New Issue: Deutsche prices $5.85 million capped knock-out notes on gold via JPM

By Jennifer Chiou

New York, Nov. 16 - Deutsche Bank AG, London Branch priced $5.85 million of 0% capped knock-out notes due April 15, 2011 linked to the price of gold, according to a 424B2 filing with the Securities and Exchange Commission.

If gold falls below the knock-out level - 85% of the initial price - during the life of the notes, the payout at maturity will be par plus the gold return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the gold return and 2%.

In each case, the payout will be subject to a maximum return of 6%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying commodity:	Gold
Amount:	$5.85 million
Maturity:	April 15, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If gold falls below 85% of initial price during life of notes, par plus gold return with exposure to losses; otherwise, par plus greater of gold return and 2%; payout capped at 106% of par in all cases
Initial gold price:	$1,388.50
Pricing date:	Nov. 12
Settlement date:	Nov. 17
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	0.4%
Cusip:	2515A1BL4

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