New Issue: Deutsche prices $13.85 million Accelerated Return Notes on Russell 2000

New York, Nov. 27 – Deutsche Bank AG, London Branch priced $13,851,280 of 0% Accelerated Return Notes due Nov. 23, 2016 linked to the Russell 2000 Index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 300% of the index return, subject to a maximum payout of par plus 20.65%. Investors will lose 1% for every 1% decline in the index.

The starting value of the index will be its lowest closing level during the month following pricing.

Merrill Lynch & Co. is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Accelerated Return Notes
Underlying index:	Russell 2000 Index
Amount:	$13,851,280
Maturity:	Nov. 23, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is positive, par plus 300% of index return, subject to maximum payout of par plus 20.65%; 1% loss for every 1% decline
Initial index level:	Lowest level of index during the month following the pricing date
Pricing date:	Nov. 25
Settlement date:	Dec. 3
Underwriters:	Merrill Lynch & Co.
Fees:	2%
Cusip:	25190A849

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