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Deutsche Bank Aktiengesellschaft

Securities Note dated 28 February 2023
under its Programme for the Issuance of Certificates, Warrants and Notes

Information about this document
This document constitutes a securities note in accordance with Article 8(1) of Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when
securities are offered to the public or admitted to trading on a regulated market, and repealing Directive
2003/71/EC ("Prospectus Regulation"), which, as supplemented, together with the Registration Document
dated 4 May 2022, as supplemented by the first Supplement dated 3 August 2022, the Second Supplement
dated 23 September 2022, the third Supplement dated 2 November 2022 and the fourth supplement dated 7
February 2023 ("Registration Document"), constitutes part of a Base Prospectus ("Base Prospectus" or
"Prospectus") in accordance with Article 8(6) in conjunction with Article 10() of the Prospectus Regulation.
This Securities Note dated 28 February 2023 ("Securities Note"), the Registration Document, any
supplements to the Base Prospectus or the Registration Document and all documents from which
information is incorporated into this Securities Note by reference are published, in accordance with
Article 21(2)(a) of the Prospectus Regulation, in electronic form on the Issuer's website
(www.xmarkets.db.com) and can be accessed there (see "3.8 Information incorporated by reference").
The Securities Note was approved on 28 February 2023 by CSSF. The Base Prospectus is valid until
28 February 2024. If in relation to the information set out in this Securities Note, significant new factors occur or
material mistakes or material inaccuracies are determined, the Issuer will publish a supplement to the Base
Prospectus without delay during this period, in accordance with Article 23(1) and (2) of the Prospectus Regulation.
The obligation to publish a supplement in the event of significant new factors, material mistakes or material
inaccuracies ceases to exist if the Base Prospectus, comprising this Securities Note and the Registration
Document, is no longer valid.
Information about the Programme
This Securities Note is one of several prospectuses and other offering documents under which the Issuer (as
defined below) is permitted to offer structured securities ("Securities") as part of the Programme for the issuance
of certificates, warrants and notes ("the Offering Programme" or the "Programme"). Securities may be publicly
offered under this Securities Note by way of:
-
New issuances (i.e. issue of new Securities) and
-
Further issuances (e.g. increasing the Issue Volume of already issued Securities).
Application has been made to the Luxembourg Stock Exchange for Securities issued under the Programme to be
admitted to trading on the Luxembourg Stock Exchange's regulated market and to be listed on the Official List of
the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated market for
the purposes of Directive 2014/65/EU (as amended, "MIFID II"). At the same time, an application may be made with
this Securities Note to admit the Securities to trading on a regulated market or organised market or to include them
for trading on a non-regulated market.
Information on the Issuer
Securities under this Securities Note are issued by Deutsche Bank Aktiengesellschaft, acting either through its head
office in Frankfurt am Main or through any of its foreign branch offices in London, Milan, Portugal, Zurich or Spain
("Issuer" or "Deutsche Bank"). The issuance of Securities is carried out by the Issuer as part of its general banking
business (as set out in Article 2(1) of the Articles of Association of the Issuer). The Registration Document contains
more detailed information on the Issuer's organisation, business activities, financial situation, earnings and
prospects, management and ownership structure.
Information on the Securities
This Securities Note contains information on Securities in the certificate, warrants and notes product categories and
a variety of product structures with different terms within this product categories. The Securities may relate to shares
or equity securities, indices, other securities, commodities, rates of exchange, futures contracts, fund shares or
interest rates as well as a basket consisting of shares or equity securities, indices, other securities, commodities,
rates of exchange, futures contracts, fund shares or interest rates ("Underlying" or "Reference Item"). The
Securities may be unsecured or may be secured by a segregated pool of collateral assets. Such issuance is carried
out by the Issuer as part of its general banking business (set out in article 2(1) of the Articles of Association of the
Issuer).
1

Securities other than Securities that are secured by a segregated pool of collateral assets constitute
unsecured and unsubordinated preferred liabilities or unsecured and unsubordinated non-preferred
liabilities (within the meaning of §46f (5) - (7) of the German Banking Act (Kreditwesengesetz - KWG)) of the
Issuer ranking pari passu among themselves. Securities that are secured by a segregated pool of collateral
assets constitute unsubordinated preferred liabilities of the Issuer ranking pari passu among themselves.
General information for users
Investors should carefully read this Securities Note before investing in the Securities and should understand that
this Securities Note by itself does not contain all information relating to the Securities, but provides the information
deemed necessary for enabling investors to make an informed investment decision. Note in particular that this
Securities Note should be read in conjunction with further information.
This information may be contained in other documents, such as:
-
in any supplements to the Base Prospectus consisting of this Securities Note and the Registration Document,
-
in the Registration Document, which comprises issuer-specific information,
-
in additional documents (such as Issuer financial reports) whose information shall be incorporated in the Base
Prospectus by reference,
-
in the separate Final Terms (and, where applicable, in the issue-specific summary) that complete this Securities
Note as regards the final design of a Security. The Securities Note only contains the design options for the
Securities, which are ultimately specified in the Final Terms. The Final Terms are not yet available at the time
the Securities Note is published but will only be available at the time of a specific issuance.
Full information on the Securities and the Issuer is only available on the basis of the combination of this
Securities Note and the aforementioned documents.
A table of contents that lists each chapter of this Securities Note and sections in the respective chapter with the
corresponding page reference is included at the beginning of this Securities Note. Moreover, the product structures
that can be issued under this Securities Note are separately listed and numbered in the table of contents for ease
of reference. Each chapter begins with a brief description of the information that the chapter contains. More
comprehensive chapters also include, where necessary, an additional table of contents of the specific topics dealt
with in the chapter.
Information on the Terms and Conditions
The rights and obligations in respect of the individual Securities arise from the so-called Terms and Conditions.
These comprise (i) the General Conditions of the Securities and (ii) the Specific Terms of the Securities. The
General Conditions of the Securities contain rules of a general nature that apply equally to all Securities and that
are listed in chapter 6 "General Conditions of the Securities" of the Securities Note. The Specific Terms of the
Securities are drawn up separately for each specific issuance of Securities and are included in the relevant Final
Terms.
These Final Terms set out the offering terms (i.e. new issuance or further issuance) and contain the issue-specific
details that can be specified within the scope of the Securities Note's design options. The Final Terms contain, for
example, information on the subscription period, the offering period, the Issue Date, the maturity, the Settlement
Date, the Underlying to which the Securities refer, the Cash Amount, and any potential early redemption or
termination options.
If necessary, an issue-specific summary in the form of an annex is attached to the Final Terms. This summarises
the most important information on the Issuer, the Securities, the risks in relation to the Issuer and the Securities, as
well as any other information in relation to the offering of the Securities.
Information for investors interested in a specific product type
Investors that consult the Securities Note for information about investments in a certain Securities product type and
that wish to obtain information for this purpose on the possible design of the Terms and Conditions (which set out
Issuer and investor rights and obligations under the Securities) and the economic terms should read in particular
the following chapters of this Securities Note:
-
Chapter 6 with the General Conditions of the Securities;
-
Chapter 7 with the Specific Terms of the Securities; this chapter contains the terms that specifically apply to
the product type in question under the heading "Specific definitions applicable to the Securities".
-
Chapter 8 with How the Securities work; this chapter contains separate information for each of the product
types covered by the Securities Note on how the Securities of the relevant product type work in economic terms.
In any case, however, the information contained in the Final Terms prepared for the Securities offering should be
considered before any decision on investment in specific Securities is made.
Investors interested in specific Securities up-front should read the respective Final Terms directly together with the
information contained in this Securities Note.
2

Features of derivative financial instruments
Securities linked to an Underlying are not simple but derivative financial instruments normally based on formulas.
Potential investors should therefore be fully aware of the characteristics of such Securities before investing in such
Securities and should be sure that they understand the relevant formulas and their effects. The information
contained in this Securities Note does not constitute investment advice and should not be misconstrued as such.
Investors are expressly advised that an investment in the Securities entails financial risk. Prospective purchasers
of the Securities should thus fully understand the type of Securities and the risks involved with an investment in the
Securities. Prospective purchasers of the Securities should refer in particular to the "Risk Factors" section of this
Securities Note.
Knowledge and experience
Potential investors should have the requisite knowledge of and experience in derivative financial instruments as
well as the Underlying or Reference Item in order to adequately assess an investment in the Securities.
Assessment of personal situation prior to an investment decision
Potential investors should base their investment decision on careful consideration of all factors relevant to the
Securities in question, as well as of their personal situation. In so doing, they should take account of their total
investment portfolio and any investments they already have in different asset classes as well as examining where
applicable, together with their legal, tax, financial and other advisors at least the following aspects in detail:
-
the suitability of an investment with respect to their own financial, tax and other situation,
-
the information stated in the Final Terms and the Securities Note; and
-
The Underlying.
Regulatory restrictions on the offering or the sale of the Securities
The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws in the United States and trading in the Securities has
not been approved by the United States Commodity Futures Trading Commission (the "CFTC") under the United
States Commodity Exchange Act, as amended (the "Commodity Exchange Act"). Any offer or sale of the
Securities must be made in a transaction exempt from the registration requirements of the Securities Act pursuant
to Regulation S thereunder ("Regulation S"). The Securities may not be offered, sold or otherwise transferred in
the United States or to persons who are (i) US Persons as defined in Regulation S, (ii) persons who do not come
within the definition of a "Non-US Person" under Rule 4.7 of the Commodity Exchange Act, (iii) US Persons as
defined in the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,
78 Fed. Reg. 45,292 (July 26, 2013) promulgated by the United States Commodity Futures Trading Commission,
or (iv) any other US Person as such term may be defined in regulations or guidance adopted under the Commodity
Exchange Act.
If the Final Terms in respect of any Securities include a legend entitled "Prohibition of Sales to Retail Investors in
the European Economic Area", the Securities are not intended to be offered, sold or otherwise made available to
and, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area
(the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as
defined in point (11) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council of 15
May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU
("MiFID II"); (ii) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined
in the Prospectus Regulation. If the relevant Final Terms include the above-mentioned legend, no key information
document required by Regulation (EU) No. 1286/2014 (the "PRIIPs Regulation") for offering or selling those
Securities or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling those Securities or otherwise making them available to any retail investor in the EEA may be
unlawful under the PRIIPs Regulation.
The Commission de Surveil ance du Secteur Financier ("CSSF") assumes no responsibility for the economic and
financial soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the
Issuer in accordance with Article 6(4) of the Luxembourg Law on Prospectuses. Securities for which no prospectus
is required to be published under the Prospectus Regulation ("Exempt Securities") are not subject to the approval
provisions of the Prospectus Regulation and are neither reviewed nor approved by the CSSF.
An investment in the Securities does not constitute a participation in a collective investment scheme for Swiss law
purposes. Therefore, the Securities are not supervised or approved by the Swiss Financial Market Supervisory
Authority FINMA ("FINMA") and investors may not benefit from the specific investor protection provided under the
Swiss Federal Act on Collective Investment Schemes.
For a more detailed description of certain restrictions on the sale and transfer of the Securities, please refer to
chapter 10.2 "General Selling and Transfer Restrictions" of this Securities Note.

3

TABLE OF CONTENTS

TABLE OF CONTENTS

1.
GENERAL DESCRIPTION OF THE OFFERING PROGRAMME ..................................6
2.
RISK FACTORS ............................................................................................................8
Risks at maturity ................................................................................................................... 13
Certificates ........................................................................................................................... 13
Certificates, Certificates 100%, Perpetual Certificates and Index Certificates ....................... 13
Discount Certificates ............................................................................................................ 14
Bonus Certificates ................................................................................................................ 14
Express Certificates ............................................................................................................. 15
Outperformance Certificates ................................................................................................. 17
Fixed Rate of Interest Certificates and Coupon Certificates .................................................. 17
Additional Certificates without Capital Protection .................................................................. 18
Warrants .............................................................................................................................. 26
Classic Warrants .................................................................................................................. 26
Other Warrants ..................................................................................................................... 26
Notes .................................................................................................................................... 27
Reverse Convertible Notes ................................................................................................... 27
Other Notes .......................................................................................................................... 29
3.
GENERAL INFORMATION ON THE SECURITIES NOTE .......................................... 42
3.1 Structure of the Securities Note ................................................................................... 42
3.2 Form of the Securities Note ......................................................................................... 43
3.3 Publication of the Securities Note ................................................................................ 44
3.4 Approval and notification of the Base Prospectus ........................................................ 44
3.5 Responsible persons ................................................................................................... 45
3.6 Information from third parties ....................................................................................... 45
3.7 Consent to use of this Securities Note ......................................................................... 46
3.8 Information incorporated by reference ......................................................................... 47
3.8.1
Securities note for Certificates ......................................................... 47
3.8.2
Securities note for Warrants ............................................................. 48
3.8.3
Securities note for Notes .................................................................. 49
3.9 Reasons for the offer, use of proceeds, estimated total expenses and .....................50
estimated net proceeds
4.
GENERAL INFORMATION ON THE SECURITIES ..................................................... 51
5.
GENERAL INFORMATION ON THE UNDERLYING ................................................... 52
4

TABLE OF CONTENTS
6.
GENERAL CONDITIONS OF THE SECURITIES ........................................................ 53
7.
SPECIFIC TERMS OF THE SECURITIES .................................................................. 54
7.1 Introduction / General information for users ................................................................. 59
7.2 General Definitions applicable to the Securities ........................................................... 59
7.3 General Definitions applicable to Certificates .............................................................. 98
7.4 Specific Definitions applicable to Certificates............................................................. 107
7.5 General Definitions applicable to Warrants ................................................................ 189
7.6 Specific Definitions applicable to Warrants ................................................................ 193
7.7 General Definitions applicable to Notes ..................................................................... 200
7.8 Specific Definitions applicable to Notes ..................................................................... 207
7.9 Further Definitions applicable to the Securities .......................................................... 325
8.
HOW THE SECURITIES WORK ............................................................................... 336
Certificates ......................................................................................................................... 342
Certificates with capital protection ...................................................................................... 342
Certificates, Certificates 100%, Perpetual Certificates and Index Certificates ..................... 343
Discount Certificates .......................................................................................................... 344
Bonus Certificates .............................................................................................................. 345
Express Certificates ........................................................................................................... 348
Outperformance Certificates ............................................................................................... 353
Fixed Rate of Interest Certificates and Coupon Certificates ................................................ 354
Additional Certificates without Capital Protection ................................................................ 359
Warrants ............................................................................................................................ 384
Classic Warrants ................................................................................................................ 384
Other Warrants ................................................................................................................... 384
Notes .................................................................................................................................. 387
Reverse Convertible Notes ................................................................................................. 387
Other Notes ........................................................................................................................ 394
9.
FORM OF FINAL TERMS ......................................................................................... 435
10. GENERAL INFORMATION ON TAXATION AND SELLING RESTRICTIONS ........... 457
NAMES AND ADDRESSES ............................................................................................... 458

5

1. GENERAL DESCRIPTION OF THE OFFERING PROGRAMME

1. GENERAL DESCRIPTION OF THE OFFERING PROGRAMME
A general description of the Offering Programme, with the exception of the information
contained in section "1.3 Products to be issued under the Programme", category "Product
categories and how the products work", is available for investors who wish to obtain
information on investments in securities of a specific product type from the Securities Note or
who are interested from the outset in specific investments in securities, in chapter "1. General
description of the Offering Programme" on pages 9 to 12 and on page 14 of the securities
note for Certificates dated 27 September 2022.
The sections "1.1 Offering Programme", "1.2 Issuer", "1.3 Products to be issued under the
Programme" and the section "1.4 Distribution, admission to trading and listing" of the
securities note for Certificates are incorporated by reference in this Securities Note.
The information in section "1.3 Products to be issued under the Programme", category
"Product categories and how the products work" of the product categories listed below is
available for investors who wish to obtain information on investments in securities of a specific
product type from the Securities Note or who are interested from the outset in specific
investments in securities, as follows:
-
For Certificates in section "1.3 Products to be issued under the Programme",
category "Product categories and how the products work" on pages 12 to 14 of the
securities note for Certificates dated 27 September 2022.
-
For Warrants in section "1.3 Products to be issued under the Programme", category
"Product categories and how the products work " on pages 12 to 13 of the securities
note for Warrants dated 27 September 2022.
-
For Notes in section "1.3 Products to be issued under the Programme", category
"Product categories and how the products work" on pages 12 to 13 of the securities
note for Notes dated 27 September 2022.
The information set out above in section "1.3 Products to be issued under the Programme",
category "Product categories and how the products work" of the relevant securities note is
incorporated by reference in this Securities Note.

1.5
Underlying
The Securities may relate to shares or equity securities (without equity securities in the sense
of Article 2(b) of the Prospectus Regulation), indices, other securities, commodities, rates of
exchange, futures contracts, fund shares or interest rates as well as a basket consisting of
shares or equity securities, indices, other securities, commodities, rates of exchange, futures
contracts, fund shares or interest rates ("Underlying" or "Reference Item"). No securities will
be issued under this Securities Note which would fall under Article 19, paragraph 3 of
Commission Delegated Regulation (EU) 2019/980.
1.6
Minimum Nominal Amount
Nominal Amount of the Securities
If the Securities are specified in the applicable Final Terms to be Notes, they will be issued in
such nominal amount(s) as specified in the applicable Final Terms, save that the minimum
nominal amount of each Note admitted to trading on a European Economic Area exchange or
offered to the public in a Member State of the European Economic Area in circumstances
which require the publication of a prospectus under the Prospectus Regulation will be Euro
1,000 (or, if the Securities are denominated in a currency other than Euro, the then equivalent
amount in such currency) or such other higher amount as may be allowed or required from
6

1. GENERAL DESCRIPTION OF THE OFFERING PROGRAMME
time to time by the relevant central bank (or equivalent body) or any laws or regulations
applicable to the relevant currency.

7

2.
RISK FACTORS

2.
RISK FACTORS
The information on risk factors for the product categories listed below, with the exception of
the product-specific information under the category "Risks at maturity" (as described below),
is available for investors who wish to obtain information from the Securities Note on
investments in securities of a specific product type, or who are interested from the outset in
specific investments in securities, as follows:
-
For Certificates in chapter "2. Risk factors" on pages 15 to 20 and on pages 39 to 60
of the securities note for Certificates dated 27 September 2022.
-
For Warrants in chapter "2. Risk factors" on pages 14 to 17 and on pages 24 to 44 of
the securities note for Warrants dated 27 September 2022 and in the subsection "2.3.4
Risk factors during the term of the Securities" under the heading "Effect of
prevailing market rates on the Market Value and the Coupon Amounts to be paid"
on pages 54 and 55 of the securities note for Certificates dated 27 September 2022.
-
For Notes in chapter "2. Risk factors" on pages 15 to 18 and on pages 26 to 46 of the
securities note for Notes dated 10 August 2022.
The information in sections "2.1 Introduction", "2.2 Risk factors in respect of the Issuer",
"2.3 Risk factors relating to the securities" subsection "2.3.1 Risk factors relating to
certain characteristics of the Securities" with the categories "Observation period", "Risks
associated to Market Disruption", "Risks associated with Adjustment and Termination
Events", "Risks associated with an early redemption or termination right for the Issuer",
"Physically settled securities", "Risks Associated with Securities Issued with a Specific
Use of Proceeds, such as Green Securities ("Green Securities")", "Risks Associated with
Securities with sustainability-linked elements" and "Risk Factors in relation to
Collateralised Securities" and the subsections "2.3.2 "General risks associated with
Underlyings", "2.3.3 Risks associated with single Underlyings" with the categories "2.3.3.1
Risks associated with shares or other equity securities as the Underlying", "2.3.3.2 Risks
associated with indices as an Underlying", "2.3.3.3 Risks associated with interest rates
as an Underlying/regulation and reform of Underlyings (benchmarks)", "2.3.3.4 Risks
associated with precious metals as an Underlying", "2.3.4 Risk factors during the term
of the Securities", "2.3.5 Risks associated with the tax treatment of the Securities" and
"2.3.6 Other risks" of the relevant securities note are incorporated by reference in this
Securities Note.

TABLE OF CONTENTS RISK FACTORS
Risks at maturity ...................................................................................................... 13
Certificates .............................................................................................................. 13
Certificates, Certificates 100%, Perpetual Certificates and Index Certificates .......... 13
Product No. C4: Certificate ............................................................................. 13
Product No. C5: Certificate 100% ................................................................... 13
Product No. C6: Perpetual Certificate ............................................................. 13
Product No. C7: Index Certificate ................................................................... 14
Product No. C8: Performance Certificate ........................................................ 14
Discount Certificates ................................................................................................ 14
Product No. C9: Discount Certificate (Cash Settlement) ................................. 14
Bonus Certificates ................................................................................................... 14
8

2.
RISK FACTORS
Product No. C10: Bonus Certificate ................................................................ 14
Product No. C11: Bonus Certificate with Cap ................................................. 14
Product No. C12: Reverse Bonus Certificate .................................................. 14
Product No. C13: Reverse Bonus Certificate with Cap ................................... 15
Product No. C14: Reverse Easy Bonus Certificate with Cap .......................... 15
Product No. C15: Flex Bonus Certificate ........................................................ 15
Product No. C16: Easy Bonus Certificate ....................................................... 15
Product No. C17: Look Back Bonus Certificate ............................................... 15
Express Certificates ................................................................................................. 15
Product No. C18: Express Certificate with European Barrier Observation ...... 15
Product No. C19: Express Certificate with American Barrier Observation ....... 16
Product No. C20: PerformancePlus Certificate ............................................... 16
Product No. C21: Reverse Express Certificate ............................................... 16
Product No. C22: Currency Express Certificate .............................................. 16
Product No. C23: Express Autocallable Certificate ......................................... 16
Product No. C24: Worst of Express Autocallable Certificate ........................... 16
Product No. C25: Express Certificate with European Barrier Observation and
Glider Period ....................................................................... 16
Outperformance Certificates .................................................................................... 17
Product No. C26: Outperformance Certificate ................................................. 17
Product No. C27: Reverse Outperformance Certificate .................................. 17
Fixed Rate of Interest Certificates and Coupon Certificates ..................................... 17
Product No. C28: Fixed Rate of Interest Certificate with European Barrier
Observation ......................................................................... 17
Product No. C29: Fixed Rate of Interest Certificate with American Barrier
Observation ......................................................................... 17
Product No. C30: Currency Fixed Rate of Interest Certificate ......................... 17
Product No. C31: Coupon Certificate with European Barrier Observation ....... 17
Product No. C32: Coupon Certificate with American Barrier Observation ....... 18
Product No. C33: Currency Certificate with Fixed Coupon .............................. 18
Product No. C71: Plateau Certificate with European Barrier ........................... 18
Product No. C72: Plateau Certifcate with Levered Put .................................... 18

Additional Certificates without Capital Protection ..................................................... 18
Product No. C34: Sprinter Certificate .............................................................. 18
Product No. C35: OneStep Certificate ............................................................ 19
Product No. C36: Certificate with Redemption Threshold and Barrier without
Possibility of Early Redemption ........................................... 19
Product No. C37: Parachute Certificate .......................................................... 19
9

2.
RISK FACTORS
Product No. C39: Twin Win Certificate with European Barrier Observation .... 19
Product No. C40: Twin Win Certificate with European Barrier Observation with
Cap ..................................................................................... 19
Product No. C41: Twin Win Certificate with American Barrier Observation ..... 19
Product No. C42: Twin Win Certificate with American Barrier Observation with
Cap ..................................................................................... 19
Product No. C43: Autocallable Twin Win Certificate with European Barrier
Observation ......................................................................... 20
Product No. C44: Autocallable Twin Win Certificate with American Barrier
Observation ......................................................................... 20
Product No. C45: Bonus Worst Of Certificates with European Barrier
Observation ......................................................................... 20
Product No. C46: Bonus Worst Of Certificates with American Barrier
Observation ......................................................................... 20
Product No. C47: Autocallable Certificate (with instalment redemption) .......... 20
Product No. C48: Autocallable Outperformance Certificate ............................ 20
Product No. C49: Range Certificate ................................................................ 21
Product No. C50: Autocallable Bonus Certificate ............................................ 21
Product No. C51: Delta One Certificate .......................................................... 21
Product No. C52: Dual Fixed Rate Certificate (with instalment redemption) ... 21
Product No. C53: Worst of Express Autocallable Certificate (no Protection
Level) .................................................................................. 21
Product No. C54: Worst of Phoenix Autocallable Certificate ........................... 21
Product No. C55: Lookback Certificate ........................................................... 21
Product No. C56: Coupon Certificate with Minimum Reference Level ............ 22
Product No. C57: Parachute Certificate with Cap ........................................... 22
Product No. C58: Parachute Certificate with Cap and Decrement .................. 22
Product No. C59: Hybrid Express Certificate .................................................. 22
Product No. C60: Partial Capital Protection Certificate with Cap and Strike .... 22
Product No. C61: Conditional Capital Protection Certificate ............................ 22
Product No. C62: Coupon Certificate with Partial Capital Protection ............... 23
Product No. C63: Partially Capital Protected Digital Coupon Certificate with
Second Coupon Threshold and Rebates ............................. 23
Product No. C64: Autocallable Certificate with Coupons and Leverage .......... 23
Product No. C65: Partially Capital Protected Digital Coupon Certificate with
Rebates............................................................................... 24
Product No. C66: Bonus Certificate with leverage .......................................... 24
Product No. C67: Bonus Certificate with Cap and leverage ............................ 24
Product No. C68: Bonus Certificate with European Barrier Observation ......... 24
Product No. C69: Bonus Certificate with European Barrier Observation and
Cap ..................................................................................... 24
10