New Issue: Deutsche Bank prices $21.31 million absolute return notes linked to MSCI EAFE via UBS

By E. Janene Geiss

Philadelphia, Feb. 28 - Deutsche Bank AG, London Branch priced $21,307,550 of zero-coupon 100% principal protection absolute return barrier notes due Aug. 31, 2009 linked to the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.

UBS Financial Services Inc. and Deutsche Bank Securities are the underwriters.

If the index never closes above the upper index barrier or below the lower index barrier during the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return.

If the index ever closes outside the index barriers, the payout will par. Investors will receive at least par.

The upper and lower index barriers are 20.1% above and below the initial index level, respectively.

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection absolute return barrier notes
Underlying index:	MSCI EAFE index
Amount:	$21,307,550
Maturity:	Aug. 31, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index never closes above the upper index barrier or below the lower index barrier, par plus absolute value of the index return; floor of par
Initial level:	2,086.12
Lower index barrier:	1,666.81, 79.9% of initial level
Upper index barrier:	2,086.12, 120.1% of initial level
Pricing date:	Feb. 26
Settlement date:	Feb. 29
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1.75%

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