Obligation Deutscher Bank London 0.08% ( XS1041820546 ) en ZAR

Deutscher Bank London

100 % ⇌

Allemagne

XS1041820546 ( en ZAR )

0.08% par an ( paiement mensuel )

05/03/2026 - Obligation échue

Prospectus brochure de l'obligation Deutsche Bank Ag London XS1041820546 en ZAR 0.08%, échue

20 000 ZAR

455 000 000 ZAR

Deutsche Bank AG London est une succursale de la Deutsche Bank AG, opérant à Londres et offrant une gamme complète de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'Obligation émise par Deutscher Bank London ( Allemagne ) , en ZAR, avec le code ISIN XS1041820546, paye un coupon de 0.08% par an.
Le paiement des coupons est mensuel et la maturité de l'Obligation est le 05/03/2026

Series 1437 Tranche 6

24 March 2015
Final Terms
ZAR 50,000,000 Fixed Rate Notes due 5 March 2026
to be consolidated and form a single series with the ZAR 55,000,000 Fixed Rate Notes due 5
March 2026 issued on 5 March 2014, the ZAR 50,000,000 Fixed Rate Notes due 5 March 2026
issued on 30 June 2014, the ZAR 50,000,000 Fixed Rate Notes due 5 March 2026 issued on 23
October 2014, the ZAR 50,000,000 Fixed Rate Notes due 5 March 2026 issued on 20 January 2015
and the ZAR 50,000,000 Fixed Rate Notes due 5 March 2026 issued on 17 February 2015 (the
"Original securities")

issued by Deutsche Bank Aktiengesellschaft acting through its London Branch pursuant to the
Euro 80,000,000,000
Debt Issuance Programme
dated 26 June 2014
of Deutsche Bank Aktiengesellschaft
Issue Price: 94.60 per cent.
Issue Date: 24 March 2015
These Final Terms have been prepared for the purpose of Article 5 (4) of the Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended, and must be read in conjunction
with the Base Prospectus dated 26 June 2014 and the first supplement dated 1 August 2014, the second
supplement dated 17 November 2014 and the Third Supplement dated 4 February 2015 (including the
documents incorporated into the Prospectus by reference and any supplements to the Prospectus) (the
"Prospectus") pertaining to the Euro 80,000,000,000 Debt Issuance Programme of Deutsche Bank
Aktiengesellschaft (the "Programme"). The Prospectus is 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). Full information on Deutsche Bank Aktiengesellschaft and the offer of the Securities is
only available on the basis of the combination of the Prospectus, any supplement and these Final Terms.
1

Part I: Terms and Conditions
The Conditions are as set out below:
This Part I. of the Final Terms is to be read in conjunction with the set of Terms and Conditions that apply
to Floating Interest Securities. Capitalised terms shall have the meanings specified in the Conditions.
All references in this Part II. of the Final Terms to numbered Sections and Paragraphs are unless stated
otherwise to sections and paragraphs of the Conditions.
The blanks in the provisions of the Terms and Conditions which are applicable to the Securities shall be
deemed to be completed by the information contained in these Final Terms as if such information were
inserted in the blanks of such provisions. All provisions in the Terms and Conditions corresponding to
items in these Final Terms which are either not selected or completed or which are deleted shall be
deemed to be deleted from the Terms and Conditions applicable to the Securities (the "Conditions").

1. GOVERNING
LAW
English Law
2. TYPE
OF
SECURITIES

Legal type
Bearer Securities
3.
[CURRENCY, DENOMINATION,] [CERTIFICATE RIGHT,] FORM, CERTAIN DEFINITIONS (§ 1)
Currency and Denomination

Specified Currency
South African Rand ("ZAR")
Aggregate Principal Amount

(i) Series
ZAR 305,000,000

(ii) Tranche
ZAR 50,000,000

The Securities will, on or after 3 May 2015 and
upon the exchange of the Temporary Global Note
for the Permanent Global Note, be consolidated
and form a single Series with the Original Securities
(the "Exchange Date").
Specified Denomination(s)
ZAR 20,000 and ZAR 10,000 thereafter
Calculation Amount
ZAR 10,000
Number of Securities
Not applicable
Form of Bearer Securities
TEFRA D
Temporary Global Security exchangeable for a
Permanent Global Security exchangeable for
Definitive Securities
Exchangeable on request
Not applicable
2

Exchange Event provisions
Applicable
Global securities(s) to be in NGN form
Not applicable

Form of Registered Securities Not
applicable
Clearing System
Clearstream Banking société anonyme,
Luxembourg ("CBL")

Euroclear Bank S. A./N. V. Brussels ("Euroclear")
4.
STATUS (§ 2)

Status of Securities
Unsubordinated
5.
INTEREST (§ 3)

A.1
Fixed Rate Securities
Applicable
Rate of Interest, Interest Periods and Interest Payment Dates
Interest Commencement Date
5 March 2015
Rate(s) of Interest
8.00 per cent. per annum
Interest Period End Date(s)
5th day of each month, from and including 5 April
2015 up to, and including, the Maturity Date
Interest Periods
The period from (and including) the Interest
Commencement Date to (but excluding) the first
Interest Period End Date and thereafter from (and
including) each Interest Period End Date to (but
excluding) the next following Interest Period End
Date

Unadjusted Interest Periods
Business Day
London, New York and Johannesburg

Following Business Day following each Interest

Period End Date
Interest Amount

Fixed Coupon Amount
ZAR 66.67 per Calculation Amount
Initial Broken Interest Amount
Not applicable
Final Broken Interest Amount
Not applicable
Interest Payment Date for Initial Broken Interest
Not applicable
Amount
3

Interest Payment Date for Final Broken Interest
Not applicable
Amount
Total Broken Interest Amount
Not applicable
Calculation Basis
Each Calculation Amount
Day Count Fraction
30/360
6. PAYMENTS
(§
4)

Relevant Financial Centre(s) (for determining

the Payment Business Day)
London, New York and Johannesburg
7.
REDEMPTION (§ 5)

Redemption at Maturity
Applicable

Maturity Date
5 March 2026

Redemption Amount
Calculation Amount

Redemption in Instalments
Not applicable

Early Redemption at the Option of the Issuer
Not applicable

Early Redemption at the Option of a

Securityholder
Not applicable

Automatic Redemption
Not applicable

Early redemption upon the occurrence of a Regulatory Event
Not applicable

Redemption for Illegality
Applicable

Certain Definitions

Early Redemption Unwind Costs
Standard Early Redemption Unwind Costs

8.
TERMS FOR CALCULATION OF THE

REDEMPTION AMOUNT (§6)
Not applicable

9.
MARKET DISRUPTION (§7)
Not applicable

10. ADJUSTMENTS,
EXTRAORDINARY
Not applicable
EVENTS AND TERMINATION (§8)
11.
FISCAL AGENT/PAYING AGENT(S)/CALCULATION AGENT/DETERMINATION AGENT (§ [6]
[9])

Fiscal Agent
Deutsche Bank AG, London Branch

4

12.
TAXATION (§ [7] [10])
No

13.
NOTICES (§ [12] [15])

Publication
Applicable

Financial Times in London

Notice deemed to have been validly given on
Date of publication or, if published more than once,
date of first such publication

Notification to Clearing System
Applicable

Notice to Clearing System deemed to have been
The day on which the notice was given to the
validly given on
Clearing System§ 15 applies

14.
RESOLUTIONS OF SECURITYHOLDERS (§ [14] [17])
Matters not subject to resolutions
None

16.
LANGUAGE OF CONDITIONS (§ [16] [19])
English only

17.
PROVISIONS FOR CREDIT LINKED

SECURITIES GOVERNED BY ENGLISH

LAW, PORTUGUESE LAW OR SPANISH

LAW
Not applicable

18.
PROVISIONS FOR CREDIT LINKED

SECURITIES GOVERNED BY GERMAN

LAW
Not applicable

5

Part II: Additional Information
1.
ADMISSION TO TRADING, LISTING AND DEALING ARRANGEMENTS

Listing(s) and admission to trading
Yes, application is expected to be/ made by the
Issuer (or on its behalf) for the Securities to be
listed and admitted to trading on the exchange
and/or market set out below. No assurance can be
given that such listing and admission to trading will
be obtained

Official List of the Luxembourg Stock Exchange

Regulated Market of the Luxembourg Stock
Exchange

In the case of Securities which are interchangeable
The Original Securities have already been admitted
with Securities that are already issued, indicate that
to listing on the Luxembourg Stock Exchange
the Securities already issued are admitted to
trading on an exchange.

Expected date of admission
with effect from the Issue Date

Estimate of the total expenses related to admission
EUR 4,180
to trading
2. RATINGS

The Securities have been rated by Standard &
S&P:

A
Poor's Credit Market Services France SAS ("S&P")

(the "Rating Agency") as follows:
The Rating Agency is established in the European
Community and is registered under Regulation (EC)
No 1060/2009 of the European Parliament and of
the Council of 16 September 2009 on credit rating
agencies. As such the Rating Agency is included in
the list of credit rating agencies published by the
European Securities and Markets Authority on its
website in accordance with such Regulation.
3.
INTEREST OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
Save for the fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue or
offering of the Securities has an interest material to the issue or the offering.
4.
INFORMATION CONCERNING THE SECURITIES TO BE OFFERED / ADMITTED TO
TRADING

Estimated net proceeds
ZAR 47,511,111.11 (including accrued interest)

Estimated total expenses of the issue
EUR 4,180
5. YIELD
Applicable

9.13 per cent. per annum
6

The yield is calculated at the Issue Date on the
basis of the Issue Price. It is not an indication of
future yield.
6.
INFORMATION ON THE UNDERLYING[S]
Description of underlying interest rates
Not applicable
7.
TERMS AND CONDITIONS OF THE
Not applicable
OFFER

8. DISTRIBUTION

Method of distribution
Non-syndicated

If non-syndicated, name of relevant Dealer:
Deutsche Bank AG, London Branch

Settlement Instructions
Delivery against payment
9. SECURITIES
IDENTIFICATION

NUMBERS

Common Code
On the Issue Date, the temporary Common Code
will be 120879073. Following consolidation with the
Original Securities, the Common Code will be
104182054

ISIN Code
On the Issue Date, the temporary ISIN Code will be
XS1208790730. . Following consolidation with the
Original Securities, the ISIN Code will be
XS1041820546

10. EUROSYSTEM
ELIGIBILITY

Intended to be held in a manner which would allow
No
Eurosystem eligibility.

Deutsche Bank Aktiengesellschaft
acting through its London Branch

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 Elements.

Even though an Element may be required to be inserted in the 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 the summary with the
mention of 'not applicable'.

Section A -- Introduction and warnings
Element Disclosure

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 the
summary, including any translation thereof, but only if the 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 of Not applicable. The Issuer has not given its consent to use the
the Prospectus
Prospectus.

Section B Issuer

Elemen
Disclosure

t
Requireme
nt

B.1 Legal
and
The legal and commercial name of the Issuer is Deutsche Bank
Commercial
Aktiengesellschaft ("Deutsche Bank" or the "Bank").
Name of the
Issuer
B.2 Domicile,
Deutsche Bank is a stock corporation (Aktiengesellschaft) under German law.
Legal Form,
The Bank has its registered office in Frankfurt am Main, Germany. It maintains
Legislation,
its head office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
Country of

Incorporatio
n

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

8

B.4b Known
With the exception of the effects of the macroeconomic conditions and market
trends
environment, as well as the effects of legislation and regulations applicable to all
affecting the
financial institutions in Germany and the Eurozone, there are no known trends,
Issuer and uncertainties, demands, commitments or events that are reasonably likely to
the
have a material effect on the Issuer's prospects in its current financial year.
industries in

which it
operates
B.5 Description
Deutsche Bank is the parent company of a group consisting of banks, capital
of the group market companies, fund management companies, a property finance company,
and the
instalment financing companies, research and consultancy companies and other
Issuer's
domestic and foreign companies (the "Deutsche Bank Group").
position

within the
group
B.9 Profit
Not applicable. No profit forecast or estimate is made.
forecasts or
estimate
B.10 Qualification
Not applicable. There are no qualifications in the audit report on the historical
s in the audit financial information.
report on the
historical
Financial
information

B.12 Selected The following table shows an overview from the balance sheet and income
historical
statement of Deutsche Bank AG which has been extracted from the respective
key
Financial
audited consolidated financial statements prepared in accordance with IFRS as
information
of 31 December 2012 and 31 December 2013 as well as from the unaudited
consolidated interim financial statements as of 30
September
2013 and
30 September 2014.

31 December 2012 30 September 2014 31 December 2013 30 September
(FRS, audited)
(FRS, unaudited)
(FRS, audited)
2014 (FRS,
unaudited)

Share capital
2,379,519,078.40
2,609,919,078.40
2,609,919,078.40
3,530,939,215.36
(in EUR)

Number of 929,499,640
1,019,499,640
1,019,499,640
1,379,273,131
ordinary
shares

Total assets 2,022,275
1,787,971
1,611,400
1,709,198
(in million
Euro)

Total
1,968,035
1,731,206
1,556,434
1,639,083
liabilities (in
million Euro)

Total equity 54,240
56,765
54,966
70,106
(in million
Euro)

Core Tier 1
11.4%
13.0%
12.8%
14.7%3
capital
ratio/Common
Equity Tier 1
capital ratio1 2

Tier1 capital 15.1%
17.0%
16.9%
15.5%4
ratio2

No
material
There has been no material adverse change in the prospects of Deutsche Bank
adverse
since 31 December 2013.
change in
the
prospects

9

No There has been no significant change in the financial position of Deutsche Bank
significant
Group since 30 September 2014.
changes in
the
financial or
trading
position

B.13 Recent
Not applicable. There are no recent events particular to the Issuer which are to
events
a material extent relevant to the evaluation of the Issuer`s solvency.
material to
the
Issuer's
solvency
B.14 Dependence
Please read the following information together with Element B.5.
upon group
entities
.
B.15
Issuer's
The objects of Deutsche Bank, as laid down in its Articles of Association,
principal
include the transaction of all kinds of banking business, the provision of financial
activities
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 enterprise agreements.

As of 31 December 2013 the Bank was organized into the following five
corporate divisions:
Corporate Banking & Securities (CB&S)
Global Transaction Banking (GTB)
Asset & Wealth Management (AWM)
Private & Business Clients (PBC)
Non-Core Operations Unit (NCOU)

The five corporate divisions are supported by infrastructure functions. In
addition, Deutsche Bank has a regional management function that covers
regional responsibilities worldwide.

The Bank has operations or dealings with existing or potential customers in
most countries in the world. These operations and dealings include:
subsidiaries and branches in many countries;
representative offices in many other countries; and
one or more representatives assigned to serve customers in a large number
of additional countries.

B.16
Controlling
Not applicable. Based on the shareholders disclosure pursuant to section 21 et
persons
seq. of the German Securities Trading Act (Wertpapierhandelsgesetz -WpHG),
there is only one shareholder holding more than 5 per cent of the Issuer's
shares (i.e. 5,14 per cent.). To the Issuer's knowledge there is no other
shareholder holding more
than 3 per cent of the shares. The Issuer is thus not directly or indirectly owned
or controlled.

B.17
Credit
The Securities are not rated
ratings to
the Issuer
and
the
Securities
10