New Issue: Deutsche Bank prices $2 million absolute return barrier notes linked to S&P 500

By Susanna Moon

Chicago, Feb. 26 - Deutsche Bank AG, London Branch priced $2 million of 0% principal protection absolute return barrier securities due Aug. 28, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes above its upper barrier or below its lower barrier during the life of the notes, investors will receive par plus the absolute value of the index return. The barriers are 15.5% above and below the initial level.

Otherwise, investors will receive par.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Principal protection absolute return barrier securities
Underlying index:	S&P 500
Amount:	$1,998,000
Maturity:	Aug. 28, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes above or below the barrier levels, par plus absolute value of index return; otherwise, par
Initial index level:	1,371.80
Upper index barrier:	1,584.43, or 115.5% of initial index level
Lower index barrier:	1,159.17, or 84.5% of initial index level
Pricing date:	Feb. 25
Settlement date:	Feb. 28
Agent:	Deutsche Bank Securities Inc.
Fees:	1.75%

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