DB Wave Listing - TOPDWI & TOPDWJ 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 TOPDWI Short Name DB TOPCIW Long Name DB TOP 4100CI 0002 MAY15 Underlying Name TOP40- Tradable Expiry 21 May 2015 Strike 41000 Barrier 41000 Cover 5000:1 No. of Securities Up to 3 000 000 Listing date 21 November 2014 ISIN DE000DE9SPT1 Code TOPDWJ Short Name DB TOPCJW Long Name DB TOP 4300CJ 0002 MAY15 Underlying Name TOP40- Tradable Expiry 21 May 2015 Strike 43000 Barrier 43000 Cover 5000:1 No. of Securities Up to 3 000 000 Listing date 21 November 2014 ISIN DE000DE9SPV7 The JSE Limited Issuer Services Division has approved the listing of the above mentioned WAVE/s and trading will commence on 21 November 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 21 November 2014 Date: 21/11/2014 10:00:00 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.