New Issue: Deutsche Bank prices $21.1 million buffered return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Aug. 17 - Deutsche Bank AG, London Branch priced $21.1 million of 0% buffered return enhanced notes due Feb. 19, 2010 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 double any index gain, subject to a maximum return of 10.55%. Investors will receive par if the index declines by 5% or less and will lose 1.0526% for every 1% that it declines beyond 5%.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$21.1 million
Maturity:	Feb. 19, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 10.55%; par if index falls by 5% or less; 1.0526% loss for every 1% index decline beyond 5%
Initial index level:	1,012.73
Final index level:	Average of index's closing levels on five trading days ending Feb. 16, 2010
Pricing date:	Aug. 13
Settlement date:	Aug. 18
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	0.5%

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