New Issue: Deutsche Bank prices $5.25 million market contribution securities linked to DB Liquid Alpha

By Angela McDaniels

Tacoma, Wash., Feb. 22 - Deutsche Bank AG, London Branch priced $5.25 million of 0% market contribution securities due Feb. 23, 2015 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 are callable and putable on March 7, 2011, March 5, 2012, March 4, 2013 and March 3, 2014.

The payout at maturity or upon redemption will be par plus the index return, which could be positive or negative, minus an adjustment factor of 1.75% per year.

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:	$5,245,000
Maturity:	Feb. 23, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the index return minus an adjustment factor of 1.75% per year
Call option:	On March 7, 2011, March 5, 2012, March 4, 2013 and March 3, 2014 at par plus index return minus adjustment factor
Put option:	On March 7, 2011, March 5, 2012, March 4, 2013 and March 3, 2014 at par plus index return minus adjustment factor
Initial index level:	2,974.297
Final index level:	Average of index's closing levels on the five trading days ending Feb. 18, 2015
Pricing date:	Feb. 18
Settlement date:	Feb. 23
Agents:	Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas
Fees:	None
Cusip:	2515A02A0

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