New Issue: Deutsche Bank prices $8.28 million CMS slope steepener notes

By Jennifer Chiou

New York, July 23 - Deutsche Bank AG, London Branch priced $8.28 million of CMS slope steepener notes due July 24, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly and will equal 10.75% per year for the first year. For the second through fifth years, interest will equal 12 times the spread of the 30-year Constant Maturity Swap rate over the two-year CMS rate, subject to a minimum interest rate of 0% and a maximum interest rate of 13% per year. For the sixth year through maturity, the multiplier will be 15.

Beginning in July 2009, the notes are callable at par on any interest payment date.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	CMS slope steepener notes
Amount:	$8,281,000
Maturity:	July 24, 2023
Coupon:	10.75% per year for first year; 12 times the spread of the 30-year CMS rate over the two-year CMS rate, with a floor of 0% and a cap of 13% per year for the second through fifth years; multiplier rises to 15 for remainder of note term; payable quarterly
Price:	Par
Payout at maturity:	Par
Call option:	At par on interest payment dates from July 2009 onward
Pricing date:	July 21
Settlement date:	July 25
Agents:	Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas
Fees:	0.75%

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