Obligation Deutsche Bank 6.55% ( US25153X2080 ) en USD

Deutsche Bank

100 % ⇌

Allemagne

US25153X2080 ( en USD )

6.55% par an ( paiement trimestriel )

Perpétuelle

Prospectus brochure de l'obligation Deutsche Bank US25153X2080 en USD 6.55%, échéance Perpétuelle

25153X208

23/05/2025 ( Dans 70 jours )

Deutsche Bank est une banque universelle allemande, offrant une large gamme de services financiers aux particuliers, entreprises et institutions, opérant à l'échelle mondiale.

L'Obligation émise par Deutsche Bank ( Allemagne ) , en USD, avec le code ISIN US25153X2080, paye un coupon de 6.55% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

424B2
424B2 1 f01667e424b2.htm 424B2
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (1 of 158)5/29/2007 6:24:46 AM

424B2
Table of Contents
PROSPECTUS SUPPLEMENT
Filed pursuant to Rule 424(b)(2)
(To Prospectus dated October 10, 2006)
Registration Statement No. 333-137902

Deutsche Bank Contingent Capital Trust II
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)

32,000,000 6.55% Trust Preferred Securities
(Liquidation Preference Amount $25 per Trust Preferred Security)

guaranteed on a subordinated basis by Deutsche Bank Aktiengesellschaft
Deutsche Bank Contingent Capital Trust II, a Delaware statutory trust, which we refer to as the Trust, will offer for sale
32,000,000 6.55% trust preferred securities (each with a $25 liquidation preference amount), which we refer to as
Trust Preferred Securities, and will sell one common security to Deutsche Bank Aktiengesellschaft, which we refer to as the
Bank. The Trust will use the proceeds from the sale of the Trust Preferred Securities and the common security to buy a class
of preferred securities, which we refer to as Class B Preferred Securities, issued by Deutsche Bank Contingent Capital LLC II,
a Delaware limited liability company, which we refer to as the Company. The Class B Preferred Securities will be the only
assets of the Trust. The Class B Preferred Securities are not offered hereby.
Distributions, which we also refer to as Capital Payments, on the Trust Preferred Securities and on the Class B Preferred
Securities will accrue on the respective liquidation preference amounts of $25 per Trust Preferred Security and $25 per
Class B Preferred Security, from May 23, 2007, which we refer to as the Issue Date, at a fixed coupon rate of 6.55% per
annum and will be payable quarterly in arrears, on February 23, May 23, August 23 and November 23, which we refer to as
Payment Dates, of each year, commencing on August 23, 2007. Capital Payments on the Trust Preferred Securities are
expected to be paid out of the Capital Payments received by the Trust from the Company with respect to the Class B
Preferred Securities. Capital Payments on the Class B Preferred Securities will be made only when, as and if declared or
deemed declared by the Company's Board of Directors and will only be authorized to be made on any Payment Date if the
Company has sufficient operating profits and the Bank has sufficient distributable profits. Capital Payments will be cumulative,
unless and until the Bank elects, prior to May 23, 2012, to exercise its one-time right to require the Trust and the Company to
change specified terms of the Trust Preferred Securities and the Class B Preferred Securities so that it can treat the Class B
Preferred Securities as consolidated Tier 1 regulatory capital. After that election, if any, Capital Payments will be non-
cumulative.
The Trust Preferred Securities offered hereby do not have a maturity date. We may redeem the Trust Preferred Securities in
whole but not in part, in connection with the redemption of the Class B Preferred Securities, on any Payment Date on or after
May 23, 2017 at the applicable redemption price.
Deutsche Bank Aktiengesellschaft fully and unconditionally guarantees, on a subordinated basis, payments in respect of the
Trust Preferred Securities.
Investing in the Trust Preferred Securities involves risks. See "Risk Factors" beginning on page S-15 for a discussion
of certain factors that should be considered by prospective investors.
Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of
these securities or determined whether this prospectus supplement or the accompanying prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.

http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (2 of 158)5/29/2007 6:24:46 AM

424B2

Underwriting Discounts
Proceeds, before

Price to
Expenses, to the Trust

Public

and Commissions
(1)

Per Trust Preferred Security
$
25.00 $
0.25(1 ) $
25.00
Total
$ 800,000,000 $
8,000,000(1 ) $
800,000,000

(1) The Bank will pay the underwriters compensation of $.25 per Trust Preferred Security. Total underwriting discounts and
commissions payable by the Bank will be $8,000,000. The Bank will be responsible for payment of all costs and expenses
of the Trust and the Company in connection with this offering. See "Underwriting."
The Trust Preferred Securities are not deposits or savings accounts or other obligations of a bank. The
Trust Preferred Securities are not insured by the Federal Deposit Insurance Corporation or any other U.S. or foreign
governmental agency or instrumentality.
We will apply to list the Trust Preferred Securities on the New York Stock Exchange, but no assurance can be given that the
application for listing will be approved.
The underwriters will deliver the Trust Preferred Securities in book-entry form only through the facilities of The Depository
Trust Company ("DTC") on or about May 23, 2007. Beneficial interests in the Trust Preferred Securities will be shown on, and
transfers thereof will be effected only through, records maintained by DTC and its participants, including Clearstream Banking,
société anonyme, and Euroclear Bank SA/NV.

Deutsche Bank Securities
The date of this Prospectus Supplement is May 16, 2007.
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (3 of 158)5/29/2007 6:24:46 AM

424B2

TABLE OF CONTENTS

Prospectus Supplement

ABOUT THIS PROSPECTUS SUPPLEMENT
S-1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
S-2
PROSPECTUS SUPPLEMENT SUMMARY
S-3
S-
RISK FACTORS

15
S-
USE OF PROCEEDS

20
S-
DEUTSCHE BANK CONTINGENT CAPITAL TRUST II

21
S-
DEUTSCHE BANK CONTINGENT CAPITAL LLC II

23
S-
DISTRIBUTABLE PROFITS OF THE BANK

25
S-
DESCRIPTION OF THE TRUST SECURITIES

26
S-
DESCRIPTION OF THE COMPANY SECURITIES

40
S-
DESCRIPTION OF THE SUBORDINATED GUARANTEES

53
S-
DESCRIPTION OF THE SERVICES AGREEMENT

59
S-
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION

60
S-
CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS

63
S-
CERTAIN ERISA CONSIDERATIONS

68
S-
UNDERWRITING

71
S-
WHERE YOU CAN FIND ADDITIONAL INFORMATION

75
S-
LEGAL MATTERS

76
S-
GLOSSARY

77
S-
EXPERTS

83
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (4 of 158)5/29/2007 6:24:46 AM

424B2
Table of Contents

ABOUT THIS PROSPECTUS SUPPLEMENT
References in this prospectus supplement to "Trust" refer to Deutsche Bank Contingent
Capital Trust II. References in this prospectus supplement to "Company" or "Delaware
Company" refer to Deutsche Bank Contingent Capital LLC II. References in this prospectus
supplement to the "Bank," "we," "our," "us" or "Deutsche Bank AG" refer to Deutsche
Bank Aktiengesellschaft (including, as the context may require, acting through one of its
branches) and, unless the context requires otherwise, will include the Trust, the Company and
our other consolidated subsidiaries.
References to "you" mean those who invest in the Trust Preferred Securities, whether they
are the direct holders or owners of beneficial interests in those securities. References to
"holders" mean those who own securities registered in their own names on the books that
we or the trustee maintain for this purpose, and not those who own beneficial interests in
securities issued in book-entry form through The Depository Trust Company or another
depositary or in securities registered in street name. Owners of beneficial interests in the
Trust Preferred Securities should read the section entitled "Description of Trust Securities --
Form, Book-Entry Procedures and Transfer."
You should rely only on the information contained in this prospectus supplement and
the accompanying prospectus or to which we refer you. We have not authorized
anyone to provide you with information that is different. This prospectus supplement
and the accompanying prospectus may only be used where it is legal to sell these
securities. You should assume that the information in this prospectus supplement and
the accompanying prospectus is accurate as of the date of this prospectus supplement
only.
The Trust is offering the Trust Preferred Securities for sale in those jurisdictions in the United
States and elsewhere where it is lawful to make such offers. The distribution of this
prospectus supplement and the accompanying prospectus and the offering of the
Trust Preferred Securities in some jurisdictions may be restricted by law. If you possess this
prospectus supplement and the accompanying prospectus, you should find out about and
observe these restrictions. This prospectus supplement and the accompanying prospectus
are not an offer to sell the Trust Preferred Securities and we are not soliciting an offer to buy
the Trust Preferred Securities in any jurisdiction where the offer or sale is not permitted or
where the person making the offer or sale is not qualified to do so or from any person to
whom it is not permitted to make such offer or sale. We refer you to the information under
"Underwriting" in this prospectus supplement. The delivery of this prospectus supplement, at
any time, does not create any implication that there has been no change in our affairs since
the date of this prospectus supplement or that the information contained in this prospectus
supplement is correct as of any time subsequent to that date.
Certain capitalized terms used in this prospectus supplement are defined under "Glossary"
starting on page S-77.
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (5 of 158)5/29/2007 6:24:46 AM

424B2
References to "EUR" and "" are to the euro, the currency introduced at the start of the third
stage of the European Economic and Monetary Union pursuant to the treaty establishing the
European Community, as amended by the treaty on European Union. References to "$" are to
United States currency, and the terms "United States" and "U.S." mean the United States of
America, its states, its territories, its possessions and all areas subject to its jurisdiction.
Deutsche Bank AG's financial statements as of and for the years ended December 31, 2006,
which are incorporated by reference into this prospectus supplement and the accompanying
prospectus, were prepared in accordance with accounting principles generally accepted in the
United States of America, which we refer to as U.S. GAAP. Beginning on January 1, 2007,
Deutsche Bank AG's financial statements are prepared in accordance with International
Financial Reporting Standards, which we refer to as IFRS. These financial statements are
also incorporated by reference into this prospectus supplement and the accompanying
prospectus. Deutsche Bank AG's financial statements are stated in Euro.
S-1
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (6 of 158)5/29/2007 6:24:46 AM

424B2
Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus supplement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), with respect to
Deutsche Bank AG's financial condition and results of operations. Forward-looking statements
are statements that are not historical facts; they include statements about our beliefs and
expectations. We use words such as "believe," "anticipate," "expect," "intend," "seek,"
"estimate," "project," "should," "potential," "reasonably possible," "plan" and similar
expressions to identify forward-looking statements.
In this document, forward-looking statements include, among others, statements relating to:
· our implementation of our strategic initiatives and management agenda;

· the development of aspects of our results of operations;

· our expectations of the impact of risks that affect our business, including the risks of loss
on our credit exposures and risks relating to changes in interest and currency exchange
rates and in asset prices; and

· other statements relating to our future business development and economic performance.
In addition, we may from time to time make forward-looking statements in our periodic reports
to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, annual and
interim reports, invitations to annual shareholders' meetings and other information sent to
shareholders, offering circulars and prospectuses, press releases and other written materials.
Our Management Board, Supervisory Board, officers and employees may also make oral
forward-looking statements to third parties, including financial analysts.
By their very nature, forward-looking statements involve risks and uncertainties, both general
and specific. We base these statements on our current plans, estimates, projections and
expectations. You should therefore not place undue reliance on them. Our forward-looking
statements speak only as of the date we make them, and we undertake no obligation to
update any of them in light of new information or future events.
We caution you that a number of important factors could cause our actual results to differ
materially from those described in any forward-looking statements. These factors include,
among others, the following:
· changes in general economic and business conditions;

· changes and volatility in currency exchange rates, interest rates and asset prices;

· changes in governmental policy and regulation, and political and social conditions;

http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (7 of 158)5/29/2007 6:24:46 AM

424B2
· changes in our competitive environment;

· the success of our acquisitions, divestitures, mergers and strategic alliances;

· our success in achieving the objectives of our current management agenda and realizing
the anticipated benefits therefrom; and

· other factors, including those we refer to in "Item 3: Key Information -- Risk Factors" of our
most recent Annual Report on Form 20-F and elsewhere in that Annual Report on Form 20-
F, this prospectus supplement or the accompanying prospectus, and others to which we do
not refer.
S-2
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (8 of 158)5/29/2007 6:24:46 AM

424B2
Table of Contents

PROSPECTUS SUPPLEMENT SUMMARY
The following summary of certain general features of the Offering does not purport to be
complete and is taken from and qualified in its entirety by the detailed information appearing
elsewhere, or incorporated by reference in this prospectus supplement and the accompanying
prospectus.

The Trust
The Trust is a statutory trust formed under the Delaware Statutory Trust Act, as amended
(which we refer to as the Delaware Statutory Trust Act), and will be governed by:
· an amended and restated trust agreement dated on or before the Issue Date (which we
refer to as the Trust Agreement) executed by the Company, as sponsor, the trustees of the
Trust and the Bank; and

· a certificate of trust filed with the Secretary of State of the State of Delaware on May 16,
2007.
The Trust exists exclusively to:
· issue, offer and sell the Trust Preferred Securities to the public; and

· issue and sell one common security (which we refer to as the Trust Common Security) with
a liquidation amount of $25 to Deutsche Bank Aktiengesellschaft for a purchase price of
$25.
The trustees of the Trust will consist of The Bank of New York, a New York banking
corporation (which we refer to as the Property Trustee), three individuals who are our officers
or employees or are officers or employees of our subsidiaries (who we refer to as the Regular
Trustees) and Deutsche Bank Trust Company Delaware (which we refer to as the Delaware
Trustee).
The principal executive office of the Trust is located at 60 Wall Street, New York, New York
10005, telephone number 212-250-2077.

The Company
The Company is a limited liability company formed under the Delaware Limited Liability
Company Act, as amended (which we refer to as the LLC Act), and will be governed by:
· an amended and restated limited liability company agreement of the Company dated on or
before the Issue Date (which we refer to as the LLC Agreement); and

http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (9 of 158)5/29/2007 6:24:46 AM

424B2
· a certificate of formation of the Company filed with the Secretary of State of the State of
Delaware on May 10, 2007.
The Company exists exclusively to:
· issue and sell the Class B Preferred Securities to the Trust;

· issue and sell one security of a separate class of preferred securities (which we refer to as
the Class A Preferred Security) to Deutsche Bank Aktiengesellschaft; and

· issue one common security (which we refer to as the Company Common Security)
representing a limited liability company interest in the Company to Deutsche Bank
Aktiengesellschaft.
None of the securities issued by the Company are offered hereby.
The principal executive office of the Company is located at 60 Wall Street, New York, New
York 10005, telephone number 212-250-2077.

The Bank
Deutsche Bank Aktiengesellschaft is a stock corporation organized under the laws of
Germany registered in the commercial register of the District Court in Frankfurt am Main under
registration number HRB 30 000.
S-3
http://www.sec.gov/Archives/edgar/data/1159508/000132693207000257/f01667e424b2.htm (10 of 158)5/29/2007 6:24:46 AM

Document Outline

sec.gov
- #1">424B2