New Issue: Deutsche Bank prices $1.64 million absolute return barrier notes linked to S&P 500

By E. Janene Geiss

Philadelphia, June 5 - Deutsche Bank AG, London Branch priced $1.64 million of zero-coupon 100% principal protection barrier M-notes due Dec. 7, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index stays within the upper and lower index barriers during the life of the notes, the payout at maturity will be par plus the absolute value of the index return. The upside barrier is 20.5% above the initial index level, and the downside barrier is 20.5% below the initial level.

If the index does not stay within the barriers, investors will receive par.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection barrier M-notes
Underlying index:	S&P 500
Amount:	$1,642,000
Maturity:	Dec. 7, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index stays within upper and lower index barriers during life of notes, par plus absolute value of index return; otherwise, par
Initial index level:	1,377.65
Upper index barrier:	1,660.06, 120.5% of initial level
Lower index barrier:	1.095.23, 79.5% of initial level
Pricing date:	June 3
Settlement date:	June 6
Agents:	Deutsche Bank Securities Inc.; Deutsche Bank Trust Co. Americas
Fees:	None

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