New Issue: Deutsche Bank sells $1.16 million buffered enhanced participation notes on four currencies

By Marisa Wong

Madison, Wis., July 13 - Deutsche Bank AG, London Branch priced $1.16 million of 0% buffered enhanced participation notes due July 16, 2012 based on a basket of four equally weighted currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Brazilian real, the Indonesian rupiah, the Indian rupee and the Chinese renminbi.

The payout at maturity will be par plus 3.3 times any basket gain.

Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond 10%.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered enhanced participation notes
Underlying currencies:	Brazilian real, Indonesian rupiah, Indian rupee and Chinese renminbi, equally weighted against dollar
Amount:	$1,155,000
Maturity:	July 16, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 330% of any basket gain; exposure to losses beyond 10%
Initial spot rates:	1.7652 for real; 9,062 for rupiah; 46.75 for rupee; and 6.7753 for renminbi
Pricing date:	July 9
Settlement date:	July 14
Agent:	Deutsche Bank Securities Inc.
Fees:	2.2%
Cusip:	2515A0V42

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