New Issue: Deutsche Bank prices $2.05 million capped knock-out notes linked to Polish zloty

By Angela McDaniels

Tacoma, Wash., Feb. 1 - Deutsche Bank AG, London Branch priced $2.05 million of 0% capped knock-out notes due Aug. 5, 2011 linked to the performance of the Polish zloty relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.

If the zloty does not weaken relative to the dollar by more than 10% at any time during the life of the notes, the payout at maturity will be par plus the greater of the currency performance and 9.25%. Otherwise, the payout will be par plus the currency performance, which could be positive or negative.

In either case, the payout is subject to a maximum return of 10%.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Capped knock-out notes
Underlying currency:	Polish zloty
Amount:	$2,045,000
Maturity:	Aug. 5, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If zloty weakens relative to dollar by more than 10% during life of notes, par plus currency performance; otherwise, par plus greater of currency performance and 9.25%; return capped at 10% in either case
Initial exchange rate:	2.89395
Pricing date:	Jan. 28
Settlement date:	Feb. 2
Agents:	JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
Fees:	0.5%
Cusip:	2515A13J8

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