New Issue: Deutsche Bank prices $20.56 million securities linked to DB Liquid Commodity index

By Angela McDaniels

Seattle, Oct. 18 - Deutsche Bank AG, London Branch priced $20.56 million of 0% market contribution securities due Oct. 21, 2010 linked to the Deutsche Bank Liquid Commodity Index - Mean Reversion Total Return, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10,000 plus the index return minus the adjustment factor, which will lower the payout by 2% per year.

The notes are putable on Oct. 17, 2008 and Oct. 17, 2009, and the redemption amount will be determined in the same way as the payout at maturity.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Market contribution securities
Underlying index:	Deutsche Bank Liquid Commodity Index - Mean Reversion Total Return
Amount:	$20,556,000
Maturity:	Oct. 21, 2010
Coupon:	0%
Price:	Par of $10,000
Payout at maturity:	Par plus the index return minus the adjustment factor, which lowers the payout by 2% per year
Put:	On Oct. 17, 2008 and Oct. 17, 2009 at par plus the index return minus the adjustment factor
Initial index level:	1,697.59
Pricing date:	Oct. 16
Settlement date:	Oct. 19
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Fees:	None

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