New Issue: Deutsche prices $1.5 million buffered return enhanced notes on S&P 500

By Jennifer Chiou

New York, March 30 - Deutsche Bank AG, London Branch priced $1.5 million of 0% buffered return enhanced notes due July 11, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus 200% of the index return, subject to a maximum return of 12.7%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$1.5 million
Maturity:	July 11, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 12.7%; par if index falls by 10% or less; 1.1111% loss for every 1% that index declines beyond 10%
Initial index level:	1,310.19
Pricing date:	March 28
Settlement date:	March 31
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A15H0

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