New Issue: Deutsche Bank prices $10.45 million capped knock-out notes on S&P 500

By Toni Weeks

San Diego, March 13 - Deutsche Bank AG, London Branch priced $10.45 million of 0% capped knock-out notes due March 27, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index falls by more than 24.05% from the initial level during the life of the notes.

If a knock-out event does not occur, the payout at maturity will be par plus the index return, subject to a contingent minimum return of 5%.

If a knock-out event occurs, the payout at maturity will be par plus the index return, with exposure to losses, if any.

In either case, the maximum return will be 15%.

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 index:	S&P 500
Amount:	$10,446,000
Maturity:	March 27, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If index falls by more than 24.05% from initial level during life of notes, par plus index return, with exposure to losses, if any; otherwise, par plus index return, with minimum return of 5%; in either case maximum return of 15%
Initial level:	1,370.87
Knock-out level:	1,041.18, 75.95% of initial level
Pricing date:	March 9
Settlement date:	March 14
Agents:	J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	2515A1HE4

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