New Issue: Deutsche Bank prices $1.03 million bonus barrier notes tied to S&P 500

By Angela McDaniels

Tacoma, Wash., Nov. 22 - Deutsche Bank AG, London Branch priced $1.03 million of 0% bonus barrier securities due May 24, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and exchange Commission.

A barrier event occurs if the index closes below 50% of the initial index level during the life of the notes.

If a barrier event does not occur, the payout at maturity will be par plus 9%. If a barrier event occurs, the payout will be par plus the lesser of 9% and the index return, which could be positive or negative.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Bonus barrier securities
Underlying index:	S&P 500
Amount:	$1.03 million
Maturity:	May 24, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If index closes below barrier during life of notes, par plus index return, subject to 9% cap if index return is positive; otherwise, par plus 9%
Initial index level:	1,215.65
Barrier:	607.83, 50% of initial level
Pricing date:	Nov. 21
Settlement date:	Nov. 23
Agent:	Deutsche Bank Securities Inc.
Fees:	1.5%
Cusip:	2515A1EE7

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