Obligation DEUTSCHE BANK AG 0% ( DE000DB7DBQ6 ) en SEK

DEUTSCHE BANK AG

100 % ▲

Allemagne

DE000DB7DBQ6 ( en SEK )

19/12/2011 - Obligation échue

Prospectus brochure de l'obligation DEUTSCHE BANK AG DE000DB7DBQ6 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 DE000DB7DBQ6, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 19/12/2011

[BASE PROSPECTUS] [FINAL TERMS]

for
Certificates

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

to list the Securities on the [regulated] [] [SeDex] [market] [Freiverkehr] of the [Italian]
[Frankfurt] [Stuttgart] [] Stock Exchange[, which is a regulated market for the purposes
of Directive 2004/39/EC] [insert al relevant regulated markets]. [The Securities have
been admitted to the [regulated] [] market of the [] Stock Exchange [insert al relevant
regulated markets], which are regulated markets for the purposes of Directive
2004/39/EC. [The Securities wil not be admitted to the regulated market of any
exchange.]
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 wil not be registered under the United States
Securities Act of 1933, as amended. Any offer or sale of the Securities must be made in
a transaction exempt from the registration requirements of such Act pursuant to
Regulation S thereunder. The Securities may not be offered, sold or otherwise
transferred in the United States or to persons who are either U.S. persons defined as
such in Regulation S of such Act or persons who do not come within the definition of a
non-United States person under Rule 4.7 of the United States Commodity Exchange Act,
as amended. For a description of certain restrictions on the sale and transfer of the
Securities, please refer to the General Sel ing and Transfer Restrictions section of this
document.
The Base Prospectus is dated 23 December 2010 and provides information with
respect to various types of financial instruments which are capable of issue under
the Programme. [This document constitutes, in relation to the Securities only,
Final Terms in a completed version of the Base Prospectus and is dated [] [],
[].]
Deutsche Bank AG, [Frankfurt am Main] [London] accepts responsibility for the
information contained in this document. To the best of the knowledge of the Issuer
who has taken all reasonable care to ensure that such is the case the information
contained in this document is in accordance with the facts and does not omit
anything likely to affect the import of such information.
Deutsche Bank

2

Table of Contents

I.
SUMMARY ................................................................................................................................. 8
A.
SUMMARY OF RISK FACTORS ................................................................................. 8
1.
Risks relating to the Securities .................................................................... 8
2.
Issuer Risk Factors ........................................................................................ 8
3.
Ratings ............................................................................................................ 9
B.
SUMMARY OF FINAL TERMS OF THE OFFER ....................................................... 10
1.
Principal Terms ............................................................................................ 10
2.
Further Information on the Terms of the Securities ................................. 22
2.1
Single Underlying Linked [X-PERT] [Perpetual] Certificates
(Type 1) ............................................................................................ 22
2.2
Basket Linked [X-PERT] [Perpetual] Certificates (Type 1) ......... 26
2.3
Single Underlying Linked [Capped] Outperformance
Certificates....................................................................................... 30
2.4
Basket Linked [Capped] Outperformance Certificates ............... 33
2.5
Single Underlying Linked Double-Chance Certificates .............. 36
2.6
Basket Linked Double-Chance Certificates ................................. 39
2.7
Single Underlying Linked Best Chance Certificates ................... 42
2.8
Basket Linked Best Chance Certificates ...................................... 44
2.9
Single Underlying Linked Parachute Certificates........................ 47
2.10
Basket Linked Parachute Certificates .......................................... 49
2.11
Single Underlying Linked Renewable Opportunity/Express
Certificates....................................................................................... 52
2.12
Basket Linked Renewable Opportunity/Express Certificates .... 56
2.13
Single Underlying Linked Discount Certificates.......................... 61
2.14
Basket Linked Discount Certificates ............................................ 64
2.15
[Single Underlying Linked [Bonus] [] Certificates] ................... 67
2.16
[Basket Linked [Capped] [Bonus] [] Certificates] ..................... 70
2.17
Rainbow Certificates ...................................................................... 73
2.18
Best of Express Certificates .......................................................... 75
2.19
Single Underlying linked High-flyer Certificates ......................... 79
2.20
Basket linked High-flyer Certificates ............................................ 82
2.21
Single Underlying linked Outperformance Plus Certificates ..... 84
2.22
Basket linked Outperformance Plus Certificates ........................ 87
2.23
Single Underlying linked Flex Bonus Certificates ....................... 90
2.24
Basket linked Flex Bonus Certificates .......................................... 92
2.25
Single Underlying linked [Butterfly] [Twin Win] []
Certificates....................................................................................... 95
2.26
Basket linked [Butterfly] [Twin Win] [] Certificates .................. 98
2.27
Single Underlying linked [Alpha Express] [·] Certificates ........ 100
2.28
Single Underlying linked Twin & Go Certificates ...................... 104
2.29
Basket linked Tris Certificates..................................................... 107

3

2.30
Single Underlying Linked Equity Protection [Cap]
Certificates..................................................................................... 110
2.31
Basket Linked Equity Protection [Cap] Certificates .................. 112
2.32
Single Underlying linked Equity Protection with [Cap] and
Rebate Certificates ....................................................................... 115
2.33
Bonus Worst of Certificates......................................................... 117
2.34
Basket Linked Twin & Go Certificates ........................................ 119
2.35
Basket Linked Twin Win Worst of ............................................... 122
2.36
Single Underlying linked Twin Win Max ..................................... 125
2.37
Single Underlying Linked Reverse Express Certificates .......... 128
2.38
Basket Linked Reverse Express Certificates ............................. 131
2.39
Basket Linked Win & Go Certificates .......................................... 134
2.40
Stub Certificates ........................................................................... 138
C.
SUMMARY OF ISSUER DESCRIPTION ................................................................. 141
II.
RISK FACTORS .................................................................................................................... 142
A.
ISSUER RISK FACTORS ......................................................................................... 142
B.
PRODUCT SPECIFIC RISK FACTORS................................................................... 145
1.
Introduction ................................................................................................ 145
2.
Rights under the Securities ...................................................................... 146
2.1
Single Underlying Linked [X-PERT] [Perpetual] Certificates
(Type 1) .......................................................................................... 146
2.2
Basket Linked [X-PERT] [Perpetual] Certificates (Type 1) ....... 147
2.3
Single Underlying Linked [Capped] Outperformance
Certificates..................................................................................... 147
2.4
Basket Linked [Capped] Outperformance Certificates ............. 147
2.5
Single Underlying Linked Double Chance Certificates ............. 148
2.6
Basket Linked Double Chance Certificates ................................ 148
2.7
Single Underlying Linked Best Chance Certificates ................. 149
2.8
Basket Linked Best Chance Certificates .................................... 149
2.9
Single Underlying Linked Parachute Certificates...................... 149
2.10
Basket Linked Parachute Certificates ........................................ 150
2.11
Single Underlying Linked Renewable Opportunity/Express
Certificates..................................................................................... 150
2.12
Basket Linked Renewable Opportunity/Express Certificates .. 151
2.13
Single Underlying Linked Discount Certificates........................ 151
2.14
Basket Linked Discount Certificates .......................................... 152
2.15
Single Underlying Linked Bonus Certificates ............................ 152
2.16
Basket Linked Bonus Certificates ............................................... 152
2.17
Rainbow Certificates .................................................................... 152
2.18
Best of Express Certificates ........................................................ 153
2.19
Single Underlying linked High-flyer Certificates ....................... 154
2.20
Basket linked High-flyer Certificates .......................................... 154
2.21
Single Underlying linked Outperformance Plus Certificates ... 155
2.22
Basket linked Outperformance Plus Certificates ...................... 155
2.23
Single Underlying linked Flex Bonus Certificates ..................... 155
2.24
Basket linked Flex Bonus Certificates ........................................ 155

4

2.25
Single Underlying linked [Butterfly] [Twin Win] []
Certificates..................................................................................... 156
2.26
Basket linked [Butterfly] [Twin Win] [] Certificates ................ 156
2.27
Single Underlying linked [Alpha Express] [·] Certificates ........ 156
2.28
Single Underlying linked Twin & Go Certificates ...................... 157
2.29
Basket linked TRIS Certificates ................................................... 157
2.30
Single Underlying Linked Equity Protection [CAP]
Certificates..................................................................................... 158
2.31
Basket Linked Equity Protection [Cap] Certificates .................. 158
2.32
Single Underlying Linked Equity Protection with CAP and
Rebate Certificates ....................................................................... 159
2.33
Bonus Worst of Certificates......................................................... 159
2.34
Basket Linked Twin & Go Certificates ........................................ 159
2.35
Basket Linked Twin Win Worst of Certificates .......................... 160
2.36
Single Underlying Linked Twin Win Max Certificates ............... 161
2.37
Single Underlying Linked Reverse Express Certificates .......... 161
2.38
Basket Linked Reverse Express Certificates ............................. 162
2.39
Basket Linked Win & Go Certificates .......................................... 163
2.40
Stub Certificates ........................................................................... 165
C.
GENERAL RISK FACTORS RELATING TO THE SECURITIES ............................ 168
1.
No Payments until Settlement .................................................................. 168
2.
Early Termination for Extraordinary Reasons, Illegality and Force
Majeure ........................................................................................................ 168
3.
Market Disruption Events, Adjustments and Early Termination of
the Securities.............................................................................................. 168
4.
Taxation ...................................................................................................... 168
5.
Exercise Notice and Certifications ........................................................... 169
6.
Time Lag after Exercise ............................................................................. 169
7.
Re-offer Price.............................................................................................. 169
9.
[Additional Product Specific Risk Factors .............................................. 170
D.
MARKET FACTORS ................................................................................................ 171
1.
Market Factors............................................................................................ 171
2.
Market Value ............................................................................................... 172
3.
Certain Hedging Considerations .............................................................. 172
4.
The Securities may be Illiquid .................................................................. 172
5.
Creditworthiness of the Issuer ................................................................. 173
E.
CONFLICTS OF INTEREST ..................................................................................... 174
1.
Transactions Involving the Underlying ................................................... 174
2.
Acting in other Capacities ......................................................................... 174
3.
Issuing of other Derivative Instruments in respect of the Underlying . 174
4.
Conducting of Hedging Transactions ...................................................... 174
5.
Issue Price .................................................................................................. 174
6.
Market-Making for the Securities ............................................................. 174
7.
Market-Making for the Underlying ............................................................ 175
8.
Acting as Underwriter or otherwise for the issuer of Underlying ......... 175
9.
Obtaining of Non-public Information ....................................................... 175
III.
GENERAL INFORMATION ON THE PROSPECTUS .......................................................... 176

5

A.
FORM OF DOCUMENT - PUBLICATION ................................................................ 176
1.
Form of Document ..................................................................................... 176
2.
Publication .................................................................................................. 176
B.
GENERAL DESCRIPTION OF THE PROGRAMME ............................................... 177
1.
General Information ................................................................................... 177
2.
Information on the Conditions of the Securities .................................... 177
3.
Types and Categories of Securities and Economic Features
Covered by the Base Prospectus ............................................................. 178
C.
DOCUMENTS INCORPORATED BY REFERENCE ............................................... 180
D.
GENERAL INFORMATION ...................................................................................... 184
2.
Post Issuance Information ........................................................................ 184
3.
Use of Proceeds ......................................................................................... 184
IV.
TERMS OF THE OFFER ....................................................................................................... 185
1.
Number of Securities ................................................................................. 185
2.
[The Subscription Period] [The Offering Period] .................................... 185
3.
[Cancellation of the Issuance of the Securities] ..................................... 185
4.
[Early Closing of the Subscription of the Securities .............................. 185
5.
Delivery of the Securities .......................................................................... 185
6.
Market Making ............................................................................................ 185
V.
GENERAL INFORMATION ................................................................................................... 187
A.
GENERAL TAXATION INFORMATION................................................................... 187
1.
Introduction ................................................................................................ 187
2.
Taxation in Luxembourg ........................................................................... 187
2.1
Non-resident Holders of Securities ............................................. 187
2.2
Resident Holders of Securities .................................................... 188
3.
Stamp Duty and Withholding Tax in Germany ........................................ 188
4.
Stamp Duty and Withholding Tax in the United Kingdom ..................... 188
B.
GENERAL SELLING AND TRANSFER RESTRICTIONS ...................................... 190
1.
Introduction ................................................................................................ 190
2.
United States of America .......................................................................... 190
3.
European Economic Area ......................................................................... 190
4.
United Kingdom ......................................................................................... 191
VI.
INFORMATION RELATING TO THE SECURITIES ............................................................. 192
A.
PRODUCT CONDITIONS ......................................................................................... 192
1.
Product Condition 1 - Definitions ............................................................. 192
2.
Product Condition 2 - Form ...................................................................... 304
3.
Product Condition 3 - Rights and Procedures ........................................ 305
4.
Product Condition 4 - Adjustment Provisions ........................................ 323
4A.
Adjustment Provisions - Indices ................................................. 323
4B.
Adjustment Provisions - Indices, with Replacement
Provision ........................................................................................ 330
4C.
Adjustment Provisions - Shares or Swiss Participation
Certificates (Genussscheine) ...................................................... 345
4D.
Adjustment Provisions - Shares or Swiss Participation
Certificates (Genussscheine), with Replacement Provision .... 352

6

4E.
Adjustment Provisions - Other Securities .................................. 361
4F.
Adjustment Provisions - Fund Shares ........................................ 365
4G.
Adjustment Provisions - Commodities ....................................... 375
4H.
Adjustment Provisions - Commodities which are not
Precious Metals, Gold, Silver, Platinum or Palladium .............. 379
4I.
Adjustment Provisions - Foreign Exchange Rates ................... 381
4J.
Adjustment Provisions - Futures ................................................ 384
4K.
Adjustment Provisions - Splitting ............................................... 388
4K.
Adjustment Provisions - Splitting ............................................... 390
5.
Product Condition 5 Governing Law and Place of Jurisdiction ......... 390
B.
GENERAL CONDITIONS ......................................................................................... 391
1.
Status of the Securities ............................................................................. 391
2.
Early Exercise, Redemption or Termination for Extraordinary
Reasons, Illegality and Force Majeure ..................................................... 391
3.
Purchases ................................................................................................... 391
4.
Notices ........................................................................................................ 391
5.
Agents, Calculation Agent, Determinations and Modifications ............ 392
6.
Taxation ...................................................................................................... 393
7.
Further Issues ............................................................................................ 393
8.
Substitution ................................................................................................ 393
9.
Replacement of Securities ........................................................................ 394
10.
Adjustments for European Monetary Union ........................................... 394
11.
Definitions ................................................................................................... 395
C.
INFORMATION RELATING TO THE UNDERLYING .............................................. 396
VII.
COUNTRY SPECIFIC INFORMATION ................................................................................. 398
1.
Taxation ...................................................................................................... 398
2.
[Subscription Period] [Offering Period] ................................................... 398
3.
Settlement and Clearing ............................................................................ 398
4.
Agent in [insert applicable country] ........................................................ 398
PARTY LIST ....................................................................................................................................... 399
Single Underlying Linked Reverse Express CertificatesBasket Linked Reverse Express
CertificatesBasket Linked Win & Go Certificates

7

I.
SUMMARY
The information set out below is a summary only and should be read in conjunction with the
rest of this document. This summary is intended to convey the essential characteristics and
risks associated with the Issuer, and in relation to the Securities and does not purport to be
complete. It is taken from, and is qualified in its entirety by, the remainder of this document,
including the Conditions, which constitute the legal y binding conditions of the Securities as
attached to the global security1. Accordingly, this summary should be read as an introduction
to the document, and any decision to invest in the Securities should be based on
consideration of the document as a whole by the investor.
Prospective investors should be aware that where a claim relating to the information
contained in this document is brought before a court, the investor making the claim might,
under the national legislation of the respective EU member state, have to bear the costs of
translating the prospectus before the legal proceedings are initiated.
Civil liability attaches to the Issuer who has tabled the summary including the translation
thereof and applied for its notification, but only if the summary is misleading, inaccurate or
inconsistent when read together with the other parts of the document.
A.
SUMMARY OF RISK FACTORS
1.
Risks relating to the Securities
An investment in the Securities involves risks. These risks may include, among
others, equity market, bond market, foreign exchange, interest rate, market volatility
and economic, political and regulatory risks and any combination of these and other
risks. Prospective purchasers should be experienced with respect to transactions in
instruments such as the Securities and in the underlying asset or other basis of
reference for the Securities (the "Underlying"). Prospective purchasers should
understand the risks associated with an investment in the Securities and should only
reach an investment decision after careful consideration, with their legal, tax,
accounting and other advisers, of (a) the suitability of an investment in the Securities
in the light of their own particular financial, tax and other circumstances, (b) the
information set out in this document and (c) the Underlying.
[The Securities may decline in value and investors should be prepared to sustain a
loss of their investment in the Securities.]
An investment in the Securities should only be made after assessing the direction,
timing and magnitude of potential future changes in the value of the Underlying,
and/or in the composition or method of calculation of the Underlying, as the return of
any such investment wil be dependent, inter alia, upon such changes. More than one
risk factor may have simultaneous effect with regard to the Securities such that the
effect of a particular risk factor may not be predictable. In addition, more than one
risk factor may have a compounding effect which may not be predictable. No
assurance can be given as to the effect that any combination of risk factors may have
on the value of the Securities.
[Add additional product specific risk factors, if necessary:[]]
2.
Issuer Risk Factors
Prospective investors should consider al information provided in the Registration
Document and consult with their own professional advisers if they consider it
necessary. The fol owing describes risk factors relating to the issuers ability to meet
its obligations under the securities.

1 In case of admission of the Securities to the SeDex market of the Italian Stock Exchange, Securities will be dematerialised
and centralised with Monte Titoli S.p.A., pursuant to legislative decree no. 213/1998 as subsequently amended.

8

3.
Ratings
Ratings assigned to the Issuer by certain independent rating agencies are an
indicator of the Issuers ability to meet its obligations in a timely manner2. The lower
the assigned rating is on the respective scale the higher the respective rating agency
assesses the risk that obligations wil not be met at al or not be met in a timely
manner. As of the publication date of this summary, the fol owing ratings were
assigned to Deutsche Bank:

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

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

9

B.
SUMMARY OF FINAL TERMS OF THE OFFER
1.
Principal Terms
Issuer:
Deutsche Bank AG, Frankfurt am Main[, acting through its
London branch (Deutsche Bank AG London)]
[Number]
[] The actual amount of Securities issued wil correspond to
[Nominal
the sum of al valid subscriptions or orders received by the
Amount] of
Issuer.
[Certificates]:
Issue Price:
[]
[] per Security, being equivalent to Denomination per
Certificate plus the Structuring Factor, the Initial Transfer Duty
and a charge determined by the Calculation Agent as being
equal to the aggregate of the commission that institutional
financial intermediaries would reasonably charge their clients for
the sale or purchase of all the Underlyings constituents over the
Initial Valuation Date(s), as applicable
[Denomination
[Shares]
[Index]
[Other
Securities]
[Fund
Shares3]
per Certificate:]
[Commodities] [Foreign Exchange Rate] [Futures] [Basket
consisting of [details of Basket] (each a "Basket Constituent"]
per Security, being equal to an amount in the Settlement
Currency equal to the sum of the product, for al Underlyings, of
(a)] the Initial Reference Level and (b) the Ratio. Expressed as a
formula:
[ ]
(IRL Ratio )

i
i

i 1
Where IRLi is the Initial Reference Level of Underlyingi

[Annual]
[]
[Management]
[Fee:]
[Underlying:]
[Shares]
[Index]
[Other
Securities]
[Fund
Shares3]
[Commodities] [Foreign Exchange Rate] [Futures] [Basket
consisting of [details of Basket] (each a "Basket Constituent")]

i
Underl
Refere
Ratio
Refe
Transf
Tra Inter
[Underlyings:]
i
Reuters
yingi
nce
/
renc
er
nsf
est
Curren
Bloomb
e
Duty
er
Rate
cyi
erg
Sour
Ini
Du
ri,t
Codei
cei
ty
Ou
t1
Holding 1 []
[]
[]
[]
[]
[]
[]
[Libo
Compa
r + x]
ny
Holdings 2 []
[]
[]
[]
[]
[]
[]

1
Holdings 3 []
[]
[]
[]
[]
[]
[]

2
Holdings 4 []
[]
[]
[]
[]
[]
[]

3 In case of admission of the Securities to the SeDex market of the Italian Stock Exchange, not applicable.

10