New Issue: Deutsche Bank prices $531,000 knock-out notes on Pfizer via JPMorgan

By Susanna Moon

Chicago, Aug. 30 - Deutsche Bank AG, London Branch priced $531,000 of 0% knock-out notes due March 4, 2013 linked to Pfizer, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the company's stock price finishes below 80% of the initial price.

If a knock-out event does not occur, the payout at maturity is par plus any stock gain, with a contingent minimum return of 9%.

If a knock-out event occurs, the payout at maturity will be par plus the stock return, with exposure to any losses.

JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC will act as agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Knock-out notes
Underlying stock:	Pfizer Inc. (Symbol: PFE)
Amount:	$531,000
Maturity:	March 4, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If stock price falls by more than buffer, par plus stock return with exposure to losses; otherwise, par plus gain, floor of 9%
Initial price:	$18.21
Knock-out level:	$14.568, or 80% of initial price
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	2515A1CM1

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