GLOBAL MARKETS I FX STRUCTURING

5 Y Deutsche Returns Plus (USD) Delta One Index Certificate

Simplified Prospectus 21 September 2009

Product Description

The 5Y Deutsche Bank Currency Returns Plus Delta One Index Certificate is a USD denominated Certificate that tracks the performance of the Deutsche Bank Currency Returns Plus (“DBCR+”) Funded Index (the "Index"). The “DBCR+” Index is a total return index with an allocation in equal weights to three currency strategies that capture the bulk of returns in the currency markets:

x Carry: exploits differences in interest rates across economies x Momentum: exploits ’ tendency to trend over the short to medium term x Valuation: exploits currencies’ tendency to revert to purchasing power parity in the long-term

The Index Currencies are recomposed on each Roll Day as set out in the Index Description.

This Certificate is not Principal Protected. The investor faces the risk of a negative performance of the Index and can, accordingly, lose up to 100% of its investment.

The Index Description is provided separately in the Base Prospectus. Before making an investment decision you should review carefully the Index Description and consider carefully all the information set out therein. The Base Prospectus and the Index Description are available upon request free of charge at Deutsche Bank (Suisse) SA, place des Bergues 3, Case Postale 1416, 1211 Geneva.

(“SSPA”)categorization : Tracker Certificates (210) “Participation Product” Bloomberg Ticker: DBCRPLUF Index GLOBAL MARKETS I GLOBAL CURRENCIES & COMMODITIES

Profit and Loss Perspective This certificate is not capital protected.

An investment in this certificate could potentially result in a total loss of the invested capital. Scenario analysis:

Index - 20.00% 0.00% + 5.00% +20.00% +60% Performance at Maturity: Performance of - 22.50% -2.50% + 2.50% +17.50% +57.50% Certificate at Maturity:

Final Terms and Conditions

Format Certificate (hereinafter the „Certificate(s)“ or the „Product“)

Issuer : Deutsche Bank AG, Frankfurt

Issuer Address : Deutsche Bank AG, Frankfurt Große Gallusstraße 10-14 60311 Frankfurt Germany

Programme : X Markets

Issuer Rating : (Aa1/A+) (Moody's/S&P)

Arranger : Deutsche Bank AG, London Branch, no further group

Distributor : Deutsche Bank (Suisse) SA

Issue Price : USD 10’000 per Certificate

Number of Certificates : Up to 100’000 Certificates

Issue Volume Up to USD 20’000’000 (Number of Certificate x Issue Price)

Minimum Investment : Size 1 Certificate

Minimum Trading Size 1 Certificate

Trade Date : 03 September 2009 Issue Date : 17 September 2009

Underlying (Index) : Deutsche Bank Currency Returns Plus (USD) Funded Index

See Summary Description of the Index on page 8.of this Simplified Prospectus as well as full description in the Index Description contained in the Base Prospectus. Prospective investors should carefully review the Index Description before making an

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investment decision.

Bloomberg Ticker DBCRPLUF Index

Settlement Cash

Settlement Currency : USD

Valuation Date : 10 September 2014

Maturity Date : 17 September 2014

Redemption Amount : [ USD 10’000 * (Final Reference Level / Initial Reference Level) ] – per Certificate Index Fee

Initial Reference Level : TBD (i.e. Index Closing Level on 17 September 2009, in accordance with the Business Day Convention)

Final Reference Level : Index Closing Level on Valuation Date, in accordance with the Business Day Convention

Index Closing Level : Calculated on each Index Business Day as set out in the Index Description

Index Business Days : London and TARGET Business Days

Index Sponsor : Deutsche Bank AG London Branch

Successor Index : If the Index is (i) not calculated and announced by the Index Sponsor but is calculated and announced by a successor sponsor acceptable to the Calculation Agent, or (ii) replaced by a successor index using, in the determination of the Calculation Agent acting in a commercially reasonable manner, the same or a substantially similar formula for and method of calculation as used in the calculation of the Index, then in each case that index (the Successor Index) will be deemed to be the Index.

Early Redemption : The Certificates may be redeemed by the Issuer prior to the Maturity Date at the Early Redemption Amount for taxation reasons, illegality, upon an event of default or upon the occurrence of an Index Adjustment Event

Early Redemption : An amount in USD equal to the fair value of the Certificates Amount on the 5th Business Day immediately preceding the due date for early redemption taking into account the relevant event, less the cost to the Issuer and/or any of its Affiliate(s) of unwinding any underlying related hedging arrangements, all as determined by the Calculation Agent in its sole and absolute discretion by reference to such factor(s) as it may deem appropriate

Governing law : English law

Jurisdiction : England

Settlement : Euroclear

Clearing Agent : Euroclear, Clearstream Banking Frankfurt

Calculation Agent : Deutsche Bank AG, London Branch

The Calculation Agent shall have no responsibility for good faith

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errors or omissions in respect of any calculations or determinations contemplated herein, and its calculations and determinations shall, in the absence of manifest error, be final, conclusive and binding on Certificate-holders

Tax Treatment : The income component embedded in the product is taxable in the hands of individual investors. Any gain on the disposal or redemption of the product is tax-free for individual investors holding the product for private investment purposes. A capital loss is not tax-deductible.

No Swiss withholding tax. Secondary market transactions are not subject to Swiss stamp tax. No Swiss stamp tax upon the redemption of the product.

This tax assessment is valid at the time of the issuance of the product. Swiss tax laws and tax doctrine may change, possibly with retroactive effect. Prospective Swiss resident purchasers of the product should consult their own tax advisors concerning the tax consequences of purchasing, holding and disposing of the product in respect of their particular circumstances.

This tax section does not address any tax implications for prospective purchasers of the product which are resident outside of Switzerland.

EU Savings Directive : Under the current interpretation of the Swiss Regulations Status payments made by a Swiss paying agent for this particular product are out of the scope of ESD. (“Out of scope” = TK Code 14)

Documentation : The Certificates are issued under the Issuer’s X Markets Programme. Prospective investors should refer to the Base Prospectus (including the Index Description) and Final terms for the full terms and conditions relating to the Certificates. The Base Prospectus and Final Terms can be obtained free of charge from the Distributor.

Adjustment to terms : The Base Prospectus and Final Terms shall be published on the website of the Issuer at www.x-markets.db.com.

Amendments to the Certificate conditions occurring prior to the Maturity Date shall be notified in accordance with the General Conditions contained in the Base Prospectus and Final Terms and shall also be published on the above mentioned website.

Index Fee : 0.75% per annum of the Issue Price

Index Fee: If applicable, DBS will receive a portion of the Management Fee on a recurring basis (“Index Fees”) for efforts undertaken by DBS for placement /distribution of the Product and other services rendered. The Index Fees range between 0.01 % and 1.5 % p.a. of the market value or the nominal value of the Product. The investor acknowledges and agrees that such Index Fees are retained by DBS. The investor is aware that the payment of such Index Fees to DBS may lead to potential conflicts of interests between DBS and the investor. Further information is available from DBS upon investor’s written request.

Fees at issue : Brokerage Fee/Placement Fee:

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The Distributor may apply a Brokerage Fee/Placement Fee of up to 2% of the subscription amount

Listing : None

Selling Restrictions : The Certificate may only be sold in accordance with local laws and regulations.

Business Day : Frankfurt, London, New York, TARGET2

Business Day : Modified Following Convention

Market Making : On any Business Day, and under normal market conditions, but with no obligation, should any investor wish to buy or sell one or more certificates, they must submit their trading request for these certificates to Deutsche Bank AG, Frankfurt. Such trading requests will be executed with a maximum bid-offer spread of 1.00%, subject to a maximum size of USD 500,000

Security Numbers : ISIN: DE000DB5QNE3

WKN: DB5QNE

Valor: 10470075

Risk Factors : Prospective investors should consider all information provided in the Base Prospectus and Final Terms as well as in the brochure entitled “Special Risks in Securities Trading” (2008) (which is available on the Swiss Bankers association’s website: www.swissbanking.org/en/home/shop.htm or may be obtained from their relationship manager upon request). Prospective investors should further consult with their own independent financial, legal, accounting, and/or tax advisers if they consider it necessary. The following describes the most important risk factors relating to the Issuer and the Product.

Issuer Risk Credit Risk of the Issuer

The investors bear the credit risk of Deutsche Bank AG as Issuer of the Product. The Product constitutes unsubordinated, unsecured contractual obligations of the Issuer and ranks pari passu in all respect with all other unsubordinated, unsecured contractual obligations of the Issuer. The insolvency of the Issuer may lead to a partly or total loss of the invested capital.

Ratings

Ratings assigned to the Issuer by certain independent rating agencies are an indicator of the Issuer’s ability to meet its obligations in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that obligations will not be met at all or not be met in a timely manner. Rating agencies may change their ratings at short notice. A rating’s change may affect the price of securities outstanding.

Liquidity Risk

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A liquid secondary market for the Certificate is not guaranteed. The Certificate may trade significantly below their issue price and the bid/offer spread may be significant.

Other risks relating to : An investment in the Product involves risks. These risks may the Product include, among others, equity market, , foreign exchange, interest rate, market volatility and economic, political and regulatory risks and any combination of these and other risks. Prospective purchasers should be experienced with respect to transactions in instruments such as the Product and in the underlying asset or other basis of reference for the Product (the “Underlying”).

Prospective purchasers should understand the risks associated with an investment in the Product and should only reach an investment decision after careful consideration, with their legal, tax, accounting and other advisers, of (i) the suitability of an investment in the Product in the light of their own particular financial, tax and other circumstances; (ii) the information set out in this document and (iii) the Underlying.

The Product may decline in value and investors should be prepared to sustain a total loss of their investment in the Product.

An investment in the Product should only be made after assessing the direction, timing and magnitude of potential future changes in the value of the Underlying, and/or the in the composition or method of calculation of the Underlying, as the return of any such investment will be dependent, inter alia, upon such changes. More than one risk factor may have simultaneous effect with regard to the Product such that the effect of a particular risk factor may not be predictable. In addition, more than one risk factor may have a compounding effect which may not be predictable. No assurance can be given as to the effect that any combination of risk factors may have on the value of the Product.

This simplified prospectus can be obtained free of charge from Deutsche Bank (Switzerland) Limited, Place des Bergues 3, Case Postale 1416, 1211 Geneva

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Summary Description of the Index:

The Deutsche Bank Currency Returns + (USD) Index

The Deutsche Bank Currency Returns + (USD) Funded Index (the Index) reflects a one-third investment in each of the following Underlying Indices on a daily basis: a) the Deutsche Bank Balanced Currency Harvest (USD) Index b) the Deutsche Bank Momentum Index c) the Deutsche Bank Valuation Index Each of the three Underlying Indices is assigned an equal weighting in the calculation of the closing level of the Index.

a) The Deutsche Bank Balanced Currency Harvest (USD) Index

The Deutsche Bank Balanced Currency Harvest (USD) Index is intended to reflect a strategy of purchasing 3-month forward contracts on certain currencies in jurisdictions with high interest rates and selling 3-month forward contracts on certain currencies in jurisdictions with low interest rates. This strategy is based on the view that foreign currency forward rates are biased estimators of future foreign currency spot rates, and those currencies that trade at a forward discount tend to outperform, on average, currencies that trade at a forward premium. The strategy reflected in the Deutsche Bank Balanced Currency Harvest (USD) Index takes the view that by taking long positions in high yielding currencies and short positions in low yielding currencies, an investor’s gain from interest rate differentials between the high-yielding and the low-yielding jurisdictions may exceed any potential losses from currency rate risk.

b) The Deutsche Bank Momentum Index

The Deutsche Bank Momentum Index is intended to reflect a strategy of purchasing 1-month forward contracts on certain currencies that have experienced the greatest increase in value relative to the U.S. Dollar in the preceding 12 month period and selling currencies that have experienced the greatest decrease in value relative to the U.S. Dollar in the preceding 12 month period, as determined by the spot exchange rates for such currencies against the U.S. Dollar. This strategy is based on the view that currencies will continue the momentum of their most recent yearly performance and that taking long positions in currencies whose value has recently increased relative to the U.S. Dollar and short positions in currencies whose value has recently decreased relative to the U.S. Dollar will yield a higher return than would an equally- weighted investment in the G10 Currencies.

c) The Deutsche Bank Valuation Index

The Deutsche Bank Valuation Index is intended to reflect a strategy of purchasing 3-month forward contracts on certain currencies that are “undervalued” and selling 3-month forward contracts on certain currencies that are “overvalued,” as determined by comparing the increase in the spot exchange rates for such currencies relative to the U.S. Dollar in the preceding quarterly period against the purchasing power parities for such currencies. This strategy is based on the view that currencies will move toward their “true value” as reflected by such purchasing power parities and that taking long positions in currencies whose spot exchange rates indicate undervaluation and short positions in currencies whose spot exchange rates indicate overvaluation will yield a higher return than would an equally-weighted investment in the G10 currencies.

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Schedule

SUITABILITY, OVERVIEW AND CERTIFICATE RISK FACTORS

1. SUITABILITY

This Schedule identifies in a general way some of the information that a prospective investor should consider prior to making an investment in the Certificate. However, this Schedule does not purport to provide all of the information or the comprehensive analysis necessary to evaluate the economic and other consequences of investing in the Certificate. Therefore, a prospective investor should conduct its own thorough analysis necessary to evaluate the economic and other consequences of investing in the Certificate. Any evaluation of whether an investment in the Certificate is suitable depends upon a prospective investor's particular financial and other circumstances, as well as the specific terms of the Certificate. This Schedule is not, and does not purport to be, investment advice. A prospective investor should make an investment in the Certificate only after it has determined that such investment is suitable for its financial investment objectives. Determining whether an investment in the Certificate is suitable is a prospective investor's responsibility. If a prospective investor does not have experience in financial, business and investment matters sufficient to permit it to make such a determination, the prospective investor should consult with its financial, tax, legal and/or accounting advisor, prior to deciding to make an investment in the Certificate.

Prospective investors who consider investing in the Certificate should reach an investment decision only after carefully considering the suitability of the Certificate in the light of their particular circumstances.

By investing in the Certificate each investor is deemed to represent that:

(a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to invest in the Certificate and as to whether the investment in the Certificate is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the Issuer or the Distributor as investment advice or as a recommendation to invest in the Certificate, it being understood that information and explanations related to the terms and conditions of the Certificate shall not be considered to be investment advice or a recommendation to invest in the Certificate. No communication (written or oral) received from the Issuer or the Distributor shall be deemed to be an assurance or guarantee as to the expected results of the investment in the Certificate.

(b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and the risks of the investment in the Certificate. It is also capable of assuming, and assumes, the risks of the investment in the Certificate.

(c) Status of Parties. Neither the Issuer nor the Distributor is acting as a fiduciary for or adviser to it in respect of the investment in the Certificate. In addition, it understands and accepts that no person has been authorised to give any information or make any representation not contained in or not consistent with this Schedule, the Pricing Supplement, or any other information supplied in connection with the Certificate and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer or the Distributor.

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2. OVERVIEW

This Overview summarises a number of features of the Certificate and the Index but does not set out these features in full. In addition, there are aspects of the Certificate and the Index which this Overview does not refer to. Investors should therefore read this Overview together with the Base Prospectus, the Index Description, the Final Terms and other documents referred to therein.

The Certificate

Provided that the Certificate is not purchased and cancelled or redeemed early, an investment in the Certificate provides a Certificate holder with a return calculated by reference to the Redemption Amount on the Valuation Date. The Redemption Amount is calculated on a daily basis by the Calculation Agent by reference to the performance of the Deutsche Bank Currency Returns Plus (USD) Funded Index (the Index). Potential purchasers should review carefully and ensure they understand the provisions for the determination of the Redemption Amount in the Final Terms as summarised in this term sheet. Past fluctuations or trends (such as those captured in DB's historical data) are not necessarily indicative of those in the future. There is no certainty that the Index will be above zero or that it will yield investment returns.

Payments under the Certificates are linked to the Index, the performance of which may affect the amount of payments to be made or received in connection with the Certificates. Subscribing for these particular Certificates therefore reflects a particular market view you have taken independently. Such linkage may result in the return of less than your original investment, or cause payments made by you to exceed payments received by you, if that market view does not prevail at the relevant times under the terms of these Certificates.

The Index

As set out in the Index Description (available on request), the Index is intended to reflect the performance of certain index currencies. In certain circumstances the Index Sponsor may cease to calculate the Index, including where a Force Majeure Event or a Disruption Event occurs (each as defined in the Index Description). This is likely to lead to an Index Adjustment Event and in this case the Certificate may be early redeemed.

Adjustments to the Certificate

As will be more fully set out in the Final Terms and without limitation to the provisions thereof, an Index Adjustment Event may occur where certain modifications are made to the Index, the Index is cancelled or where the Index is not calculated or a Disruption Event or a Force Majeure Event occurs.

Where an Index Adjustment Event occurs, the Calculation Agent may, in its sole and absolute discretion (a) adjust the Certificate or (b) delay making any determinations in relation to the Certificate. In such circumstances the Valuation Date and the Maturity Date may be delayed. In addition an Index Adjustment Event may lead to an early redemption of the Certificate (see "Early Redemption" below).

Early Redemption

The Certificate is subject to early redemption for taxation reasons, for illegality, on an event of default or following an Index Adjustment Event. The Early Redemption Amount in such circumstances shall be an amount in USD equal to the fair market value of the Certificate on the

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fifth Index Business Day immediately preceding the due date for early redemption, taking into account the relevant event and less certain hedging unwind costs of the Issuer and/or any of its Affiliate(s). Such amount may be significantly less than the amount of a Certificate holder's initial investment.

3. CERTIFICATE RISK FACTORS

Certificates are unsecured obligations

The Certificates will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will at all times rank pari passu among themselves and at least pari passu with all other present and future unsecured outstanding obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.

Legality of purchase

Neither the Distributor nor the Issuer assumes any responsibility for the lawfulness of the acquisition of the Certificate by a prospective investor, whether under the laws of the jurisdiction of the purchaser's incorporation or residence or the jurisdiction in which it operates (if different), or for compliance by that prospective purchaser with any law, regulation or regulatory policy applicable to it. A prospective investor may not rely on the Distributor or the Issuer in making determinations in relation to these matters.

Secondary Market

It is possible that no secondary market in the Certificate will exist. The Issuer or any Affiliate may at any time purchase the Certificate at any price in the open market or otherwise, but is not obliged to do so. Accordingly, a Certificate holder should be prepared to hold the Certificate until maturity. The Certificate may not be listed on any exchange and consequently may be less liquid than a listed instrument. In the event that a Certificate holder is able to realise its investment in respect of the Certificate prior to the maturity of the Certificate there is no assurance that such Certificate holder will realise any return on its investment in the Certificate.

Market Value of the Certificate

The market value of the Certificate will be affected by a number of factors including, but not limited to:

(i) the creditworthiness of the Issuer;

(ii) the level and volatility of the Index which depends to a large extent on the performance and volatility of the currencies comprised in the Index;

(iii) market interest and yield rates;

(iv) the time remaining to the maturity of the Certificate; and

(v) economic, financial and political events, including factors affecting capital markets generally.

The price, if any, at which a Certificate holder will be able to sell the Certificate prior to maturity may be at a discount, which could be substantial, to the market value of the Certificate on the Issue Date, in particular if the level of the Index at such time is below, equal to or not sufficiently above the level of the Index on the Issue Date.

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Index Adjustment Events

As described in "2. Overview" above, if an Index Adjustment Event occurs the Certificate may be adjusted or redeemed early.

This provision is intended to pass on to the Certificate holder risks associated with events in relation to the Index. Any such adjustment may have the effect of reducing the value of the Certificate and, if the Certificate is redeemed early, the Early Redemption Amount may be significantly less than the amount of a Certificate holder's initial investment.

Calculation Agent

The Calculation Agent shall make all determinations and calculations required of it in accordance with the Terms and Conditions of the Certificates. Any determination of the Calculation Agent will be made by it in its sole and absolute discretion and will be conclusive and binding on all parties, save in the case of manifest error.

Taxation

Potential purchasers and sellers of the Certificate should be aware that they may be required to pay stamp taxes or other documentary charges in accordance with the laws and practices of the country where the Certificate is transferred.

Potential purchasers who are in any doubt as to their tax position should consult their own independent tax advisers. In addition, potential purchasers should be aware that tax regulations and their application by the relevant taxation authorities change from time to time. Accordingly, it is not possible to predict the precise tax treatment which will apply at any given time.

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Important notice

Deutsche Bank AG, Frankfurt, is licenced to carry on banking business and to provide financial services by the German Federal Financial Services Supervisory Authority ("Bundesanstalt für Finanzdienstleistungsaufsicht"). Deutsche Bank AG, London Branch, is also regulated by the Financial Services Authority for the conduct of UK business.

Before entering into this transaction, you should carefully consider whether the transaction is appropriate for you in light of your objectives, financial and operational resources and other relevant circumstances, including the possible risks and benefits of entering into such transaction. You should also ensure that you fully understand the nature of the transaction and contractual relationship into which you are entering and the nature and extent of your exposure to risk of loss. This document contains a short summary description of the most relevant terms and conditions of the Product. The complete terms and conditions are included in the prospectus, which can be obtained free of charge at Deutsche Bank (Suisse) S.A., 3 place des Bergues, PO Box 1416, 1211 Geneva 1. The Term Sheet does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering into the transaction. Before entering into this transaction, you should consider all risks described in the prospectus carefully and consult your own business, tax, legal and accounting advisors and you should refrain from entering into this transaction with us unless you have fully understood its associated risks and have independently determined that this transaction is appropriate for you. The relevant Tax Laws or the practice of the Tax Authorities may change at any time. Deutsche Bank is not responsible for and assumes no liability with respect to any tax implications on this Product. We are willing to enter into a transaction with you because we understand that you have sufficient knowledge, experience and professional advice to make your own evaluation of the merits and risks of a transaction of this type and you are not relying on us nor any of the companies in the Deutsche Bank group for information, advice or recommendations of any sort other than the factual terms of the transaction. This document fulfils the conditions of a simplified prospectus pursuant to art. 5 para. 2 of the Swiss Federal Act on Collective Investment Schemes (CISA). This Product does not constitute a participation in a collective investment scheme in the meaning of the CISA and is not subject to the authorization of the Swiss Supervisory Authority (“FINMA”).

The facts contained herein are merely for information purposes. This document does not constitute an offer, an invitation, a recommendation to enter into any transaction, nor investment advice; its sole purpose is the description of the Product. It does not qualify, nor is similar to a prospectus according to art. 652a, 752 and 1156 of the Swiss Code of Obligations.

All opinions contained herein are based on the current view of the Issuer, and may be amended without prior notice. The Issuer does not make any representation, recommendation or warranty, regarding the accuracy, adequacy, reasonableness or completeness of the information contained herein, even though all information contained herein originates from sources believed to be reliable. Opinions and estimates may be changed without notice and involve a number of assumptions, which may not prove valid. All rates and prices are subject to change and are published for information purposes only and not as an indicator for tradable rates and prices. We or our affiliates or persons associated with us or our affiliates (“Associated Persons”) may: maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation. If applicable, the principal protection feature only applies if instruments are held to maturity.

Please note: market values may be affected by a number of factors including index values, volatility, time to maturity, dividend yields and issuer credit ratings. These factors are interrelated in complex ways, and as a result, the effect of any one factor may be offset or magnified by the effect of another factor.

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Calculations of returns on the instruments are linked to any referenced index, interest rate, or underlying asset. As such, the investments may not be suitable for persons unfamiliar with such index, interest rate, security or underlying, or unwilling or unable to bear the risks associated with the transaction. Products denominated in a currency, other than the investor’s home currency, will be subject to changes in exchange rates, which may have an adverse effect on the value, price or return of the products. This product is not listed in Switzerland, may not be listed elsewhere and may not be readily realisable investments. The securities referred to herein involve risks, which may include interest rate, index, currency, credit, political, liquidity, time value, commodity and market risk and may not be suitable for all investors.

The past performance of securities or other instruments does not guarantee or predict future performance. Unless notified to the contrary in a particular case, these instruments are not insured by the US Federal Deposit Insurance Corporation (FDIC) or any governmental agency, and are not obligations of or guaranteed by Deutsche Bank or its affiliates. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. This document and the information contained herein may only be distributed and published in jurisdictions in which such distribution and publication is permitted.

These securities have not been registered under the United States Securities Act of 1933, as amended, and trading in the securities has not been approved by the United States Commodity Exchange Act, as amended. These products should not be marketed to US persons or within the United States. No securities, or interests therein, may at any time be offered, sold, resold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, any US person or to others for offer, sale, resale or deliver, directly or indirectly, in the United States or to, or for the account or benefit of, any US person. No securities may be exercised or redeemed by or on behalf of a US person or a person within the United States.

The information contained herein is confidential and may not be reproduced or used or distributed in whole or in part without prior written consent by Deutsche Bank.

“Deutsche Bank” means Deutsche Bank AG and its affiliated companies, as the context requires. Deutsche Bank Private Wealth Management refers to the private banking activities of Deutsche Bank.

MiFID: Further risk disclosures pursuant to MiFID can be obtained on http://globalmarkets.db.com/riskdisclosures

Acknowledgement Deutsche Bank (Suisse) SA (“DBS” or the “Bank”) has taken note of the following:

You (i) have been informed of and are familiar with and understand the characteristics, features, terms and conditions of this Product and accept and understand its inherent risks, including, without limitation, the risk of loss of your entire investment; (ii) have received, carefully read and understood the Term Sheet/Fact Sheet, the Prospectus/Offering Memorandum related to this Product together with any supplements thereto, the Bank’s brochure entitled “Special Risks in Securities Trading” in particular its sections related to the investments in structured products and non-traditional funds which form integral part of your instruction to invest in the Product; (iii) have requisite knowledge and experience to evaluate and assume the risks of your investment in the Product, (iv) have consulted with your own advisors and are fully informed as to the tax and legal requirements and consequences within your country of domicile regarding your investment in the Product, (v) are not a US Person as defined under the US securities Act of 1933, as amended, (vi) do not acquire the Product on behalf of, nor for the benefit of a US Person; (vii) do not intend reselling, reoffering or transferring the Product or any interest therein to a US person; (viii) are not relying on any communication (written or oral) of the Bank as investment advice or as a recommendation to enter into this transaction, it being understood that information and explanations related to the terms and conditions of this Product shall not be considered to be an investment advice or a recommendation to invest in the Product.

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Your investment in the Product shall be done in the Bank’s name but exclusively for your account and at your risk and peril. The aggregate amount of your investment in the Product is reasonable in relation to the net worth of your financial assets. Your investment will be confirmed by a separate transaction advice issued by the Bank.

You have agreed that DBS (i) is authorized to debit your account with the amount to be settled in order to acquire the Product and with any applicable Swiss and foreign taxes, fees and other costs (such as but not limited to stamp taxes, etc.) related thereto, (ii) is entitled to, may receive and keep for itself commissions, retrocessions, or other recurring fees / compensations paid to it by entities involved directly or indirectly in the Product. More detailed information on such remunerations may be provided by DBS upon your written request.

Any information, which you have furnished to DBS, is true, correct and complete. The instruction to execute this transaction shall not expire in the event of your legal incapacity, bankruptcy, unknown whereabouts or death or for any reasons stipulated in Articles 35 and 405 of the Swiss Code of Obligations.

The General Business Conditions and Deposit Regulations of Deutsche Bank (Suisse) SA shall likewise apply, particularly in respect of the applicable law and place of jurisdiction.

Yours faithfully, Deutsche Bank (Suisse) SA Confirmation without signature

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