New Issue: Deutsche prices $3 million 19% airbag yield optimization notes tied to J.C. Penney

By Toni Weeks

San Luis Obispo, Calif., April 24 - Deutsche Bank AG, London Branch priced $3 million of 19% annualized airbag yield optimization notes due April 28, 2015 linked to the common stock of J.C. Penney Co., Inc., 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 J.C. Penney 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:	J.C. Penney Co., Inc. (Symbol: JCP)
Amount:	$3 million
Maturity:	April 28, 2015
Coupon:	19% annualized, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, 154.5595 J.C. Penney shares per $1,000 of notes; otherwise, par
Initial share price:	$8.09
Conversion price:	$6.47, 80% of initial price
Pricing date:	April 22
Settlement date:	April 25
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25155Q698

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