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.