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Deutsche Bank Capital Funding Trust

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Deutsche Bank Capital Funding Trust OFFERING CIRCULAR CONFIDENTIAL Deutsche Bank Capital Funding Trust VII (a wholly owned subsidiary of Deutsche Bank Aktiengesellschaft) 800,000 Noncumulative Trust Preferred Securities (Liquidation Preference Amount $ 1,000 per Trust Preferred Security) The Noncumulative Trust Preferred Securities, Liquidation Preference Amount $ 1,000 per security, (the “Trust Preferred Securities”) offered hereby do not have a maturity date. The Trust Preferred Securities represent pre- ferred undivided beneficial ownership interests in the assets of Deutsche Bank Capital Funding Trust VII, a statu- tory trust created under the laws of the State of Delaware (the “Trust”). The assets of the Trust consist solely of Class B Preferred Securities of Deutsche Bank Capital Funding LLC VII, a Delaware limited liability company (the “Company”). Deutsche Bank Aktiengesellschaft, Frankfurt am Main, (the “Bank”) will own one common security of the Trust. Capital Payments (as defined herein) will accrue on the respective liquidation preference amounts of $ 1,000 per Trust Preferred Security (the “Liquidation Preference Amount”) and $ 1,000 per Class B Preferred Security (i) from and including the Issue Date (as defined herein), up to but excluding the Reset Date (as defined herein) at a fixed coupon rate of 5.628% per annum (the “Fixed Rate”), payable semi-annually in arrears on each Fixed Rate Pay- ment Date (as defined herein) and (ii) for each Payment Period (as defined herein) commencing on or after the Reset Date at 3-month LIBOR (as defined herein) for such Payment Period plus a margin, payable quarterly in arrears on each Floating Rate Payment Date (as defined herein). Capital Payments payable on each Payment Date will accrue from and including the immediately preceding Pay- ment Date (or the Issue Date, with respect to the Capital Payment payable on the first Payment Date) up to but excluding the relevant Payment Date (each such period, a “Payment Period”). For each Payment Period ending before the Reset Date, Capital Payments will be calculated on the basis of a 360-day year of twelve 30 day months. For each Payment Period beginning on or after the Reset Date, Capital Payments will be calculated on the basis of the actual number of days elapsed in a 360-day year. The Class B Preferred Securities are not offered hereby. The Trust Preferred Securities will be issued in the form of registered Global Certificates and will be deposited with a custodian for and registered in the name of a nominee of The Depository Trust Company (“DTC”), and beneficial interests in the Trust Preferred Securities will be shown on and transfers thereof will be effected through records maintained by DTC and its participants. Trust Preferred Securities sold in reliance on Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), will be evidenced by Restricted Global Certificates. Trust Preferred Securities sold in reliance on Regulation S under the Securities Act will be evidenced by a separate temporary Regulation S Global Certificate, which will be exchangeable for a permanent Regulation S Global Certificate not earlier than 40 days after the closing date upon certification of non-U.S. beneficial owner- ship. See “Risk Factors” for a discussion of certain factors that should be considered by prospective investors. The Trust Preferred Securities are expected, on issue, to be assigned ratings of “A” by Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (“S&P”), “A2” by Moody’s Investors Service, Inc. (“Moo- dy’s”) and “A+” by Fitch Ratings Ltd. (“Fitch”). The ratings for the Trust Preferred Securities are derived from the ratings of the Bank. A rating is not a recommendation to buy, hold or sell securities, and may be subject to revision, suspension or withdrawal at any time by the rating agency. Offering Price: 100% of Liquidation Preference Amount THE TRUST PREFERRED SECURITIES ARE NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ARE BEING OFFERED AND SOLD (1) IN THE UNITED STATES ONLY TO QUALIFIED INSTITUTIONAL BUYERS IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT AND (II) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT. FOR A DESCRIPTION OF CERTAIN RESTRICTIONS ON TRANSFER OF THESE SECURITIES AND REPRESENTATIONS THAT EACH PURCHASER OF THESE SECURITIES IS DEEMED TO MAKE, SEE “NOTICE TO INVESTORS”. The Trust Preferred Securities are offered by the Initial Purchasers named below, subject to receipt and accept- ance by it and subject to its right to reject any order in whole or in part. It is expected that the Trust Preferred Securities will be ready for delivery in book-entry form only through the facilities of The Depository Trust Com- pany in New York, New York on or about January 19, 2006, against payment therefor in immediately available funds. Deutsche Bank Securities Barclays Capital RBS Greenwich Capital The date of this Offering Circular is January 11, 2006. No person is authorized to provide any information or to make any representation not contained in this Offering Circular, and any information or representation not contained in this Offering Circular must not be relied upon as having been authorized by the Bank, the Trust or the Company or by the Initial Purchasers. The delivery of this Offering Circular at any time does not imply that the informa- tion contained herein is correct as of any time subsequent to its date. In connection with the issue of the Trust Preferred Securities, the Initial Purchasers (or persons acting on behalf of them) may over-allot Trust Preferred Securities or effect transactions with a view to sup- porting the market price of the Trust Preferred Securities at a level higher than that which might other- wise prevail. However, there is no assurance that the Initial Purchasers (or persons acting on its behalf) will undertake stabilization action. Such stabilizing, if commenced, may be discontinued at any time. Affiliates of the Bank may make a secondary market in the Trust Preferred Securities. If affiliates of the Bank make a secondary market in the Trust Preferred Securities, such market-making may give rise to limitations for Trust Preferred Securities previously sold in offshore transactions in reliance on Regu- lation S under the Securities Act with respect to resales in the United States or to U.S. Persons. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The Trust Preferred Securities are only available to, and any invitation, offer or agreement to subscribe, pur- chase or otherwise acquire such Trust Preferred Securities will be engaged in only with, relevant per- sons. Any person who is not a relevant person should not act or rely on this document or any of its contents. To the extent that the offer of the Trust Preferred Securities is made in any member state of the Euro- pean Economic Area (a “Member State”) that has implemented the Prospectus Directive (together with any applicable implementing measures in any Member State), the offer (including any offer pur- suant to this document) is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive or has been or will be made otherwise in circumstances that do not require the issuer to publish a prospectus pursuant to the Prospectus Directive. Neither the Securities and Exchange Commission nor any other regulatory body in the United States has approved or disapproved of these securities or determined whether this Offering Circular is truth- ful or complete. Any representation to the contrary is a criminal offense. Any U.S. federal tax advice included in this Offering Circular (including any document incorporated by reference herein) was not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties. NOTICE TO NEW HAMPSHIRE RESIDENTS ONLY NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES (“RSA421-B”) WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGIS- TERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER RSA421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOM- MENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. 2 ENFORCEMENT OF CIVIL LIABILITIES The Bank is incorporated as a German stock corporation with limited liability (Aktiengesellschaft). None of the members of the Management Board (Vorstand) or the Supervisory Board (Aufsichtsrat) of the Bank is a resident of the United States. A substantial portion of the assets of the Bank, and all or most of the assets of such Board members, are located outside the United States. As a result, it may not be possible for holders or beneficial owners of the Trust Preferred Securities or the Class B Pre- ferred Securities to effect service of process within the United States upon the Bank or such persons, or to enforce against any of them in the U.S.
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