New Issue: Deutsche Bank sells $4.19 million contingent return buffered notes on currency basket

By Susanna Moon

Chicago, March 30 - Deutsche Bank AG, London Branch priced $4.19 million of 0% contingent return buffered securities due April 2, 2012 based on the performance of a basket of equally weighted currencies relative to the euro, 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 Korean won, Indonesian rupiah and Singapore dollar.

If the basket gains, the payout at maturity will be par plus the greater of the basket gain and a contingent return of 16%.

Investors will receive par if the basket falls by up to 5% and will lose 1.0526% for every 1% decline beyond the buffer.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Contingent return buffered securities
Underlying currencies:	Korean won, Indonesian rupiah and Singapore dollar, equally weighted and versus euro
Amount:	$4,194,000
Maturity:	April 2, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the greater of any basket gain and the contingent minimum return of 16%; 1.0526% loss for every 1% decline beyond 5%
Initial spot rates:	1,525.82125 for won; 12,219.43275 for rupiah; 1.88075 for Singapore dollar
Pricing date:	March 26
Settlement date:	March 31
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1.5%
Cusip:	2515A0Y80

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