New Issue: Deutsche prices $5.62 million review notes linked to S&P 500 index

By Jennifer Chiou

New York, March 27 - Deutsche Bank AG, London Branch priced $5,619,000 of 0% review notes due April 10, 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 call premium of 9.9% if the index closes at or above the initial level on any of the quarterly review dates.

If the notes are not called, investors will receive par if the index return is at least 90% of the initial level and will lose 1.1111% for every 1% drop in the index beyond the 10% buffer.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P 500
Amount:	$5,619,000
Maturity:	April 10, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par if index return is at least 90% of initial level; 1.1111% loss per 1% drop beyond 10% buffer
Call:	At par plus annualized call premium of 9.9% if index closes at or above initial level on any of the quarterly review dates
Initial level:	1,397.11
Pricing date:	March 23
Settlement date:	March 28
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1HQ7

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