Deutsche Bank plans semiannual review notes linked to S&P 500 via JPMorgan

By E. Janene Geiss

Philadelphia, Feb. 3 - Deutsche Bank AG, London branch plans to price 0% semiannual review notes due Feb. 24, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities Inc. is the agent.

The notes will be called automatically if the index closes at or above the call level on any of three semiannual review dates. The call level will be equal to 90% of the initial index level on the first review date and equal to the initial level on the remaining review dates.

The redemption amount will be par plus at least 18.8% if the notes are called on Feb. 19, 2010, par plus at least 28.2% if called on Aug. 20, 2010 and par plus at least 37.6% if called on Feb. 18, 2011. The exact redemption amounts will be set at pricing.

The payout at maturity will be par unless the index declines by more than 10%, in which case investors will lose 1.1111% for every 1% decline beyond 10%.

The notes are expected to price Feb. 6 and settle Feb. 11.

J.P. Morgan Securities Inc. is the agent.

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