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Combined.Pdf IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the offering circular following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the offering circular. In accessing the offering circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from the Issuer (as defined herein) as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT TO PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT. THE FOLLOWING OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR, MAY NOT BE FORWARDED TO ANY U.S. PERSON OR TO ANY U.S. ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE SECURITIES AND THE INFORMATION CONTAINED IN AN OFFERING CIRCULAR THAT WILL BE DISTRIBUTED TO YOU ON OR PRIOR TO THE CLOSING DATE AND NOT ON THE BASIS OF THE ATTACHED DOCUMENTS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED THEREIN. NO ACTION HAS BEEN TAKEN BY THE ISSUER, THE ARRANGER, THE MANAGERS OR THE TRUSTEE (EACH AS DEFINED HEREIN) WHICH IS INTENDED TO PERMIT A PUBLIC OFFERING OF ANY SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF THIS OFFERING CIRCULAR IN ANY JURISDICTION (OTHER THAN THE REPUBLIC OF CHINA), INCLUDING BUT NOT LIMITED TO ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, WHERE ACTION FOR THAT PURPOSE IS REQUIRED. THIS OFFERING CIRCULAR DOES NOT COMPRISE A BASE PROSPECTUS FOR THE PURPOSES OF ARTICLE 5.4 OF DIRECTIVE 2003/71/EC AS AMENDED (WHICH INCLUDES THE AMENDMENTS MADE BY DIRECTIVE 2010/73/EU TO THE EXTENT SUCH AMENDMENTS HAVE BEEN IMPLEMENTED IN A RELEVANT MEMBER STATE OF THE EUROPEAN ECONOMIC AREA). Confirmation of your Representation: In order to be eligible to view this offering circular or make an investment decision with respect to the securities, investors must not be a U.S. person (within the meani ng of Regulation S under the Securities Act). This offering circular is being sent at your request and by acceptin g the e-mail and accessing this offering circular, you shall be deemed to have represented to the Issuer that (1) you are not a U.S. person nor are you acting on behalf of a U.S. person, the electronic mail address that you gave to the Issuer and to which this e-mail has been delivered is not located in the United States and, to the extent you purchase the securities described in the attached document, you will be doing so pursuant to Regulation S under the Securities Act and (2) you consent to delivery of such offering circular and any amendments and supplements thereto by electronic transmission. You are reminded that this offering circular has been delivered to you on the basis that you are a person into whose possession this offering circular may be lawfully delivered in accordance with the laws of jurisdiction in which you are located and you may not, nor are you authorised to, deliver this offering circular to any other person. The materials relating to the offering of the securities (the Offering) do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the Offering be made by a licensed broker or dealer and the underwriters or any affiliate of the underwriters is a licensed broker or dealer in that jurisdiction, the Offering shall be deemed to be made by the underwriters or such affiliate on behalf of the Issuer in such jurisdiction. This offering circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither the Issuer, the Arranger nor any of the Managers nor any person who controls any of them nor any director, officer, employee nor agent of any of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the offering circular distributed to you in electronic format and the hard copy version available to you on request from the Arranger and/or the Managers. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. Deutsche Bank AG, acting through its Singapore Branch U.S.$33,500,000 3.00 per cent. Notes due 2022 (the Notes) Issue price for the Notes: 100.00 per cent. Deutsche Bank AG, acting through its Singapore Branch (the Issuer), will issue U.S.$33,500,000 3.00 per cent. Notes due 2022 (the Notes) registered with the Financial Supervisory Commission of the Republic of China (the ROC). The Notes will be unsecured and unsubordinated obligations of the Issuer. Interest on the Notes is payable annually in arrear on 5 May in each year at the rate set forth above, commencing on 5 May 2017. Payments on the Notes will be made without deduction for, or on account of, any Taxes (as defined herein under “Conditions of the Notes - Taxation”), unless such deduction is required by law, as further described under “Conditions of the Notes - Taxation”. Application will be made by the Issuer to the Taipei Exchange (the TPEx, formerly known as GreTai Securities Market) for the listing and trading of the Notes on the TPEx. The Notes are offered for sale by means of a public offering only in ROC. The Notes will be traded pursuant to the applicable rules of the TPEx and/or the Taiwan Depository & Clearing Corporation. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined under the Securities Act) except in certain transactions exempt from the registration requirements of the Securities Act. If you purchase any of the Notes, you will be deemed to have acknowledged, represented and agreed that you are eligible to purchase the Notes under applicable laws and regulations and that you are not prohibited under any applicable law or regulation from acquiring, owning or selling the Notes. The Notes will be evidenced by a global certificate (the Global Certificate), in registered form, which will be registered in the name of a nominee of, and deposited with a common depositary for, Euroclear Bank S.A./N.V. (Euroclear) and Clearstream Banking S.A. (Clearstream, Luxembourg). Beneficial interests in the Global Certificate will be shown on, and transfers thereof will be effected only through, records maintained by Euroclear and Clearstream, Luxembourg and their respective accountholders. Except in limited circumstances set out herein, individual certificates for the Notes will not be issued in exchange for beneficial interests in the Global Certificate. An investment in the Notes involves certain risks. Prospective investors should have regard to the factors described under the heading “Risk Factors” on page 12. This Offering Circular should be read in conjunction with the supplemental offering circular dated 27 April 2016 (the Supplemental Offering Circular). Arranger Deutsche Bank AG, Taipei Branch Lead Manager Mega International Commercial Bank Co., Ltd. Managers Mega International Commercial Bank Co., Ltd. Cathay United Bank Co., Ltd. E.Sun Commercial Bank, Ltd. First Commercial Bank President Securities Corp. The date of this Offering Circular is 27 April 2016. — 1 — IMPORTANT NOTICES This Offering Circular should be read and understood in conjunction with any supplement hereto. Full information on the Issuer, the Bank and the Notes is only available on the basis of the combination of this Offering Circular and any supplement hereto (including any supplement and any document incorporated by reference herein). No person is or has been authorised to give any information or to make any representations, other than those contained in this Offering Circular, in connection with the issue and sale of the Notes and, if given or made, such information or representations must not be relied upon as having been authorised by the Issuer or the Bank. Neither the delivery of this Offering Circular nor any sale made hereunder shall, under any circumstances, create any implication that the information herein is correct as of any time subsequent to the date hereof.
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