New Issue: Deutsche Bank prices $8.9 million capped absolute return barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 13 - Deutsche Bank AG, London Branch priced $8.9 million of 0% capped absolute return barrier securities due April 14, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the initial level, the payout at maturity will be par plus 120% of the gain, subject to a maximum return of 43.2%.

If the final index level is less than the initial level, the payout at maturity will be par plus the index return if the index closes below 60% of the initial level on any day during the life of the notes. Otherwise, the payout will be par plus the absolute value of the index return.

Deutsche Bank Securities Inc. is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped absolute return barrier securities
Underlying index:	S&P 500
Amount:	$8.9 million
Maturity:	April 14, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 120% of index return, up to maximum return of 43.2%; if final index level is less than initial level and index falls below 60% of initial level on any day during life of notes, par plus index return; otherwise, par plus absolute value of index return
Initial index level:	1,324.46
Pricing date:	April 11
Settlement date:	April 14
Agent:	Deutsche Bank Securities Inc.
Fees:	0.75%
Cusip:	2515A15U1

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