ISSUER FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-137902 Dated February 26, 2007 |
Performance Securities with Contingent Protection Linked to an Index
Deutsche Bank AG, London Branch
* | Expected |
In the event that we make any change to the expected Trade Date and Settlement Date, the Final Valuation Date and Maturity Date will be changed so that the stated term of the Notes remains the same.
This offering summary represents a summary of the terms and conditions of the Notes. We encourage you to read term sheet No. 39D related to this offering dated February 26, 2007, together with the prospectus dated October 10, 2006, as supplemented by the prospectus supplement dated November 13, 2006 and product supplement D dated December 27, 2006.
Notes: 1 The Participation Rate will be set on the Trade Date. 2 Moody’s Investors Service Ltd has assigned a rating of Aa3 to notes, such as the notes offered hereby, issued under Deutsche Bank AG’s Global Notes Program, Series A.
Investor Suitability |
Key Risks |
¨ | Your investment in the Notes may result in a loss of your entire principal—If the applicable Index closes below the applicable Trigger Level on any trading day during the Observation Period, your investment will be fully exposed to any decline in the applicable Index Ending Level, as compared to the applicable Index Starting Level. Accordingly, you could lose the entire principal amount of your Notes. |
¨ | Your principal protection may terminate on any day during the term of the Notes—Your principal will be protected only if the applicable Index closing level never falls below the applicable Trigger Level, and you hold your notes until maturity. The likelihood of the closing level of the applicable Index declining below the applicable Trigger Level on any single trading day during the Observation Period will depend in large part on the volatility of the applicable Index—the frequency and magnitude of changes in the level of the applicable Index. |
¨ | Certain built-in costs, such as the agents’ commission and our estimated cost of hedging, are likely to adversely affect the value of the Notes prior to maturity—You should be willing and able to hold your Notes to maturity. |
¨ | You will not receive interest payments on the Notes or have voting rights or rights to receive cash dividends or other distributions. |
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Except as provided below, no direct exposure to fluctuations in foreign exchange rates—The value of your Notes will not be adjusted for fluctuations in exchange rates related to the U.S. dollar that might affect the Dow Jones Euro STOXX 50® Index, the Nikkei® 225 Index or the Hang Seng China Enterprises Index. |
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Notes linked to the MSCI Emerging Markets IndexSM may be subject to currency exchange risk because the MSCI Emerging Markets IndexSM (but not its component stocks) is denominated in U.S. dollars. |
¨ | We are one of the companies that make up the Dow Jones EURO STOXX 50® Index, but we are not affiliated with the sponsor of, or with any of the other companies whose stock is included in, any Index. As a result, we will have no ability to control the actions of such sponsors or other companies which could affect the value of your Notes. |
¨ | Lack of liquidity—There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. |
¨ | Potential conflicts—Because we and our affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under the Notes, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes. |
¨ | In addition to the level of the applicable Index on any day, many economic and market factors will affect the value of the Notes. |
¨ | We and our affiliates and agents may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Notes, which could affect the level of the applicable Index or the value of the Notes. |
Investing in the notes involves a number of risks. See “Risk Factors” in the accompanying product supplement and “Selected Risk Considerations” in the accompanying term sheet. Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Deutsche Bank AG, any agent or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement, product supplement and this term sheet if you so request by calling toll-free 1-800-311-4409.
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. We will notify you in the event of any changes to the terms of the notes, and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.