New Issue: Deutsche Bank prices $20.53 million trigger autocallable optimization notes on Arch Coal

By Marisa Wong

Madison, Wis., Feb. 15 - Deutsche Bank AG, London Branch priced $20.53 million of 0% trigger autocallable optimization securities due Feb. 17, 2012 linked to the common stock of Arch Coal, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par of $10 plus an annualized call return of 25.27% if Arch Coal shares close at or above the initial share price on any of 12 monthly observation dates.

If the notes are not called and the final share price is greater than or equal to 70% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be par plus the stock return.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Trigger autocallable optimization securities
Underlying stock:	Arch Coal, Inc. (Symbol: ACI)
Amount:	$20,527,180
Maturity:	Feb. 17, 2012
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	If Arch Coal shares finish at or above trigger price, par; otherwise, par plus stock return
Call:	Automatically at par plus 25.27% per year if Arch Coal stock closes at or above initial share price on any of 12 monthly observation dates
Initial share price:	$32.94
Trigger price:	$23.06, 70% initial price
Pricing date:	Feb. 11
Settlement date:	Feb. 16
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	1.25%
Cusip:	25154P428

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