New Issue: Deutsche Bank sells $4.58 million contingent return notes on currencies via JPMorgan

By Susanna Moon

Chicago, May 18 - Deutsche Bank AG, London Branch priced $4.58 million of 0% contingent return buffered securities due May 23, 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 16.5%.

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

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:	$4,581,000
Maturity:	May 23, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus the greater of any basket gain and the contingent minimum return of 16.5%; 1.0526% loss for every 1% decline beyond 5%
Initial spot rates:	1,404.95695 for won; 11,299.2958 for rupiah; 1.7224 for Singapore dollar
Pricing date:	May 14
Settlement date:	May 19
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1.5%
Cusip:	2515A03R2

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