New Issue: Deutsche prices $2.5 million 12.3% yield optimization notes tied to BP via UBS

By Marisa Wong

Madison, Wis., July 22 - Deutsche Bank AG, London Branch priced $2.5 million of 12.3% yield optimization notes with contingent protection due July 27, 2011 linked to the American Depositary Shares of BP plc, according to a 424B2 filing with the Securities and Exchange Commission.

Each note has a face value of $35.20, which is equal to the closing price of BP ADSs on the pricing date.

Interest is payable monthly.

The payout at maturity will be par unless the final ADS price is less than 60% of the initial price, in which case the payout will be one BP ADS per note.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Yield optimization notes with contingent protection
Underlying ADS:	BP plc (NYSE: BP)
Amount:	$2,499,974.40
Maturity:	July 27, 2011
Coupon:	12.3%, payable monthly
Price:	Par of $35.20
Payout at maturity:	If final ADS price is less than trigger price, one BP ADS; otherwise, par
Initial share price:	$35.20
Trigger price:	$21.12, 60% of initial price
Pricing date:	July 20
Settlement date:	July 23
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25154N365

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