New Issue: Deutsche Bank prices $3.165 million BUyS linked to S&P 500

By Laura Lutz

Des Moines, April 11 - Deutsche Bank AG, London Branch priced a $3.165 million offering of 0% Buffered Underlying Securities (BUyS) due May 16, 2008 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 150% of any increase in the index level, subject to a maximum return of 12.32%. Investors will receive par if the index declines by 5% or less and will lose 1% for each 1% decline beyond 5%.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered Underlying Securities (BUyS)
Underlying index:	S&P 500
Amount:	$3.165 million
Maturity:	May 16, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain; par if index declines by 5% or less; 1% loss for each 1% decline beyond 5%
Initial level:	1,448.39
Pricing date:	April 10
Settlement date:	April 16
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Agent fees:	None

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