July 2010 Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-162195 Dated July 7, 2010 Deutsche Bank Commodity Indices July 2010 [GRAPHIC OMITTED]

Contents Section 1 Optimum Yield Indices * DB Commodity Booster - DJUBS Index * DB Commodity Booster DJUBS - TV14 Index * DB Commodity Booster - Benchmark Index 2 Mean Reversion Indices* DBLCI - MR Index * DBLCI - Mean Reversion Enhanced Index * DB MR Enhanced 15 Index * DBLCI - MR+ Index 3 Market Neutral Indices * DB Commodity Harvest Index * DB Commodity Harvest - 10 Index 4 DB Commodity Allocator Index Appendix 1 Appendix

Executive Summary The Evolution of Commodity Markets [] Commodities are an asset class in their own right and exhibit unique characteristics such as historically low correlation with traditional asset classes and a positive correlation with inflation [] An investment in a commodity index is a simple way for investors to gain exposure to the asset class while insulating them from the mechanics of rolling futures and posting collateral. This transparent, rule-based roll mechanism eliminates human intervention [] Deutsche Bank is one of the largest providers of non-benchmark commodity indices with a comprehensive suite of commodity index products aimed at enhancing beta returns and extracting market neutral alpha returns in the commodity space [] As the commodity market has evolved, Deutsche Bank has created new indices that may benefit from the special features of the asset class

DB Commodity -- Family of Indices Introduction [] The Deutsche Bank suite of Commodity indices seeks to enhance returns by altering traditional commodity index construction rules related to: Relative value asset allocation (Mean Reversion); Market momentum filter (Momentum); Futures Rolling Methodology (Optimized Yield); Controlled Risk (Target Volatility) DB Commodity Indices Mean Reversion Momentum Optimized Yield Target Volatility DB Commodity Booster -- DJUBS [] DB Commodity Booster DJUBS -- TV14 [] [] DB Commodity Booster -- Benchmark [] DBLCI-MR [] DBLCI-MR+ [] [] DBLCI -- Mean Reversion Enhanced [] [] DB MR Enhanced 15 [] [] [] DB Commodity Harvest [] DB Commodity Harvest -- 10 [] [] DB Commodity Allocator [] [] []

Optimum Yield Indices Section 1 [GRAPHIC OMITTED]

DB Commodity Booster -- DJUBS Index Summary [] Composition of DB Commodity Booster DJUBS Index: The DB Commodity Booster -- DJUBS Index has the same base weights as the DJUBS Index. Weights are rebalanced annually [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary optimum yield ("OY") technology, which rolls an expiring contract 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 [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBDEU)

Replicates the DJUBS Index by using OY indices thereby providing similar commodity exposure while seeking to manage returns more effectively DB Commodity Booster -- DJUBS Index Construction [GRAPHIC OMITTED] Agriculture Industrial Metals Precious Metals Energy 36.43% (35.80% (1)) 17.76% (18.78% (1)) 14.63% (12.41% (1)) 31.18% (33.00% (1)) DJUBS Apply Optimum Yield Technology [] Optimize roll returns by attempting to invest in contracts with the highest implied roll yield DB Commodity Booster -- DJUBS Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 30(th) June 2010

DB Commodity Booster -- DJUBS Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 DB Commodity January 2000 -- June 2010 DJUBS SandP-GSCI Booster -- DJUBS Annualized Returns 9.4% 3.0% 0.9% Volatility 16.4% 18.2% 26.1% Sharpe Ratio(2) 0.57 0.16 0.04 Maximum Drawdown -54.1% -57.1% -71.6% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Feb-09 Max Monthly Consecutive Loss -51.5% -54.5% -67.8% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 47% / -48.5% 39.9% / -52.7% 74.8% / -64.8% Rolling 3 Months 24.4% / -38.4% 24.7% / -39.7% 34.4% / -53.4% Average Monthly Returns 0.9% 0.4% 0.3% % Months with Gains 65.1% 55.6% 54.8% Correlation DJUBS 0.96 1.00 0.92 SandP-GSCI 0.88 0.92 1.00 Index Sector Exposure 1 Sector Current Weight (%) Energy 31.18 Precious Metal 14.63 Industrial Metal 17.76 Agriculture 36.43 Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices Calendar Year DB Commodity Booster -- DJUBS DJUBS SandP-GSCI 2000 23.01% 24.21% 41.10% 2001 -17.06% -22.32% -34.31% 2002 23.21% 23.86% 29.92% 2003 27.76% 22.66% 19.48% 2004 23.13% 7.64% 15.65% 2005 30.64% 17.54% 21.61% 2006 12.57% -2.71% -19.07% 2007 16.70% 11.08% 26.81% 2008 -30.46% -36.61% -47.29% 2009 19.81% 18.72% 13.30% 2010 YTD -9.10% -9.66% -11.26% Annualized Return 9.40% 2.99% 0.92% Notes: 1 Source: Bloomberg. DB Commodity Booster -- DJUBS has been retrospectively calculated and did not exist prior to 27 February 2008. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Booster -- DJUBS Index would have been lower than the Index as a result of fees and / or costs 2 Sharpe Ratio = annualized return / volatility 3 Data is as of 30 June 2010. Statistics shown are for excess return indices.

DB Commodity Booster DJUBS -- TV14 Index Summary [] Composition: Same base weights as the DJUBS Index [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary optimum yield ("OY") technology, which rolls an expiring contract 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 [] Target Volatility: Varies its participation in the DB Commodity Booster -- DJUBS Index with a view to target a volatility of 14% [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBTVE)

Index replicates the DJUBS Index by using the corresponding OY indices, thereby providing similar commodity exposure while seeking to manage roll returns more effectively Applies Target Volatility technology with the aim of achieving a smoother return profile, as well as to benefit from the historically negative correlation between index returns and realized volatility DB Commodity Booster DJUBS -- TV14 Index Construction [GRAPHIC OMITTED] Agriculture Industrial Metals Precious Metals Energy 36.43% (35.80% (1)) 17.76% (18.78% (1)) 14.63% (12.41% (1)) 31.18% (33.00% (1)) DJUBS Apply Optimum Yield Technology [] Optimize roll returns by attempting to invest in contracts with the highest implied roll yield DB Commodity Booster -- DJUBS Apply Target Volatility Technology [] Volatility is targeted at 14% by varying exposure to the DB Commodity Booster -- DJUBS Index DB Commodity Booster DJUBS -- TV14 Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 30(th) June 2010

DB Commodity Booster DJUBS -- TV14 Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 DB Commodity Booster DB Commodity January 2000 -- June 2010 DJUBS DJUBS -- TV14 Booster -- DJUBS Annualized Returns 12.9% 9.4% 3.0% Volatility 14.7% 16.4% 18.2% Sharpe Ratio 0.88 0.57 0.16 Maximum Drawdown -35.0% -54.1% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Mar-09 Max Monthly Consecutive Loss -32.8% -51.5% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 59.6% / -31.1% 47% / -48.5% 39.9% / -52.7% Rolling 3 Months 27.8% / -23.5% 24.4% / -38.4% 24.7% / -39.7% Average Monthly Returns 1.1% 0.9% 0.4% % Months with Gains 65.1% 65.1% 55.6% Correlation DB Commodity Booster -- DJUBS 0.93 1.00 0.96 DJUBS 0.91 0.96 1.00 Index Exposure 1 Current Exposure to DB Commodity Booster -- DJUBS 89.17% Underlying Sector Current Weight (%) Energy 31.18 Precious Metal 14.63 Industrial Metal 17.76 Agriculture 36.43 Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices DB Commodity Booster DB Commodity Calendar Year DJUBS -- TV14 Booster -- DJUBS DJUBS 2000 26.38% 23.01% 24.21% 2001 -21.43% -17.06% -22.32% 2002 29.64% 23.21% 23.86% 2003 46.67% 27.76% 22.66% 2004 27.08% 23.13% 7.64% 2005 30.40% 30.64% 17.54% 2006 11.01% 12.57% -2.71% 2007 16.73% 16.70% 11.08% 2008 -15.61% -30.46% -36.61% 2009 13.52% 19.81% 18.72% 2010 YTD -7.59% -9.10% -9.66% Annualized Return 12.94% 9.40% 2.99% Notes: 1 Source: Bloomberg. DB Commodity Booster -- DJUBS and DB Commodity Booster DJUBS -- TV14 have been retrospectively calculated and did not exist prior to 27 February 2008 and 8 August 2009 respectively. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Booster DJUBS TV14 Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 30 June 2010. Statistics shown are for excess return indices. Current weights shown are for DB Commodity Booster -- DJUBS Index

DB Commodity Booster -- Benchmark Index Summary [] Composition: Same base weights as the SandP GSCI Index [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary optimum yield ("OY") technology, which rolls an expiring contract 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 [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBSEU)

Index replicates the SandP GSCI by using OY indices thereby providing similar commodity exposure while seeking to manage roll returns more effectively DB Commodity Booster -- Benchmark Index Construction [GRAPHIC OMITTED] Agriculture and Industrial Metal Precious Metal Energy Livestock 8.07% (8.52% (1)) 3.84% (3.18% (1)) 69.71% (69.84% (1)) 18.38% (18.48% (1)) SandP GSCI Apply Optimum Yield Technology [] Optimize roll returns by attempting to invest in contracts with the highest implied roll yield DB Commodity Booster -- Benchmark Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 30(th) June 2010

DB Commodity Booster -- Benchmark Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 DB Commodity January 2000 -- June 2010 DJUBS SandP-GSCI Booster -- Benchmark Annualized Returns 9.9% 3.0% 0.9% Volatility 22.4% 18.2% 26.1% Sharpe Ratio 0.44 0.16 0.04 Maximum Drawdown -64.6% -57.1% -71.6% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Mar-09 Feb-09 Max Monthly Consecutive Loss -60.7% -54.5% -67.8% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 76.3% / -56.7% 39.9% / -52.7% 74.8% / -64.8% Rolling 3 Months 33.4% / -47.4% 24.7% / -39.7% 34.4% / -53.4% Average Monthly Returns 1.0% 0.4% 0.3% % Months with Gains 57.9% 55.6% 54.8% Correlation DJUBS 0.89 1.00 0.92 SandP-GSCI 0.97 0.92 1.00 Index Sector Exposure 1 Sector Current Weight (%) Energy 69.71 Precious Metal 3.84 Industrial Metal 8.07 Agriculture and Livestock 18.38 Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------- -------- DB Commodity Calendar Year Booster -- Benchmark DJUBS SandP-GSCI 2000 24.00% 24.21% 41.10% 2001 -17.43% -22.32% -34.31% 2002 25.99% 23.86% 29.92% 2003 27.09% 22.66% 19.48% 2004 38.49% 7.64% 15.65% 2005 41.80% 17.54% 21.61% 2006 -2.31% -2.71% -19.07% 2007 25.49% 11.08% 26.81% 2008 -36.65% -36.61% -47.29% 2009 20.31% 18.72% 13.30% 2010 YTD -10.74% -9.66% -11.26% Annualized Return 9.86% 2.99% 0.92% Notes: 1 Source: Bloomberg. DB Commodity Booster -- Benchmark has been retrospectively calculated and did not exist prior to 15 December 2007. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Booster -- Benchmark Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 30 June 2010. Statistics shown are for excess return indices.

Mean Reversion Indices Section 2 [GRAPHIC OMITTED]

DBLCI -MR Index Summary [] Components: Tracks the performance of a basket of 6 commodity futures: Aluminum, WTI Crude Oil, Heating Oil, Gold, Corn, and Wheat [] Dynamic Weights: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among six of the most liquid futures contracts in four sectors: Energy, Base Metals, Precious Metals, Agriculture. The commodity weight is determined formulaically based on the ratio between a one-year and five-year moving average price [] Rebalancing: A rebalancing will occur whenever one of the commodities undergoes a "trigger event." A trigger event occurs when the one-year moving average price of the commodity trades +/-- 5% than the five-year moving average [] Roll Frequency and Method: Fixed monthly roll for Energy components, fixed yearly roll for Metals and Agriculture components [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCMMCL)

Invests in 6 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones DBLCI -MR Index Construction [GRAPHIC OMITTED] Source: Deutsche Bank, 2010 Notes: 1 Base Weights of DBLCI-MR Index 2 Current Weights as of 30 June 2010

DBLCI -MR Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 January 2000 -- June 2010 DBLCI-MR DBLCI DJUBS Annualized Returns 8.7% 6.1% 3.0% Volatility 20.0% 24.1% 18.2% Sharpe Ratio 0.43 0.25 0.16 Maximum Drawdown -62.8% -65.2% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Mar-09 Max Monthly Consecutive Loss -59.0% -61.9% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 84% / -56.3% 83.1% / -60.7% 39.9% / -52.7% Rolling 3 Months 33.3% / -43.1% 28.8% / -47.4% 24.7% / -39.7% Average Monthly Returns 0.8% 0.7% 0.4% % Months with Gains 57.9% 55.6% 55.6% Correlation DBLCI 0.86 1.00 0.88 DJUBS 0.82 0.88 1.00 Historical Weighting 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ---------------------------------------- ------- Calendar Year DBLCI-MR DBLCI DJUBS 2000 2.16% 24.95% 24.21% 2001 -16.35% -22.61% -22.32% 2002 27.73% 32.14% 23.86% 2003 21.21% 22.42% 22.66% 2004 25.85% 26.11% 7.64% 2005 2.96% 13.89% 17.54% 2006 39.22% 3.06% -2.71% 2007 42.49% 34.67% 11.08% 2008 -35.43% -39.60% -36.61% 2009 22.29% 10.17% 18.72% 2010 YTD -10.78% -9.96% -9.66% Annualized Return 8.67% 6.13% 2.99% Notes: 1 Source: Deutsche Bank, 2010, Bloomberg. DBLCI-MR has been retrospectively calculated and did not exist prior to 28 February 2003. Accordingly, the results shown during the retrospective periods do not 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 DBLCI-MR Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 30 June2010. Statistics shown are for excess return indices.

DBLCI -- Mean Reversion Enhanced Index Summary [] Components: Tracks the performance of a basket of 12 commodity futures: Aluminium, Nickel, Zinc, Copper, Lead, WTI Crude Oil, Natural Gas, Gold, Silver, Corn, Wheat and Soybeans [] Dynamic Weights and Diversification: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among twelve of the most liquid futures contracts in four sectors: Energy, Base Metals, Precious Metals, Agriculture. Single commodity allocations are subject to a 35% cap in order to avoid concentration and ensure adequate diversification [] Optimizing Roll Returns: Deutsche Bank's proprietary Optimum Yield ("OY") technology rolls an expiring contract 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 [] Rebalancing: A rebalancing will occur if on the monthly rebalance date, the one-year moving average price of one or more commodities trade +/-- 5% than the five-year moving average [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCMREU)

Invests in 12 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones Employs OY technology seeking to maximize roll yield by selecting the optimum futures contract DBLCI -- Mean Reversion Enhanced Index Construction [GRAPHIC OMITTED] Source: Deutsche Bank, 2010 Notes: 1 Base Weights of DBLCI-MR Enhanced Index 2 Current Weights as of 30 June 2010

DBLCI -- Mean Reversion Enhanced Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 DBLCI Mean January 2000 -- June 2010 DBLCI-MR DJUBS Reversion Enhanced Annualized Returns 10.0% 8.7% 3.0% Volatility 18.1% 20.0% 18.2% Sharpe Ratio 0.55 0.43 0.16 Maximum Drawdown -55.9% -62.8% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Feb-09 Mar-09 Max Monthly Consecutive Loss -53.8% -59.0% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 71.2% / -46.5% 84% / -56.3% 39.9% / -52.7% Rolling 3 Months 36% / -37.4% 33.3% / -43.1% 24.7% / -39.7% Average Monthly Returns 0.9% 0.8% 0.4% % Months with Gains 58.7% 57.9% 55.6% Correlation DBLCI -- MR 0.86 1.00 0.82 DJUBS 0.82 0.82 1.00 Historical Weighting 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices -------------------------------------------------- ------- DBLCI Mean Calendar Year Reversion Enhanced DBLCI-MR DJUBS 2000 1.59% 2.16% 24.21% 2001 -12.41% -16.35% -22.32% 2002 15.52% 27.73% 23.86% 2003 33.19% 21.21% 22.66% 2004 23.16% 25.85% 7.64% 2005 10.43% 2.96% 17.54% 2006 28.54% 39.22% -2.71% 2007 26.67% 42.49% 11.08% 2008 -26.29% -35.43% -36.61% 2009 37.53% 22.29% 18.72% 2010 YTD -11.14% -10.78% -9.66% Annualized Return 10.04% 8.67% 2.99% Notes: 1 Source: Deutsche Bank, 2010, Bloomberg. DBLCI -- Mean Reversion Enhanced and DBLCI-MR have been retrospectively calculated and did not exist prior to 25 July 2008 and 28 February 2003 respectively. Accordingly, the results shown during the retrospective periods do not 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 DBLCI -- Mean Reversion Enhanced Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 30 June 2010. Statistics shown are for excess return indices.

DB MR Enhanced 15 Index Summary [] Components: Tracks the performance of 12 commodity futures: Aluminum, Nickel, Zinc, Copper, Lead, WTI Crude Oil, Natural Gas, Gold, Silver, Corn, Wheat and Soybeans [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract 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 [] Dynamic Weights and Diversification: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among twelve of the most liquid futures contracts in four sectors: Energy, Base Metals, Precious Metals, Agriculture. Single commodity allocations are subject to a 35% cap 1 in order to avoid concentration problem and ensure adequate diversification [] Target Volatility: Exposure to the DBLCI Mean Reversion Enhanced is reset monthly in order to target a realized volatility of 15% [] Rebalancing: A rebalancing will occur if on the monthly rebalance date, the one-year moving average price of one or more commodities trade +/-- 5% than the five-year moving average [] Transparency: The DB MR Enhanced 15 is a rule-based index with the closing level and weights published daily on Bloomberg (DBLCMTEU)

Invests in 12 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones Employs OY technology seeking to maximize roll yield and Target Volatility technology with the aim of obtaining a smoother return profile DB MR Enhanced 15 Index Construction Agriculture Industrial Metal Precious Metal Energy (40% (1)) (25% (1)) (18% (1)) (17% (1)) Basket with Base Weights Apply Optimum Yield Technology [] Optimize roll returns by attempting to invest in contracts with the highest implied roll yield Basket with Base Weights using OY Sub-indices Apply Mean Reversion Technology [] Weight of each component determined based on the ratio of 1 year MA price to 5 year MA price DBLCI -- Mean Reversion Enhanced 2 Agriculture(23.10%), Industrial Metal(22.43%), Precious Metal(2.70%) and Energy(51.77%) Apply Target Volatility Technology [] Volatility targeted at 15% by varying exposure to the DBLCI -- Mean Reversion Enhanced Index DB MR Enhanced 15 Note: 1 Base Weights of DBLCI -- Mean Reversion Enhanced Index 2 Current Weights of DBLCI-Mean Reversion Enhanced Index as of 30 June 2010

DB MR Enhanced 15 Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 DBLCI -- Mean January 2000 -- June 2010 DB MR Enhanced 15 DJUBS Reversion Enhanced Annualized Returns 12.8% 10.0% 3.0% Volatility 15.8% 18.1% 18.2% Sharpe Ratio 0.81 0.55 0.16 Maximum Drawdown -35.0% -55.9% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Mar-09 Max Monthly Consecutive Loss -33.5% -53.8% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 79% / -28.4% 71.2% / -46.5% 39.9% / -52.7% Rolling 3 Months 25% / -22.2% 36% / -37.4% 24.7% / -39.7% Average Monthly Returns 1.1% 0.9% 0.4% % Months with Gains 58.7% 58.7% 55.6% Correlation DBLCI-MR 0.89 1.00 0.82 DJUBS 0.77 0.82 1.00 Historical Exposure 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices DB MR DBLCI -- Mean Calendar Year Enhanced 15 Reversion Enhanced DJUBS 2000 2.96% 1.59% 24.21% 2001 -21.83% -12.41% -22.32% 2002 25.61% 15.52% 23.86% 2003 53.97% 33.19% 22.66% 2004 25.18% 23.16% 7.64% 2005 15.77% 10.43% 17.54% 2006 30.96% 28.54% -2.71% 2007 24.84% 26.67% 11.08% 2008 -11.82% -26.29% -36.61% 2009 18.57% 37.53% 18.72% 2010 YTD -7.95% -11.14% -9.66% Annualized Return 12.82% 10.04% 2.99% Note: 1 Source: Deutsche Bank, 2010, Bloomberg. DBLCI -- Mean Reversion Enhanced and DB MR Enhanced 15 have been retrospectively calculated and did not exist prior to 25 July 2008 and 28 September 2009 respectively. Accordingly, the results shown during the retrospective periods do not 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 DB MR Enhanced 15 Index would have been lower than the Index as a result of fees and / or costs. 2 Data is as of 30 June 2010. Statistics shown are for excess return indices.

DBLCI MR+ Index Summary [] Components: Tracks the performance of 6 commodity futures: Aluminum, WTI Crude Oil, Heating Oil, Gold, Corn and Wheat [] Dynamic Weights: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among six of the most liquid futures contracts in four sectors: Energy, Base Metals, Precious Metals, Agriculture [] Dynamic Allocation: The "Plus" strategy aims to preserve excess returns generated by the DBLCI-MR by adjusting its exposure monthly to reflect upward and downward momentum cycles. A sample set of returns for each period ranging between one and twelve months are calculated. The weight assigned to DBLCI-MR is based on the number of periods with positive returns [] Rebalancing: A rebalancing in the underlying index (DBLCI -MR) will occur whenever one of the commodities undergoes a "trigger event." A trigger event occurs when the one-year moving average price of the commodity trades +/-- 5% than the five-year moving average [] Roll Frequency and Method: Fixed monthly roll for Energy components, fixed yearly roll for Metals and Agriculture components [] Transparency: Rule-based index with the closing level, weights and exposure published daily on Bloomberg (DBLCMPUE)

Invests in 6 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones Aims to offer upside exposure to DBLCI -MR but limit potential drawdowns by employing a momentum algorithm DBLCI MR+ Index Construction DBLCI-MR Returns(3) -------------------- 1 Month -10% -------- ----------- 2 Month -15% -------- ----------- 3 Month -13% -------- ----------- 4 Month -4% -------- ----------- 5 Month -17% -------- ----------- 6 Month -9% -------- ----------- 7 Month -11% -------- ----------- 8 Month -5% -------- ----------- 9 Month -3% -------- ----------- 10 Month -8% -------- ----------- 11 Month 9% -------- ----------- 12 Month -3% -------- ----------- [GRAPHIC OMITTED] Note: 1 Base Weights of DBLCI-MR Index 2 Current Weights of DBLCI-MR Index as of 30 June 2010 3 Returns are calculated as of 6(th) business day of each month, from June 2009 to June 2010. See Appendix (Slide 43) for more details.

DBLCI MR+ Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis 1 January 2000 -- June 2010 DBLCI MR+ DBLCI-MR DJUBS Annualized Returns 9.2% 8.7% 3.0% Volatility 14.7% 20.0% 18.2% Sharpe Ratio 0.63 0.43 0.16 Maximum Drawdown -33.8% -62.8% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Jun-10 Feb-09 Mar-09 Max Monthly Consecutive Loss -27.1% -59.0% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Nov-08 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 81.8% / -31.4% 84% / -56.3% 39.9% / -52.7% Rolling 3 Months 28.4% / -26.7% 33.3% / -43.1% 24.7% / -39.7% Average Monthly Returns 0.8% 0.8% 0.4% % Months with Gains 52.4% 57.9% 55.6% Correlation DBLCI -- MR 0.86 1.00 0.82 DJUBS 0.69 0.82 1.00 Historical Weighting 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices -------------------------------------------- ------- Calendar Year DBLCI MR+ DBLCI-MR DJUBS 2000 0.90% 2.16% 24.21% 2001 -2.40% -16.35% -22.32% 2002 13.21% 27.73% 23.86% 2003 15.56% 21.21% 22.66% 2004 24.07% 25.85% 7.64% 2005 -4.53% 2.96% 17.54% 2006 24.53% 39.22% -2.71% 2007 38.57% 42.49% 11.08% 2008 -0.67% -35.43% -36.61% 2009 8.87% 22.29% 18.72% 2010 YTD -11.15% -10.78% -9.66% Annualized Return 9.24% 8.67% 2.99% Notes: 1 Source: Deutsche Bank, 2010, Bloomberg. DBLCI-MR and DBLCI-MR+ have been retrospectively calculated and did not exist prior to 28 February 2003 and 20 June 2007 respectively. Accordingly, the results shown during the retrospective periods do not 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 DBLCI-MR+ Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 30 June 2010. Statistics shown are for excess return indices.

Market Neutral Indices Section 3 [GRAPHIC OMITTED]

DB Commodity Harvest Index Summary [] Market Neutral Strategy: The DB Commodity Harvest Index goes short the SandP Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the SandP Goldman Sachs Light Energy Index, in an attempt to provide market -neutral exposure, and to generate returns from DB's optimum yield technology [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract 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 [] Transparency: Rule based index with the closing level and weights published daily on Bloomberg (DBCMHLEU)

Strategy aims to generate alpha from roll returns by going long the OY index and short the benchmark index DB Commodity Harvest Index Construction [GRAPHIC OMITTED] Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 30(th) June 2010

DB Commodity Harvest Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis (1) DB Commodity Booster DB Commodity SandP-GSCI January 2000 -- June 2010 -- Benchmark Harvest Light Energy Light Energy Annualized Returns 5.5% 5.4% -0.4% Volatility 3.6% 16.8% 18.7% Sharpe Ratio 1.51 0.32 -0.02 Maximum Drawdown -6.1% -56.8% -60.9% Start Date May-07 Jul-08 Jul-08 End Date Sep-07 Mar-09 Feb-09 Max Monthly Consecutive Loss -5.3% -53.8% -58.0% Start Date Oct-00 Jul-08 Jul-08 End Date Dec-00 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 17.7% / -5.4% 51.7% / -50.3% 48.2% / -55.8% Rolling 3 Months 6.6% / -5.8% 24.8% / -42.4% 26.1% / -44.6% Average Monthly Returns 0.5% 0.6% 0.1% % Months with Gains 72.2% 59.5% 54.8% Correlation DB Commodity Booster -- -0.41 1.00 0.97 Benchmark Light Energy SandP-GSCI Light Energy -0.56 0.97 1.00 Index Constituents (1) Index Current Weight (%) DB Commodity Booster -- Benchmark 100 Light Energy SandP Goldman Sachs Light Energy Index --100 Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ---------------------------------------------------- ------------ DB DB Commodity Booster -- SandP-GSCI Calendar Year Commodity Harvest Benchmark Light Energy Light Energy 2000 -5.20% 9.01% 14.79% 2001 11.85% -17.11% -26.22% 2002 -2.05% 13.10% 15.09% 2003 4.47% 20.91% 15.41% 2004 13.51% 22.05% 7.31% 2005 10.84% 28.51% 15.51% 2006 12.98% 9.15% -3.77% 2007 0.15% 17.49% 17.16% 2008 11.28% -33.20% -40.39% 2009 1.18% 17.02% 15.17% 2010 YTD 0.63% -10.48% -11.06% Annualized Return 5.47% 5.41% -0.39% Notes: 1 Source: Bloomberg. DB Commodity Harvest and DB Commodity Booster -- Benchmark Light Energy have been retrospectively calculated and did not exist prior to 15 December 2007. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Harvest Index have been lower than the Index as a result of fees and / or costs 2 Statistics shown are for excess return indices. Data is as of 30 June 2010

DB Commodity Harvest -- 10 Index Summary [] Market Neutral Strategy: The DB Commodity Harvest Index goes short the SandP Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the SandP Goldman Sachs Light Energy Index, in an attempt to provide market -neutral exposure, and to generate returns from DB's optimum yield technology [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract 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 [] Target Volatility: Varies participation in the DB Commodity Harvest Index with a view to target a volatility of 10% [] Transparency: Rule based index with the closing level and weights published daily on Bloomberg (DBCMHVEA)

Strategy aims to generate alpha from roll returns and to smoothen the return profile by varying exposure to the underlying index in response to changes in realized volatility DB Commodity Harvest -- 10 Index Construction [GRAPHIC OMITTED] Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 30(th) June 2010

DB Commodity Harvest -- 10 Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis 1 January 2000 -- June 2010 DB Commodity DB SandP-GSCI Harvest -- 10 Commodity Harvest Light Energy Annualized Returns 17.0% 5.5% -0.4% Volatility 10.8% 3.6% 18.7% Sharpe Ratio 1.57 1.51 -0.02 Maximum Drawdown -19.5% -6.1% -60.9% Start Date May-07 May-07 Jul-08 End Date Sep-07 Sep-07 Feb-09 Max Monthly Consecutive Loss -16.6% -5.3% -58.0% Start Date Jun-07 Oct-00 Jul-08 End Date Sep-07 Dec-00 Feb-09 Max / Min Returns Rolling 12 Months 69.1% / -14% 17.7% / -5.4% 48.2% / -55.8% Rolling 3 Months 21.4% / -16.5% 6.6% / -5.8% 26.1% / -44.6% Average Monthly Returns 1.4% 0.5% 0.1% % Months with Gains 72.2% 72.2% 54.8% Correlation DB Commodity Harvest 0.95 1.00 -0.56 SandP-GSCI Light Energy -0.56 -0.56 1.00 Historical Participation [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ---------------------------------------------- ------------ DB Commodity DB SandP-GSCI Calendar Year Harvest -- 10 Commodity Harvest Light Energy 2000 -12.89% -5.20% 14.79% 2001 33.72% 11.85% -26.22% 2002 -6.40% -2.05% 15.09% 2003 11.52% 4.47% 15.41% 2004 49.88% 13.51% 7.31% 2005 36.78% 10.84% 15.51% 2006 39.07% 12.98% -3.77% 2007 -0.50% 0.15% 17.16% 2008 42.72% 11.28% -40.39% 2009 3.57% 1.18% 15.17% 2010 YTD 2.16% 0.63% -11.06% Annualized Return 17.01% 5.47% -0.39% Notes: 1 Source: Bloomberg. DB Commodity Harvest - 10 and DB Commodity Harvest have been retrospectively calculated and did not exist prior to 14 October 2008 and 15 December 2007 respectively. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Harvest - 10 Index have been lower than the Index as a result of fees and / or costs. 2 Statistics shown are for excess return indices. Data is as of 30 June 2010

DB Commodity Allocator Index Section 4 [GRAPHIC OMITTED]

DB Commodity Allocator Index Summary [] Components: Uses a rule based methodology to allocate between Beta (the DB MR Enhanced ERAC (1) Index) and Alpha (the DB Commodity Harvest USD ERAC Index), allowing investors access to a strategy that aims to be fully allocated to alpha during periods of commodities downturns [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract 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 [] Dynamic Allocation: Aims to preserve excess returns generated by the DB MR Enhanced ERAC Index by adjusting exposure to underlying indices monthly to reflect upward and downward momentum cycles. A sample set of returns for each period ranging between one and twelve months are calculated. The weight assigned to DB MR Enhanced ERAC Index is based on the number of periods with positive returns. The remaining weight is leveraged 3 times and assigned to the DB Commodity Harvest ERAC Index [] Rebalancing: Each month, the index adjusts its exposure to each underlying index based on the momentum of the DB MR Enhanced ERAC Index. Also adjusts leverage by employing the target volatility mechanism [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCABER) Note: 1 ERAC: Excess Return After Cost

Strategy aims to generate alpha from roll returns and to smoothen the return profile by adjusting exposure in response to changes in realized volatility DB Commodity Allocator Index Construction [GRAPHIC OMITTED] - BETA: (DBLCI -MR Enhanced ERAC Index) attempts to provide enhanced beta exposure to commodities using the mean reversion behaviour of commodities. It dynamically allocates exposure to 12 commodities across sectors and attempts to optimize roll returns. - ALPHA: (DB Commodity Harvest USD ERAC Index) attempts to generate alpha by using DB's optimum yield technology, while providing market -neutral exposure to commodities. Notes: 1 Weights of SandP GSCI Light Energy Index shown are: current weights (Base Weights) . Current weights are as of 30(th) June 2010 2 Base Weights of DBLCI -- Mean Reversion Enhanced Index 3 Current weights of DBLCI -- Mean Reversion Enhanced Index as of 30(th) June 2010

DB Commodity Allocator Index Construction [GRAPHIC OMITTED] Notes: 1 Returns are calculated as of 3(rd) to last business day of each month, from June 2009 to June 2010. 2 See Appendix (Slide 46) for details on Target Volatility Mechanism

DB Commodity Allocator Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis 1 January 2000 -- June 2010 DB Commodity DB Commodity DB MR Allocator Harvest USD ERAC Enhanced ERAC Annualized Returns 13.3% 4.8% 8.8% Volatility 13.8% 3.6% 18.1% Sharpe Ratio 0.96 1.34 0.49 Maximum Drawdown -29.9% -6.5% -56.2% Start Date Jul-08 Jan-00 Jul-08 End Date Oct-08 Dec-00 Mar-09 Max Monthly Consecutive Loss -27.6% -5.4% -54.1% Start Date Jul-08 Oct-00 Jul-08 End Date Oct-08 Dec-00 Feb-09 Max / Min Returns Rolling 12 Months 57.5% / -15.6% 17% / -6% 69.3% / -47.1% Rolling 3 Months 28.8% / -23.9% 6.4% / -5.9% 35.7% / -37.9% Average Monthly Returns 1.1% 0.4% 0.8% % Months with Gains 65.1% 71.4% 57.9% Correlation DB Commodity Harvest -0.01 1.00 -0.33 USD ERAC DB MR Enhanced ERAC 0.72 -0.33 1.00 DB MR Enhanced ERAC Participation (1): 33.33% Historical Exposure DB Commodity Harvest USD ERAC Leveraged Participation (1): 66.67% [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices --------------------------------------------- DB Commodity DB Commodity DB MR Calendar Year Allocator Harvest USD ERAC Enhanced ERAC 2000 -13.68% -5.78% 0.47% 2001 29.55% 11.17% -13.38% 2002 4.02% -2.63% 14.25% 2003 28.16% 3.84% 31.72% 2004 21.76% 12.84% 21.81% 2005 13.87% 10.17% 9.22% 2006 26.67% 12.30% 27.12% 2007 15.86% -0.44% 25.28% 2008 12.72% 10.61% -27.10% 2009 25.34% 0.58% 36.02% 2010 YTD -13.67% 0.33% -11.62% Annualized Return 13.26% 4.84% 8.83% Notes: 1 Source: Bloomberg. DB Commodity Allocator index has been retrospectively calculated and did not exist prior to 24 October 2009. Accordingly, the results shown during the retrospective periods do not 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 DB Commodity Allocator Index would have been lower than the Index as a result of fees and / or costs. 2 Statistics shown are for excess return indices. Data is as of 30 June 2010

Appendix Appendix 1 [GRAPHIC OMITTED]

Types of Returns in a Commodity Index Total Return vs. Excess Return Stock and Bond returns come from two sources: [] Underlying price movement [] Dividends (Stocks) or Coupons (Bonds) Commodity returns come from three sources: [] Collateral Yield [] Interest earned on capital held as collateral [] Spot Return [] Change in front month futures contract [] Roll Return [] Process of buying a futures contract at a premium (negative roll) or discount (positive roll) to the spot price Excess Return = Spot Return + Roll Return Total Return = Excess Return + Collateral Yield Collateral yield of 3-Month US Treasury Bills is added to the DB Commodity excess return version indices to create the DB Commodity total return version

Mean Reversion [] The mean reversion methodology overweights "cheap" commodities and underweights "expensive" commodities based on their respective 5y moving average price vs. 1y moving average price [GRAPHIC OMITTED] Historical Commodity Allocation of the DBLCI -MR since 2006 [GRAPHIC OMITTED] [] Heavy investment in Corn and Wheat as agricultural commodities are the most historically undervalued. Captures the 2006 Ags rally. Underweighting in Energy also contributed to good performance as energy prices declined significantly in 2006 [] In 2008 the index increased its weight to Aluminum and reduced its weight to Energy, which was then at historical highs. In retrospect, while the under-weighting in Energy was a good decision, the overweight in Aluminum was not, as Aluminum prices declined significantly [] In 2009 the index was overweight in Aluminum and Oil and gained from rallies in both. However, it was underweight in Gold and missed out on the Gold rally Source: Bloomberg Notes: 1 Past performance is not a guarantee of future results 2 The Mean Reversion strategy may not always result in outperformance to benchmark commodity indices. As a long-only commodity index, if all underlying commodity prices fall, the DBLCI -- Mean Reversion will also likely result in a negative performance 3 Data is as of 30 June 2010. DBLCI and DBLCI-MR are calculated retrospectively prior to their Index Live Dates DBLCI -MR Out-performance to DBLCI Outperformance Year (%) 2005 --10.93 2006 36.15 2007 7.82 2008 4.17 2009 12.12 YTD 2010 -0.82

Momentum (MR+) [] DBLCI-MR Plus TM Excess Return is a dynamic allocation strategy based on the performance of the DBLCI-MR TM Excess Return Index [] Mandatory rebalancing takes place on a monthly basis[] At each monthly rebalancing, the allocation in the DBLCI-MR TM Excess Return strategy is determined based on the performance of the DBLCI-MR TM Excess Return over the previous 12 months [] Twelve performance indicators are built, reflecting the performance of DBLCI-MR TM Excess Return over previous 12-months, 11-months, 10-months [] 3-months, 2-months, 1-month[] The allocation or component weight to commodities is proportional to the number of times the DBCLI-MR TM Excess Return performance is greater than zero. The current allocation is 8.33% (see table) [] Rules based momentum strategy with no human intervention, only execution [] The allocation can be as low as 0% and as high as 100% Retrospective lookback over 12 periods [GRAPHIC OMITTED] DBLCI-MR (Lookback Returns as of 8(th) Jun 2010) ------------------------------------------------ 1 Month -10% ------------ ----------------------------------- 2 Month -15% ------------ ----------------------------------- 3 Month -13% ------------ ----------------------------------- 4 Month -4% ------------ ----------------------------------- 5 Month -17% ------------ ----------------------------------- 6 Month -9% ------------ ----------------------------------- 7 Month -11% ------------ ----------------------------------- 8 Month -5% ------------ ----------------------------------- 9 Month -3% ------------ ----------------------------------- 10 Month -8% ------------ ----------------------------------- 11 Month 9% ------------ ----------------------------------- 12 Month -3% ------------ ----------------------------------- Notes: Returns are calculated as of 6(th) business day of each month, from June 2009 to June 2010.

Optimized Yield Contract Selection to Create an "Optimal Yield" 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] [] Longer dated contracts typically have less negative carry when the curve slopes upward (contango) [] Shorter dated contracts typically offer greater positive carry when the curve slopes downward (backwardation)

Annualized Excess returns from Jan 2000 to Jun 2010. Most Optimum Yield indices have outperformed corresponding front-month rolling indices Optimized Yield Energy Sector [GRAPHIC OMITTED] Agriculture Sector [GRAPHIC OMITTED] Base Metals Sector [GRAPHIC OMITTED] Precious Metals Sector [GRAPHIC OMITTED] Source: Bloomberg Notes: 1 All indices have been retrospectively calculated and did not exist prior to 31 May 2006. Accordingly, the results shown during the retrospective periods do not reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future 2 Data as of 30 June 2010

Target Volatility Applying Volatility Targeting to Potentially Control Risk Rebalancing Once a Month Numerical Example: Volatility Target = 15% Step I Realized Volatility Monitoring Based on Last 90 Days Returns Step II Volatility Based Participation: Participation = Target Volatility / Realized Volatility, subject to certain maximum and minimum Step III Vol Target Index Return = Participation x Underlying Index Return 3 Month Underlying Volatility Realized Volatility Vol Target Allocation Index Return Target Return Month (Annualized %) (%) (%) (%) 12 10.00 150.00 +5.00 +7.50 13 12.50 120.00 --1.00 --1.20 14 5.00 300.00 +3.00 +9.00 15 7.50 200.00 --2.00 --4.00 16 15.00 100.00 --5.00 --5.00 17 20.00 75.00 +1.00 +0.75 18 30.00 50.00 --10.00 --5.00

Comparative Performance Statistics Annualized Returns for Various Indices YTD Return [] 1 Year Return 3 Year Return (%) (%) (%) Sharpe Ratio (3) Beta Allocation Indices DBLCI (TM) -9.96% -2.42% -8.68% 0.18 SandP GSCI (TM) -11.26% -5.55% -13.52% -0.06 DJ-UBSCI (SM) -9.66% 2.62% -9.49% 0.10 Optimum Yield Based Indices DB Commodity Booster -- DJUBS -9.10% 4.91% -5.56% 0.51 DB Commodity Booster DJUBS -- TV14 -7.59% 1.15% -0.39% 0.81 DB Commodity Booster -- Benchmark -10.74% -2.56% -6.66% 0.36 Mean Reversion Based Indices DBLCI-MR -10.78% 0.79% -2.70% 0.43 DBLCI -- Mean Reversion Enhanced -11.14% 6.38% 2.29% 0.56 DBLCI MR Enhanced 15 -7.95% 0.90% 4.14% 0.83 DBLCI MR+ -11.15% -6.55% 7.57% 0.63 Market Neutral Indices DB Commodity Harvest 0.63% 1.25% 3.73% 1.63 DB Commodity Harvest -- 10 2.16% 4.12% 12.02% 1.74 DB Commodity Allocator Index -13.67% -0.10% 10.26% 1.00 Other Asset Classes Equities (SandP 500) -6.65% 14.43% -9.80% -0.07 Fixed Income (US Govt. All Total Return) 4.25% 6.16% 6.70% 2.00 Annualized Returns for Various Indices 5 Year Return 10 Year Return Volatility [] (%) (%) (%) Sharpe Ratio (3) Beta Allocation Indices DBLCI (TM) -3.11% 4.15% 23.71% 0.18 SandP GSCI (TM) -10.46% -1.59% 25.91% -0.06 DJ-UBSCI (SM) -3.83% 1.84% 18.08% 0.10 Optimum Yield Based Indices DB Commodity Booster -- DJUBS 2.81% 8.34% 16.28% 0.51 DB Commodity Booster DJUBS -- TV14 6.04% 11.68% 14.39% 0.81 DB Commodity Booster -- Benchmark -1.47% 8.06% 22.13% 0.36 Mean Reversion Based Indices DBLCI-MR 6.81% 8.55% 19.94% 0.43 DBLCI -- Mean Reversion Enhanced 8.70% 10.13% 18.03% 0.56 DBLCI MR Enhanced 15 10.99% 12.77% 15.46% 0.83 DBLCI MR+ 9.85% 9.18% 14.51% 0.63 Market Neutral Indices DB Commodity Harvest 5.83% 5.90% 3.62% 1.63 DB Commodity Harvest -- 10 17.32% 18.73% 10.74% 1.74 DB Commodity Allocator Index 14.28% 13.67% 13.68% 1.00 Other Asset Classes Equities (SandP 500) -0.79% -1.59% 21.61% -0.07 Fixed Income (US Govt. All Total Return) 4.80% 5.58% 2.79% 2.00 Source: Bloomberg. Data as of 30 June 2010 Notes: Statistics shown for "Other asset classes" are computed using Total Return Indices. Sharpe Ratio for these indices is computed using a threshold return of zero All indices have been retrospectively calculated and did not exist prior to their respective Index Live Date. Accordingly, the results shown during the retrospective periods do not reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future 1 Annualised return based on total return and excess return 2 Annualised vol of the daily lognormal returns

Market Data Sources Bloomberg Tickers and Index Live Dates Bloomberg Ticker Index Live Date SandP GSCI Index SPGCCIP(Index) SandP GSCI Light Energy SPGSLEP(Index) DJUBS DJUBS (Index) DBLCI DBLCMACL (Index) 28 February 03 DBLCI-MR DBLCMMCL (Index) 28 February 03 DBLCI -- Mean Reversion Enhanced DBLCMREU (Index) 25 July 08 DB MR Enhanced 15 DBLCMTEU (Index) 28 September 09 DBLCI-MR+ DBLCMPUE (Index) 20 June 07 DB Commodity Booster -- Benchmark DBCMBSEU (Index) 15 December 07 DB Commodity Booster -- Benchmark Light Energy DBCMBLEU (Index) 15 December 07 DB Commodity Booster -- DJUBS DBCMBDEU (Index) 27 February 08 DB Commodity Booster DJUBS -- TV14 DBCMBTVE (Index) 08 August 09 DB Commodity Harvest DBCMHLEU (Index) 15 December 07 DB Commodity Harvest -- 10 DBCMHVEA (Index) 14 October 08 DB Commodity Allocator DBLCABER (Index) 24 October 09 DB Commodity Harvest USD ERAC DBLCHNUE (Index) 13 October 08 DB MR Enhanced ERAC DBLCMREN (Index) 24 October 09 Equities (SandP 500) Total Return SPTR (Index) Fixed Income Total Return JHDCGBIG (Index)

Optimized Yield Available Indices Commodity Contract Expiry Date Bloomberg Ticker Index Live Date Energy WTI Crude Oil 21-Jun-11 DBLCOCLE Index 31 May 06 Brent Crude Oil 15-Sep-10 DBLCYECO Index 31 May 06 Heating Oil 31-May-11 DBLCOHOE Index 31 May 06 RBOB Gasoline 29-Oct-10 DBLCYERB Index 31 May 06 Gasoil 12-Aug-10 DBLCYEGO Index 31 May 06 Natural Gas 27-Aug-10 DBLCYENG Index 31 May 06 Base Metals Aluminum 17-Nov-10 DBLCOALE Index 31 May 06 Copper 16-Mar-11 DBLCYECU Index 31 May 06 Zinc 18-May-11 DBLCYEZN Index 31 May 06 Nickel 18-Aug-10 DBLCYENI Index 31 May 06 Lead 18-Aug-10 DBLCYEPB Index 31 May 06 Precious Metals Gold 27-Oct-10 DBLCOGCE Index 31 May 06 Silver 28-Dec-10 DBLCYESI Index 31 May 06 Agriculture Wheat 14-Jul-11 DBLCOWTE Index 31 May 06 Kansas Wheat 14-Jul-11 DBLCYEKW Index 31 May 06 Corn 14-Dec-10 DBLCOCNE Index 31 May 06 Soybean 12-Nov-10 DBLCYESS Index 31 May 06 Cotton 07-Oct-10 DBLCYECE Index 31 May 06 Sugar 30-Jun-11 DBLCYESB Index 31 May 06 Coffee 21-Mar-11 DBLCYEKC Index 31 May 06 Cocoa 16-Mar-11 DBLCYECC Index 31 May 06 Source: DBIQ Notes: 1 Bloomberg Tickers shown are for Excess Return version of the indices 2 Data as of 30 June 2010

Important Considerations [] The information contained in this presentation does not provide personal investment advice. You should consult with independent accounting, tax, legal and regulatory counsel regarding such matters as they may apply to your particular circumstances Strategy Risk [] The DB Commodity Harvest Indices adopt a market neutral strategy by taking a long position in a specified booster index and a short position in a specified benchmark index. However, this market neutral strategy may not be successful, and each index may not be able to achieve its desired objective [] The Optimal Roll Yield strategy described herein aims to maximize the potential roll benefits in backwardated markets and minimize potential roll losses in contango markets by purchasing the relevant new futures contracts that would generate the maximum implied roll yield. However, indices employing the Optimal Roll Yield strategy may not be successful in achieving the desired objective [] The Target Volatility strategy described herein aims to achieve a specified realized volatility in the base index by adjusting the level of participation based on the historical realized volatility of the base index. However, indices employing the Target Volatility strategy may not be successful in achieving the desired objective [] The Mean Reversion strategy described herein aims to maximize returns by over-weighting relatively cheap commodities and under-weighting relatively expensive commodities. However, indices employing the Mean Reversion strategy may not be successful in achieving the desired objective [] The Allocator strategy described herein aims to maximize returns by combining the Mean Reversion and Optimal Roll Yield strategies described herein. However, there is no guarantee that an index employing the Allocator strategy, or any of the Mean Reversion and Optimal Roll Yield strategies, will be successful in achieving the desired objective [] Commodities are speculative and highly volatile and the risk of loss from investing in financial instruments linked to commodities or commodity indices can be substantial

Important Considerations (Cont'd) Past Performance [] An index's performance is unpredictable, and past performance is not indicative of future performance. We give no representation or warranty as to the future performance of any index or investment [] Some of the indices described herein have very limited performance history Backtesting [] Backtested, hypothetical or simulated performance results discussed herein have inherent limitations. Unlike actual historical performances, simulated results are achieved by means of the retroactive application of a backtested model itself designed with the benefit of hindsight. Taking into account historical events, the backtesting of performance also differs from actual account performance because an actual investment strategy may be adjusted any time, for any reason, including a response to material, economic or market factors. The backtested performance includes hypothetical results that do not reflect the deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid. Past hypothetical backtest results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis contained herein Free Writing Prospectus [] Deutsche Bank AG has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and any such 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

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NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW JONES -UBS COMMODITY INDEXSM OR ANY DATA RELATED THERETO, AND NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DEUTSCHE BANK AG, OWNERS OF ANY SECURITIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES -UBS COMMODITY INDEXSM OR ANY DATA RELATED THERETO. NONE OF DOW JONES, UBS AG, UBS SECURITIES OR ANY OF THEIR SUBSIDIARIES OR AFFILIATES MAKES ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DOW JONES -UBS COMMODITY INDEXSM OR ANY DATA RELATED THERETO. 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