Deutsche Bank plans buffered barrier rebate notes tied to iShares MSCI EAFE fund

By E. Janene Geiss

Philadelphia, July 21 - Deutsche Bank AG, London Branch plans to price 0% buffered barrier rebate securities due Jan. 27, 2011 linked to the iShares MSCI EAFE index fund, according to an FWP filing with the Securities and Exchange Commission.

A barrier event will occur if the fund closes above the upper barrier - 150% of the initial level - on any day during the life of the notes.

If a barrier event has occurred, the payout will be:

• Par plus the rebate if the final fund level is at least 90% of the initial level; or

• Par plus the rebate and minus 1% for every 1% that the fund declines beyond 10%.

The rebate will be 3.5% to 13.5% per note. The exact rebate will be set at pricing.

If a barrier event has not occurred, the payout at maturity will be:

• Par plus any fund gain;

• Par if the fund declines by 10% or less; or

• Par minus 1% for every 1% that the fund declines beyond 10%.

The notes are expected to price on July 22 and settle on July 27.

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

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