Termsheet Express Certificate on Euro Stoxx 50 Index with 60 ...

<strong>Termsheet</strong>
<strong>Express</strong> <strong>Certificate</strong> on Euro Stoxx 50 Index
with 60% Barrier
5
Dividends, transaction costs, provisions and taxes are not considered in the scenario analysis and would have, if considered, a
negative effect on the performance of the certificate.
Benefits
Attractive return opportunity with early redemption provision, if the underlying trades at or above the strike on the
respective redemption date
In case there is no early redemption, conditional downside protection, if the underlying does not trade below the barrier on
Final Redemption Date (the redemption will be equal to 115% of the Nominal Amount in this case)
Risks
No early redemption, if the underlying trades below the strike on each of the redemption dates
If the underlying trades below the barrier on Final Redemption Date, the risk of the certificate is comparable to the risk of a
direct investment into the underlying. Worst case: if the underlying becomes valueless, the investor loses his entire
investment.
Participation in the positive performance of the underlying is limited by the redemption amount
In case of a strong negative performance of the underlying, the liquidity of the certificate in secondary market can be
limited. Potentially only Deutsche Bank is available as counterparty to buy back the certificate. Deutsche Bank will
continuously during the lifetime of the product provide indicative bid-offer-prices, without being legally obliged to do so.
Determination of market price during the lifetime of the product
During the lifetime of the product, the price of the certificate depends on the price of the underlying and different other factors.
The development of the price of the certificate might deviate from the price of the underlying during the lifetime of the product.
On the upside, the participation in the positive performance of the underlying is limited, since the maximum possible payout in
case of an early redemption is capped.
Following factors have generally a positive impact on the value of the certificate
Price of the underlying increases
Decreasing volatility of the underlying
Decreasing interest rates
Decreasing dividends
General Information on the issue price and pricing in the secondary market for structured products
1. Determinants of the issue price:
- Mathematical “fair” value: The theoretical „fair” value depends in particular on the value of the underlying as well as
certain derivative components of the security (see product description)
- Premium: The issue price charged for the securities can comprise a premium on the original mathematical „fair“ value
which is not visible to investors. Such premium is determined by the issuer in its discretion and can differ from premiums
charged by other issuers for comparable securities. The premium covers in particular costs for structuring the security
and the distribution.
- Disclosed management or other fees
A disclosed loading charge might be charged in addition.
2. Secondary market pricing:
Circumstances taken into account by the market maker when setting the quoted bid-offer prices in the secondary market are
notably
- The mathematical „fair“ value
- The bid-offer spread: The bid-offer spread for the Securities will be set by the market-maker based on supply and
demand for the Securities and certain revenue considerations.
- A loading charge originallly raised
- Fees or costs which at maturity of the securities are to be subtracted from the cash amount, i.e. management, transaction
or other fees charged on the basis of the product conditions.
- A premium on the securities original value contained in their issue price (see point 1)