Deutsche Bank amends payout at maturity for buffered barrier rebate notes linked to gold

By Angela McDaniels

Tacoma, Wash., April 15 - Deutsche Bank AG, London Branch changed the payout at maturity for its upcoming 0% buffered barrier rebate securities due Nov. 1, 2010 linked to the price of gold, according to an FWP filing with the Securities and Exchange Commission.

If the price of gold is greater than the upper barrier - 135% of the initial price - on any day during the life of the notes, the payout at maturity will be par plus the rebate as long as the final price of gold is at least 85% of the initial price. Otherwise, investors will receive par plus the rebate and minus 1% for every 1% that gold drops below 85% of the initial price.

The rebate is expected to be 14% to 24% and will be set at pricing.

Originally, if gold crossed the upper barrier, the payout at maturity was going to be par plus the rebate regardless of the final gold price.

The payout if the price of gold does not cross the upper barrier during the life of the notes remains the same:

• Par plus any increase in the gold price;

• Par if the gold price declines by 15% or less; or

• Par minus 1% for every 1% that the gold price declines beyond 15%.

The notes are expected to price April 27 and settle April 30.

Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.

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