New Issue: Deutsche Bank prices $3 million absolute return barrier securities linked to MSCI EAFE

By Laura Lutz

Des Moines, Nov. 28 - Deutsche Bank AG, London Branch priced $3 million of 0% buffered absolute return barrier securities due May 29, 2009 linked to the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes above 145% or below 85% of its initial level during the life of the securities, the payout at maturity will be par plus the absolute value of the index return.

If the index ever closes outside that barrier range, the payout will be par minus any amount by which the index declines beyond 15%. In that case, the payout will not be greater than par.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered absolute return barrier securities
Underlying index:	MSCI EAFE
Amount:	$2,995,000
Maturity:	May 29, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes above 145% or below 85% of initial level, par plus absolute value of index return; otherwise, par minus any amount by which index declines beyond 15%
Initial level:	2,243.43
Lower index barrier:	1,906.91, 85% of initial level
Upper index barrier:	3,252.98, 145% of initial level
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Underwriters:	Deutsche Bank Securities Inc.; Deutsche Bank Trust Co. Americas
Fees:	None

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