New Issue: Deutsche prices $28.41 million buffered return enhanced notes tied to S&P 500 via JPMorgan

By Angela McDaniels

Tacoma, Wash., May 13 - Deutsche Bank AG, London Branch priced $28.41 million of 0% buffered return enhanced notes due May 28, 2009 linked to the S&P 500 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 12.74%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% decline beyond 10%.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$28,411,000
Maturity:	May 28, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at maximum payout equal to 112.74% of par; par if index falls by 10% or less; 1.1111% loss for every 1% index decline beyond 10%
Initial index level:	1,388.28
Final index level:	Average of index's closing levels on five trading days ending May 22, 2009
Pricing date:	May 9
Settlement date:	May 14
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1%

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