Obligation Deutsche Bank 0% ( XS0370979691 ) en EUR

Société émettrice Deutsche Bank
Prix sur le marché 100 %  ⇌ 
Pays  Allemagne
Code ISIN  XS0370979691 ( en EUR )
Coupon 0%
Echéance 10/06/2011 - Obligation échue



Prospectus brochure de l'obligation Deutsche Bank XS0370979691 en EUR 0%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée 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 EUR, avec le code ISIN XS0370979691, paye un coupon de 0% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/06/2011







[BASE PROSPECTUS] [FINAL TERMS]

for
Notes

Deutsche Bank AG [London]
[Quantity] [Insert Type] Notes [each WKN/ISIN]
relating to [insert details of the underlying]
TM
[Issued under its
Programme]
Issue Price [Amount] [] per [Insert Type] Note [(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 "Information for investors on using the Base Prospectus" 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] Notes (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 shall 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 the Luxembourg Stock
Exchange and to trade them on the [Regulated Market] [Euro MTF], 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 [Frankfurt] [Stuttgart] [Italian] [] Stock
Exchange[, which is [not] a regulated market for the purposes of Directive 2004/39/EC)] [insert all
relevant regulated markets]. [The Securities have been admitted to the [regulated] [] market of the
[] Stock Exchange [insert all 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 18 October 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 ....................................................................................... 6
A.
SUMMARY OF RISK FACTORS ....................................................................................... 6
1.
Risks relating to the Securities ............................................................................. 6
2.
Issuer Risk Factors ................................................................................................. 7
B.
SUMMARY OF FINAL TERMS OF THE OFFER ............................................................... 8
1.
Principal Terms ....................................................................................................... 8
2.
Further Information on the Terms of the Securities .......................................... 11
C.
SUMMARY OF ISSUER DESCRIPTION ......................................................................... 62
II.
RISK FACTORS ............................................................................. 64
A.
ISSUER RISK FACTORS ................................................................................................. 64
B.
PRODUCT SPECIFIC RISK FACTORS ........................................................................... 67
1.
Introduction ........................................................................................................... 67
2.
Rights under the Securities ................................................................................. 68
C.
GENERAL RISK FACTORS RELATING TO THE SECURITIES .................................... 76
1.
No Payments until Settlement ............................................................................. 76
2.
Early Termination for Extraordinary Reasons, Illegality and Force
Majeure .................................................................................................................. 76
3.
Market Disruption Events, Adjustments and Early Termination of the
Securities ............................................................................................................... 76
4.
Taxation ................................................................................................................. 77
5.
Re-offer Price ........................................................................................................ 77
6.
[Additional Product Specific Risk Factors] ........................................................ 77
D.
MARKET FACTORS ........................................................................................................ 78
1.
Market Factors ...................................................................................................... 78
2.
Market Value .......................................................................................................... 79
3.
Certain Hedging Considerations ......................................................................... 79
4.
The Securities may be Illiquid ............................................................................. 79
5.
Creditworthiness of the Issuer ............................................................................ 80
E.
CONFLICTS OF INTEREST ............................................................................................. 81
1.
Transactions Involving the Underlying .............................................................. 81
2.
Acting in other Capacities ................................................................................... 81
3.
Issuing of other Derivative Instruments in respect of the Underlying ............ 81
4.
Conducting of Hedging Transactions................................................................. 81
5.
Issue Price ............................................................................................................. 81
6.
Market-Making for the Securities ........................................................................ 81
7.
Market-Making for the Underlying ....................................................................... 82
8.
Acting as Underwriter or otherwise for the issuer of Underlying .................... 82
9.
Obtaining of Non-public Information .................................................................. 82
III.
GENERAL INFORMATION ON THE PROSPECTUS ..................... 83
A.
FORM OF DOCUMENT ­ PUBLICATION ....................................................................... 83
1.
Form of Document ................................................................................................ 83
2.
Publication ............................................................................................................. 83
B.
GENERAL DESCRIPTION OF THE PROGRAMME ....................................................... 84


3



1.
General Information .............................................................................................. 84
2.
Information on the Conditions of the Securities ............................................... 84
3.
Types and Categories of Securities and Economic Features Covered by
the Base Prospectus ............................................................................................ 85
C.
DOCUMENTS INCORPORATED BY REFERENCE ....................................................... 86
D.
GENERAL INFORMATION .............................................................................................. 90
1.
Material Adverse Change in Deutsche Bank's Financial Position and
Significant Change in Deutsche Bank's Financial or Trading Position .......... 90
2.
Legal and Arbitration Proceedings ..................................................................... 90
3.
Post Issuance Information ................................................................................... 90
4.
Use of Proceeds .................................................................................................... 90
IV.
TERMS OF THE OFFER ................................................................ 91
1.
Number of Securities ............................................................................................ 91
2.
[The Subscription Period] [The Offering Period] ............................................... 91
3.
[Cancellation of the Issuance of the Securities] ................................................ 91
4.
[Early Closing of the Subscription of the Securities ......................................... 91
5.
Delivery of the Securities ..................................................................................... 91
6.
[Results of the Offer ............................................................................................. 91
7.
Market Making ....................................................................................................... 91
V.
GENERAL INFORMATION ............................................................ 92
A.
GENERAL TAXATION INFORMATION ........................................................................... 92
1.
Introduction ........................................................................................................... 92
2.
Taxation in Luxembourg ...................................................................................... 92
3.
Stamp Duty and Withholding Tax in Germany .................................................. 93
4.
Stamp Duty and Withholding Tax in the United Kingdom ................................ 93
B.
GENERAL SELLING AND TRANSFER RESTRICTIONS .............................................. 95
1.
Introduction ........................................................................................................... 95
2.
United States of America ..................................................................................... 95
3.
European Economic Area .................................................................................... 95
4.
United Kingdom .................................................................................................... 96
VI.
INFORMATION RELATING TO THE SECURITIES ....................... 97
A.
PRODUCT CONDITIONS ................................................................................................. 97
1.
Product Condition 1 ­ Definitions ....................................................................... 97
2.
Product Condition 2 ­ Form .............................................................................. 284
3.
Product Condition 3 ­ Rights and Procedures ................................................ 285
4.
Product Condition 4 ­ Adjustment Provisions ................................................ 297
5.
Product Condition 5 ­ Governing Law and Place of Jurisdiction ................. 371
B.
GENERAL CONDITIONS ............................................................................................... 372
1.
Status of the Securities ...................................................................................... 372
2.
Early Exercise, Redemption or Termination for Extraordinary Reasons,
Illegality and Force Majeure .............................................................................. 372
3.
Purchases ............................................................................................................ 372
4.
Notices ................................................................................................................. 372
5.
Agents, Calculation Agent, Determinations and Modifications ..................... 373
6.
Taxation ............................................................................................................... 374
7.
Further Issues ..................................................................................................... 374
8.
Substitution ......................................................................................................... 374


4



9.
Replacement of Securities ................................................................................. 375
10. Adjustments for European Monetary Union .................................................... 375
11. Definitions ........................................................................................................... 376
C.
INFORMATION RELATING TO THE UNDERLYING .................................................... 377
Further Information Published by the Issuer ............................................................. 378
VII. COUNTRY SPECIFIC INFORMATION ......................................... 379
1.
Taxation ............................................................................................................... 379
2.
[Subscription Period] [Offering Period] ........................................................... 379
3.
Settlement and Clearing ..................................................................................... 379
4.
Agent in [insert applicable country] ................................................................. 379
PARTY LIST .......................................................................................... 380



5



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 legally 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 European Economic Area 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
total 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:[]]

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.


6



2.
Issuer Risk Factors
Prospective investors should consider all information provided in the Registration
Document and consult with their own professional advisers if they consider it
necessary. The following describes risk factors relating to the issuer's ability to meet
its obligations under the securities. Ratings assigned to the Issuer by certain
independent rating agencies are an indicator of the Issuer's ability to meet its
obligations in a timely manner1. The lower the assigned rating is on the respective
scale the higher the respective rating agency assesses the risk that obligations will
not be met at all or not be met in a timely manner. As of the publication date of this
summary, the following 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 rating's change may
affect the price of securities outstanding.

1 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.


7



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] [Nominal Amount] []
of [Notes]:
The actual amount of Securities issued wil
correspond to the sum of all valid subscriptions or
orders received by the Issuer.
Issue Price:
[]
[Annual] [Management]
[]
[Fee:]
Underlying:
[Shares] [Index] [Other Securities] [Fund Shares] 1
[Commodities] [Foreign Exchange Rate] [Futures]
[Basket consisting of [details of Basket] (each a
"Basket Constituent")]
Offer Price:
[Currency] [Amount] [The Offer Price wil firstly be
determined on the [Issue Date][] and then be reset
continuously.]
Issue Date:
[]
[Primary Market End Date:] []
[Initial Reference Valuation
[]
Date(s):]
[Initial Reference Level:]
[Currency] [Amount]
[Cap Amount:]
[]
[Final Reference Level:]
[]
[Interest Amount:]
[]
[Coupon Amount:]
[]
[Initial Amount:]
[]
[Interest Payment Date(s):]
[]
[Coupon Payment Date(s):]
[Interest Rate] [Coupon
[]
Rate]
[Interest Rate Day Count
[]

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


8



Fraction]
[Settlement Date(s):]
[]
[Exercise Date] [Exercise
[]
Period] [Maturity Date:]


[Redemption Period:]
[]
[Early Redemption Date[s]:] []
[Participation Factor:]
[]
Settlement:
[Cash Settlement] [Physical Settlement] [Cash
Settlement or Physical Settlement at the Issuer's
option] [Cash Settlement or Physical Settlement at
the Securityholders option]
[Valuation Date(s):]
[]
[Automatic Exercise:]
[Not] [Applicable]
[Reference Currency]:
[]
Settlement Currency:
[Currency]
[Maximum Amount:]
[]
[Minimum Amount:]
[]
[Redemption Cash Amount] [] per Security
[Physical Settlement
Amount]:
[Early Redemption Cash
[]
Amount:]
[Early Cash Settlement
[]
Amount:]
[Basket Constituent Level:] []
[Basket Constituent
[]
Weight:]
[Observation Date:]
[]
[Coupon Reference Level:]
[]
[Observation Period:]
[]
[Performance Factor:]
[]




9





Minimum Trade Size:
[]
[[] Securities, being the number of Securities which
can be traded in accordance with the Listing Rules of
the market managed and organised by Borsa Italiana
S.p.A. ("Regolamento di Borsa")]

[Listing and Trading:]
[Application has been made to list the Securities on
the [] [Official List] of the [] [Luxembourg Stock
Exchange] [and to trade them on the Euro MTF,
which is [not] a regulated market for the purposes of
the Investment Services Directive (Directive
2004/39/EC)].] [insert all relevant regulated markets]
[Insert if Securities are to be listed on regulated
market: Trading is expected to commence on []]
[The Securities are listed on the [Official List of the
Luxembourg] [] Stock Exchange, and traded on the
[Euro MTF] [[regulated] [] market of the []], which is
[not] a regulated market] for the purposes of the
Investment
Services
Directive
(Directive
1993/22/EC), as inferred by Directive 2004/39/EC
[insert all relevant regulated markets]
[No application has been made to trade the
Securities on a regulated market of a stock exchange
within the meaning of the European Directive
1993/22/EC, as inferred by Directive 2004/39/EC.]
Calculation Agent:
The Issuer shal act as the Calculation Agent
Principal Agent:
[Deutsche Bank AG [London]] []
[ISIN:]
[]
[WKN:]
[]
[Common Code:]
[]
[Valoren:]
[]
[]1
[]
[Investor minimum

subscription amount:]
[Investor maximum

subscription amount:]

1
Complete summary overview with relevant definitions depending on the Security.


10