New Issue: Deutsche Bank prices $7.48 million CMS slope steepener notes

By Angela McDaniels

Tacoma, Wash., April 22 - Deutsche Bank AG, London Branch priced $7.48 million of CMS slope steepener notes due April 23, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly and will equal 10% per year for the first year. Beginning April 23, 2009, interest will equal 10 times the spread of the 30-year Constant Maturity Swap (CMS) rate over the two-year CMS rate, subject to a minimum interest rate of 0% and a maximum interest rate of 12% per year.

Beginning April 23, 2009, the notes are callable at par on any interest payment date.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	CMS slope steepener notes
Amount:	$7,484,000
Maturity:	April 23, 2023
Coupon:	10% per year for the first year; beginning April 23, 2009, 10 times the spread of the 30-year CMS rate over the two-year CMS rate, with a floor of 0% and a cap of 12% per year
Price:	Par
Payout at maturity:	Par
Call option:	At par on interest payment dates from April 23, 2009 onward
Pricing date:	April 18
Settlement date:	April 23
Agents:	Deutsche Bank Securities, Inc. and Deutsche Bank Trust Co. Americas
Fees:	None

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