New Issue: Deutsche Bank prices $1.19 million review notes linked to S&P GSCI Brent Crude Oil

By Angela McDaniels

Tacoma, Wash., Dec. 13 - Deutsche Bank AG, London Branch priced $1.19 million of 0% review notes due June 14, 2012 linked to the S&P GSCI Brent Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at 106.8% of par if the index closes at or above the initial index level on any day from and including March 9, 2012 to and including June 11, 2012.

If the notes are not called and the final index level is at least 80% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines from the initial level.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P GSCI Brent Crude Oil Index Excess Return
Amount:	$1.19 million
Maturity:	June 14, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless index falls by more than 20%, in which case investors are fully exposed to index's decline from initial level
Call:	At 106.8% of par if index closes at or above initial level on any day from March 9, 2012 to June 11, 2012, inclusive
Initial index level:	787.4816
Pricing date:	Dec. 9
Settlement date:	Dec. 14
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	0.5%
Cusip:	2515A1F48

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