New Issue: Deutsche prices $2.44 million knock-out notes linked to S&P 500

By Jennifer Chiou

New York, Nov. 3 - Deutsche Bank AG, London Branch priced $2.44 million of 0% knock-out notes due May 13, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the final index level falls by more than 24.7% from the initial level on the final valuation date of May 8, 2013.

If a knock-out event occurs, the payout at maturity is par plus the index return.

If a knock-out event does not occur, the payout at maturity is par plus the greater of the index return and the contingent minimum return of zero.

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

Issuer:	Deutsche Bank AG, London Branch.
Issue:	Knock-out notes
Underlying index:	S&P 500
Amount:	$2,438,000
Maturity:	May 13, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If final index falls by more than 24.7% from initial level, par plus index return; otherwise, par plus greater of return and zero
Initial level:	1,253.23
Knock-out level:	943.68, 75.3% of initial level
Pricing date:	Nov. 4
Settlement date:	Nov. 9
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	2515A1E80

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