Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-162195 Dated January 12, 2010 Bloomberg Ticker: SPGRCUUT Reuters Ticker: .SPGRCUUT S&P U.S. Carbon Efficient Index Benchmark Performance With Lower Carbon Emissions December 31, 2009 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.

Carbon Emissions Growing Impact Everywhere It is widely believed that CO2 emissions are causing global warming and climate change with far reaching negative impact to the planet Potential Effects on Environment: -- Substantial temperature increase and sea-level rise by end of century -- Glacial retreat: Glacier National Park had 27 glaciers in 2007 versus 150 in 1910 and it is speculated that Himalayan glaciers could disappear by mid century -- Rising levels of CO2 in oceans will harm aquatic life and ecosystems; many species are threatened due to rising sea temperatures -- Severe storms and weather patterns causing destruction of property and crops Potential Effect on Humanity: -- Millions of homes around the world may be flooded by rising sea levels -- Underdeveloped nations may face armed conflict and riots over shortages of resources and food Carbon Dioxide & Greenhouse Gases Global Warming and Climate Change Severe Environmental, Economic & Social Damages Sources: Wikipedia, National Geographic Magazine, The Telegraph page 1

Low Carbon Indices Have Been Unsuccessful Thus Far 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" Carbon Index "Trackers" have recently been introduced in Europe -- These indices include all benchmark companies -- overweight Low Carbon companies and underweight high carbon companies -- Resulting performance is in line with benchmark but only marginally lower carbon footprint How can market performance be delivered with a meaningfully lower Carbon Footprint? page 2

S&P U.S. Carbon Efficient Index Market Performance with a Carbon Efficient Perspective S&P U.S. Carbon Efficient Index aims to closely track S&P 500 performance with a lower Carbon Footprint and Greenhouse Gas emissions 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) S&P U.S. Carbon Efficient Index was developed in collaboration with Deutsche Bank and Trucost, the market leader in company Carbon Footprint analysis. page 3

S&P U.S. Carbon Efficient Index Executive Summary 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 excluded (1) (minimize tracking error) 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 Owned and calculated by Standard & Poor's, developed in collaboration with Deutsche Bank. Deutsche Bank has been granted a period of worldwide exclusivity on Structured Products and ETFs on the Index (1)During the exclusion process, a company can be eligible for the Carbon Index if the current total excluded percentage of a sector is below 50% and the company's incremental S&P weight causes the excluded percentage of its sector to exceed 50% but not 55%. page 4

S&P U.S. Carbon Efficient Index Methodology A quarterly process maintained by Standard & Poor's Step I Rank S&P 500 Constituents by Trucost Carbon Footprint S&P 500 Constituents from Standard & Poor's Carbon Footprint from Trucost PLC Step II Exclude 100 Companies with highest Carbon Footprint Do not exclude more than 50% of a Sector by Market Capitalization 1 Step III Optimize Remaining 400 Companies to Track S&P 500 Index Using No More Than 375 Constituents S&P U.S. Carbon Efficient Index Ongoing Step Adjust Index for Deletions from the S&P 500 Index (1)During the exclusion process, a company can be eligible for the Carbon Index if the current total excluded percentage of a sector is below 50% and the company's incremental S&P weight causes the excluded percentage of its sector to exceed 50% but not 55%. page 5

Carbon Reduction Analysis Annual Carbon Footprint Comparison (GHG Emissions / Annual Revenues) [GRAPHIC] Source: Standard & Poor's, Trucost PLC page 6

Carbon Reduction Analysis Annual Total Carbon Emissions (Total GHG Emissions Tonnage) [GRAPHIC] Source: Standard & Poor's, Trucost PLC page 7

S&P U.S. Carbon Efficient Index Historical and retrospective index levels vs. S&P 500 TR Index [GRAPHIC] 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. Source: Standard & Poor's, Bloomberg page 8

S&P U.S. Carbon Efficient Index Historical and retrospective annual returns vs. S&P 500 TR Index [GRAPHIC] 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. 2004 return is from Index Inception Date of September 17, 2004; Annualized return is over entire period from September 17, 2004 Source: Standard & Poor's, Bloomberg page 9

S&P U.S. Carbon Efficient Index Historical and retrospective annual tracking error vs. S&P 500 TR Index [GRAPHIC] 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. 2004 tracking error is from Index Inception Date of September 17, 2004; Annualized tracking error is over entire period from September 17, 2004 Source: Standard & Poor's, Bloomberg page 10

S&P U.S. Carbon Efficient Index Performance Summary S&P U.S. Carbon Efficient Index -- Retrospective Index Levels [GRAPHIC] Retrospective Annual Performance vs. Actual S&P 500 Returns [GRAPHIC] S&P U.S. Carbon Efficient Index -- Summary Analytics [GRAPHIC] S&P U.S. Carbon S&P 500 Total Efficient TR Index Return Index [GRAPHIC] Returns 1 Month 2.5% 1.9% 3 Month 6.1% 6.0% YTD 26.7% 26.5% Annualized Returns 1 Year 26.7% 26.5% 3 Years -6.0% -5.6% Since Inception* 1.7% 1.9% Annualized Volatility Since Inception* 23.6% 23.5% Sharpe Ratio Since Inception* N/A N/A Correlation: S&P 500 Since Inception* 0.9989 1.00 Tracking Error vs S&P 500 Since Inception* 1.1% - Volatility Analysis September 17, 2004 -- December 31, 2009 [GRAPHIC] 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. *Inception date for the Index was September 17, 2004 Source: Standard & Poor's, Bloomberg page 11

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% 1.25% -6.22% -8.17% Feb 1.53% 0.28% -1.98% -2.73% -10.74% Mar -1.49% 1.32% 1.01% -0.45% 9.13% Apr -1.82% 0.90% 4.29% 4.63% 10.06% May 3.19% -2.77% 3.37% 1.94% 5.01% Jun 0.26% 0.17% -1.66% -8.25% 0.06% Jul 3.79% 0.86% -3.10% -0.44% 7.33% Aug -0.92% 2.72% 1.58% 1.46% 3.77% Sep -1.15% 0.40% 2.64% 3.52% -9.08% 3.61% Oct 1.20% -1.47% 3.16% 1.70% -17.45% -2.03% Nov 3.84% 4.00% 2.03% -4.54% -7.68% 5.67% Dec 3.22% 0.12% 1.89% -0.79% 1.06% 2.52% Annual 7.22% 5.28% 16.32% 4.31% -37.15% 26.70% S&P U.S. Carbon Efficient Index --Monthly Excess Return vs. S&P 500 2004 2005 2006 2007 2008 2009 Jan 0.26% -0.50% -0.26% -0.22% 0.26% Feb -0.57% 0.01% -0.02% 0.52% -0.09% Mar 0.28% 0.08% -0.11% -0.02% 0.37% Apr 0.08% -0.45% -0.14% -0.24% 0.49% May 0.01% 0.11% -0.12% 0.65% -0.58% Jun 0.12% 0.04% 0.01% 0.18% -0.14% Jul 0.07% 0.24% 0.00% 0.40% -0.23% Aug -0.01% 0.34% 0.08% 0.01% 0.16% Sep 0.04% -0.41% 0.06% -0.22% -0.17% -0.12% Oct -0.32% 0.19% -0.10% 0.11% -0.66% -0.18% Nov -0.21% 0.22% 0.13% -0.36% -0.51% -0.33% Dec -0.19% 0.08% 0.49% -0.10% -0.01% 0.59% Annual -0.72% 0.37% 0.52% -1.18% -0.15% 0.23% 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% 9.57% May 3.18% -2.88% 3.49% 1.30% 5.59% Jun 0.14% 0.14% -1.66% -8.43% 0.20% Jul 3.72% 0.62% -3.10% -0.84% 7.56% Aug -0.91% 2.38% 1.50% 1.45% 3.61% Sep -1.19% 0.81% 2.58% 3.74% -8.91% 3.73% Oct 1.53% -1.67% 3.26% 1.59% -16.79% -1.86% Nov 4.05% 3.78% 1.90% -4.18% -7.18% 6.00% Dec 3.40% 0.03% 1.40% -0.69% 1.06% 1.93% Annual 7.94% 4.91% 15.79% 5.49% -37.00% 26.46% S&P U.S. Carbon Efficient Index Monthly Annualized Tracking Error 2004 2005 2006 2007 2008 2009 Jan 0.83% 1.10% 0.64% 1.44% 1.43% Feb 0.80% 0.76% 0.48% 1.39% 1.55% Mar 0.80% 0.73% 0.73% 1.22% 1.44% Apr 1.04% 1.19% 0.53% 1.33% 1.35% May 0.66% 1.08% 0.68% 1.13% 1.24% Jun 0.71% 0.78% 0.64% 1.01% 1.14% Jul 0.69% 0.99% 1.32% 2.02% 1.12% Aug 0.65% 0.62% 1.21% 0.75% 0.96% Sep 0.77% 0.80% 0.67% 1.83% 0.79% Oct 0.59% 0.82% 0.62% 1.23% 2.95% 0.68% Nov 0.70% 0.48% 0.58% 1.25% 2.02% 0.55% Dec 0.53% 0.60% 0.85% 0.76% 1.87% 0.68% Annual 0.65% 0.76% 0.86% 0.89% 1.68% 1.12% 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. September results shown are from Index Inception Date of September 17, 2004 Source: Standard & Poor's, Bloomberg page 12

Contacts Global Markets Structuring - Americas Michael Nadel -- T. +1 212 250 8866 Structured Equity Sales - US T. +1 212 250 9905 page 13

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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. page 15