New Issue: Deutsche Bank prices $21.73 million knock-out notes tied to Dow Jones Euro Stoxx 50

By Marisa Wong

Milwaukee, May 13 - Deutsche Bank AG, London Branch priced $21.73 million of 0% knock-out notes due Nov. 16, 2011 linked to the Dow Jones Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index falls below 75% of the initial index level on any day during the life of the notes, the payout at maturity will be par plus the index return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the index return and a contingent minimum return of 20%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying index:	Dow Jones Euro Stoxx 50
Amount:	$21,725,000
Maturity:	Nov. 16, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls below 75% of initial index level during life of notes, par plus index return; otherwise, par plus greater of index return and 20%
Initial index level:	2,730.48
Pricing date:	May 11
Settlement date:	May 14
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1.25%
Cusp:	2515A04F7

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