New Issue: Deutsche Bank sells $19.91 million buffered return enhanced notes on S&P 500 via JPMorgan

By Susanna Moon

Chicago, July 20 - Deutsche Bank AG, London Branch priced $19.91 million of 0% buffered return enhanced notes due Aug. 10, 2011 based on the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

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

The payout at maturity will be par plus double any index gain, up to a maximum return of 16.4%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$19,913,000
Maturity:	Aug. 10, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 16.4%; 1.1111% loss for every 1% drop beyond 10%
Initial index level:	1,064.88
Pricing date:	July 16
Settlement date:	July 21
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1%
Cusip:	2515A05V1

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