New Issue: Deutsche Bank sells $32.1 million 95% protected notes linked to four currencies via JPMorgan

By Susanna Moon

Chicago, Nov. 3 - Deutsche Bank AG, London Branch priced $32.1 million of zero-coupon 95% principal-protected notes due Nov. 4, 2011 linked to the performance of a basket of four equally weighted currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.

The underlying currencies are the Australian dollar, Brazilian real, Canadian dollar and Norwegian krone.

The payout at maturity will be 95% of par plus 1.93 times any gain in the basket, up to a maximum return of 23.95%.

Investors will receive at least 95% of par.

Issuer:	Deutsche Bank AG, London Branch
Issue:	95% principal-protected notes
Underlying currencies:	Australian dollar, Brazilian real, Canadian dollar and Norwegian krone, equally weighted vs. U.S. dollar
Amount:	$32,097,000
Maturity:	Nov. 4, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 193% of any basket gain, capped at 23.95%; floor of 95% of par
Initial spot rates:	0.9036 for Australian dollar, 1.74515 for Brazilian real, 1.0772 for Canadian dollar and 5.6979 for Norwegian krone
Pricing date:	Oct. 30
Settlement date:	Nov. 4
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1.5%

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