New Issue: Deutsche prices $12.33 million one-year notes tied to won, ruble, peso

By Jennifer Chiou

New York, April 9 - Deutsche Bank AG, London Branch priced $12,333,000 of 0% notes due April 17, 2013 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 Korean won, the Russian ruble and the Mexican peso. The basket performance will be positive if the basket strengthens relative to the dollar.

If the basket performance is positive, zero or negative by not more than 15%, the payout at maturity will be par plus the greater of the basket performance and the 6.55% contingent minimum return.

If the basket performance is less than negative 15%, investors will be fully exposed to the decline.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Notes
Underlying currencies:	Equal weights of the Korean won, the Russian ruble and the Mexican peso relative to the dollar
Amount:	$12,333,000
Maturity:	April 17, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus greater of the basket performance and the 6.55% contingent minimum return if basket return is at least 85% of initial level; otherwise, full exposure to losses
Initial rates:	1,129.50 for won; 29.425 for ruble; 12.80875 for peso
Pricing date:	April 5
Settlement date:	April 11
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	1%
Cusip:	2515A1J28

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