New Issue: Deutsche Bank sells $3.05 million buffered enhanced participation notes on BRIC currencies

By Angela McDaniels

Tacoma, Wash., Nov. 16 - Deutsche Bank AG, London Branch priced $3.05 million of 0% buffered enhanced participation notes due Nov. 16, 2012 linked to 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 Russian ruble, the Indian rupee and the Chinese renminbi.

The payout at maturity will be par plus 3.13 times any basket appreciation relative to the dollar. Investors will receive par if the basket depreciates by 10% or less 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, Russian ruble, Indian rupee and Chinese renminbi, equally weighted
Amount:	$3,048,000
Maturity:	Nov. 16, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 313% of any basket gain relative to dollar; par if basket falls by 10% or less; 1% loss for every 1% decline beyond 10%
Initial spot rates:	1.7198 for real; 30.7858 for ruble; 44.64 for rupee; 6.6239 for renminbi
Pricing date:	Nov. 12
Settlement date:	Nov. 17
Agent:	Deutsche Bank Securities Inc.
Fees:	1%
Cusip:	2515A1BK6

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