New Issue: Deutsche prices $21.38 million buffered return enhanced notes tied to currency basket

By Jennifer Chiou

New York, May 17 - Deutsche Bank AG, London Branch priced $21.38 million of buffered return enhanced notes due Nov. 16, 2012 linked to a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The equally weighted basket components are the Indonesian rupiah, the Malaysian ringgit and the Singapore dollar.

The payout at maturity will be 1.61 times any gain in the basket, subject to a maximum total payment of $2,610 per $1,000 note.

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

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Buffered return enhanced notes
Underlying currencies:	Indonesian rupiah, Malaysian ringgit and Singapore dollar, equally weighted against the U.S. dollar
Amount:	$21,378,000
Maturity:	Nov. 16, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.61 times any gain in the basket, subject to a maximum of $2,610 per $1,000 note; par if basket falls by up to 5%; investors will lose 1.0526% for every 1% decline in the basket beyond 5%
Initial spot rates:	8,543 rupiah per U.S. dollar, 3.0025 ringgit per U.S. dollar, 1.2444 Singapore dollars per U.S. dollar
Pricing date:	May 13
Settlement date:	May 18
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	2515A16N6

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