Deutsche Bank AG - New WAVE listing - TOPDWB, TOPDWC and TOPDWS Deutsche Bank AG (incorporated under the law of the Federal Republic of Germany) acting through its London branch. Issue of new Equity Index WAVEs Code TOPDWB Short Name DB TOPCBW Long Name DB TOP 4400CB 0002 DEC14 Underlying Name TOP40- Tradable Expiry 11 December 2014 Strike 44000 Barrier 44000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 14 July 2014 ISIN DE000DE8FXJ5 Code TOPDWC Short Name DB TOPCCW Long Name DB TOP 4500CC 0002 DEC14 Underlying Name TOP40- Tradable Expiry 11 December 2014 Strike 45000 Barrier 45000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 14 July 2014 ISIN DE000DE8FXK3 Code TOPDWS Short Name DB TOPPSW Long Name DB TOP 4900PS 0002 DEC14 Underlying Name TOP40- Tradable Expiry 11 December 2014 Strike 49000 Barrier 49000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 14 July 2014 ISIN DE000DE8FXL1 The JSE Limited Issuer Services Division has approved the listing of the above mentioned WAVE/s and trading will commence on 14 July 2014. 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. Copies of the pricing supplement can be obtained from Deutsche Securities (Pty) Limited. 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 14 July 2014 Date: 14/07/2014 12:30:00 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.