Obligation Deutsche Bank 6.625% ( US25153Y2063 ) en USD

Deutsche Bank

100 % ⇌

Allemagne

US25153Y2063 ( en USD )

6.625% par an ( paiement trimestriel )

Perpétuelle

Prospectus brochure de l'obligation Deutsche Bank US25153Y2063 en USD 6.625%, échéance Perpétuelle

25 USD

1 300 000 000 USD

25153Y206

20/05/2025 ( Dans 67 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 US25153Y2063, paye un coupon de 6.625% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

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Table of Contents
Based upon the registration of 46,000,000 6.625% Noncumulative Trust Preferred Securities with an
aggregate liquidation preference amount of U.S. $1,150,000,000 to be offered by means of this
prospectus supplement and the accompanying prospectus under the Registration Statement (File
No. 333-137902), a filing fee of $35,305 has been calculated in accordance with Rule 457(r), and has been
previously transmitted to the SEC. This paragraph shall be deemed to update the "Calculation of
Registration Fee" table in the Registration Statement referred to in the second sentence above.

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

Deutsche Bank Capital Funding Trust IX
(a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft)

40,000,000 6.625% Noncumulative Trust Preferred Securities
(Liquidation Preference Amount $25 per Trust Preferred Security)
guaranteed on a subordinated basis by Deutsche Bank
Aktiengesellschaft
Deutsche Bank Capital Funding Trust IX, a Delaware statutory trust, which we refer to as the Trust, wil
offer for sale 40,000,000 6.625% noncumulative trust preferred securities (each with a $25 liquidation
preference amount), which we refer to as Trust Preferred Securities, and will sell to Deutsche Bank
Aktiengesellschaft one common security. 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 Capital Funding LLC IX, 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 July 20, 2007, which we refer to
as the Issue Date, at a fixed coupon rate of 6.625% per annum and will be payable quarterly in arrears,
on February 20, May 20, August 20 and November 20, which we refer to as Payment Dates, of each
year, commencing on November 20, 2007. There will be a long initial payment period from and
including the Issue Date to but excluding the first payment date. 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. Capital Payments on the Class B Preferred Securities 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.
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 August 20, 2012 at the applicable redemption
price.
Deutsche Bank Aktiengesellschaft (the "Bank") 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-12 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.

Underwriting Discounts
Proceeds, before

Price to Public(1) and Commissions(2) Expenses, to the Trust(2)

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Per Trust Preferred Security
$ 25.00

$ .7875

$ 25.00

Total
$ 1,000,000,000 $ 31,500,000

$ 1,000,000,000

(1) Plus accrued Capital Payments, if any, from July 20, 2007.

(2) For sales to certain institutions, the Bank will pay the underwriters 2.00% of the liquidation
preference amount per Trust Preferred Security and, to the extent of such sales, the total
underwriting discount will be less than the amount set forth above. 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.
The Bank has granted the underwriters an option, exercisable within 15 days from the date of this
prospectus supplement, to purchase up to an aggregate of 6,000,000 additional Trust Preferred
Securities to cover over-allotments, if any, at the offering price plus accrued Capital Payments, if any,
from July 20, 2007 (with a corresponding aggregate amount of Class B Preferred Securities to be
issued by the Company and purchased by the Trust).
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 July 20, 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.

Joint Book-Running Managers

Deutsche Bank Securities
Citi
Morgan StanleyWachovia Securities

Banc of America
UBS
Securities LLC Merrill Lynch & Co.
Investment Bank
The date of this Prospectus Supplement is July 13, 2007
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TABLE OF CONTENTS

Page

Prospectus Supplement

ABOUT THIS PROSPECTUS SUPPLEMENT
S-1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
S-2
PROSPECTUS SUPPLEMENT SUMMARY
S-3
RISK FACTORS
S-12
USE OF PROCEEDS
S-17
DEUTSCHE BANK CAPITAL FUNDING TRUST IX
S-18
DEUTSCHE BANK CAPITAL FUNDING LLC IX
S-20
DISTRIBUTABLE PROFITS OF THE BANK
S-22
DESCRIPTION OF THE TRUST SECURITIES
S-23
DESCRIPTION OF THE COMPANY SECURITIES
S-34
DESCRIPTION OF THE SUBORDINATED GUARANTEES
S-42
DESCRIPTION OF THE SERVICES AGREEMENT
S-47
DESCRIPTION OF THE TERMS OF THE INITIAL OBLIGATION
S-48
CERTAIN U. S. FEDERAL INCOME TAX CONSIDERATIONS
S-51
CERTAIN ERISA CONSIDERATIONS
S-55
UNDERWRITING
S-58
WHERE YOU CAN FIND ADDITIONAL INFORMATION
S-63
LEGAL MATTERS
S-64
GLOSSARY
S-65
EXPERTS
S-70
Prospectus

ABOUT THIS PROSPECTUS

4
WHERE YOU CAN FIND ADDITIONAL INFORMATION

5
USE OF NON-GAAP FINANCIAL MEASURES

6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

7
DEUTSCHE BANK AKTIENGESELLSCHAFT

8
THE TRUSTS

9
THE COMPANIES

10
LIMITATIONS ON ENFORCEMENT OF U.S. LAWS

11
RATIO OF EARNINGS TO FIXED CHARGES

12
CAPITALIZATION & INDEBTEDNESS

13
USE OF PROCEEDS

14
DESCRIPTION OF DEBT SECURITIES

15
DESCRIPTION OF WARRANTS

21
DESCRIPTION OF PURCHASE CONTRACTS

23
DESCRIPTION OF UNITS

23
DESCRIPTION OF CAPITAL SECURITIES

25
FORMS OF SECURITIES

33
PLAN OF DISTRIBUTION

38
EXPENSES OF THE ISSUE

40
LEGAL MATTERS

41
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

41
ERISA MATTERS FOR PENSION PLANS AND INSURANCE COMPANIES

41
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ABOUT THIS PROSPECTUS SUPPLEMENT
References in this prospectus supplement to "Trust" refer to Deutsche Bank Capital
Funding Trust IX. References in this prospectus supplement to "Company" or
"Delaware Company" refer to Deutsche Bank Capital Funding LLC IX. References in
this prospectus supplement to the "Bank," "we," "our," "us," "Deutsche Bank" 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-64.
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
and December 31, 2005, 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
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supplement and the accompanying prospectus. Deutsche Bank AG's financial statements
are stated in Euro.

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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;

· 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.

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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 June 29,
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

· a certificate of formation of the Company filed with the Secretary of State of the State of
Delaware on June 27, 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.
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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. Our registered office is in Frankfurt am Main. We
maintain our head office at Taunusanlage 12, 60325 Frankfurt am Main, Germany.
Deutsche Bank Aktiengesellschaft originated from the reunification of Norddeutsche Bank
Aktiengesellschaft, Hamburg, Rheinisch-Westfälische Bank Aktiengesellschaft, Düsseldorf
and Süddeutsche Bank Aktiengesellschaft, Munich, pursuant to the Law on the Regional
Scope of Credit Institutions, these had been disincorporated in 1952 from Deutsche Bank,
which was founded in 1870. The merger and the name were entered in the Commercial
Register of the District Court Frankfurt am Main on May 2, 1957.
We are the parent company of a group consisting of banks, capital market companies, fund
management companies, a property finance company, installment financing companies,
research and consultancy companies and other domestic and foreign companies. We offer a
wide variety of investment, financial and related products and services to private individuals,
corporate entities and institutional clients around the world.
We are the largest bank in Germany and one of the largest financial institutions in Europe
and the world measured by total assets. As of March 31, 2007, on an unaudited basis, we
had total assets of 1,747 billion, total liabilities of 1,710 billion and total shareholders'
equity of 36.2 billion, in each case on the basis of IFRS.
As of March 31, 2007, our outstanding share capital amounted to 1,345 million consisting of
525.5 million ordinary shares of no par value, of which 503.1 million were outstanding. The
shares are fully paid up and in registered form. The shares are listed for trading and official
quotation on all the German Stock Exchanges and are listed on the New York Stock
Exchange. Please refer to our Annual Report on Form 20-F and the other documents
incorporated by reference herein for additional information and financial statements relating
to us.

Exchange Rates
Germany's currency is the euro. For convenience, we translate some amounts denominated
in euro appearing in certain documents incorporated by reference herein into U.S. dollars.
Fluctuations in the exchange rate between the euro and the U.S. dollar will affect the
U.S. dollar equivalent of the euro price of our shares quoted on the German stock exchanges
and, as a result, are likely to affect the market price of our shares on the New York Stock
Exchange. These fluctuations will also affect the U.S. dollar value of cash dividends we may
pay on our shares in euros. Past fluctuations in foreign exchange rates may not necessarily
be predictive of future fluctuations.
The following table shows the period-end, average, high and low noon buying rates for the
euro. In each case, the period-end rate is the noon buying rate announced on the last
business day of the period.

in U.S.$ per
Period-end High Low

2007:

July (through July 13)

1.3788 1.3788 1.3592
June

1.352 1.3526 1.3311
May

1.3453 1.3616 1.3419
April

1.366 1.366 1.3363
March

1.3374 1.3374 1.3094
February

1.323 1.3246 1.2933
January

1.2998 1.3286 1.2904

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