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Termsheet Express Certificate on Euro Stoxx 50 Index with 60 ...

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<str<strong>on</strong>g>Termsheet</str<strong>on</strong>g><br />

<str<strong>on</strong>g>Express</str<strong>on</strong>g> <str<strong>on</strong>g>Certificate</str<strong>on</strong>g> <strong>on</strong> <strong>Euro</strong> <strong>Stoxx</strong> <strong>50</strong> <strong>Index</strong><br />

<strong>with</strong> <strong>60</strong>% Barrier<br />

3<br />

Symbol<br />

Tax Treatment<br />

DBEEC<br />

No Swiss <strong>with</strong>holding tax <strong>on</strong> interest and premium payments. No Swiss federal<br />

stamp duty at issuance (primary market). Swiss federal stamp duty <strong>on</strong> sec<strong>on</strong>dary<br />

market transacti<strong>on</strong>s. This <str<strong>on</strong>g>Certificate</str<strong>on</strong>g> is classified as transparent and IUP (Interest<br />

Unique Predominant).<br />

For private investors resident in Switzerland the increase of the value of the b<strong>on</strong>d<br />

part when sold before maturity, called by the Issuer before maturity or redeemed at<br />

maturity (calculated according to the so-called "Modifizierte Differenzbesteuerung")<br />

are subject to the Swiss federal direct tax. The b<strong>on</strong>dfloor at issue is 87.42%<br />

(indicative, Reference Swap 2.725%) per denominati<strong>on</strong>. However, any gain derived<br />

from the opti<strong>on</strong> is c<strong>on</strong>sidered as capital gain and therefore for such taxpayers in<br />

principle not subject to the Swiss federal direct tax.<br />

For Swiss paying agents, this product is out of scope (TK7). The interest payment is<br />

subject to the EU tax retenti<strong>on</strong>.<br />

The tax situati<strong>on</strong> or the practice of the tax authorities may change during the<br />

lifetime of the product at any time. For further informati<strong>on</strong> <strong>on</strong> the tax treatment and<br />

tax implicati<strong>on</strong>s investors should c<strong>on</strong>sult their tax advisors. Deutsche Bank AG,<br />

Frankfurt expressly excludes all liabilities in respect to any tax implicati<strong>on</strong>s.

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