Deutsche Bank Aktiengesellschaft

This licence authorises the licensee to carry on a financial services business to:

provide financial product advice to retail and wholesale clients for the following classes of financial products:

deposit and payment products including:

basic deposit products;

deposit products other than basic deposit products;

non-cash payment products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

securities;

financial products limited to:

miscellaneous financial investment products;

provide financial product advice to wholesale clients only for the following classes of financial products:

standard margin lending facility;

carbon units;

Australian carbon credit units;

eligible international emissions units;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product to retail and wholesale clients in respect of the following classes of financial products:

deposit and payment products including:

basic deposit products;

deposit products other than basic deposit products;

non-cash payment products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

securities;

financial products limited to:

miscellaneous financial investment products;

issuing, applying for, acquiring, varying or disposing of a financial product to wholesale clients only in respect of the following classes of financial products:

standard margin lending facility;

applying for, acquiring, varying or disposing of a financial product on behalf of another person to retail and wholesale clients in respect of the following classes of products:

deposit and payment products including:

basic deposit products;

deposit products other than basic deposit products;

non-cash payment products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

securities;

financial products limited to:

miscellaneous financial investment products;

applying for, acquiring, varying or disposing of a financial product on behalf of another person to wholesale clients only in respect of the following classes of products:

standard margin lending facility;

carbon units;

Australian carbon credit units;

eligible international emissions units;

underwriting:

interests in managed investment schemes;

an issue of securities;

make a market to retail and wholesale clients for the following financial products:

foreign exchange contracts;

derivatives;

debentures, stocks or bonds issued or proposed to be issued by a government and/or debentures issued by any other body;

limited to financial products other than:

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government and/or debentures issued by any other body;

make a market to wholesale clients only for the following financial products:

carbon units;

Australian carbon credit units;

eligible international emissions units;

provide the following custodial or depository services to retail and wholesale clients:

operate investor directed portfolio services (each of which is referred to as the IDPS); and

operate custodial or depository services other than investor directed portfolio services;