New Issue: Deutsche Bank sells $3.77 million barrier bonus notes linked to United States Oil Fund

By Susanna Moon

Chicago, March 17 - Deutsche Bank AG, London Branch priced $3.77 million of barrier bonus notes due March 16, 2011 linked to the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund never closes below its barrier price - 55% of the initial price - investors will receive the greater of par plus any fund return, capped at 60%, or par plus the 40% bonus.

If the fund closes below the lower barrier, investors will be exposed to any losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Barrier bonus notes
Underlying index:	United States Oil Fund, LP
Amount:	$3,769,000
Maturity:	March 16, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If fund never closes below barrier, the greater of par plus any fund return, capped at 60%, or par plus 40% bonus; if fund closes below barrier, exposure to losses
Initial fund price:	$27.63
Barrier price:	$15.20, 55% of initial fund price
Pricing date:	March 13
Settlement date:	March 18
Agent:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	0.75%

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