NOTICE OF DISCIPLINARY ACTION

FILE NO.:

NYMEX 11-08386-BC

MEMBER:

DEUTSCHE BANK AG

NYMEX RULE VIOLATION:

562. POSITION LIMIT VIOLATIONS

Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.

FINDINGS:

Pursuant to an offer of settlement Deutsche Bank AG (“Deutsche Bank”) presented at a hearing on May 22, 2012, in which Deutsche Bank neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that on June 23, 2011, Deutsche Bank held a position of 5,761.25 short July 2011 Henry Hub Natural Gas Look-Alike Last Day Financial Futures (“JUL11 NatGas”) contracts, which was 1,261.25 contracts or 28.0% over its Exchange approved expiration month hedge exemption level of 4,500 contracts in JUL11 NatGas. Furthermore, on June 24, 2011, Deutsche Bank increased its JUL11 NatGas position to 6,011.25 short JUL11 NatGas contracts or 33.6% over its Exchange approved expiration month hedge exemption level.

The Panel found that as a result, Deutsche Bank violated Rule 562.

PENALTY:

In accordance with the settlement offer, the Panel ordered Deutsche Bank to pay a fine to the Exchange in the amount of $40,000.

EFFECTIVE DATE:

May 24, 2012