New Issue: Deutsche Bank prices $6.7 million return enhanced notes linked to two currencies versus euro

By Angela McDaniels

Tacoma, Wash., May 18 - Deutsche Bank AG, London Branch priced $6.7 million of 0% return enhanced notes due June 2, 2011 linked to the performance of a basket of currencies relative to the euro, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Mexican peso and Canadian dollar.

The payout at maturity will be par plus 2.27 times any appreciation of the basket relative to the euro, subject to a maximum return of 22.7%. Investors will be exposed to any basket depreciation relative to the euro.

JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Return enhanced notes
Underlying currencies:	Mexican peso and Canadian dollar, equally weighted
Amount:	$6,696,000
Maturity:	June 2, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 2.27 times any basket gain relative to euro, up to maximum return of 22.7%; exposure to any basket decline relative to euro
Initial spot rates:	15.5876 pesos per euro; 1.28215 Canadian dollars per euro
Final spot rates:	For each currency, the average of its spot rates on the five trading days ending May 27, 2011
Pricing date:	May 14
Settlement date:	May 19
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
Fees:	1%
Cusip:	2515A03Q4

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