New Issue: Deutsche Bank prices $12.01 million leveraged notes linked to three currencies

By Angela McDaniels

Tacoma, Wash., March 1 - Deutsche Bank AG, London Branch priced $12.01 million of 0% leveraged notes due May 31, 2012 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, the Indian rupee and the Indonesian rupiah.

The payout at maturity will be par plus 2.56 times the basket return if the basket return is positive. If the basket return is negative, investors will be exposed to the decline, subject to a minimum payout of 95% of par.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Leveraged notes
Underlying currencies:	Brazilian real, Indian rupee and Indonesian rupiah, equally weighted
Amount:	$12,009,000
Maturity:	May 31, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 256% of any appreciation of the basket relative to the dollar; exposure to any depreciation of the basket relative to the dollar, subject to a maximum loss of 5%
Initial exchange rates:	1.65965 for real; 8,841.5 for rupiah; 45.325 for rupee
Pricing date:	Feb. 25
Settlement date:	March 2
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A14P3

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