New Issue: Deutsche Bank prices $2.34 million buffered barrier knockout notes linked to Russell 2000

By Angela McDaniels

Tacoma, Wash., Sept. 17 - Deutsche Bank AG, London Branch priced $2.34 million of 0% buffered barrier knockout participation securities due Aug. 25, 2011 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain multiplied by the participation rate. If the index remains at or below the upper barrier - 150% of the initial index level - throughout the life of the notes, the participation rate will be 133%. Otherwise, it will be 35%.

Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered barrier knockout participation securities
Underlying index :	Russell 2000
Amount:	$2,335,000
Maturity:	Aug. 25, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain multiplied by the participation rate; par if index declines by 10% or less; 1% loss for every 1% decline beyond 10%
Participation rate:	If the index never closes above the barrier level on any day during the life of the notes, 133%; otherwise, 35%
Initial index level:	604.84
Upper barrier:	907.26, 150% of initial level
Pricing date:	Sept. 15
Settlement date:	Sept. 18
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	0.75%

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