Wave Listing - TOPDWK, TOPDWL, TOPDWM and TOPDWY 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 TOPDWY Short Name DB TOPPYW Long Name DB TOP 4800PY 0002 AUG15 Underlying Name TOP40- Tradable Expiry 13 August 2015 Strike 48000 Barrier 48000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 10 February 2015 ISIN DE000DT0T2T3 Code TOPDWK Short Name DB TOPCKW Long Name DB TOP 4200CK 0002 AUG15 Underlying Name TOP40- Tradable Expiry 13 August 2015 Strike 42000 Barrier 42000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 10 February 2015 ISIN DE000DT0T2U1 Code TOPDWL Short Name DB TOPCLW Long Name DB TOP 4300CL 0002 AUG15 Underlying Name TOP40- Tradable Expiry 13 August 2015 Strike 43000 Barrier 43000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 10 February 2015 ISIN DE000DT0T2V9 Code TOPDWM Short Name DB TOPCMW Long Name DB TOP 4400CM 0002 AUG15 Underlying Name TOP40- Tradable Expiry 13 August 2015 Strike 44000 Barrier 44000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 10 February 2015 ISIN DE000DT0T2W7 The JSE Limited Issuer Services Division has approved the listing of the above mentioned WAVE/s and trading will commence on 10 February 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. 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 10 February 2015 Date: 10/02/2015 11:00:00 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.