New Issue: Deutsche Bank prices $811,000 million BUyS linked to S&P 100

By Angela McDaniels

Tacoma, Wash., March 27 - Deutsche Bank AG, London Branch priced $811,000 of 0% Buffered Underlying Securities (BUyS) due Sept. 28, 2009 linked to the S&P 100 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial level, the payout at maturity will be par plus double the index gain, capped at a maximum return of 16%. Investors will receive par if the index declines by 10% or less and will lose 1% for each 1% decline beyond 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered Underlying Securities (BUyS)
Underlying index:	S&P 100
Amount:	$811,000
Maturity:	Sept. 28, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at maximum return of 16%; par if index declines by 10% or less; 1% loss for each 1% decline beyond 10%
Initial index level:	627.96
Pricing date:	March 25
Settlement date:	March 28
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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