Listing of New WAVEs -TOPDWO, TOPDWA, TOPDWR, 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 TOPDWO Short Name DB TOPCOW Long Name DB TOP 4600CO 0002 JAN16 Underlying Name TOP40- Tradable Expiry 14 January 2016 Strike 46000 Barrier 46000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 May 2015 ISIN DE000DT0TWF6 Code TOPDWA Short Name DB TOPCAW Long Name DB TOP 4700CA 0002 JAN16 Underlying Name TOP40- Tradable Expiry 14 January 2016 Strike 47000 Barrier 47000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 May 2015 ISIN DE000DT0TWH2 Code TOPDWR Short Name DB TOPPRW Long Name DB TOP 5100PR 0002 JAN16 Underlying Name TOP40- Tradable Expiry 14 January 2016 Strike 51000 Barrier 51000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 May 2015 ISIN DE000DT0TWJ8 Code TOPDWS Short Name DB TOPPSW Long Name DB TOP 5200PS 0002 JAN16 Underlying Name TOP40- Tradable Expiry 14 January 2016 Strike 52000 Barrier 52000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 May 2015 ISIN DE000DT0TWM2 The JSE Limited Issuer Services Division has approved the listing of the above mentioned WAVE/s and trading will commence on 12 May 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 12 May 2015 Date: 12/05/2015 11:30:00 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.