New Issue: Deutsche Bank prices $2.56 million bearish index securities linked to S&P 500

By E. Janene Geiss

Philadelphia, Dec. 1 - Deutsche Bank AG, London Branch priced $2.56 million of 0% bearish index securities due Dec. 9, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any decline on the index, subject to a maximum gain of 42.4%. Investors are fully exposed to any increase on the index.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Bearish index securities
Underlying index: S&P 500
Amount:	$2,555,000
Maturity:	Dec. 9, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double of any index decline, capped at 42.4%; full exposure to losses if index increases
Initial index level: 887.68
Pricing date:	Nov. 26
Settlement date:	Dec. 2
Underwriters:	Deutsche Bank Trust Co. Americas and Deutsche Bank Securities Inc.
Fees:	None

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