New Issue: Deutsche Bank prices $2.61 million knock-out notes linked to S&P 500

By Susanna Moon

Chicago, May 12 – Deutsche Bank AG, London Branch priced $2.61 million of 0% knock-out notes due Nov. 16, 2016 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index closes below the knock-out level, 76.5% of the initial level, on any day during the life of the notes.

If the index finishes at or above the initial level, the payout at maturity will be par plus any gain.

If a knock-out event has not occurred and the index falls, the payout will be par.

Otherwise, investors will be fully exposed to any losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$2,605,000
Maturity:	Nov. 16, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus the return; if index falls but has never closed below knock-out level, par; otherwise, full exposure to any losses
Initial level:	2,116.10
Knock-out level:	1,618.82, 76.5% of initial level
Pricing date:	May 8
Settlement date:	May 13
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	25152RE41

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