New Issue: Deutsche Bank prices $2 million capped knock-out notes on S&P 500, Russell 2000

By Toni Weeks

San Diego, Oct. 18 - Deutsche Bank AG, London Branch priced $2 million of 0% capped knock-out notes due Jan. 6, 2014 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if either index falls by more than 19.5% from its initial level on the final valuation date.

If a knock-out event does not occur and the return of the worst-performing index is positive, the payout at maturity is par plus a contingent minimum return of 50%.

If a knock-out event does not occur and the return of the worst-performing index is flat or negative, investors will receive par.

If a knock-out event occurs, the payout at maturity is par plus the return of the worst-performing index, with full exposure to 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 indexes:	S&P 500, Russell 2000
Amount:	$2 million
Maturity:	Jan. 6, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If either index falls by more than 19.5% from initial level on Dec. 31, 2013, par plus index return, with exposure to losses; if neither index falls by 19.5% on that date and index return is positive, par plus 50%; otherwise, par
Initial levels:	1,224.58 for S&P 500, 712.46 for Russell
Knock-out levels:	985.79 for S&P 500, 573.53 for Russell; 80.5% of initial levels
Pricing date:	Oct. 14
Settlement date:	Oct. 19
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	2515A1DU2

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