New Issue: Deutsche Bank prices $10.96 million knock-out notes on Euro Stoxx 50

By Marisa Wong

Madison, Wis., Aug. 21 - Deutsche Bank AG, London Branch priced $10.96 million of 0% knock-out notes due Feb. 26, 2014 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index's closing level is less than the initial index level by more than 30% on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus the greater of the index return and the contingent minimum return of 10%. If a knock-out event has occurred, the payout will be par plus the index return, which could be positive or negative.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$10,962,000
Maturity:	Feb. 26, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes below initial level by more than 30% on any day during life of notes, par plus index return, with exposure to losses; otherwise, par plus greater of index return and 10%
Initial level:	2,471.53
Knock-out level:	1,730.07, 70% of initial level
Pricing date:	Aug. 17
Settlement date:	Aug. 22
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC (placement)
Fees:	1.25%
Cusip:	2515A1LC3

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