New Issue: Deutsche prices $950,000 capped knock-out notes linked to Pfizer

By Jennifer Chiou

New York, Nov. 28 - Deutsche Bank AG, London Branch priced $950,000 of 0% capped knock-out notes due Dec. 10, 2012 linked to the common stock of Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the final share price is at least 80% of the initial share price, the payout at maturity will be par plus the stock return, subject to a minimum return of 10% and a maximum return of 20%.

If the final share price is less than 80% of the initial share price, investors will be fully exposed to the decline from the initial share price.

J.P. Morgan Securities LLC is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying stock:	Pfizer Inc. (NYSE: PFE)
Amount:	$950,000
Maturity:	Dec. 10, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If final price of Pfizer stock is less than 80% of initial share price, full exposure to decline from initial share price; otherwise, par plus stock return, subject to minimum return of 10% and maximum return of 20%
Initial share price:	$18.45
Pricing date:	Nov. 23
Settlement date:	Nov. 29
Agent:	J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1ES6

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