New Issue: Deutsche Bank prices $7.62 million two-year review notes linked to S&P 500 index

By Toni Weeks

San Diego, June 28 - Deutsche Bank AG, London Branch priced $7.62 million of 0% review notes due June 27, 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 a 9% per year call premium if the index closes at or above the initial index level on July 2, 2012, Oct. 2, 2012, Jan. 2, 2013, April 2, 2013 or June 24, 2013.

If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial level. Otherwise, investors will lose 1.1111% for every 1% that the index declines beyond 10%.

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:	$7.62 million
Maturity:	June 27, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par, if final index is at least 90% of initial level; otherwise, 1.1111% loss for every 1% decline beyond 10%
Initial level:	1,268.45
Call option:	At par plus 9% per year if index closes at or above initial level on July 2, 2012, Oct. 2, 2012, Jan. 2, 2013, April 2, 2013 or June 24, 2013
Pricing date:	June 24
Settlement date:	June 29
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.5%
Cusip:	2515A18F1

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