New Issue: Deutsche sells $3.66 million buffered return enhanced notes linked to S&P 500

By Susanna Moon

Chicago, May 5 - Deutsche Bank AG, London Branch priced $3.66 million of 0% notes due Sept. 24, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.

The payout at maturity will be par plus triple any gain in the index, up to a maximum return of 7.95%.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for each 1% decline beyond 10%.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$3,656,000
Maturity:	Sept. 24, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, capped at 7.95%; par for decline of up to 10% and 1.1111% loss for each 1% drop beyond 10%
Initial index level:	875.48
Pricing date:	May 1
Settlement date:	May 6
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	None

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