New Issue: Deutsche Bank prices $2.44 million 9.56% trigger yield optimization notes on Carnival

By Susanna Moon

Chicago, April 19 - Deutsche Bank AG, London Branch priced $2.44 million of 9.56% trigger yield optimization notes due April 20, 2012 linked to Carnival Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes have a face value of $37.98 each, which is equal to the initial share price of Carnival.

Interest is payable monthly.

The payout at maturity will be par unless the final price of Carnival stock is less than 80% of the initial share price, in which case the payout will be one share of Carnival stock per note.

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

Issuer:	Deutsche Bank AG, London Branch
Issue:	Trigger yield optimization notes
Underlying stock:	Carnival Corp. (Symbol: CCL)
Amount:	$2,436,606.90
Maturity:	April 20, 2012
Coupon:	9.56%, payable monthly
Price:	Par of $37.98
Payout at maturity:	If final price of Carnival stock is less than trigger price, one Carnival share; otherwise, par
Initial share price:	$37.98
Trigger price	$30.384, or 80% of initial price
Pricing date:	April 15
Settlement date:	April 21
Underwriters:	UBS Financial Services Inc. and Deutsche Bank Securities Inc.
Fees:	2%
Cusip:	25154W837

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