New Issue: Deutsche Bank prices $12.61 million market contribution securities linked to DB Liquid Alpha

By Angela McDaniels

Tacoma, Wash., May 4 - Deutsche Bank AG, London Branch priced $12.61 million of 0% market contribution securities due May 5, 2014 linked to the Deutsche Bank Liquid Alpha USD 5 Total Return index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be putable and callable on May 6, 2010, May 5, 2011, May 3, 2012 and May 6, 2013.

The payout upon redemption or at maturity will be par plus the index return minus the adjustment factor, which will lower the payout by 1.75% per year.

Because of the adjustment factor, investors will lose some of their principal at maturity if the index does not increase by at least 9.6%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Market contribution securities
Underlying index:	Deutsche Bank Liquid Alpha USD 5 Total Return index
Amount:	$12.61 million
Maturity:	May 5, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the index return minus the adjustment factor, which lowers the payout by 1.75% per year
Call option:	On May 6, 2010, May 5, 2011, May 3, 2012 and May 6, 2013; payout determined in same way as at maturity
Put option:	On May 6, 2010, May 5, 2011, May 3, 2012 and May 6, 2013; payout determined in same way as at maturity
Initial index level:	2.827.92
Pricing date:	April 30
Settlement date:	May 5
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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