Bond Deutsch Bank London 0% ( US25154V2016 ) in USD

Issuer Deutsch Bank London
Market price 100 %  ▲ 
Country  Germany
ISIN code  US25154V2016 ( in USD )
Interest rate 0%
Maturity 31/12/2021 - Bond has expired



Prospectus brochure of the bond Deutsche Bank (London Branch) US25154V2016 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 2 843 000 USD
Cusip 25154V201
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Deutsche Bank (London Branch) is a subsidiary of Deutsche Bank AG, operating as a significant financial institution in London, offering a wide range of banking and financial services.

The Bond issued by Deutsch Bank London ( Germany ) , in USD, with the ISIN code US25154V2016, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/12/2021







Pricing Supplement No. 1385B
http://www.sec.gov/Archives/edgar/data/1159508/000119312511355134...
424B2 1 d274037d424b2.htm PRICING SUPPLEMENT NO. 1385B
PRICING SUPPLEMENT No. 1385B
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-162195
Dated December 27, 2011

Linked to the S&P 500® Index due December 31, 2021

Investment Description
The Trigger Performance Securities (the "Securities") are unsubordinated and unsecured debt obligations of Deutsche Bank AG, London Branch (the "Issuer")
with returns linked to the performance of the S&P 500 I
® ndex (the "Index"). If the Index Return is positive, Deutsche Bank AG will pay your initial investment at
maturity plus a return equal to the Index Return multiplied by the Participation Rate of 209.41%. If the Index Return is zero or negative and the Final Level is greater
than or equal to the Trigger Level, Deutsche Bank AG will pay your initial investment at maturity. However, if the Final Level is less than the Trigger Level, you will
be fully exposed to the negative Index Return and Deutsche Bank AG will pay you less than your initial investment at maturity, resulting in a loss to investors that is
proportionate to the percentage decline in the Index. Investing in the Securities involves significant risks. You will not receive interest payments during
the 10-year term of the Securities. You may lose some or all of your initial investment. You will not receive dividends or other distributions paid on
any stocks included in the Index. The contingent repayment of your initial investment applies only if you hold the Securities to maturity. Any payment
on the Securities, including any repayment of your initial investment provided at maturity, is subject to the creditworthiness of the Issuer. If the
Issuer were to default on its payment obligations, you may not receive any amounts owed to you under the Securities and you could lose your entire
investment.

Features
Key Dates

q
Participation in Positive Index Returns: If the Index Return is
Trade Date

December 27, 2011
positive, the Issuer will repay your initial investment at maturity and pay

a return equal to the Index Return multiplied by the Participation Rate.
Settlement Date

December 30, 2011
If the Index Return is negative, investors may be exposed to the
Final Valuation Date1
December 27, 2021
decline in the Index at maturity.
1

Maturity Date

q

December 31, 2021
Downside Exposure with Contingent Repayment of Your Initial

Investment at Maturity: If the Index Return is zero or negative and
1 See page 3 for additional details.
the Final Level is not less than the Trigger Level, the Issuer will repay
your initial investment at maturity. However, if the Final Level is less
than the Trigger Level, the Issuer will pay less than your initial

investment, resulting in a loss to investors that is proportionate to the
percentage decline in the Index. The contingent repayment of your
initial investment applies only if you hold the Securities to maturity. You
may lose some or all of your initial investment. Any payment on the
Securities, including any repayment of your initial investment, is
subject to the creditworthiness of the Issuer.

NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT SECURITIES. THE ISSUER IS NOT
NECESSARILY OBLIGATED TO REPAY YOUR INITIAL INVESTMENT IN THE SECURITIES AT MATURITY, AND THE SECURITIES CAN HAVE
DOWNSIDE MARKET RISK SIMILAR TO THE INDEX. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING AN
OBLIGATION OF DEUTSCHE BANK AG. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT
COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER "KEY RISKS" BEGINNING ON PAGE 4 OF THIS PRICING SUPPLEMENT
AND UNDER "RISK FACTORS" BEGINNING ON PAGE 5 OF THE ACCOMPANYING PRODUCT SUPPLEMENT BEFORE PURCHASING ANY
SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY EFFECT THE
MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN THE
SECURITIES.

Security Offering
We are offering Trigger Performance Securities Linked to the S&P 500
® Index. The Securities are not subject to a predetermined maximum gain and, accordingly,
any return at maturity will be determined by the performance of the Index. The Securities are our unsubordinated and unsecured obligations and are offered at a
minimum investment of $1,000 at $10 per Security and integral multiples of $10 thereof.

Index

Initial Level
Participation Rate
Trigger Level

CUSIP/ISIN
S&P 500 I
® ndex
1,265.43
209.41%
632.72, equal to 50.00% of the
25154V 20 1 /



Initial Level

US 25154V2016
See "Additional Terms Specific to the Securities" in this pricing supplement. The Securities will have the terms specified in underlying supplement
No. 1 dated September 29, 2009, product supplement B dated March 1, 2011, the prospectus supplement dated September 29, 2009 relating to our
Series A global notes of which these Securities are a part, the prospectus dated September 29, 2009 and this pricing supplement. The terms of the
Securities as set forth in this pricing supplement to the extent they differ from those set forth in the accompanying product supplement, will
supersede the terms set forth in such product supplement.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Securities or passed upon the
accuracy or the adequacy of this pricing supplement, the accompanying prospectus, the prospectus supplement, product supplement B and underlying
supplement No. 1. Any representation to the contrary is a criminal offense. The Securities are not bank deposits and are not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other governmental agency.

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Pricing Supplement No. 1385B
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Price to Public
Discounts and Commissions(1)
Proceeds to Us
Per Security

$10.00

$0.50

$9.50
Total

$2,843,070.00

$142,153.50

$2,700,916.50

(1)

For more information about discounts and commissions, please see "Supplemental Plan of Distribution (Conflicts of Interest)" on the last page of this pricing
supplement.

Title of Each Class of Securities Offered Maximum Aggregate Offering Price
Amount of Registration Fee
Notes

$2,843,070.00

$325.82

UBS Financial Services Inc.

Deutsche Bank Securities
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Pricing Supplement No. 1385B
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Additional Terms Specific to the Securities
You should read this pricing supplement, together with the underlying supplement No. 1 dated September 29, 2009,
product supplement B dated March 1, 2011, the prospectus supplement dated September 29, 2009 relating to our
Series A global notes of which these Securities are a part and the prospectus dated September 29, 2009. You may
access these documents on the SEC website at www.sec.gov as fol ows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):

¨
Underlying supplement No. 1 dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000119312509200168/d424b21.pdf

¨
Product supplement B dated March 1, 2011:
http://www.sec.gov/Archives/edgar/data/1159508/000119312511052380/d424b21.pdf

¨
Prospectus supplement dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000119312509200021/d424b31.pdf

¨
Prospectus dated September 29, 2009:
http://www.sec.gov/Archives/edgar/data/1159508/000095012309047023/f03158be424b2xpdfy.pdf
Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange
Commission, or SEC, for the offering to which this pricing supplement relates. Before you invest in the Securities
offered hereby, you should read these documents and any other documents relating to this offering that Deutsche Bank
AG has filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain
these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Our Central Index Key, or CIK,
on the SEC website is 0001159508. Alternatively, Deutsche Bank AG, any agent or any dealer participating in this
offering wil arrange to send you the prospectus, prospectus supplement, product supplement, underlying supplement
and this pricing supplement if you so request by calling tol -free 1-800-311-4409.
References to "Deutsche Bank AG," "we," "our" and "us" refer to Deutsche Bank AG, including, as the context requires,
acting through one of its branches. In this pricing supplement, "Securities" refers to the Trigger Performance Securities
Linked to the S&P 500 I
® ndex that are offered hereby, unless the context otherwise requires.
This pricing supplement, together with the documents listed above, contains the terms of the Securities and supersedes
all other prior or contemporaneous oral statements as wel as any other written materials including preliminary or
indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or
other educational materials of ours. You should careful y consider, among other things, the matters set forth in "Key
Risks" in this pricing supplement and "Risk Factors" in the accompanying product supplement, as the Securities involve
risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting
and other advisers before deciding to invest in the Securities.

Investor Suitability
The suitability considerations identified below are not exhaustive. Whether or not the Securities are a suitable
investment for you wil depend on your individual circumstances, and you should reach an investment decision only after
you and your investment, legal, tax, accounting and other advisors have careful y considered the suitability of an
investment in the Securities in light of your particular circumstances. You should also review "Key Risks" on page 4 of
this pricing supplement and "Risk Factors" on page 5 of the accompanying product supplement.

The Securities may be suitable for you if:
The Securities may not be suitable for you if:

¨


You can tolerate a loss of al or a substantial portion
¨
You require an investment designed to provide a ful

of your investment and are wil ing to make an
return of your initial investment at maturity.


investment that may have similar downside market
¨
You cannot tolerate the loss of some or al of your
risk as an investment in the Index or in the stocks
investment, and you are not wil ing to make an
included in the Index.

investment that may have similar downside market

¨
You believe that the level of the Index wil increase
risk as an investment in the Index or in the stocks

over the term of the Securities.
included in the Index.


¨
¨

You are wil ing to invest in the Securities based on

You believe that the level of the Index wil decline

the Participation Rate of 209.41%.
during the term of the Securities and is likely to


¨
close below the Trigger Level on the Final Valuation

You can tolerate fluctuations in the price of the
Date.
Securities prior to maturity that may be similar to or


¨

exceed the downside fluctuations in the level of the
You are unwil ing to invest in the Securities based

Index.
on the Participation Rate of 209.41%.

¨

¨

You cannot tolerate fluctuations in the price of the

You do not seek current income from your


Securities prior to maturity that may be similar to or
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investment and are wil ing to forego dividends paid
exceed the downside fluctuations in the level of the
on the Index stocks, in each case for the 10-year
Index.
term of the Securities.

¨
You seek current income from this investment or

¨
You are wil ing to hold the Securities, which have a
prefer to receive the dividends and any other

term of 10 years, to maturity, and accept that there
distributions paid on the stocks included in the

may be little or no secondary market for the
Index.

Securities.
¨
You are unable or unwil ing to hold the Securities,

¨
You are wil ing to assume the credit risk of
which have a term of 10 years, to maturity, or you

Deutsche Bank AG for al payments under the
seek an investment for which there wil be an active
Securities, and understand that if Deutsche Bank
secondary market.


¨
AG defaults on its obligations you may not receive

You are not wil ing to assume the credit risk of
any amounts due to you including any repayment of
Deutsche Bank AG for al payments under the

your initial investment.
Securities, including any repayment of your initial
investment.

2
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Final Terms
Investment Timeline

Issuer
Deutsche Bank AG, London Branch



Issue Price
$10.00 per Security



Term
10 years



Trade Date
December 27, 2011



Settlement Date December 30, 2011



Final Valuation
December 27, 2021
Date1




Maturity Date2
December 31, 2021



Index
S&P 500 I
® ndex (Ticker: SPX
<Index>)



Trigger Level
632.72, equal to 50% of the Initial
Level



Participation
209.41%
Rate




Payment at
If the Index Return is positive,
Maturity
Deutsche Bank AG wil pay you a
(per $10.00
cash payment per Security that
Security)
provides you with your $10.00 initial
investment plus a return equal to the
Index Return multiplied by the
Participation Rate, calculated as
follows:

$10.00 + ($10.00 × Index Return ×
Participation Rate)

If the Index Return is zero or
negative and the Final Level is
greater than or equal to the
Trigger Level on the Final
Valuation Date, Deutsche Bank AG
wil pay you a cash payment of
$10.00 per $10.00 Security.

If the Final Level is less than the
Trigger Level on the Final
Valuation Date, Deutsche Bank AG
wil pay you a cash payment at
maturity less than your initial
investment of $10.00 per Security
resulting in a loss that is
proportionate to the percentage
decline in the level of the Index as
reflected in the negative Index
Return, equal to:


$10.00 + ($10.00 × Index Return)



Index Return
Final Level ­ Initial Level

Initial Level



Initial Level
1,265.43, the closing level of the
Index on the Trade Date



Final Level
The closing level of the Index on the
Final Valuation Date



INVESTING IN THE SECURITIES INVOLVES
SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL
OF YOUR INITIAL INVESTMENT. ANY PAYMENT ON
THE SECURITIES, INCLUDING ANY REPAYMENT OF
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YOUR INITIAL INVESTMENT AT MATURITY, IS
SUBJECT TO THE CREDITWORTHINESS OF THE
ISSUER. IF DEUTSCHE BANK AG WERE TO
DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU
MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU
UNDER THE SECURITIES AND YOU COULD LOSE
YOUR ENTIRE INVESTMENT.
1 Subject to postponement for non-trading days and certain market disruption events as described under "Adjustments to Valuation Dates and Payment Dates --
Adjustments to Valuation Dates for Equity Based Underlyings or Basket Components" in the accompanying product supplement.
2 Notwithstanding the provisions under "Adjustments to Valuation Dates and Payment Dates- Consequences for Adjustments to Valuation Dates for Equity Based
Underlyings or Basket Components" in the accompanying product supplement, in the event the Final Valuation Date is postponed, the Maturity Date will be the
fourth business day after the Final Valuation Date as postponed.

3
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Key Risks
An investment in the Securities involves significant risks. Some of the risks that apply to an investment in the Securities
are summarized below, but we urge you to read the more detailed explanation of risks relating to the Securities
general y in the "Risk Factors" section of the accompanying product supplement B. We also urge you to consult your
investment, legal, tax, accounting and other advisers before you invest in the Securities.
¨ Your Investment in the Securities May Result in a Loss of Your Initial Investment -- The Securities differ
from ordinary debt securities in that Deutsche Bank AG wil not necessarily pay your initial investment in the
Securities at maturity. The return on the Securities at maturity is linked to the performance of the Index and wil
depend on whether, and to the extent which, the Index Return is positive or negative and if the Index Return is
negative, whether the Final Level is less than the Trigger Level. If the Final Level is less than the Trigger Level, you

wil be ful y exposed to any negative Index Return and Deutsche Bank AG wil pay you less than your initial
investment at maturity, resulting in a loss of your initial investment that is proportionate to the percentage decline in
the Final Level as compared to the Initial Level. Even if the Final Level is greater than the Initial Level, the return on
the Securities may not ful y compensate you for any opportunity cost over the 10-year term of the Securities,
taking into account inflation and other factors relating to the time value of the money. Under these circumstances,
you will lose a significant portion, and could lose all, of your initial investment.
¨ Contingent Repayment of Your Initial Investment Applies Only if You Hold the Securities to Maturity -- You
should be wil ing to hold your Securities to maturity in 2021. If you are able to sel your Securities prior to maturity

in the secondary market, you may have to sel them at a loss relative to your initial investment even if the Index
level is above the Trigger Level.
¨ The Participation Rate Applies Only at Maturity -- You should be wil ing to hold your Securities to maturity in
2021. If you are able to sel your Securities prior to maturity in the secondary market, the price you receive wil

likely not reflect the ful effect of the Participation Rate and the return you realize may be less than the Index's
return even if such return is positive.
¨ Any Payment on the Securities is Subject to the Credit of the Issuer -- The Securities are unsubordinated
and unsecured debt obligations of the Issuer, Deutsche Bank AG, and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Securities, including any repayment of your initial

investment provided at maturity, depends on the ability of Deutsche Bank AG to satisfy its obligations as they
come due. As a result, the actual and perceived creditworthiness of Deutsche Bank AG wil affect the value of the
Securities, and in the event Deutsche Bank AG were to default on its obligations, you may not receive any amount
owed to you under the terms of the Securities and you could lose your entire investment.

¨
No Coupon Payments -- Deutsche Bank AG wil not pay any coupon payments with respect to the Securities.
¨ Trading and Other Transactions By Us or Our Affiliates, or UBS AG or Its Affiliates, in the Equity and
Equity Derivative Markets May Impair the Value of the Securities -- We or one or more of our affiliates may
hedge our exposure from the Securities by entering into equity, equity derivative, foreign exchange and currency
derivative transactions, such as over-the-counter options or exchange-traded instruments. Such trading and
hedging activities may affect the Index and make it less likely that you wil receive a return on your investment in
the Securities. It is possible that we or our affiliates could receive substantial returns from these hedging activities
while the value of the Securities declines. We or our affiliates, or UBS AG or its affiliates, may also engage in

trading in instruments linked to the Index on a regular basis as part of our general broker-dealer and other
businesses, for proprietary accounts, for other accounts under management or to facilitate transactions for
customers, including block transactions. We or our affiliates, or UBS AG or its affiliates, may also issue or
underwrite other securities or financial or derivative instruments with returns linked or related to the Index. By
introducing competing products into the marketplace in this manner, we or our affiliates, or UBS AG or its affiliates,
could adversely affect the value of the Securities. Any of the foregoing activities described in this paragraph may
reflect trading strategies that differ from, or are in direct opposition to, the trading strategy of investing in the
Securities.
¨ Investing in the Securities Is Not the Same as Investing in the Index or the Underlying Stocks of the Index
-- The return on your Securities may not reflect the return you would realize if you were able to invest directly in

the Index or constituents of the Index. For instance, you wil not receive or be entitled to receive any dividend
payments or other distributions or other rights that holders of component stocks underlying the Index would have.
¨ No Dividend Payments or Voting Rights -- As a holder of the Securities, you wil not have voting rights or rights

to receive cash dividends or other distributions or other rights that holders of component stocks underlying the
Index would have.
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¨ The Securities have Certain Built-in Costs -- While the Payment at Maturity described in this pricing
supplement is based on your entire initial investment, the Issue Price of the Securities includes the agents'
commission and the estimated cost of hedging our obligations under the Securities through one or more of our

affiliates. As a result, the price at which Deutsche Bank AG or its affiliates would be wil ing to purchase Securities
from you prior to maturity in secondary market transactions, if at al , wil likely be lower than the Issue Price, and
any sale prior to the Maturity Date could result in a substantial loss to you. The Securities are not designed to be
short-term trading instruments. Accordingly, you should be able and wil ing to hold your Securities to maturity.
¨ There May Be Little or No Secondary Market for the Securities -- The Securities wil not be listed on any
securities exchange. Deutsche Bank AG or its affiliates may offer to purchase the Securities in the secondary
market but are not required to do so and may cease such market-making activities at any time. Even if there is a

secondary market, it may not provide enough liquidity to al ow you to trade or sel your Securities easily. Because
other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to
trade your Securities is likely to depend on the price, if any, at which Deutsche Bank AG or its affiliates are wil ing
to buy the Securities.
¨ Potential Conflict of Interest -- Deutsche Bank AG and its affiliates may engage in business with the issuers of
the component stocks underlying the Index, which may present a conflict between the obligations of Deutsche
Bank AG and you, as a holder of the Securities. The calculation agent, an affiliate of Deutsche Bank AG, wil

determine the Index Return and Payment at Maturity based on closing levels of the Index in the market. The
calculation agent can postpone the determination of the Index Return or the Maturity Date if a market disruption
event occurs on the Final Valuation Date.
¨ Potential Deutsche Bank AG Impact on Price -- Trading or transactions by Deutsche Bank AG or its affiliates in
the Index or component stocks of the Index and/or over-the-counter options, futures or other instruments with

returns linked to the performance of the Index or component stocks of the Index, may adversely affect the level of
the Index and therefore, the market value of the Securities.

4
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¨
We and Our Affiliates or UBS AG and Its Affiliates, and Agents May Publish Research, Express Opinions
or Provide Recommendations That Are Inconsistent with Investing in or Holding the Securities. Any Such
Research, Opinions or Recommendations Could Affect the Level of the Index to Which the Securities Are
Linked or the Value of the Securities -- We and our affiliates, UBS AG and its affiliates, and agents publish
research from time to time on financial markets and other matters that may influence the value of the Securities, or

express opinions or provide recommendations that may be inconsistent with purchasing or holding the Securities.
We and our affiliates, UBS AG and its affiliates, and agents may have published research or other opinions that
are inconsistent with the investment view implicit in the Securities. Any research, opinions or recommendations
expressed by us or our affiliates, UBS AG or its affiliates, or agents may not be consistent with each other and
may be modified from time to time without notice. Investors should make their own independent investigation of the
merits of investing in the Securities and the Index to which the Securities are linked.
¨ Many Economic and Market Factors Will Impact the Value of the Securities -- In addition to the level of the

Index, the value of the Securities wil be affected by a number of economic and market factors that may either
offset or magnify each other, including:


¨
the expected volatility of the Index;


¨
the time remaining to maturity of the Securities;


¨
the market prices and dividend rates on the component stocks underlying the Index;

¨
interest rates and yields in the market general y and in the markets of the component stocks underlying the

Index;


¨
a variety of economic, financial, political, regulatory or judicial events;


¨
supply and demand for the Securities;


¨
our creditworthiness, including actual or anticipated downgrades in our credit ratings.
¨ The U.S. Federal Income Tax Consequences of an Investment in the Securities are Unclear -- There is no
direct legal authority regarding the proper U.S. federal income tax treatment of the Securities, and we do not plan
to request a ruling from the Internal Revenue Service (the "IRS"). Consequently, significant aspects of the tax
treatment of the Securities are uncertain, and the IRS or a court might not agree with the treatment of the
Securities as prepaid financial contracts. If the IRS were successful in asserting an alternative treatment for the
Securities, the tax consequences of ownership and disposition of the Securities might be affected material y and
adversely. In addition, as described below under "What Are the Tax Consequences of an Investment in the

Securities?", in 2007 Treasury and the IRS released a notice requesting comments on various issues regarding the
U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments, such as the Securities.
Any Treasury regulations or other guidance promulgated after consideration of these issues could material y and
adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect. You
should review careful y the section of the accompanying product supplement entitled "U.S. Federal Income Tax
Consequences," and consult your tax adviser regarding the U.S. federal tax consequences of an investment in the
Securities (including possible alternative treatments and the issues presented by the 2007 notice), as wel as tax
consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

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Scenario Analysis and Examples at Maturity
The fol owing table and hypothetical examples below il ustrate the Payment at Maturity per $10.00 Security for a
hypothetical range of performance for the Index from -100.00% to +100.00% and reflect the Initial Level of 1,265.43,
the Trigger Level of 632.72 (50.00% of the Initial Level) and the Participation Rate of 209.41%. The hypothetical
Payment at Maturity examples set forth below are for il ustrative purposes only and may not be the actual returns
applicable to a purchaser of the Securities. The actual Payment at Maturity wil be determined based on the Final Level
on the Final Valuation Date. You should consider careful y whether the Securities are suitable to your investment goals.
The numbers appearing in the table below have been rounded for ease of analysis.

Index Return
Payment at Maturity
Return at Maturity
Final Level

(%)

($)

(%)
2,530.86

100.00%

$30.94

209.41%
2,404.32

90.00%

$28.85

188.47%
2,277.77

80.00%

$26.75

167.53%
2,151.23

70.00%

$24.66

146.59%
2,024.69

60.00%

$22.56

125.65%
1,898.15

50.00%

$20.47

104.71%
1,771.60

40.00%

$18.38

83.76%
1,645.06

30.00%

$16.28

62.82%
1,518.52

20.00%

$14.19

41.88%
1,391.97

10.00%

$12.09

20.94%
1,265.43

0.00%

$10.00

0.00%
1,138.89

-10.00%

$10.00

0.00%
1,012.34

-20.00%

$10.00

0.00%
885.80

-30.00%

$10.00

0.00%
759.26

-40.00%

$10.00

0.00%
632.72

-50.00%

$10.00

0.00%
506.17

-60.00%

$4.00

-60.00%
379.63

-70.00%

$3.00

-70.00%
253.09

-80.00%

$2.00

-80.00%
126.54

-90.00%

$1.00

-90.00%
0.00

-100.00%

$0.00

-100.00%
Example 1 -- The level of the Index increases by 10.00% from the Initial Level of 1,265.43 to the Final Level of
1,391.97. Because the Index Return is equal to 10.00%, the Issuer wil pay you a Payment at Maturity of $12.09 per
$10.00 Security, calculated as fol ows:
$10.00 + ($10.00 × Index Return × Participation Rate)
$10.00 + ($10.00 × 10.00% × 209.41%) = $12.09
Example 2 -- The Final Level is equal to the Initial Level of 1,265.43. Because the Final Level of 1,265.43 is the
same as the Initial Level of 1,265.43, the Index Return is zero, and the Issuer wil pay you a Payment at Maturity of
$10.00 per $10.00 Security.
Example 3 -- The level of the Index decreases by 10.00% from the Initial Level of 1,265.43 to the Final Level of
1,138.89. Even though the Index Return is negative, because the Final Level of 1,138.89 is greater than or equal to the
Trigger Level, the Issuer wil pay you a Payment at Maturity of $10.00 per $10.00 Security.
Example 4 -- The level of the Index decreases by 70.00% from the Initial Level of 1,265.43 to the Final Level of
379.63. Because the Final Level of 379.63 is less than the Trigger Level, the Issuer wil pay you less than your initial
investment, resulting in a loss of 1.00% of your initial investment for every 1.00% of negative Index Return. The
Payment at Maturity of $3.00 per $10.00 Security wil be calculated as fol ows:
$10.00 + ($10.00 × Index Return)
$10.00 + ($10.00 × -70.00%) = $3.00
If the Final Level is less than the Trigger Level, you will be fully exposed to any negative Index Return,
resulting in a loss that is proportionate to the percentage decline in the level of the Index. Under these
circumstances, you will lose a significant portion, and could lose all, of your initial investment. Any payment
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