1
7.50% Barrier Reverse Convertible on Iberdrola
Final Termsheet
1. Product Description
This Barrier Reverse Convertible (the “Security”) is a Security linked to Iberdrola SA (the “Underlying”). The
Security offers the investor a Coupon payment on the Coupon Payment Date. At maturity, the investor receives
a reimbursement of 100% of the Nominal Amount, if the Underlying closes at or above the Barrier Level on the
Final Valuation Date. Otherwise, if the Underlying closes below the Barrier on the Final Reference Date,
redemption will take place by physical delivery of a number of shares of the Underyling in accordance to the
Ratio.
This product is not capital protected. The maximum loss will occur if the final value of the Underlying is 0,
implying a redemption of 0 and a full loss of capital for the investor. In any case, the investor will receive a
coupon of 7.50%.
This Note does not constitute any Collective Investment Schemes Unit in the meaning of the Swiss
Federal Act on Collective Investment Schemes (CISA). Accordingly, holders of this Note do not benefit
from the investor protection under the CISA or the approval or supervision by the Swiss Financial
Market Supervisory Authority (“FINMA”).
SVSP Product Type: Barrier Reverse Convertible with European Knock-in (1230* European Knock-in)
(Internet: www.svsp-verband.ch)
Underlying Information
Name of the
Underlying
Initial Reference Level
Strike Level: 100.0% of
Initial Reference Level
Barrier:
70% of Initial Reference
Level
Iberdrola (Bloomberg:
IBE SM <Equity>)
EUR 3.732
EUR 3.732
EUR 2.612
Product Details
Issuer
Deutsche Bank AG, London (S&P: A+, Moody’s: A2, Fitch: AA-)
Security Numbers
Valor: 14188716 /
Issue Volume
Up to EUR 3,000,000 notional (can be increased or decreased anytime)
Nominal Amount
EUR 1,000.00
Issue Price
100.00% of Nominal Amount
Reference Currency
EUR
Settlement Currency
EUR
Coupon Amount
7.50% of the Nominal Amount
ISIN: XS0461283110
/
WKN: DB1YH1
For tax purposes the Coupon payment is split into two components:
0.38% is subject to income tax
7.12% is qualified as capital gain tax
7.50% Barrier Reverse Convertible on Iberdrola
Final Termsheet
Dates
Subscription Period
Start Dates
04 April 2013 (Switzerland)
08 April 2013 (Germany)
Subscription Period
End Date
17 April 2013 3pm CET
Initial Valuation Date
17 April 2013
Issue Date / Payment
Date
24 April 2013
Final Valuation Date
17 April 2014
Maturity Date
24 April 2014
Coupon Payment Date
24 April 2014
Redemption
Redemption at maturity
On Maturity Date, the investor is entitled to receive:
1. An amount in cash equal to 100% of Nominal Amount if no Barrier Event
occurs
2. If a Barrier Event has occurred, the investor will receive on Maturity Date a
number of shares of the Underlying, determined according to the Ratio.
The value of any fraction will be paid in cash. Securities will not be
aggregated for the purpose of physical settlement.
Initial Reference Level
The official closing price of the Underlying on the Initial Valuation Date.
Final Reference Level
The official closing price of the Underlying on the Final Valuation Date.
Daycount
Not applicable
Barrier Event
A Barrier Event is deemed to have occurred if on Final Valuation Date the
Underlying closes strictly below the Barrier.
Ratio
Nominal Amount / Initial Reference Level
Business Day
London, Madrid
General Information
Governing Law/
Jurisdiction
ENGLISH LAW/LONDON
Listing
The product is not listed.
Business Day Convention
Following
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7.50% Barrier Reverse Convertible on Iberdrola
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Final Termsheet
Calculation and Primary
Paying Agent
Deutsche Bank AG, London
The Calculation Agent shall have no responsibility for good faith errors or
omissions in respect of any calculations or determinations contemplated herein,
and its calculations and determinations shall, in the absence of manifest error,
be final, conclusive and binding on note holders and/or Deutsche Bank AG.
Clearing Agent
Euroclear Luxembourg S.A.
Minimum Trade Size
1 Security
Secondary Market
The Issuer will under normal market conditions provide bid/offer prices with a
maximum spread of 1%. This Security is quoted dirty in the secondary market.
Documentation
This document is a Termsheet containing the information required to form a
Simplified Prospectus pursuant to Article 5 of the Federal Act on Collective
Investment Schemes. Prospective investors should refer to the Final Terms or
Prospectus relating to the Certificates for the full terms and conditions relating to
these securities. The Final Terms or Prospectus can be obtained free of charge
from the Issuer.
Publication
Amendments to the Product Conditions occurring prior to the Maturity Date shall
be notified in accordance with the General Conditions contained in the Final
Terms or Prospectus, and shall also be published on www.investmentprodukte.db.com.
Tax Treatment
No Swiss withholding tax on interest and premium payments. No Swiss federal
stamp duty at issuance (primary market). Swiss federal stamp duty on secondary
market transactions. This Note is classified as transparent (Non-IUP = Non
Interest Unique Predominant). The Coupon is split into two components: A
premium payment is classified as a capital gain and is, for individuals having
their tax residence in Switzerland and holding the Note as part of private
property, not subject to income tax. The interest payment is classified as
investment income and is subject to income tax. The investor will have to bear
Swiss federal turnover stamp duty and usual fees in case of physical delivery of
the shares. The afore mentioned tax treatment is valid at the time of launch of
the issue and is not exclusive. The relevant tax laws and the administrative
practice are subject to change. Deutsche Bank AG expressly excludes all liability
in respect of any tax implications.
EU Savings Tax
Treatment
For Swiss paying agents, this product is in scope (TK6). The interest payment is
subject to the EU tax retention.
Selling Restrictions
This term sheet and the information contained herein may only be published or
distributed in accordance with the relevant local laws and regulations. In
particular, the Notes may not be sold or offered in the United Sates, the United
Kingdom, Canada, Japan or to US persons or US residents.
Agent and Paying Agent /
Distributor in Switzerland
Deutsche Bank (Suisse) SA
Brokerage Fee /
Placement
The Distributor may apply a Brokerage Fee/Placement Fee of up to 2% of
the subscription amount
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7.50% Barrier Reverse Convertible on Iberdrola
Final Termsheet
Structuring Fee
The Issuer will pay Deutsche Bank (Suisse) SA a fee, which may amount
up to 3% of the Issue Price (the “Structuring Fee”). The Structuring Fee is
in addition to the Brokerage Fee/Placement fee normally applied by
Deutsche Bank (Suisse) SA. The investor acknowledges and agrees that
such Structuring Fee is retained by Deutsche Bank (Suisse) SA. Further
information is available from Deutsche Bank (Suisse) SA upon investor’s
written request.
2. Profit and Loss Perspectives
This Product is suitable for investors who expect the underlying to trade around its current level or slightly
higher, but not to lose more than 30%. This product is not capital protected. If the underlying share becomes
worthless, the investor may lose its entire investment.
The table and diagram below show the payout of the Barrier Reverse Convertible at maturity, depending on
hypothetical performances of the underlying. The physical settlement is converted into cash equivalent for
illustrative purposes.
The coupon is paid in any case.
Final Reference
Level of the
Underlying
Redemption of Barrier
Reverse Convertible at
Maturity
No Barrier Event
Redemption of Barrier
Reverse Convertible at
Maturity
With Barrier Event
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
100
100
100
100
100
100
100
100
0
10
20
30
40
50
60
-
Redemption of Barrier Reverse Convertible at
Maturity
140
120
Payoff
100
80
60
40
20
0
0
20
40
60
Performance of Underlying
80
100
120
140
Barrier Reverse Convertible
3. Risk Factors
Prospective investors should consider all information provided in the Offering Circular as well as in the
brochure entitled “Special Risks in Securities Trading” (2008) (which is available on the Swiss Bankers
association’s website: www.swissbanking.org/en/home/shop.htm or may be obtained from their relationship
manager upon request). Prospective investors should further consult with their own independent financial,
legal, accounting, and/or tax advisers if they consider it necessary. The following describes the most
important risk factors relating to the Issuer and the Product.
Issuer Risk
Credit Risk:
The investors bear the credit risk of Deutsche Bank AG as Issuer of the
Product. The Product constitutes unsubordinated, unsecured contractual
obligations of the Issuer and ranks pari passu in all respect with all other
unsubordinated, unsecured contractual obligations of the Issuer. The
insolvency of the Issuer may lead to a partly or total loss of the invested
capital
7.50% Barrier Reverse Convertible on Iberdrola
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Final Termsheet
Ratings:
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 manner. 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. Rating agencies may change their ratings at short
notice. A rating’s change may affect the price of securities outstanding.
Liquidity Risk
A liquid secondary market for the Notes is not guaranteed. The Notes may
trade significantly below their issue price and the bid/offer spread may be
significant.
Product Risk
An investment in the Product 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. An investment in the Product 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 will be dependent, inter
alia, upon such changes. More than one risk factor may have simultaneous
effect with regard to the Product 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 Product.
Prospective purchasers should be experienced with respect to investments in
such Products and the Underlyings. Prospective purchasers should
understand the risks associated with an investment in the Product and should
only reach an investment decision after careful consideration, with their
financial, legal, tax, accounting and other advisers, of (i) the suitability of an
investment in the Product in the light of their own particular financial, tax and
other circumstances; (ii) the information set out in this document and the
Offering Circular and (iii) the Underlying.
The Product is not capital protected. The final return depends mainly on
the value of the Underlying assets. The Product may decline in value and
investors should be prepared to sustain a total loss of their investment in
the Product.
This simplified prospectus can be obtained free of charge from Deutsche Bank (Switzerland) Limited, Place des
Bergues 3, Case Postale 1416, 1211 Geneva.
Disclaimer
Deutsche Bank AG, London, is licensed to carry on banking business and to provide financial services by the German Federal Financial
Services Supervisory Authority ('Bundesanstalt für Finanzdienstleistungsaufsicht'), Deutsche Bank AG, London Branch, is also regulated by
the Financial Services Authority (“FSA”) for the conduct of UK business.
Important Notice
Before entering into this transaction, you should carefully consider whether the transaction is appropriate for you in light of your objectives,
financial and operational resources and other relevant circumstances, including the possible risks and benefits of entering into such
transaction. You should also ensure that you fully understand the nature of the transaction and contractual relationship into which you are
entering and the nature and extent of your exposure to risk of loss. This document contains a short summary description of the most
relevant terms and conditions of the Product. The complete terms and conditions are included in the prospectus, which can be obtained free
of charge at Deutsche Bank (Suisse) S.A., 3 place des Bergues, PO Box 1416, 1211 Geneva 1. The Term Sheet does not identify all the
risks (direct or indirect) or other considerations which might be material to you when entering into the transaction. Before entering into this
transaction, you should consider all risks described in the prospectus carefully and consult your own business, tax, legal and accounting
7.50% Barrier Reverse Convertible on Iberdrola
6
Final Termsheet
advisors and you should refrain from entering into this transaction with us unless you have fully understood its associated risks and have
independently determined that this transaction is appropriate for you. The relevant Tax Laws or the practice of the Tax Authorities may
change at any time. Deutsche Bank is not responsible for and assumes no liability with respect to any tax implications on this Product. We
are willing to enter into a transaction with you because we understand that you have sufficient knowledge, experience and professional
advice to make your own evaluation of the merits and risks of a transaction of this type and you are not relying on us nor any of the
companies in the Deutsche Bank group for information, advice or recommendations of any sort other than the factual terms of the
transaction.
This document fulfils the conditions of a simplified prospectus pursuant to art. 5 para. 2 of the Swiss Federal Act on Collective Investment
Schemes (CISA). This Product does not constitute a participation in a collective investment scheme in the meaning of the CISA and is not
subject to the authorization of the Swiss Financial Market Supervisory Authority (“FINMA”).
The facts contained herein are merely for information purposes. This document does not constitute an offer, an invitation, a
recommendation to enter into any transaction, nor investment advice; its sole purpose is the description of the Product. It does not qualify,
nor is similar to a prospectus according to art. 652a, 752 and 1156 of the Swiss Code of Obligations.
All opinions contained herein are based on the current view of the Issuer, and may be amended without prior notice. The Issuer does not
make any representation, recommendation or warranty, regarding the accuracy, adequacy, reasonableness or completeness of the
information contained herein, even though all information contained herein originates from sources believed to be reliable. Opinions and
estimates may be changed without notice and involve a number of assumptions, which may not prove valid. All rates and prices are subject
to change and are published for information purposes only and not as an indicator for tradable rates and prices. We or our affiliates or
persons associated with us or our affiliates (“Associated Persons”) may: maintain a long or short position in securities referred to herein, or
in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn
brokerage or other compensation. If applicable, the principal protection feature only applies if instruments are held to maturity.
Please note: market values may be affected by a number of factors including index values, volatility, time to maturity, dividend yields and
issuer credit ratings. These factors are interrelated in complex ways, and as a result, the effect of any one factor may be offset or magnified
by the effect of another factor.
Calculations of returns on the instruments are linked to any referenced index, interest rate, security or underlying asset. As such, the
investments may not be suitable for persons unfamiliar with such index, interest rate, security or underlying, or unwilling or unable to bear
the risks associated with the transaction. Products denominated in a currency, other than the investor’s home currency, will be subject to
changes in exchange rates, which may have an adverse effect on the value, price or return of the products. This product is not listed in
Switzerland, may not be listed elsewhere and may not be readily realisable investments. The securities referred to herein involve risks,
which may include interest rate, index, currency, credit, political, liquidity, time value, commodity and market risk and may not be suitable for
all investors.
The past performance of securities or other instruments does not guarantee or predict future performance. Unless notified to the contrary in
a particular case, these instruments are not insured by the US Federal Deposit Insurance Corporation (FDIC) or any governmental agency,
and are not obligations of or guaranteed by Deutsche Bank or its affiliates. The distribution of this document and availability of these
products and services in certain jurisdictions may be restricted by law. This document and the information contained herein may only be
distributed and published in jurisdictions in which such distribution and publication is permitted.
These securities have not been registered under the United States Securities Act of 1933, as amended, and trading in the securities has not
been approved by the United States Commodity Exchange Act, as amended. These products should not be marketed to US persons or
within the United States. No securities, or interests therein, may at any time be offered, sold, resold or delivered, directly or indirectly, in the
United States or to, or for the account or benefit of, any US person or to others for offer, sale, resale or deliver, directly or indirectly, in the
United States or to, or for the account or benefit of, any US person. No securities may be exercised or redeemed by or on behalf of a US
person or a person within the United States.
The information contained herein is confidential and may not be reproduced or used or distributed in whole or in part without prior written
consent by Deutsche Bank.
“Deutsche Bank” means Deutsche Bank AG and its affiliated companies, as the context requires. Deutsche Bank Private Wealth
Management refers to the private banking activities of Deutsche Bank.
MiFID: Further risk disclosures pursuant to MiFID can be obtained on http://globalmarkets.db.com/riskdisclosures
Acknowledgement
Deutsche Bank (Suisse) SA (“DBS” or the “Bank”) has taken note of the following:
You (i) have been informed of and are familiar with and understand the characteristics, features, terms and conditions of this Product and
accept and understand its inherent risks, including, without limitation, the risk of loss of your entire investment; (ii) have received, carefully
read and understood the Term Sheet/Fact Sheet, the Prospectus/Offering Memorandum related to this Product together with any
supplements thereto, the Bank’s brochure entitled “Special Risks in Securities Trading” in particular its sections related to the investments in
structured products and non-traditional funds which form integral part of your instruction to invest in the Product; (iii) have requisite
knowledge and experience to evaluate and assume the risks of your investment in the Product, (iv) have consulted with your own advisors
and are fully informed as to the tax and legal requirements and consequences within your country of domicile regarding your investment in
the Product, (v) are not a US Person as defined under the US securities Act of 1933, as amended, (vi) do not acquire the Product on behalf
of, nor for the benefit of a US Person; (vii) do not intend reselling, reoffering or transferring the Product or any interest therein to a US
person; (viii) are not relying on any communication (written or oral) of the Bank as investment advice or as a recommendation to enter into
this transaction, it being understood that information and explanations related to the terms and conditions of this Product shall not be
considered to be an investment advice or a recommendation to invest in the Product.
Your investment in the Product shall be done in the Bank’s name but exclusively for your account and at your risk and peril. The aggregate
amount of your investment in the Product is reasonable in relation to the net worth of your financial assets. Your investment will be
confirmed by a separate transaction advice issued by the Bank.
You have agreed that DBS (i) is authorized to debit your account with the amount to be settled in order to acquire the Product and with any
applicable Swiss and foreign taxes, fees and other costs (such as but not limited to stamp taxes, etc.) related thereto, (ii) is entitled to, may
receive and keep for itself commissions, retrocessions, or other recurring fees / compensations paid to it by entities involved directly or
indirectly in the Product. More detailed information on such remunerations may be provided by DBS upon your written request.
7.50% Barrier Reverse Convertible on Iberdrola
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Final Termsheet
Any information, which you have furnished to DBS, is true, correct and complete.
The instruction to execute this transaction shall not expire in the event of your legal incapacity, bankruptcy, unknown whereabouts or death
or for any reasons stipulated in Articles 35 and 405 of the Swiss Code of Obligations.
The General Business Conditions and Deposit Regulations of Deutsche Bank (Suisse) SA shall likewise apply, particularly in respect of the
applicable law and place of jurisdiction.
Yours faithfully,
Deutsche Bank (Suisse) SA
Confirmation without signature