New Issue: Deutsche Bank prices $20.04 million leveraged return securities linked to Dow industrials

By Jennifer Chiou

New York, Dec. 20 - Deutsche Bank AG, London Branch priced $20.04 million of 0% leveraged return securities due Feb. 19, 2009 linked to the Dow Jones Industrial Average, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout at maturity will be par plus 300% of any gain on the index, caped at a maximum payout of 123.1%.

Otherwise, the payout will be par times the index performance.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Leveraged return securities
Underlying index:	Dow Jones Industrial Average
Amount:	$20,039,000
Maturity:	Feb. 19, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any gain on the index, caped at 123.1%; otherwise, par times the index performance
Initial level:	13,498.302
Pricing date:	Dec. 14
Settlement date:	Dec. 19
Agents:	Deutsche Bank Securities, Deutsche Bank Trust Co. Americas
Fees:	0.3%

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