New Issue: Deutsche Bank prices $6 million phoenix autocallable securities tied to indexes

By Wendy Van Sickle

Columbus, Ohio, July 24 – Deutsche Bank AG, London Branch priced $6 million of phoenix autocallable securities due July 14, 2033 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each underlying index closes at or above its coupon barrier, 87.5% of its initial level, on any quarterly observation date, the issuer will pay a contingent coupon at an annual rate of 9.5%. In that event a coupon will also be paid for any previously unpaid quarter.

If each index closes at or above its initial level on any quarterly observation date after three years, the notes will be called at par plus the coupon.

If the notes are not called and the least-performing index finishes at or above the 50% trigger level, the payout at maturity will be par plus the coupon. Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Phoenix autocallable securities
Underlying indexes:	Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
Amount:	$6 million
Maturity:	July 14, 2033
Coupon:	9.5%, payable quarterly if each index closes at or above its coupon barrier on observation date for that period, in which case also will pay coupon for any previously unpaid quarter
Price:	Par
Payout at maturity:	If least-performing index finishes at or above 50% trigger level, par plus the coupon; otherwise, 1% loss for each 1% decline of least-performing index from its initial level
Initial levels:	1,683.662 for Russell, 2,774.02 for S&P, 3,422.35 for Stoxx
Coupon barrier levels:	1,473.204 for Russell, 2,427.27 for S&P, 2,994.56 for Stoxx; 87.5% of initial levels
Trigger levels:	841.831 for Russell, 1,387.01 for S&P, 1,711.18 for Stoxx; 50% of initial levels
Call:	At par plus coupon if each index closes at or above initial level on any quarterly observation date after three years
Pricing date:	July 11
Settlement date:	July 16
Agent:	Deutsche Bank Securities Inc.
Fees:	4%
Cusip:	25155MLH2

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