New Issue: Deutsche Bank prices $10.74 million buffered return notes on S&P 500

By Susanna Moon

Chicago, April 17 - Deutsche Bank AG, London Branch priced $10.74 million of 0% buffered return enhanced notes due May 1, 2013 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 10.8%.

Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 1% decline beyond 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$10,738,000
Maturity:	May 1, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 10.8%; par if index declines by 10% or less; 1.1111% loss for every 1% drop beyond 10%
Initial index level:	1,370.26
Pricing date:	April 13
Settlement date:	April 18
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1JA0

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