New Issue: Deutsche Bank prices $2 million capped knock-out notes on Telefonica

By Marisa Wong

Madison, Wis., Jan. 16 - Deutsche Bank AG, London Branch priced $2 million of 0% knock-out notes due July 17, 2015 linked to the ordinary shares of Telefonica, SA, according to a 424B2 filing with the Securities and Exchange Commission.

If the final share price is equal to or greater than 75% of the initial price, the payout at maturity will be par plus the greater of the stock return and the contingent minimum return of 2%.

Otherwise, investors will be fully exposed to the decline in the share price from the initial price.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying shares:	Telefonica, SA (NYSE: TEF)
Amount:	$2 million
Maturity:	July 17, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If stock falls by more than 25%, par plus stock return, with full exposure to losses from initial share price; otherwise, par plus greater of stock return and 2%
Initial price:	€12.31
Knock-out price:	€9.23, 75% of initial price
Pricing date:	Jan. 14
Settlement date:	Jan. 17
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	25152RHA4

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