New Issue: Deutsche prices $12.94 million return enhanced notes on S&P 500 via JPM

By Jennifer Chiou

New York, May 10 - Deutsche Bank AG, London Branch priced $12.94 million of 0% return enhanced notes due May 23, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, up to a maximum return of 17.1%.

Investors will be fully exposed to losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Return enhanced notes
Underlying index:	S&P 500
Amount:	$12,941,000
Maturity:	May 23, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 17.1%; full exposure to losses
Initial index level:	1,340.20
Final index level:	Average of index's closing levels on the five trading days ending May 18, 2012
Pricing date:	May 6
Settlement date:	May 11
Agents:	JPMorgan Chase Bank, NA and JPMorgan Securities LLC
Fees:	1%
Cusip:	2515A16L0

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