New Issue: Deutsche prices $5.65 million outperformance notes linked to Financial Select SPDR, S&P 500

By Angela McDaniels

Seattle, Oct. 30 - Deutsche Bank AG, London Branch priced $5.65 million of 0% outperformance securities due Nov. 3, 2008 linked to the Financial Select Sector SPDR fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double the amount, if any, by which the return on the exchange-traded fund exceeds the return on the index, subject to a maximum payout of par plus 22.5%. Investors will lose 1% for each 1% the index return exceeds the ETF return.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Outperformance securities
Underlying ETF, index:	Financial Select Sector SPDR fund (Amex: XLF), S&P 500 index
Amount:	$5.65 million
Maturity:	Nov. 3, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any amount by which the ETF return exceeds the index return, capped at maximum return of 22.5%; 1% loss for each 1% the index return exceeds the ETF return
Initial levels:	$33.70 for the fund; 1,535.38 for the index
Pricing date:	Oct. 26
Settlement date:	Nov. 1
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Fees:	None

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