Multi Level Cliquet

Termsheet

Buyer: Landesbank Berlin AG

Seller: JPMorgan Chase Bank
Trade Date: 30 July 2009
Reference Date: 30 December 2009
Value Date: 5 January, 2010
Notional Amount: EUR 3,000,000
Option Premium: 5,2%
Underlying: DJ Euro STOXX 50 Index (SX5E Index)
Currency: Euro
Observation Dates: The last trading day of the months March, June, September,
December, starting with 31 March 2010 and ending with 30
December 2014.
Within each calendar year from 2010 to 2014 (y=1 to 5) there
are four Observation Dates (q=1 to 4).
Maturity Date: 30 December 2014
Final Settlement Date: 5 January, 2015
Calculation Agent: Joint (Buyer and Seller)
Payoff at Maturity:

Indexq…Closing Level of Underlying on Observation Date q

Index0… Closing Level of Underlying on Reference Date
yearCap= 15%
yearFloor= -5%
quCap= 5%
Business Days/BDC Target – Modified Following Business Day Convention
Documentation ISDA Master Agreement or Deutscher Rahmenvertrag, as the case
may be, incorporating the ISDA 2006 Definitions and the ISDA 2002
Equity Definitions
Calculation Agent Party A and Party B jointly.
If unable to agree, each of them agrees to be bound by the
determination of a leading, independent dealer in equities selected
by agreement between both parties, whose fees and expenses, if
any, shall be borne severally by both parties as to fifty per cent of
such costs (the “Substitute Calculation Agent”). If unable to agree on
a Substitute Calculation Agent, each of LBB and Counterparty shall
select an independent dealer leading in equities and such
independent dealers shall agree on a third party, who shall be
deemed to be the Substitute Calculation Agent. The Calculation
Agent or the Substitute Calculation Agent will have no responsibility
for the good faith errors or omissions in making any determination in
connection with this Transaction.
Determining Party: Party A and Party B
Index Adjustment Events
Index Cancellation Cancellation and Payment
Index Modification Calculation Agent Adjustment
Index Disruption Calculation Agent Adjustment
Additional Disruption
Events
Change in Law Applicable.

Section 12.9(a)(ii) of the Equity Definitions is replaced in its entirety

by the words:

'Change in Law' means that, on or after the Trade Date (A) due to
the adoption of or any change in any applicable law or regulation
(including, without limitation, any tax law), or (B) due to the
promulgation of or any change in the interpretation by any court,
tribunal or regulatory authority with competent jurisdiction of any
applicable law or regulation (including any action taken by a taxing
authority), the Calculation Agent determines in good faith that it has
become illegal for a party to this Transaction to hold, acquire or
dispose of Hedge Positions relating to this Transaction, provided that
this Section 12.9(a)(ii) shall not apply if the Calculation Agent
determines that such party could have taken reasonable steps to
avoid such illegality.

All other Additional Hedging Not Applicable

Disruption Events:
Multiple Exchange Index Applicable/ Not Applicable
Annex:
Index Disclaimer Applicable
Non-Reliance: Applicable
Agreements and Applicable
Acknowledgments
regarding Hedging
Activities
Additional Applicable
Acknowledgments