Obligation DEUTSCHE BANK AG 0% ( DE000DB10VW6 ) en SEK

DEUTSCHE BANK AG

100 % ▼

Allemagne

DE000DB10VW6 ( en SEK )

21/12/2011 - Obligation échue

Prospectus brochure de l'obligation DEUTSCHE BANK AG DE000DB10VW6 en SEK 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 SEK, avec le code ISIN DE000DB10VW6, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 21/12/2011

[BASE] PROSPECTUS

for
Warrants
Notes
Certificates
Deutsche Bank AG [London]
[Up to] [Quantity] [X-PERT] [WAVE[s]] [Return] [XXL] [Discount-]
[[Double][·]Chance-] [BestChance-] [Winner-] [Parachute-] [Renewable
Opportunity] [Express] [Bonus-[·]] [Outperformance] [Callable] [Perpetual]
[Certificates] [Knock-Out-Warrants] [Warrants] [Reverse Convertible] [Conditional
Coupon] [Swing] [Notes] [each WKN/ISIN]
relating to [insert details of the Underlying]
TM
Issued under its
Programme
[Issue Price: [Amount] [·] per [X-PERT] [WAVE] [Return] [XXL] [Discount]
[[Double][·]Chance] [BestChance] [Winner] [Parachute] [Renewable Opportunity]
[Express] [Bonus-[·]] [Outperformance] [Callable] [Perpetual] [Certificate] [Knock-
Out-Warrant] [Warrant] [Reverse Convertible] [Conditional Coupon] [Swing] [Note]
[WKN/ISIN]
The issuer (the "Issuer") of the securities described in this Prospectus is Deutsche Bank AG, Frankfurt am Main,
incorporated under the laws of Germany[, acting through its London branch ("Deutsche Bank AG London")].
[Deutsche Bank AG London is registered as a foreign company in England and Wales.]
Under its X-markets Programme (the "Programme"), 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 other assets. The Issuer has determined to issue [up to] [quantity] per [X-PERT] [WAVE]
[Return] [XXL] [Discount] [[Double][·]Chance] [BestChance] [Winner] [Parachute] [Renewable Opportunity]
[Express] [Bonus-[·]] [Outperformance] [callable] [perpetual] [certificates] [knock-out-warrants] [warrants]
[reverse convertible] [conditional coupon] [Swing] [notes] (the "Securities") relating to the [Shares] [Index]
[Basket] [certificate] [American Depositary Receipt (ADR)] [Other Securities] [Fund Shares] [Commodities]
[Foreign Exchange Rates] [Futures] specified above and upon the final terms and conditions set out in the
"Product Conditions" section of this document and the general terms and conditions set out in this document
(the "General Conditions", which together with the Product Conditions shall be referred to as the
"Conditions"). This Programme shall be used for Securities for which the Issuer has elected Luxembourg as its
home Member State as defined in Directive 2003/71/EC Chapter 1, Article 2(1)(m). As such, notes (including
reverse convertible notes) issued under this Programme shall have a minimum denomination of EUR 1,000 or
near equivalent in foreign currency at the time of their issue. References to the term "Underlying" shall be
construed as references to the [Shares] [Index] [Basket] [certificate] [American Depositary Receipt (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 [regulated] [·] market of the [Luxembourg] [·] Stock
Exchange, which is a regulated market for the purposes of Directive 2003/71/EC. [Please insert relevant
exchanges] [The Securities have been admitted to the [regulated markets of ][·] exchanges of [insert relevant
exchanges , 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 Securities have not been and will not be and are not required to be registered under the United States
Securities Act of 1933, as amended. The Securities may not be offered or sold except to persons located
outside the United States. For a description of certain restrictions on the sale and transfer of the Securities,
please refer to the General Conditions section of this document.
i

The Base Prospectus is dated 17 August 2005 and provides information with respect to various types of
financial instruments which are capable of issue under the Programme. [This Prospectus constitutes, in
relation to the Securities only, a completed version of the Base Prospectus and is dated [·] [·], [·].]
For listing purposes, the Luxembourg stock exchange has allocated the No. 12882 to this Base
Prospectus allowing the Issuer to issue the Securities.

Deutsche
Bank

IMPORTANT
Deutsche Bank AG, [Frankfurt am Main] [London] accepts responsibility for the
information contained in this document. To the best of the knowledge and belief 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.
No dealer, salesman or other person is authorised to give any information or to make
any representation other than those contained in this document in connection with the
offering or sale of the Securities and, if given or made, such information or
representation must not be relied upon as having been authorised by the Issuer or any
Agent. None of this document and any further information supplied in connection with
the Securities is intended to provide the basis of any credit or other evaluation and
should not be considered as a recommendation by the Issuer that any recipient of this
document or any further information supplied in connection with the Securities should
purchase any of the Securities. Each investor contemplating purchasing Securities
should make its own independent investigation of the risks involved in an investment
in the Securities. Neither this document nor any other information supplied in
connection with the Securities constitutes an offer by or on behalf of the Issuer or any
other person to subscribe for or purchase any Securities, i.e. no subscription
agreement or purchase agreement may be effectively concluded in connection with
Securities by way of unilateral statement by or on behalf of the subscribing or
purchasing party.
The distribution of this document and the offering of the Securities in certain
jurisdictions may be restricted by law. The Issuer does not represent that this
document may be lawfully distributed, or that the Securities may be lawfully offered, in
compliance with any applicable registration or other requirements in any jurisdiction,
or pursuant to an exemption available thereunder, or assumes any responsibility for
facilitating any distribution or offering. Accordingly, the Securities may not be offered
or sold, directly or indirectly, and none of this document, any advertisement relating to
the Securities and any other offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any
applicable laws and regulations. Persons into whose possession this document
comes must inform themselves about, and observe, any such restrictions. Please refer
to General Selling and Transfer Restrictions contained in the section entitled General
Conditions contained in this document, and the additional information contained in the
section "Country Specific Information" attached hereto.
This document contains forward-looking statements. Forward-looking statements are
statements that are not historical facts, including statements about our beliefs and
expectations. Any statement in this document that states our intentions, beliefs,
expectations or predictions (and the assumptions underlying them) is a forward-
looking statement. These statements are based on plans, estimates, and projections
as they are currently available to the management of Deutsche Bank. Forward-looking
statements therefore speak only as of the date they are made, and we undertake no
obligation to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. A number of
important factors could therefore cause actual results of the Issuer or of the Securities
to differ materially from those contained in any forward-looking statement.
iii

DOCUMENTS INCORPORATED BY REFERENCE

The following documents shall be incorporated in, and form part of, this Prospectus:

Document Approved
by:
1.
Registration Document of Deutsche Bank AG
Bundesanstalt für
Containing all information concerning the Issuer as required
Finanzdienstleistungs
by Regulation 2003/71/EC:
aufsicht (BaFin)
·
Details of Responsible Persons

·
Statutory auditors of Deutsche Bank AG
Approved by BaFin on
·
Risk Factors relating to the Issuer
5 July 2005
·
History and Development of the Issuer
·
Business Overview (including principal business activi-
ties and markets)
·
Trend information / Recent developments and outlook
·
Statement of no material adverse change
·
Financial information concerning Deutsche Bank's As-
sets and Liabilities, Financial Position and Profits and
Losses
-
Financial Statements of the Deutsche Bank
group, 31 December 2004
-
Financial Statements of the Deutsche Bank
group, 31 December 2003
·
Organisational structure
·
Administrative, management and supervisory bodies
·
Details of major shareholders
·
Legal and arbitration proceedings
·
Material contracts
·
Documents on display (including memorandum and ar-
ticles of association)
2.
Supplemental Registration Document of Deutsche Bank AG
Approved by BaFin on
Containing certain information concerning the Issuer as re-
1 August 2005
quired by Regulation 2003/71/EC:
-
Interim Financial Statements of the Deutsche
Bank group as of 30 June 2005

[Insert any other document incorporated by reference in rela-

tion to individual securities issued under the Base Prospectus
[]], excluding documents that should be in the Registration
Document

iv

FORM OF DOCUMENT
PUBLICATION
This Prospectus constitutes a [completed version of a] base prospectus (the "Base
Prospectus") according to Art. 5 (IV) of the Prospectus Directive (Directive
2003/71/EC), as implemented by the relevant provisions of the EU member states, in
connection with Regulation 809/2004 of the European Commission. As such, the Base
Prospectus does not contain information which was not yet known at the time the
Base Prospectus has been approved and which can only be determined at the time of
the individual issue of securities under the Base Prospectus ("Final Terms").
For each issue of securities under the Base Prospectus, the Final Terms are pre-
sented as part of a separate document (the "Final Terms") which repeats the informa-
tion items contained in this Prospectus, filled out and amended by the relevant Final
Terms. Such amendments are made in places where the Base Prospectus contains
blanks for Final Terms or otherwise.
The Final Terms also contain a completed version of the Summary contained in the
Base Prospectus, presenting only the information relevant for the respective Securi-
ties.
This Prospectus is available, and has been published, in English. In addition, the Base
Prospectus and the Final Terms, or the Summary and possibly other parts of both
documents, may also have been published in other languages. Investors who wish to
receive information in languages other than English should not only study the docu-
ment containing a translation of the Summary of the Base Prospectus (and, where
applicable, other parts of the Base Prospectus), but also refer to the translation of the
Summary in the relevant Final Terms (and where applicable, other parts of the Final
Terms).
The Base Prospectus, together with any translations thereof, or of the Summary
thereto, has been published on the website of the Luxembourg Stock Exchange
(www.bourse.lu), as well as on the Issuer's website (www.x-markets.db.com.) In addi-
tion, the Base Prospectus and any documents incorporated by reference shall be
available at the registered office of the Issuer and in Luxembourg at the Issuer's insert
as applicable:[branch office, Deutsche Bank Luxembourg Branch, 2, Boulevard Kon-
rad Adenauer, L1115 Luxembourg] [agent in Luxembourg, Banque de Luxembourg,
at 55, rue des Scillas, L2529, Luxembourg].

All Final Terms, together with any translations thereof, or of the Summary as amended
by the relevant Final Terms, are published [on the website of the Luxembourg Stock
Exchange (www.bourse.lu), as well as] on the Issuer's website (www.x-
markets.db.com.). These documents are also available at the registered office of the
Issuer, and at an agent of the Issuer in Luxembourg.

The annual reports and accompanying auditors' reports for 2003 and 2004 shall also
be produced on the Issuer's web-site (www.db.com). The annual reports and
accompanying auditors' reports for 2003 and 2004 are also included in the
Registration Document of Deutsche Bank AG which is (i) incorporated by reference
into this Prospectus and (ii) published on the web-site of the Luxembourg Stock
Exchange (www.bourse.lu).

v

The Issuer does not intend to provide any post-issuance information in relation to any
assets underlying issues of securities under this programme.

vi

TABLE OF CONTENTS

SUMMARY ........................................................................................................................... 1
SUMMARY OF RISK FACTORS ............................................................................................................... 2
SUMMARY OF ECONOMIC DESCRIPTIONS .......................................................................................... 4
Single Underlying linked Certificates (Type 1) ............................................................................................. 5
Basket linked Certificates (Type 1) ............................................................................................................... 6
Single Underlying linked Outperformance Certificates.................................................................................. 7
Single Underlying linked Warrants ............................................................................................................... 8
Basket linked Warrants................................................................................................................................. 9
Single Underlying linked Knock-out Warrants (WAVES) ........................................................................... 10
Single Underlying linked Double-Chance Certificates................................................................................. 11
Single Underlying linked Best Chance Certificates...................................................................................... 12
Single Underlying linked Parachute Certificates.......................................................................................... 13
Single Underlying linked Renewable Opportunity / Express Certificates ..................................................... 14
Single Underlying linked Discount Certificates........................................................................................... 15
Single Underlying linked Notes .................................................................................................................. 16
Basket linked Notes.................................................................................................................................... 17
Single Underlying linked Reverse Convertible Notes .................................................................................. 18
Single Underlying linked Callable Notes..................................................................................................... 19
Basket linked Conditional Coupon Notes .................................................................................................... 20
Basket linked Swing Notes ......................................................................................................................... 21
Single Underlying linked Bonus Certificates............................................................................................... 22
Basket linked Bonus Certificates................................................................................................................. 23
SUMMARY OF FINAL TERMS OF THE OFFER .................................................................................... 24
SUMMARY OF ISSUER DESCRIPTION ................................................................................................. 27
RISK FACTORS................................................................................................................. 29
PRODUCT SPECIFIC RISK FACTORS.................................................................................................... 30
Single Underlying linked Certificates (Type 1) ........................................................................................... 30
Basket linked Certificates (Type 1) ............................................................................................................. 33
Single Underlying linked Outperformance Certificates................................................................................ 36
Single Underlying linked Warrants ............................................................................................................. 39
Basket linked Warrants............................................................................................................................... 43
Single Underlying linked Knock-out Warrants (WAVES) ........................................................................... 47
Single Underlying linked Double Chance Certificates ................................................................................. 50
Single Underlying linked Best Chance Certificates...................................................................................... 53
Single Underlying linked Parachute Certificates.......................................................................................... 55
Single Underlying linked [Renewable Opportunity][Express] Certificates ................................................... 58
Single Underlying linked Discount Certificates........................................................................................... 61
Single Underlying linked Notes .................................................................................................................. 64
Basket linked Notes.................................................................................................................................... 66
Single Underlying linked Reverse Convertible Notes .................................................................................. 68
Single Underlying linked Callable Notes..................................................................................................... 71
Basket linked Conditional Coupon Notes .................................................................................................... 73
Basket linked Swing notes .......................................................................................................................... 76
Single Underlying linked Bonus Chance Certificates................................................................................... 78
B. GENERAL RISK FACTORS RELATING TO THE SECURITIES ........................................................ 80
C. MARKET FACTORS............................................................................................................................ 92
CONFLICTS OF INTEREST ..................................................................................................................... 96
ECONOMIC DESCRIPTION............................................................................................... 98
Single Underlying linked Certificates (Type 1) ........................................................................................... 99
Basket linked Certificates (Type 1) ........................................................................................................... 104
Single Underlying linked Outperformance Certificate ............................................................................... 109
Single Underlying linked Warrants ........................................................................................................... 113
Basket linked Warrants............................................................................................................................. 119
Single Underlying linked Knock-out Warrants (WAVES) ......................................................................... 125
Single Underlying linked Double Chance Certificate Type 1 .................................................................. 130
Single Underlying linked Best Chance Certificate ..................................................................................... 134
vii

Single Underlying linked Parachute Certificates........................................................................................ 137
Single Underlying linked Renewable Opportunity / Express Certificates ................................................... 141
Single Underlying linked Discount Certificate .......................................................................................... 145
Single Underlying linked Notes ................................................................................................................ 149
Basket linked Notes.................................................................................................................................. 153
Single Underlying linked Reverse Convertible Notes ................................................................................ 157
Single Underlying linked Callable Notes................................................................................................... 162
Basket Linked Conditional Coupon Notes................................................................................................. 166
Basket linked Swing Notes ....................................................................................................................... 169
Single Underlying linked Bonus Certificates............................................................................................. 172
TERMS OF THE OFFER .................................................................................................. 176
GENERAL INFORMATION .............................................................................................. 177
General Taxation Information................................................................................................................... 178
General Selling and Transfer Restrictions ................................................................................................. 181
Publication of Prospectus.......................................................................................................................... 183
PRODUCT CONDITION 1 ................................................................................................ 184
SINGLE UNDERLYING LINKED [X-PERT] [Perpetual-] CERTIFICATES (Type 1) ............................. 185
BASKET LINKED CERTIFICATES (Type 1) ......................................................................................... 200
SINGLE UNDERLYING LINKED OUTPERFORMANCE CERTIFICATES .......................................... 221
SINGLE UNDERLYING LINKED CERTIFICATES (Type 3)................................................................. 232
SINGLE UNDERLYING LINKED CERTIFICATES (Type 4)................................................................. 239
SINGLE UNDERLYING LINKED WARRANTS.................................................................................... 253
BASKET LINKED WARRANTS ............................................................................................................ 265
MULTI SERIES SINGLE UNDERLYING LINKED WARRANTS ......................................................... 281
SINGLE UNDERLYING LINKED KNOCK-OUT WARRANTS (WAVES) ........................................... 291
MULTI SERIES SINGLE UNDERLYING LINKED KNOCK-OUT WARRANTS.................................. 306
SINGLE UNDERLYING LINKED [DOUBLE] [ ]CHANCE CERTIFICATES (Type1) ......................... 320
SINGLE UNDERLYING LINKED DOUBLECHANCE CERTIFICATES (Type 2)................................. 331
SINGLE UNDERLYING LINKED BEST CHANCE CERTIFICATES.................................................... 341
SINGLE UNDERLYING LINKED PARACHUTE CERTIFICATES ....................................................... 350
SINGLE UNDERLYING LINKED [RENEWABLE OPPORTUNITY][EXPRESS] CERTIFICATE ........ 361
SINGLE UNDERLYING LINKED DISCOUNT CERTIFICATES........................................................... 371
MULTI SERIES SINGLE UNDERLYING LINKED DISCOUNT CERTIFICATES ................................ 382
SINGLE UNDERLYING LINKED NOTES............................................................................................. 393
BASKET LINKED NOTES ..................................................................................................................... 405
SINGLE UNDERLYING LINKED REVERSE CONVERTIBLE NOTE.................................................. 423
SINGLE UNDERLYING LINKED CALLABLE NOTES ........................................................................ 434
BASKET LINKED CONDITIONAL COUPON NOTES.......................................................................... 447
BASKET LINKED SWING NOTES........................................................................................................ 456
SINGLE UNDERLYING LINKED [BONUS][·] CERTIFICATES .......................................................... 463
MULTI SERIES SINGLE UNDERLYING LINKED [BONUS][·] CERTIFICATES................................ 471
BASKET LINKED [BONUS][·] CERTIFICATES................................................................................... 479
PRODUCT CONDITION 2 ................................................................................................ 489
FORM...................................................................................................................................................... 489
PRODUCT CONDITION 3 ................................................................................................ 490
Clause 3 Warrants & Certificates (in part. Renewable Opportunity- and Express Certificates) Cash&Phys,
European Type, Automatic Exercise ......................................................................................................... 490
Clause 3 Warrants & Certificates Cash&Phys, Non-European Type, Automatic Exercise .......................... 494
Clause 3 Warrants & Certificates Cash&Phys, European Type, Non-Automatic Exercise .......................... 499
Clause 3 Warrants & Certificates Cash&Phys, Non-European Type, Non-Automatic Exercise................... 504
Clause 3 Warrants & Certificates (Parachute) Cash only, European Type, Automatic Exercise- Redemption at
the option of the Issuer ............................................................................................................................. 509
Clause 3 Warrants & Certificates (in part. WAVEs, WAVE Return Warrants, Renewable Opportunity- and
Express Certificates) Cash only, European Type, Automatic Exercise ....................................................... 511
Clause 3 Warrants & Certificates Cash only, Non-European Type, Automatic Exercise ............................. 513
Clause 3 Warrants & Certificates Cash only, European Type, Non-Automatic Exercise ............................. 517
Clause 3 Warrants & Certificates Cash only, Non-European Type, Non-Automatic Exercise ..................... 520
viii

Clause 3 Warrants & Certificates Cash&Phys, European Type, Automatic Exercise, Issuer Redemption Right
................................................................................................................................................................ 524
Clause 3 Warrants & Certificates Cash&Phys, Non-European Type, Automatic Exercise, Issuer Redemption
Right........................................................................................................................................................ 528
Clause 3 Warrants & Certificates Cash&Phys, European Type, Non-Automatic Exercise, Issuer Redemption
Right........................................................................................................................................................ 534
Clause 3 Warrants & Certificates Cash&Phys, Non-European Type, Non-Automatic Exercise, Issuer
Redemption Right .................................................................................................................................... 540
Clause 3 Warrants & Certificates Cash only, European Type, Automatic Exercise; Issuer Redemption Right
................................................................................................................................................................ 547
Clause 3 Warrants & Certificates (perpetuals, in part. X-Perts, WAVEs XXL, WAVE Return) Cash only,
Non-European Type, Automatic Exercise, Issuer Redemption Right.......................................................... 549
Clause 3 Warrants & Certificates Cash only, European Type, Non-Automatic Exercise, Issuer Redemption
Right........................................................................................................................................................ 553
Clause 3 Warrants & Certificates Cash only, Non-European Type, Non-Automatic Exercise, Issuer
Redemption Right .................................................................................................................................... 557
Clause 3 Notes Cash Only ........................................................................................................................ 562
Clause 3 Notes Cash & Physical ............................................................................................................... 564
Clause 3 Notes Cash Only Redemption Choice Issuer ............................................................................... 568
Clause 3 Notes Cash Only Coupon ........................................................................................................... 571
PRODUCT CONDITION 4 ................................................................................................ 573
Clause 4 Adjustment Provisions: Indices................................................................................................... 573
Clause 4 Adjustment Provisions : Indices, with Replacement Provision ..................................................... 580
Clause 4 Adjustment Provisions : Shares................................................................................................... 586
Clause 4 Adjustment Provisions : Shares, with Replacement Provision...................................................... 593
Clause 4 Adjustment Provisions : Other Securities .................................................................................... 601
Clause 4 Adjustment Provisions : Fund Shares.......................................................................................... 607
Clause 4 Adjustment Provisions : Commodities ........................................................................................ 620
Clause 4 Adjustment Provisions : Commodities which are not precious metals, Gold, Silver, Platinum or
Palladium................................................................................................................................................. 625
Clause 4 Adjustment Provisions : Foreign Exchange Rates........................................................................ 627
Clause 4 Adjustment Provisions : Futures ................................................................................................. 632
Clause 4 Adjustment Provisions: Swing Notes on Shares, with Replacement Provision ............................. 637
Clause 4 Adjustment Provisions: Splitting................................................................................................. 646
PRODUCT CONDITION 5: GOVERNING LAW AND PLACE OF JURISDICTION .......... 647
INFORMATION RELATING TO THE UNDERLYING ....................................................... 648
GENERAL CONDITIONS ................................................................................................. 655
COUNTRY SPECIFIC INFORMATION............................................................................. 660
PARTY LIST..................................................................................................................... 661

ix

SUMMARY
The information set out below is a summary only and should be read in conjunction with the
rest of the Prospectus. 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
Prospectus. Accordingly, this summary should be read as an introduction to the Prospectus,
and any decision to invest in the Securities should be based on consideration of the
Prospectus as a whole by the investor.

Prospective investors should be aware that where a claim relating to the information
contained in this Prospectus 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 Prospectus.

This Summary contains:
Summary of Risk Factors
Summary of Economic Description
Summary of Product Conditions and Terms of the Offer
Summary of Issuer
]
1