New Issue: Deutsche Bank prices $1.99 million 8.8% airbag notes tied to SanDisk

By Marisa Wong

Madison, Wis., July 31 - Deutsche Bank AG, London Branch priced $1.99 million of 8.8% annualized airbag yield optimization notes due Jan. 31, 2013 linked to the common stock of SanDisk 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 SanDisk 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 underwriters.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Airbag yield optimization notes
Underlying stock:	SanDisk Corp. (Nasdaq: SNDK)
Amount:	$1,993,000
Maturity:	Jan. 31, 2013
Coupon:	8.8%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, number of SanDisk shares equal to $1,000 divided by conversion price; otherwise, par
Initial share price:	$42.44
Conversion price:	$33.95, 80% of initial share price
Pricing date:	July 27
Settlement date:	July 31
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1%
Cusip:	25154X496

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