Deutsche Bank cuts participation rate on performance securities linked to S&P 500 via UBS

By E. Janene Geiss

Philadelphia, Nov. 6 - Deutsche Bank AG, London Branch lowered the expected participation rate on its offering of 0% performance securities with contingent protection due Nov. 30, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index return is positive, payout at maturity will be par of $10 plus any index gain multiplied by 100% to 110%, down from an anticipated multiplier of 110% to 120%. The exact participation rate will be set at pricing.

If the index dips below the trigger level - 75% of the initial level - during the life of the notes, investors will share in any losses.

Otherwise, investors will receive par.

The notes are expected to price Nov. 24 and settle Nov. 28.

UBS Financial Services Inc. and Deutsche Bank Securities Inc. are the underwriters.

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