Deutsche Bank plans target performance notes tied to three currencies

By Angela McDaniels

Tacoma, Wash., Sept. 22 - Deutsche Bank AG, London Branch plans to price 0% target performance securities due Oct. 18, 2011 linked to the performance of a basket of currencies relative to the euro, according to an FWP filing with the Securities and Exchange Commission.

The equally weighted basket includes the Indian rupee, Indonesian rupiah and Singapore dollar.

The basket level will increase if the currencies appreciate relative to the euro and will decrease if they depreciate relative to the euro.

If the final basket level is greater than or equal to the initial level, the payout at maturity will be:

• Par plus the basket return if the basket return is between zero and 14.25%;

• Par plus 14.25% minus the amount by which the return exceeds 14.25% if the basket return is greater than 14.25% and less than 28.5%; or

• Par if the basket return is 28.5% or more.

If the final basket level is less than the initial level, the payout will be:

• Par if the basket declines by 5% or less; or

• Par minus 1.0526% for every 1% that the basket declines beyond 5%.

The notes (Cusip 515A07F4) are expected to price Sept. 24 and settle Sept. 29.

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

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