Obligation Deutsche Bank AG 1.75% ( DE000A0E5JD4 ) en EUR

Deutsche Bank AG

100 % ▲

Allemagne

DE000A0E5JD4 ( en EUR )

1.75% par an ( paiement annuel )

Perpétuelle

Prospectus brochure de l'obligation Deutsche Bank AG DE000A0E5JD4 en EUR 1.75%, échéance Perpétuelle

1 000 EUR

300 000 000 EUR

27/06/2025 ( Dans 105 jours )

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

L'Obligation émise par Deutsche Bank AG ( Allemagne ) , en EUR, avec le code ISIN DE000A0E5JD4, paye un coupon de 1.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le Perpétuelle

Deutsche Bank Capital Finance Trust I
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)
300,000 Trust Preferred Securities
(Liquidation Preference Amount 7 1,000 per Trust Preferred Security)
The Trust Preferred Securities, Liquidation Preference Amount 5 1,000 per security, (the "Trust Preferred Securities") offered hereby (the
"Offering") represent preferred undivided beneficial ownership interests in the assets of Deutsche Bank Capital Finance Trust I, a statu-
tory trust created under the laws of the State of Delaware (the "Trust"). The assets of the Trust consist solely of Company Capital Secu-
rities of Deutsche Bank Capital Finance LLC I, a Delaware limited liability company (the "Company"). Deutsche Bank Aktiengesellschaft,
Frankfurt am Main, (the "Bank") owns one common security of the Trust.
Capital Payments (as defined herein) on the liquidation preference amount of 5 1,000 per Trust Preferred Security (the "Liquidation Pre-
ference Amount") and the liquidation amount of 5 1,000 per Company Capital Security will be payable annually in arrears on June 27 of
each year, commencing June 27, 2006 (each such date, a "Payment Date"). Capital Payments payable on each Payment Date will accrue
from and including the immediately preceding Payment Date (or June 27, 2005 with respect to Capital Payments payable on June 27,
2006), up to but excluding the relevant Payment Date (each such period, a "Payment Period"), at a rate per annum, calculated on the
basis of the actual number of days elapsed in a year of 365 or 366 days, as the case may be, equal to (i) for the first five Payment Periods,
7 % and (ii) for each Payment Period thereafter, the Floating Rate for such Payment Period, which shall in no event be less than 1.75 % or
more than the rate per annum corresponding to the 10 Year EUR CMS Rate (as defined herein) for such Payment Period. Capital Payments
will be cumulative as described herein.
The Trust Preferred Securities will be initially evidenced by a temporary Global Certificate, in fully registered form, registered in the name
of, and deposited on or about the closing date with, Clearstream Banking AG, Frankfurt am Main, ("Clearstream AG") for credit to the
accountholders of Clearstream AG, including Euroclear Bank S. A./N. V., Brussels, as operator of the Euroclear System ("Euroclear") and
Clearstream Banking, sociØtØ anonyme, Luxembourg ("Clearstream, Luxembourg"). Such temporary Global Certificate will be exchange-
able for a permanent Global Certificate, in fully registered form, not earlier than 40 days after the closing date upon certification of non-
U.S. beneficial ownership. The Company Capital Securities are not offered hereby.
The Trust Preferred Securities are expected, on issue, to be assigned ratings of "A" by Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc., "A2" by Moody's Investors Service, Inc. and "A+" by Fitch Ratings Ltd.. The ratings for the Trust Preferred
Securities are derived from the ratings of the Bank. A rating is not a recommendation to buy, hold or sell securities, and may be subject to
revision, suspension or withdrawal at any time by the rating agency.
Application has been made to admit the Trust Preferred Securities to trading and official quotation on the Frankfurt Stock Exchange. Ap-
plication has been made to list the Trust Preferred Securities on Eurolist by Euronext Amsterdam N. V. ("Euronext Amsterdam"). This
Offering Circular constitutes a prospectus for the purposes of the listing and issuing rules of the Frankfurt Stock Exchange and Euronext
Amsterdam.
See "Investment Considerations" beginning on page 51 for a discussion of certain factors that should be considered by prospective
investors.
Offering Price: 100 % of Liquidation Preference Amount
THE TRUST PREFERRED SECURITIES ARE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY JURISDICTION AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD
EXCEPT IN A TRANSACTION THAT IS EXEMPT FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY JURISDICTION.
The Trust Preferred Securities are offered by the Managers named below, subject to receipt and acceptance by them and subject to their
right to reject any order in whole or in part. It is expected that the Trust Preferred Securities will be ready for delivery in book-entry form
only through the facilities of Clearstream AG on or about June 27, 2005 against payment therefor in immediately available funds. Benefi-
cial interests in the Trust Preferred Securities will be shown on, and transfers thereof will be effected only through, records maintained by
Clearstream AG.
Deutsche Bank
Daiwa Securities SMBC Europe
HSH Nordbank AG
HVB Corporates & Markets
Landesbank Baden-Württemberg
Lloyds TSB
Mitsubishi Securities
Natexis Banques Populaires
SEB Merchant Banking
The Royal Bank of Scotland
UBM UniCredit Banca Mobiliare
The date of this Offering Circular is June 27, 2005.

NO PERSON IS AUTHORIZED TO PROVIDE ANY INFORMATION OR TO MAKE ANY REPRESENTA-
TION NOT CONTAINED IN THIS OFFERING CIRCULAR, AND ANY INFORMATION OR REPRESENTA-
TION NOT CONTAINED IN THIS OFFERING CIRCULAR MUST NOT BE RELIED UPON AS HAVING
BEEN AUTHORIZED BY THE BANK, THE TRUST OR THE COMPANY OR BY THE MANAGERS. THE
DELIVERY OF THIS OFFERING CIRCULAR AT ANY TIME DOES NOT IMPLY THAT THE INFORMATION
CONTAINED HEREIN IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE.
THIS DOCUMENT IS ONLY BEING DISTRIBUTED TO AND IS ONLY DIRECTED AT (I) PERSONS WHO
ARE OUTSIDE THE UNITED KINDGOM OR (II) TO INVESTMENT PROFESSIONALS FALLING WITHIN
ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION)
ORDER 2001 (THE "ORDER") OR (III) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM
IT MAY LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2) OF THE ORDER (ALL SUCH
PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THE TRUST PREFERRED
SECURITIES ARE ONLY AVAILABLE TO, AND ANY INVITATION, OFFER OR AGREEMENT TO SUB-
SCRIBE, PURCHASE OR OTHERWISE ACQUIRE SUCH TRUST PREFERRED SECURITIES WILL BE
ENGAGED IN ONLY WITH, RELEVANT PERSONS. ANY PERSON WHO IS NOT A RELEVANT PERSON
SHOULD NOT ACT OR RELY UPON THIS DOCUMENT OR ANY OF ITS CONTENTS.
IN CONNECTION WITH THE OFFERING, DEUTSCHE BANK AG LONDON (THE "LEAD MANAGER")
OR ANY PERSON ACTING FOR IT MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO
SUPPORTING THE MARKET PRICES OF THE TRUST PREFERRED SECURITIES AT A LEVEL HIGHER
THAN THAT WHICH MIGHT OTHERWISE PREVAIL FOR A LIMITED TIME AFTER THE ISSUE DATE.
HOWEVER, THERE MAY BE NO OBLIGATION ON THE LEAD MANAGER OR ANY OF ITS AGENTS TO
DO THIS. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND MAY
COMMENCE AT THE EARLIEST ON THE DATE THAT THE NOTICE SPECIFYING THE TERMS OF THE
TRUST PREFERRED SECURITES IS PUBLISHED AND MUST END AT THE LATEST ON THE THIRTIETH
DAY FOLLOWING SUCH DATE. SUCH TRANSACTIONS MAY BE EFFECTED ON THE FRANKFURT
STOCK EXCHANGE, ON EURONEXT AMSTERDAM OR OTHERWISE. FOR A DESCRIPTION OF THESE
ACTIVITIES, SEE "GENERAL INFORMATION SUBSCRIPTION AND SALE".
AFFILIATES OF THE COMPANY MAY MAKE A SECONDARY MARKET IN THE TRUST PREFERRED
SECURITIES. IF AFFILIATES OF THE COMPANY MAKE A SECONDARY MARKET IN THE TRUST PRE-
FERRED SECURITIES, SUCH MARKET-MAKING MAY GIVE RISE TO LIMITATIONS FOR TRUST PRE-
FERRED SECURITIES PREVIOUSLY SOLD IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULA-
TION S UNDER THE SECURITIES ACT WITH RESPECT TO RESALES IN THE UNITED STATES OR TO
U.S. PERSONS.
NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY
BODY IN THE UNITED STATES HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
DETERMINED WHETHER THIS OFFERING CIRCULAR IS TRUTHFUL OR COMPLETE. ANY REPRESEN-
TATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
NO ACTION HAS BEEN TAKEN TO PERMIT A PUBLIC OFFERING OF THE TRUST PREFERRED SECU-
RITIES IN ANY JURISDICTION WHERE ACTION WOULD BE REQUIRED FOR SUCH PURPOSE. THE
DISTRIBUTION OF THIS OFFERING CIRCULAR AND THE OFFERING OF THE TRUST PREFERRED
SECURITIES IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW. EACH PURCHASER OF THE
TRUST PREFERRED SECURITIES MUST COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS
IN FORCE IN ANY JURISDICTION IN WHICH IT PURCHASES, OFFERS OR SELLS THE TRUST PRE-
FERRED SECURITIES OR POSSESSES OR DISTRIBUTES THIS OFFERING CIRCULAR AND MUST
OBTAIN ANY CONSENT, APPROVAL OR PERMISSION REQUIRED BY IT FOR THE PURCHASE, OFFER
OR SALE BY IT OF THE TRUST PREFERRED SECURITIES UNDER THE LAWS AND REGULATIONS IN
FORCE IN ANY JURISDICTION TO WHICH IT IS SUBJECT OR IN WHICH IT MAKES SUCH
PURCHASES, OFFERS OR SALES, AND NONE OF THE TRUST, THE COMPANY, THE BANK OR THE
MANAGERS SHALL HAVE ANY RESPONSIBILITY THEREFOR.
THE BANK, THE COMPANY AND THE TRUST ASSUME RESPONSIBILITY FOR THE CONTENTS OF
THIS OFFERING CIRCULAR. THE BANK, THE COMPANY AND THE TRUST, HAVING MADE REASON-
ABLE INQUIRIES, CONFIRM THAT (I) THE OFFERING CIRCULAR CONTAINS ALL INFORMATION
WITH RESPECT TO THE BANK, ITS AFFILIATES, ITS SUBSIDIARIES, THE TRUST PREFERRED SECU-
2

RITIES, THE COMPANY CAPITAL SECURITIES AND THE OBLIGATIONS (AS DEFINED HEREIN) THAT
IS MATERIAL IN THE CONTEXT OF THE LISTING, ISSUE AND OFFERING OF THE TRUST PREFERRED
SECURITIES; (II) THE INFORMATION CONTAINED IN THIS OFFERING CIRCULAR IS TRUE AND
ACCURATE IN ALL MATERIAL RESPECTS AND IS NOT MISLEADING; (III) THE OPINIONS AND INTEN-
TIONS EXPRESSED IN THIS OFFERING CIRCULAR ARE HONESTLY HELD; AND (IV) THERE ARE NO
OTHER FACTS THE OMISSION OF WHICH MAKES THIS OFFERING CIRCULAR AS A WHOLE OR ANY
OF THE INFORMATION OR THE EXPRESSION OF ANY OF THE OPINIONS OR INTENTIONS MISLEAD-
ING IN ANY RESPECT.
3

TABLE OF CONTENTS
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
INTRODUCTORY SUMMARY OF THE TRANSACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
SELLING RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
OFFERING CIRCULAR SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
INVESTMENT CONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51
CAPITALIZATION OF THE COMPANY AND THE TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
DEUTSCHE BANK CAPITAL FINANCE TRUST I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
DEUTSCHE BANK CAPITAL FINANCE LLC I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
DISTRIBUTABLE PROFITS OF THE BANK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
DESCRIPTION OF THE TRUST SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
65
DESCRIPTION OF THE COMPANY SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77
DESCRIPTION OF THE SUPPORT UNDERTAKING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
DESCRIPTION OF THE SERVICES AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92
CAPITALIZATION OF DEUTSCHE BANK GROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
THE BANK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94
APPENDIX A: SUPPORT UNDERTAKING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
FINANCIAL STATEMENTS AND OTHER INFORMATION ON DEUTSCHE BANK GROUP . . . . . . . .
F-1
Excerpts from Annual Report for the year ended December 31, 2004
(Consolidated Financial Statements) according to § 292a of the German Commercial Code
(Handelsgesetzbuch) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F-2
Interim Report for the three months ended March 31, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-166
Excerpts from the Annual Report of the Bank as of and for the year ended December 31, 2004
(Unconsolidated Financial Statements) in accordance with German generally
accepted accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-197
4

GLOSSARY
"10 Year EUR CMS Rate", in respect of any Payment Period (or Interest Period, in the case of the Initial
Obligation) commencing on or after the Initial Redemption Date, means the "EUR-ISDA-EURIBOR
Swap Rate 11:00" (the annual Euro swap rate expressed as a percentage for Euro swap transactions
with a 10-year maturity, the "10-year Designated Maturity"), which appears on the Relevant Screen
Page on the relevant Determination Date.
In the event that the EUR 10CMS does not appear on the Relevant Screen page on any Determina-
tion Date, the EUR 10CMS for the relevant Payment Period (or Interest Period, in the case of
the Initial Obligation) will be the "Reference Banks' Swap Rate with 10-Year Designated Maturity"
on such Determination Date. "Reference Banks' Swap Rate with 10-Year Designated Maturity"
means the percentage rate determined on the basis of the quotations of the "10-year mid-market
annual swap rate" provided by the Reference Banks to the Calculation Agent at approximately
11:00 a. m., Central European time, on such Determination Date. If at least three quotations are
provided, the EUR 10CMS for that Payment Period (or Interest Period, in the case of the Initial Obli-
gation) will be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the
event of equality one of the highest) and the lowest quotation (or, in the event of equality, one of
the lowest).
The "10-year mid-market annual swap rate" means the arithmetic mean of the bid and offered
rates for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating Euro
interest rate swap transaction which transaction (a) has a term equal to the 10-Year Designated
Maturity and commencing on the first day of such Payment Period (or Interest Period, in the case
of the Initial Obligation), (b) is in an amount that is representative of a single transaction in the
relevant market at the relevant time with an acknowledged dealer of good credit in the swap mar-
ket, and (c) has a floating leg based on the 6-months EURIBOR rate (calculated on an Actual/
360 day count basis).
"2 Year EUR CMS Rate", in respect of any Payment Period (or Interest Period, in the case of the Initial
Obligation) commencing on or after the Initial Redemption Date, is the "EUR-ISDA-EURIBOR Swap
Rate 11:00" (the annual Euro swap rate expressed as a percentage for Euro swap transactions with
a 2-year maturity, the "2-year Designated Maturity"), which appears on the Relevant Screen Page on
the relevant Determination Date.
In the event that the EUR 2CMS does not appear on the Relevant Screen Page on any Determina-
tion Date, the EUR 2CMS for the relevant Payment Period (or Interest Period, in the case of the
Initial Obligation) will be the "Reference Banks' Swap Rate with 2-Year Designated Maturity" on
such Determination Date. "Reference Banks' Swap Rate with 2-Year Designated Maturity" means
the percentage rate determined on the basis of the quotations of the "2-year mid-market annual
swap rate" provided by the Reference Banks to the Calculation Agent at approximately 11:00 a. m.,
Central European time, on the Determination Date. If at least three quotations are provided, the
EUR 2CMS for that Payment Period (or Interest Period, in the case of the Initial Obligation) will be
the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equal-
ity, one of the highest) and the lowest quotation (or, in the event of equality, one of the lowest).
The "2-year mid-market annual swap rate" means the arithmetic mean of the bid and offered rates
for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating Euro inter-
est rate swap transaction which transaction (a) has a term equal to the 2-Year Designated Maturity
and commencing on the first day of such Payment Period (or Interest Period, in the case of the
Initial Obligation), (b) is in an amount that is representative of a single transaction in the relevant
market at the relevant time with an acknowledged dealer of good credit in the swap market, and
(c) has a floating leg based on the 6-months EURIBOR rate (calculated on an Actual/360 day count
basis).
"1940 Act" means the U.S. Investment Company Act of 1940, as amended.
"Additional Amounts" means such additional amounts payable by the Company or Trust pursuant to
the terms of the Company Capital Securities and the Trust Preferred Securities as additional Capital
Payments as may be necessary in order that the net amounts received by the holders of the Company
Capital Securities and the Trust Preferred Securities, after deduction or withholding for or on account
5

of any Withholding Taxes, on payments on and any amount payable in liquidation or on repayment
upon redemption thereof, will equal the amounts that otherwise would have been received had no
such deduction or withholding been required.
"Additional Interest Amounts" means any additional interest amounts payable by the Bank or other
obligor pursuant to the terms of the Initial Obligation as a result of deduction or withholding upon
payment of interest on the Initial Obligation or repayment upon redemption thereof.
"Administrative Action" means any judicial decision, official administrative pronouncement, pub-
lished or private ruling, regulatory procedure, notice or announcement (including any notice or
announcement of intent to adopt certain procedures or regulations) by any legislative body, court,
governmental authority or regulatory body.
"Arrears of Payments" means Capital Payments, the payment of which has, in accordance with the
deferral provisions of the Trust Preferred Securities and the Company Capital Securities, as the case
may be, been deferred and which thereupon constitute cumulative arrears of Capital Payments.
"BaFin" means the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienst-
leistungsaufsicht).
"Bank" means Deutsche Bank Aktiengesellschaft, Frankfurt am Main.
"billion" means one thousand million.
"Board of Directors" means the Board of Directors of the Company.
"Business Day" means a day on which TARGET (the Trans-European Automated Real Time Gross
Settlement Express Transfer System) is operating credit or transfer instructions in respect of pay-
ments in Euro.
"By-laws" means the by-laws of the Company.
"Calculation Agent" means Deutsche Bank Aktiengesellschaft, Frankfurt am Main, and its successors,
in its capacity as Calculation Agent in respect of the Company Capital Securities.
"Capital Payments" means the periodic distributions on the Trust Securities and the Company Capi-
tal Securities.
"CI" means the Corporate Investments Group Division of the Bank.
"CIB" means the Corporate and Investment Bank Group Division of the Bank.
"Clearstream AG" means Clearstream Banking AG, Frankfurt am Main, Germany.
"Clearstream, Luxembourg" means Clearstream Banking, sociØtØ anonyme, Luxembourg.
"Closing Date" means June 27, 2005.
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" means Deutsche Bank Capital Finance LLC I, a Delaware limited liability company.
"Company Capital Securities" means the capital securities evidencing senior interests in the capital
of the Company.
"Company Common Security" means the voting common security representing an ownership inter-
est in the Company.
6

"Company Special Redemption Event" means (i) a Regulatory Event, (ii) a Tax Event with respect to
the Company or (iii) an Investment Company Act Event with respect to the Company.
"Company Successor Securities" means other securities substituted for the Company Capital Secu-
rities having substantially the same terms as the Company Capital Securities.
"Consolidated Financial Statements" means the audited consolidated financial statements (includ-
ing the notes thereto) included herein of Deutsche Bank Group as of and for the years ended Decem-
ber 31, 2002, 2003 and 2004.
"DBSI" means Deutsche Bank Securities Inc.
"Deferred Payments" means any capital payments, dividends or other distributions or payments
deferred on a cumulative basis pursuant to the terms of any Parity Capital Security.
"Delaware Trustee" means Deutsche Bank Trust Company Delaware, in its capacity as Delaware trus-
tee of the Trust.
"Determination Date" means, in respect of each Payment Period (or Interest Period in the case of the
Initial Obligation) commencing on or after the Initial Redemption Date, the second Business Day prior
to the Payment Date (or Interest Payment Date in the case of the Initial Obligation) on which such Pay-
ment Period (or Interest Period) commences.
"Deutsche Bank Group" or "Group" means the Bank and its consolidated subsidiaries.
"Distributable Profits" of the Bank for any fiscal year is the balance sheet profit (Bilanzgewinn) as of
the end of such fiscal year, as shown in the audited unconsolidated balance sheet of the Bank as of
the end of such fiscal year. Such balance sheet profit includes the annual surplus or loss (Jahres-
überschuss/-fehlbetrag), plus any profit carried forward from previous years, minus any loss carried
forward from previous years, plus transfers from capital reserves and earnings reserves, minus allo-
cations to earnings reserves, all as determined in accordance with the provisions of the German
Stock Corporation Act (Aktiengesetz) and accounting principles generally accepted in the Federal
Republic of Germany as described in the German Commercial Code (Handelsgesetzbuch) and other
applicable German law then in effect.
"Distribution Compliance Period" means the period until the 40th day after the later of the Closing
Date and the completion of the distribution of the Trust Preferred Securities.
"Enforcement Event" under the Trust Agreement with respect to the Trust Securities means the
occurrence, at any time, of either (i) non-payment of Capital Payments (plus any Additional Amounts
thereon, if any) on the Trust Preferred Securities or the Company Capital Securities at the Stated Rate
in full, for two consecutive Payment Periods, or (ii) a default by the Bank in respect of any of its obli-
gations under the Support Undertaking; provided, that, pursuant to the Trust Agreement, the holder
of the Trust Common Security will be deemed to have waived any Enforcement Event with respect to
the Trust Common Security until all Trust Enforcement Events with respect to the Trust Preferred
Securities have been cured, waived or otherwise eliminated.
"Euroclear" means Euroclear Bank S. A./N. V., Brussels, as operator of the Euroclear system.
"Euronext Amsterdam" means Eurolist by Euronext Amsterdam N. V.
"Floating Rate" means the rate per annum (expressed as a percentage) for the accrual of Capital Pay-
ments (or interest payments, in the case of the Initial Obligation) for each Payment Period (or Interest
Period, in the case of the Initial Obligation) commencing on or after the Initial Redemption Date,
determined by the Calculation Agent in accordance with the following formula:
10 x (EUR 10CMS EUR 2CMS)
(where "EUR 10CMS" means the 10 Year EUR CMS Rate, and "EUR 2CMS" means the 2 Year EUR
CMS Rate); provided, however, that the Floating Rate for each Payment Period (or Interest Period,
7

in the case of the Initial Obligation) shall not in any event be less than 1.75 % per annum or more
than the rate per annum corresponding to the 10 Year EUR CMS Rate for such Payment Period (or
Interest Period, as the case may be).
"FSMA" means the United Kingdom's Financial Services and Markets Act 2000.
"German Disbursing Agent" means a German bank or a German financial services institution, each
as defined in the German Banking Act (Kreditwesengesetz) (including a German branch of a foreign
bank or a foreign financial services institution, but excluding a foreign branch of a German bank or
German financial services institution) with which a German Holder maintains a custodial account in
which the Trust Preferred Securities are kept.
"German Holder" means a holder of Trust Preferred Securities that is a resident of Germany or for
which income in respect of the Trust Preferred Securities is regarded as income from German
sources, e. g., because such Trust Preferred Securities form part of the business property of a perma-
nent establishment or fixed base maintained in Germany.
"Germany" means the Federal Republic of Germany.
"Global Certificates" means the Temporary Global Certificate and the Permanent Global Certificate.
"Global Security" means one or more global certificates representing the Company Capital Securities
if they are distributed to holders of the Trust Preferred Securities.
"Group Capital Securities" of any person means any interests in the capital of such person that rank
(A) senior to the preference shares, Preferred Tier 1 Securities and common shares of such person
and (B) junior to all other obligations of such person that (i) rank senior to the preference shares and
Preferred Tier 1 Securities, if any, of such person and (ii) do not by their terms rank pari passu with
such interests.
"HGB" means the German Commercial Code (Handelsgesetzbuch).
"Independent Enforcement Director" means the independent member of the Board of Directors ap-
pointed by the holders of the Company Capital Securities if the Company fails to pay Capital Pay-
ments (plus any Additional Amounts thereon, if any) for specified periods or if a holder of the Com-
pany Capital Securities has notified the Company that the Bank has failed to perform any obligation
under the Support Undertaking and such failure continues for a specified period.
"Initial Obligation" means subordinated obligations of the Bank acquired by the Company using the
proceeds from the issuance of the Company Capital Securities and the Company Common Security.
"Initial Obligation Redemption Date" means June 27, 2015, the first day on which the Initial Obliga-
tion is redeemable at the option of the Bank other than upon the occurrence of a Company Special
Redemption Event or in the event of replacement with Substitute Obligations.
"Initial Redemption Date" means June 27, 2015, the first day on which the Company Capital Secu-
rities will be redeemable other than on the occurrence of a Company Special Redemption Event.
"Interest Payment Date" means June 27 of each year, commencing June 27, 2006.
"Interest Period" means the period from and including the immediately preceding Interest Payment
Date (or June 27, 2005 with respect to interest payable on June 27, 2006) to but excluding the relevant
Interest Payment Date.
"Interim Consolidated Financial Statements" means the unaudited consolidated financial statements
(including the notes thereto) included herein of Deutsche Bank Group as of March 31, 2005 and for
the three-month periods ended March 31, 2004 and 2005.
"Investment Company" means an investment company within the meaning of the 1940 Act.
8

"Investment Company Act Event" means the request and receipt by the Bank of an opinion of a
nationally recognized U.S. law firm experienced in such matters to the effect that there is more than
an insubstantial risk that the Company or the Trust is or will be considered an Investment Company
as a result of any judicial decision, pronouncement or interpretation (irrespective of the manner
made known), the adoption or amendment of any law, rule or regulation, or any notice or announce-
ment (including any notice or announcement of intent to adopt such law, rule or regulation) by any
U.S. legislative body, court, governmental agency, or regulatory authority, in each case after the date
of the issuance of the Company Securities and the Trust Securities.
"IRS" means the Internal Revenue Service.
"Issue Date" means June 27, 2005, the issue date of the Trust Preferred Securities.
"Junior Securities" means (i) common stock of the Bank, (ii) each class of preference shares of the
Bank ranking junior to Parity Capital Securities and Preferred Tier 1 Securities of the Bank, if any, and
any other instrument of the Bank ranking pari passu therewith or junior thereto and (iii) preference
shares or any other instrument of any subsidiary of the Bank (other than Preferred Tier 1 Subsidiary
Securities) subject to any guarantee or support agreement of the Bank ranking junior to the obliga-
tions of the Bank under the Support Undertaking.
"KWG" means the German Banking Act (Kreditwesengesetz).
"Lead Manager" means Deutsche Bank AG London.
"Liquidation Preference Amount" means the liquidation preference amount of 5 1,000 per Trust Pre-
ferred Security.
"LLC Act" means the Delaware Limited Liability Company Act, as amended.
"LLC Agreement" means the limited liability company agreement of the Company, as amended and
restated in its entirety prior to the issuance of Trust Preferred Securities.
"Managers" means the financial institutions named as Managers on the cover page hereof.
"Maturity Date" means June 27, 2035, the maturity date of the Initial Obligation.
"Netherlands Paying Agent" means Deutsche Bank AG, Amsterdam Branch.
"Non-U.S. Persons" means persons who acquire Trust Preferred Securities in compliance with
Regulation S.
"Obligation Redemption Date" means any Interest Payment Date on or after the Initial Obligation
Redemption Date.
"Obligations" means the Initial Obligation and the Substitute Obligations.
"Offering" means the offering by Deutsche Bank Capital Finance Trust I of the Trust Preferred Secu-
rities.
"Offering Price" means the initial offering price of 5 1,000 per Trust Preferred Security.
"Operating Profits" of the Company for any Payment Period means the excess of the amounts pay-
able (whether or not paid) on the Obligations or, after the Maturity Date, on the Permitted Invest-
ments that the Company may then hold in accordance with the LLC Agreement during such Payment
Period over any operating expenses of the Company not paid or reimbursed by the Bank or one of its
branches or affiliates during such Payment Period.
"Order" means the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001.
9

"Parity Capital Securities" means Parity Subsidiary Capital Securities and each class of ownership
interests in the capital of the Bank that rank senior to the preference shares of the Bank and junior to
all other securities of the Bank that (i) rank senior to preference shares and (ii) do not by their terms
rank pari passu with such ownership interests of the Bank, if any.
"Parity Subsidiary Capital Securities" means any instrument of any subsidiary of the Bank subject to
any guarantee or support agreement of the Bank ranking pari passu with the obligations of the Bank
under the Support Undertaking.
"Payment Date" means June 27 of each year, commencing June 27, 2006.
"Payment Period" means the period from and including the immediately preceding Payment Date (or
June 27, 2005, with respect to Capital Payments payable on June 27, 2006) to but excluding the rele-
vant Payment Date.
"PCAM" means the Private Clients and Asset Management Group Division of the Bank.
"Permanent Global Certificate" means a permanent Global Certificate, in fully registered form, for
which the Temporary Certificate will be exchangeable, not earlier than 40 days after the closing date
upon certification of non-U.S. beneficial ownership.
"Permitted Investments" means investments by the Company in debt obligations of the Bank or one
or more majority-owned subsidiaries of the Bank, unconditionally guaranteed by the Bank (which
may act through a branch) on a subordinated basis at least equal to the ranking of the Initial Obliga-
tion or, in the event such an investment is not available, in U.S. Treasury securities; provided, in each
case, that such investment does not result in a Company Special Redemption Event.
"Preferred Tier 1 Securities" of any person means each class of the most senior ranking preference
shares of such person and any other instruments of such person (other than common shares) qualify-
ing as Tier 1 Regulatory Capital and, if such person is the Bank, Preferred Tier 1 Subsidiary Securities.
"Preferred Tier 1 Subsidiary Securities" means the most senior ranking preference shares and any
other instruments of any person other than the Bank, which, in each case, qualify as Tier 1 Regulatory
Capital and are subject to any agreement of the Bank that guarantees or otherwise provides support
of such preference shares or other instruments.
"Principal Amount" means, in connection with the Initial Obligation, 5 300,001,000.
"Principal Paying Agent" means Deutsche Bank Aktiengesellschaft, Frankfurt am Main, and its suc-
cessors, in its capacity as Principal Paying Agent with respect to the Trust Preferred Securities.
"Property Account" means a segregated non-interest bearing trust account maintained exclusively
by the Property Trustee.
"Property Trustee" means The Bank of New York, in its capacity as trustee of the Trust.
"Qualified Subsidiary" means a subsidiary that is consolidated with the Bank for German bank regu-
latory purposes of which more than fifty percent (50 %) of the outstanding voting stock or other equity
interest entitled ordinarily to vote in the election of the directors or other governing body (however
designated) and of which more than fifty percent (50 %) or the outstanding capital stock or other
equity interest is, at the time, beneficially owned or controlled directly or indirectly by the Bank,
which subsidiary meets the definition of "a company controlled by its parent company" as defined in
Rule 3a-5 under the 1940 Act.
"Redemption Date" means the date of redemption of the Company Capital Securities.
"Redemption Notice" means notice of any redemption of the Company Capital Securities.
10