New Issue: Deutsche Bank prices $3.54 million review notes tied to Euro Stoxx 50

By Marisa Wong

Madison, Wis., May 19 - Deutsche Bank AG, London Branch priced $3.54 million of 0% review notes due April 11, 2012 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called if the index is at or above the initial level on Nov. 17 or April 5, 2012.

The redemption amount will be par plus 4.6% if the notes are called on Nov. 17 and par plus 9.2% if called on April 5, 2012.

If the notes are not called, the payout at maturity will be par if the final index level is at least 75% of the initial level. If the final level is below 75% of the initial level, investors will lose 1% for every 1% decline 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:	Euro Stoxx 50
Amount:	$3,535,000
Maturity:	April 11, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final index level is at least 75% of initial level; if final level is below trigger level, 1% loss for every 1% decline from initial level
Call:	At par plus 4.6% if index closes at or above initial level on Nov. 17, at par plus 9.2% if index closes at or above initial level on April 5, 2012
Initial index level:	2,849.60
Trigger level:	2,137.20, 75% of initial level
Pricing date:	May 17
Settlement date:	May 20
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A16W6

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