Barrier Reverse Convertible with Participation linked to Novartis AG, Swisscom AG, Swiss Re AG. 1. Product Description. Underlying Information

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1 1 1. Product Description This Barrier Reverse Convertible (the Security ) is a CHF denominated Security linked to the shares of Novartis AG, Swisscom AG and Swiss Re AG (the Underlyings ). The Security offers the investor Coupon payments on the Coupon Payment Dates. At maturity, the investor receives a reimbursement of 100% of the Nominal Amount plus the positive basket performance, if no Barrier Event has occurred. A Barrier Event is deemed to have occurred, if during the lifetime of the Security, any Underlying trades at or below the Barrier at any time. If a Barrier Event has occurred, the investor receives at maturity: a) If all Underlyings close above their Initial Reference Levels on the Final Valuation Date, 100% of the Nominal Amount. b) If at least one of the Underlyings closes at or below its Initial Reference Level on the Final Valuation Date, redemption will take place by physical delivery of the Underlying with the lowest Performance on the Final Valuation Date plus a cash fraction in accordance with the Exercise Ratio. This Security is not capital protected. If a Barrier Event occurs during the lifetime of the product, 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 Underlying becomes worthless. The Coupon Amounts are paid out in any case regardless of the performance of the Underlying. This product does 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 supervision of the Swiss Financial Market Supervision Authority FINMA. Therefore, investors in this product are not eligible for the specific investor protection under the CISA. SVSP Product Type: Miscellaneous Yield Enhancement Certificates 1299 Underlying Information Name of the Underlying Novartis AG Reuters RIC: NOVN.VX Swisscom AG Reuters RIC:SCMN.VX Swiss Re AG Reuters RIC: SRENH.VX Amended following corporate action 23 April 2015 Initial Reference Level Strike Level: 100% of Initial Reference Level Barrier Level: 58.8% of Initial Reference Level Exercise Ratio CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF Product Details Issuer Deutsche Bank AG, Frankfurt (S&P: A, Moody s: A3, Fitch: A+) Security Numbers ISIN: DE000XM1GN57 WKN: XM1GN5 Valoren: Issue Size Up to CHF 5,000,000 (can be increased or decreased anytime)

2 2 Nominal Amount Issue Price Settlement Currency CHF 1,000 per Note 100% of Nominal Amount CHF Coupon Amount 4.00% p.a. of the Nominal Amount (act / 360) Each coupon is split into two components for EU Tax Directive purposes (applicable to private investors with tax domicile in the EU): 0% p.a. is subject to income tax 4% p.a. is qualified as capital gain The tax situation or the practice of the tax authorities may change during the lifetime of the product at any time. For further information on the tax treatment and tax implications investors should consult their tax advisors. Deutsche Bank AG, Frankfurt branch expressly excludes all liabilities in respect to any tax implications. Dates Initial Valuation Date 27 February 2015 Issue Date / Payment Date 06 March 2015 Final Valuation Date 28 August 2018 Maturity Date 04 September 2018 Coupon Payment Dates 07 March March March September 2018 Coupon Period The first coupon period starts on Issue Date (including) and ends on the first Coupon Payment Date (excluding). The second coupon period starts on the first Coupon Payment Date (including) and ends on the second Coupon Payment Date (excluding). The third coupon period starts on the second Coupon Payment Date (including) and ends on the third Coupon Payment Date (excluding). The fourth coupon period starts on the second Coupon Payment Date (including) and ends on the fourth Coupon Payment Date (excluding). Redemption

3 3 Redemption Basket Performance The investor is entitled to receive on Maturity Date: Scenario 1: If no Barrier Event has occurred: A cash amount equal to 100% of the Nominal Amount or the Basket Performance, whichever is higher Scenario 2 If a Barrier Event has occurred: a) if the Final Reference Level of all Underlyings is above its Initial Reference Level, 100% of the Nominal Amount in cash b) if the Final Reference Level of one or more Underlyings is at or below its Initial Reference Level, the investor receives per Security a number of the Underlying Shares with the lowest Performance on the Final Valuation Date, 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. 3 Nominal Amount Reference Level i Initial Reference Level i Final 3 Initial Reference Level i i=1 Settlement Initial Reference Level i Final Reference Level i Barrier Event Underlying Share with the lowest Performance Cash or Physical 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 at any time on any Trading Day from Initial Valuation Date (excluding) to Final Valuation Date (including), the price of any Underlying is at or below its Barrier. The barrier is observed continously. The Underlying which has the worst Performance on the Final Valuation Date. The Performance is calculated as follows: (Final Reference Level Initial Reference Level) / Initial Reference Level. General Information Governing Law/ Jurisdiction Reference Source Business Day Convention Business Day Location GERMAN LAW / FRANKFURT SIX Swiss Exchange Following Frankfurt, London

4 4 Calculation and Primary Paying Agent Clearing Agent Minimum Trade Size Secondary Market Quotation Documentation Publication Tax Treatment 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. Clearstream AG Frankfurt, Euroclear Bank S.A. / N.V. 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 clean 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 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% 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): Swiss Transfer Stamp Duty on secondary market transactions.

5 5 Withholding Tax (Verrechnungssteuer): Income derived from the products should not be subject to the Swiss Withholding Tax. For Investors resident in a State with whom Switzerland has concluded an agreement on a final withholding tax (Abgeltungssteuerabkommen; currently in place with Austria and the United Kingdom) and provided the products are held in a custody account with a qualifying Swiss paying agent, any investment income or realised capital gains might be subject to the final withholding tax as laid out in the respective bilateral agreement. 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. Deutsche Bank AG has not sought, and shall not be seeking, any indication, written or oral, from any taxation authority in Switzerland as to the law and practice in Switzerland relating to the taxation of the Notes. EU Savings Tax Treatment 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). Selling Restrictions Any Products purchased by any person for resale may not be offered in any jurisdiction in circumstances which would result in the Issuer being obliged to register any further documentation relating to this Product in such jurisdiction. The restrictions listed below must not be taken as definitive guidance as to whether this Product can be sold in a jurisdiction. Additional restrictions on offering, selling or holding of this Product may apply in other jurisdictions. Investors in this Product should seek specific advice before on-selling this Product. Europe Any public offer of this Product within an EEA jurisdiction (EU member states plus Norway, Iceland and Liechtenstein) shall only be possible if compliant with the requirements of the EUPD and with the law of that jurisdiction. If the prospectus either does not qualify as a prospectus published in accordance with the requirements of the EUPD or is not filed with or notified to the relevant Financial Supervisory Authority, this Product may not be offered or sold in EEA jurisdictions other than 1) in minimum denominations of, or total consideration per investor of at least, EUR 50,000 (or equivalent in other currencies), provided that the offer is only being made in one or more EEA jurisdiction that will not, before the end of the offer period for the Securities, have implemented the provision under the Directive 2010/73/EU (the PD Amending Directive ) that increases this minimum denomination (or total consideration per investor) to EUR 100,000; or 2) only to Qualified Investors; and/or (aggregated for all distributors) to less than 100 or, if the relevant EEA jurisdiction has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons that are not Qualified Investors per EEA jurisdiction. "Qualified Investors" are persons or entities as defined in the Prospectus Directive. For information on public offering in EEA jurisdictions please see under section General Information above.

6 6 Hong Kong Each purchaser has represented and agreed that it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Products, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Products which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance. This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice. Singapore UK This document has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of this Product may not be circulated or distributed, nor may this Product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act (Chapter 289) of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where this Product is subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the securities pursuant of an offer made under Section 275 of the SFA except: (1) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276 (4)(i)(B) of the SFA; (2) where no consideration is or will be given for the transfer; (3) where the transfer is by operation of law; or (4) as specified in Section 276 (7) of the SFA; or (5) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore. For the purposes of non-discretionary accounts, this Product should not be sold with a consideration of less than 100,000 EUR or equivalent.

7 7 USA This Product may not be sold or offered within the United States or to U.S. persons. 2. Profit and Loss Perspectives Market Expectation Risk Tolerance Potential Profit Potential Loss This Product is suitable for investors who expect the Underlyings to trade sideways, positive or slightly negative, but not trade at or below the Barrier Level at any time during the lifetime of the Product. Investors should be experienced with respect to investments in such products and Underlyings. This product is not capital protected. Prospective investors should be prepared to be exposed to the full down-side risk of the worst performing Underlying, if any of the Underlyings trades ever at or below the Barrier Level on Final Reference Date. This Product allows investors to participate in the positive performance of the basket of Underlyings, if no Barrier Event occurs. In addition, this product pays an unconditional annual coupon. The investor will suffer a loss of the entire capital invested if the Underlying becomes worthless. 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

8 8 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 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 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. 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. This document contains a short summary description of the most relevant terms and conditions of the above-described Product (the "Product"). The complete terms and conditions are included in the Offering Circular/Final Terms. 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 relevant terms and conditions are included in the offering circular, which can be obtained free of charge at Deutsche Bank AG, Frankfurt, Zurich Branch, POB 8730, 8021 Zurich, Switzerland. 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). This product does 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 Product. Investing in these Products entails risks and a decision to invest must in all cases be taken only based on the Offering Circular. Please consider all risks described in the Offering Circular carefully prior to

9 9 investing in the Product and consult your professional independent financial, legal, accounting, and/or tax adviser with respect to an investment in the Product. For further information, please contact your personal client advisor. All opinions contained herein are based on the current view of Deutsche Bank AG, and may be amended without prior notice. Deutsche Bank AG 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. All rates and prices are subject to changes and are published for information purpose only and not as indicator for tradable rates and prices. The relevant Tax Laws or the practice of the Tax Authorities may change at any time. Deutsche Bank AG is not responsible for and assumes no liability with respect to any tax implications on this Product. Past performance is not indicative of future results. The Products are unsubordinated, unsecured contractual obligations of Deutsche Bank AG. They do not benefit from any preference in rank. The insolvency of Deutsche Bank AG may lead to a partial or total loss of the invested capital. Deutsche Bank AG or its affiliates or persons associated with Deutsche Bank AG or its affiliates may maintain a long or short position in Products and Underlyings referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such Products and Underlyings, and earn brokerage or other compensation. If applicable, the capital protection feature only applies if Securities are held to maturity. 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 or another factor. The distribution of these Products 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 have not be authorised for offer or distribution to the public in the European Economic Area and the UK and may not be offered or sold in the United States, Canada, Japan, or to U.S. persons. Further risk disclosures pursuant to MiFID can be obtained on