New Issue: Deutsche Bank prices $2.38 million BUyS linked to S&P 500

By Laura Lutz

Des Moines, Dec. 3 - Deutsche Bank AG, London Branch priced a $2.38 million issue of 0% Buffered Underlying Securities (BUyS) due Dec. 5, 2012 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 or equal to the initial level, the payout at maturity will be par plus 150% of any increase on the index, capped at a maximum payout equal to 150% of par.

The payout will be par if the index declines by 20% or less. Investors will lose 1% for each 1% decline beyond 20%.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered Underlying Securities (BUyS)
Underlying index:	S&P 500
Amount:	$2,375,000
Maturity:	Dec. 5, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of index gain if the index increases, capped at payout of 150% of par; par if index declines by 20% or less; 1% loss for each 1% decline beyond 20%
Initial index level:	1,481.14
Pricing date:	Nov. 30
Settlement date:	Dec. 5
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Fees:	None

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