New Issue: Deutsche prices $1.68 million capped knock-out notes on Hang Seng index

By Jennifer Chiou

New York, Nov. 21 - Deutsche Bank AG, London Branch priced $1,675,000 of 0% capped knock-out notes due Dec. 4, 2013 linked to the Hang Seng China Enterprises index and the Hong Kong dollar relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

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

A knock-out event occurs if the final level is less than the initial level by more than 20%. The final level will equal the final index closing level multiplied by the final spot rate.

If a knock-out event does not occur, the payout at maturity will be par plus any gain, up to a maximum return of 25% and with a minimum return of par.

Otherwise, the payout at maturity will be par plus the return, with exposure to any losses.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying assets:	Hang Seng China Enterprises index and the Hong Kong dollar relative to the U.S. dollar
Amount:	$1,675,000
Maturity:	Dec. 4, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If final level is less than the initial level by more than 20%, par plus return with exposure to losses; otherwise, par plus any again, capped at 25% and with floor of par
Initial level:	1,321.33186, equal to 10,242.70 closing level on trade date multiplied by 0.1290023 spot rate
Pricing date:	Nov. 16
Settlement date:	Nov. 21
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	25152RAB9

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