New Issue: Deutsche Bank prices $3.52 million capped knock-out notes tied to WTI crude oil

By Susanna Moon

Chicago, Aug. 5 – Deutsche Bank AG, London Branch priced $3.52 million of 0% capped knock-out notes due Dec. 18, 2015 linked to the performance of WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

If the price of crude finishes above the 85% knock-out level, the payout at maturity will be par plus the greater of the contingent minimum return of 7% and double any gain up to a maximum return of 15%.

Otherwise, the payout will be par plus return with full exposure to losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying asset:	WTI crude oil futures contracts
Amount:	$3,524,000
Maturity:	Dec. 18, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes above knock-in level, par plus 200% of any index gain, floor of 7% and capped at 15%; otherwise, par plus return with full exposure to losses
Initial level:	$97.88
Knock-out level:	$83.20, 85% of initial level
Pricing date:	Aug. 1
Settlement date:	Aug. 6
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.2%
Cusip:	25152RNH2

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