New Issue: Deutsche Bank prices $1.7 million 11% yield optimization notes tied to Citigroup via UBS

By Angela McDaniels

Tacoma, Wash., Feb. 16 - Deutsche Bank AG, London Branch priced $1.7 million of 11% yield optimization notes with contingent protection due Feb. 17, 2012 linked to the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Each note has a face amount of $3.21, which is equal to Citigroup's closing stock price on the pricing date.

The payout at maturity will be par unless the final price of Citigroup stock is less than 75% of the initial price, in which case investors will receive one Citigroup 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:	Citigroup Inc. (Symbol:C)
Amount:	$1,704,940
Maturity:	Feb. 17, 2012
Coupon:	11%, payable monthly
Price:	Par of $3.21
Payout at maturity:	If Citigroup stock finishes below the trigger price, one Citigroup share per note; otherwise, par
Initial share price:	$3.21
Trigger price:	$2.41, 75% of initial price
Pricing date:	Feb. 11
Settlement date:	Feb. 17
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2.75%
Cusip:	25154N753

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