JSE
DEUT                                                                            
TOPDWV - Deutsche Bank AG - Issue of new Index Equity WAVEs                     
Deutsche Bank AG                                                                
(incorporated under the law of the Federal Republic of Germany)                 
acting through its London branch                                                
Issue of new Index Equity WAVEs                                                 
      Code                        TOPDWV                                        
      Short Name                  DB TOP PV W                                   
Long Name                   DB TOP 3050PV 0002 SEP12                      
      Underlying Name             TOP40-Tradeable                               
      Expiry                      12/09/2012                                    
      Strike                      30500                                         
Iss.Price                   1.50                                          
      Cover                       5000:1                                        
      No. of Securities           Up to 3 000 000                               
      Listing Date                16/05/2012                                    
ISIN                        DE000DE3B772                                  
The JSE Limited Issuer Services Division has approved the listing of the        
above mentioned WAVE/s and trading will commence on 16 May 2012. 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.                                              
For further information contact:                                                
X-markets Team                                                                  
Tel:      +27 11 775 7824                                                       
e-mail:   x-markets@db.co.za                                                    
Deutsche Securities                                                             
Date: 16/05/2012 09:47:01 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.