New Issue: Deutsche Bank revises $1 million 17.23% reverse convertibles linked to General Motors

By E. Janene Geiss

Philadelphia, July 27 - Deutsche Bank AG, London Branch issued amended terms on its $1 million of 17.23% reverse convertible notes due July 28, 2008 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless General Motors stock falls below the protection price of $25.30, 75% of the initial price of $33.73, during the life of the notes and finishes below the initial price in which case the payout will be 29.647 shares of General Motors stock. The protection price was previously announced as $25.2975.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	General Motors Corp.
Amount:	$1 million
Maturity:	July 28, 2008
Coupon:	17.23%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless General Motors stock falls below the protection price of $25.20, 75% of the initial price, and finishes below the initial price, in which case 29.647 shares of General Motors stock.
Initial price:	$33.73
Protection price:	$25.30, 75% of $33.73
Exchange ratio:	29.647
Pricing date:	July 25
Settlement date:	July 30
Agent:	Deutsche Bank Securities Inc.
Agent fee:	1.5%

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