New Issue: Deutsche Bank prices $670,000 capped knock-out notes on seven stocks

By Marisa Wong

Madison, Wis., July 24 - Deutsche Bank AG, London Branch priced $670,000 of 0% capped knock-out notes due Aug. 7, 2013 linked to a basket of seven stocks, according to a 424B2 filing with the Securities and Exchange Commission.

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

The equally weighted basket includes the common stocks of Cenovus Energy, Inc., ConocoPhillips, Exxon Mobil Corp. and Occidental Petroleum Corp. and the American Depositary Shares of BP plc, Royal Dutch Shell plc and Total SA.

A knock-out event occurs if the basket level on the final valuation date has fallen by more than 20% relative to the initial level.

If a knock-out event occurs, investors will be fully exposed to the decline of the basket.

If a knock-out event does not occur, the payout will be par plus the basket return, subject to a contingent minimum return of 1.6% and a maximum return of 20%.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying stocks:	BP plc, Cenovus Energy, Inc., ConocoPhillips, Exxon Mobil Corp., Occidental Petroleum Corp., Royal Dutch Shell plc and Total SA, equally weighted
Amount:	$670,000
Maturity:	Aug. 7, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is less than 80% of initial basket level, full exposure to basket decline; otherwise, par plus basket return, subject to contingent minimum return of 1.6% and maximum return of 20%
Pricing date:	July 20
Settlement date:	July 25
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1KZ3

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