New Issue: Deutsche Bank prices $551,000 capped knock-out notes linked to S&P 500

By Susanna Moon

Chicago, Aug. 6 – Deutsche Bank AG, London Branch priced $551,000 of 0% capped knock-out notes due Aug. 19, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes below the 83.2% knock-out level during the life of the notes, the payout at maturity will be par plus any index gain, up to a maximum return of 15% and with a minimum payout of par.

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 index:	S&P 500 index
Amount:	$551,000
Maturity:	Aug. 19, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index never dips below knock-in level during life of notes, par plus any index gain, floor of par and capped at 15%; otherwise, par plus return with full exposure to losses
Initial level:	1,925.15
Knock-out level:	1,601.72, 83.2% of initial level
Pricing date:	Aug. 1
Settlement date:	Aug. 6
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	25152RMY6

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