New Issue: Deutsche Bank sells $992,000 of 0% EARNs linked to index basket

By Jennifer Chiou

New York, June 27 - Deutsche Bank AG, London Branch priced a $992,000 issue of 0% Efficient Allocation Return Notes (EARNs) due Sept. 30, 2010 linked to the S&P 500, MSCI Emerging Markets and MSCI EAFE indexes, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 50% of the highest index return, 30% of the second-highest index return and 20% of the lowest index return. Investors will receive at least par.

The final level for each index will be the average of that index's closing levels on the 26th day of each September, December, March and June during the life of the notes.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Efficient Allocation Return Notes
Underlying indexes:	S&P 500, MSCI Emerging Markets, MSCI EAFE
Amount:	$992,000
Maturity:	Sept. 30, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 50% of the highest index return, 30% of the second-highest index return and 20% of the lowest index return; floor of par
Initial index levels:	1,492.89 for S&P 500; 1,051.10 for MSCI Emerging Markets; 2,239.77 for MSCI EAFE
Pricing date:	June 26
Settlement date:	June 29
Underwriters:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Fees:	None

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