New Issue: Deutsche Bank prices $1 million absolute return barrier M-notes linked to S&P 500

By Jennifer Chiou

New York, Dec. 5 - Deutsche Bank AG, London Branch priced $1 million of zero-coupon 100% principal protection absolute return barrier M-notes due June 11, 2009 linked to the S&P 500 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 absolute value of the index return.

If the index ever closes outside the index barriers, the payout will be par.

The upper and lower index barriers are 25.5% 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 M-notes
Underlying index:	S&P 500
Amount:	$1 million
Maturity:	June 11, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes above the upper index barrier or below the lower index barrier, par plus absolute value of the index return; otherwise, par
Initial index level:	1,462.79
Upper index barrier:	1,835.81, 125.5% of initial index level
Lower index barrier:	1,089.77, 74.5% of initial index level
Pricing date:	Dec. 4
Settlement date:	Dec. 7
Agent:	Deutsche Bank Securities Inc.
Fees:	None

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