New Issue: Deutsche prices $6.96 million knock-out notes linked to Apple stock

By Jennifer Chiou

New York, Jan. 25 - Deutsche Bank AG, London Branch priced $6.96 million of 0% knock-out notes due Feb. 8, 2012 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If Apple stock closes below the initial share price by more than 22% on any day during the life of the notes, the payout at maturity will be par plus the stock return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the stock return and 10%.

In either case, the return will be capped at a maximum of 25%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$6,958,000
Maturity:	Feb. 8, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If Apple stock closes below initial share price by more than 22% on any day during life of notes, par plus stock return; otherwise, par plus greater of stock return and 10%; maximum return of 25%
Initial share price:	$326.72
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A13A7

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