New Issue: Deutsche Bank prices $15 million capped knock-out notes linked to gold

By Angela McDaniels

Tacoma, Wash., Nov. 22 - Deutsche Bank AG, London Branch priced $15 million of 0% capped knock-out notes due May 23, 2013 linked to the price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

If the final price of gold is less than 82.95% of the initial price, the payout at maturity will be par plus the gold return. Otherwise, the payout will be par plus the gold return, subject to a minimum payout of par and a maximum return of 50%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying commodity:	Gold
Amount:	$15 million
Maturity:	May 23, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If final gold price is less than knock-out price, par plus gold return; otherwise, par plus gold return, subject to floor of par and maximum return of 50%
Initial gold price:	$1,350.90
Knock-out price:	$1,120.57, 82.95% of initial price
Pricing date:	Nov. 18
Settlement date:	Nov. 23
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	None
Cusip:	2515A1BU4

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