New Issue: Deutsche Bank prices $11.68 million buffered absolute return barrier notes linked to S&P 500

By Susanna Moon

Chicago, Feb. 15 - Deutsche Bank AG, London Branch priced $11.68 million 0% buffered absolute return barrier securities due Aug. 17, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes above its upper barrier or below its lower barrier during the life of the notes, investors will receive par plus the absolute value of the index return. The barriers are 31.25% above and below the initial level.

If the index breaks outside the barriers during the life of the notes, the payout will be par if the final index level declines by 15% or less. Investors will lose 1% for every 1% the index declines beyond 15%.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered absolute return barrier securities
Underlying index:	S&P 500
Amount:	$11.68 million
Maturity:	Aug. 17, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes above or below the barrier levels, par plus absolute value of index return; otherwise par up to 15% index drop; 1% loss for every 1% index decline beyond 15%
Initial index level:	1,348.86
Upper index barrier:	1,770.38, 131.25% of initial index level
Lower index barrier:	927.34, 68.75% of initial index level
Pricing date:	Feb. 12
Settlement date:	Feb. 15
Agents:	Deutsche Bank Securities Inc., Deutsche Bank Trust Co. Americas
Fees:	None

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