Obligation DEUTSCHE BANK AG 0% ( DE000DB0LB76 ) en GBP

DEUTSCHE BANK AG

100 % ▲

Allemagne

DE000DB0LB76 ( en GBP )

19/09/2008 - Obligation échue

Prospectus brochure de l'obligation DEUTSCHE BANK AG DE000DB0LB76 en GBP 0%, échue

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 GBP, avec le code ISIN DE000DB0LB76, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 19/09/2008

[BASE PROSPECTUS] [FINAL TERMS]

for
Warrants

Deutsche Bank AG [London]
[Quantity] [Insert Type] Warrants [each WKN/ISIN]
relating to [insert details of the underlying]
[Issued under its
Programme]
Issue Price [Amount] [] per [Insert Type] Warrant [(plus subscription surcharge of
[] [% of the Nominal Amount][EUR] [])]
[WKN/ISIN]

The issuer (the "Issuer") of the securities described in this document is Deutsche Bank AG,
Frankfurt am Main, incorporated under the laws of Germany [, acting through its London branch
("Deutsche Bank AG London")].
The Issuer is authorised to and may issue securities relating to shares and/or indices and/or other
securities and/or fund shares and/or commodities and/or foreign exchange rates and/or interest
rates and/or other assets as part of its general banking business (set out in article 2(1) of the
Articles of Association of Deutsche Bank AG). Under its X-markets Programme (the
"Programme"), the Issuer may issue securities relating to shares and/or indices and/or other
securities and/or fund shares and/or commodities and/or foreign exchange rates and/or futures
and/or other assets.
Investors who are interested in purchasing securities of a certain type and who wish to
glean information from the Base Prospectus prior to the issuance of the Securities should
consult the section entitled "Information for investors on using the Base Prospectus" to
determine which information in the Base Prospectus is relevant for each security type. No
investment decision should be made until the final terms published for the relevant
Securities, which are not yet contained in the Base Prospectus, have been read in detail.
The Issuer has determined to issue [quantity []] [Insert Type] Warrants (the "Securities") relating
to [the] [Shares] [Swiss Genussscheine] [Indices] [Baskets] [Certificates] [American Depositary
Receipts (ADR)] [Other Securities] [Fund Shares] [Commodities] [Foreign Exchange Rates]
[Interest Rates] [Futures] specified above upon the product conditions in section VI A of this
document (the "Product Conditions") and the general terms and conditions set out in section VI
B of this document (the "General Conditions", which together with the Product Conditions shal
be referred to as the "Conditions"). References to the term "Underlying" shal be construed as
references to the [Shares] [Swiss Genussscheine] [Indices] [Baskets] [Certificates] [American
Depositary Receipts (ADR)] [Other Securities] [Fund Shares] [Commodities] [Foreign Exchange
Rates] [Futures] specified above.
The Issuer has a right of substitution and a right to change the office through which it is acting,
subject as provided in General Condition 8.
[Application has been made to list the Securities on the Official List of the Luxembourg Stock
Exchange and to trade them on the [Regulated market] [Euro MTF] of the Luxembourg Stock
Exchange, which is [not] a regulated market for the purposes of Directive 2004/39/EC].
[Application has been made to list the Securities on the [regulated] [] [market] [Freiverkehr] of the
[Frankfurt] [Stuttgart] [] Stock Exchange[, which is a regulated market for the purposes of
Directive 2004/39/EC] [insert all relevant regulated markets]. [The Securities have been admitted
to the [regulated] [] market of the [] Stock Exchange [insert all relevant regulated markets], which

are regulated markets for the purposes of Directive 2003/71/EC. [The Securities will not be
admitted to the regulated market of any exchange.]
Prospective purchasers of the Securities should ensure that they understand fully the
nature of the Securities, as well as the extent of their exposure to risks associated with an
investment in the Securities and should consider the suitability of an investment in the
Securities in the light of their own particular financial, fiscal and other circumstances.
Prospective purchasers of the Securities should refer to the "Risk Factors" section of this
document. The Securities will represent unsubordinated, unsecured contractual obligations
of the Issuer which will rank pari passu in all respects with each other.
The credit ratings included or referred to in this Base Prospectus have been issued by
Standard and Poors, Moodys Investors Service and Fitch Ratings, each of which is
established in the European Union and has applied to be registered under Regulation (EC)
1060/2009 of the European Parliament and of the Council on credit rating agencies.
The Securities have not been and wil not be registered under the United States Securities Act of
1933, as amended. Any offer or sale of the Securities must be made in a transaction exempt from
the registration requirements of such Act pursuant to Regulation S thereunder. The Securities may
not be offered, sold or otherwise transferred in the United States or to persons who are either U.S.
persons defined as such in Regulation S of such Act or persons who do not come within the
definition of a non-United States person under Rule 4.7 of the United States Commodity Exchange
Act, as amended. For a description of certain restrictions on the sale and transfer of the
Securities, please refer to the General Sel ing and Transfer Restrictions section of this document.
The Base Prospectus is dated 8 July 2011 and provides information with respect to various
types of financial instruments which are capable of issue under the Programme. [This
document constitutes, in relation to the Securities only, Final Terms in a completed version
of the Base Prospectus and is dated [] [], [].]
Deutsche Bank AG, [Frankfurt am Main] [London] accepts responsibility for the information
contained in this document. To the best of the knowledge of the Issuer who has taken all
reasonable care to ensure that such is the case the information contained in this document
is in accordance with the facts and does not omit anything likely to affect the import of
such information.

Deutsche Bank
2

Table of Contents

I.
SUMMARY ....................................................................................... 6
A.
SUMMARY OF RISK FACTORS ....................................................................................... 6
1.
Risks relating to the Securities ............................................................................. 6
2.
Issuer Risk Factors ................................................................................................. 6
3.
Ratings ..................................................................................................................... 7
B.
SUMMARY OF FINAL TERMS OF THE OFFER ............................................................... 8
1.
Principal Terms ....................................................................................................... 8
2.
Further Information on the Terms of the Securities .......................................... 12
C.
SUMMARY OF ISSUER DESCRIPTION ......................................................................... 27
II.
RISK FACTORS ............................................................................. 28
A.
ISSUER RISK FACTORS ................................................................................................. 28
B.
PRODUCT SPECIFIC RISK FACTORS ........................................................................... 31
1.
Introduction ........................................................................................................... 31
2.
Rights under the Securities ................................................................................. 33
C.
GENERAL RISK FACTORS RELATING TO THE SECURITIES .................................... 35
1.
No Payments until Settlement ............................................................................. 35
2.
Early Termination for Extraordinary Reasons, Illegality and Force
Majeure .................................................................................................................. 35
3.
Market Disruption Events, Adjustments and Early Termination of the
Securities ............................................................................................................... 35
4.
Taxation ................................................................................................................. 35
5.
Exercise Notice and Certifications...................................................................... 36
6.
Time Lag after Exercise ....................................................................................... 36
7.
Re-offer Price ........................................................................................................ 36
8.
[Additional Product Specific Risk Factors ......................................................... 37
D.
MARKET FACTORS ........................................................................................................ 38
1.
Market Factors ...................................................................................................... 38
2.
Market Value .......................................................................................................... 39
3.
Certain Hedging Considerations ......................................................................... 41
4.
The Securities may be Illiquid ............................................................................. 41
5.
Creditworthiness of the Issuer ............................................................................ 42
E.
CONFLICTS OF INTEREST ............................................................................................. 43
1.
Transactions Involving the Underlying .............................................................. 43
2.
Acting in other Capacities ................................................................................... 43
3.
Issuing of other Derivative Instruments in respect of the Underlying ............ 43
4.
Conducting of Hedging Transactions................................................................. 43
5.
Issue Price ............................................................................................................. 43
6.
Market-Making for the Securities ........................................................................ 43
7.
Market-Making for the Underlying ....................................................................... 44
8.
Acting as Underwriter or otherwise for the issuer of Underlying .................... 44
9.
Obtaining of Non-public Information .................................................................. 44
III.
GENERAL INFORMATION ON THE PROSPECTUS ..................... 45
A.
FORM OF DOCUMENT PUBLICATION ....................................................................... 45
1.
Form of Document ................................................................................................ 45

3

2.
Publication ............................................................................................................. 45
B.
GENERAL DESCRIPTION OF THE PROGRAMME ....................................................... 46
1.
General Information .............................................................................................. 46
2.
Information on the Conditions of the Securities ............................................... 46
3.
Types and Categories of Securities and Economic Features Covered by
the Base Prospectus ............................................................................................ 47
C.
DOCUMENTS INCORPORATED BY REFERENCE ....................................................... 48
1.
Documents Incorporated by Reference.............................................................. 48
2.
Cross Reference List ............................................................................................ 48
D.
GENERAL INFORMATION .............................................................................................. 50
1.
Material Adverse Change in Deutsche Bank's Financial Position and
Significant Change in Deutsche Bank's Financial or Trading Position .......... 50
2.
Legal and arbitration proceedings ...................................................................... 50
2.
Post Issuance Information ................................................................................... 50
3.
Use of Proceeds .................................................................................................... 50
IV.
TERMS OF THE OFFER ................................................................ 51
1.
Number of Securities ............................................................................................ 51
2.
[The Subscription Period] [The Offering Period] ............................................... 51
3.
[Cancellation of the Issuance of the Securities] ................................................ 51
4.
[Early Closing of the Subscription of the Securities ......................................... 51
5.
Delivery of the Securities ..................................................................................... 51
6.
[Results of the Offer] ............................................................................................ 51
7.
[Market Making] ..................................................................................................... 51
V.
GENERAL INFORMATION ............................................................ 52
A.
GENERAL TAXATION INFORMATION ........................................................................... 52
1.
Introduction ........................................................................................................... 52
2.
Taxation in Luxembourg ...................................................................................... 52
3.
Stamp Duty and Withholding Tax in Germany .................................................. 53
4.
Stamp Duty and Withholding Tax in the United Kingdom ................................ 56
B.
GENERAL SELLING AND TRANSFER RESTRICTIONS .............................................. 58
1.
Introduction ........................................................................................................... 58
2.
United States of America ..................................................................................... 58
3.
European Economic Area .................................................................................... 58
4.
United Kingdom .................................................................................................... 59
VI.
INFORMATION RELATING TO THE SECURITIES ....................... 60
A.
PRODUCT CONDITIONS ................................................................................................. 60
1.
Product Condition 1 Definitions ....................................................................... 60
2.
Product Condition 2 Form .............................................................................. 125
3.
Product Condition 3 Rights and Procedures ................................................ 126
4.
Product Condition 4 Adjustment Provisions ................................................ 161
5.
Product Condition 5 Governing Law and Place of Jurisdiction ................. 245
B.
GENERAL CONDITIONS ............................................................................................... 246
1.
Status of the Securities ...................................................................................... 246
2.
Early Exercise, Redemption or Termination for Extraordinary Reasons,
Illegality and Force Majeure .............................................................................. 246
3.
Purchases ............................................................................................................ 246
4.
Notices ................................................................................................................. 246

4

5.
Agents, Calculation Agent, Determinations and Modifications ..................... 247
6.
Taxation ............................................................................................................... 248
7.
Further Issues ..................................................................................................... 248
8.
Substitution ......................................................................................................... 248
9.
Replacement of Securities ................................................................................. 248
10. Adjustments for European Monetary Union .................................................... 249
11. Definitions ........................................................................................................... 250
C.
INFORMATION RELATING TO THE UNDERLYING .................................................... 251
Further Information Published by the Issuer ............................................................. 252
VII. COUNTRY SPECIFIC INFORMATION ......................................... 253
1.
Taxation ............................................................................................................... 253
2.
[Subscription Period] [Offering Period] ........................................................... 253
3.
Settlement and Clearing ..................................................................................... 253
4.
Agent in [insert applicable country] ................................................................. 253
PARTY LIST .......................................................................................... 254

5

I.
SUMMARY
The information set out below is a summary only and should be read in conjunction with the
rest of this document. This summary is intended to convey the essential characteristics and
risks associated with the Issuer, and in relation to the Securities and does not purport to be
complete. It is taken from, and is qualified in its entirety by, the remainder of this document,
including the Conditions, which constitute the legally binding conditions of the Securities as
attached to the global security. Accordingly, this summary should be read as an introduction
to the document, and any decision to invest in the Securities should be based on
consideration of the document as a whole by the investor.
Prospective investors should be aware that where a claim relating to the information
contained in this document is brought before a court, the investor making the claim might,
under the national legislation of the respective EU member state, have to bear the costs of
translating the prospectus before the legal proceedings are initiated.
Civil liability attaches to the Issuer who has tabled the summary including the translation
thereof and applied for its notification, but only if the summary is misleading, inaccurate or
inconsistent when read together with the other parts of the document.

A.
SUMMARY OF RISK FACTORS
1.
Risks relating to the Securities
An investment in the Securities involves risks. These risks may include, among
others, equity market, bond market, foreign exchange, interest rate, market volatility
and economic, political and regulatory risks and any combination of these and other
risks. Prospective purchasers should be experienced with respect to transactions in
instruments such as the Securities and in the underlying asset or other basis of
reference for the Securities (the "Underlying"). Prospective purchasers should
understand the risks associated with an investment in the Securities and should only
reach an investment decision after careful consideration, with their legal, tax,
accounting and other advisers, of (a) the suitability of an investment in the Securities
in the light of their own particular financial, tax and other circumstances, (b) the
information set out in this document and (c) the Underlying.
The Securities may decline in value and investors should be prepared to sustain a
total loss of their investment in the Securities. The shorter the remaining term of the
Securities, the higher the risk of decline in value of the Securities.
An investment in the Securities should only be made after assessing the direction,
timing and magnitude of potential future changes in the value of the Underlying,
and/or in the composition or method of calculation of the Underlying, as the return of
any such investment wil be dependent, inter alia, upon such changes. More than one
risk factor may have simultaneous effect with regard to the Securities such that the
effect of a particular risk factor may not be predictable. In addition, more than one risk
factor may have a compounding effect which may not be predictable. No assurance
can be given as to the effect that any combination of risk factors may have on the
value of the Securities.
[Add additional issue specific risk factors, if necessary:[]]
2.
Issuer Risk Factors
Prospective investors should consider al information provided in the Registration
Document and consult with their own professional advisers if they consider it
necessary. The fol owing describes risk factors relating to the issuer's ability to meet
its obligations under the securities.

6

An investment in Securities issued by Deutsche Bank AG bears the risk that
Deutsche Bank Aktiengesel schaft is not able to fulfil its obligations created by the
Securities on the relevant due date.

3.
Ratings
Ratings assigned to the Issuer by certain independent rating agencies are an
indicator of the Issuer's ability to meet its obligations in a timely manner1. The lower
the assigned rating is on the respective scale the higher the respective rating agency
assesses the risk that obligations wil not be met at al or not be met in a timely
manner. As of the publication date of this summary, the fol owing ratings were
assigned to Deutsche Bank:

Rating Agency
Long-term
Short-term
Standard & Poor's (S&P)
A+
A-1
Moody's
Aa3
P-1
Fitch
AA-
F1+
Rating agencies may change their ratings at short notice. A rating's change may
affect the price of securities outstanding.

1 A rating is not a recommendation to buy, sell, or hold certificates, and may be subject to suspension, downgrading, or
withdrawal by the rating agency. Any such suspension, downgrading, or withdrawal may have a negative effect on the
market price of the certificates.

7

B.
SUMMARY OF FINAL TERMS OF THE OFFER
1.
Principal Terms
Issuer:
Deutsche Bank AG, Frankfurt am Main[, acting
through its London branch (Deutsche Bank AG
London)]
[Number] [Nominal Amount] []
of [Warrants]:
The actual amount of Securities issued wil
correspond to the sum of al valid subscriptions or
orders received by the Issuer.
Issue Price:
[]
[Annual] [Management]
[]
[Fee:]
Underlying:
[Shares] [Index] [Other Securities] [Fund Shares]
[Commodities] [Foreign Exchange Rate] [Futures]
[Basket consisting of [details of Basket] (each a
"Basket Constituent")]
Offer Price:
[Currency] [Amount] [The Offer Price wil firstly be
determined on the [Issue Date][] and then be reset
continuously.]
Issue Date:
[]
[Value Date:]
[]
[Primary Market End Date:] []
[Initial Reference Valuation
[]
Date(s):]
[Initial Reference Level:]
[Currency] [Amount]
[Cap Amount:]
[]
[Final Reference Level:]
[]
[Strike:]
[]
[Barrier Level Adjustment
[]
Amount:]
[Barrier Level Adjustment
[]
Dates:]
[Barrier Determination
[]
Amount:]
[Barrier Determination
[]
Date:]

8

[Barrier Determination
[]
Period:]
[Adjustment Period:]
[]
[Stop Loss Reference
[]
Level:]
[Stop Loss Reference
[]
Valuation Period:]
[Initial Amount:]
[]
[Exercise Price:]
[Currency] [Amount]
[Settlement Date(s):]
[]
[Exercise Date] [Exercise
[]
Period] [Maturity Date:]
[Redemption Period:]
[]
[Early Redemption Date[s]:] []
[Dividend Factor:]
[]
Settlement:
[Cash Settlement] [Physical Settlement] [Cash
Settlement or Physical Settlement at the Issuer's
option] [Cash Settlement or Physical Settlement at
the Securityholders option]
Settlement Date:
means in respect of a Security and its Exercise Date,
the [third] [] Business Day fol owing the relevant
[Valuation Date or, if there is more than one
Valuation Date, the last occurring relevant Valuation
Date] [Exercise Date];

[Valuation Date(s):]
[]
[Automatic Exercise:]
[Not] [Applicable]
[Reference Currency]:
[]
Settlement Currency:
[Currency]
[Maximum Amount:]
[]
[Minimum Amount:]
[]
[Cash Settlement Amount]
[] per Security
[Physical Settlement
Amount]:
[Early Redemption Cash
[]

9

Amount:]
[Early Cash Settlement
[]
Amount:]
[Stop Loss Reference
[]
Level:]
[Stop Loss Reference
[]
Valuation Period:]
[Strike Adjustment Date:]
[]
[Funding Costs:]
[]
[Basket Constituent Level:] []
[Basket Constituent
[]
Weight:]
[Minimum [Return]
[Currency] [Amount] [Quantity]
[Delivery] Amount:]
[Integral Exercise Amount:] [Quantity] Securities
[Minimum Exercise
[Quantity] Securities
Amount:]
[Maximum Exercise
[Quantity] Securities
Amount:]
[Multiplier:]
[]
[Multiplier Adjustment
[]
Date:]
Minimum Trade Size:
[]
[Listing and Trading:]
[Application has been made to list the Securities on
the Official List of the Luxembourg Stock Exchange
and to trade them on the [Regulated market] [Euro
MTF] of the Luxembourg Stock Exchange, which is
[not] a regulated market for the purposes of Directive
2004/39/EC].
[Application has been made to list the Securities on
the [regulated] [] [market] [Freiverkehr] of the
[Frankfurt] [Stuttgart] [] Stock Exchange[, which is a
regulated market for the purposes of Directive
2004/39/EC] [insert all relevant regulated markets].
[The Securities have been admitted to the [regulated]
[] market of the [] Stock Exchange [insert all
relevant regulated markets], which are regulated
markets for the purposes of Directive 2004/39/EC.
[The Securities wil not be admitted to the regulated
market of any exchange.]

10