Deutsche Bank to sell annual review notes linked to S&P 500 via JPMorgan

By Susanna Moon

Chicago, June 10 - Deutsche Bank AG, London Branch plans to price 0% annual review notes due June 30, 2011 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

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

The notes will be automatically called at increasing premiums if the index is at or above a call level on any of three annual review dates. On the first review date, the call level will be 90% of the initial level. On the second and third review dates, the call level will be equal to the initial level.

The redemption amount will be par plus at least 10.45% if the notes are called on June 29, 2009, par plus at least 20.9% if called on June 28, 2010 and par plus at least 31.35% if called on June 27, 2011. The exact call premiums will be set at pricing.

If the notes are not called, the payout at maturity will be par unless the index falls by more than 10%. Investors will lose 1.1111% for every 1% decline beyond 10%.

The notes will price on June 13 and settle on June 18.

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