New Issue: Deutsche prices $6.29 million notes on four currencies vs. U.S. dollar

By Jennifer Chiou

New York, Nov. 23 - Deutsche Bank AG, London Branch priced $6.29 million of 0% notes due Dec. 1, 2011 linked to the performance of four currencies relative to the U.S. dollar, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Indian rupee, Indonesian rupiah, Korean won and Singapore dollar.

The payout at maturity will be 95% of par plus the additional amount. If the basket return is less than 3%, the additional amount will be zero. If the return is greater than 3% but less than 13.5%, the additional amount will be 13.5%. Investors will share in any gains beyond 13.5%. They will receive at least 95% of par.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Notes
Underlying currencies:	Equal weights of the Indian rupee, Indonesian rupiah, Korean won and Singapore dollar relative to the U.S. dollar
Amount:	$6,285,000
Maturity:	Dec. 1, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	95% of par plus the additional amount, which will be zero if the basket return is less than 3% and 13.5% if return is greater than 3% but less than 13.5%; investors share in any gains beyond 13.5%; floor of 95% of par
Initial levels:	45.295 rupees per U.S. dollar; 8,931.50 rupiah per U.S. dollar; 1,133.65 won per U.S. dollar; 1.29845 Singapore dollars per U.S. dollar
Pricing date:	Nov. 19
Settlement date:	Nov. 24
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1BQ3

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