New Issue: Deutsche Bank sells $895,000 capped knock-out notes tied to Turkish lira

By Angela McDaniels

Tacoma, Wash., Feb. 1 - Deutsche Bank AG, London Branch priced $895,000 of 0% capped knock-out notes due Feb. 8, 2012 linked to the performance of the Turkish lira relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

If the lira does not weaken relative to the dollar by more than 15% at any time during the life of the notes, the payout at maturity will be par plus the greater of the currency performance and 9.4%. Otherwise, the payout will be par plus the currency performance, which could be positive or negative.

In either case, the payout is subject to a maximum return of 15%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying currency:	Turkish lira
Amount:	$895,000
Maturity:	Feb. 8, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If lira weakens relative to dollar by more than 15% during life of notes, par plus currency performance; otherwise, par plus greater of currency performance and 9.4%; return capped at 15% in either case
Initial exchange rate:	1.6089
Pricing date:	Jan. 28
Settlement date:	Feb. 2
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A13H2

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