New Issue: Deutsche Bank prices $9.16 million autocallable securities linked to Russell 2000

By Marisa Wong

Milwaukee, May 3 - Deutsche Bank AG, London Branch priced $9.16 million of 0% autocallable securities due May 6, 2013 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes at or above the initial index level on any of five call dates, the notes will be automatically called at par plus an annualized call premium of 12.1%. The call dates are May 9, 2011, Nov. 2, 2011, May 2, 2012, Oct. 31, 2012 and May 1, 2013.

If the notes are not called and the final index level is at least 75% of the initial level, the payout at maturity will be par. If the index declines by more than 25% from the initial level, investors will be fully exposed to the decline.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Autocallable securities
Underlying index:	Russell 2000
Amount:	$9.16 million
Maturity:	May 6, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final index level is at or above knock-in level; otherwise, par plus index return
Call:	Automatically at par plus annualized call premium of 12.1% if index closes at or above initial level on May 9, 2011, Nov. 2, 2011, May 2, 2012, Oct. 31, 2012 or May 1, 2013
Initial index level:	737.74
Knock-in level:	553.31, or 75% of initial level
Pricing date:	April 29
Settlement date:	May 6
Underwriter:	Deutsche Bank Securities Inc.
Fees:	0.75%
Cusip:	2515A03T8

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