New Issue: Deutsche Bank sells $2.32 million two-year review notes tied to S&P 500

By Toni Weeks

San Diego, July 31 - Deutsche Bank AG, London Branch priced $2.32 million of 0% review notes due July 30, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a 10.6% per year call premium if the index closes at or above the initial index level on any of the quarterly review dates. The first review date is Aug. 1, 2013.

If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial level. Otherwise, investors will lose 1.1111% for every 1% that the index declines beyond the 10% buffer.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P 500
Amount:	$2,318,000
Maturity:	July 30, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	Par, if final index is at least 90% of initial level; otherwise, 1.1111% loss for every 1% decline beyond 10%
Initial level:	1,385.97
Call:	At par plus 10.6% per year if index closes at or above initial level on Aug. 1, 2013, Jan. 27, 2014 or July 25, 2014
Pricing date:	July 27
Settlement date:	Aug. 1
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	2515A1L74

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