New Issue: Deutsche Bank prices $1.73 million digital payment notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Dec. 22 - Deutsche Bank AG, London Branch priced $1.73 million of 0% digital payment securities due Feb. 25, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 9.5% if the final index level is greater than or equal to the barrier level, which is 75% of the initial level.

If the final index level is less than the barrier level, investors will be fully exposed to the index decline from the initial level.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Digital payment securities
Underlying index:	S&P 500
Amount:	$1,729,000
Maturity:	Feb. 25, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above barrier level, par plus 9.5%; otherwise, full exposure to losses
Initial index level:	1,241.30
Barrier level:	930.98, 75% of initial level
Pricing date:	Dec. 20
Settlement date:	Dec. 23
Agent:	Deutsche Bank Securities Inc.
Fees:	1.25%
Cusip:	2515A1F22

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