have not solicited offers for, offered or sold the Securities, and will not solicit offers for, offer
or sell the Securities, by any form of general solicitation or general advertising (as those terms are
used in Regulation D under the Securities Act) in the United States.
Each Manager has acknowledged that the Securities are offered pursuant to the Euro-Securities
Exemption set out in Article 6 of the Netherlands' Exemption Regulation of the Securities Markets
Supervision Act of 1995 ("Vrijstellingsregeling Wet toezicht effectenverkeer 1995"). Each Manager
has represented and agreed that it has not conducted and will not conduct any general advertising or
soliciting campaign with respect to the Securities.
Each of the Managers has acknowledged that offers and sales of the Securities are subject to the
restrictions provided in the German Securities Prospectus Act (Wertpapier-Verkaufsprospektgesetz)
with respect to Euro-securities (Euro-Wertpapiere); in particular, they may not be offered by way of
public promotion.
Each of the Managers has represented and agreed that:
(a) it has not offered or sold and, prior to the expiry of the period of six months from the Settlement
Date, will not offer or sell any Securities to persons in the United Kingdom except to persons
whose ordinary activities involve them in the acquiring, holding, managing or disposing of invest-
ments (as principal or agent) for the purposes of their business or otherwise in circumstances
which have not resulted and will not result in an offer to the public in the United Kingdom within
the meaning of the Public Offers of Securities Regulations 1995;
(b) it has complied and will comply with all applicable provisions of the Financial Services Act 1986
with respect to anything done by it in relation to the Securities in, from or otherwise involving the
United Kingdom; and
(c) it has only issued or passed on and will only issue or pass on in the United Kingdom any docu-
ment received by it in connection with the issue of the Securities to a person who is of a kind
5

described in Article 11 (3) of the Financial Services Act 1986 (Investment Advertisements) (Exemp-
tions) Order 1996 or is a person to whom such document may otherwise lawfully be issued or
passed on.
In addition to the specific restrictions set out above, each Manager has agreed that it will comply with
all applicable provisions of law in each jurisdiction in or from which it may offer or sell Securities or
distribute any offering material.
Taxation in the Federal Republic of Germany
In the Federal Republic of Germany, interest payments in respect of Securities held in custody by a
bank in Germany to persons who are tax residents of Germany (or non-residents provided that the in-
terest income falls in a category of income from German sources, such as income effectively connected
with a German trade or business; income from the letting and leasing of German property, etc.)
are subject to an advanced interest income tax (Zinsabschlagsteuer), at present 30% and an additional
solidarity-surcharge tax (Solidaritätszuschlag), at present 7.5%, on the income tax, so that the total rate
is 32.25%. The tax withheld may later be credited as a prepayment for purposes of the income tax
assessment.
Accrued interest for the time of ownership is also subject to this advanced interest income tax and
solidarity-surcharge tax.
The above summary describes the principal applications of German advanced interest income tax
and solidarity-surcharge tax. For their particular case investors should obtain individual tax advice.
Listing Information
Application has been made to list the Securities on the Luxembourg Stock Exchange.
Prior to the listing, a legal notice containing information regarding the issue of the Securities, the
Articles of Association and other facts regarding the Company will be registered and deposited with
the Greffe du Tribunal d'Arrondissement de et à Luxembourg, where copies thereof may be
inspected and obtained.
The most recent Financial Statements of the Company, the most recent Annual Reports of Deutsche
Bank Aktiengesellschaft and its most recent Interim Reports, which are issued as of June 30 and Septem-
ber 30 each year, may be inspected and obtained without charge at Deutsche Bank Aktiengesellschaft,
Taunusanlage 12, D-60262 Frankfurt am Main, and at the head office of the paying agent in the City of
Luxembourg, Banque de Luxembourg S.A., 14, Boulevard Royal, L-2449 Luxembourg, as long as any
Securities are listed on the Luxembourg Stock Exchange. The Company publishes no Interim Report.
The Articles of Association of the Bank as well as copies of the Issuing and Principal Paying Agency
Agreement dated May 23, 1997, may also be inspected at the aforementioned addresses.
Paying Agents
The Paying Agents for the Securities are Deutsche Bank Aktiengesellschaft, Taunusanlage 12, D-60262
Frankfurt am Main, (Principal Paying Agent) and Banque de Luxembourg S.A., 14, Boulevard Royal,
L-2449 Luxembourg.
The Company has undertaken to ensure service of the Securities through a credit institution located
in Luxembourg as long as any Securities remain outstanding and are listed on the Luxembourg Stock
Exchange.
Delivery of the Securities
Initial delivery of the Securities will be made on or about May 27, 1997, the Settlement Date, in the
form of a temporary global bearer bond (the "Global Bond") which will be deposited with a common
6

depositary for Euroclear and Cedel Bank, société anonyme. Purchasers will share in the Global Bond
through credits to securities accounts. Interests in the Global Bond will be exchanged (free of charge
to the holders of interests therein) for definitive Securities on or after a date (the "Exchange Date")
not earlier than 40 days and not later than 180 days after the date of issue of the Global Bond upon
certification as to non-U.S. beneficial ownership of the Securities in the form available from the Prin-
cipal Paying Agent. Definitive Securities delivered in exchange for interests in the Global Bond will be
delivered only outside of the United States of America and its possessions. Any portion of the Global
Bond that is not exchanged for definitive Securities shall become represented by Securities in regis-
tered form for United States federal income tax purposes.
Delivery of any Securities sold to U.S. persons pursuant to Rule 144A under the Securities Act shall be
made in registered form for United States federal income tax purposes.
Use of Proceeds
The net proceeds of the Issue, approximately RND 108.5 million, will be used in accordance with the
purposes stipulated in the Company's Articles of Association.
Ratings
Outstanding long-term bond indebtedness of or guaranteed by the Bank is rated Aa1 (1) by Moody's
Investors Service, Inc. ("Moody's") and AAA(2) by Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc. ("S & P").
Material Change
Save as disclosed herein, there has been no material adverse change to the financial condition, or to
earnings, business or operations of the Issuer since December 31, 1996, which would adversly affect
the ability of the Issuer to perform its obligation with respect to the Securities.
Litigation
Neither the Company nor the Bank is involved in any litigation which would adversly affect the ability
of the Company or the Bank to perform its obligations with respect to the Securities.
Common Code No. 760 8560
ISIN Code No. XS 007 608 560 3
German Security Index No. 191 486
V) Definition by Moody's:
"Aa: Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they
comprise what are generally known as high-grade bonds. They are rated lower than the best bonds because margins
of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater ampli-
tude or there may be other elements present which make the long-term risk appear somewhat larger than the Aaa
securities."
Note: Moody's applies numerical modifiers 1, 2 and 3 in each rating classification: the modifier 1 indicates that the
security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the
modifier 3 indicates that the issue ranks in the lower end of its generic rating category.
(2) Definition by S & P:
"AAA: An obligation rated AAA has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet
its financial commitment on the obligation is extremely strong."
7

The German wording of the Conditions of Issue
is legally binding; the English text is a non-bind-
ing translation.
ANLEIHEBEDINGUNGEN CONDITIONS OF ISSUE
5 1
§ 1
(Form u n d Nennbetrag)
(Form and Denomination)
(1) Die v o n der Deutsche Finance (Netherlands) B.V., (1) The Issue floated by Deutsche Finance (Netherlands)
A m s t e r d a m , Niederlande, (die ,, E m i t t e n t i n " ) begebene B.V., A m s t e r d a m , The Netherlands, (the "Issuer") in the
Anleihe i m Gesamtnennbetrag von
aggregate principal a m o u n t of
Südafrikanische Rand 4.000.000.000,-
South African Rand 4,000,000,000.-
ist verbrieft in unter sich gleichberechtigten, auf den Inha-
is represented by
ber lautenden
40.000 Schuldverschreibungen zu je ZAR 5.000,-
40,000 Bonds of ZAR 5,000.-
Nr. 00 001 - 4 0 000,
each Nos. 00 001 - 40 000,
16.000 Schuldverschreibungen zu je ZAR 50.000,-
16,000 Bonds of ZAR 50,000.-
Nr. 40 001 - 5 6 000,
each Nos. 40 001 - 5 6 000,
3.000 Schuldverschreibungen zu je ZAR 1.000.000,-
3,000 Bonds of ZAR 1,000,000.-
Nr. 56 001 - 59 000
each Nos. 56 001 - 59 000,
(die ,,Schuldverschreibungen").
payable to bearer and ranking pari passu w i t h each other
(the "Securities").
(2) Die Schuldverschreibungen tragen die vervielfältigte
(2) The Securities bear the facsimile signature of a m e m -
Unterschrift eines Mitglieds des Vorstands (directie) der
ber of the Board of M a n a g e m e n t (directie) of the Issuer,
Emittentin, einen Prägestempel der Emittentin sowie die
an embossed stamp of the Issuer and the handwritten sig-
eigenhändige Unterschrift eines Kontrolleurs.
nature of a control officer.
(3) Unbeschadet v o n Absatz (1) kann ein Teil der Schuld-
(3) N o t w i t h s t a n d i n g subparagraph (1) a portion of the
verschreibungen, mit Rücksicht auf Erfordernisse der Bun-
Securities may be issued in registered f o r m for United
des-Einkommenssteuergesetze der Vereinigten Staaten States of America federal income tax purposes, such por-
v o n Amerika als Namenspapiere begeben w e r d e n , welche
tion shall be substantially identical to the securities in
i m wesentlichen identisch mit den auf den Inhaber lauten-
bearer f o r m except for such changes as may be required
den Schuldverschreibungen sein sollen, abgesehen von
for issue in such registered f o r m .
solchen Ä n d e r u n g e n , die durch die Begebung als
Namenspapiere bedingt w e r d e n .
§ 2
§ 2
(Fälligkeit)
(Maturity)
Die Schuldverschreibungen werden am 27. Mai 2027 (das
The Securities w i l l be redeemed at par on May 27, 2027
,,Fälligkeitsdatum") zum Nennbetrag zurückgezahlt. Perio-
(the " M a t u r i t y Date"). There will be no periodic payments
dische Zinszahlungen werden auf die Schuldverschreibun-
of interest on the Securities.
gen nicht geleistet.
§ 3
§ 3
(Verzugszinsen)
(Overdue Interest)
Sofern die Emittentin die Tilgung der Schuldverschreibun-
Should the Issuer fail to redeem the Securities w h e n due
gen unter Berücksichtigung der B e s t i m m u n g e n in § 4 (2)
in accordance w i t h the provisions of § 4 (2), interest at the
bei Fälligkeit unterläßt, fallen nach dem Fälligkeitstag Zin-
rate of 12.462 % p.a. (the "Initial Rate of Return") shall
sen in Höhe von 12,462 % p.a. (die ,,Emissionsrendite")
accrue beyond the due date until the actual redemption of
bis zu der Einlösung der Schuldverschreibungen a n , the Securities, but not b e y o n d the fourteenth day after a
jedoch nicht über den Ablauf des vierzehnten Tages nach
notice has been published by the Principal Paying Agent
einer Bekanntmachung der Hauptzahlstelle hinaus, daß
to the effect that the necessary f u n d s for redemption are
dieser die zur Tilgung erforderlichen Mittel zur Verfügung
available at the offices of the Principal Paying Agent.
stehen.
§ 4
§ 4
(Zahlungen)
(Payments)
(1) Die Emittentin verpflichtet sich, alle Beträge bei Fällig-
(1) The Issuer undertakes to pay all a m o u n t s w h e n due in
keit in gesetzlicher W ä h r u n g der Republik Südafrika zu
legal tender of the Republic of South Africa. The Securities
zahlen. Die Schuldverschreibungen w e r d e n d e m Inhaber
shall be paid to the bearer w i t h o u t it being permissible,
eingelöst, ohne daß, abgesehen v o n der Beachtung etwai-
except for compliance w i t h applicable tax, foreign ex-
ger Steuer-, Devisen- und sonstiger Vorschriften des Lan-
change or other laws and regulations of the country
8

des der betreffenden Zahlstelle, die Ausfertigung eines where the relevant paying agent is located, to require the
Affidavits oder die Erfüllung irgendeiner sonstigen Förm-
execution of an affidavit or compliance with any other for-
lichkeit verlangt werden darf. Die Zahlungen erfolgen bei
mality whatsoever. Payments shall be made at the head
den Hauptniederlassungen folgender Banken (die ,,Zahl-
offices of the following banks (the ,,Paying Agents")
stellen")
Deutsche Bank Aktiengesellschaft, Frankfurt am Main,
Deutsche Bank Aktiengesellschaft, Frankfurt am Main,
(,,Hauptzahlstelle")
("Principal Paying Agent")
Banque de Luxembourg S.A., Luxemburg,
Banque de Luxembourg S.A., Luxembourg,
durch Ziehung eines Südafrikanische Rand-Schecks auf
by an South African Rand cheque drawn on, or, by transfer
eine Bank oder Überweisung auf ein Südafrikanische to an South African Rand account maintained by the
Rand-Konto des Zahlungsempfängers bei einer Bank in
payee with, a bank in the Republic of South Africa. In no
der Republik Südafrika. In keinem Fall erfolgt eine Zah-
event will any payment on a Security in bearer form be
lung auf eine auf den Inhaber lautende Schuldverschrei-
made upon presentation of the Security for payment
bung, die in den Vereinigten Staaten von Amerika oder
within the United States of America or its possessions.
ihren Besitzungen zur Zahlung vorgelegt wird.
(2) Falls ein Fälligkeitstag für die Zahlung fälliger Beträge
(2) If the due date for payment of any amount due is a day
ein Tag ist, an dem Banken in Johannesburg oder am Ort
on which banks in Johannesburg or in the place where a
einer Zahlstelle, bei der Schuldverschreibungen zur Zah-
Paying Agent is located and where Securities are present-
lung eingereicht werden, entweder für Bankgeschäfte ed for payment are closed for business, either generally or
generell oder für Geschäfte in Südafrikanische Rand in respect of dealings in South African Rand, the holder of
geschlossen sind, hat der Inhaber von Schuldverschrei-
Securities (the "Security-holder") shall be entitled to pay-
bungen (der ,,Anleihegläubiger") Anspruch auf Zahlung
ment through that Paying Agent only on the next day on
bei dieser Zahlstelle erst am nächstfolgenden Tag, an dem
which banks are generally open for business in Johannes-
die Banken in Johannesburg und am Ort dieser Zahlstelle
burg and in the place where that Paying Agent is located,
für Bankgeschäfte allgemein geöffnet sind; er ist nicht
and the Securityholder shall have no right to claim pay-
berechtigt, Zinsen oder eine andere Entschädigung ment of any interest or other indemnity in respect of such
wegen eines solchen Zahlungsaufschubs zu verlangen.
delay in payment.
(3) Die Zahlstellen in ihrer Eigenschaft als solche handeln
(3) The Paying Agents, in their capacity as such, are acting
ausschließlich als Beauftragte der Emittentin und stehen
exclusively as agents of the Issuer and do not have any
nicht in einem Auftrags- oder Treuhandverhältnis zu den
relationship of agency or trust with the Securityholders.
Anleihegläubigern. Die Emittentin kann zusätzliche Zahl-
The Issuer may appoint additional Paying Agents and
stellen ernennen und die Ernennung von Zahlstellen revoke the appointment of Paying Agents. Such appoint-
widerrufen. Ernennung und Widerruf sind gemäß § 10
ment or revocation shall be published in accordance with
bekanntzumachen.
§ 10.
(4) Die zur Tilgung fälligen Schuldverschreibungen sind
(4) Securities due for redemption should be presented on
am Tag der Fälligkeit einzureichen.
the due date of such Securities.
(5) Weder die Emittentin noch die Zahlstellen sind ver-
(5) Neither the Issuer nor the Paying Agents are obliged to
pflichtet, die Berechtigung des Einreichers von Schuldver-
inquire as to the entitlement of any holder of Securities.
schreibungen zu prüfen.
(6) Die Emittentin kann die von den Anleihegläubigern
(6) The Issuer may deposit with the Amtsgericht (local
innerhalb von zwölf Monaten nach Fälligkeit nicht erhobe-
court) in Frankfurt am Main any amounts not claimed by
nen Beträge bei dem Amtsgericht Frankfurt am Main hin-
Securityholders within twelve months after maturity. To
terlegen. Soweit auf das Recht zur Rücknahme der hinter-
the extent the right to withdraw such deposit is waived,
legten Beträge verzichtet wird, erlöschen die betreffenden
the relevant claims of the Securityholders against the
Ansprüche der Anleihegläubiger gegen die Emittentin.
Issuer shall cease.
§ 5
§ 5
(Steuern)
(Taxes)
(1) Die Tilgung der Schuldverschreibungen erfolgt ohne
(1) The redemption of the Securities shall be made with-
Abzug oder Einbehalt gegenwärtiger oder zukünftiger out deduction or withholding for or on account of any pre-
Steuern, Abgaben oder amtlicher Gebühren gleich wel-
sent or future taxes, duties or governmental charges of
cher Art, die von oder in den Niederlanden oder der Bun-
any nature whatsoever imposed, levied or collected by or
desrepublik Deutschland oder für deren Rechnung oder
in or on behalf of The Netherlands or the Federal Republic
von oder für Rechnung einer dort zur Steuererhebung
of Germany or by or on behalf of any political subdivision
ermächtigten Gebietskörperschaft oder Behörde auferlegt,
or authority therein having power to tax (hereinafter to-
erhoben oder eingezogen werden (nachstehend zusam-
gether called "Withholding Taxes"), unless such deduc-
men ,,Quellensteuern" genannt), es sei denn, ein solcher
tion or withholding is required by law. In such event, the
Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In
Issuer shall pay such additional amounts as may be
diesem letzteren Fall wird die Emittentin die zusätzlichen
necessary in order that the net amounts received by the
Beträge zahlen, die erforderlich sind, damit der den Anlei-
Securityholders after such deduction or withholding shall
hegläubigern nach diesem Abzug oder Einbehalt zuflie-
equal the respective amounts which would have been
ßende Nettobetrag jeweils dem Betrag entspricht, der den
receivable had no such deduction or withholding been
required. No such additional amounts shall, however, be
Anleihegläubigern zustehen würde, wenn der Abzug oder
payable on account of any taxes, duties or governmental
Einbehalt nicht erforderlich wäre. Solche zusätzlichen charges which
Beträge sind jedoch nicht zahlbar wegen Steuern, Abga-
ben oder amtlicher Gebühren, die
9

a) auf andere Weise als durch Abzug oder Einbehalt aus
a) are payable otherwise than by deduction or w i t h h o l d -
Zahlungen auf die Schuldverschreibungen zu entrichten
ing f r o m payments of principal hereunder, or
sind, oder
b) wegen gegenwärtiger oder früherer persönlicher oder
b) are payable by reason of the Securityholder having, or
geschäftlicher Beziehungen des Anleihegläubigers zu den
having had, s o m e personal or business connection with
Niederlanden oder der Bundesrepublik Deutschland zu
The Netherlands or the Federal Republic of Germany and
zahlen sind und nicht allein aufgrund der Tatsache, daß
not merely by reason of the fact that payments in respect
Zahlungen in bezug auf die Schuldverschreibungen oder
of the Securities or the Guarantee are, or for purposes of
aus der Garantie aus den Niederlanden oder der Bundes-
taxation are deemed t o be, derived f r o m sources in, or are
republik Deutschland s t a m m e n oder dort besichert sind
secured in, The Netherlands or in the Federal Republic of
oder steuerlich so behandelt w e r d e n , oder
Germany, or
c) aufgrund einer Rechtsänderung zahlbar sind, die später
c) are payable by reason of a change in law that becomes
als 30 Tage nach Fälligkeit der betreffenden Zahlung oder,
effective m o r e than 30 days after the relevant payment
w e n n dies später erfolgt, o r d n u n g s g e m ä ß e r Bereitstel-
becomes due, or is duly provided for and notice thereof is
lung aller fälligen Beträge und einer diesbezüglichen published in accordance w i t h % 10, whichever occurs later,
Bekanntmachung gemäß § 10 wirksam w i r d , oder
or
d) v o n einer Zahlstelle abgezogen oder einbehalten wer-
d) are deducted or w i t h h e l d by a Paying Agent f r o m a pay-
den, w e n n eine andere Zahlstelle die Zahlung ohne einen
ment if the payment could have been made by another
solchen Abzug oder Einbehalt hätte leisten können, oder
Paying Agent w i t h o u t such deduction or w i t h h o l d i n g , or
e) nicht zu entrichten w ä r e n , w e n n die Schuldverschrei-
e) w o u l d not be payable if the Securities had been kept in
b u n g e n bei einem Kreditinstitut verwahrt u n d die Zahlun-
safe custody w i t h , and the payments had been collected
gen v o n diesem eingezogen w o r d e n wären.
by, a banking institution.
(2) Falls infolge einer am oder nach dem 23. Mai 1997 wirk-
(2) If, as a result of any change in, or a m e n d m e n t to, the
sam w e r d e n d e n Ä n d e r u n g oder Ergänzung der in den
laws or regulations prevailing in The Netherlands or in
Niederlanden oder in der Bundesrepublik Deutschland the Federal Republic of Germany, which change or amend-
geltenden Rechtsvorschriften oder einer vor diesem Zeit-
ment becomes effective o n or after May 23, 1997, or as a
punkt nicht allgemein bekannten A n w e n d u n g oder amt-
result of any application or official interpretation of such
lichen A u s l e g u n g solcher Rechtsvorschriften Quellensteu-
laws or regulations not generally k n o w n before that date,
ern auf Zahlungen auf die Schuldverschreibungen oder
W i t h h o l d i n g Taxes are or will be leviable on payments in
auf nicht vermeidbare Zahlungen aufgrund der Garantie
respect of t h e Securities or on payments under the Gua-
anfallen oder anfallen w e r d e n und die Quellensteuern, sei
rantee which cannot be avoided and, by reason of the obli-
es wegen der Verpflichtung zur Zahlung zusätzlicher gation to pay additional amounts as provided in subpara-
Beträge gemäß Absatz (1) oder g e m ä ß Satz 5, der Emitten-
graph (1) or in sentence 5, such W i t h h o l d i n g Taxes are to
tin oder der Garantin zur Last fallen, ist die Emittentin
be borne by the Issuer or the Guarantor, the Issuer may
berechtigt, alle ausstehenden Schuldverschreibungen, redeem the Securities in w h o l e , but not in part, at any
jedoch nicht nur einen Teil v o n ihnen, unter Einhaltung
time, on giving not less than 30 days' notice, at a redemp-
einer Kündigungsfrist von mindestens 30 Tagen jederzeit
tion price equal to the principal amount thereof adjusted
zu einem Betrag, der dem Nennbetrag der Schuldver-
f r o m (and including) the Maturity Date to (but excluding)
schreibungen abgezinst mit der Emissionsrendite ab d e m
the date of final repayment by the Initial Rate of Return.
Fälligkeitsdatum (einschließlich) bis zu d e m Tilgungster-
Such calculation shall be m a d e o n t h e assumption of an
m i n (ausschließlich) entspricht, zu tilgen. Die Berechnung
annual capitalisation of accrued interest. The redemption
dieses Betrages erfolgt auf der Basis einer jährlichen Kapi-
a m o u n t shall be calculated by the Principal Paying Agent
talisierung der aufgelaufenen Zinsen. Der Rückzahlungs-
and (in the absence of manifest error) shall be binding for
betrag w i r d durch die Hauptzahlstelle berechnet und ist
all parties. Such notice of redemption shall not be given
(sofern nicht ein offensichtlicher Fehler vorliegt) für alle
earlier than 90 days prior to the earliest date on which the
Beteiligten bindend. Eine solche K ü n d i g u n g darf jedoch
Issuer or the Guarantor w o u l d be obliged t o w i t h h o l d or
nicht früher als 90 Tage vor d e m Zeitpunkt erfolgen, an
pay W i t h h o l d i n g Taxes were a payment in respect of the
dem die Emittentin oder die Garantin erstmals Quellen-
Securities then made. A n obligation to pay additional
steuern einbehalten oder zahlen müßte, falls eine Zahlung
a m o u n t s shall be deemed also to have arisen if, by virtue
in bezug auf die Schuldverschreibungen d a n n geleistet
of a change in t h e t a x a t i o n , obligations arising f r o m this
w ü r d e . Als Verpflichtung zur Zahlung zusätzlicher Beträge
Issue are attributed to the Guarantor and the Guarantor
gilt auch der Fall, daß im Wege einer Ä n d e r u n g der
becomes obligated to pay W i t h h o l d i n g Taxes for account
Besteuerung Verpflichtungen aus der Anleihe der Garan-
of the Securityholders.
tin zugerechnet werden und diese zur Zahlung v o n Quel-
lensteuern für Rechnung der Anleihegläubiger verpflichtet
w i r d .
(3) Die K ü n d i g u n g erfolgt durch Bekanntmachung gemäß
(3) A n y such notice shall be given by publication in ac-
§ 10. Sie ist unwiderruflich und m u ß den Tilgungstermin
cordance w i t h 5 10. It shall be irrevocable, m u s t specify
sowie in zusammenfassender Form die Tatsachen ange-
t h e date fixed for redemption and m u s t set f o r t h a state-
ben, die das Kündigungsrecht begründen.
m e n t in s u m m a r y f o r m of the facts constituting the basis
for the right of the Issuer so to redeem.
(4) Für den Fall einer Sitzverlegung der Emittentin in ein
(4) In the case of a transfer of the Issuer's domicile to
anderes Land, Territorium oder Hoheitsgebiet gelten die
another country, territory or jurisdiction, the preceding
vorstehenden Bestimmungen mit der Maßgabe, daß sich
provisions shall apply with the understanding that any ref-
jede N e n n u n g der Niederlande als auf dieses andere
erence to The Netherlands shall f r o m then on be deemed
Land, Territorium oder Hoheitsgebiet bezogen versteht.
to refer t o such other country, territory or jurisdiction.
10