New Issue: Deutsche Bank prices $19.13 million market-linked step-up autocallables on Euro Stoxx 50

By Susanna Moon

Chicago, Dec. 2 – Deutsche Bank AG, London Branch priced $19.13 million of 0% autocallable market-linked step-up notes due Nov. 24, 2017 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus 12.4% per year if the index closes at or above the initial level on either annual call date.

If the index finishes above the step-up value – 135% 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 35%.

Otherwise, investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Autocallable market-linked step-up notes
Underlying index:	Euro Stoxx 50
Amount:	$19,129,040
Maturity:	Nov. 24, 2017
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 35%; otherwise, exposure to any losses
Initial level:	3,226.15
Step-up value:	4,355.30, 135% of initial level
Call:	At par plus 12.4% per year if index closes at or above initial level on Nov. 27, 2015 or Nov. 18, 2016
Pricing date:	Nov. 25
Settlement date:	Dec. 3
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	25157U259

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