New Issue: Deutsche Bank prices $2.26 million capped knock-out notes tied to Apple

By Angela McDaniels

Tacoma, Wash., May 1 - Deutsche Bank AG, London Branch priced $2.26 million of 0% capped knock-out notes due May 15, 2013 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the final share price is less than the initial share price by more than 20%.

If a knock-out event does not occur, the payout at maturity will be par plus 15.25%.

If a knock-out event occurs, investors will be fully exposed to the stock's decline from its initial price.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$2,259,000
Maturity:	May 15, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If final share price is at least 80% of initial price, par plus 15.25%; if share price falls by more than 20%, full exposure to share price decline
Initial share price:	$603.00
Knock-out level:	$482.40, 80% of initial share price
Pricing date:	April 27
Settlement date:	May 2
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1JP7

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