New Issue: Deutsche Bank prices $31.94 million tracker notes linked to basket of ETFs, indexes

By Toni Weeks

San Diego, Dec. 12 - Deutsche Bank AG, London Branch priced $31.94 million of 0% tracker notes due Dec. 11, 2014 linked to a basket of indexes and exchange-traded funds, according to a 424B2 with the Securities and Exchange Commission.

The basket includes the Deutsche Bank Equity Mean Reversion Alpha index (Emerald) with a 200% weight, the Deutsche Bank Equity Mean Reversion Alpha Index Emerging Markets (Emerald EM) with a 100% weight, the iShares MSCI EAFE index fund with a 25% weight, the iShares MSCI Emerging Markets index fund with a 25% weight, the iShares MSCI All Country Asia ex Japan index fund with a 12.5% weight, the iShares MSCI Pacific ex Japan index fund with a 12.5% weight, the iShares MSCI Brazil index fund with a 5% weight, the iShares MSCI FTSE China 25 index fund with a 5% weight, the WisdomTree India Earnings fund with a 5% weight, the iShares MSCI South Korea index fund with a 5% weight, the Market Vectors Indonesia Index ETF with a 3% weight and the iShares MSCI Indonesia Investable Market index fund with a 2% weight.

The basket level on any day equals 100 plus the sum of the weighted returns of the basket components. The return of each component is reduced by an adjustment factor, which is 1% per year for Emerald; 1.25% per year for Emerald EM; 0.9989 minus 0.2% per year for iShares MSCI EAFE, iShares MSCI EM and iShares MSCI Brazil; and a flat 0.9989 for the remaining basket components.

Investors will receive a quarterly cash payment reflecting the amount of cash dividends, if any, declared and paid by each basket ETF to its shareholders.

The payout at maturity will be par plus 400% of the basket return, which could be positive or negative.

The notes will be called at par plus the basket return if the basket level falls below 40.

The notes are putable in whole or in part on any trading day excluding the pricing date and final valuation date at par plus the basket return minus an investor redemption fee of 0.5%.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Tracker notes
Underlying components: Deutsche Bank Equity Mean Reversion Alpha index (Emerald) (200% weight), Deutsche Bank Equity Mean Reversion Alpha Index Emerging Markets (Emerald EM)(100% weight), iShares MSCI EAFE index fund (25% weight), iShares MSCI Emerging Markets index fund (25% weight), iShares MSCI All Country Asia ex Japan index fund (12.5% weight), iShares MSCI Pacific ex Japan index fund (12.5% weight), iShares MSCI Brazil index fund (5% weight), iShares MSCI FTSE China 25 index fund (5% weight), WisdomTree India Earnings fund (5% weight), iShares MSCI South Korea index fund (5% weight), Market Vectors Indonesia Index ETF (3% weight) and iShares MSCI Indonesia Investable Market index fund (2% weight)
Amount:	$31,944,000
Maturity:	Dec. 11, 2014
Coupon:	0%
Dividend:	A cash payment for any dividends, if any, paid by each basket ETF; payable quarterly
Price:	Par
Payout at maturity:	Par plus 400% of the basket return
Initial basket level:	100
Basket level:	On any day, 100 plus sum of the weighted returns of the basket components, minus an adjustment factor of 1% per year for Emerald; 1.25% per year for Emerald EM; 0.9989 minus 0.2% per year for iShares MSCI EAFE, iShares MSCI EM and iShares MSCI Brazil; and a flat 0.9989 for the remaining basket components
Initial component levels: 205.21 for Deutsche Bank Equity Mean Reversion Alpha index (Emerald), 213.71 for Deutsche Bank Equity Mean Reversion Alpha Index Emerging Markets (Emerald EM), $55.49 for iShares MSCI EAFE index fund, $42.79 for iShares MSCI Emerging Markets index fund, $59.23 for iShares MSCI All Country Asia ex Japan index fund, $47.2 for iShares MSCI Pacific ex Japan index fund, $53.02 for iShares MSCI Brazil index fund, $38.43 for iShares MSCI FTSE China 25 index fund, $19.2 for WisdomTree India Earnings fund, $60.83 for iShares MSCI South Korea index fund, $28.51 for Market Vectors Indonesia Index ETF and $29.91 for iShares MSCI Indonesia Investable Market index fund
Call:	At par plus basket return if basket level falls below 40
Pricing date:	Dec. 7
Settlement date:	Dec. 12
Agent:	Deutsche Bank Securities Inc.
Fees:	0.15%
Cusip:	25152RAQ6

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