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DE000DE290C5 Axess Warrants Linked to the Shares of Shares Of NOTICE TO SECURITYHOLDERS by Deutsche Bank AG, acting through its London branch (the “Issuer” and “Calculation Agent”) under Deutsche Bank AG aXess Programme (the “Programme”) in relation to the issue of: ISIN Name of product DE000DE290C5 aXess Warrants linked to the Shares of Shares of Anhanguera Educacional Participacoes SA DE000DE290D3 aXess Warrants linked to the Shares of All America Latina Logistica DE000DE290E1 aXess Warrants linked to the Shares of Cia de Bebidas das Americas DE000DE290F8 aXess Warrants linked to the Shares of Amil Participacoes SA DE000DE290G6 aXess Warrants linked to the Shares of Banco do Brasil SA DE000DE290H4 aXess Warrants linked to the Shares of Shares of Banco Bradesco SA DE000DE290J0 aXess Warrants linked to the Shares of Shares of Brookfield Incorporacoes SA DE000DE290K8 aXess Warrants linked to the Shares of Shares of Bradespar SA DE000DE290L6 aXess Warrants linked to the Shares of Shares of BRF ‐ Brasil Foods SA DE000DE290M4 aXess Warrants linked to the Shares of Shares of Braskem SA DE000DE290N2 aXess Warrants linked to the Shares of Shares of BR Malls Participacoes SA DE000DE290P7 aXess Warrants linked to the Shares of Shares of Banco do Estado do Rio Grande do Sul S.A. DE000DE290Q5 aXess Warrants linked to the Shares of Shares of Brasil Telecom SA DE000DE290R3 aXess Warrants linked to the Shares of Shares of B2W Cia Global Do Varejo DE000DE290S1 aXess Warrants linked to the Shares of Shares of BM&FBovespa SA DE000DE290T9 aXess Warrants linked to the Shares of Shares of CCR SA DE000DE290U7 aXess Warrants linked to the Shares of Shares of Cia Energetica de Sao Paulo DE000DE290V5 aXess Warrants linked to the Shares of Shares of Cielo SA DE000DE290W3 aXess Warrants linked to the Shares of Shares of Companhia Energetica de Minas Gerais DE000DE290X1 aXess Warrants linked to the Shares of Shares of CPFL Energia SA DE000DE290Y9 aXess Warrants linked to the Shares of Shares of Cia Paranaense de Energia DE000DE290Z6 aXess Warrants linked to the Shares of Shares of Souza Cruz SA DE000DE29101 aXess Warrants linked to the Shares of Shares of aXess Warrants linked to the Shares of Cosan SA Industria e Comercio DE000DE29119 aXess Warrants linked to the Shares of Shares of aXess Warrants linked to the Shares of Cia Siderurgica Nacional SA DE000DE29127 aXess Warrants linked to the Shares of Shares of aXess Warrants linked to the Shares of CETIP SA ‐ Balcao Organizado d DE000DE29135 aXess Warrants linked to the Shares of Cyrela Brazil Realty S.A. DE000DE29143 aXess Warrants linked to the Shares of Diagnosticos da America SA DE000DE29150 aXess Warrants linked to the Shares of Duratex SA DE000DE29168 aXess Warrants linked to the Shares of Ecorodovias Infraestrutura e Logistica SA DE000DE29176 aXess Warrants linked to the Shares of Centrais Eletricas Brasileiras DE000DE29184 aXess Warrants linked to the Shares of CENTRAIS ELETRICAS BRAS‐ PR B DE000DE29192 aXess Warrants linked to the Shares of ELETROPAULO METROPOLI‐ PREF DE000DE291A7 aXess Warrants linked to the Shares of Embraer SA DE000DE291B5 aXess Warrants linked to the Shares of EDP ‐ Energias do Brasil SA DE000DE291C3 aXess Warrants linked to the Shares of Vale Fertilizantes SA DE000DE291D1 aXess Warrants linked to the Shares of Fibria Celulose SA DE000DE291E9 aXess Warrants linked to the Shares of AES Tiete SA DE000DE291F6 aXess Warrants linked to the Shares of Gafisa SA DE000DE291G4 aXess Warrants linked to the Shares of Gerdau SA DE000DE291H2 aXess Warrants linked to the Shares of Metalurgica Gerdau SA DE000DE291J8 aXess Warrants linked to the Shares of Gol Linhas Aereas Inteligentes S.A. DE000DE291K6 aXess Warrants linked to the Shares of Cia Hering DE000DE291L4 aXess Warrants linked to the Shares of HRT Participacoes em Petroleo SA DE000DE291M2 aXess Warrants linked to the Shares of Hypermarcas SA DE000DE291N0 aXess Warrants linked to the Shares of Itausa ‐ Investimentos Itau S.A. DE000DE291P5 aXess Warrants linked to the Shares of Itau Unibanco Holding SA DE000DE291Q3 aXess Warrants linked to the Shares of JBS SA DE000DE291R1 aXess Warrants linked to the Shares of Klabin SA DE000DE291S9 aXess Warrants linked to the Shares of Lojas Americanas SA DE000DE291T7 aXess Warrants linked to the Shares of Lojas Renner SA DE000DE291U5 aXess Warrants linked to the Shares of MMX Mineracao e Metalicos SA DE000DE291V3 aXess Warrants linked to the Shares of Marfrig Alimentos SA DE000DE291W1 aXess Warrants linked to the Shares of MRV Engenharia e Participacoes SA DE000DE291X9 aXess Warrants linked to the Shares of Multiplan Empreendimentos Imobiliarios SA DE000DE291Y7 aXess Warrants linked to the Shares of Natura Cosmeticos SA DE000DE291Z4 aXess Warrants linked to the Shares of Odontoprev SA DE000DE29200 aXess Warrants linked to the Shares of OGX Petroleo e Gas Participacoes SA DE000DE29218 aXess Warrants linked to the Shares of Companhia Brasileira de Distribuicao Grupo DE000DE29226 aXess Warrants linked to the Shares of PDG Realty SA DE000DE29234 aXess Warrants linked to the Shares of Petroleo Brasileiro SA DE000DE29242 aXess Warrants linked to the Shares of Petroleo Brasileiro SA DE000DE29259 aXess Warrants linked to the Shares of Porto Seguro SA DE000DE29267 aXess Warrants linked to the Shares of Redecard SA DE000DE29275 aXess Warrants linked to the Shares of Localiza Rent a Car SA DE000DE29283 aXess Warrants linked to the Shares of Rossi Residencial SA DE000DE29291 aXess Warrants linked to the Shares of Banco Santander Brasil SA DE000DE292A5 Up to 326,000 aXess Warrants linked to the Shares of Cia de Saneamento Basico do Estado de Sao Paulo with Issue Price: USD 30.68 DE000DE292B3 aXess Warrants linked to the Shares of Sul America SA DE000DE292C1 aXess Warrants linked to the Shares of Suzano Papel e Celulose SA DE000DE292D9 aXess Warrants linked to the Shares of TAM SA DE000DE292E7 aXess Warrants linked to the Shares of Tractebel Energia SA DE000DE292G2 aXess Warrants linked to the Shares of Telemar Norte Leste SA DE000DE292H0 aXess Warrants linked to the Shares of TELE NORTE LESTE PART DE000DE292J6 aXess Warrants linked to the Shares of TELE NORTE LESTE PART‐ PREF DE000DE292K4 aXess Warrants linked to the Shares of Totvs SA DE000DE292L2 aXess Warrants linked to the Shares of Companhia de Transmissao de Energia Eletrica Paulista DE000DE292M0 aXess Warrants linked to the Shares of Ultrapar Participacoes SA DE000DE292N8 aXess Warrants linked to the Shares of USINAS SIDERURGICAS DE MINAS DE000DE292P3 aXess Warrants linked to the Shares of USINAS SIDER MINAS GER‐PF A DE000DE292Q1 aXess Warrants linked to the Shares of Vale SA DE000DE292R9 Up to 354,000 aXess Warrants linked to the Shares of Vale SA with Issue Price: USD 28.27 DE000DE292S7 aXess Warrants linked to the Shares of Vivo Participacoes SA DE000DE292T5 aXess Warrants linked to the Shares of Brasil Insurance Participacoes e Administracao SA DE000DE292U3 aXess Warrants linked to the Shares of Gerdau SA DE000DE29Z25 aXess Warrants linked to the Shares of Fleury SA DE000DE29Z33 aXess Warrants linked to the Shares of Light S/A DE000DE29Z41 aXess Warrants linked to the Shares of MPX Energia SA DE000DE29Z58 aXess Warrants linked to the Shares of QGEP Participacoes SA DE000DE297T4 aXess Warrants linked to the Shares of Brasil Brokers Participacoes DE000DE297U2 aXess Warrants linked to the Shares of LLX Logistica S.A. DE000DE297V0 aXess Warrants linked to the Shares of OSX Brasil SA DE000DE297W8 aXess Warrants linked to the Shares of BR Properties SA aXess Warrants linked to the Shares of Companhia de Saneamento DE000DE297X6 de Minas Gerais ‐ Copasa MG DE000DE2VTP0 aXess Warrants linked to the Shares of IGUATEMI EMP DE SHOPPING DE000DE2VTT2 aXess Warrants linked to the Shares of Direcional Engenharia S.A. DE000DE2VTU0 aXess Warrants linked to the Shares of TELEF BRASIL (Referred to as the “Securities”) Effective Date: 29 May 2012 The Issuer wishes to confirm its agreement with Securityholders to restructure the Securities as of the Effective Date. The following amendments to the Securities were made: • The End of Exercise Period in respect of Securities for each series has been amended from 31 May 2012 to 31 May 2013; and Capitalised terms used in this Notice and not defined herein shall have the meaning ascribed to them in the applicable Final Terms. Certain consequential changes to the Conditions may also be made to give effect to the changes above. This notice forms part and should be read in conjunction with the Conditions of the Securities set out in the applicable Final Terms. A revised set of Product Conditions will be published by the Issuer to reflect the restructure. Deutsche Bank AG, London branch 29 May 2012 .
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