New Issue: Deutsche Bank prices $5.2 million three-year barrier step securities linked to S&P 500

By Toni Weeks

San Diego, May 4 - Deutsche Bank AG, London Branch priced $5.2 million of 0% barrier step securities due May 7, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and exchange Commission.

If the final index level is at least 80% of the initial index level, the payout at maturity will be par plus the greater of the index return and the step return of 13.95%.

If the final index level is less than 80% of the initial index level, the payout will be par plus the index return.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Barrier step securities
Underlying index:	S&P 500
Amount:	$5.2 million
Maturity:	May 7, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least 80% of initial level, par plus greater of index return and 13.95%; if final index level is less than 80% of initial level, par plus index return
Initial level:	1,361.22
Barrier level:	1,088.98, 80% of initial
Pricing date:	May 2
Settlement date:	May 5
Agent:	Deutsche Bank Securities Inc.
Fees:	0.75%
Cusip:	2515A16E6

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