New Issue: Deutsche Bank sells $2 million 16.4% reverse convertibles linked to Level 3

By Laura Lutz

Des Moines, Oct. 23 - Deutsche Bank AG, London Branch priced a $2 million issue of 16.4% reverse convertible notes due Oct. 27, 2009 linked to Level 3 Communications, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Level 3 stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price. In that case, the payout will be a number of Level 3 shares equal to $1,000 divided by the initial share price.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	Level 3 Communications, Inc. (Nasdaq: LVLT)
Amount:	$2 million
Maturity:	Oct. 27, 2009
Coupon:	16.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Level 3 stock stays at or above the protection price of $3.15 during life of notes or finishes at or above the initial share price; otherwise shares of Level 3 stock equal to $1,000 divided by the initial share price
Initial share price:	$4.20
Protection price:	$3.15, 75% of $4.20
Pricing date:	Oct. 19
Settlement date:	Oct. 26
Agent:	Deutsche Bank Securities Inc.
Fees:	None

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