Listing of New WAVEs: TOPDWK,TOPDWY,TOPDWZ 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 TOPDWK Short Name DB TOPCKW Long Name DB TOP 4000CK 0002 JUL16 Underlying Name TOP40- Tradable Expiry 14 July 2016 Strike 40000 Barrier 40000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 January 2016 ISIN DE000DT9N371 Code TOPDWY Short Name DB TOPPYW Long Name DB TOP 4700PY 0002 JUL16 Underlying Name TOP40- Tradable Expiry 14 July 2016 Strike 47000 Barrier 47000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 January 2016 ISIN DE000DT9N389 Code TOPDWZ Short Name DB TOPPZW Long Name DB TOP 4800PZ 0002 JUL16 Underlying Name TOP40- Tradable Expiry 14 July 2016 Strike 48000 Barrier 48000 Cover 5000:1 No. of Securities Up to 3000 000 Listing date 12 January 2016 ISIN DE000DT9N397 The JSE Limited Issuer Regulation Division has approved the listing of the above mentioned WAVE/s and trading will commence on 12 January 2016. 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 12 January 2016 Date: 12/01/2016 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.