New Issue: Deutsche prices $2.93 million 8.83% airbag yield optimization notes on Silver Wheaton

By Toni Weeks

San Luis Obispo, Calif., May 21 - Deutsche Bank AG, London Branch priced $2.93 million of 8.83% annualized airbag yield optimization notes due Nov. 22, 2013 linked to the common stock of Silver Wheaton Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Silver Wheaton shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Airbag yield optimization notes
Underlying stock:	Silver Wheaton Corp. (Symbol: SLW)
Amount:	$2.93 million
Maturity:	Nov. 22, 2013
Coupon:	8.83% annualized, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, 57.4053 Silver Wheaton shares per $1,000 of notes; otherwise, par
Initial share price:	$21.77
Conversion price:	$17.42, 80% of initial price
Pricing date:	May 17
Settlement date:	May 22
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1%
Cusip:	25155H615

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