New Issue: Deutsche Bank prices $5.81 million barrier optimization securities on S&P 500

By E. Janene Geiss

Philadelphia, April 29 - Deutsche Bank AG, London Branch priced a $5.81 million issue of 0% barrier optimization securities with partial protection due May 3, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index ever exceeds the index barrier during the life of the notes, the payout at maturity will be par of $10 plus 3% per note. The index barrier is 133.5% of the index's starting level.

If the index does not exceed the index barrier, the payout will be par plus any index gain, par if the index declines by 25% or less or par minus 1% for every 1% that the index declines beyond 25%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Barrier optimization securities with partial protection
Underlying index:	S&P 500
Amount:	$5,808,910
Maturity:	May 3, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 3% per note if index exceeds barrier level during life of notes; otherwise, par plus any index gain, par if index falls by up to 25% or par minus 1% for each 1% decline beyond 25%
Initial index level:	857.51
Index barrier:	1,144.78, 133.5% of initial level
Pricing date:	April 27
Settlement date:	April 30
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1.25%

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