New Issue: Deutsche Bank prices $1.31 million 10.8% trigger yield notes linked to Royal Caribbean

By Toni Weeks

San Diego, May 8 - Deutsche Bank AG, London Branch priced $1.31 million of 10.8% trigger yield optimization notes due May 10, 2013 linked to the common stock of Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The face amount of each note will be equal to the initial price of Royal Caribbean stock.

The payout at maturity will be par unless the final price of Royal Caribbean stock is less than 70% of the initial share price, in which case investors will receive one Royal Caribbean share per note.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Trigger yield optimization notes
Underlying stock:	Royal Caribbean Cruises Ltd. (NYSE: RCL)
Amount:	$1,305,869.76
Maturity:	May 10, 2013
Coupon:	10.8%, payable monthly
Price:	Par of $26.83
Payout at maturity:	If final share price is less than trigger price, one Royal Caribbean share; otherwise, par
Initial share price:	$26.83
Trigger price:	$18.78, 70% of initial price
Pricing date:	May 4
Settlement date:	May 9
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25154V250

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