New Issue: Deutsche prices $1 million capped knock-out notes on salesforce.com

By Jennifer Chiou

New York, June 27 - Deutsche Bank AG, London Branch priced $1 million of 0% capped knock-out notes due July 10, 2014 linked to the common stock of salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the price of Salesforce.com shares is at least 80% of the initial share price during the life of the notes, the payout at maturity will be par plus the greater of 20% and the stock return, subject to a maximum return of 30%.

Otherwise, investors will receive the lesser of the stock return and the maximum cap, with full exposure to any losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying stock:	salesforce.com, inc. (NYSE: CRM)
Amount:	$1 million
Maturity:	July 10, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If final share price is at least 80% of initial share price during the life of the notes, par plus greater of 20% and stock return, subject to cap of 30%; otherwise, full exposure to stock decline if stock falls
Initial share price:	$36.95
Knock-out price:	$29.56, 80% of initial price
Pricing date:	June 24
Settlement date:	June 27
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	25152RDR1

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