New Issue: Deutsche Bank sells $7.86 million buffered return enhanced notes on S&P 500 via JPM

By Marisa Wong

Madison, Wis., Sept. 8 - Deutsche Bank AG, London Branch priced $7.86 million of 0% buffered return enhanced notes due Sept. 26, 2011 based on 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 16.8%.

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 Inc. are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$7,864,000
Maturity:	Sept. 26, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, capped at 16.8%; 1.1111% loss for every 1% drop beyond 10%
Initial index level:	1,104.51
Pricing date:	Sept. 3
Settlement date:	Sept. 9
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1%
Cusip:	2515A06R9

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