New Issue: Deutsche Bank sells $13.94 million review notes on S&P GSCI Brent Crude

By Marisa Wong

Madison, Wis., June 30 - Deutsche Bank AG, London Branch priced $13.94 million of 0% review notes due July 5, 2012 linked to the S&P GSCI Brent Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a premium of 27% per year if the index closes at or above the initial index level on Sept. 28, Dec. 28, March 28, 2012 or June 29, 2012.

If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial level. Otherwise, investors will lose 1% for every 1% that the index declines from the initial level.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Review notes
Underlying index:	S&P GSCI Brent Crude Oil Index Excess Return
Amount:	$13,939,000
Maturity:	July 5, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par if the final level is at or above trigger level; otherwise, 1% loss for every 1% decline from the initial level
Call:	Automatically at par plus 27% per year if index closes at or above initial level on Sept. 28, Dec. 28, March 28, 2012 or June 29, 2012
Initial level:	766.8619
Trigger level:	690.1757, 90% of initial level
Pricing date:	June 28
Settlement date:	July 1
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A18D6

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