New Issue: Deutsche Bank prices $7.24 million capped knock-out notes on Brent crude via JPMorgan

By Toni Weeks

San Diego, July 17 - Deutsche Bank AG, London Branch priced $7.24 million of 0% capped knock-out notes due July 19, 2013 linked to Brent crude futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the price of Brent crude futures contracts falls by more than 25% from the initial price on the July 16, 2013 final valuation date.

If a knock-out event does not occur, the payout at maturity will be par plus the commodity return, subject to a contingent minimum return of 11.02%.

If a knock-out event occurs, the payout at maturity will be par plus the commodity return, with full exposure to losses.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying commodity:	Brent crude futures contracts
Amount:	$7,244,000
Maturity:	July 19, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If contract price falls by more than 25% from initial price, par plus commodity return, with exposure to losses; otherwise, par plus 11.02%
Initial price:	$102.40
Knock-out price:	$76.80, 75% of initial price
Pricing date:	July 13
Settlement date:	July 18
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	2515A1KV2

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