Initial Reference Level i : BASF (Reuters: BASFn.DE) SAP (Reuters: SAPG.DE)

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1 1 1. Product Description This Worst-Of Barrier Reverse Convertible (the Security ) is a EUR denominated Security linked to a basket of Shares (the Underlyings ). The Security offers the investor a Coupon Payment on the Coupon Payment Date. At Maturity, the investor receives a reimbursement of 100% of the Nominal Amount, if on any Trading Day during the lifetime of the Security, none of the Underlyings in the basket ever closes below its Barrier Level or if all Underlyings close at or above their initial level on Final Valuation Date. Otherwise, redemption will take place by physical delivery of the worst performing Underlying plus a cash fraction in accordance with the Exercise Ratio. This Security is not capital protected. If one of the Underlyings closes below its Barrier Level during the lifetime of the Security and closes below its initial level on Final Valuation Date, the investor will incur a loss equal to the negative performance of the worst-performing Underlying. Accordingly, the investor will suffer a loss of the entire capital invested if the worst-performing Underlying becomes worthless. The coupon is paid out in any case. This Structured Product does not constitute a participation in a collective investment scheme within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA) and is therefore not subject to authorization and supervision by the Swiss Financial Market Supervisory Authority (FINMA). SVSP Product Type: Barrier Reverse Convertible (1230) Underlying Information Underlying/Index i Initial Reference Level i : Barrier Level i (70.00%) Exercise Ratio i BASF (Reuters: BASFn.DE) SAP (Reuters: SAPG.DE) Siemens (Reuters: SIEGn.DE) Product Details Issuer Deutsche Bank AG, Frankfurt (S&P: A, Moody s: A2) Security Numbers ISIN: DE000DT007Z7 WKN: DT007Z Valoren: SWX Trading Symbol Issue Size Nominal Amount Issue Price Settlement Currency Coupon Amount DEUBS Up to EUR 1,000,000 (can be increased or decreased anytime) EUR 1,000 per Security 100% of Nominal Amount EUR 8.00% of the Nominal Amount paid on the Coupon Payment Date

2 2 Dates Initial Valuation Date 04 November 2013 Issue Date / Payment Date 18 November 2013 Final Valuation Date 04 November 2014 Maturity Date 18 November 2014 Coupon Payment Date 18 November 2014 Redemption Redemption The investor is entitled to receive on Maturity Date: Scenario 1: If no Barrier Event has occurred: 100% of the Nominal Amount in cash. Scenario 2: If a Barrier Event has occurred: a) if the Final Reference Level i of all Underlyings is at or above its Initial Reference Level i, 100% of the Nominal Amount in cash. b) if the Final Reference Level i of at least one of the Underlyings is strictly below its Initial Reference Level i the investor will receive a number of shares of the worst performing Underlying, determined according to the Exercise Ratio. The value of any fraction will be paid in cash. Securities will not be aggregated for the purpose of physical settlement. Settlement Initial Reference Level i Final Reference Level i Barrier Event Cash or physical Settlement The official closing price of Underlying i on the Initial Valuation Date The official closing price of Underlying i on the Final Valuation Date A Barrier Event is deemed to have occurred, if on any Trading Day from Initial Valuation Date (excluding) to Final Valuation Date (including), the official closing price of one of the Underlyings is strictly below its Barrier Level. The barrier is observed daily at close. General Information Governing Law/ Jurisdiction Listing GERMAN LAW / FRANKFURT SIX

3 3 Business Day Convention Business Day Location Calculation and Primary Paying Agent Clearing Agent Minimum Trade Size Secondary Market Quotation Documentation Publication Following Frankfurt Deutsche Bank AG, Frankfurt The Calculation Agent shall have no responsibility for good faith errors or omissions in respect of any calculations or determinations contemplated herein, and its calculations and determinations shall, in the absence of manifest error, be final, conclusive and binding on note holders and/or Deutsche Bank AG. SegaInterSettle Switzerland 1 Security Given regular market circumstances Deutsche Bank AG is expected to continuously quote bid and ask prices without being legally obliged to do so. The expected bid ask spread is 1%. This Security is quoted dirty in secondary market. This document is a Termsheet containing the information required to form a Simplified Prospectus pursuant to Article 5 of the Federal Act on Collective Investment Schemes. Prospective investors should refer to the Final Terms or Prospectus relating to the Certificates for the full terms and conditions relating to these securities. The Final Terms or Prospectus can be obtained free of charge from the Issuer. Amendments to the Product Conditions occurring prior to the Maturity Date shall be notified in accordance with the General Conditions contained in the Final Terms or Prospectus, and shall also be published on

4 4 Swiss Tax Treatment Income Tax: This product is classified as transparent (Non-IUP = Non Interest Unique Predominant). For individuals having their tax residence in Switzerland and holding the products as part of their private property, the interest component of the Coupons of 0.39% are subject to income tax, when due. For such investors, a premium component should be classified as a capital gain and should not be subject to income tax. Issue Stamp Duty (Emissionsabgabe): The products should not be subject to the Swiss Issue Stamp Duty Transfer Stamp Duty (Umsatzabgabe): No Swiss Transfer Stamp Duty on secondary market transactions. The investor may have to bear Swiss Transfer Stamp Duty and usual fees in case of physical delivery of the Underlying (physical settlement). Withholding Tax (Verrechnungssteuer): Income derived from the products should not be subject to the Swiss Withholding Tax. The aforementioned Swiss tax treatment is valid on the federal level at the time of issue and is not exhaustive. The relevant tax laws and the administrative practice are subject to change. Deutsche Bank AG expressly excludes all liability in respect of any tax implications. EU Savings Tax Treatment Selling Restrictions For Swiss paying agents, the products are in scope of the Swiss law relating to the EU savings tax with respect to interest component of the Coupons (TK06). This term sheet and the information contained herein may only be published or distributed in accordance with the relevant local laws and regulations. In particular, the Notes may not be sold or offered in the United Sates, the United Kingdom, Canada, Japan or to US persons or US residents. 2. Profit and Loss Perspective This Product is suitable for investors who expect the Underlyings to trade sideways or slightly negative, but not close below the Barrier Level during the lifetime of the product. This product is not capital protected. If any of the Underlyings becomes worthless, the investor may lose his entire investment. The table and diagram below show the payout of the Security at maturity, depending on the hypothetical performance of the worst-performing Underlying. In order to illustrate this payout a Barrier of 70% is assumed. Phyiscal delivery is converted into cash equivalent for illustrative purposes.

5 5 Final Reference Level Worst Underlying Redemption at Maturity without Barrier event Redemption at Maturity with Barrier event 0% - 0% 10% - 10% 20% - 20% 30% - 30% 40% - 40% 50% - 50% 60% - 60% 70% 100% 70% 80% 100% 80% 90% 100% 90% 100% 100% 100% 110% 100% 100% 120% 100% 100% 130% 100% 100% 140% 100% 100% 150% 100% 100% 140% 120% 100% 80% 60% 40% 20% 0% 0% 20% 40% 60% 80% 100% 120% 140% Redemption at Maturity Final Reference Level Worst Underlying 3. Risk Factors Prospective investors should consider all information provided in the Offering Circular as well as in the brochure entitled Special Risks in Securities Trading (2008) (which is available on the Swiss Bankers association s website: or may be obtained from their relationship manager upon request). Prospective investors should further consult with their own independent financial, legal, accounting, and/or tax advisers if they consider it necessary. The following describes the most important risk factors relating to the Issuer and the Product. Issuer Risk Credit Risk: The investors bear the credit risk of Deutsche Bank AG as Issuer of the Product. The Product constitutes unsubordinated, unsecured contractual obligations of the Issuer and ranks pari passu in all respect with all other unsubordinated, unsecured contractual obligations of the Issuer. The insolvency of the Issuer may lead to a partly or total loss of the invested capital Ratings: Ratings assigned to the issuer by certain independent rating agencies are an indicator of the issuer s ability to meet its obligations in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that obligations will not be met at all or not be met in a timely manner. Rating agencies may change their ratings at short notice. A rating s change may affect the price of securities outstanding. Liquidity Risk Product Risk A liquid secondary market for the Notes is not guaranteed. The Notes may trade significantly below their issue price and the bid/offer spread may be significant. An investment in the Product involves risks. These risks may include, among others, equity market, bond market, foreign exchange, interest rate, market volatility and economic, political and regulatory risks and any combination of these and other risks. An investment in the Product should only be made after

6 6 assessing the direction, timing and magnitude of potential future changes in the value of the Underlying, and/or in the composition or method of calculation of the Underlying, as the return of any such investment will be dependent, inter alia, upon such changes. More than one risk factor may have simultaneous effect with regard to the Product such that the effect of a particular risk factor may not be predictable. In addition, more than one risk factor may have a compounding effect which may not be predictable. No assurance can be given as to the effect that any combination of risk factors may have on the value of the Product. Prospective purchasers should be experienced with respect to investments in such Products and the Underlyings. Prospective purchasers should understand the risks associated with an investment in the Product and should only reach an investment decision after careful consideration, with their financial, legal, tax, accounting and other advisers, of (i) the suitability of an investment in the Product in the light of their own particular financial, tax and other circumstances; (ii) the information set out in this document and the Offering Circular and (iii) the Underlying. The Product is not capital protected. The final return depends mainly on the value of the Underlying assets. The Product may decline in value and investors should be prepared to sustain a total loss of their investment in the Product. Disclaimer Deutsche Bank AG, Frankfurt, is licensed to carry on banking business and to provide financial services by the German Federal Financial Services Supervisory Authority ('Bundesanstalt für Finanzdienstleistungsaufsicht'), Deutsche Bank AG, London Branch, is also regulated by the Financial Services Authority for the conduct of UK business. In connection with the offer and sale of the Securities, the distributor may acquire the Securities at a discount to the Issue Price or at the Issue Price. If the distributor acquires the Securities at the Issue Price, it may receive a distribution fee. Such amounts received by the distributor may be in addition to the brokerage cost/fee normally applied by the distributor. The purchaser acknowledges that such distribution fee may be retained by the distributor and that more information may be obtained from the relevant distributor. If applicable, the distributor may receive a portion of the management fee on a recurring basis (trailer fees) for efforts undertaken by the distributor for placement/distribution of the Securities and other services rendered. The investor acknowledges and agrees that such fees are retained by the distributor. Further information is available from the distributor upon investor's written request. In receiving payments by third parties, the distributor s interests may be adverse to those of the holders of this investment product and such payments could therefore adversely affect the investor s return on the investment product. This document contains a short summary description of the most relevant terms and conditions of the above-described Product (the "Securities"). The facts contained herein are merely for information purposes. This document, and the information contained therein, does not constitute an issue prospectus according to the articles 652a and 1156 of the Swiss Code of Obligations ("CO"). The complete terms and conditions are included in the Prospectus, which can be obtained free of charge at Deutsche Bank AG, Frankfurt, Zurich Branch, Postfach 8730, 8021 Zurich. The final version of this document fulfils the conditions of a simplified prospectus pursuant to art. 5 para. 3 of the Swiss Federal Act on Collective Investment Schemes (CISA). The Securities do not represent a participation in any of the collective investment schemes pursuant to Art. 7 et seq. of the Swiss Federal Act on Collective Investment Schemes (CISA) and thus is not subject to the authorisation or supervision of the Swiss Financial Market Supervisory Authority (FINMA). Therefore, investors in this product are not eligible for the specific investor protection under the CISA. This document, and the information contained therein, does not constitute the provision of investment advice; its sole purpose is the description of the Securities. Investing in these Securities entails risks and a decision to invest must in all cases be taken only based on the Prospectus. Please consider all risks described in the Prospectus carefully prior to investing in the Securities and consult your professional independent financial, legal, accounting, and/or tax adviser with respect to an investment in the Securities. For further information, please contact your personal client advisor. All opinions contained herein are based on the current view of the Issuer, and may be amended without prior notice. The Issuer does not make any representation, recommendation or warranty, regarding the accuracy, adequacy, reasonableness or completeness of the information contained herein, even though all information contained herein originates from reliable sources. The relevant Tax Laws or the regulation of the Tax Authorities may change at any time. Deutsche Bank is not responsible for and has no obligations with respect to any tax implications on the Securities. All rates and prices are subject to changes and are published for information purpose only and not as indicator for tradable rates and prices. Past performance is not indicative of future results. Market values may be affected by a number of factors including index values, volatility, time to maturity, dividend yields and issuer credit ratings. These factors are interrelated in complex ways, and as a result, the effect of any one factor may be offset or magnified by the effect

7 7 of another factor.the investors bear the credit risk of Deutsche Bank AG as Issuer of the Securities. The Securities are unsubordinated, unsecured contractual obligations of the Issuer and ranks pari passu in all respect with all other unsubordinated, unsecured contractual obligations of the Issuer. The insolvency of the Issuer may lead to a partly or total loss of the invested capital. The Issuer or its affiliates or persons associated with it or such affiliates ( Associated Persons ) may: maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation. The distribution of these Securities is prohibited in some jurisdictions. This document and the information contained herein may only be distributed and published in jurisdictions in which such distribution and publication is permitted. In particular these Securities may not be offered or sold in the United States, the UK, Canada, Japan, or to U.S. persons. As part of this transaction, the Issuer may pay placement and trailer fees as sales-related commissions to the relevant distributor. Placement fees are one-off payments from the proceeds of the issue; alternatively, the Issuer can grant the relevant distributor an appropriate discount on the issue price (without subscription surcharge). Trailer fees are paid from themanagement fee on a recurring basis based on the portfolio. Further information on prices and price components are included in the section Conflicts of interest of the prospectus or final terms. Deutsche Bank means Deutsche Bank AG and its affiliated companies, as the context requires. Mifid: Further risk disclosures according to Mifid can be obtained on globalmarkets.db.com/riskdisclosures