New Issue: Deutsche Bank prices $30.71 million review notes tied to WTI crude oil

By Marisa Wong

Madison, Wis., Aug. 4 – Deutsche Bank AG, London Branch priced $30.71 million of 0% review notes due Aug. 19, 2015 linked to WTI crude oil futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized premium of 11.25% if the futures contract price closes at or above the initial price on a quarterly review date.

If the notes are not called, the payout at maturity will be par if the underlying return is at least negative 15%. Investors will be otherwise fully exposed to losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying asset:	WTI crude oil futures contracts
Amount:	$30,714,000
Maturity:	Aug. 19, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par if underlying return is at least negative 15%; otherwise, full exposure to losses
Call:	Automatically at par plus 11.25% per year if futures contract price closes at or above initial price on a quarterly review date
Initial price:	$98.17
Trigger price:	$83.44, 85% of the initial price
Final price:	Average of closing prices on five averaging dates ending Aug. 14, 2015
Pricing date:	July 31
Settlement date:	Aug. 5
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA (placement)
Fees:	1%
Cusip:	25152RNE9

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