New Issue: Deutsche Bank prices $31.86 million absolute return barrier notes linked to S&P 500 via UBS

By Angela McDaniels

Tacoma, Wash., July 30 - Deutsche Bank AG, London Branch priced $31.86 million of zero-coupon 100% principal protection absolute return barrier notes due Jan. 29, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index remains within 24.1% of its initial level throughout the life of the notes, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, the payout will be par.

UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection absolute return barrier notes
Underlying index:	S&P 500
Amount:	$31,862,720
Maturity:	Jan. 29, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index never closes above the upper index barrier or below the lower index barrier, par plus the absolute value of the index return; otherwise, par
Initial index level:	1,234.37
Upper index barrier:	1,531.85, 124.1% of initial level
Lower index barrier:	936.89, 75.9% of initial level
Pricing date:	July 28
Settlement date:	July 31
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1.75%

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