New Issue: Deutsche Bank prices $1.48 million BUyS linked to Financial Select Sector SPDR fund

By E. Janene Geiss

Philadelphia, May 28 - Deutsche Bank AG, London Branch priced $1.48 million of 0% Buffered Underlying Securities (BUyS) due Nov. 30, 2009 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 150% of any gain on the fund, subject to a maximum return of 23.5%. Investors will receive par if the fund declines by 15% or less and will lose 1% for every 1% decline beyond 15%.

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 fund:	Financial Select Sector SPDR fund
Amount:	$1,475,000
Maturity:	Nov. 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any fund gain; par if fund falls by 15% or less; 1% loss for every 1% decline beyond 15%
Initial fund level:	$24.65
Pricing date:	May 23
Settlement date:	May 29
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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