New Issue: Deutsche Bank prices $3.42 million 11.3% yield optimization notes tied to Rio Tinto via UBS

By Angela McDaniels

Tacoma, Wash., Nov. 17 - Deutsche Bank AG, London Branch priced $3.42 million of 11.3% yield optimization notes with contingent protection due Nov. 18, 2011 linked to the American Depositary Shares of Rio Tinto plc, according to a 424B2 filing with the Securities and Exchange Commission.

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

Interest is payable monthly.

Each note has a face amount of $210.05, which is equal to the closing price of Rio Tinto ADSs on the pricing date.

If the final price of Rio Tinto ADSs is less than 75% of the initial price, the payout at maturity will be one Rio Tinto ADS per note. Otherwise, the payout will be par.

Issuer:	Deutsche Bank AG, London Branch
Issue:	Yield optimization notes with contingent protection
Underlying ADSs:	Rio Tinto plc (Symbol: RTP)
Amount:	$3,423,395
Maturity:	Nov. 18, 2011
Coupon:	11.3%, payable monthly
Price:	Par of $210.05
Payout at maturity:	If Rio Tinto ADSs finish below trigger price, one Rio Tinto ADS per note; otherwise, par
Initial ADS price:	$210.05
Trigger price:	$157.5375, 75% of initial price
Pricing date:	Nov. 13
Settlement date:	Nov. 18
Agents:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2.75%

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