Bond Deutsch Bank AG 2% ( DE000DB7XQT6 ) in EUR

Deutsch Bank AG

100 % ▼

Germany

DE000DB7XQT6 ( in EUR )

2% per year ( payment 1 time a year)

04/12/2023 - Bond has expired

Prospectus brochure of the bond Deutsche Bank AG DE000DB7XQT6 in EUR 2%, expired

100 000 EUR

5 000 000 EUR

Deutsche Bank AG is a German multinational investment bank and financial services corporation headquartered in Frankfurt, offering a wide range of financial products and services to corporate and institutional clients globally.

The Bond issued by Deutsch Bank AG ( Germany ) , in EUR, with the ISIN code DE000DB7XQT6, pays a coupon of 2% per year.
The coupons are paid 1 time per year and the Bond maturity is 04/12/2023

_______________

Base Prospectus
28 June 2013
_______________
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"), certificates ("Certificates")
and Pfandbriefe ("Pfandbriefe" and together with Notes and Certificates, "Securities"), which may be
issued on a subordinated or unsubordinated basis. The Securities will be denominated (or, in the case of
Certificates , payable) 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, the Italian
Stock Exchange, the Spanish Stock Exchanges (Madrid, Barcelona, Bilbao and/or Valencia), Euronext
Lisbon or the AIAF Fixed Income Securities Market, each of 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. The CSSF has neither reviewed nor approved the information
contained in this Prospectus in relation to any issuance of Securities that are not to be publicly offered and
not to be admitted to trading on the regulated market of any Stock Exchange in any EU Member State and
for which a prospectus is not required in accordance with the Prospectus Directive.
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 Directive 2003/71/EC, as amended,
(the "Prospectus Directive") of the European Parliament and of the Council of 4 November 2003 into
Luxembourg law. 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 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 European Economic Area and/or offered to the

public in the European Economic Area other than in circumstances where an exemption is available under
Article 3.2 of the Prospectus Directive (as implemented in the relevant Member State(s)). 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 29 June 2012.
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 (i) 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,
(ii) admitted to listing or trading on the Italian Stock Exchange, the applicable Final Terms will be published
on the website of the Italian Stock Exchange at www.borsaitaliana.it, (iii) admitted to trading on Euronext
Lisbon's regulated market or publicly offered in Portugal, the applicable Final Terms will be published on
the website of the Portuguese Securities Market Commission (Comissão do Mercado de Valores
Mobiliários) (www.cmvm.pt) together with a copy of this Base Prospectus and any supplements thereto
and the translation of the summary (where so required pursuant to Portuguese laws and regulations), and
(iv) admitted to trading on any of the Spanish Stock Exchanges or AIAF, the applicable Final Terms will be
published on the website of the Spanish Securities Market Commission (Comisión Nacional del Mercado
de Valores) (www.cnmv.es) (together with a copy of this Base Prospectus) but, in each case, only for so
2

long as such listing or admission to trading is maintained and the rules of the relevant exchange or the
laws or regulations of Luxembourg, Italy, Portugal or Spain (respectively) 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 "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.
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
3

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 "Transfer and Selling Restrictions" on
pages 1158 et seq.). 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, "U.S. persons" as such term may be defined in Regulation S under the
Securities Act, as amended, or in the Final Exemptive Order Regarding Compliance With Certain Swap
Regulations promulgated by the Commodity Futures Trading Commission, as amended, modified or
supplemented from time to time, pursuant to the United States Commodity Exchange Act, as amended,
unless the Securities are registered under the Securities Act or an exemption from the registration
requirements of the Securities Act is available. See "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 "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 "U.S.
Information" below).
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 United States. Commodity Exchange Act, as amended,
and trading in the Securities has not been approved by the Commodity Futures Trading Commission
pursuant to the United States Commodity Exchange Act, as amended.
The language of this Prospectus is English. A separate German translation of this Prospectus (not
including the English language Terms and Conditions, the Credit Linked Securities Annex for English law
governed Securities, the Credit Linked Securities Annex for Portuguese and Spanish law governed
Securities, and the Registered Securities Annex) will be available at the specified offices of the Paying
Agents. Such German translation of the Prospectus is not subject to the CSSF approval. 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.
4

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.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE
HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES WITH
THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY
REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A
FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED
UNDER CHAPTER 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT
NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE
MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT
WITH THE PROVISIONS OF THIS PARAGRAPH.
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 2 March 2009 (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 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
5

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) or 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.
STABILISING MANAGER
In connection with the issue of any Tranche of Securities under the Programme, the Dealer or
Dealers (if any) named as the stabilising manager(s) (or persons acting on behalf of any stabilising
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 stabilising manager(s) (or persons acting on behalf of a stabilising
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 thirty days after the issue date of the relevant Tranche of Securities and sixty 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 stabilising manager(s) (or person(s) acting on behalf of any
stabilising 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) or the relevant Credit Derivatives Physical
Settlement Matrix as published by the International Swaps and Derivatives Association, Inc., as
applicable.

In this Prospectus, 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.$", "USD" and "$" refer to United States dollars.
6

TABLE OF CONTENTS

Page
Important Notices ............................................................................................................................................. 2
Summary ........................................................................................................................................................... 9
Risk Factors .................................................................................................................................................... 48
Consent to use the Prospectus .................................................................................................................... 71
Responsibility Statement .............................................................................................................................. 71
General Description of the Programme ....................................................................................................... 72
General ............................................................................................................................................... 72
Issue Procedures ................................................................................................................................ 77
Description of the Issuer ............................................................................................................................... 81
Description of the Securities ........................................................................................................................ 81
Description of Interest Rate and Redemption Provisions ................................................................... 81
Form of the Securities ......................................................................................................................... 88
Bearer Securities ................................................................................................................................ 88
Swiss Global Securities ...................................................................................................................... 90
Spanish Global Securities ................................................................................................................... 90
Registered Securities .......................................................................................................................... 90
Book-Entry Securities ......................................................................................................................... 91
Securityholders and Transfer of Interests ........................................................................................... 92
Acceleration of Securities ................................................................................................................... 94
Fungible Issues of Securities .............................................................................................................. 94
Pfandbriefe ......................................................................................................................................... 94
Terms and Conditions English Language Version .................................................................................. 98
Option I Terms and Conditions for fixed rate and zero coupon Securities other than Pfandbriefe . 99
Option II Terms and Conditions for floating rate Securities other than Pfandbriefe ....................... 184
Option III Terms and Conditions for fixed rate and zero coupon Pfandbriefe ................................ 255
Option IV Terms and Conditions for floating rate Pfandbriefe ....................................................... 272
Option V Terms and Conditions for Structured Securities other than Pfandbriefe ........................ 294
Option VI Terms and Conditions for Credit Linked Securities governed by German law other than
Pfandbriefe ....................................................................................................................................... 424
Terms and Conditions German Language Version ............................................................................... 471
Option I Emissionsbedingungen für fest verzinsliche Schuldverschreibungen außer Pfandbriefe 472
Option II Emissionsbedingungen für variabel verzinsliche Schuldverschreibungen außer
Pfandbriefe ....................................................................................................................................... 541
Option III Emissionsbedingungen für fest verzinsliche Pfandbriefe und Nullkupon-Pfandbriefe ... 595
Option IV Emissionsbedingungen für variable verzinsliche Pfandbriefe ........................................ 613
Option V Emissionsbedingungen für Strukturierte Schuldverschreibungen .................................. 636
Option VI Emissionsbedingungen für Kreditbezogene Schuldverschreibungen, die deutschem
Recht unterliegen .............................................................................................................................. 695
Annexes to the Terms and Conditions ...................................................................................................... 805
Credit Linked Securities Annex for English Law Governed Securities ............................................. 805
Credit Linked Securities Annex for Portuguese and Spanish Law Governed Securities .................. 887
Registered Securities Annex ............................................................................................................ 958
Form of Final Terms ..................................................................................................................................... 973
Form of Pricing Supplement ..................................................................................................................... 1040
Taxation ...................................................................................................................................................... 1103
General Taxation Information ......................................................................................................... 1103
EU Savings Directive ...................................................................................................................... 1103
Germany ......................................................................................................................................... 1103
Luxembourg .................................................................................................................................... 1107
Australia .......................................................................................................................................... 1110
Austria ............................................................................................................................................. 1112
Belgium ........................................................................................................................................... 1116
Denmark ......................................................................................................................................... 1121
France ............................................................................................................................................. 1121
Ireland ............................................................................................................................................. 1123
Italy ................................................................................................................................................. 1124
Netherlands .................................................................................................................................... 1131
Portugal .......................................................................................................................................... 1133
7

Spain ............................................................................................................................................... 1138
Sweden ........................................................................................................................................... 1141
Switzerland ..................................................................................................................................... 1142
United Kingdom .............................................................................................................................. 1146
United States .................................................................................................................................. 1148
The proposed financial transactions tax ......................................................................................... 1150
Book Entry Clearance Systems ................................................................................................................ 1152
Book-Entry Systems ....................................................................................................................... 1152
Book-Entry Ownership of and Payments in respect of DTC Securities .......................................... 1156
Transfers of Securities represented by Registered Global Securities ............................................ 1156
Transfer and Selling Restrictions ............................................................................................................. 1158
Transfer Restrictions ....................................................................................................................... 1158
United States .................................................................................................................................. 1160
Public Offer Selling Restriction under the Prospectus Directive ..................................................... 1161
United Kingdom .............................................................................................................................. 1162
Australia .......................................................................................................................................... 1162
Austria ............................................................................................................................................. 1163
Belgium ........................................................................................................................................... 1164
Denmark ......................................................................................................................................... 1164
France ............................................................................................................................................. 1164
Hong Kong ...................................................................................................................................... 1165
Ireland ............................................................................................................................................. 1165
Italy ................................................................................................................................................. 1166
Japan .............................................................................................................................................. 1167
Netherlands .................................................................................................................................... 1167
Portugal .......................................................................................................................................... 1167
Singapore ....................................................................................................................................... 1168
Spain ............................................................................................................................................... 1168
Sweden ........................................................................................................................................... 1169
Switzerland ..................................................................................................................................... 1169
General ........................................................................................................................................... 1169
General Information ................................................................................................................................... 1170
Use of Proceeds ............................................................................................................................. 1170
Authorisation ................................................................................................................................... 1170
Legal and Arbitration Proceedings .................................................................................................. 1170
Statement of no Material Adverse Change ..................................................................................... 1170
Significant Change in the Issuer's Financial Position ..................................................................... 1170
Post Issuance Information .............................................................................................................. 1170
Clearing Systems ............................................................................................................................ 1170
Listing and Admission to Trading Information ................................................................................. 1171
Undertaking .................................................................................................................................... 1171
Yield ................................................................................................................................................ 1171
Documents on Display .............................................................................................................................. 1172
Documents Incorporated by Reference ................................................................................................... 1173
Documents Incorporated by Reference .......................................................................................... 1173
Cross-Reference List of Documents Incorporated by Reference ................................................... 1173
Names and Addresses ............................................................................................................................... 1177
8

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

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 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 [[Each Dealer and/or each further financial intermediary subsequently reselling or
of the Prospectus finally placing the Securities is] [[insert name[s] and address[es] are] entitled to use
the Prospectus for the subsequent resale or final placement of the Securities during
the offer period for the subsequent resale or final placement of the Securities from
[] to [], provided however, that the Prospectus is still valid in accordance with
Article 11 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).
[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 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).
9

Ele-
Disclosure

ment requirement
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 authorisation.]
[Not applicable. [The Securities wil 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, Milan Branch, insert:
Deutsche Bank AG, acting through its Milan branch ("Deutsche Bank AG, Milan
Branch") is domiciled at Via Santa Margherita 4, Milan, Italy.]
[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:
10