New Issue: Deutsche Bank prices $2.76 million contingent absolute return autocallables on United

By Susanna Moon

Chicago, March 30 - Deutsche Bank AG, London Branch priced $2.76 million of 0% contingent absolute return autocallable optimization securities due April 5, 2013 linked to United Continental Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized call premium of 11% if United Continental stock closes at or above the initial share price on any quarterly observation date.

If the notes are not called and the stock finishes at or above the 55% trigger level, the payout at maturity will be par plus the absolute value of the return.

Otherwise, investors will be fully exposed to any losses.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Contingent absolute return autocallable optimization securities
Underlying stock:	United Continental Holdings, Inc. (Symbol: UAL)
Amount:	$2,761,560
Maturity:	April 5, 2013
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If United Continental stock finishes at or above trigger price, par plus absolute value of return; otherwise, full exposure to losses
Call:	At par plus 11% annualized if United Continental stock closes at or above initial share price on June 27, Sept. 26, Dec. 27, 2012 and April 1, 2013
Initial share price:	$21.89
Trigger price:	$12.04, 55% of initial share price
Pricing date:	March 28
Settlement date:	March 30
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1.5%
Cusip:	25154V524

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