New Issue: Deutsche Bank prices $7.97 million buffered fixed payment notes on S&P GSCI Crude Oil

By Angela McDaniels

Tacoma, Wash., Sept. 21 - Deutsche Bank AG, London Branch priced $7.97 million of 0% buffered fixed payment securities due March 22, 2011 linked to the S&P GSCI Crude Oil Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than or equal to the initial level, the payout at maturity will be par plus 10.25%. Investors will receive par if the index declines by 10% or less and will lose 1.1111% for every 1% that it declines beyond 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered fixed payment securities
Underlying index:	S&P GSCI Crude Oil Index Excess Return
Amount:	$7,974,000
Maturity:	March 22, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 10.25% if index finishes at or above initial level; par if index declines by 10% or less; 1.1111% loss for every 1% decline beyond 10%
Initial index level:	463.0284
Pricing date:	Sept. 17
Settlement date:	Sept. 22
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	0.5%
Cusip:	2515A07A5

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