New Issue: Deutsche prices $706,000 absolute return barrier M-notes linked to MSCI Emerging Markets

By Susanna Moon

Chicago, Dec. 21 - Deutsche Bank AG, London Branch priced $706,000 of zero-coupon 100% principal protection absolute return barrier M-notes due June 24, 2009 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index stays within the upper and lower index barriers during the life of the notes, the payout at maturity will be par plus the absolute value of the index return.

If the index ever closes outside the index barriers, the payout will be par.

The upper and lower index barriers are 27.5% above and below the initial index level, respectively.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	100% principal protection absolute return barrier M-notes
Underlying index:	MSCI Emerging Markets
Amount:	$706,000
Maturity:	June 24, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes above upper index barrier or below the lower index barrier, par plus absolute value of the index return; otherwise, par
Initial index level:	1,197.03
Upper index barrier:	1,526.22, or 127.5% of initial index level
Lower index barrier:	867.84, or 72.5% of initial index level
Pricing date:	Dec. 19
Settlement date:	Dec. 24
Agent:	Deutsche Bank Securities Inc.
Fees:	None

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