Bond Deutsche Bank 1.5% ( XS2011152647 ) in USD

Deutsche Bank

93.97 % ▲

Germany

XS2011152647 ( in USD )

1.5% per year ( payment 2 times a year)

29/09/2026

Prospectus brochure of the bond Deutsche Bank XS2011152647 en USD 1.5%, maturity 29/09/2026

30/03/2025 ( In 16 days )

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

The Bond issued by Deutsche Bank ( Germany ) , in USD, with the ISIN code XS2011152647, pays a coupon of 1.5% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/09/2026

Deutsche Bank Aktiengesellschaft

Securities Note for Notes dated 1 September 2023
under its Programme for the Issuance of Certificates, Warrants and Notes

Information about this document
This document constitutes a securities note in accordance with Article 8(1) of Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when
securities are offered to the public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC ("Prospectus Regulation"), which, as supplemented, together with the Registration Document
dated 4 May 2023, as supplemented ("Registration Document"), constitutes part of a Base Prospectus
("Base Prospectus" or "Prospectus") in accordance with Article 6(3) in conjunction with Article 8(6) of the
Prospectus Regulation. This Securities Note dated 1 September 2023 ("Securities Note"), the Registration
Document, any supplements to the Base Prospectus or the Registration Document and all documents from
which information is incorporated into this Securities Note by reference are published, in accordance with
Article 21(2)(a) of the Prospectus Regulation, in electronic form on the Issuer's website
(www.xmarkets.db.com) and can be accessed there.
The Base Prospectus, comprising the Securities Note and the Registration Document, was approved on
4 September 2023 by BaFin and is valid until 4 September 2024. If in relation to the information set out in this
Securities Note, significant new factors occur or material mistakes or material inaccuracies are determined, the
Issuer will publish a supplement to the Base Prospectus without delay during this period, in accordance with Article
23(1) and (2) of the Prospectus Regulation. The obligation to publish a supplement in the event of significant
new factors, material mistakes or material inaccuracies ceases to exist if the Base Prospectus, comprising
this Securities Note and the Registration Document, is no longer valid.
Information about the Programme
This Securities Note is one of several prospectuses and other offering documents under which the Issuer (as
defined below) is permitted to offer structured securities ("Securities") as part of the Programme for the issuance
of certificates, warrants and notes (the "Offering Programme" or the "Programme"). Securities may be publicly
offered under this Securities Note by way of:
-
New issuances (i.e. issue of new Securities) and
-
Further issuances (e.g. increasing the Issue Volume of already issued Securities).
At the same time, an application may be made with this Securities Note to admit the Securities to trading on a
regulated market or organised market or to include them for trading on a non-regulated market.
Information on the Issuer
Securities under this Securities Note are issued by Deutsche Bank Aktiengesellschaft, acting either through its head
office in Frankfurt am Main or through any of its foreign branch offices in London, Milan, Portugal, Spain or Zurich
("Issuer" or "Deutsche Bank"). The issuance of Securities is carried out by the Issuer as part of its general banking
business (as set out in Article 2(1) of the Articles of Association of the Issuer). The Registration Document contains
more detailed information on the Issuer's organisation, business activities, financial situation, earnings and
prospects, management and ownership structure.
Information on the Securities
This Securities Note contains information on Securities in the note product category and a variety of product
structures with different terms within this product category. The Securities may relate to shares or equity securities,
indices, other securities, commodities, rates of exchange, futures contracts, fund shares or interest rates as well as
a basket consisting of shares or equity securities, indices, other securities, commodities, rates of exchange, futures
contracts, fund shares or interest rates ("Underlying" or "Reference Item"). The Securities may be unsecured or
may be secured by a segregated pool of collateral assets. Such issuance is carried out by the Issuer as part of its
general banking business (set out in article 2(1) of the Articles of Association of the Issuer).
Securities other than Securities that are secured by a segregated pool of collateral assets constitute
unsecured and unsubordinated preferred liabilities or unsecured and unsubordinated non-preferred
liabilities (within the meaning of §46f (5) - (7) of the German Banking Act (Kreditwesengesetz - KWG)) of the
Issuer ranking pari passu among themselves. Securities that are secured by a segregated pool of collateral
assets constitute unsubordinated preferred liabilities of the Issuer ranking pari passu among themselves.
1

General information for users
Investors should carefully read this Securities Note before investing in the Securities and should understand that
this Securities Note by itself does not contain all information relating to the Securities, but provides the information
deemed necessary for enabling investors to make an informed investment decision. Note in particular that this
Securities Note should be read in conjunction with further information.
This information may be contained in other documents, such as:
-
in any supplements to the Base Prospectus consisting of this Securities Note and the Registration Document,
-
in the Registration Document, which comprises issuer-specific information as well as in any supplements
thereto,
-
in additional documents (such as Issuer financial reports) whose information shall be incorporated in the Base
Prospectus by reference,
-
in the separate Final Terms (and, where applicable, in the issue-specific summary) that complete this Securities
Note as regards the final design of a Security. The Securities Note only contains the design options for the
Securities, which are ultimately specified in the Final Terms. The Final Terms are not yet available at the time
the Securities Note is published but will only be available at the time of a specific issuance.
Full information on the Securities and the Issuer is only available on the basis of the combination of this
Securities Note and the aforementioned documents.
A table of contents that lists each chapter of this Securities Note and sections in the respective chapter with the
corresponding page reference is included at the beginning of this Securities Note. Moreover, the product structures
that can be issued under this Securities Note are separately listed and numbered in the table of contents for ease
of reference. Each chapter begins with a brief description of the information that the chapter contains. More
comprehensive chapters also include, where necessary, an additional table of contents of the specific topics dealt
with in the chapter.
Information on the Terms and Conditions
The rights and obligations in respect of the individual Securities arise from the so-called Terms and Conditions.
These comprise (i) the General Conditions of the Securities and (ii) the Specific Terms of the Securities. The
General Conditions of the Securities contain rules of a general nature that apply equally to all Securities and that
are listed in chapter 6 "General Conditions of the Securities" of the Securities Note. The Specific Terms of the
Securities are drawn up separately for each specific issuance of Securities and are included in the relevant Final
Terms.
These Final Terms set out the offering terms (i.e. new issuance or further issuance) and contain the issue-specific
details that can be specified within the scope of the Securities Note's design options. The Final Terms contain, for
example, information on the subscription period, the offering period, the Issue Date, the maturity, the Settlement
Date, the Underlying to which the Securities refer, the Cash Amount, and any potential early redemption or
termination options.
If necessary, an issue-specific summary in the form of an annex is attached to the Final Terms. This summarises
the most important information on the Issuer, the Securities, the risks in relation to the Issuer and the Securities, as
well as any other information in relation to the offering of the Securities.
Information for investors interested in a specific product type
Investors that consult the Securities Note for information about investments in a certain Securities product type and
that wish to obtain information for this purpose on the possible design of the Terms and Conditions (which set out
Issuer and investor rights and obligations under the Securities) and the economic terms should read in particular
the following chapters of this Securities Note:
-
Chapter 6 with the General Conditions of the Securities;
-
Chapter 7 with the Specific Terms of the Securities; this chapter contains the terms that specifically apply to
the product type in question under the heading "Specific definitions applicable to the Securities".
-
Chapter 8 with How the Securities work; this chapter contains separate information for each of the product
types covered by the Securities Note on how the Securities of the relevant product type work in economic terms.
In any case, however, the information contained in the Final Terms prepared for the Securities offering should be
considered before any decision on investment in specific Securities is made.
Investors interested in specific Securities up-front should read the respective Final Terms directly together with the
information contained in this Securities Note.
Features of derivative financial instruments
Securities linked to an Underlying are not simple but derivative financial instruments normally based on formulas.
Potential investors should therefore be fully aware of the characteristics of such Securities before investing in such
Securities and should be sure that they understand the relevant formulas and their effects. The information
2

contained in this Securities Note does not constitute investment advice and should not be misconstrued as such.
Investors are expressly advised that an investment in the Securities entails financial risk. Prospective purchasers
of the Securities should thus fully understand the type of Securities and the risks involved with an investment in the
Securities. Prospective purchasers of the Securities should refer in particular to the "Risk Factors" section of this
Securities Note.
Knowledge and experience
Potential investors should have the requisite knowledge of and experience in derivative financial instruments as
well as the Underlying or Reference Item in order to adequately assess an investment in the Securities.
Assessment of personal situation prior to an investment decision
Potential investors should base their investment decision on careful consideration of all factors relevant to the
Securities in question, as well as of their personal situation. In so doing, they should take account of their total
investment portfolio and any investments they already have in different asset classes as well as examining where
applicable, together with their legal, tax, financial and other advisors at least the following aspects in detail:
-
the suitability of an investment with respect to their own financial, tax and other situation,
-
the information stated in the Final Terms and the Securities Note; and
-
the Underlying.
Regulatory restrictions on the offering or the sale of the Securities
The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws in the United States and trading in the Securities has
not been approved by the United States Commodity Futures Trading Commission (the "CFTC") under the United
States Commodity Exchange Act, as amended (the "Commodity Exchange Act"). Any offer or sale of the
Securities must be made in a transaction exempt from the registration requirements of the Securities Act pursuant
to Regulation S thereunder ("Regulation S"). The Securities may not be offered, sold or otherwise transferred in
the United States or to persons who are (i) US Persons as defined in Regulation S, (ii) persons who do not come
within the definition of a "Non-US Person" under Rule 4.7 of the Commodity Exchange Act, (iii) US Persons as
defined in the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,
78 Fed. Reg. 45292 (July 26, 2013) promulgated by the United States Commodity Futures Trading Commission, or
(iv) any other US Person as such term may be defined in regulations or guidance adopted under the Commodity
Exchange Act.
If the Final Terms in respect of any Securities include a legend entitled "Prohibition of Sales to Retail Investors in
the European Economic Area", the Securities are not intended to be offered, sold or otherwise made available to
and, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area
(the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council of 15
May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
("MiFID II"); (ii) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor in accordance
with the Prospectus Regulation. If the relevant Final Terms include the above-mentioned legend, no key information
document required by Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation") for offering or selling those
Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling those Securities or otherwise making them available to any retail investor in the EEA may be
unlawful under the PRIIPs Regulation.
An investment in the Securities does not constitute a participation in a collective investment scheme for Swiss law
purposes. Therefore, the Securities are not supervised or approved by the Swiss Financial Market Supervisory
Authority FINMA ("FINMA") and investors may not benefit from the specific investor protection provided under the
Swiss Federal Act on Collective Investment Schemes.
For a more detailed description of certain restrictions on the sale and transfer of the Securities, please refer to
chapter 10.2 "General Selling and Transfer Restrictions" of this Securities Note.
3

TABLE OF CONTENTS
TABLE OF CONTENTS

1.
GENERAL DESCRIPTION OF THE OFFERING PROGRAMME ..................................9
1.1 Offering Programme ...................................................................................................... 9
1.2 Issuer ............................................................................................................................ 9
1.3 Products to be issued under the Programme................................................................. 9
1.4 Distribution, admission to trading and listing ................................................................ 13
2.
RISK FACTORS .......................................................................................................... 15
2.1 Introduction ................................................................................................................. 17
Presentation of risk factors .......................................................................................... 17
Understanding the risks ............................................................................................... 18
2.2 Risk factors in respect of the Issuer ............................................................................. 18
2.3 Risk factors in respect of the Securities ....................................................................... 18
2.3.1
Risk factors relating to certain characteristics of the Securities ................. 18
Risks at maturity .......................................................................................................... 18
Partial Capital Protected Notes ............................................................................... 18
Reverse Convertible Notes ..................................................................................... 19
Other Notes
..................................................................................................... 21
Autocallable and Express Notes ............................................................................. 24
Observation Period...................................................................................................... 26
Risks associated with Market Disruptions .................................................................... 26
Risks associated with Adjustment and Termination Events ......................................... 26
Risks associated with an early redemption or termination right for the Issuer .............. 26
Physically settled Securities ........................................................................................ 27
Risks Associated with the Issue of Green Securities ................................................... 27
Risks Associated with Securities with sustainability-related Underlying or Reference Item
.................................................................................................................. 30
Risk Factors in relation to Collateralised Securities ..................................................... 30
2.3.2
General risks associated with Underlyings ................................................ 35
General market risks ................................................................................................... 35
Risks associated with emerging markets underlyings .................................................. 36
Exchange rate / currency risks .................................................................................... 36
2.3.3
Risks associated with single Underlyings .................................................. 37
2.3.3.1
Risks associated with shares or other equity securities as the Underlying 37
If investors invest in Securities with a share as the Underlying, as Securityholders they
bear similar risks to those of a direct investment in this share. .................. 37
Possible illiquidity of the Underlying ............................................................................ 38
2.3.3.2
Risks associated with indices as an Underlying ........................................ 38
4

TABLE OF CONTENTS
Currency risk included in the index .............................................................................. 39
Publication of the composition of the index not updated on an ongoing basis.............. 39
Disruption events ........................................................................................................ 39
2.3.3.3
Risks associated with interest rates as an Underlying/regulation and reform
of Underlyings (benchmarks) .................................................................... 40
Cash Amount dependent on the level of an interest rate ............................................. 40
Regulation and reform of reference items (benchmarks) ............................................. 40
2.3.3.4
Risks associated with precious metals as an Underlying ........................... 42
Risks from the market price movement of precious metals .......................................... 42
Risks from the countries that produce precious metals ................................................ 42
2.3.4
Risk factors during the term of the Securities ............................................ 42
The Securities may be Illiquid ...................................................................................... 42
Effect of prevailing market rates on the Market Value and the Coupon Amounts to be
paid ........................................................................................................... 43
Risks associated with determinations by the Calculation Agent ................................... 43
2.3.5
Risks associated with the tax treatment of the Securities .......................... 44
Change in the tax treatment ........................................................................................ 44
2.3.6
Other risks ................................................................................................ 45
No deposit guarantee scheme ..................................................................................... 45
Regulatory Bail-in and other Resolution Measures ...................................................... 46
Risks arising from the Ranking of Senior Non-Preferred Securities ............................. 47
Risks associated with the Eligible Liabilities Format .................................................... 47
Risks for Securities that are secured by a segregated pool of collateral assets in relation
to a Regulatory Bail-in ............................................................................... 48
3.
GENERAL INFORMATION ON THE SECURITIES NOTE .......................................... 49
3.1 Structure of the Securities Note ................................................................................... 49
3.2 Form of the Securities Note ......................................................................................... 50
3.3 Publication of the Securities Note ................................................................................ 51
3.4 Approval and notification of the Base Prospectus ........................................................ 51
3.5 Using the Base Prospectus in Switzerland .................................................................. 52
3.6 Responsible persons ................................................................................................... 52
3.7 Information from third parties ....................................................................................... 53
3.8 Consent to use of this Securities Note ......................................................................... 53
4.
GENERAL INFORMATION ON THE SECURITIES ..................................................... 55
4.1 General ....................................................................................................................... 56
4.2 Interests of natural and legal persons involved in the issue/offering of the Securities
.................................................................................................................................... 56
4.3 Reasons for the offer, use of proceeds, estimated total expenses and estimated
net proceeds ............................................................................................................... 60
5

TABLE OF CONTENTS
4.4 Authorisation ............................................................................................................... 60
4.5 Taxation ...................................................................................................................... 61
4.6 Calculation Agent ........................................................................................................ 61
4.7 Paying agent ............................................................................................................... 61
4.8 Securities rating .......................................................................................................... 61
4.9 Information about the offering of the Securities ........................................................... 61
4.10 Listing and trading ....................................................................................................... 63
4.11 Tradability ................................................................................................................... 63
4.12 Market price determining factors ................................................................................. 64
4.13 Post-issuance publications .......................................................................................... 65
4.14 Form of Securities ....................................................................................................... 65
4.14.1
German Securities .................................................................................... 65
4.14.2
English Securities ..................................................................................... 67
4.14.3
Italian Securities ........................................................................................ 67
4.14.4
Portuguese Securities ............................................................................... 68
4.14.5
Spanish Securities .................................................................................... 69
4.14.6
Swedish Securities .................................................................................... 70
4.14.7
Finnish Securities ...................................................................................... 70
4.14.8
Norwegian Securities ................................................................................ 70
4.14.9
French Securities ...................................................................................... 70
4.14.10
Uncertificated SIS Securities (Switzerland) ............................................... 71
4.15 Status of the Securities, Regulatory Bail-in and other Resolution Measures; ranking
of the Securities in the case of resolution of the Issuer ................................................ 72
4.16 Redemption of the Securities ...................................................................................... 75
4.17 Market Disruptions; Adjustment/Termination Events ................................................... 75
4.18 Return ......................................................................................................................... 77
4.19 Other information on the Securities ............................................................................. 78
4.20 Other considerations ................................................................................................... 80
4.21 Green Securities ......................................................................................................... 81
5.
GENERAL INFORMATION ON THE UNDERLYING ................................................... 84
5.1 General description of the Underlying ......................................................................... 84
5.2 General information on Underlyings ............................................................................ 85
5.3 Information on specific Underlyings or Reference Items .............................................. 87
5.3.1
Shares ...................................................................................................... 87
5.3.2
Indices ...................................................................................................... 87
5.3.3
Commodities ............................................................................................. 89
5.3.4
Emerging Market Underlyings ................................................................... 89
6.
GENERAL CONDITIONS OF THE SECURITIES ........................................................ 91
6

TABLE OF CONTENTS
§1
Principal obligation ...................................................................................................... 93
§2
Redemption ................................................................................................................. 99
§3
Settlement ................................................................................................................. 102
§4
Coupon ..................................................................................................................... 108
§5
Market Disruptions and non-Trading Day .................................................................. 112
§6
Adjustment Events and Adjustment/Termination Events ........................................... 120
§7
Form of Securities, transferability, status, Securityholders, set-off, Eligible
Liabilities Redemption Restriction .............................................................................. 146
§8
Agents ....................................................................................................................... 149
§9
Calculation Agent ...................................................................................................... 151
§10 Taxation .................................................................................................................... 154
§11 Presentation period and limitation ............................................................................. 155
§12 Events of Default; Resolution Measures .................................................................... 157
§13 Substitution of Issuer and branch .............................................................................. 159
§14 Purchases of Securities ............................................................................................. 161
§15 Further issuances of Securities ................................................................................. 162
§16 Notices ...................................................................................................................... 163
§17 Redenomination in EURO ......................................................................................... 165
§18 Modifications ............................................................................................................. 167
§19 Severability ............................................................................................................... 171
§20 Governing Law, place of jurisdiction and place of performance ................................. 172
§21 Portuguese Securities ............................................................................................... 174
Annex 1 .............................................................................................................................. 176
Annex 2 .............................................................................................................................. 180
Annex 3 .............................................................................................................................. 186
INDEX OF DEFINITIONS ................................................................................................... 217
7.
SPECIFIC TERMS OF THE SECURITIES ................................................................ 222
7.1 Introduction / General information for users ............................................................... 225
7.2 Specific Terms of the Securities ................................................................................ 225
8.
HOW THE SECURITIES WORK ............................................................................... 394
Capital Protection Notes ..................................................................................................... 399
Partial Capital Protected Notes ........................................................................................... 405
Digital Coupon Notes ......................................................................................................... 409
Reverse Convertible Notes ................................................................................................. 416
Other Notes ........................................................................................................................ 421
Autocallable and Express Notes ......................................................................................... 441
9.
FORM OF FINAL TERMS ......................................................................................... 452
7

TABLE OF CONTENTS
10. GENERAL INFORMATION ON TAXATION AND SELLING RESTRICTIONS ........... 473
10.1. General taxation information ..................................................................................... 473
10.2. General selling and transfer restrictions .................................................................... 474
NAMES AND ADDRESSES ............................................................................................... 479
8

1. GENERAL DESCRIPTION OF THE OFFERING PROGRAMME

1.
GENERAL DESCRIPTION OF THE OFFERING PROGRAMME
This chapter contains a general description of the Offering Programme and its essential
characteristics. In addition to general information on the Offering Programme, it provides
information on the Issuer, the products issued under the Programme and the distribution,
admission to trading and listing of the Securities.
1.1
Offering Programme
This Securities Note is one of several offering documents (including prospectuses) under
which the Issuer (as defined below) is permitted to offer structured securities ("Securities") as
part of the Programme for the issuance of certificates, warrants and notes (the "Offering
Programme" or the "Programme"). Securities may be publicly offered under this Securities
Note by way of:
-
New issuances (i.e. issue of new Securities) and
-
Further issuances (e.g. increasing the Issue Volume of already issued Securities).
At the same time, an application may be made with this Securities Note to admit the Securities
to trading on a regulated market or organised market or to include them for trading on a non-
regulated market.
The Programme and the issue of Securities thereunder have been duly authorised by the
competent representatives of Deutsche Bank. The Programme is considered to be in the
ordinary course of Deutsche Bank's business and therefore does not require authorisation by
board resolutions.
Deutsche Bank has obtained or will obtain from time to time all necessary consents, approvals
and authorisations in connection with the issue and performance of its obligations under the
Securities.
1.2
Issuer
Securities under this Securities Note are issued by Deutsche Bank Aktiengesellschaft, acting
either through its head office in Frankfurt am Main or through any of its foreign branch offices
in London ("Deutsche Bank AG, London Branch"), Milan ("Deutsche Bank AG, Milan
Branch"), Portugal ("Deutsche Bank AG, Sucursal em Portugal"), Spain ("Deutsche Bank
AG, Sucursal en España") or Zurich ("Deutsche Bank AG, Zurich Branch") ("Issuer" or
"Deutsche Bank"). The issuance of Securities is carried out by the Issuer as part of its general
banking business (as set out in Article 2(1) of the Articles of Association of the Issuer). The
Registration Document contains more detailed information on the Issuer's organisation,
business activities, financial situation, earnings and prospects, management and ownership
structure. Investors can find more detailed information on the Issuer and Issuer-related risk
factors in the Registration Document.
1.3
Products to be issued under the Programme
Form of Securities
Depending on the law to which the Securities are subject in each case, they are either
represented by a Global Security or issued in dematerialised or uncertificated book-entry form.
In the case of a Global Security governed by German law, such Global Security will be in
bearer form.
No definitive Securities will be issued.
If the Securities are issued under German law, they will be bearer bonds within the meaning
of §§ 793 et seq. of the German Civil Code (Bürgerliches Gesetzbuch, "BGB") and will either
9

1. GENERAL DESCRIPTION OF THE OFFERING PROGRAMME
be represented by a Global Security or be issued as an electronic security in accordance with
the German Electronic Securities Act (Gesetz über elektronische Wertpapiere, "eWpG").
The Issuer can issue an electronic security by having it registered in an electronic securities
register instead of issuing a Global Security.
Pursuant to § 4(1) no. 1 in conjunction with § 12 eWpG, an electronic securities register is a
central register ("Central Register"). An electronic security that has been entered into a
Central Register is a central register security within the meaning of § 4(2) eWpG ("Central
Register Security").
A Central Register Security is issued by entering it into a Central Register kept by the Central
Register Securities registrar ("Central Register Securities Registrar"). Prior to registration,
the terms and conditions of the security are deposited as a permanent electronic document
with the Central Register Securities Registrar. The Central Register Securities Registrar is a
central securities depositary. Pursuant to § 3(1) eWpG, the central securities depositary as
holder of the electronic security is entered into the Central Register (collective registration
pursuant to § 8(1) no. 1 eWpG) and administers the collective registration on a fiduciary basis
as described in § 9(2) eWpG for the person who is the Beneficiary within the meaning of
§ 3(2) eWpG without being such a beneficiary itself. The Beneficiary within the meaning of
§ 3(2) eWpG is the person who holds the right derived from the Central Register Security
("Beneficiary within the meaning of § 3(2) eWpG"). The Beneficiaries within the meaning of
§ 3(2) eWpG are not entitled to request individual registration in the Central Register.
The Issuer reserves the right to change the form of the Securities during the term (and replace
a security represented by a Global Security with a Central Register Security and vice versa).
The changed form of securitisation, including the resulting necessary changes to the Specific
Terms of the Securities, shall be published as set out in §16 of the General Conditions of the
Securities.
If the Securities are issued as Central Register Securities and the Securities Note refers to the
Securityholder or the Holder of Securities, this actually means the Beneficiary within the
meaning of § 3(2) eWpG.
Status of the Securities
In case of Securities the ranking of which is specified in the Specific Terms of the Securities
as preferred, such Securities other than Securities that are secured by a segregated pool of
collateral assets constitute unsecured and unsubordinated preferred liabilities of the Issuer
ranking pari passu among themselves and pari passu with all other unsecured and
unsubordinated preferred liabilities of the Issuer, subject, however, to statutory priorities
conferred to certain unsecured and unsubordinated preferred liabilities in the event of
Resolution Measures imposed on the Issuer or in the event of the dissolution, liquidation,
Insolvency, composition or other proceedings for the avoidance of Insolvency of, or against,
the Issuer.
In accordance with § 46f(5) of the German Banking Act (Kreditwesengesetz, "KWG"), the
obligations under such Securities rank in priority of those under debt instruments of the Issuer
within the meaning of § 46f(6) sentence 1 KWG (also in conjunction with § 46f(9) KWG) or any
successor provision, including eligible liabilities within the meaning of Articles 72a and 72b(2)
CRR.
In case of Securities the ranking of which is specified in the Specific Terms of the Securities
as non-preferred, such Securities constitute unsecured and unsubordinated non-preferred
liabilities of the Issuer ranking pari passu among themselves and pari passu with all other
unsecured and unsubordinated non-preferred liabilities of the Issuer. This is subject to
statutory priorities conferred to certain unsecured and unsubordinated non-preferred liabilities
in the event of Resolution Measures imposed on the Issuer or in the event of the dissolution,
10