New Issue: Deutsche Bank prices $830,000 capped knock-out notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Nov. 13 - Deutsche Bank AG, London Branch priced $830,000 of 0% capped knock-out notes due Nov. 26, 2014 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 falls by more than 20% during the life of the notes.

If a knock-out event does not occur, the payout at maturity will be par plus the index return, subject to a minimum return of zero.

If a knock-out event occurs, the payout at maturity will be par plus the index return, with exposure to losses, if any.

In either case, the return will be capped at 12.5%.

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 index:	S&P 500
Amount:	$830,000
Maturity:	Nov. 26, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls by more than 20% during life of notes, par plus lesser of index return and 12.5%; otherwise, par plus index return, subject to minimum payout of par and maximum return of 12.5%
Initial index level:	1,770.61
Final index level:	Average of index's closing levels on five trading days ending Nov. 21, 2014
Knock-out level:	1,416.49, 80% of initial level
Pricing date:	Nov. 8
Settlement date:	Nov. 14
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	25152RFQ1

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