New Issue: Deutsche Bank prices $45 million 0% securities linked to S&P GSCI Precious Metals index

By E. Janene Geiss

Philadelphia, June 25 - Deutsche Bank AG, London Branch plans to price securities due July 1, 2009 linked to the S&P GSCI Precious Metals Index Total Return, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon equal to three-month Libor minus 15 basis points.

The payout at maturity will be par of $10,000 plus any index gain minus the return on 91-day Treasury bills minus an adjustment factor of 20 bps. Investors will be fully exposed to any index decline.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Securities
Underlying index:	S&P GSCI Precious Metals Index Total Return
Amount:	$45 million
Maturity:	July 1, 2009
Coupon:	Libor minus 15 bps, payable quarterly
Price:	Par of $10,000
Payout at maturity:	Par plus any index gain minus the return on 91-day Treasury bills minus an adjustment factor of 20 bps; full exposure to any index decline
Initial index level:	1,199.75
Pricing date:	June 23
Settlement date:	June 26
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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