New Issue: Deutsche Bank prices $4 million absolute return barrier notes linked to Russell 2000

By Angela McDaniels

Seattle, Oct. 30 - Deutsche Bank AG, London Branch priced $4 million of zero-coupon 100% principal protection absolute return barrier notes due June 26, 2009 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes above the upper index barrier or below the lower index barrier during the life of the notes, the payout at maturity will be par plus the greater of the absolute value of the index return and 3%. If the index ever closes outside the index barriers, the payout will be par.

The upper and lower index barriers are 32% above and below the initial index level, respectively.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection absolute return barrier notes
Underlying index:	Russell 2000
Amount:	$4 million
Maturity:	June 26, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If the index never closes outside the index barriers, par plus the greater of the absolute value of the index return and 3%; otherwise, par
Initial index level:	821.39
Upper index barrier:	1,084.24, 132% of initial level
Lower index barrier:	558.54, 68% of initial level
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Agent:	Deutsche Bank Securities Inc.
Fees:	None

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