New Issue: Deutsche Bank prices $17.21 million step-up notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., June 29 – Deutsche Bank AG, London Branch priced $17.21 million of 0% market-linked step-up notes due June 23, 2017 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 113.4% of the initial index level.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 13.4%.

If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.

BofA Merrill Lynch is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$17,214,310
Maturity:	June 23, 2017
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 13.4%; if final index level is less than initial level, one-to-one exposure to decline
Initial level:	2,102.31
Step-up value:	2,384.02, 113.4% of initial level
Pricing date:	June 25
Settlement date:	July 2
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	25155G260

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