New Issue: Deutsche Bank prices $3 million 18.2% bearish reverse convertibles linked to Apple

By Susanna Moon

Chicago, Oct. 26 - Deutsche Bank AG, London Branch priced $3 million of 18.2% bearish reverse convertible securities due Oct. 31, 2008 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Apple stock rises above the threshold price - 125% of the initial share price - during the life of the notes and finishes above the initial share price, in which case investors will be fully exposed to the losses based on stock gains.

UBS Financial Services Inc. and Deutsche Bank Securities, Inc. are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Bearish reverse convertible securities
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$3 million
Maturity:	Oct. 31, 2008
Coupon:	18.2%, payable monthly
Price:	Par
Payout at maturity:	If the stock rises above the threshold price during the life of the notes and finishes above the initial share price, investors will be fully exposed to losses based on stock gains; otherwise, par
Initial share price:	$184.00
Threshold price:	$230.00, or 125% of the initial share price
Pricing date:	Oct. 24
Settlement date:	Oct. 30
Agent:	Deutsche Bank Securities Inc.
Fees:	None

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