May 2011 Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-162195 Dated May 6, 2011 Deutsche Bank Commodity Indices May 2011 [GRAPHIC OMITTED]

Contents Section 1. Optimum Yield Indices * DB Commodity Booster - DJUBS ERAC Index * DB Commodity Booster DJUBS - TV14 ERAC Index * DB Commodity Booster - Benchmark Index 2. Mean Reversion Indices* DBLCI - MR Index * DBLCI - Mean Reversion Enhanced ERAC Index * DB MR Enhanced 15 Index * DBLCI - MR+ Index 3. Market Neutral Indices * DB Commodity Harvest ERAC Index * DB Commodity Harvest -- 10 ERAC Index 4. Long-Short Indices * DBLCI Commodity Momentum Index 5. DB Commodity Allocator Index 6. DB Commodity Risk Parity 18 Index 7. DB Commodity Apex 14 Index Appendix 1 Appendix 2

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 3

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) and Risk Parity ------------------------------------------------------------------------------------------------------- DB Commodity Indices Mean Reversion Momentum Optimized Yield Risk Parity Target Volatility DB Commodity Booster -- DJUBS ERAC [] DB Commodity Booster DJUBS -- TV14 ERAC [] [] DB Commodity Booster -- Benchmark [] DBLCI-MR [] DBLCI-MR+ [] [] DBLCI -- Mean Reversion Enhanced ERAC [] [] DB MR Enhanced 15 [] [] [] DB Commodity Harvest ERAC [] DB Commodity Harvest -- 10 ERAC [] [] DBLCI Commodity Momentum Index [] DB Commodity Allocator [] [] [] DB Commodity Risk Parity 18 Index [] [] [] [] [] DB Commodity Apex 14 Index [] [] [] [] [] ------------------------------------------------------------------------------------------------------- 4

Optimum Yield Indices Section 1

DB Commodity Booster -- DJUBS ERAC Index Summary [] Composition of DB Commodity Booster DJUBS ERAC Index: The DB Commodity Booster -- DJUBS ERAC 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 [] Embedded Cost: 0.70% per annum [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBDEN) Note: 1 ERAC: Excess Return After Cost 6

DB Commodity Booster -- DJUBS ERAC Index Construction Replicates the DJUBS Index by using OY indices thereby providing similar commodity exposure while seeking to manage returns more effectively [graphic omitted] Agriculture Industrial Metals Precious Metals Energy 33.77% (35.44% (1)) 16.33% (17.84% (1)) 15.77% (13.74% (1)) 34.13% (33.01% (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 [] Subtract 0.70% fees per annum DB Commodity Booster -- DJUBS ERAC Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 29 April 2011 2 ERAC: Excess Return After Cost 7

DB Commodity Booster -- DJUBS ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Index Sector Exposure 1 -------------------------------------- Sector Current Weight (%) Energy 34.13 Precious Metal 15.77 Industrial Metal 16.33 Agriculture 33.77 -------------------------------------- Performance Analysis 1 -------------------------------------------------------------------------------- DB Commodity January 2001 -- April 2011 Booster -- DJUBS DJUBS SandP-GSCI ERAC Annualized Returns 10.4% 4.2% 1.1% Volatility 16.6% 18.3% 25.9% Sharpe Ratio(2) 0.63 0.23 0.04 Maximum Drawdown -54.3% -57.1% -71.6% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Feb-09 Max Monthly Consecutive Loss -51.7% -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 46% / -48.8% 39.9% / -52.7% 74.8% / -64.8% Rolling 3 Months 24.2% / -38.5% 24.7% / -39.7% 34.4% / -53.4% Average Monthly Returns 0.9% 0.5% 0.3% % Months with Gains 63.7% 56.5% 58.1% Correlation DJUBS 0.96 1.00 0.91 SandP-GSCI 0.88 0.91 1.00 -------------------------------------------------------------------------------- Year on Year Performance Comparison 1 ----------------------------------------------------------------------- Annual Returns for Excess Return / ERAC Indices -------------------------------------------------------- DB Commodity Booster -- DJUBS Calendar Year ERAC DJUBS SandP-GSCI 2001 -17.64% -22.32% -34.31% 2002 22.35% 23.86% 29.92% 2003 26.88% 22.66% 19.48% 2004 22.26% 7.64% 15.65% 2005 29.73% 17.54% 21.61% 2006 11.79% -2.71% -19.07% 2007 15.87% 11.08% 26.81% 2008 -30.94% -36.61% -47.29% 2009 18.97% 18.72% 13.30% 2010 16.13% 16.67% 8.88% 2011 YTD 10.85% 8.02% 16.44% Annualized Return 10.39% 4.20% 1.05% ----------------------------------------------------------------------- Notes: 1 Source: Bloomberg. DB Commodity Booster -- DJUBS ERAC has been retrospectively calculated and did not exist prior to 12 October 2010. 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 ERAC Index would have been lower than the Index as a result of fees and / or costs 2 Sharpe Ratio = annualized return / volatility. ERAC = Excess Return After Cost 3 Data is as of 29 April 2011. Statistics shown are either for excess return indices or ERAC indices. 8

DB Commodity Booster DJUBS -- TV14 ERAC 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 exposure to the DB Commodity Booster -- DJUBS ERAC Index with a view to target a volatility of 14%. Exposure is capped at 500%. [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBTVN) Note: 1 ERAC: Excess Return After Cost 9

DB Commodity Booster DJUBS -- TV14 ERAC Index Construction [graphic omitted] 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 Agriculture Industrial Metals Precious Metals Energy 33.77% (35.44% (1)) 16.33% (17.84% (1)) 15.77% (13.74% (1)) 34.13% (33.01% (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 [] Subtract 0.70% fees per annum DB Commodity Booster -- DJUBS ERAC Apply Target Volatility Technology [] Volatility is targeted at 14% by varying exposure to the DB Commodity Booster -- DJUBS ERAC Index DB Commodity Booster DJUBS -- TV14 ERAC Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 29 April 2011 2 ERAC: Excess Return After Cost 10

DB Commodity Booster DJUBS -- TV14 ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Index Exposure 1 ------------------------------------------------------ Current Exposure to DB Commodity Booster -- DJUBS ERAC 93.33% Underlying Sector Current Weight (%) Energy 34.13 Precious Metal 15.77 Industrial Metal 16.33 Agriculture 33.77 ------------------------------------------------------ Performance Analysis 1 -------------------------------------------------------------------------------------- DB Commodity DB Commodity January 2001 -- April 2011 Booster DJUBS - TV 14 Booster -- DJUBS DJUBS ERAC ERAC Annualized Returns 13.4% 10.4% 4.2% Volatility 14.6% 16.6% 18.3% Sharpe Ratio 0.92 0.63 0.23 Maximum Drawdown -35.3% -54.3% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Mar-09 Max Monthly Consecutive Loss -33.2% -51.7% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 58.5% / -31.6% 46% / -48.8% 39.9% / -52.7% Rolling 3 Months 27.5% / -23.6% 24.2% / -38.5% 24.7% / -39.7% Average Monthly Returns 1.1% 0.9% 0.5% % Months with Gains 63.7% 63.7% 56.5% Correlation DB Commodity Booster -- DJUBS ERAC 0.94 1.00 0.96 DJUBS 0.92 0.96 1.00 -------------------------------------------------------------------------------------- Year on Year Performance Comparison 1 ---------------------------------------------------------------------------------- Annual Returns for Excess Return / ERAC Indices DB Commodity Booster DB Commodity Booster Calendar Year DJUBS - TV 14 ERAC -- DJUBS ERAC DJUBS 2001 -21.99% -17.64% -22.32% 2002 28.73% 22.35% 23.86% 2003 45.66% 26.88% 22.66% 2004 26.18% 22.26% 7.64% 2005 29.49% 29.73% 17.54% 2006 10.23% 11.79% -2.71% 2007 15.91% 15.87% 11.08% 2008 -16.19% -30.94% -36.61% 2009 12.73% 18.97% 18.72% 2010 15.63% 16.13% 16.67% 2011 YTD 10.05% 10.85% 8.02% Annualized Return 13.41% 10.39% 4.20% ---------------------------------------------------------------------------------- Notes: 1 Source: Bloomberg. DB Commodity Booster -- DJUBS ERAC and DB Commodity Booster DJUBS -- TV14 ERAC have been retrospectively calculated and did not exist prior to 12 October 2010. 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 ERAC Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 29 April 2011. Statistics shown are for excess return indices or ERAC Indices. Current weights shown are for DB Commodity Booster -- DJUBS ERAC Index 11

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) 12

DB Commodity Booster -- Benchmark Index Construction [graphic omitted] Index replicates the SandP GSCI by using OY indices thereby providing similar commodity exposure while seeking to manage roll returns more effectively Agriculture and Livestock Industrial Metal Precious Metal Energy 20.00% (21.94% (1)) 7.44% (8.46% (1)) 3.34% (3.16% (1)) 69.21% (66.42% (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 29 April 2011 13

DB Commodity Booster -- Benchmark Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Index Sector Exposure 1 ----------------------------------------------- Sector Current Weight (%) Energy 69.21 Precious Metal 3.34 Industrial Metal 7.44 Agriculture and Livestock 20 ----------------------------------------------- Performance Analysis 1 -------------------------------------------------------------------------------- DB Commodity January 2001 -- April 2011 Booster -- Benchmark DJUBS SandP-GSCI Annualized Returns 11.7% 4.2% 1.1% Volatility 22.3% 18.3% 25.9% Sharpe Ratio 0.52 0.23 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 1.1% 0.5% 0.3% % Months with Gains 60.5% 56.5% 58.1% Correlation DJUBS 0.89 1.00 0.91 SandP-GSCI 0.97 0.91 1.00 -------------------------------------------------------------------------------- Year on Year Performance Comparison 1 ---------------------------------------------------------------- Annual Returns for Excess Return Indices DB Commodity Calendar Year Booster -- Benchmark DJUBS SandP-GSCI 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 9.69% 16.67% 8.88% 2011 YTD 17.98% 8.02% 16.44% Annualized Return 11.70% 4.20% 1.05% ----------------------------------------------------------------- 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 29 April 2011. Statistics shown are for excess return indices. 14

Mean Reversion Indices Section 2

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) 16

DBLCI -MR Index Construction Invests in 6 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones Corn Gold Heating Oil WTI Crude Oil Aluminium Wheat (11.25% (1)) (10% (1)) (20% (1)) (35% (1)) (12.5% (1)) (11.25% (1)) Basket with Base Weights Apply Mean Reversion Technology [] Weight of each component determined based on the ratio of 1 year moving average price to 5 year moving average price DBLCI -MR Corn Gold Heating Oil WTI Crude Oil Aluminium Wheat (8.42% (2)) (1.67% (2)) (20.02% (2)) (35.35% (2)) (23.00% (2)) (11.36% (2)) Source: Deutsche Bank, 2011 Notes: 1 Base Weights of DBLCI-MR Index 2 Current Weights as of 29 April 2011 17

DBLCI -MR Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Historical Weighting 1 [GRAPHIC OMITTED] Performance Analysis 1 ------------------------------------------------------------------------- January 2001 -- April 2011 DBLCI-MR DBLCI DJUBS Annualized Returns 13.0% 7.8% 4.2% Volatility 20.6% 23.6% 18.3% Sharpe Ratio 0.63 0.33 0.23 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 1.2% 0.8% 0.5% % Months with Gains 60.5% 57.3% 56.5% Correlation DBLCI 0.89 1.00 0.89 DJUBS 0.83 0.89 1.00 ------------------------------------------------------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------ Calendar Year DBLCI-MR DBLCI DJUBS 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 13.62% 12.33% 16.67% 2011 YTD 18.31% 16.47% 8.02% Annualized Return 12.99% 7.80% 4.20% ----------------------------------------------------------- Notes: 1 Source: 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 29 April 2011. Statistics shown are for excess return indices. 18

DBLCI -- Mean Reversion Enhanced ERAC 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 [] Embedded Cost: 1.10% per annum [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCMREN) Note: 1 ERAC: Excess Return After Cost 19

DBLCI -- Mean Reversion Enhanced ERAC Index Construction 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 Agriculture Industrial Metal Precious Metal Energy (25% (1)) (18% (1)) (17% (1)) (40% (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 MR Technology [] Weight of each component determined based on the ratio of 1 year moving average (MA) price to 5 year MA price DBLCI Mean Reversion Enhanced [] Subtract 1.10% fees per annum DBLCI Mean Reversion Enhanced ERAC Agriculture Industrial Metal Precious Metal Energy (18.48% (2)) (21.73% (2)) (2.31% (2)) (57.27% (2)) Source: Deutsche Bank, 2011 Notes: 1 Base Weights of DBLCI-MR Enhanced ERAC Index. Current Weights as of 29 April 2011 2 ERAC: Excess Return After Cost 20

DBLCI -- Mean Reversion Enhanced ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Historical Weighting 1 [GRAPHIC OMITTED] Performance Analysis 1 ------------------------------------------------------------------------- DBLCI Mean January 2001 -- April 2011 Reversion Enhanced DBLCI-MR DJUBS ERAC Annualized Returns 11.5% 13.0% 4.2% Volatility 18.6% 20.6% 18.3% Sharpe Ratio 0.62 0.63 0.23 Maximum Drawdown -56.2% -62.8% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Feb-09 Mar-09 Max Monthly Consecutive Loss -54.1% -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 69.3% / -47.1% 84% / -56.3% 39.9% / -52.7% Rolling 3 Months 35.7% / -37.9% 33.3% / -43.1% 24.7% / -39.7% Average Monthly Returns 1.0% 1.2% 0.5% % Months with Gains 59.7% 60.5% 56.5% Correlation DBLCI -- MR 0.87 1.00 0.83 DJUBS 0.84 0.83 1.00 -------------------------------------------------------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices ------------------------------------------------------ DBLCI Mean Reversion Enhanced Calendar Year ERAC DBLCI-MR DJUBS 2001 -13.38% -16.35% -22.32% 2002 14.25% 27.73% 23.86% 2003 31.72% 21.21% 22.66% 2004 21.81% 25.85% 7.64% 2005 9.22% 2.96% 17.54% 2006 27.12% 39.22% -2.71% 2007 25.28% 42.49% 11.08% 2008 -27.10% -35.43% -36.61% 2009 36.02% 22.29% 18.72% 2010 4.14% 13.62% 16.67% 2011 YTD 8.28% 18.31% 8.02% Annualized Return 11.53% 12.99% 4.20% ------------------------------------------------------------------------- Notes: 1 Source: Bloomberg. DBLCI -- Mean Reversion Enhanced ERAC and DBLCI-MR have been retrospectively calculated and did not exist prior to 26 October 2009 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 ERAC Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 29 April 2011. Statistics shown are for excess return / ERAC indices. 21

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%. Exposure is capped at 300%. [] 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) 22

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 (25% (1)) Industrial Metal (18% (1)) Precious Metal (17% (1)) Energy (40% (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 DBLCI -- Mean Reversion Enhanced 2 Agriculture(18.48%), Industrial Metal(21.73%), Precious Metal(2.31%) and Energy(57.27%) 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 29 April 2011

DB MR Enhanced 15 Performance Analysis Index Returns 1 Historical Exposure 1 Performance Analysis 1 DBLCI -- Mean January 2001 -- April 2011 DB MR Enhanced 15 DJUBS Reversion Enhanced ---------------------------- ----------------- ------------------ -------------- Annualized Returns 15.1% 12.8% 4.2% Volatility 15.8% 18.6% 18.3% Sharpe Ratio 0.96 0.69 0.23 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 1.3% 1.1% 0.5% % Months with Gains 59.7% 59.7% 56.5% Correlation DBLCI-MR 0.90 1.00 0.83 DJUBS 0.80 0.83 1.00 ---------------------------- ----------------- ------------------ -------------- MRE TV15 Average Vol(R) Target Vol(R) Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices DB MR DBLCI -- Mean Calendar Year Enhanced 15 Reversion Enhanced DJUBS 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 5.99% 5.29% 16.67% 2011 YTD 8.05% 8.67% 8.02% Annualized Return 15.13% 12.76% 4.20% Note: 1 Source: 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 29 April 2011. 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 Corn (11.25% (1)) Gold (10%(1)) Heating oil (20%(1)) WTI (35%(1)) Aluminium (12.5% (1)) Wheat (11.25% (1)) Basket with Base Weights Apply Mean Reversion Technology [] Weight of each component determined based on the ratio of 1 year MA price to 5 year MA price DBLCI -MR(2) Corn(8.4%), Gold(1.7%), Heating Oil(20.2%), Crude Oil(35.4%), Aluminium(23.0%) and Wheat(11.4%) DBLCI-MR Returns(3) -------------------- 1 Month 6.6% -------- ----------- 2 Month 14.5% -------- ----------- 3 Month 17.5% -------- ----------- 4 Month 21.7% -------- ----------- 5 Month 21.4% -------- ----------- 6 Month 26.4% -------- ----------- 7 Month 37.7% -------- ----------- 8 Month 32.3% 9 Month 45.7% -------- ----------- 10 Month 55.1% -------- ----------- 11 Month 40.2% -------- ----------- 12 Month 31.2% -------- ----------- Apply 'Plus' Strategy [] Variable exposure to DBLCI-MR with the aim of preserving the upside but limiting loses[] Exposure to DBLCI-MR = total number of positive returns / 12 (12/12 = 100.00%) DBLCI MR+ Note: 1 Base Weights of DBLCI-MR Index 2 Current Weights of DBLCI-MR Index as of 29 April 2011 3 Returns are calculated as of 6(th) business day of each month, from April 2010 to April 2011.

DBLCI MR+ Performance Analysis Index Returns (1) Historical Weighting 1 DBLCI MR+ Performance Analysis 1 January 2001 -- April 2011 DBLCI MR+ DBLCI-MR DJUBS ---------------------------- -------------- -------------- -------------- Annualized Returns 12.6% 13.0% 4.2% Volatility 15.2% 20.6% 18.3% Sharpe Ratio 0.83 0.63 0.23 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 1.1% 1.2% 0.5% % Months with Gains 54.0% 60.5% 56.5% Correlation DBLCI -- MR 0.86 1.00 0.83 DJUBS 0.70 0.83 1.00 ---------------------------- -------------- -------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices Calendar Year DBLCI MR+ DBLCI-MR DJUBS 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 2.36% 13.62% 16.67% 2011 YTD 18.22% 18.31% 8.02% Annualized Return 12.62% 12.99% 4.20% Notes: 1 Source: 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 29 April 2011. Statistics shown are for excess return indices.

Market Neutral Indices Section 3

DB Commodity Harvest ERAC Index Summary [] Market Neutral Strategy: The DB Commodity Harvest ERAC Index goes short the S and P Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the S and P 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 [] Embedded Cost: 0.60% per annum [] Transparency: Rule based index with the closing level and weights published daily on Bloomberg (DBLCHNUE) Note: 1 ERAC: Excess Return After Cost

Strategy aims to generate alpha from roll returns by going long the OY index and short the benchmark index DB Commodity Harvest ERAC Index Construction Energy 35.98% (33.09% (1)) Precious Metals 6.94% (6.30% (1)) Industrial Metals 15.48% (16.86% (1)) Agriculture and Livestock 41.59% (43.76% (1)) S and P GSCI Light Energy S and P GSCI Light Energy DB Commodity Booster --Benchmark Light Energy Apply Optimum Yield Technology [] Optimize roll returns by attempting to maximize implied roll yield S and P GSCI Light Energy rolls each commodity to its nearest available futures contract Carry Strategy [] Market neutral equally weighted Long and Short positions to generate Alpha. Exposure to long and short legs rebalanced monthly to maintain overall neutrality At each rebalance date, the Short position (S and P GSCI Light Energy) rolls to the nearest dated futures contract for each commodity whereas the Long position (DB Commodity Booster -- Benchmark Light Energy) rolls to the future contract with the highest implied roll yield and expires within the next 13 months. DB Commodity Harvest DB Commodity Harvest ERAC [] Subtract 0.60% fees per annum Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 29 April 2011 2 ERAC: Excess Return After Cost

DB Commodity Harvest ERAC Performance Analysis Index Returns (1) Index Constituents (1) Index Current Weight (%) DB Commodity Booster -- Benchmark 100 Light Energy S and P Goldman Sachs Light Energy Index --100 S and P-GSCI Light Performance Analysis (1) DB Commodity Booster DB Commodity S and P-GSCI January 2001 -- April 2011 -- Benchmark Harvest ERAC Light Energy Light Energy ---------------------------- ------------ -------------------- -------------- Annualized Returns 5.5% 8.5% 1.9% Volatility 3.5% 17.2% 19.0% Sharpe Ratio 1.56 0.49 0.10 Maximum Drawdown -6.3% -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 Jun-07 Jul-08 Jul-08 End Date Sep-07 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 17% / -5.4% 51.7% / -50.3% 48.2% / -55.8% Rolling 3 Months 6.4% / -5.6% 24.8% / -42.4% 26.1% / -44.6% Average Monthly Returns 0.5% 0.8% 0.3% % Months with Gains 72.6% 60.5% 56.5% Correlation DB Commodity Booster -- Benchmark Light Energy -0.40 1.00 0.97 S and P-GSCI Light Energy -0.54 0.97 1.00 ---------------------------- ------------ -------------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices ----------------- ======================================================== ============ DB Commodity Harvest DB Commodity Booster -- S and P-GSCI Calendar Year ERAC Benchmark Light Energy Light Energy 2001 11.17% -17.11% -26.22% 2002 -2.63% 13.10% 15.09% 2003 3.84% 20.91% 15.41% 2004 12.84% 22.05% 7.31% 2005 10.17% 28.51% 15.51% 2006 12.30% 9.15% -3.77% 2007 -0.44% 17.49% 17.16% 2008 10.61% -33.20% -40.39% 2009 0.58% 17.02% 15.17% 2010 -1.38% 16.11% 16.94% 2011 YTD 1.78% 12.09% 10.01% Annualized Return 5.53% 8.48% 1.86% ----------------- ----------------- -------------------------------------- ------------ Notes: 1 Source: Bloomberg. DB Commodity Harvest ERAC and DB Commodity Booster -- Benchmark Light Energy 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 ERAC Index have been lower than the Index as a result of fees and / or costs 2 Statistics shown are for excess return / ERAC indices. Data is as of 29 April 2011

DB Commodity Harvest -- 10 ERAC Index Summary [] Market Neutral Strategy: The DB Commodity Harvest Index goes short the S and P Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the S and P 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 exposure to the DB Commodity Harvest ERAC Index with a view to target a volatility of 10%. Exposure is capped at 500%. [] Transparency: Rule based index with the closing level and weights published daily on Bloomberg (DBCMHVEG)

DB Commodity Harvest -- 10 ERAC Index Construction 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 Energy 35.98% (33.09% (1)) Precious Metals 6.94% (6.30% (1)) Industrial Metals 15.48% (16.86% (1)) Agriculture and Livestock 41.59% (43.76% (1)) S and P GSCI Light Energy DB Commodity Booster --Benchmark Light Energy Apply Optimum Yield Technology [] Optimize roll returns by attempting to maximize implied roll yield S and P GSCI Light Energy S and P GSCI Light Energy rolls each commodity to its nearest available futures contract Carry Strategy [] Market neutral equally weighted Long and Short positions to generate Alpha. Exposure to long and short legs rebalanced monthly to maintain overall neutrality Long Short DB Commodity Harvest [] Subtract 0.60% fees per annum DB Commodity Harvest ERAC Apply Target Volatility Technology [] Volatility targeted at 10% by varying exposure to the DB Commodity Harvest ERAC DB Commodity Harvest -- 10 ERAC

DB Commodity Harvest -- 10 ERAC Performance Analysis Index Returns 1 Historical Exposure (1) S and P-GSCI Performance Analysis 1 DB DB Commodity S and P-GSCI January 2001 -- April 2011 Commodity Harvest Harvest -- 10 (ERAC) ERAC Light Energy ---------------------------- -------------------------------- -------------- Annualized Returns 16.9% 5.5% 1.9% Volatility 10.8% 3.5% 19.0% Sharpe Ratio 1.56 1.56 0.10 Maximum Drawdown -20.2% -6.3% -60.9% Start Date May-07 May-07 Jul-08 End Date Sep-07 Sep-07 Feb-09 Max Monthly Consecutive Loss -17.2% -5.3% -58.0% Start Date Jun-07 Jun-07 Jul-08 End Date Sep-07 Sep-07 Feb-09 Max / Min Returns Rolling 12 Months 66.4% / -13.8% 17% / -5.4% 48.2% / -55.8% Rolling 3 Months 20.9% / -17.6% 6.4% / -5.6% 26.1% / -44.6% Average Monthly Returns 1.4% 0.5% 0.3% % Months with Gains 72.6% 72.6% 56.5% Correlation DB Commodity Harvest ERAC 0.95 1.00 -0.55 S and P-GSCI Light Energy -0.54 -0.54 1.00 ---------------------------- -------------- ----------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices DB DB Commodity Commodity Harvest S and P-GSCI Calendar Year Harvest -- 10 ERAC ERAC Light Energy 2001 31.32% 11.17% -26.22% 2002 -8.22% -2.63% 15.09% 2003 9.87% 3.84% 15.41% 2004 47.35% 12.84% 7.31% 2005 34.80% 10.17% 15.51% 2006 36.68% 12.30% -3.77% 2007 -2.51% -0.44% 17.16% 2008 39.69% 10.61% -40.39% 2009 1.85% 0.58% 15.17% 2010 -5.88% -1.38% 16.94% 2011 YTD 6.57% 1.78% 10.01% Annualized Return 16.85% 5.53% 1.86% Notes: 1 Source: Bloomberg. DB Commodity Harvest - 10 ERAC and DB Commodity Harvest ERAC have been retrospectively calculated and did not exist prior to 14 October 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 Harvest -10 ERAC Index have been lower than the Index as a result of fees and / or costs. 2 Statistics shown are for excess return / ERAC indices. Data is as of 29 April 2011

Long-Short Indices Section 4

DBLCI Commodity Momentum Index Summary [] Summary: The strategy goes long a basket of commodities at certain times, short a basket of commodities at certain other times, and provides no exposure the remaining times. Decision to go long or short or stay neutral is based on observing momentum across 14 commodities. [] Components: Crude Oil, Natural Gas, Heating Oil, RBOB Gasoline, Corn, Wheat, Soybeans, Sugar, Aluminum, Copper, Nickel, Zinc, Gold and Silver[] Bullish / Bearish Indicator: For a particular commodity, 15 day moving average greater than the 60 day moving average indicates a bullish signal and a bearish signal otherwise. [] Environment Indicator (EI): If nine or more commodities have a bullish signal, this implies an EI of 1. If nine or more commodities commodities have a bearish signal, then EI is -1. Otherwise it is zero. [] Rebalancing: Each month, if the 45 day moving average of EI is greater than 50%, the strategy goes long an equally weighted basket of bullish signal commodities for the next month. If it is less than -50%, the strategy goes short an equally weighted basket of bearish signal commodities for the next month. If it is between -50% and 50%, the strategy provides no exposure for the following month[] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBCMMOUE)

DBLCI Commodity Momentum Index Construction Agriculture (Corn, Wheat, Soybeans, Sugar) Industrial Metals (Aluminum, Copper, nickel, Zinc) Precious Metals (Gold, Silver) Energy (Crude Oil, Natural Gas, Heating Oil, RBOB Gasoline) Basket with 14 Commodities Apply Momentum strategy [] Generate bullish/bearish signal by computing 45 day moving average of the Environmental Indicator (EI) Basket with Bearish or Bullish commodities Rebalancing [] Long / short / stay neutral depending upon the signal generated above DBLCI Commodity Momentum Index

DBLCI Commodity Momentum Performance Analysis Index Returns (1) Performance Analysis 1 DBLCI January 2001 -- April 2011 Commodity S and P GSCI DJUBS ---------------------------- -------------- -------------- -------------- Momentum Annualized Returns 16.8% 1.1% 4.2% Volatility 16.4% 25.9% 18.3% Sharpe Ratio 1.03 0.04 0.23 Maximum Drawdown -19.0% -71.6% -57.1% Start Date Feb-03 Jul-08 Jul-08 End Date Sep-03 Feb-09 Mar-09 Max Monthly Consecutive Loss -15.1% -67.8% -54.5% Start Date Mar-03 Jul-08 Jul-08 End Date Apr-03 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 90.9% / -16.8% 74.8% / -64.8% 39.9% / -52.7% Rolling 3 Months 51.8% / -15% 34.4% / -53.4% 24.7% / -39.7% Average Monthly Returns 1.4% 0.3% 0.5% % Months with Gains 43.5% 58.1% 56.5% Correlation S and P GSCI 0.08 1.00 0.91 DJUBS 0.17 0.91 1.00 ---------------------------- -------------- -------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------------ ------- DBLCI Commodity Calendar Year Momentum S and P GSCI DJUBS 2001 7.95% -34.31% -22.32% 2002 2.81% 29.92% 23.86% 2003 0.60% 19.48% 22.66% 2004 11.33% 15.65% 7.64% 2005 10.08% 21.61% 17.54% 2006 26.52% -19.07% -2.71% 2007 2.16% 26.81% 11.08% 2008 62.00% -47.29% -36.61% 2009 30.21% 13.30% 18.72% 2010 19.12% 8.88% 16.67% 2011 YTD 12.18% 16.44% 8.02% Annualized Return 16.81% 1.05% 4.20% ----------------- Notes: 1 Source: Bloomberg. DBLCI Commodity Momentum index has been retrospectively calculated and did not exist prior to 18 October 2010. 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 Commodity Momentum Index would has been lower than the Index as a result of fees and / or costs. Statistics shown are for excess return indices. Data is as of 29 April 2011

DB Commodity Allocator Index Section 5

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. [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCABER)

DB Commodity Allocator Index Construction Strategy aims to generate alpha from roll returns and to smoothen the return profile by adjusting exposure in response to changes in realized volatility Energy 35.98% (33.09% (1)) Precious Metals 6.94% (6.30% (1)) Industrial Metals 15.48% (16.86% (1)) Agriculture and Livestock 41.59% (43.76% (1)) S and P GSCI Light Energy S and P GSCI Light Energy Apply Optimum Yield Technology [] Optimize roll returns by attempting to maximize implied roll yield DB Commodity Booster --Benchmark Light Energy Carry Strategy [] Market neutral equally weighted Long and Short positions to generate Alpha Long Short DB Commodity Harvest Deduct Index Cost of 0.60% pa DB Commodity Harvest USD ERAC (ALPHA) Energy (40%(2)) Precious Metals (17%(2)) Industrial Metals (18%(2)) Agriculture (25%(2)) Basket with Base Weights Apply Optimum Yield Technology[] Optimize roll returns by attempting to maximize implied roll yield Basket with Base Weights using OY sub-indices Apply MR Technology and weight constraints DBLCI -- Mean Reversion Enhanced 3 Agriculture(18.48%), Industrial Metal(21.73%), Precious Metal(2.31%) and Energy(57.27%) Deduct Index Cost of 1.10% pa DB MR Enhanced ERAC (BETA) - 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 S and P GSCI Light Energy Index shown are: current weights (Base Weights) . Current weights are as of 29 April 2011 2 Base Weights of DBLCI -- Mean Reversion Enhanced Index 3 Current weights of DBLCI -- Mean Reversion Enhanced Index as of 29 April 2011

DB Commodity Allocator Index Construction DB Commodity Harvest USD ERAC (ALPHA) Apply 3x Leverage DB Commodity Harvest USD ERAC Leveraged DB MR Enhanced ERAC (BETA) Weight = 1 -- Weight of Beta (1 -- 100% = 0%) Strategic Allocation [] Allocation to both indices adjusted monthly based on momentum of the Beta Index DB Commodity Allocator Beta Index Returns(1) 1 Month 2.61% 2 Month 6.991% 3 Month 5.84% ------------- 4 Month 6.99% ------------- 5 Month 14.97% 6 Month 14.36% 7 Month 18.36% ------------- 8 Month 22.37% ------------- 9 Month 20.71% ------------- 10 Month 21.98% -------- ------------- 11 Month 25.48% 12 Month 12.94% Notes: 1 Returns are calculated as of 3(rd) to last business day of each month, from April 2010 to April 2011.

DB Commodity Allocator Performance Analysis Index Returns (1) Historical Exposure Exposure to DB MR Enhanced ERAC (2): 100.00% Exposure to DB Commodity Harvest USD ERAC Leveraged (2): 0.00% DB MR Performance Analysis 1 January 2001 -- April 2011 DB Commodity DB Commodity DB MR Allocator Harvest USD ERAC Enhanced ERAC ---------------------------- -------------- ---------------- -------------- Annualized Returns 16.4% 5.5% 11.5% Volatility 13.9% 3.5% 18.6% Sharpe Ratio 1.18 1.56 0.62 Maximum Drawdown -29.9% -6.3% -56.2% Start Date Jul-08 May-07 Jul-08 End Date Oct-08 Sep-07 Mar-09 Max Monthly Consecutive Loss -27.6% -5.3% -54.1% Start Date Jul-08 Jun-07 Jul-08 End Date Oct-08 Sep-07 Feb-09 Max / Min Returns Rolling 12 Months 57.5% / -15.6% 17% / -5.4% 69.3% / -47.1% Rolling 3 Months 28.8% / -23.9% 6.4% / -5.6% 35.7% / -37.9% Average Monthly Returns 1.3% 0.5% 1.0% % Months with Gains 66.9% 72.6% 59.7% Correlation DB Commodity Harvest USD ERAC -0.04 1.00 -0.34 DB MR Enhanced ERAC 0.73 -0.34 1.00 ---------------------------- -------------- ---------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices ----------------- ================================================= DB Commodity DB Commodity DB M ----------------- ------------- ---------------- ------------------ Calendar Year Allocator Harvest USD ERAC Enhanced ERAC 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 -10.51% -1.38% 4.14% 2011 YTD 8.06% 1.78% 8.28% Annualized Return 16.39% 5.53% 11.53% ----------------- ------------- ---------------- ------------------ 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 / ERAC indices. Data is as of 29 April 2011

DB Commodity Risk Parity 18 Index Section 6

-------------------------------------------------------------------------------- DB Commodity Risk Parity 18 Index Summary [] Risk Parity: Provides exposure to 4 commodity sector indices such that risk contribution of each to the resulting portfolio is equal. Risk contribution is determined by using past 3 month realized volatilities and correlations. Volatility is targeted at 18% by leveraging the equal risk weighted portfolio; such leverage is capped at 300%. [] Components: The 4 sector indices used to construct the index are: DBLCI-OY Energy Index, DBLCI-OY Industrial Metal Index, DBLCI-OY Precious Metal Index and DBLCI-OY Agriculture Index. [] Rebalancing: Each month, sector exposures are adjusted with the aim of achieving equal risk contributions and a volatility of 18%. [] Optimizing Roll Returns: All 4 sector indices employ 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 (DBCMRPTV) 45

-------------------------------------------------------------------------------- DB Commodity Risk Parity 18 Index Construction --------------------------- [GRAPHIC OMITTED] 46

-------------------------------------------------------------------------------- DB Commodity Risk Parity 18 Performance Analysis [GRAPHIC OMITTED] Performance Analysis(1) -------------------------------------------------------------------------------- DB Commodity January 2001 -- April 2011 Risk Parity 18 SandP GSCI DJUBS -------------------------------------------------------------------------------- Annualized Returns 19.2% -1.1% 4.2% Volatility 19.7% 25.9% 18.3% Sharpe Ratio 0.97 0.04 0.23 Maximum Drawdown -39.2% -71.6% -57.1% Start Date Feb-01 Jul-08 Jul-08 End Date Nov-01 Feb-09 Mar-09 Max Monthly Consecutive Loss -33.5% -67.8% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 118.5% / -36.4% 74.8% / -64.8% 39.9% / -52.7% Rolling 3 Months 47.9% / -28.8% 34.4% / -53.4% 24.7% / -39.7% Average Monthly Returns 1.6% 0.3% 0.5% % Months with Gains 58.1% 58.1% 56.5% Correlation SandP GSCI 0.71 1.00 0.91 DJUBS 0.82 0.91 1.00 -------------------------------------------------------------------------------- Year on Year Performance Comparison (1) -------------------------------------------------------------------------------- Annual Returns for Excess Return Indices -------------------------------------------------------------- DB Commodity Risk -------------------------------------------------------------------------------- Calendar Year Parity 18 SandP GSCI DJUBS --------------------------------- 2001 -36.39% -34.31% -22.32% 2002 26.94% 29.92% 23.86% 2003 53.61% 19.48% 22.66% 2004 34.22% 15.65% 7.64% 2005 57.65% 21.61% 17.54% 2006 26.76% -19.07% -2.71% 2007 20.15% 26.81% 11.08% 2008 -17.48% -47.29% -36.61% 2009 26.22% 13.30% 18.72% 2010 27.90% 8.88% 16.67% 2011 YTD 14.92% 16.44% 8.02% Annualized Return 19.15% 1.05% 4.20% -------------------------------------------------------------------------------- Notes: 1 Source: Bloomberg. DB Commodity Risk Parity 18 index has been retrospectively calculated and did not exist prior to August 2010. 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 Risk Parity 18 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 29 April 2011 [GRAPHICS OMITTED 47

-------------------------------------------------------------------------------- DB Commodity Apex 14 Index Section 7 [GRAPHIC OMITTED] A Passion to Perform [GRAPHICS OMITTED 48

-------------------------------------------------------------------------------- DB Commodity Apex 14 Index Summary [] Attempts to generate reliable returns independent of market cycle [] By combining 3 well-established, yet uncorrelated commodities strategies -- mean reversion, momentum, and carry -- the Apex index aims to generate extremely stable returns from the commodities markets[] Components: Allocates exposure monthly between Mean Reversion (the DBLCI MR Enhanced Index), Carry (the DB Commodity Harvest Index), and Momentum (the DBLCI Commodity Momentum Index) in the inverse ratio of their 3 month volatilities. Exposure to each index is floored at 17.5% and capped at 65%. Exposure to the resulting basket is further scaled to target a volatility of 14%. [] DBLCI MR Enhanced: 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[] DB Commodity Harvest: 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 [] DBLCI Commodity Momentum: The strategy goes either long or short an equally weighted basket of commodities, depending on momentum in the commodities complex. [] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBCMAP14) 49

-------------------------------------------------------------------------------- DB Commodity Apex 14 Index Construction [GRAPHIC OMITTED] 50

-------------------------------------------------------------------------------- DB Commodity Apex 14 Performance Analysis [GRAPHICS OMITTED] Performance Analysis(1) -------------------------------------------------------------------------------- DB Commodity January 2002 -- April 2011 Apex 14 SandP GSCI DJUBS -------------------------------------------------------------------------------- Annualized Returns 32.9% 5.8% 7.5% Volatility 13.2% 26.1% 18.8% Sharpe Ratio 2.50 0.22 0.40 Maximum Drawdown -15.8% -71.6% -57.1% Start Date Jun-07 Jul-08 Jul-08 End Date Sep-07 Feb-09 Mar-09 Max Monthly Consecutive Loss -9.8% -67.8% -54.5% Start Date Jun-07 Jul-08 Jul-08 End Date Aug-07 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 97.3% / -5.7% 74.8% / -64.8% 39.9% / -52.7% Rolling 3 Months 32.7% /-15.3% 34.4% / -53.4% 24.7% / -39.7% Average Monthly Returns 2.5% 0.7% 0.7% % Months with Gains 79.5% 62.5% 59.8% Correlation SandP GSCI 0.21 1.00 0.91 DJUBS 0.34 0.91 1.00 ------------------------------------------------------------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices -------------------------------------------------------------------------- DB Commodity Apex 14 SandP GSCI DJUBS Calendar Year -------------------------------------------------------------------------------- 2002 5.23% 29.92% 23.86% 2003 32.43% 19.48% 22.66% 2004 63.12% 15.65% 7.64% 2005 36.68% 21.61% 17.54% 2006 71.98% -19.07% -2.71% 2007 17.69% 26.81% 11.08% 2008 47.87% -47.29% -36.61% 2009 23.21% 13.30% 18.72% 2010 10.29% 8.88% 16.67% 2011 YTD 12.58% 16.44% 8.02% Annualized Return 32.91% 5.83% 7.54% -------------------------------------------------------------------------------- Notes: 1 Source: Bloomberg. DB Commodity Apex 14 index has been retrospectively calculated and did not exist prior to 18 October 2010. 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 Apex 14 Index would have been lower than the Index as a result of fees and / or costs. Statistics shown are for excess return indices. Data is as of 29 April 2011 2 Data is till 29 April 2011. These are the exposure of constituents to DB Commodity Apex 14 index 51 [GRAPHICS OMITTED

Appendix Appendix 1 [GRAPHICS OMITTED] 52 A Passion to Perform [GRAPHICS 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 -------------------------------------------------------------------------------- 53

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 [GRAPHICS OMITTED] DBLCI -MR Outperformance to DBLCI ------------------------ Outperformance Year (%) 2006 36.15 2007 7.82 2008 4.17 2009 12.12 2010 1.30 2011 YTD 1.85 ------------------------ [] 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 29 April 2011. DBLCI and DBLCI-MR are calculated retrospectively prior to their Index Live Dates 54

-------------------------------------------------------------------------------- [] 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 100% (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 [GRAPHICS OMITTED] DBLCI -MR (Lookback Returns as of 8(th) Apr 2011) 1 Month 6.6% 2 Month 14.5% 3 Month 17.5% 4 Month 21.7% 5 Month 21.4% 6 Month 26.4% 7 Month 37.7% 8 Month 32.3% 9 Month 45.7% 10 Month 55.1% 11 Month 40.2% 12 Month 31.2% Notes: Returns are calculated as of 6(th) business day of each month, from April 2010 to April 2011. 55

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 yieldeld ("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 [GRAPHICS OMITTED] Contract Expiry Date [] Longer dated contracts typically have less negative carry when the curve slopes upward (contango) [GRAPHICS OMITTED] Contract Expiry Date [] Shorter dated contracts typically offer greater positive carry when the curve slopes downward (backwardation) 56

Optimized Yield Energy Sector [GRAPHICS OMITTED] Annualized Excess returns from Jan Base Metals Sector [GRAPHICS OMITTED] 2001 to Feb 2011. Most Optimum Yield indices have Agriculture Sector [GRAPHICS OMITTED] outperformed corresponding Precious Metals Sector [GRAPHICS OMITTED] front-month rolling indices 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 29 April 2011 57 [GRAPHICS OMITTED]

-------------------------------------------------------------------------------- Target Volatility Applying Volatility Targeting to Potentially Control Risk [GRAPHICS OMITTED] 58

Risk-Parity Technology [] On each rebalance date we calculate the total index risk, (R)p, on that date according to the formula [GRAPHICS OMITTED] [] We then solve the above set of non linear equations for each Wi with the following constraints [GRAPHICS OMITTED] [] Constraints 1) and 2) above are necessary and sufficient for any risk-parity formulation, but using only these two constraints leaves one degree -of-freedom open. Constraint 3) above fixes this final degree -of-freedom by imposing an overall leverage on the index in an attempt to target a constant level of (user-specified) risk within the portfolio of sector exposures 59 [GRAPHICS OMITTED]

Comparative Performance Statistics Annualized Returns for Various Indices YTD Year 1 year 3 Year 5 Year 10 Year Volatil- Return(1) Return Return Return Return ity2 Sharpe (%) (%) (%) (%) (%) (%) Ratio ---------------------------------------------------------------------------------------------------------------- Beta Allocation Indices DBLCI (TM) 16.47% 30.55% -10.20% 1.48% 8.17% 23.31% 0.35 SandP GSCI (TM) 16.44% 25.78% -14.08% -5.53% 1.83% 25.53% 0.07 DJ-UBSCI (SM) 8.02% 31.40% -5.71% -0.04% 4.93% 18.14% 0.27 Optimum Yield Based Indices DB Commodity Booster -- DJUBS ERAC 10.85% 32.46% -2.84% 4.44% 10.89% 16.46% 0.66 DB Commodity Booster DJUBS -- TV14 ERAC 10.05% 29.55% 2.31% 7.14% 13.99% 14.44% 0.97 DB Commodity Booster -- Benchmark 17.98% 26.76% -6.53% 2.10% 11.63% 22.04% 0.53 Mean Reversion Based Indices DBLCI-MR 18.31% 33.39% -4.26% 13.78% 14.22% 20.45% 0.70 DBLCI -- Mean Reversion Enhanced ERAC 8.28% 18.26% -3.02% 10.09% 12.85% 18.51% 0.69 DBLCI MR Enhanced 15 8.05% 17.57% 0.86% 11.25% 17.70% 15.43% 1.15 DBLCI MR+ 18.22% 23.72% 2.67% 15.91% 13.23% 15.19% 0.87 Market Neutral Indices DB Commodity Harvest ERAC 1.78% -0.82% 2.87% 3.71% 5.03% 3.43% 1.46 DB Commodity Harvest -- 10 ERAC 6.57% -4.99% 10.06% 11.30% 16.18% 10.69% 1.51 DB Commodity Allocator Index 8.06% 1.70% 3.68% 12.78% 14.97% 13.73% 1.09 DB Commodity Risk Parity 18 Index 14.92% 51.21% 10.41% 12.00% 21.94% 19.27% 1.14 DB Commodity Apex 14 Index 12.58% 22.57% 23.28% 27.45% 32.06%(3) 12.88%(3) 2.49(3) DBLCI Commodity Momentum Index 12.18% 41.43% 35.56% 23.89% 18.19% 16.24% 1.12 Other Asset Classes Equities (SandP 500) 9.06% 15.27% 1.60% 2.95% 2.79% 21.06% 0.13 Fixed Income (US Govt. All Total Return) 0.19% 2.68% 4.39% 5.00% 4.78% 2.83% 1.69 ---------------------------------------------------------------------------------------------------------------- Source: Bloomberg. Data as of 29 April 2011 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, excess return and ERAC 2 Annualised vol of the daily lognormal returns 3 Data available from 31 July 2001 only, Hence the statistics calculated is not for entire 10Y period 60 [GRAPHICS OMITTED]

-------------------------------------------------------------------------------- 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 ERAC DBLCMREN (Index) 26 October 09 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 ERAC DBCMBDEN (Index) 12 October 10 DB Commodity Booster DJUBS -- TV14 ERAC DBCMBTVN (Index) 12 October 10 DB Commodity Harvest ERAC DBLCHNUE (Index) 14 October 08 DB Commodity Harvest -- 10 ERAC DBCMHVEG (Index) 14 October 08 DB Commodity Allocator DBLCABER (Index) 24 October 09 DB Commodity Risk Parity 18 Index DBCMRPTV (Index) August 2010 DBLCI Commodity Momentum Index DBCMMOUE (Index) 18 October 10 DB Commodity Apex 14 Index DBCMAP14 (Index) 18 October 10 Equities (SandP 500) Total Return SPTR (Index) Fixed Income Total Return JHDCGBIG (Index> -------------------------------------------------------------------------------- 61 [GRAPHICS OMITTED]

-------------------------------------------------------------------------------- Optimized Yield Commodity Contract Expiry Date Bloomberg Ticker Index Live Date Energy WTI Crude Oil 21-Jun-11 DBLCOCLE Index 31 May 06 Brent Crude Oil 14-Feb-12 DBLCYECO Index 31 May 06 Heating Oil 31-May-11 DBLCOHOE Index 31 May 06 RBOB Gasoline 30-Nov-11 DBLCYERB Index 31 May 06 Gasoil 10-Jun-11 DBLCYEGO Index 31 May 06 Natural Gas 28-Sep-11 DBLCYENG Index 31 May 06 Base Metals Aluminum 21-Sep-11 DBLCOALE Index 31 May 06 Copper 21-Mar-12 DBLCYECU Index 31 May 06 Zinc 15-Jun-11 DBLCYEZN Index 31 May 06 Nickel 17-Aug-11 DBLCYENI Index 31 May 06 Lead 17-Aug-11 DBLCYEPB Index 31 May 06 Precious Metals Gold 29-Aug-11 DBLCOGCE Index 31 May 06 Silver 28-Dec-11 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-11 DBLCOCNE Index 31 May 06 Soybean 14-Nov-11 DBLCYESS Index 31 May 06 Cotton 07-Dec-11 DBLCYECE Index 31 May 06 Sugar 30-Jun-11 DBLCYESB Index 31 May 06 Coffee 20-Mar-12 DBLCYEKC Index 31 May 06 Cocoa 15-Sep-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 29 April 2011 62 [GRAPHICS OMITTED]

-------------------------------------------------------------------------------- Risk 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 Momentum strategy described herein aims to go long a basket of commodities at certain times, short a basket of commodities at certain other times and provide no exposure the remaining times based on observing momentum across fourteen commodities. However, indices employing the Momentum strategy may not be successful in achieving the desired objective [] The Risk Parity strategy described herein aims to provide exposure to four commodity sector indices such that risk contribution of each to the resulting portfolio, determined based on past three months' realized volatilities and correlations, is equal. However, indices employing the Risk Parity 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 63

-------------------------------------------------------------------------------- Risk 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 64

Disclaimer SandP GSCI SM Disclaimer Any securities Deutsche Bank AG may issue from time to time and this presentation are not sponsored, endorsed, sold or promoted by Standard and Poor's, a division of The McGraw -Hill Companies, Inc. ("SandP") . Standard and Poor's does not make any representation or warranty, express or implied, to the owners of any securities or any member of the public regarding the advisability of investing in any securities or the ability of SandP GSCI Index to track general commodity market performance. SandP's only relationship to Deutsche Bank AG is the licensing of certain trademarks and trade names of SandP and of SandP GSCI Index, which indices are determined, composed and calculated by SandP without regard to Deutsche Bank AG or any securities. SandP has no obligation to take the needs of Deutsche Bank AG or the owners of any securities into consideration in determining, composing or calculating SandP GSCI Index. 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The DB Commodity Harvest -- DJUBS and DB Commodity Booster -- DJUBS, which is based in part on the Dow Jones-UBS Commodity Index, is not sponsored or endorsed by Dow Jones and Company, Inc. or UBS Securities LLC, but is published with their consent. 65