New Issue: Deutsche Bank prices $11.32 million 14.5% yield optimization notes on Schlumberger via UBS

By Angela McDaniels

Tacoma, Wash., May 19 - Deutsche Bank AG, London Branch priced $11.32 million of 14.5% annualized yield optimization notes with contingent protection due Nov. 22, 2010 linked to the common stock of Schlumberger Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Each note has a face amount of $64.15, which is equal to Schlumberger's closing stock price on the pricing date.

The payout at maturity will be par unless the final price of Schlumberger stock is less than 80% of the initial price, in which case investors will receive one Schlumberger share per note.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Yield optimization notes with contingent protection
Underlying stock:	Schlumberger Ltd. (NYSE: SLB)
Amount:	$11,316,830
Maturity:	Nov. 22, 2010
Coupon:	14.5%, payable monthly
Price:	Par of $64.15
Payout at maturity:	If Schlumberger stock finishes below the trigger price, one Schlumberger share per note; otherwise, par
Initial share price:	$64.15
Trigger price:	$51.32, 80% of initial price
Pricing date:	May 17
Settlement date:	May 20
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1%
Cusip:	25154N571

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