New Issue: Deutsche Bank prices $5.44 million capped knock-out notes linked to S&P 500

By Susanna Moon

Chicago, Feb. 5 - Deutsche Bank AG, London Branch priced $5.44 million of 0% capped knock-out notes due Aug. 5, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index level closes down by more than the 20.1% knock-out buffer amount on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus any index gain.

Otherwise, investors will receive par unless the index falls, in which case the payout will be par plus return with full exposure to losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying index:	S&P 500
Amount:	$5,435,000
Maturity:	Aug. 5, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index never dips below knock-in level, par plus any index gain; otherwise, par unless index falls, in which case plus return with full exposure to losses
Initial level:	1,782.59
Knock-in level:	1,424.29, 79.9% of initial level
Pricing date:	Jan. 31
Settlement date:	Feb. 5
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1.25%
Cusip:	25152RHG1

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