[GRAPHIC OMITTED]

Deutsche Bank announced on February 9, 2012 the suspension of any further
issuance of the PowerShares DB Commodity ETNs. The DB PowerShares Commodity
ETNs wil  continue to be listed and traded on NYSE Arca. Separately, Deutsche
Bank announced that, effective after the close of trading on February 16, 2012,
there would be a change in the underlying index to the PowerShares DB Commodity
Double Long Exchange Traded Note and the PowerShares DB Commodity Long Exchange
Traded Note. Please see the press release filed by Deutsche Bank with the SEC
on February 9, 2012 for additional information.

The PowerShares DB Commodity Double Long Exchange Traded Note (Symbol: DYY),
PowerShares DB Commodity Long Exchange Traded Note (Symbol: DPU), PowerShares
DB Commodity Short Exchange Traded Note (Symbol: DDP) and PowerShares DB
Commodity Double Short Exchange Traded Note (Symbol: DEE) (collectively, the
"PowerShares DB Commodity ETNs") provide investors a way to take a long, short
or leveraged view on the performance of a broad-based commodity index.

Al  of the PowerShares DB Commodity ETNs are based on a total return version of
the Deutsche Bank Liquid Commodity Index[TM]. The Long and Double Long ETNs are
based on the Optimum Yield[TM] version of the Index. The Short and Double Short
ETNs are based on the standard version of the Index. Each index is intended to
track the long or short performance of the underlying futures contracts
relating to six commodities: wheat, corn, light sweet crude oil, heating oil,
gold and aluminum.

Investors can buy and sel  PowerShares DB Commodity ETNs at market price on the
NYSE Arca exchange or receive a cash payment at the scheduled maturity or early
repurchase based on the month-over-month performance of the index less investor
fees. Investors may of er PowerShares DB Commodity ETNs in blocks of no less
than 5,000 securities and integral multiples of 5,000 securities thereafter for
purchase, subject to the procedures described in the pricing supplement which
include a fee of up to $0.03 per security.

[GRAPHIC OMITTED] [GRAPHIC OMITTED]      [GRAPHIC OMITTED]
Fact Sheet        Prospectus             Download Historical Repurchase Value

FinancialDetails
                         DYY        DPU        DDP        DEE
LastUpdate               10/22/2014 10/22/2014 10/22/2014 10/22/2014
                         12:00AMEST 12:00AMEST 12:00AMEST 12:00AMEST
Price                    5.90       13.87      36.45      39.38
IndicativeIntra-dayValue 5.89       14.24      35.64      39.16
LastEndofDayRepurchase
Value(1)                 5.9161     14.2786    35.5451    38.9352
LastDateforEndofDayValue 10/21/2014 10/21/2014 10/21/2014 10/21/2014


PowerSharesDBCommodityETN ETNand IndexHistory(%)
and IndexData                                                             ETN
                          Asof9/30/2014        1Year 3Year 5Year 10Year Inception
TickerSymbols

CommodityDoubleLong           DYY
CommodityLong                 DPU
CommodityShort                DDP
CommodityDoubleShort          DEE
IntradayIndicativeValue
Symbols
CommodityDoubleLong        DYYIV
CommodityLong              DPUIV
CommodityShort             DDPIV
CommodityDoubleShort       DEEIV
CUSIPSymbols
CommodityDoubleLong   25154H475
CommodityLong         25154H459
CommodityShort        25154H467
CommodityDoubleShort  25154H483
Details
ETNpriceatlisting          $25.00
Inceptiondate             4/28/08
Maturitydate               4/1/38
Yearlyinvestorfee          0.75%
Listingexchange          NYSEArca
Indexsymbol:
DBLiquidCommodity        DBLCOYER
Index-Optimum Yield[TM]
DBLiquidCommodity        DBLCMACL
Index[TM]

Issuer
Deutsche Bank AG, London Branch Long-term Unsecured Obligations

Risks

o Non-principal protected

o Leveraged losses

o Subject to an investor fee

o Limitations on repurchase

o Concentrated exposure

o Credit risk of the issuer

o Potential lack of liquidity

Benefits

o Leveraged and short notes

o Relatively low cost

o Intraday access

o Listed

o Transparent

ETNRepurchaseValue(1)
CommodityDoubleLong         -19.49 -7.25  -1.64 -   -18.78
CommodityLong                 -9.98 -3.11   0.41 -   -7.60
CommodityShort               12.23   0.47  -4.19 -    4.92
CommodityDoubleShort         25.34  -0.45 -10.34 -    5.72
ETNMarketPrice(2)
CommodityDoubleLong         -16.25  -6.55  -1.27 -  -18.59
CommodityLong                 8.22  -1.56   0.98 -   -7.14
CommodityShort               36.04   0.17  -3.91 -    5.16
CommodityDoubleShort         47.65   0.39  -9.92 -    6.10
IndexHistory
DeutscheBankLiquidCommodity  -9.34  -2.42   1.10 -   -7.09
Index-Optimum Yield
DeutscheBankLiquidCommodity -12.63  -3.22   0.50 -   -9.88
Index
ComparativeIndexes(3)
SandP500Index                19.73  22.99 15.70  -    7.95
BarclaysU.S. Aggregate        3.96  2.43   4.12  -    4.66


LongIndexWeights
Asof10/21/2014
Commodity           ContractExpiryDate      Weight(%)
Aluminium                       10/21/2015          14.28
Corn                            12/12/2014           9.48
Gold                             4/28/2015          10.76
HeatingOil                       5/29/2015          19.86
LightCrude                      12/19/2014          35.94
Wheat                            7/14/2015           3.07
Wheat(KansasWheat)               7/14/2015           3.45
Wheat-MineapolisWht             12/12/2014           3.16
------------------- ----------------------- -------------
ShortIndexWeights
Asof10/21/2014
Commodity           ContractExpiryDate      Weight(%)
Aluminium                       12/17/2014         14.52
Corn                            12/12/2014          9.58
Gold                            12/29/2014         10.62
HeatingOil                      11/28/2014         19.83
LightCrude                      11/20/2014         36.06
Wheat                           12/12/2014          9.39

Source: Invesco PowerShares, Bloomberg L.P.

(1)ETN repurchase value performance figures reflect repurchase value, which
would require investors to have a minimum number of shares (found in pricing
supplement). Repurchase value is the current principal amount x applicable
index factor x fee factor. See the prospectus for more complete information.
Investors holding less than the minimum number of shares required to ef ect a
repurchase would have to sell their shares at prevailing market prices, which
may be at a discount to the repurchase value. See "ETN Market Price" in this
table. Index history is for illustrative purposes only and does not represent
actual PowerShares DB Commodity ETN performance. The inception date of the
Deutsche Bank Liquid Commodity Index (DBLCI) is Jan. 12, 2004. The inception
date of the Index's Optimum Yield version is May 24, 2006. ETN repurchase value
is based on a combination of the monthly returns from the relevant commodity
index plus the monthly returns from the DB 3-Month T-Bill  Index (the "T-Bill
Index"), resetting monthly as per the formula applied to the PowerShares DB
Commodity ETNs, less the investor fee. The Long and Double Long ETNs are based
on the Deutsche Bank Liquid Commodity Index -- Optimum Yield[TM], and the Short
and Double Short Commodity ETNs are based on the standard version of the
Deutsche Bank Liquid

Commodity Index (the "Commodity Indexes"). The T-Bill Index is intended to
approximate the returns from investing in 3-month United States Treasury bills
on a rolling basis.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

(2)ETN market price performance is calculated using the change in the bid/ask
midpoint at 4 p.m. ET expressed as a percentage change from the beginning to
the end of the specified time period.

(3)The SandP 500([R]) Index is an unmanaged index used as a measurement of change
in stock market conditions based on the performance of a specified group of
common stocks. The Barclays U.S. Aggregate Bond Index[TM] is an unmanaged index
considered representative of the U.S. investment-grade, fixed-rate bond market.
Index history does not reflect any transaction costs or expenses. Indexes are
unmanaged, and you cannot invest directly in an index.

Important Risk Considerations

The PowerShares DB Commodity ETNs may not be suitable for investors seeking an
investment with a term greater than the time remaining to the next monthly
reset date and should be used only by knowledgeable investors who understand
the potential adverse consequences of seeking longer term inverse or leveraged
investment results by means of securities that reset their exposure monthly.
Investing in the ETNs is not equivalent to a direct investment in the index or
index components because the current principal amount (the amount you invested)
is reset each month, resulting in the compounding of monthly returns. The
principal amount is also subject to the investor fee, which can adversely
affect returns. The amount you receive at maturity (or upon an earlier
repurchase) wil  be contingent upon each monthly performance of the index
during the term of the securities.  There is no guarantee that you wil  receive
at maturity, or upon an earlier repurchase, your initial investment back or any
return on that investment.

Significant adverse monthly performances for your securities may not be offset
by any beneficial monthly performances.

The PowerShares DB Commodity ETNs are senior unsecured obligations of Deutsche
Bank AG, London Branch, and the amount due on the PowerShares DB Commodity ETNs
is dependent on Deutsche Bank AG, London Branch's ability to pay. The
PowerShares DB Commodity ETNs are riskier than ordinary unsecured debt
securities and have no principal protection. Risks of investing in the
PowerShares DB Commodity ETNs include limited portfolio diversification, ful
principal at risk, trade price fluctuations, illiquidity and leveraged losses.
Investing in the PowerShares DB Commodity ETNs is not equivalent to a direct
investment in the Index or index components. The investor fee will  reduce the
amount of your return at maturity or upon redemption of your PowerShares DB
Commodity ETNs even if the value of the relevant index has increased. If at any
time the redemption value of the PowerShares DB Commodity ETNs is zero, your
investment will  expire worthless. Ordinary brokerage commissions apply, and
there are tax consequences in the event of sale, redemption or maturity of the
PowerShares DB Commodity ETNs. Sales in the secondary market may result in
losses. An investment in the PowerShares DB Commodity ETNs may not be suitable
for all  investors.

The PowerShares DB Commodity ETNs provide concentrated exposure to notional
positions in commodity futures contracts. The market value of the PowerShares
DB Commodity ETNs may be influenced by many unpredictable factors, including,
among other things, volatile prices,

changes in supply and demand relationships, changes in interest rates, and
monetary and other governmental actions.

The PowerShares DB Commodity Double Long ETN and PowerShares DB Commodity
Double Short ETN are both leveraged investments. As such, they are likely to be
more volatile than an unleveraged investment. There is also a greater risk of
loss of principal associated with a leveraged investment than with an
unleveraged investment.

An investment in the PowerShares DB Commodity ETNs involves risks, including
possible loss of principal. For a description of the main risks, see "Risk
Factors" in the applicable pricing supplement.

Not FDIC Insured -- No Bank Guarantee -- May Lose Value

Deutsche Bank AG, London Branch has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus and other documents filed by
Deutsche Bank AG, London Branch for more complete information about the issuer
and this offering. You may get these documents for free by visiting
www.dbxus.com or EDGAR on the SEC website at www.sec.gov. Alternatively, you
may request a prospectus by cal ing 800.983.0903 | 877.369.4617, or you may
request a copy from any dealer participating in this offering.

Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management
LLC. Invesco Distributors, Inc. wil  be compensated by Deutsche Bank or its
affiliates for providing these marketing services. Neither Invesco
Distributors, Inc. nor Invesco PowerShares is affiliated with Deutsche Bank.

PowerShares([R]) is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC is an indirect, whol
y owned subsidiary of Invesco Ltd.

This material must be accompanied or preceded by a prospectus. Before
investing, please read the prospectus carefully.

An investor should consider the securities' investment objective, risks,
charges and expenses carefully before investing.