January 2013 Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-184193 Dated January 11, 2013 Deutsche Bank Commodity Indices January 2013

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 ex Nat Gas 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 * DB Commodity Backwardation Alpha Index 5. DB Commodity Allocator Index 6. DB Commodity Risk Parity 18 Index 7. DB Commodity Apex 14 ERAC Index 8. Optimum Yield Enhanced Indices * DB Commodity Booster OYE DJUBS Index * DB Commodity Booster OYE Benchmark Light Energy Index * DB Commodity Curve Alpha ERAC Index * DB Commodity Curve Alpha ERAC 10 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 Optimized Yield DB Commodity Indices Mean Reversion Momentum Optimized Yield Risk Parity Target Volatility Enhanced DB Commodity Booster -- DJUBS ERAC [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Booster DJUBS -- TV14 ERAC [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Booster -- Benchmark [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DBLCI-MR [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DBLCI-MR+ [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DBLCI -- Mean Reversion Enhanced ex NG ERAC [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB MR Enhanced 15 [] [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Harvest ERAC [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Harvest -- 10 ERAC [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DBLCI Commodity Momentum Index [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Backwardation Alpha [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Allocator [] [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Risk Parity 18 Index [] [] [] [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Apex 14 ERAC Index [] [] [] [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Booster OYE DJUBS [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Booster OYE Benchmark Light Energy [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Curve Alpha ERAC [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- DB Commodity Curve Alpha ERAC 10 [] [] --------------------------------- -------------- -------- --------------- --------------- ----------- ----------------------- 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 [GRAPHIC OMITTED] Replicates the DJUBS Index by using OY indices thereby providing similar commodity exposure while seeking to manage returns more effectively Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 31 Dec 2012 2 ERAC: Excess Return After Cost 7

DB Commodity Booster -- DJUBS ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) --------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 Booster -- DJUBS DJUBS SandP-GSCI ERAC Annualized Returns 9.6% 4.1% 3.4% Volatility 16.9% 18.5% 25.3% Sharpe Ratio(2) 0.57 0.22 0.13 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% 0.5% % Months with Gains 65.2% 58.3% 59.8% Correlation DJUBS 0.97 1.00 0.91 SandP-GSCI 0.88 0.91 1.00 ---------------------------- ---------------- -------------- -------------- Index Sector Exposure (1) ------------------------- ---------------------- Sector Current Weight (%) Energy 32.28 Precious Metal 12.66 Industrial Metal 17.43 Agriculture 37.63 ------------------------- ---------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices -------------------------------------------------------- -------- DB Commodity Booster -- DJUBS Calendar Year ERAC DJUBS SandP-GSCI 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 -9.77% -13.37% -1.23% 2012 0.21% -1.14% -0.01% Annualized Return 9.63% 4.13% 3.36% ----------------- ----------------------------- -------------------------- -------- 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 31 Dec 2012. 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 Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 31 Dec 2012 2 ERAC: Excess Return After Cost 10

DB Commodity Booster DJUBS -- TV14 ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) ----------------------------------------------------- -------------- -------------- DB Commodity DB Commodity January 2002 -- Dec 2012 Booster DJUBS - TV 14 Booster -- DJUBS DJUBS ERAC ERAC Annualized Returns 12.9% 9.6% 4.1% Volatility 14.6% 16.9% 18.5% Sharpe Ratio 0.88 0.57 0.22 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 65.2% 65.2% 58.3% Correlation DB Commodity Booster -- DJUBS ERAC 0.94 1.00 0.97 DJUBS 0.93 0.97 1.00 ------------------------------- --------------------- -------------- -------------- Index Exposure (1) -------------------------------- ---------------------- Current Exposure to DB Commodity Booster -- DJUBS ERAC 145.83% Underlying Sector Current Weight (%) Energy 32.28 Precious Metal 12.66 Industrial Metal 17.43 Agriculture 37.63 -------------------------------- ---------------------- 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 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 -8.94% -9.77% -13.37% 2012 -2.25% 0.21% -1.14% Annualized Return 12.91% 9.63% 4.13% ----------------- -------------------- ------------------------------------ ------- 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 11 2 Data is as of 31 Dec 2012. Statistics shown are for excess return indices or ERAC Indices. Current weights shown are for DB Commodity Booster -- DJUBS ERAC Index

DB Commodity Booster -- Benchmark Index Summary [] Composition: Same base weights as the SandP GSCI Index [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary optimum yield ("OY") technology, which rolls an expiring contract into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBCMBSEU) 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 Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 31 Dec 2012 13

DB Commodity Booster -- Benchmark Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) ------------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 DJUBS SandP-GSCI Booster -- Benchmark Annualized Returns 11.2% 4.1% 3.4% Volatility 22.2% 18.5% 25.3% Sharpe Ratio 0.51 0.22 0.13 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% 0.5% % Months with Gains 59.8% 58.3% 59.8% Correlation DJUBS 0.90 1.00 0.91 SandP-GSCI 0.97 0.91 1.00 ---------------------------- -------------------- -------------- -------------- Index Sector Exposure (1) ------------------------- ---------------------- Sector Current Weight (%) Energy 69.64 Precious Metal 3.55 Industrial Metal 6.67 Agriculture and Livestock 20.13 ------------------------- ---------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------- -------- DB Commodity Calendar Year Booster -- Benchmark DJUBS SandP-GSCI 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 -0.55% -13.37% -1.23% 2012 0.60% -1.14% -0.01% Annualized Return 11.22% 4.13% 3.36% 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 14 2 Data is as of 31 Dec 2012. Statistics shown are for excess return indices.

Mean Reversion Indices Section 2 [GRAPHIC OMITTED]

DBLCI -MR Index Summary [] Components: Tracks the performance of a basket of 6 commodity futures: Aluminum, WTI Crude Oil, Heating Oil, Gold, Corn, and Wheat [] Dynamic Weights: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among six of the most liquid futures contracts in four sectors: Energy, Base Metals, Precious Metals, Agriculture. The commodity weight is determined formulaically based on the ratio between a one-year and five-year moving average price [] Rebalancing: A rebalancing will occur whenever one of the commodities undergoes a "trigger event." A trigger event occurs when the one-year moving average price of the commodity trades +/-- 5% than the five-year moving average [] Roll Frequency and Method: Fixed monthly roll for Energy components, fixed yearly roll for Metals and Agriculture components [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCMMCL) 16

DBLCI -MR Index Construction [GRAPHIC OMITTED] Invests in 6 liquid commodity contracts. Over-weights cheap commodities and under-weights expensive ones Source: Deutsche Bank, 2012 Notes: 1 Base Weights of DBLCI-MR Index 2 Current Weights as of 31 Dec 2012 17

DBLCI -MR Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis (1) ------------------------------------------- -------------- -------------- January 2002 -- Dec 2012 DBLCI-MR DBLCI DJUBS Annualized Returns 12.3% 8.3% 4.1% Volatility 21.2% 23.2% 18.5% Sharpe Ratio 0.58 0.36 0.22 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 1.1% 0.9% 0.5% % Months with Gains 62.1% 59.1% 58.3% Correlation DBLCI 0.91 1.00 0.90 DJUBS 0.85 0.90 1.00 ---------------------------- -------------- -------------- -------------- Historical Weighting 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices -------------------------------------------- ------- Calendar Year DBLCI-MR DBLCI DJUBS 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 -2.47% -1.13% -13.37% 2012 3.33% 0.79% -1.14% Annualized Return 12.33% 8.29% 4.13% ----------------- -------- ----------------------------------- ------- 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 31 Dec 2012. Statistics shown are for excess return indices. 18

DBLCI -- Mean Reversion Enhanced ex NG ERAC Index Summary [] Components: Tracks the performance of a basket of 11 commodities: Aluminium, Nickel, Zinc, Copper, Lead, WTI Crude Oil, Gold, Silver, Corn, Wheat and Soybeans. [] Wheat : Wheat exposure is taken through an equally -weighted basket of Chicago Wheat, Minneapolis Wheat and Kansas Wheat [] Dynamic Weights and Diversification: Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among twelve of the most liquid commodities in four sectors: Energy, Base Metals, Precious Metals, Agriculture. In order to avoid concentration and ensure adequate diversification, single commodity allocations are first subject to a 32% cap and then to 18% cap on subsequent commodities. [] 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: 1.00% per annum [] Transparency: Rule-based index with the closing level and weights published daily on Bloomberg (DBLCMNGU) Note: 1 ERAC: Excess Return After Cost 19

DBLCI -- Mean Reversion Enhanced ex NG ERAC Index Construction [GRAPHIC OMITTED] Invests in 11 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 Source: Deutsche Bank, 2012 Notes: 1 Base Weights of DBLCI-MR Enhanced ex NG ERAC Index. Current Weights as of 31 Dec 2012 20 2 ERAC: Excess Return After Cost

DBLCI -- Mean Reversion Enhanced ex NG ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) ------------------------------------------- -------------- -------------- DBLCI Mean January 2002 -- Dec 2012 Reversion Enhanced DBLCI-MR DJUBS ex NG ERAC Annualized Returns 14.7% 12.3% 4.1% Volatility 19.6% 21.2% 18.5% Sharpe Ratio 0.75 0.58 0.22 Maximum Drawdown -50.9% -62.8% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Dec-08 Feb-09 Mar-09 Max Monthly Consecutive Loss -46.9% -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 72.9% / -43.2% 84% / -56.3% 39.9% / -52.7% Rolling 3 Months 38.1% / -38.4% 33.3% / -43.1% 24.7% / -39.7% Average Monthly Returns 1.3% 1.1% 0.5% % Months with Gains 63.6% 62.1% 58.3% Correlation DBLCI -- MR 0.88 1.00 0.85 DJUBS 0.85 0.85 1.00 ---------------------------- -------------- -------------- -------------- Index Sector Exposure (1) ------------------------- ---------------------- Sector Current Weight (%) Energy 33.63 Precious Metal 5.43 Industrial Metal 39.53 Agriculture 21.41 ------------------------- ---------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices --------------------------------------------------------- ------- DBLCI Mean Reversion Enhanced ex Calendar Year NG ERAC DBLCI-MR DJUBS 2002 13.87% 27.73% 23.86% 2003 29.80% 21.21% 22.66% 2004 20.87% 25.85% 7.64% 2005 11.93% 2.96% 17.54% 2006 29.59% 39.22% -2.71% 2007 34.65% 42.49% 11.08% 2008 -25.15% -35.43% -36.61% 2009 55.25% 22.29% 18.72% 2010 19.46% 13.62% 16.67% 2011 -9.69% -2.47% -13.37% 2012 3.22% 3.33% -1.14% Annualized Return 14.68% 12.33% 4.13% ----------------- --------------------- ----------------------------------- ------- Notes: 1 Source: Bloomberg. DBLCI -- Mean Reversion Enhanced ex NG ERAC and DBLCI-MR have been retrospectively calculated and did not exist prior to 30 August 2012 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 ex NG ERAC Index would have been lower than the Index as a result of fees and / or costs 2 Data is as of 31 Dec 2012. Statistics shown are for excess return / ERAC indices. 21

DB MR Enhanced 15 Index Summary [] Components: Tracks the performance of a basket of 12 commodities: Aluminium, Nickel, Zinc, Copper, Lead, WTI Crude Oil, Natural Gas, Gold, Silver, Corn, Wheat and Soybeans [] Wheat(1) : Wheat exposure is taken through an equally -weighted basket of Chicago Wheat, Minneapolis Wheat and Kansas Wheat [] Dynamic Weights and Diversification (2): Seeks to underweight relatively expensive commodities and overweight relatively cheap commodities among twelve of the most liquid commodities in four sectors: Energy, Base Metals, Precious Metals, Agriculture. In order to avoid concentration and ensure adequate diversification, single commodity allocations except Agriculture commodities are first subject to a 32% cap and then to 18% cap on subsequent commodities. Agriculture commodities are subject to a cap of 18% [] 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: 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) Notes: 1 Until Feb 2012 exposure to Wheat in the Mean Reversion Enhanced Index was taken entirely through Chicago Wheat futures 2 Until Feb 2012 the single commodity weighting cap was 35% (currently 32%) and the subsequent individual cap was 20% (currently 18%) 22

DB MR Enhanced 15 Index Construction [GRAPHIC OMITTED] 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 Note: 1 Base Weights of DBLCI -- Mean Reversion Enhanced Index 2 Current Weights of DBLCI-Mean Reversion Enhanced Index as of 31 Dec 2012 23

DB MR Enhanced 15 Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis (1) ---------------------------------------------- ------------------ -------------- DBLCI -- Mean January 2002 -- Dec 2012 DB MR Enhanced 15 DJUBS Reversion Enhanced Annualized Returns 13.5% 9.5% 4.1% Volatility 15.6% 19.2% 18.5% Sharpe Ratio 0.86 0.50 0.22 Maximum Drawdown -39.0% -55.9% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Jun-12 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% / -31.1% 71.2% / -46.5% 39.9% / -52.7% Rolling 3 Months 25% / -22.2% 36% / -37.4% 24.7% / -39.7% Average Monthly Returns 1.2% 0.9% 0.5% % Months with Gains 59.1% 59.1% 58.3% Correlation DBLCI-MR 0.92 1.00 0.84 DJUBS 0.81 0.84 1.00 ---------------------------- ----------------- ------------------ -------------- Historical Exposure 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ---------------------------------------------- ------- DB MR DBLCI -- Mean Calendar Year Enhanced 15 Reversion Enhanced DJUBS 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 -16.78% -21.87% -13.37% 2012 -5.02% -4.42% -1.14% Annualized Return 13.46% 9.50% 4.13% ----------------- ----------- ---------------------------------- ------- 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 31 Dec 2012. Statistics shown are for excess return indices. 24

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) 25

DBLCI MR+ Index Construction [GRAPHIC OMITTED] 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 Returns(3) -------------------- 1 Month 2.2% -------- ----------- 2 Month -2.2% -------- ----------- 3 Month -5.6% -------- ----------- 4 Month -2.3% -------- ----------- 5 Month 5.7% -------- ----------- 6 Month 12.2% -------- ----------- 7 Month 5.3% -------- ----------- 8 Month 2.0% -------- ----------- 9 Month -3.1% -------- ----------- 10 Month -1.8% -------- ----------- 11 Month -1.5% -------- ----------- 12 Month 2.9% -------- ----------- Note: 1 Base Weights of DBLCI-MR Index 2 Current Weights of DBLCI-MR Index as of 31 Dec 2012 3 Returns are calculated as of 6(th) business day of each month, from Dec 2011 to Dec 2012. 26

DBLCI MR+ Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis (1) ------------------------------------------- -------------- -------------- January 2002 -- Dec 2012 DBLCI MR+ DBLCI-MR DJUBS Annualized Returns 9.8% 12.3% 4.1% Volatility 15.5% 21.2% 18.5% Sharpe Ratio 0.63 0.58 0.22 Maximum Drawdown -33.8% -62.8% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Jun-10 Feb-09 Mar-09 Max Monthly Consecutive Loss -27.1% -59.0% -54.5% Start Date Jul-08 Jul-08 Jul-08 End Date Nov-08 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 81.8% / -31.4% 84% / -56.3% 39.9% / -52.7% Rolling 3 Months 28.4% / -26.7% 33.3% / -43.1% 24.7% / -39.7% Average Monthly Returns 0.9% 1.1% 0.5% % Months with Gains 56.1% 62.1% 58.3% Correlation DBLCI -- MR 0.86 1.00 0.85 DJUBS 0.72 0.85 1.00 ---------------------------- -------------- -------------- -------------- Historical Weighting 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices -------------------------------------------- ------- Calendar Year DBLCI MR+ DBLCI-MR DJUBS 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 -2.84% -2.47% -13.37% 2012 -2.45% 3.33% -1.14% Annualized Return 9.82% 12.33% 4.13% ----------------- --------- ---------------------------------- ------- 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 31 Dec 2012. Statistics shown are for excess return indices. 27

Market Neutral Indices Section 3

DB Commodity Harvest ERAC Index Summary [] Market Neutral Strategy: The DB Commodity Harvest ERAC Index goes short the SandP Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the SandP Goldman Sachs Light Energy Index, in an attempt to provide market -neutral exposure, and to generate returns from DB's optimum yield technology. [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months [] 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 29

DB Commodity Harvest ERAC Index Construction [GRAPHIC OMITTED] Strategy aims to generate alpha from roll returns by going long the OY index and short the benchmark index Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 31 Dec 2012 2 ERAC: Excess Return After Cost 30

DB Commodity Harvest ERAC Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis (1) ----------------------------------------- -------------------- -------------- DB Commodity Booster DB Commodity SandP-GSCI January 2002 -- Dec 2012 -- Benchmark Harvest ERAC Light Energy Light Energy Annualized Returns 4.1% 8.3% 3.1% Volatility 3.4% 17.5% 19.2% Sharpe Ratio 1.20 0.47 0.16 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 0.3% 0.8% 0.4% % Months with Gains 66.7% 61.4% 58.3% Correlation DB Commodity Booster -- Benchmark Light Energy -0.40 1.00 0.98 SandP-GSCI Light Energy -0.54 0.98 1.00 ---------------------------- ------------ -------------------- -------------- Index Constituents (1) ------------------------------------ ---------------------- Index Current Weight (%) DB Commodity Booster -- Benchmark 100 Light Energy SandP Goldman Sachs Light Energy Index -100 ------------------------------------ ---------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices -------------------------------------------------------- DB Commodity Harvest DB Commodity Booster -- SandP-GSCI Calendar Year ERAC Benchmark Light Energy Light Energy 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 1.58% -5.21% -7.28% 2012 -0.89% 1.46% 1.60% Annualized Return 4.08% 8.28% 3.13% ----------------- ----------------- ----------------------- -------------- 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 31 Dec 2012 31

DB Commodity Harvest -- 10 ERAC Index Summary [] Market Neutral Strategy: The DB Commodity Harvest Index goes short the SandP Goldman Sachs Light Energy Index and long the DB Commodity Booster -- Benchmark Light Energy Index, an Optimum Yield version of the SandP Goldman Sachs Light Energy Index, in an attempt to provide market -neutral exposure, and to generate returns from DB's optimum yield technology [] Optimizing Roll Returns: Deutsche Bank's proprietary optimum yield ("OY") technology rolls an expiring contract into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months [] Target Volatility: Varies 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) Note: 1 ERAC: Excess Return After Cost 32

DB Commodity Harvest -- 10 ERAC Index Construction [GRAPHIC OMITTED] 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 Note: 1 Weights shown are: Current Weight (Base Weight) . Current weights are as of 31 Dec 2012 2 ERAC: Excess Return After Cost 33

DB Commodity Harvest -- 10 ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- ----------------- -------------- DB DB Commodity SandP-GSCI January 2002 -- Dec 2012 Commodity Harvest Harvest -- 10 (ERAC) ERAC Light Energy Annualized Returns 12.0% 4.1% 3.1% Volatility 10.8% 3.4% 19.2% Sharpe Ratio 1.11 1.20 0.16 Maximum Drawdown -27.0% -6.3% -60.9% Start Date Jun-10 May-07 Jul-08 End Date Jul-12 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% / -21.5% 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 1.0% 0.3% 0.4% % Months with Gains 66.7% 66.7% 58.3% Correlation DB Commodity Harvest ERAC 0.96 1.00 -0.54 SandP-GSCI Light Energy -0.53 -0.54 1.00 ---------------------------- -------------- ----------------- -------------- Historical Exposure (1) [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices ----------------------------------------------------- DB DB Commodity Commodity Harvest SandP-GSCI Calendar Year Harvest -- 10 ERAC ERAC Light Energy 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 3.51% 1.58% -7.28% 2012 -6.10% -0.89% 1.60% Annualized Return 11.98% 4.08% 3.13% ----------------- ------------------ ----------------- ---------------- 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 31 Dec 2012 34

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) 36

DBLCI Commodity Momentum Index Construction [GRAPHIC OMITTED] 37

DBLCI Commodity Momentum Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- -------------- -------------- DBLCI January 2002 -- Dec 2012 Commodity SandP GSCI DJUBS Momentum Annualized Returns 11.7% 3.4% 4.1% Volatility 16.3% 25.3% 18.5% Sharpe Ratio 0.72 0.13 0.22 Maximum Drawdown -31.5% -71.6% -57.1% Start Date Dec-11 Jul-08 Jul-08 End Date Nov-12 Feb-09 Mar-09 Max Monthly Consecutive Loss -22.1% -67.8% -54.5% Start Date Apr-12 Jul-08 Jul-08 End Date Oct-12 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 90.9% / -27.7% 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 1.0% 0.5% 0.5% % Months with Gains 42.4% 59.8% 58.3% Correlation SandP GSCI 0.08 1.00 0.91 DJUBS 0.15 0.91 1.00 ---------------------------- -------------- -------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------------ ------- DBLCI Commodity Calendar Year Momentum SandP GSCI DJUBS 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 9.20% -1.23% -13.37% 2012 -24.79% -0.01% -1.14% Annualized Return 11.70% 3.36% 4.13% 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 31 Dec 2012 38

DB Commodity Backwardation Alpha Index Summary [] Components: Twelve commodities futures spanning the energy, industrial metals, and precious metals sectors: Brent crude oil, WTI crude oil, gasoil, heating oil, natural gas, copper, aluminum, zinc, nickel, lead, gold and silver [] Summary: The strategy goes long the 6 commodities with the most backwardation (or least contango) with a weight of 1/6 each and shorts the remaining 6 commodities with a weight of 1/6 each. -- Short exposure is provided via front month contracts -- Long exposure is provided via OY Enhanced single commodity Indices [] 'Backwardation' Measure: Backwardation for each commodity is measured as the weighted backwardation of the basket of contracts included in the Optimum Yield Enhanced Index for such commodity. [] Rebalancing: The index is rebalanced every month at the end of the 2(nd) index business day of the month. [] Transparency: Rule-based index with the closing level published weekly on Bloomberg (DBRCBAAE) 39

DB Commodity Backwardation Alpha Index Construction [GRAPHIC OMITTED] 40

DB Commodity Backwardation Alpha Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 Backwardation SandP GSCI DJUBS Alpha Annualized Returns 11.4% 3.4% 4.1% Volatility 9.6% 25.3% 18.5% Sharpe Ratio 1.19 0.13 0.22 Maximum Drawdown -17.1% -71.6% -57.1% Start Date Mar-03 Jul-08 Jul-08 End Date Apr-04 Feb-09 Mar-09 Max Monthly Consecutive Loss -9.2% -67.8% -54.5% Start Date Dec-03 Jul-08 Jul-08 End Date Mar-04 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 58.7% / -13.5% 74.8% / -64.8% 39.9% / -52.7% Rolling 3 Months 24% / -8.2% 34.4% / -53.4% 24.7% / -39.7% Average Monthly Returns 0.9% 0.5% 0.5% % Months with Gains 59.8% 59.8% 58.3% Correlation SandP GSCI -0.02 1.00 0.91 DJUBS 0.02 0.91 1.00 ---------------------------- -------------- -------------- -------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices --------------------------------------------------- ------- DB Commodity Calendar Year Backwardation Alpha SandP GSCI DJUBS 2002 2.12% 29.92% 23.86% 2003 -0.36% 19.48% 22.66% 2004 2.59% 15.65% 7.64% 2005 0.53% 21.61% 17.54% 2006 42.38% -19.07% -2.71% 2007 8.67% 26.81% 11.08% 2008 36.45% -47.29% -36.61% 2009 24.72% 13.30% 18.72% 2010 12.48% 8.88% 16.67% 2011 4.45% -1.23% -13.37% 2012 1.11% -0.01% -1.14% Annualized Return 11.40% 3.36% 4.13% Notes: 1 Source: Bloomberg. DB Commodity Backwardation Alpha index has been retrospectively calculated and did not exist prior to 14 December 2012. 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 Backwardation Alpha 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 31 Dec 2012 41

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) 43 Note: 1 ERAC: Excess Return After Cost

DB Commodity Allocator Index Construction [GRAPHIC OMITTED] Strategy aims to generate alpha from roll returns and to smoothen the return profile by adjusting exposure in response to changes in realized volatility - BETA: (DBLCI -MR Enhanced ERAC Index) attempts to provide enhanced beta exposure to commodities using the mean reversion behaviour of commodities. It dynamically allocates exposure to 12 commodities across sectors and attempts to optimize roll returns. - ALPHA: (DB Commodity Harvest USD ERAC Index) attempts to generate alpha by using DB's optimum yield technology, while providing market -neutral exposure to commodities. Notes: 1 Weights of SandP GSCI Light Energy Index shown are: current weights (Base Weights) . Current weights are as of 31 Dec 2012 2 Base Weights of DBLCI -- Mean Reversion Enhanced Index 3 Current weights of DBLCI -- Mean Reversion Enhanced Index as of 31 Dec 2012 44

DB Commodity Allocator Index Construction [GRAPHIC OMITTED] Beta Index Returns(1) ---------------------- 1 Month -2.56% -------- ------------- 2 Month -1.55% -------- ------------- 3 Month -2.54% -------- ------------- 4 Month 1.53% -------- ------------- 5 Month 0.28% -------- ------------- 6 Month 6.82% -------- ------------- 7 Month 8.26% -------- ------------- 8 Month 6.29% -------- ------------- 9 Month 2.47% -------- ------------- 10 Month -5.47% -------- ------------- 11 Month -7.05% -------- ------------- 12 Month -5.63% -------- ------------- Notes: 1 Returns are calculated as of 3(rd) to last business day of each month, from Dec 2011 to Dec 2012. 45

DB Commodity Allocator Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- ---------------- -------------- January 2002 -- Dec 2012 DB Commodity DB Commodity DB MR Allocator Harvest USD ERAC Enhanced ERAC Annualized Returns 10.1% 4.1% 8.3% Volatility 13.8% 3.4% 19.2% Sharpe Ratio 0.73 1.20 0.43 Maximum Drawdown -32.1% -6.3% -56.2% Start Date Jan-10 May-07 Jul-08 End Date Jul-12 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% / -19.7% 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 0.9% 0.3% 0.8% % Months with Gains 59.1% 66.7% 59.1% Correlation DB Commodity Harvest USD ERAC -0.08 1.00 -0.34 DB MR Enhanced ERAC 0.72 -0.34 1.00 ---------------------------- -------------- ---------------- -------------- Exposure to DB MR Enhanced ERAC (2): 50.00% Historical Exposure Leveraged Exposure to(2): DB 50.00% Commodity Harvest USD ERAC [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return / ERAC Indices ------------------------------------------------- DB Commodity DB Commodity DB MR Calendar Year Allocator Harvest USD ERAC Enhanced ERAC 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 -10.98% 1.58% -22.73% 2012 -6.00% -0.89% -5.47% Annualized Return 10.05% 4.08% 8.30% ----------------- -------------- ---------------- ----------------- 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 31 Dec 2012 46

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) 48

DB Commodity Risk Parity 18 Index Construction [GRAPHIC OMITTED] Note: 1 Current weights are as of 31 Dec 2012 49

DB Commodity Risk Parity 18 Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 SandP GSCI DJUBS Risk Parity 18 Annualized Returns 20.6% 3.4% 4.1% Volatility 19.5% 25.3% 18.5% Sharpe Ratio 1.06 0.13 0.22 Maximum Drawdown -37.6% -71.6% -57.1% Start Date Jul-08 Jul-08 Jul-08 End Date Dec-08 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% / -35% 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 1.8% 0.5% 0.5% % Months with Gains 60.6% 59.8% 58.3% Correlation SandP GSCI 0.73 1.00 0.91 DJUBS 0.84 0.91 1.00 ---------------------------- -------------- -------------- -------------- Historical Exposure 1 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------------- ------- DB Commodity Risk Calendar Year Parity 18 SandP GSCI DJUBS 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 -7.48% -1.23% -13.37% 2012 1.63% -0.01% -1.14% Annualized Return 20.61% 3.36% 4.13% ----------------- -------------------- ---------------------------- ------- 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 31 Dec 2012 50

DB Commodity Apex 14 ERAC Index Section 7

DB Commodity Apex 14 ERAC 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 3X 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%, with a maximum exposure of 200%. [] Embedded Cost: A fee of 1.00% per annum is embedded in the basket. [] DBLCI MR Enhanced (1): 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. In order to avoid concentration and ensure adequate diversification, single commodity allocations except Agriculture commodities are first subject to a 32% cap and then to 18% cap on subsequent commodities. Agriculture commodities are subject to a cap of 18%. [] 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 (DBCMA14N) Note: 1 Until Feb 2012 the single commodity weighting cap was 35% (currently 32%) and the subsequent individual cap was 20% (currently 18%) 52

DB Commodity Apex 14 ERAC Index Construction [GRAPHIC OMITTED] Note: 1 Weights; as of 31 Dec 2012 53

DB Commodity Apex 14 ERAC Performance Analysis Index Returns (1) [GRAPHIC OMITTED] Performance Analysis(1) ------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 SANDP GSCI DJUBS Apex 14 ERAC Annualized Returns 21.2% 3.4% 4.1% Volatility 12.9% 25.3% 18.5% Sharpe Ratio 1.63 0.13 0.22 Maximum Drawdown -35.0% -71.6% -57.1% Start Date Jun-11 Jul-08 Jul-08 End Date Jul-12 Feb-09 Mar-09 Max Monthly Consecutive Loss -13.8% -67.8% -54.5% Start Date Jul-11 Jul-08 Jul-08 End Date Sep-11 Feb-09 Feb-09 Max / Min Returns Rolling 12 Months 93.9% / -30.6% 74.8% / -64.8% 39.9% / -52.7% Rolling 3 Months 32.3% / -15.7% 34.4% / -53.4% 24.7% / -39.7% Average Monthly Returns 1.7% 0.5% 0.5% % Months with Gains 70.5% 59.8% 58.3% Correlation SANDP GSCI 0.18 1.00 0.91 DJUBS 0.29 0.91 1.00 ---------------------------- -------------- -------------- -------------- Historical Exposure 2 [GRAPHIC OMITTED] Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ----------------------------------------------------- ------- DB Commodity Apex 14 Calendar Year ERAC SandP GSCI DJUBS 2002 3.14% 29.92% 23.86% 2003 29.95% 19.48% 22.66% 2004 60.19% 15.65% 7.64% 2005 34.00% 21.61% 17.54% 2006 69.09% -19.07% -2.71% 2007 15.46% 26.81% 11.08% 2008 45.47% -47.29% -36.61% 2009 21.44% 13.30% 18.72% 2010 8.31% 8.88% 16.67% 2011 -5.38% -1.23% -13.37% 2012 -18.68% -0.01% -1.14% Annualized Return 21.16% 3.36% 4.13% ----------------- -------------------- -------------------------------- ------- Notes: 1 Source: Bloomberg. DB Commodity Apex 14 ERAC index has been retrospectively calculated and Index went live only in June 2011. 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 ERAC 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 31 Dec 2012 2 Data is as of 31 Dec 2012. These represent the exposure of constituents to DB Commodity Apex 14 ERAC index 54

Optimum Yield Enhanced Indices Section 8

DB Commodity Booster OYE DJUBS Index Summary [] Composition: Same base weights as the DJUBS Index. Weights are rebalanced annually [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary Optimum Yield Enhanced ("OY Enhanced") technology, which provides exposure to 3 different contracts on each commodity's curve, with a view to maximizing volatility adjusted implied roll yield. Exposure to the 3 contracts is assessed and rebalanced monthly -- Exposure to short-term contract (front month), medium -term and long-term contracts (predefined schedule based on liquidity) -- For livestock, exposure is to three-month forward contracts [] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBCMODUE) 56

DB Commodity Booster OYE DJUBS Index Construction [GRAPHIC OMITTED] Index replicates the DJUBS by using OY Enhanced indices thereby providing similar commodity exposure while seeking to manage roll returns more effectively Note: 1 Weights shown are: Rebalance Weights for 2012 57

DB Commodity Booster OYE DJUBS Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) ---------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 DJUBS SandP-GSCI Booster OYE DJUBS Annualized Returns 11.8% 4.1% 3.4% Volatility 15.9% 18.5% 25.3% Sharpe Ratio(2) 0.74 0.22 0.13 Maximum Drawdown -52.1% -57.1% -71.6% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Feb-09 Max Monthly Consecutive Loss -49.4% -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 50.7% / -45.6% 39.9% / -52.7% 74.8% / -64.8% Rolling 3 Months 24.3% / -36.9% 24.7% / -39.7% 34.4% / -53.4% Average Monthly Returns 1.0% 0.5% 0.5% % Months with Gains 63.6% 58.3% 59.8% Correlation DJUBS 0.97 1.00 0.91 SandP-GSCI 0.89 0.91 1.00 ---------------------------- ----------------- -------------- -------------- Index Sector Exposure (1) ------------------------- ------------------------- Sector Rebalance Weight (%) Energy 32.64 Precious Metal 12.56 Industrial Metal 18.64 Agriculture and Livestock 36.15 ------------------------- ------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------------ -------- DB Commodity Booster OYE Calendar Year DJUBS DJUBS SandP-GSCI 2002 22.98% 23.86% 29.92% 2003 23.39% 22.66% 19.48% 2004 24.99% 7.64% 15.65% 2005 34.94% 17.54% 21.61% 2006 14.89% -2.71% -19.07% 2007 19.35% 11.08% 26.81% 2008 -27.14% -36.61% -47.29% 2009 21.67% 18.72% 13.30% 2010 16.88% 16.67% 8.88% 2011 -6.80% -13.37% -1.23% 2012 1.11% -1.14% -0.01% Annualized Return 11.84% 4.13% 3.36% ----------------- ------------------------ ----------------------- -------- Notes: 1 Source: Bloomberg. DB Commodity Booster OYE DJUBS has been retrospectively calculated and did not exist prior to 31 October 2011. 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 OYE DJUBS Index would have been lower than the Index as a result of fees and / or costs 2 Sharpe Ratio = annualized return / volatility 3 Data is as of 31 Dec 2012. Statistics shown are for excess return indices. 58

DB Commodity Booster OYE Benchmark Light Energy Index Summary [] Composition: Same base weights as the SandP GSCI Light Energy Index. Weights are rebalanced annually [] Optimizing Roll Returns: Employs Deutsche Bank's proprietary Optimum Yield Enhanced ("OY Enhanced") technology, which provides exposure to 3 different contracts on each commodity's curve, with a view to maximizing volatility adjusted implied roll yield. Exposure to the 3 contracts is assessed and rebalanced monthly -- Exposure to short-term contract (front month), medium -term and long-term contracts (predefined schedule based on liquidity) -- For livestock, exposure is to three-month forward contracts [] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBRCOSUE) 59

DB Commodity Booster OYE Benchmark Light Energy Index Construction [GRAPHIC OMITTED] Index replicates the SandP GSCI Light Energy by using OY Enhanced indices thereby providing similar commodity exposure while seeking to manage roll returns more effectively Note: 1 Weights shown are: Rebalance Weights for 2012 60

DB Commodity Booster OYE Benchmark Light Energy Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) --------------------------------------------------- -------------- -------------- DB Commodity January 2002 -- Dec 2012 Booster OYE DJUBS SandP-GSCI Light Benchmark light Energy Energy Annualized Returns 10.4% 4.1% 3.1% Volatility 16.8% 18.5% 19.2% Sharpe Ratio(2) 0.62 0.22 0.16 Maximum Drawdown -55.3% -57.1% -60.9% Start Date Jul-08 Jul-08 Jul-08 End Date Mar-09 Mar-09 Feb-09 Max Monthly Consecutive Loss -52.3% -54.5% -58.0% Start Date Jul-08 Jul-08 Jul-08 End Date Feb-09 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 56.7% / -48.7% 39.9% / -52.7% 48.2% / -55.8% Rolling 3 Months 24.5% / -41.1% 24.7% / -39.7% 26.1% / -44.6% Average Monthly Returns 0.9% 0.5% 0.4% % Months with Gains 62.1% 58.3% 58.3% Correlation DJUBS 0.94 1.00 0.97 SandP-GSCI Light Energy 0.97 0.97 1.00 ---------------------------- ---------------------- -------------- -------------- Index Sector Exposure (1) ------------------------- -------------------------- Sector Rebalance Weight (%) Energy 37.38 Precious Metal 7.35 Industrial Metal 14.81 Agriculture and Livestock 40.45 ------------------------- -------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ------------------------------------------------ -------------- DB Commodity Booster OYE SandP-GSCI Light Calendar Year Benchmark Light Energy DJUBS Energy 2002 14.91% 23.86% 15.09% 2003 18.06% 22.66% 15.41% 2004 24.74% 7.64% 7.31% 2005 34.84% 17.54% 15.51% 2006 12.68% -2.71% -3.77% 2007 20.90% 11.08% 17.16% 2008 -29.98% -36.61% -40.40% 2009 17.27% 18.72% 15.17% 2010 17.10% 16.67% 16.94% 2011 -1.82% -13.37% -7.27% 2012 1.65% -1.14% 1.59% Annualized Return 10.44% 4.13% 3.13% ----------------- ------------------------- ---------------------- -------------- Notes: 1 Source: Bloomberg. DB Commodity Booster OYE Benchmark Light Energy has been retrospectively calculated and did not exist prior to 30 November 2011. 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 OYE Benchmark Light Energy Index would have been lower than the Index as a result of fees and / or costs 2 Sharpe Ratio = annualized return / volatility 3 Data is as of 31 Dec 2012. Statistics shown are for excess return indices. 61

DB Commodity Curve Alpha ERAC Index Summary [] Composition: DB Commodity Curve Alpha ERAC Index (the "Index") has the same base weights as the SandP GSCI Light Energy Index. Weights are rebalanced annually [] Market Neutral Strategy: For each constituent commodity, the Index provides short exposure to the corresponding single commodity SandP GSCI Index and volatility adjusted long exposure to the OY Enhanced Index. The Index seeks to provide market -neutral exposure, and to generate returns from carry using DB's Optimum Yield Enhanced methodology [] Volatility Weighting: Every month, the long leg exposure for each constituent commodity is reset to 100%. Exposure to the short leg is set to (--100%) * 3-month realized volatility of the single commodity OY Enhanced Index / 3-month realized volatility of the single commodity GSCI index [] Embedded Cost: 0.75% per annum [] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBRCOAEC) 62

DB Commodity Curve Alpha ERAC Index Construction [GRAPHIC OMITTED] Strategy aims to generate alpha from roll returns by going long the single commodity OY Enhanced index and short volatility weighted exposure to the single commodity Benchmark Light Energy index 63

DB Commodity Curve Alpha ERAC Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) ------------------------------------------ ---------------------- -------------- DB Commodity DB Commodity January 2002 -- Dec 2012 Curve Alpha Booster OYE SandP-GSCI Light ERAC Benchmark light Energy Energy Annualized Returns 6.4% 10.4% 3.1% Volatility 2.6% 16.8% 19.2% Sharpe Ratio(2) 2.50 0.62 0.16 Maximum Drawdown -4.3% -55.3% -60.9% Start Date Jun-11 Jul-08 Jul-08 End Date Jul-12 Mar-09 Feb-09 Max Monthly Consecutive Loss -2.4% -52.3% -58.0% Start Date Feb-12 Jul-08 Jul-08 End Date Jul-12 Feb-09 Feb-09 Max/Min Returns Rolling 12 Months 19.4% / -4.1% 56.7% / -48.7% 48.2% / -55.8% Rolling 3 Months 6.7% / -2.4% 24.5% / -41.1% 26.1% / -44.6% Average Monthly Returns 0.5% 0.9% 0.4% % Months with Gains 68.2% 62.1% 58.3% Correlation DB Commodity Booster OYE Benchmark Light Energy 0.16 1.00 0.97 SandP-GSCI Light Energy 0.02 0.97 1.00 ---------------------------- ------------- ---------------------- -------------- Index Sector Exposure (1) ------------------------- -------------------------- Sector Rebalance Weight (%) Energy 37.38 Precious Metal 7.35 Industrial Metal 14.81 Agriculture and Livestock 40.45 ------------------------- -------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices DB Commodity Curve DB Commodity Booster OYE SandP-GSCI Light Calendar Year Alpha ERAC Benchmark Light Energy Energy 2002 1.57% 14.91% 15.09% 2003 3.44% 18.06% 15.41% 2004 16.21% 24.74% 7.31% 2005 17.04% 34.84% 15.51% 2006 10.63% 12.68% -3.77% 2007 5.83% 20.90% 17.16% 2008 11.82% -29.98% -40.40% 2009 2.31% 17.27% 15.17% 2010 0.57% 17.10% 16.94% 2011 3.98% -1.82% -7.27% 2012 -1.17% 1.65% 1.59% Annualized Return 6.39% 10.44% 3.13% ----------------- ------------------ ------------------------- -------------- Note: 1 Source: Bloomberg. DB Commodity Curve Alpha ERAC Index and DB Commodity Booster OYE Benchmark Light Energy Index have been retrospectively calculated and did not exist prior to 30 November 2011. 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 Curve Alpha 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 31 Dec 2012 64

DB Commodity Curve Alpha ERAC 10 Index Summary [] Composition: DB Commodity Curve Alpha ERAC Index (the "Index") has the same base weights as the SandP GSCI Light Energy Index. Weights are rebalanced annually [] Market Neutral Strategy: For each constituent commodity, the Index provides short exposure to the corresponding single commodity SandP GSCI Index and volatility adjusted long exposure to the OY Enhanced Index. The Index seeks to provide market -neutral exposure, and to generate returns from carry using DB's Optimum Yield Enhanced methodology [] Volatility Weighting: Every month, the long leg exposure for each constituent commodity is reset to 100%. Exposure to the short leg is set to (--100%) * 3-month realized volatility of the single commodity OY Enhanced Index / 3-month realized volatility of the single commodity GSCI index [] Target Volatility: DB Commodity Curve Alpha ERAC 10 Index varies exposure to the DB Commodity Curve Alpha ERAC Index with a view to target a volatility of 10%. Exposure is capped at 600%. [] Transparency: Rule-based index with the closing level published daily on Bloomberg (DBRCOCUE) 65

DB Commodity Curve Alpha ERAC 10 Index Construction [GRAPHIC OMITTED] Strategy aims to generate alpha from roll returns by going long the single commodity OY Enhanced index and short volatility weighted exposure to the single commodity Benchmark Light Energy index 66

DB Commodity Curve Alpha ERAC 10 Performance Analysis Index Returns 1 [GRAPHIC OMITTED] Performance Analysis (1) -------------------------------------------- ---------------- -------------- DB Commodity January 2003 -- Dec 2012 Curve Alpha DB Commodity SandP-GSCI Light ERAC 10 Curve Alpha ERAC Energy Annualized Returns 31.2% 6.9% 2.0% Volatility 10.5% 2.6% 19.7% Sharpe Ratio(2) 2.97 2.66 0.10 Maximum Drawdown -21.2% -4.3% -60.9% Start Date Aug-11 Jun-11 Jul-08 End Date Jul-12 Jul-12 Feb-09 Max Monthly Consecutive Loss -13.1% -2.4% -58.0% Start Date Feb-12 Feb-12 Jul-08 End Date Jul-12 Jul-12 Feb-09 Max/Min Returns Rolling 12 Months 129.6% / -20.7% 19.4% / -4.1% 48.2% / -55.8% Rolling 3 Months 37.2% / -12.4% 6.7% / -2.4% 26.1% / -44.6% Average Monthly Returns 2.4% 0.6% 0.3% % Months with Gains 70.0% 70.0% 58.3% Correlation DB Commodity Curve Alpha ERAC 0.96 1.00 0.03 SandP-GSCI Light Energy 0.04 0.03 1.00 ---------------------------- --------------- ---------------- -------------- Index Sector Exposure (1) ------------------------- -------------------------- Sector Rebalance Weight (%) Energy 37.38 Precious Metal 7.35 Industrial Metal 14.81 Agriculture and Livestock 40.45 ------------------------- -------------------------- Year on Year Performance Comparison 1 Annual Returns for Excess Return Indices ---------------------------------------------------- -------------- DB Commodity DB Commodity SandP-GSCI Light Calendar Year Curve Alpha ERAC 10 Curve Alpha ERAC Energy 2003 16.90% 3.44% 15.41% 2004 93.81% 16.21% 7.31% 2005 97.40% 17.04% 15.51% 2006 56.71% 10.63% -3.77% 2007 28.09% 5.83% 17.16% 2008 50.11% 11.82% -40.40% 2009 4.87% 2.31% 15.17% 2010 4.96% 0.57% 16.94% 2011 11.37% 3.98% -7.27% 2012 -8.25% -1.17% 1.59% Annualized Return 31.21% 6.89% 2.00% ----------------- ------------------- -------------------------------- -------------- Note: 1 Source: Bloomberg. DB Commodity Curve Alpha ERAC 10 Index and DB Commodity Curve Alpha ERAC Index have been retrospectively calculated and did not exist prior to 30 November 2011. 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 Curve Alpha ERAC 10 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 31 Dec 2012 67

Appendix Appendix 1

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 69

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 Historical Commodity Allocation of the DBLCI-MR since 2006 [GRAPHIC OMITTED] DBLCI -MR Outperformance to DBLCI Outperformance Year (%) 2006 36.15 2007 7.82 2008 4.17 2009 12.12 2010 1.30 2011 -1.34 Source: Bloomberg Notes: 1 Past performance is not a guarantee of future results 2 The Mean Reversion strategy may not always result in outperformance to benchmark commodity indices. As a long-only commodity index, if all underlying commodity prices fall, the DBLCI -- Mean Reversion will also likely result in a negative performance 3 Data is as of 30 December 2011. DBLCI and DBLCI-MR are calculated retrospectively prior to their Index Live Dates 70

MR+ [] DBLCI-MR Plus(TM) Excess Return is a dynamic allocation strategy based on the performance of the DBLCI-MR(TM) Excess Return Index [] Mandatory rebalancing takes place on a monthly basis [] At each monthly rebalancing, the allocation in the DBLCI-MR(TM) Excess Return strategy is determined based on the performance of the DBLCI-MR(TM) Excess Return over the previous 12 months [] Twelve performance indicators are built, reflecting the performance of DBLCI-MR(TM) Excess Return over previous 12-months, 11-months, 10-months [] 3-months, 2-months, 1-month [] The allocation or component weight to commodities is proportional to the number of times the DBCLI-MR(TM) Excess Return performance is greater than zero. The current allocation is 50.00% (see table) [] Rules based momentum strategy with no human intervention, only execution [] The allocation can be as low as 0% and as high as 100% Retrospective lookback over 12 periods [GRAPHIC OMITTED] DBLCI-MR (Lookback Returns as of 10(th) Dec 2012) ------------------------- 1 Month 2.2% ------------- ----------- 2 Month -2.2% 3 Month -5.6% ------------- ----------- 4 Month -2.3% ------------- ----------- 5 Month 5.7% ------------- ----------- 6 Month 12.2% ------------- ----------- 7 Month 5.3% ------------- ----------- 8 Month 2.0% ------------- ----------- 9 Month -3.1% ------------- ----------- 10 Month -1.8% ------------- ----------- 11 Month -1.5% ------------- ----------- 12 Month 2.9% Notes: Returns are calculated as of 6(th) business day of each month, from Dec 2011 to Dec 2012. 71

Optimized Yield Contract Selection to Create an "Optimal Yield" Contract selection and roll return can have a significant impact in the overall return of the index [] Deutsche Bank's proprietary optimum yield ("OY") technology rolls into the contract that maximizes positive roll yield (in a backwardated market) or minimizes negative roll yield (in a contango market) from the list of tradable futures which expire in the next 13 months [GRAPHIC OMITTED] [] Longer dated contracts typically have less negative [] Shorter dated contracts typically offer greater positive carry when the curve slopes upward (contango) carry when the curve slopes downward (backwardation) 72

Optimized Yield Index Contract Selection [] When: The OY index rolls out of a currently held contract one month prior to delivery month of the contract [] New Contract Selection : -- the new contract is selected on the first business day of the month from the list of eligible contracts -- eligible contracts for selection are contracts with delivery months 2 months after current month to 13 months after current month -- the eligible contract with the highest annualized implied roll yield is selected. If two or more contracts are tied for the maximum roll yield, the contract with the shorter tenor is selected 73

Optimized Yield Index Contract Selection (Cont'd) [] Implied Roll Yield measurement: -- implied roll yield for each eligible contract is measured as: [GRAPHIC OMITTED] -- Y(t,i): on any day t, the implied roll yield for entering into the commodity futures contract with exchange expiration month i -- PC(t,b): Closing price of the base commodity future b -- PC(t,i): Closing price of any eligible futures contract i -- F(t,i,b): Fraction of year between expiry dates of the base futures contract b and the futures contract with exchange expiration month i. Calculated as number of calendar days between dates divided by 365 -- b: Base commodity future is the commodity future currently in the index [] Roll Period is 2nd to 5th business days of the month [] OY index rolls a specified number of units of the commodity every day during the roll period 74

Optimum Yield Energy Sector Base Metals Sector [GRAPHIC OMITTED] [GRAPHIC OMITTED] Annualized Excess returns from Jan 2002 to Dec 2012. Most Optimum Yield indices have outperformed corresponding front-month rolling indices Agriculture Sector Precious Metals Sector [GRAPHIC OMITTED] [GRAPHIC OMITTED] Source: Bloomberg Notes: 1 All indices have been retrospectively calculated and did not exist prior to 31 May 2006. Accordingly, the results shown during the retrospective periods do not reflect actual returns. Past performance is not necessarily indicative of how the Index will perform in the future 2 Data as of 31 Dec 2012 75

Target Volatility Applying Volatility Targeting to Potentially Control Risk Step II Step III Step I Volatility Based Participation: Vol Target Index Realized Volatility Monitoring Participation = Target Volatility / Rebalancing Return = Participation x Based on Last 90 Days Returns Realized Volatility, subject to certain Once a Month Underlying Index Return maximum and minimum 3 Month Underlying Volatility Realized Volatility Vol Target Allocation Index Return Target Return Month (Annualized %) (%) (%) (%) 12 10.00 150.00 +5.00 +7.50 13 12.50 120.00 -1.00 --1.20 14 5.00 300.00 +3.00 +9.00 Numerical Example: Volatility Target = 15% 15 7.50 200.00 --2.00 --4.00 16 15.00 100.00 --5.00 --5.00 17 20.00 75.00 +1.00 +0.75 18 30.00 50.00 -10.00 --5.00 76

Risk -Parity Technology [] On each rebalance date we calculate the total index risk, Rp, on that date according to the formula [GRAPHIC OMITTED] [] Where the volatility and dollar-weighting of the i(t)(h) sector index is given by []i and Wi, respectively, and the correlation between the indices is given by []ij. To calculate []i and []ij we have used 90-day historical levels based on log returns [] The amount of risk contributed, RCi, to the portfolio by the i(th) sector index is then calculated according to [GRAPHIC OMITTED] [] We then solve the above set of non linear equations for each Wi with the following constraints 1) Wi [] 0 for each i 2) RC1 = RC2 = RC3 = RC4 3) RP = TV, where TV is some pre-defined target level of portfolio risk [] 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 77

Overview of OY Enhanced [] For each commodity, exposure is provided to 3 sub-indices : -- Short-Term Index: invests in the front month contract - the same as GSCI contract -- Medium -Term Index: invests in a long-term liquid contract -- Long-Term Index: invests in an even longer-term liquid contract [] Roll: Each sub-index rolls into its target contract between the 2(nd) and 6(th) business days of each month [] Rebalance: Exposure to each sub-index is computed at the close of the 1st business day of each month. Rebalance is implemented at the close of the 2(nd) business day of the month 78

Construction of OY Enhanced [] The Optimum Yield Enhanced (OYE) indices diversify their exposure over three points of the relevant commodity's forward curve , the short term contract, the medium term contract and the long term contract [] The methodology considers implied roll yields as well as historical volatility of curve shape to determine the exposure to be provided to the 3 different contracts. [] Exposure to the three contracts is rebalanced on a monthly basis, thereby providing the flexibility to react to any change in curve shape. [GRAPHIC OMITTED] 79

OY Enhanced Roll [] Choice of contracts for each component index is illustrated with Sugar below [GRAPHIC OMITTED] [] Table above shows the contracts into which each index will roll in the month mentioned in the top row [] Short-Term Index: [] Rolls into H contract in Jan, K in Feb, etc. In Sep, it rolls into H contract of the next year. [] This roll schedule matches the SandP GSCI index roll schedule (roll period for the 2 indices is different --GSCI rolls between 5(th) and 9th business days of the month; OYE rolls between 2nd and 6th business days of the month) [] Medium -Term Index: [] For each commodity, 2 named contracts per year are specified as Liquid Contracts. For Sugar, these are H and V. [] The Medium -Term contract provides exposure to the first Liquid Contract available whose delivery month is after the Short-term Index contract's delivery month [] Long-Term Index: [] Provides exposure to the first Liquid Contract available whose delivery month is after the Medium -Term Index's delivery contract [] Unnecessary trading is avoided by maintaining continuity in contract exposures. E.g. In Jun, the Long-term Index rolls out of H * contract, the Medium -Term Index rolls out of V and into H *, and the Short-Term Index rolls into V. As a result, exposure is maintained to the H * and V contracts (although there might be a change in weights due to a change in Sharpe Ratios) 80

OY Enhanced Rebalance [] For each commodity, exposure across the 3 sub-indices is computed as follows 1. Compute Implied Roll Return for each sub-index The rebalance calculation is performed at the end of the 1(st) business day of every month [GRAPHIC OMITTED] [] Spot Contract: Contract Short-Term Index rolled into in the previous month [] Target Contract: Contract Short-Term Index will roll into in the current month. If this is the same as Spot Contract, then it is replaced by the next available GSCI contract [] T: Days between expiry dates of Target Contract and Spot Contract / 365 2. Compute Volatility for each sub-index [] Compute daily returns, r(s), of the Spot Contract for last 61 business days [] Compute daily returns, r(t), of the Target Contract for last 61 business days [] Compute spread returns: r(spread) = r(t) -- r(s) [] Compute annualized volatility of spread returns 3. Compute Sharpe Ratio for each sub-index [GRAPHIC OMITTED] 4. Transform Sharpe Ratio of each sub-index to a Probability Measure [] Probability Measure = Cumulative probability on a standard normal distribution for the computed Sharpe Ratio. The higher the Sharpe Ratio, the higher will be the Probability Measure. In this way, a Sharpe Ratio which can be negative or positive is transformed to a measure that is always positive and lies between 0 and 1. 5. Compute Exposures [] Normalize the Probability Measures so they add to 100% [] Exposure to each sub-index = the normalized Probability Measure 81

Liquid Contracts for Optimum Yield Enhanced Indices Commodity Liquid Contracts WTI Crude Oil Jun Dec Natural Gas Jan Jul Heating Oil Jun Dec RBOB Gasoline Jun Dec Brent Crude Oil Jun Dec Gas Oil Jun Dec Gold Jun Dec Silver Jul Dec Soybeans Jul Nov Corn Jul Dec Wheat Jul Dec Soybean Oil Jul Dec Sugar Mar Oct Coffee Jul Dec Cotton Jul Dec Kansas Wheat Jul Dec Cocoa Mar Dec Copper Jun Dec Aluminum Jun Dec Zinc Jun Dec Nickel Jun Dec Lead Jun Dec 82

Comparative Performance Statistics Annualized Returns for Various Indices ------------- -------------------------------------------- -------------- YTD Return [1] 1 Year Return 3 Year Return 5 Year Return 10 Year Return Volatility [2] Sharpe Ratio Beta Allocation Indices DBLCI (TM) 0.79% 0.79% 3.83% -5.71% 6.15% 23.14% 0.27 SandP GSCI (TM) -0.01% -0.01% 2.44% -8.47% 1.02% 25.35% 0.04 DJ-UBSCI (SM) -1.14% -1.14% -0.03% -5.54% 2.35% 18.54% 0.13 Optimum Yield Based Indices DB Commodity Booster -- DJUBS ERAC 0.21% 0.21% 1.64% -2.91% 8.43% 17.01% 0.50 DB Commodity Booster DJUBS -- TV14 ERAC -2.25% -2.25% 0.96% -0.56% 11.44% 14.47% 0.79 DB Commodity Booster -- Benchmark 0.60% 0.60% 3.15% -3.50% 9.84% 22.34% 0.44 Mean Reversion Based Indices DBLCI-MR 3.33% 3.33% 4.61% -1.99% 10.90% 21.28% 0.51 DBLCI -- Mean Reversion Enhanced ex NG ERAC 3.22% 3.22% 3.65% 5.29% 14.76% 20.05% 0.74 DBLCI MR Enhanced 15 -5.02% -5.02% -5.72% -2.61% 12.31% 15.41% 0.80 DBLCI MR+ -2.45% -2.45% -1.00% 0.96% 9.49% 15.53% 0.61 Market Neutral Indices DB Commodity Harvest ERAC -0.89% -0.89% -0.24% 2.01% 4.77% 3.29% 1.45 DB Commodity Harvest -- 10 ERAC -6.10% -6.10% -2.92% 5.41% 14.22% 10.55% 1.35 DB Commodity Allocator Index -6.00% -6.00% -9.18% 1.13% 10.67% 14.00% 0.76 DB Commodity Risk Parity 18 Index 1.63% 1.63% 6.34% 4.60% 20.00% 19.23% 1.04 DB Commodity Apex 14 Index ERAC -18.68% -18.68% -5.89% 8.04% 23.12% 13.00% 1.78 DBLCI Commodity Momentum Index -24.79% -24.79% -0.73% 15.57% 12.63% 16.60% 0.76 DB Commodity Backwardation Alpha Index 1.11% 1.10% 5.90% 15.10% 12.37% 9.61% 1.29 Optimum Yield Enhanced Based Indices DB Commodity Booster OYE DJUBS 1.11% 1.10% 3.27% -0.48% 10.78% 16.11% 0.67 DB Commodity Booster OYE Benchmark LE 1.65% 1.64% 5.33% -0.82% 10.00% 17.05% 0.59 DB Commodity Curve Alpha ERAC -1.17% -1.17% 1.10% 3.40% 6.89% 2.54% 2.71 DB Commodity Curve Alpha ERAC 10 -8.25% -8.25% 2.36% 11.03% 30.80% 10.23% 3.01 Other Asset Classes Equities (SandP 500) 16.00% 16.00% 10.86% 1.66% 7.09% 20.47% 0.35 Fixed Income (US Govt. All Total Return) 4.20% 4.20% 4.86% 4.91% 4.55% 2.75% 1.65 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. Source: Bloomberg. Data as of 31 Dec 2012 1 Annualised return based on total return, excess return and ERAC 2 Annualised vol of the daily lognormal returns 83

Products DB Commodity Indices Delta 1 Structures Structures with Vanilla Optionality DB Commodity Booster -- DJUBS ERAC [] [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Booster DJUBS -- TV14 ERAC [] [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Booster -- Benchmark [] [] ----------------------------------------------- ------------------ ----------------------- DBLCI-MR [] ----------------------------------------------- ------------------ ----------------------- DBLCI-MR+ [] ----------------------------------------------- ------------------ ----------------------- DBLCI -- Mean Reversion Enhanced ex NG ERAC [] [] ----------------------------------------------- ------------------ ----------------------- DB MR Enhanced 15 [] [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Harvest ERAC [] [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Harvest -- 10 ERAC [] [] ----------------------------------------------- ------------------ ----------------------- DBLCI Commodity Momentum Index [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Backwardation Alpha Index [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Allocator [] * ----------------------------------------------- ------------------ ----------------------- DB Commodity Risk Parity 18 Index [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Apex 14 ERAC Index [] [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Booster OYE DJUBS [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Booster OYE Benchmark Light Energy [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Curve Alpha ERAC [] ----------------------------------------------- ------------------ ----------------------- DB Commodity Curve Alpha ERAC 10 [] ----------------------------------------------- ------------------ ----------------------- Notes: We can offer Structures with Vanilla Optionality on DB Commodity Allocator 12 Index 84

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 ex NG ERAC DBLCMNGU (Index) 30 August 2012 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 Booster OYE DJUBS DBCMODUE (Index) 31 October 11 DB Commodity Booster OYE Benchmark Light Energy DBRCOSUE (Index) 30 November 11 DB Commodity Curve Alpha ERAC DBRCOAEC (Index) 30 November 11 DB Commodity Curve Alpha ERAC 10 DBRCOCUE (Index) 30 November 11 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 Backwardation Alpha Index DBRCBAAE (Index) 14 December 2012 DB Commodity Apex 14 ERAC Index DBCMA14N (Index) June 11 Equities (SandP 500) Total Return SPTR (Index) Fixed Income Total Return JHDCGBIG (Index) 85

Optimized Yield Available Indices Commodity Contract Expiry Date Bloomberg Ticker Index Live Date Energy WTI Crude Oil 20-Jun-13 DBLCOCLE Index 31 May 06 Brent Crude Oil 16-Jan-13 DBLCYECO Index 31 May 06 Heating Oil 29-Mar-13 DBLCOHOE Index 31 May 06 RBOB Gasoline 31-Oct-13 DBLCYERB Index 31 May 06 Gasoil 12-Jun-13 DBLCYEGO Index 31 May 06 Natural Gas 26-Sep-13 DBLCYENG Index 31 May 06 Base Metals Aluminum 16-Oct-13 DBLCOALE Index 31 May 06 Copper 20-Mar-13 DBLCYECU Index 31 May 06 Zinc 18-Dec-13 DBLCYEZN Index 31 May 06 Nickel 18-Sep-13 DBLCYENI Index 31 May 06 Lead 20-Feb-13 DBLCYEPB Index 31 May 06 Precious Metals Gold 28-Aug-13 DBLCOGCE Index 31 May 06 Silver 27-Dec-13 DBLCYESI Index 31 May 06 Agriculture Wheat 12-Jul-13 DBLCOWTE Index 31 May 06 Kansas Wheat 12-Jul-13 DBLCYEKW Index 31 May 06 Corn 13-Dec-13 DBLCOCNE Index 31 May 06 Soybean 14-Nov-13 DBLCYESS Index 31 May 06 Cotton 06-Mar-13 DBLCYECE Index 31 May 06 Sugar 28-Jun-13 DBLCYESB Index 31 May 06 Coffee 18-Mar-13 DBLCYEKC Index 31 May 06 Cocoa 13-Dec-13 DBLCYECC Index 31 May 06 Source: DBIQ Notes: 1 Bloomberg Tickers shown are for Excess Return version of the indices 86 2 Data as of 31 Dec 2012

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 Optimum Yield and Optimum Yield Enhanced strategies described herein aim 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 Optimum Yield and Optimum Yield Enhanced strategies 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 Optimum Yield strategies described herein. However, there is no guarantee that an index employing the Allocator strategy, or any of the Mean Reversion and Optimum Yield strategies, will be successful in achieving the desired objective [] The Apex 14 ERAC Index described herein aims to maximize returns by combining the Mean Reversion, market neutral, Momentum and Target Volatility strategies described herein. However, there is no guarantee that an index employing any of these strategies will be successful in achieving the desired objective [] The DB Commodity Backwardation Alpha Index adopts a long-short strategy of taking a long position in six of the twelve index commodities with the highest positive roll yields in backwardated markets (or the lowest negative roll yields in contango markets), in conjunction with the Optimum Yield Enhanced strategy described herein, and taking a short position in the remaining six index commodities. However, the long-short strategy and Optimum Yield Enhanced strategy employed by the DB Commodity Backwardation Alpha Index may not be successful, and the index may not be able to achieve its desired objective 87

Risk Considerations (Cont'd) [] 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 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 Index Comparison [] In this document, various performance -related statistics, such as index return and volatility, among others, of each Deutsche Bank proprietary index included herein are compared with those of their related Deutsche Bank and/or non-Deutsche Bank indices. Such comparisons are for information purposes only. No assurance can be given that such Deutsche Bank proprietary indices included herein will outperform their related Deutsche Bank and/or non-Deutsche Bank indices in the future; nor can assurance be given that such Deutsche Bank proprietary indices will not significantly underperform their related Deutsche Bank and/or non-Deutsche Bank indices in the future. Similarly, no assurance can be given that the relative volatility levels of such Deutsche Bank proprietary indices and their related Deutsche Bank and/or non-Deutsche Bank indices will remain the same in the future 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 88

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