New Issue: Deutsche Bank prices $3.62 million of review notes linked to S&P 500

By Jennifer Chiou

New York, Jan. 18 - Deutsche Bank AG, London Branch priced $3,622,000 of 0% review notes due Jan. 30, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus an annualized 12.7% premium if the index closes at or above the initial level on any of four review dates. The review dates are April 25, July 25, 2012, Oct. 25, 2012 and Jan. 25, 2013.

If the notes are not called, investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond the 10% buffer.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P 500
Amount:	$3,622,000
Maturity:	Jan. 30, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless index falls by more than 10%, in which case investors will lose 1.1111% for each 1% decline beyond 10%
Call:	At par plus annualized call premium of 12.7% if index closes at or above initial level on April 25, July 25, 2012, Oct. 25, 2012 or Jan. 25, 2013
Initial level:	1,289.09
Pricing date:	Jan. 13
Settlement date:	Jan. 19
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC (placement agent)
Fees:	1%
Cusip:	2515A1G96

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