Filed pursuant to Rule 433 Registration Statement No. 333-137902 Dated March 20, 2009 Private Wealth Management Deutsch Bank Deutsche Bank Commodity Harvest Indices March 2009 The instruments described in this presentation are hybrid instruments under the Commodity Exchange Act ("CEA"). As such, the instruments are not contracts of sale of a commodity for future delivery (or options on such contracts) and are not subject to the CEA. [GRAPHIC OMITTED]

Private Wealth Management Risks Commodities are speculative and highly volatile. The risk of loss in trading commodities can be substantial. Commodity prices may be subject to substantial and unpredictable fluctuations over short periods of time and may be affected by, among other things, a wide variety of regulatory, monetary and/or economic developments and policies. Prospective investors must independently assess the appropriateness of an investment in commodities in light of their own financial situation and investment objectives. The price of an instrument and the commodities which comprise the index may be affected by numerous market factors, including events in the market for commodities, the equity markets, the bond market and the foreign exchange market, fluctuations in interest rates, and world economic, political and regulatory events. A rise in the value of one commodity may be offset by a fall in the value of one or more of the other commodities comprising the index. Commodity prices can be highly volatile and may impact negatively the value of an instrument. Volatility around the time of maturity could have a significant impact on the overall performance of an investment. The value of any instrument linked to the index described herein will depend on, among other things, fluctuations in interest rates, the value of the commodities underlying the index, the time remaining to the maturity date, and associated options markets and hedging costs of the issuer. The value of any instrument may start to decline significantly if the value of the index at a given time is below the level of the index on the issue date of the instrument. Price movements may also be caused by changes in the credit spread of the issuer. The receipt by the investor of monies owed under instruments linked to the index described herein is subject to and dependent on the issuer's abilities to pay such monies. Consequently, investors are subject to a counterparty risk and are susceptible to risks relating to the creditworthiness of the issuer. page 2

Private Wealth Management Risks Investing in instruments linked to the index involves certain risks. Inherent in the index is the risk that the forward curves for the underlying futures contracts will unexpectedly move from a contangoed curve and remain as either a less contangoed curve or a backwardated curve after long positions have been taken in such futures contracts. This switch would result in negative carry at a time when the optimum yield methodology has presumed that the underlying futures contract would result in positive carry. Further, because the index is composed of long and short positions, there is a risk that these positions could cancel each other out if the long "booster" position were identical to the short position in the GSCI Light Energy Index. This would occur if the optimum yield methodology selects the same futures contract for an underlying commodity as the fixed roll methodology used by the GSCI Light Energy Index which would result in flat returns for the index for that respective component. The DB Commodity Harvest 3.5 TV Index attempts to achieve a realized volatility of 3.5%. Adjustments are made to the participation in the DB Commodity Harvest Index based on realized volatility of the DB Commodity Harvest Index. The realized volatility of the DB Commodity Harvest Index may differ --- perhaps significantly --- from its historical realized volatility. It is also possible that the DB Commodity Harvest 3.5 TV Index will achieve realized volatility that differs --- possibly significantly --- from the target volatility of 3.5%. page 3

Private Wealth Management Contents DB Commodity Harvest Index o Executive Summary o Sources of Return in Commodities / Commodity Index o Concept and Construction o Performance and Descriptive Statistics DB Commodity Harvest 3.5 TV "Target Volatility" Index o Executive Summary o Risk Control by Targeting Volatility o Exhibit I - Weights and Contracts page 4

Private Wealth Management Deutsch Bank DB Commodity Harvest Index

Private Wealth Management Executive Summary Why invest in the DB Commodity Harvest Index? The DB Commodity Harvest Index tracks a long/short rule-based strategy that uses the concept of "carry" to generate returns without directional exposure to the commodity markets. Rule Based Index o The DB Commodity Harvest Index provides access to commodity "carry" through the application of a futures "optimum roll" strategy relative to a "fixed roll" strategy in the same underlying commodities o Monthly rebalancing of the two strategies keeps the Index's market exposure neutral and non- directional. Weights of each commodity are reset annually to match the S&P GSCITM Light Energy Index ("the benchmark index") o Investing via an index frees the investor from the mechanics of rolling the 24 underlying futures contracts o Carry trades may offer an attractive investment in both absolute return and portfolio diversification Past performance is not indicative of future results page 6

Private Wealth Management Sources of Return in Commodities Commodity indices invest in futures contracts and are subject to the impact of "roll return." Spot Return: Return resulting from the change in the value of a commodity futures contract Roll Return: Return from the change in value of a commodity futures contract resulting from its movement over time along its forward curve - also known as "roll yield" or "carry" Backwardation:* The roll return (carry) is Positive o Negative slope or inverted "backward" forward curve o Supply disruption price elasticity o Risk premium at near-term delivery - "convenience yield" theory Contango:* The roll return (carry) is Negative o Positive slope or "normal" upward forward curve o Typically reflects markets that are not as price elastic to supply shocks o Market participants pay a "cost of carry" for deferred payment and delivery o Time value of money, storage costs and delivery are all priced into the deferred premium *Definitions: Backwardation: market condition where the futures price is lower in the distant delivery months than in the near delivery months Contango: market condition where the future price for distant delivery is higher than near delivery months, often due to the costs of storing and insuring the underlying commodity; opposite of backwardation page 7

Private Wealth Management Sources of Return in Commodities Backwardation Example: WTI Crude FOR ILLUSTRATIVE PURPOSES ONLY WTI Crude normally has high demand with only a finite supply available for immediate delivery. This may create a market where near dated contracts trade at a premium to contracts for future delivery. [GRAPHIC OMITTED] This hypothetical graph is designed to illustrate the concept of "backwardation," particularly the maximization of positive roll yield based on the assumption of a constant spot price. The hypothetical premium amounts cannot completely account for financial risk attendant to actual trading, and losses can occur as a result of the spot movement. As such, the graph does not represent actual results, which may vary substantially from those shown in the above-referenced analysis, nor does the graph provide an indication or guarantee of future results. page 8

Private Wealth Management Sources of Return in Commodities Contango Example: Gold FOR ILLUSTRATIVE PURPOSES ONLY Gold normally has insurance and storage costs associated with future delivery. This may create a market where future dated contracts trade at a premium to contracts for immediate delivery. [GRAPHIC OMITTED] Source: Deutsche Bank Commodities Group This hypothetical graph is designed to illustrate the concept of "contango," particularly the maximization of negative roll yield based on the assumption of a constant spot price. The hypothetical premium amounts cannot completely account for financial risk attendant to actual trading, and losses can occur as a result of the spot movement. As such, the graph does not represent actual results, which may vary substantially from those shown in the above-referenced analysis, nor does the graph provide an indication or guarantee of future results. page 9

Private Wealth Management Sources of Return in a Commodity Index Roll Return or "Carry" is a major determinant in the performance of commodity index returns To illustrate the importance of roll returns in commodity index returns, Index excess returns, spot returns, and roll returns are listed below for each of the components of the DBLCI Index since 1-Jan-1999. Excess Return = Spot Return + Roll Return Roll Returns in the Performance of DBLCI Sub-Indices (average annual returns) 1-Jan-1999 to 27-Feb-2009 Index Underlying Commodity Index Excess Return Spot Return Roll Return DBLCI CL WTI Sweet Light Crude 12.17% 13.79% -1.62% Roll returns are a major DBLCI HO Heating Oil 12.04% 13.81% -1.77% determinant in the DBLCI GC Gold 8.52% 12.41% -3.89% performance of commodity DBLCI C Corn -7.37% 5.01% -12.37% index returns DBLCI W Wheat -1.23% 6.23% -7.46% DBLCI MAL Aluminium 0.43% 0.41% 0.02% Source: Bloomberg Past performance is not indicative of future performance page 10

Private Wealth Management Sources of Return in a Commodity Index Contract selection and roll return can have a significant impact in the overall return of the index Deutsche Bank's proprietary optimum yield ("OY") technology rolls into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months [GRAPHIC OMITTED] [GRAPHIC OMITTED] Longer dated contracts typically have Shorter dated contracts typically less negative carry when the curve offer greater positive carry when slopes upward (contango) the curve slopes downward (backwardation) page 11

Private Wealth Management Concept and Construction of the Commodity Harvest Index Applying the DB "OY" optimum yield technology to an existing index to boost returns By selecting contracts according to "OY" optimum roll yield rules, DB seeks to boost the returns of the S&P GSCITM Light Energy Index to create a "Booster Index" [GRAPHIC OMITTED] o The DB Commodity Harvest Index - Excess Return ("The Index") is constructed through a long position in the booster strategy and a shortTM position in the actual S&P GSCI Light Energy o This long/short strategy is rebalanced monthly according to the differences of the performance of long and short legs to maintain spot neutrality and only has exposure to the difference in roll returns o A collateral yield of 3-Month U.S. Treasury Bills is added to the Excess Return to create the DB Commodity Harvest Index - Total Return Source: Bloomberg, January 1998 to February 28, 2009 Booster Index performance is retrospectively calculated prior to 30 December 2007. Such trading, do not involve financial risk, and may present sharp differences to actual results. than the results shown. Past performance is not indicative of future results page 12

Private Wealth Management Concept and Construction of the Commodity Harvest Index Performance of the DB Commodity Harvest Index TR The DB Commodity Harvest Index rebalances mechanically in order to extract alpha and reduce spot market risk. [GRAPHIC OMITTED] o The Index is rebalanced every month to reduce spot price exposure created by performance differences between long and short legs. o Additional reweighting occurs annually to match the annual reweighting of the S&P GSCITM Light Energy o The Index is diversified among 24 underlying commodities (see Exhibit I for weightings) Source: Bloomberg, Jan 1998 to February 28, 2009 Booster Index performance is retrospectively calculated prior to 30 December 2007. Such retrospective performance calculations do not represent actual trading, do not involve financial risk, and may present sharp differences to actual results. In the future, the Index's performance may be significantly different than the results shown. page 13 Past performance is not indicative of future results

Past performance is not indicative of future results Performance and Descriptive Statistics (1/2) Historical Returns -------------------------------------------------------------------- DB Commodity DBLCI- *Equities ***Commodities Harvest MR TM** Total Return 9.28% 5.69% -0.83% 1.35% Excess Return 5.73% 2.14% -4.39% -2.21% Volatility 3.49% 18.90% 21.13% 24.04% Sharpe Ratio 1.64 0.11 - 0.21 -0.09 -------------------------------------------------------------------- Source: Bloomberg, 01 Jan 1998 - 27 Feb 2009 Correlation with other asset classes ------------------------------- DB Commodity Correlation Harvest Equities * - 1.3% DBLCI-MR TM** - 45.5% Commodities *** - 60.5% ------------------------------- Source*: S&P 500 Index Source**: DBLCI-MR TM Excess Return Source***: S&P GSCITM Index Source: DB Global Markets, Bloomberg, 01 Jan 1998 - 27 Feb 2009 Past performance is not indicative of future results The DBLCI-MR and DB Commodity Harvest have existed since February 2003 and December 2007, respectively. The results from their respective inception dates through February 2009 represent actual performance (gross of fees). Results prior to inception dates are based on historical simulations, run from January 1998 for the DBLCI-MR and the DB Commodity Harvest through their respective inception dates, which do not reflect the performance of the actual indices. In the future, the performance of the commodity-linked indices may not be the same or similar to the hypothetical performance reflected. page 14

Performance and Descriptive Statistics (2/2) DB Commodity Harvest ER Index Statistics Data Period: Jan-04 to Feb-09 Compounded Annual Return 9.77% Volatility 3.56% Sharpe 2.74 Sortino 3.86 Max Draw-Down -6.09% Return / Max Draw-Down 1.60 Max Days in Draw-Down 337 Best Month 2.56% Worst Month -2.40% % Positive Months 87.1% % Negative Months 12.9% Bloomberg Ticker: DBCMHLEU (Index) Source: Deutsche Bank, Bloomberg Daily Performance Chart [GRAPHIC OMITTED] Monthly Index Data Return Jan (%)Feb (%) Mar (%) Apr (%) May (%) Jun (%) Jul (%) 2004 0.99% 0.64% 0.98% 0.54% 1.41% 2.24% 0.62% 2005 0.81% 0.06% 0.94% 2.56% 0.35% 2.14% 0.34% 2006 2.02% 1.64% 0.09% 0.44% 0.48% 0.92% 0.88% 2007 0.04% 0.62% 0.58% 0.72% 0.54% -0.86% -1.69% 2008 1.42% -0.29% 1.37% 0.24% 0.88% 0.45% 0.68% 2009 1.43% 0.42% -------------------------------------------------------------------------------- Aug (%) Sep (%) Oct (%) Nov (%) Dec (%) FY (%) 2.15% -0.82% 1.27% 1.76% 1.22% 13.76% -2.40% 0.64% 1.72% 1.83% 1.44% 10.84% 2.56% 1.66% -0.22% 0.22% 1.61% 12.98% -0.64% -1.98% 1.43% 1.19% 0.28% 0.15% 0.88% 0.30% 1.42% 1.25% 2.17% 11.28% 1.87% ------------------------------------------------------------ Source: Deutsche Bank, Bloomberg Past performance is not indicative of future results The DB Commodity Harvest has existed since December 2007. The results from inception date through February 2009 represent actual performance (gross of fees). Results prior to inception date are based on historical simulations, run from January 2004 through inception date, which do not reflect the performance of the actual index. In the future, the performance of the commodity-linked index may not be the same or similar to the hypothetical performance reflected. page 15

DB Commodity Harvest 3.5 TV Index page 16

Executive Summary Why invest in the DB Commodity Harvest 3.5 TV Index? The DB Commodity Harvest Index seeks to generate alpha through a long/short index strategy. However, there are no controls for volatility. The DB Commodity Harvest 3.5 TV Index is an allocation strategy based on the DB Commodity Harvest Index that aims at maintaining a target volatility of 3.5% Rules-Based Index o The DB Commodity Harvest 3.5 TV Index dynamically controls the exposure to the DB Commodity Harvest Excess Return Index ("the Underlying Index") in order to target realized volatility of close to 3.5% o Rebalancing occurs monthly, at which time the participation of the DB Commodity Harvest 3.5 TV Index in the Underlying Index is reset to the ratio of Target Volatility / Realized Volatility o Participation in the Underlying Index increases when the realized volatility of the Underlying Index has gone down and vice-versa o Volatility targeting can reduce the cost of options when there is a large divergence between realized (historical) and implied (expected) volatility, as reflected by the option price Past performance is not indicative of future results page 17

Index Construction (Harvest 3.5 TV Index) Applying volatility targeting to potentially control risk Monthly rebalancing Calculated on 3rd last business day of the month, effective on the last business day Step I Monitor Realized Volatility (Based on Last 90 Days Returns) Step II Calculate Index Participation Participation = Target Volatility / Realized Volatility, subject to a maximum participation of 300% Step III Harvest 3.5 TV Index Return = Participation x Underlying Index return Numerical Example: Volatility Target = 3.5% 90 Day Realized Underlying Vol Target Month Volatility Participation (%) Index Return Return (Annualized %) (%) (%) 12 3.50 100.00 +5.00 +5.00 13 10.50 33.33 -1.00 -0.33 14 2.50 140.00 +3.00 +4.20 15 2.00 175.00 -2.00 -3.50 16 1.50 233.33 +5.00 +11.66 17 3.00 116.67 +1.00 +1.16 18 3.50 100.00 +10.00 +10.00 ------------------------- ------------------ ------------- ---------- page 18

Volatility Targeting: Rationale Volatility targeting allows investors to buy options at a reduced cost o The DB Commodity Harvest Index has experienced volatility as high as 7.32% and as low as 1.27% since January 2001. Setting the Target Volatility of the Underlying Index to 3.5% enables investors to access similar performance while seeking to smooth the volatility o Since January 2004, the realized volatility of the DB Commodity Harvest Index has been close to 3.5% and thus, on average, participation in the Underlying Index has been close to 100% o Options on the Harvest 3.5 TV Index are less costly than similar options on the DB Commodity Harvest Index, while still achieving a similar risk/return profile Historical Volatility of the Underlying Index [GRAPHIC OMITTED] 3m Realized Volatility Average Realized Volatility Target Volatility Historical Participation in the Underlying Index [GRAPHIC OMITTED] Source: Bloomberg, 01 Jan 2001 - 27 Feb 2009 page 19

The DB Commodity Harvest 3.5 TV Index [GRAPHIC OMITTED] The DB Commodity Harvest 3.5 TV Index performance is retrospectively calculated prior to 15 October 2008. DB Commodity Harvest Index performance is retrospectively calculated prior to 30 December 2007. Such retrospective performance calculations do not represent actual trading, do not involve financial risk, and may present sharp differences to actual results. In the future, the performance of the indices may be significantly different than the results shown. page 20

Performance and Descriptive Statistics (1/1) Historical Returns ------------------------------------------------------------------ DB Commodity DBLCI- *Equities ***Commodities Harvest 3.5 TV MRTM** Total Return 9.80% 5.69% -0.83% 1.35% Excess Return 6.23% 2.14% -4.39% -2.21% Volatility 3.82% 18.90% 21.13% 24.04% Sharpe Ratio 1.63 0.11 -0.21 -0.09 ------------------------------------------------------------------ Source: Bloomberg, 01 Jan 1998 - 27 Feb 2009 Correlation with other asset classes ------------------------------------------------------------ DB Commodity Correlation Harvest 3.5 TV Equities * - 5.4% DBLCI-MR TM** - 49.6% Commodities *** - 61.0% ------------------------------------------------------------ Source*: S&P 500 Index Source**: DBLCI-MR TM Excess Return Source***: S&P GSCITM Index Source: DB Global Markets, Bloomberg, 01 Jan 1998 - 27 Feb 2009 Past performance is not indicative of future results The DBLCI-MR and DB Commodity Harvest 3.5 TV have existed since February 2003 and October 2008, respectively. The results from their respective inception dates through February 2009 represent actual performance (gross of fees). Results prior to inception dates are based on historical simulations, run from January 1998 for the DBLCI-MR and the DB Commodity Harvest 3.5 TV through their respective inception dates, which do not reflect the performance of the actual indices. In the future, the performance of the commodity-linked indices may not be the same or similar to the hypothetical performance reflected. page 21

Performance and Descriptive Statistics (2/2) db Commodity Harvest - 3.5 ER Index Statistics Data Period: Jan-04 to Feb-09 o Compounded Annual Return 10.75% o Volatility 3.92% o Sharpe 2.74 o Sortino 4.00 o Max Draw-Down -7.18% o Return / Max Draw-Down 1.50 o Max Days in Draw-Down 415 o Best Month 3.90% o Worst Month -2.22% o % Positive Months 87.1% o % Negative Months 12.9% o Bloomberg Ticker: DBCMHVEC (Index) Daily Performance Chart [GRAPHIC OMITTED] Monthly Index Data Return Jan (%) Feb (%) Mar (%) Apr (%) May (%) Jun (%) Jul (%) Aug (%) 2004 0.81% 0.49% 0.77% 0.55% 2.15% 3.14% 0.62% 2.27% 2005 0.89% 0.06% 1.25% 3.90% 0.49% 2.48% 0.17% -2.22% 2006 1.54% 1.46% 0.16% 0.88% 0.67% 1.01% 0.91% 2.48% 2007 0.06% 0.73% 0.78% 1.26% 0.95% -1.38% -2.06% -0.63% 2008 1.34% -0.30% 1.31% 0.27% 1.38% 1.06% 1.45% 1.39% 2009 1.37% 0.39% --------------------------------------------------------------------------------- Sep (%) Oct (%) Nov (%) Dec (%) FY (%) -1.00% 1.59% 2.12% 1.30% 15.78% 0.87% 1.15% 1.21% 1.12% 11.82% 1.66% -0.42% 0.18% 1.33% 12.50% -2.07% 1.21% 0.90% 0.41% 0.06% 0.38% 1.68% 1.27% 2.12% 14.16% 1.77% Source: Deutsche Bank, Bloomberg Past performance is not indicative of future results The db Commodity Harvest - 3.5 has existed since October 2008. The results from inception date through February 2009 represent actual performance (gross of fees). Results prior to inception date are based on historical simulations, run from January 2004 through inception date, which do not reflect the performance of the actual index. In the future, the performance of the commodity-linked index may not be the same or similar to the hypothetical performance reflected. page 22

Exhibit I - Index Composition Weight and contracts currently used in the DB Commodity Harvest Index ------------------------------------------------------------------------------------------------------- Commodity No. Commodity Current Weight Ticker Exchange Long Contract Short Contract as on 28-Feb-09 as on 28-Feb-09 as on 28-Feb-09 1 WTI Crude Oil 16.69% CL NYMEX Jul 09 Mar 09 2 Brent Crude Oil 6.01% CO ICE Sep 09 Apr 09 3 RBOB Gasoline 2.37% HO NYMEX Dec 09 Mar 09 4 No. 2 Heating Oil 1.94% XB NYMEX Jun 09 Mar 09 5 Gasoil 2.10% QS ICE Aug 09 Mar 09 6 Natural Gas 2.98% NG NYMEX May 09 Mar 09 7 H.G. Primary Aluminum 4.63% LA LME Nov 09 Mar 09 8 Copper - Grade A 5.65% LP LME Mar 10 Mar 09 9 Standard Lead 0.79% LX LME Aug 09 Mar 09 10 Primary Nickel 1.18% LN LME Aug 09 Mar 09 11 Special H.G. Zinc 1.16% LL LME May 09 Mar 09 12 Gold 6.99% GC COMEX Jun 09 Apr 09 13 Silver 0.77% SI COMEX Dec 09 Mar 09 14 Wheat (Chicago) 9.12% W CBOT Jul 09 Mar 09 15 Wheat (Kansas City) 1.97% KW KBT Jul 09 Mar 09 16 Corn 9.03% C CBOT Dec 09 Mar 09 17 Soybeans 5.91% S CBOT Nov 09 Mar 09 18 Cotton #2 1.87% CT NYBOT Oct 09 Mar 09 19 Sugar #11 4.13% SB CSC Jun 09 Mar 09 20 Coffee "C" 1.70% KC CSC Mar 10 Mar 09 21 Cocoa 0.80% CC CSC Mar 10 Mar 09 22 Live cattle 7.09% LC CME Apr 09 Apr 09 23 Feeder cattle 1.32% FC CME Mar 09 Mar 09 24 Lean hogs 3.78% LH CME Apr 09 Apr 09 ------------------------------------------------------------------------------------------------------- Long position rolls into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months Short position follows a monthly rolling schedule irrespective of the shape of the forward curve Long/Short strategy is rebalanced monthly according to the differences of the performance of long and short legs to maintain spot neutrality page 23

Market Data Sources Bloomberg Tickers: DB Commodity Harvest - Total Return DBCMHLTU (Index) DB Commodity Harvest - Excess Return DBCMHLEU (Index) DB Commodity Harvest 3.5 TV - Total Return DBCMHVTC (Index) DB Commodity Harvest 3.5 TV - Excess Return DBCMHVEC (Index) DB Commodity Booster - S&P GSCITM Light Energy Excess Return DBCMBLEU (Index) S&P GSCITM Light Energy Excess Return SPGSLEP (Index) S&P 500 SPTR (Index) DBLCI-MRTM Excess Return DBLCMMCL (Index) S&P GSCITM Excess Return SPGSCIP (Index) page 24

Important Notes The analysis set forth herein is based on information we believe to be reliable, including internal models, certain assumptions (all of which are subject to change without notice) and available market data, which may be internally generated. "Deutsche Bank" means Deutsche Bank AG and its affiliated companies, as the context requires. Deutsche Bank Private Wealth Management refers to Deutsche Bank's wealth management activities for high net worth clients around the world. Investors should consider an investment linked to the indices described herein only after careful consideration and consultation with their legal, tax, accounting and other advisers as to the suitability of the investments in light of their own particular financial, tax and other circumstances, and the information set out in this document and the other documents we provide to you. Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for offerings to which these materials relate. Before you invest, you should read the prospectus in that registration statement and the other documents relating to such offering that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and such offering. You may obtain these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Deutsche Bank AG, any agent or any dealer participating in such offering will arrange to send you the prospectus, prospectus supplement and other documents relating to the offering if you so request by calling toll-free 1-800-311-4409. Your return on an investment linked to the indices described herein will be dependent on the performance of the indices during the term of the instrument. The composite is subject to change and there is no assurance that the commodities which comprise an index will have positive performance, and past performance of any of the commodities which comprise an index is not a guarantee, nor necessarily indicative, of their future performance. Deutsche Bank AG, including its subsidiaries and affiliates, does not provide legal, tax or accounting advice. This communication was prepared solely in connection with the promotion or marketing, to the extent permitted by applicable law, of the matter addressed herein, and was not intended or written to be used, and cannot be used or relied upon, by any taxpayer for purposes of avoiding any U.S. federal tax penalties. The recipient of this communication should seek advice from an independent tax advisor regarding any tax matters addressed herein based on its particular circumstances. page 25

S&P GSCI Disclaimer These materials are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Standard & Poor's does not make any representation or warranty, express or implied, to the owners of any instrument linked to the indices described herein or any member of the public regarding the advisability of investing in securities generally or in any instrument linked to the indices described herein or the ability of S&P GSCI Index to track general commodity market performance. S&P's only relationship to Deutsche Bank AG is the licensing of certain trademarks and trade names of S&P and of S&P GSCI Index, which indices are determined, composed and calculated by S&P without regard to Deutsche Bank AG or any instrument linked to the indices described herein. S&P has no obligation to take the needs of Deutsche Bank AG or the owners of any instrument linked to the indices described herein into consideration in determining, composing or calculating S&P GSCI Index. S&P is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of any instrument linked to the indices described herein to be issued or in the determination or calculation of the equation by which the S&P GSCI Index are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of any instrument linked to the indices described herein. S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF S&P GSCI INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DEUTSCHE BANK AG, OWNERS OF ANY INSTRUMENT LINKED TO THE INDICES DESCRIBED HEREIN OR ANY OTHER PERSON OR ENTITY FROM THE USE OF S&P GSCI INDEX OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. S&P GSCI Index is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Deutsche Bank AG. page 26