New Issue: Deutsche Bank prices $26.36 million capped leveraged buffered notes tied to S&P 500

By Jennifer Chiou

New York, July 24 – Deutsche Bank AG, London Branch priced $26,355,000 of 0% capped leveraged buffered index-linked notes due July 26, 2016 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 1.5 times the index gain, subject to a maximum payment of $1,137.70 per $1,000 of notes.

Investors will receive par if the index falls by up to 10% and will share in losses at a rate of 1.11111% per 1% drop beyond the 10% buffer.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped leveraged buffered index-linked notes
Underlying index:	S&P 500
Amount:	$26,355,000
Maturity:	July 26, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 150% of index gain, with returns capped at 13.77%; par if index falls by up to 10%; 1.11111% loss for every 1% decline beyond 10%
Initial level:	1,973.63
Buffer level:	90% of initial level
Pricing date:	July 21
Settlement date:	July 28
Agent:	Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25152RMF7

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