Issuer Free Writing Prospectus Bloomberg Ticker:SPGRCUUT File Pursuant to Rule 43 Reuters Ticker:.SPGRCUUT Registration Statement No. 333-137902 Dated April 2, 2009 April 2009 Presentation The S&P U.S. Carbon Efficient Index was launched on March 9, 2009. Accordingly, the Index performance from September 17, 2004 to March 6, 2009 shown in this presentation does not reflect the performance of the actual Index, but has been back-calculated on a retrospective basis by Standard & Poor's. The Index did not exist during the period of retrospective calculation, and past performance is not indicative of how the Index will perform in the future.

S&P U.S. Carbon Efficient Index Market Performance with a Carbon Efficient Perspective o It is widely believed that CO2emissions are causing global warming and climate change with far reaching negative impact to the planet o S&P U.S. Carbon Efficient Index aims to closely track S&P 500 performance with a lower Carbon Footprint and Greenhouse Gas emissions o A "Green" alternative/complement to the S&P 500 benchmark - Very high correlation to S&P 500 (0.99) - Historically close tracking to S&P 500 performance since 2004 (1.1% annualized tracking error) - 45% lower Carbon Footprint (higher energy efficiency) compared to S&P 500 - 60% lower Greenhouse Gas emissions (total emissions tonnage per year) o S&P U.S. Carbon Efficient Index was developed in collaboration with Deutsche Bank and Trucost, the market leader in company Carbon Footprint analysis.

Carbon Emissions Growing Impact Everywhere o Effect on Environment: - Expected temperature increase of 3 -10.5 F and sea-level rise of 7 -23 inches by end of century - Glacier retreat: Glacier National Park had 27 glaciers in 2007 versus 150 in 1910 and the Himalayan glaciers could disappear by 2035 - Rising levels of CO2in oceans will harm aquatic life and ecosystems, many species are threatened to extinction due to rising temperatures o Effect on Humanity: - By 2080, homes of 13 to 88 million people around the world would be flooded each year - Underdeveloped nations may face armed conflict and riots over resources and food (already witnessed in 2008) - Increased chances of cardiovascular diseases due to air pollution and temperature rise Sources: Wikepedia, National Geographic Magazine, The Telegraph

Low Carbon Indices Have Been Unsuccessful Thus Far o Existing Carbon Indices have underperformed their equity benchmarks - There has been negative alpha in most long-only Carbon Indices - Some European Low Carbon Indices have underperformed by more than 20% since 2004 -Investors have been unwilling to forgo performance in order to be "green" o Carbon Index "Trackers" have recently been introduced in Europe - These indices include allbenchmark companies -overweight Low Carbon companies and underweight high carbon companies - Resulting performance is in line with benchmark but only marginally lower carbon footprint o How can market performance be delivered with a meaningfully lower Carbon Footprint?

S&P U.S. Carbon Efficient Index Executive Summary o An index of up to 375 of the lowest Carbon Footprint companies from the S&P 500 - Carbon Footprint measured by Trucost PLC, an industry leader in providing detailed Carbon Footprint analysis worldwide - The Index excludes "worst" polluters from the S&P 500 (reduces overall Carbon Footprint) - No more than 50% of an S&P GIC Sector can be excluded1(minimize tracking error) o Index constituents are re-optimized quarterly to track the S&P 500 - Northfield Optimizer used to create the optimal number of constituents and their weights within the Carbon Index - Optimizer is completely quantitative and contains no discretion or subjectivity o Owned and calculated by Standard & Poor's, developed in collaboration with Deutsche Bank. o Deutsche Bank has been granted a period of worldwide exclusivityon Structured Products and ETFson the Index 1During the exclusion process, a company can be eligible for the Carbon Index if the curent total excluded percentage of a sector is below 50% and the company's incremental S&P weight cause the excluded percentage of its sector to exceed 50% but not 55%.

S&P U.S. Carbon Efficient Index Methodology A quarterly process maintained by Standard & Poor's Step I Step II Step III Rank S&P 500 Exclude 100 Companies Optimize Remaining 400 Constituents by Trucost with highest Carbon Companies to Track S&P Carbon Footprint Footprint 500 Index Using No More Than 375 Constituents S&P 500 Constituents Carbon Footprint Do not exclude more than from Standard & Poor's from Trucost PLC 50% of a Sector by Market Capitalization1 S&P U.S. Ongoing Step Carbon Efficient Adjust Index for Deletions from Index the S&P 500 Index 1During the exclusion process, a company can be eligible for the Carbon Index if the curent total excluded percentage of a sector is below 50% and the company's incremental S&P weight cause the excluded percentage of its sector to exceed 50% but not 55%.

Carbon Reduction Analysis: Annual Carbon Footprint Comparison (GHG Emissions/Annual Revenues) Source: Standard & Poor's, Trucost PLC

Carbon Reduction Analysis: Annual Total Carbon Emissions (Total GHG Emissions Tonnage) Source: Standard & Poor's, Trucost PLC

Carbon Reduction Analysis: Carbon Efficient Index vs S&P 500 From Sep. 2004 through Mar. 2009: Average Reduction in Carbon Footprint was 49% Average Reduction in Carbon Tonnage was 60% Source: Standard & Poor's, Trucost PLC

S&P U.S. Carbon Efficient Index: Index Levels Hypothetical historical index levels vs. S&P 500 TR Index [GRAPHIC OMITTED] S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not Accordingly, the results shown during the exist prior to March 9, 2009. retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg P [Deutsche Bank Logo] Page 7

S&P U.S. Carbon Efficient Index: Annual Returns Hypothetical historical annual returns vs. S&P 500 TR Index [GRAPHIC OMITTED] S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not exist prior to March 9, 2009. Accordingly, the results shown during the retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 10

S&P U.S. Carbon Efficient Index: Tracking Error Hypothetical historical annual tracking error vs. S&P 500 TR Index [GRAPHIC OMITTED] 2004:Q4 begins on Index Inception Date, Sep 17, 2004 Annualized Tracking Error is from Sep 17, 2004 through March 31, 2009 S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not exist prior to March 9, 2009. Accordingly, the results shown during the retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 11

S&P U.S. Carbon Efficient Index: Volatility Hypothetical historical annual volatility vs. S&P 500 TR Index [GRAPHIC OMITTED] 2004:Q4 begins on Index Inception D ate, Sep 17, 2004 Annualized Tracking Error is from Sep 17, 2004 through March 31, 2009 S&P Carbon Efficient Index TR S&P 500 TR [GRAPHIC OMITTED] S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not exist prior to March 9, 2009. Accordingly, the results shown during the retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 12 slide12

S&P U.S. Carbon Efficient Index: Dividend Yield Hypothetical historical annual dividend yield vs. S&P 500 TR Index 4.0% [GRAPHIC OMITTED] S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not Accordingly, the results shown during the exist prior to March 9, 2009. retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 13 slide13

S&P U.S. Carbon Efficient Index: Performance Summary [GRAPHIC OMITTED][ -------------------------------------------------------------------------------- Volatility Analysis September 17, 2004 - March 31, 2009 GRAPHIC OMITTED] -------------------------------------------------------------------------------- Simulated Annual Performance vs. Actual S&P 500 ReturnsS& GRAPHIC OMITTED] -------------------------------------------------------------------------------- ReturnsS&P U.S. Carbon Efficient Index - Summary Analytics ------------------------------------------------------------------------------- S&P U.S. Carbon Efficient TR S&P 500 Total Index Return Index ------------------------------------------------------------------------------- Growth Over Period -23.0% -22.4% Compounded Annual Growth -5.6% -5.4% Volatility 24.1% 24.0% Sharpe Ratio (3.58%) NA NA Maximum Drawdown -51.2% -50.9% Start of Max Drawdown Period Nov-07 Nov-07 End of Max Drawdown Period - - Average Monthly Return -0.4% -0.4% Best Monthly Return 9.1% 8.8% Worst Monthly Return -17.5% -16.8% % of Months With Gains 60.0% 60.0% -------------------------------------------------------------------------------- Correlation: S&P 500 0.9990 1.00 Tracking Error vs S&P 500 Index 1.11% - ------------------------------------------------------------------------------- *S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not exist prior to March 9, 2009. Accordingly, the results shown during the retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. [GRAPHIC OMITTED] Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 14 slide14

S&P U.S. Carbon Efficient Index: Monthly Comparisons -------------------------------------------------------------------------------- S&P U.S. Carbon Efficient Index - Simulated Monthly Performance -------------------------------------------------------------------------------- 2004 2005 2006 2007 2008 2009 -------------------------------------------------------------------------------- Jan -2.17% 2.14% 1.24% -6.22% -8.16% Feb 1.53% 0.28% -1.97% -2.74% -10.74% Mar -1.50% 1.32% 1.01% -0.44% 9.13% Apr -1.82% 0.89% 4.29% 4.63% May 3.20% -2.77% 3.38% 1.94% Jun 0.26% 0.17% -1.66% -8.26% Jul 3.79% 0.86% -3.10% -0.44% Aug -0.92% 2.72% 1.57% 1.45% Sep -1.15% 0.40% 2.64% 3.53% -9.07% Oct 1.20% -1.47% 3.16% 1.70% -17.46% Nov 3.84% 4.00% 2.03% -4.55% -7.69% Dec 3.22% 0.12% 1.89% -0.79% 1.06% -------------------------------------------------------------------------------- Annual 7.22% 5.28% 16.32% 4.31% -37.15% -10.54% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- S&P 500 - Actual Monthly Performance -------------------------------------------------------------------------------- 2004 2005 2006 2007 2008 2009 -------------------------------------------------------------------------------- Jan -2.44% 2.65% 1.51% -6.00% -8.43% Feb 2.10% 0.27% -1.96% -3.25% -10.65% Mar -1.77% 1.24% 1.12% -0.43% 8.76% Apr -1.90% 1.34% 4.43% 4.87% May 3.18% -2.88% 3.49% 1.30% Jun 0.14% 0.14% -1.66% -8.43% Jul 3.72% 0.62% -3.10% -0.84% Aug -0.91% 2.38% 1.50% 1.45% Sep -1.19% 0.81% 2.58% 3.74% -8.91% Oct 1.53% -1.67% 3.26% 1.59% -16.79% Nov 4.05% 3.78% 1.90% -4.18% -7.18% Dec 3.40% 0.03% 1.40% -0.69% 1.06% -------------------------------------------------------------------------------- Annual 7.94% 4.91% 15.79% 5.49% -37.00% -11.01% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Carbon Efficient Index - Monthly Excess Return vs. S&P 500 -------------------------------------------------------------------------------- 2004 2005 2006 2007 2008 2009 -------------------------------------------------------------------------------- Jan 0.27% -0.50% -0.27% -0.22% 0.27% Feb -0.57% 0.01% -0.02% 0.51% -0.09% Mar 0.27% 0.08% -0.11% -0.01% 0.37% Apr 0.08% -0.45% -0.14% -0.24% May 0.02% 0.11% -0.11% 0.65% Jun 0.12% 0.04% 0.00% 0.17% Jul 0.07% 0.24% 0.00% 0.40% Aug 0.00% 0.34% 0.07% 0.01% Sep 0.03% -0.41% 0.06% -0.21% -0.16% Oct -0.32% 0.19% -0.09% 0.11% -0.66% Nov -0.20% 0.22% 0.13% -0.36% -0.51% Dec -0.19% 0.08% 0.49% -0.09% -0.01% -------------------------------------------------------------------------------- Annual -0.71% 0.37% 0.52% -1.18% -0.15% 0.47% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- S&P U.S. Carbon Efficient Index Monthly Annualized Tracking Error -------------------------------------------------------------------------------- 2004 2005 2006 2007 2008 2009 -------------------------------------------------------------------------------- Jan 0.78% 1.10% 0.64% 1.43% 1.42% Feb 0.81% 0.76% 0.49% 1.38% 1.56% Mar 0.78% 0.73% 0.73% 1.22% 1.44% Apr 1.04% 1.18% 0.52% 1.33% May 0.65% 1.07% 0.67% 1.12% Jun 0.70% 0.80% 0.63% 0.98% Jul 0.66% 0.99% 1.31% 2.02% Aug 0.63% 0.60% 1.21% 0.74% Sep 0.77% 0.79% 0.65% 1.83% Oct 0.61% 0.81% 0.63% 1.23% 2.95% Nov 0.70% 0.49% 0.59% 1.26% 2.00% Dec 0.51% 0.59% 0.85% 0.74% 1.87% -------------------------------------------------------------------------------- Annual 0.66% 0.75% 0.86% 0.89% 1.68% 1.44% -------------------------------------------------------------------------------- S&P U.S. Carbon Efficient Index has been retrospectively calculated and did not Accordingly, the results shown during the exist prior to March 9, 2009. retrospective periods are hypothetical and do no reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future. The performance of any investment product based on the Index would have been lower than the Index as a result of fees and/or costs. Inception date for the Index was September 17, 2004 Source: Standard & Poor's, Bloomberg [Deutsche Bank Logo] Page 15 slide15

Contacts OMITTED] [] GM Structuring - Quantitative Products - Americas Markus E. Barth - T. +1 212 250 4608 Michael Nadel - T. +1 212 250 8866 [] GM Structuring - Quantitative Products - Europe Emanuele Di Stefano - T. +44 207 547 3541 [] GM Structuring - Quantitative Products - Asia Christian Pemberton - T. +852 220 36112 Chrif Youssfi - T. +852 220 36014 [] GM Structuring - Quantitative Products - Japan Masahiro Oshige - T. +81 (3) 5156 6802 Tomoyuki Sasai - T. +81 (3) 5156 6814 [] Structured Equity Products Sales Team - US T. +1 212 250 9905 Source: Standard & Poor's, Bloomberg 16 [Deutsche Bank Logo] Page 16 slide16

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Important Information Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for offerings to which this communication relates. 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 the offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Deutsche Bank AG, any agent or any dealer participating in the offering will arrange to send you the prospectus if you so request by calling toll-free 1-800-311-4409. Risk Factors LIMITED HISTORY OF THE INDEX -- Publication of the Index began on March 9, 2009. Therefore, the Index has very limited performance history, and no actual investments which allowed a tracking of the performance of the Index was possible before that date. STANDARD & POOR'S, AS THE SPONSOR OF THE INDEX, MAY ADJUST THE INDEX IN A WAY THAT AFFECTS ITS LEVEL--Standard & Poor's, as the sponsor of the Index, is responsible for calculating and maintaining the Index. The sponsor can make methodological changes that could affect the level of the Index. You should realize that any changes in the components of the Index, as well as changes in the components of the S&P 500 Index, may affect the Index, as any newly added component stock may perform significantly better or worse than the component stock it replaces. INDEX STRATEGY RISK -- The Index seeks to closely track the S&P 500 Index performance with a basket of stocks having a lower carbon footprint and greenhouse gas emissions. AN INVESTMENT LINKED OR RELATED TO THE INDEX IS NOT THE SAME AS AN INVESTMENT IN THE S&P 500 INDEX OR IN ANY OF ITS UNDERLYING COMPONENTS. The Index may not successfully track the market performance of the S&P 500 Index. [Deutsche Bank Logo] Page 18 slide18