New Issue: Deutsche Bank prices $2.27 million review notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 1 - Deutsche Bank AG, London Branch priced $2.27 million of 0% review notes due May 15, 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 call premium if the index closes at or above the initial index level on any of four quarterly review dates. The call premium is 2.925% on the first review date, 5.85% on the second review date, 8.775% on the third review date and 11.7% on the final review date.

If the notes are not called and the final index level is at least 90% of the initial level, the payout at maturity will be par. 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 placement agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P 500
Amount:	$2,266,000
Maturity:	May 15, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final index level is at least 90% of initial level; otherwise, 1.1111% loss for every 1% that index declines beyond 10%
Call:	Automatically at par plus 11.7% per year if index closes at or above initial level on Aug. 9, 2012, Nov. 8, 2012, Feb. 7, 2013 or May 10, 2013
Initial index level:	1,403.36
Pricing date:	April 27
Settlement date:	May 2
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1JL6

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