New Issue: Deutsche Bank sells $3.015 million 12% reverse convertibles linked to Yahoo!

By Jennifer Chiou

New York, June 27 - Deutsche Bank AG, London Branch priced $3,015,100 of 12% reverse convertible notes due July 10, 2008 linked to Yahoo! Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par in cash if Yahoo! stock stays at or above the protection price, 75% of the initial share price of $27.41, during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in Yahoo! stock, with the number of shares equal to $1,000 divided by the initial share price.

Deutsche Bank Securities is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	Yahoo! Inc.
Amount:	$3,015,100
Maturity:	July 10, 2008
Coupon:	12%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Yahoo! stock stays at or above the protection price of $20.56 during the life of the notes and finishes at or above the initial share price; otherwise shares of Yahoo! stock equal to $1,000 divided by the initial share price
Initial share price:	$27.41
Protection price:	$20.56, 75% of $27.41
Pricing date:	June 25
Settlement date:	July 9
Agent:	Deutsche Bank Securities
Fees:	None

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