New Issue: Deutsche Bank prices $2.7 million absolute return notes linked to S&P 500

By Laura Lutz

Des Moines, Jan. 25 - Deutsche Bank AG, London Branch priced $2.7 million of zero-coupon 100% principal protection absolute return barrier M-notes due Jan. 30, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above or below its initial level by more than 16.75% at any time during the life of the notes, the payout at maturity will be par. Otherwise, the payout will be par plus the absolute value of the index return.

Deutsche Bank Securities Inc. is the underwriter.

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection absolute return barrier M-notes
Underlying index:	S&P 500 index
Amount:	$2,704,000
Maturity:	Jan. 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par if index ever closes above or below initial level by more than 16.75%; otherwise, par plus absolute value of index return
Initial level:	1,352.07
Lower index barrier:	1,125.59, 83.25% of initial level
Upper index barrier:	1,578.55, 116.75% of initial level
Pricing date:	Jan. 24
Settlement date:	Jan. 29
Underwriter:	Deutsche Bank Securities Inc.
Fees:	0%

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