New Issue: Deutsche prices $35.63 million market-linked step-up notes on S&P 500

By Jennifer Chiou

New York, Nov. 26 – Deutsche Bank AG, London Branch priced $35,634,700 of 0% market-linked step-up notes due Nov. 28, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value – 111.77% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index finishes at or above the initial level but at or below the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 11.77%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$35,634,700
Maturity:	Nov. 28, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up level, par plus gain; if index gains up to step-up value, par plus 11.77%; exposure to any losses
Initial level:	2,067.03
Step-up value:	2,310.32, 111.77% of initial level
Pricing date:	Nov. 25
Settlement date:	Dec. 3
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	25190A831

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