New Issue: Deutsche Bank prices $1.4 million 0% notes linked to four Asian currencies

By Laura Lutz

Des Moines, Dec. 27 - Deutsche Bank AG, London Branch priced $1.4 million of 0% Asia 4 Appreciation Securities due Dec. 19, 2008, according to an FWP filing with the Securities and Exchange Commission.

The notes are linked to a basket that consists of equal weights of the Korean won, the Indian rupee, the Chinese renminbi and the Malaysian ringgit, each against the dollar.

If the final basket level is at least the initial level, the payout at maturity will be par plus 110% of any gain on the basket. Otherwise, the payout will be par minus the basket decline.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Asia 4 Appreciation Securities
Underlying basket:	Equal weights of Korean won, Indian rupee, Chinese renminbi and Malaysian ringgit, each against the dollar
Amount:	$1.4 million
Maturity:	Dec. 19, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is at least initial level, par plus 110% of any basket gain; otherwise, par minus the basket decline
Pricing date:	Dec. 21
Settlement date:	Dec. 28
Underwriters:	Deutsche Bank Securities Inc.; Deutsche Bank Trust Co. Americas
Fees:	None

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