New Issue: Deutsche Bank prices $19.05 million notes linked to MSCI AC Far East ex Japan via JPMorgan

By Angela McDaniels

Tacoma, Wash., Nov. 24 - Deutsche Bank AG, London Branch priced $19.05 million of 0% buffered return enhanced notes due May 27, 2009 linked to the MSCI AC (All Country) Far East ex Japan index via JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, subject to a maximum return of 19.6%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that the index declines beyond 10%.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	MSCI AC (All Country) Far East ex Japan
Amount:	$19,045,000
Maturity:	May 27, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 19.6%; par if index falls by 10% or less; 1.1111% loss for every 1% decline beyond 10%
Initial index level:	215.65
Final index level:	Average of index's closing levels on five trading days ending May 21, 2009
Pricing date:	Nov. 21
Settlement date:	Nov. 26
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	0.5%

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