New Issue: Deutsche prices $6.02 million step return buffered notes tied to five currencies vs. yen

By Susanna Moon

Chicago, May 24 - Deutsche Bank AG, London Branch priced $6.02 million 0% step return buffered securities due May 23, 2013 linked to a basket of equally weighted currencies relative to the Japanese yen, according to a 424B2 filing with the Securities and Exchange Commission.

The underlying currencies are the Brazilian real, the Russian ruble, the Indonesian rupiah, the Chinese renminbi and the Korean won.

If the basket finishes even or gains, the payout at maturity will be par plus the greater of the basket return and the step return of 18%.

Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond 10%.

Deutsche Bank Securities Inc. is the agent.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Step return buffered securities
Underlying currencies:	Brazilian real, the Russian ruble, the Indonesian rupiah, the Chinese renminbi and the Korean won, equally weighted against the Japanese yen
Amount:	$6.02 million
Maturity:	May 23, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If basket stays flat or gains, par plus greater of basket return and 18%; otherwise, 1% loss per 1% drop beyond 10%
Initial spot rates:	50.4948 for real, 2.9259 for ruble, 0.9569 for rupiah, 12.5641 for yuan and 7.5409 for won
Pricing date:	May 20
Settlement date:	May 25
Agent:	Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	2515A16G1

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