New Issue: Deutsche prices $2.04 million 10.75% yield optimization notes on SanDisk via UBS

By Jennifer Chiou

New York, Nov. 23 - Deutsche Bank AG, London Branch priced $2.04 million of 10.75% yield optimization notes with contingent protection due Nov. 28, 2011 linked to the common stock of SanDisk Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The face amount of each note is equal to the initial share price of SanDisk stock.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than 75% of the initial share price, in which case the payout will be one SanDisk 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:	SanDisk Corp. (Nasdaq: SNDK)
Amount:	$2,039,979.50
Maturity:	Nov. 28, 2011
Coupon:	10.75%, payable monthly
Price:	Par of $39.98
Payout at maturity:	If final share price is less than trigger price, one SanDisk share; otherwise, par
Initial share price:	$39.98
Trigger price:	$29.99, 75% of initial price
Pricing date:	Nov. 19
Settlement date:	Nov. 24
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25154P832

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