New Issue: Deutsche Bank prices $16.35 million return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 19 - Deutsche Bank AG, London Branch priced $16.35 million of 0% return enhanced notes due Feb. 17, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 200% of any increase in the index, subject to a maximum return of 20%. Investors will be exposed to any index decline.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Return enhanced notes
Underlying index:	S&P 500
Amount:	$16,354,000
Maturity:	Feb. 17, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 20%; exposure to any index decline
Initial index level:	1,293.24
Final index level:	Average of index's closing levels on the five trading days ending Feb. 14, 2012
Pricing date:	Jan. 14
Settlement date:	Jan. 20
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A14F5

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