DEUTSCHE BANK AG - Issue of new Equity Index WAVEs- TOPDWJ, TOPDWW, TOPDWX

Issue of new Equity Index WAVEs- TOPDWJ, TOPDWW, TOPDWX

Deutsche Bank AG 
(incorporated on 10 March 1870 under the law of the Federal Republic of
Germany) acting through its London branch.

Issue of new Equity Index WAVEs


      Code                       TOPDWJ
      Short Name                 DB TOPCJW
      Long Name                  DB TOP 4400CJ 0002 MAR16
      Underlying Name            TOP40- Tradable
      Expiry                     10 March 2016
      Strike                     44000
      Barrier                    44000
      Cover                      5000:1
      No. of Securities          Up to 3000 000
      Listing date               23 November 2015
      ISIN                       DE000DT7HUR5

      Code                       TOPDWW
      Short Name                 DB TOPPWW
      Long Name                  DB TOP 4900PW 0002 MAR16
      Underlying Name            TOP40- Tradable
      Expiry                     10 March 2016
      Strike                     49000
      Barrier                    49000
      Cover                      5000:1
      No. of Securities          Up to 3000 000
      Listing date               23 November 2015
      ISIN                       DE000DT7HUP9

      Code                       TOPDWX
      Short Name                 DB TOPPXW
      Long Name                  DB TOP 5000PX 0002 MAR16
      Underlying Name            TOP40- Tradable
      Expiry                     10 March 2016
      Strike                     50000
      Barrier                    50000
      Cover                      5000:1
      No. of Securities          Up to 3000 000
      Listing date               23 November 2015
      ISIN                       DE000DT7HUQ7



The JSE Limited Issuer Regulation Division has approved the listing of the above mentioned
WAVE/s and trading will commence on 23 November 2015. Settlement of the WAVE/s will be
effected electronically through the STRATE system of the JSE and accordingly, certificates
evidencing the WAVE/s will not be issued to holders. All members of the JSE may participate in
trading, which will occur according to normal JSE rules. The product Pricing Supplement is
available on www.x-markets.db.com. The securities contain a knock-out feature. Investors should
be aware of the fact that as soon as a Knock-out Event has occurred the securities become
worthless.


For further information contact:
X-markets Team
Tel:           +27 11 775 7014
E-mail:        x-markets@db.co.za

Deutsche Securities

23 November 2015

Date: 23/11/2015 09:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.