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Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

SBND DB 3x Short 25+ Year Treasury ETN
Bond ETN

LBND: DB 3x Long 25+ Year Treasury Bond
LBND ETN
ETN
Prospectus

Total Notes Outstanding: $40,103,765 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

The DB 3x Long 25+ Year Treasury Bond ETN (Symbol: LBND) is part of the "DB
U.S. Treasury ETN" collection. DB U.S. Treasury ETNs provide investors a way to
take a leveraged view on the performance of a U.S. Treasury bond futures index.
The DB U.S. Treasury Exchange Traded Notes are based on the DB Long U.S.
Treasury Bond Futures Index and the DB Short U.S. Treasury Bond Futures Index,
which measure the performance of a long or short investment in the CBOT Ultra
T-Bond futures. The DB Long U.S. Treasury Bond Futures Index measures the
performance of a long investment in the CBOT Ultra T-Bond futures and the DB
Short U.S. Treasury Bond Futures Index measures the performance of a short
investment in the CBOT Ultra T-Bond futures. The underlying assets of the Ultra
T-Bond futures are U.S. Treasury Bonds with at least 25 years remaining term to
maturity. The returns of each ETN are obtained by combining 3x the returns of
the relevant index with the returns of the TBill index, less investor fees.
Investors can buy and sell the ETNs 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.
Any payment at maturity or upon early redemption is subject to Deutsche Bank
AG's ability to pay its obligations as they become due. The issuer has the
right to redeem the ETNs at the repurchase value at any time. Investors may
redeem the ETNs in blocks of no less than 200,000 securities and multiples of
50,000 securities thereafter, subject to the procedures described in the
pricing supplement. Redemptions may include a fee of up to $0.03 per security.
Leveraged ETNs are not suitable for all investors.

Regulatory Documents

PROSPECTUS

Risks                       Benefits
 Non-principal protected     Leveraged long notes
 Leveraged losses            Relatively low cost
 Subject to an investor fee  Intraday access
 Limitations on repurchase   Listed
 Concentrated exposure

Credit risk of the issuer Issuer call right Lack of liquidity

LBND Profile

Inception Date: 06/28/2010 ETN Price at Initial Listing: $25.00 Maturity Date:
05/31/2040 Listing Exchange: NYSE Arca Yearly Investor Fee: 0.95% Ticker: LBND
CUSIP: 25154N522

LBND Financial Details
As of 25-Feb-2015 03:39 PM

52 Week High: 52 Week Low:
690000        690000
      Current data not available
--------------------------------
         Pricing Snapshot
         Current Pricing 52 Week

Indicative Value

Intraday Indicative Security Value: $58.98 1 Last End of Day Value: $58.12 Last
End of Day Date: 02/24/2015

1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.

About the Note's Index
Last Updated 02/24/2015

Index Ticker: DBBNDL
   Component          Contract   Weight
                        Date       %
Ultra Long Term        20-Mar-     60.00
UST Bond Future      2015 / MAR5
-------------------- ----------- -------
Ultra Long Term        19-Jun-     40.00
UST Bond Future      2015 / JUN5

LBND News and Updates

2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)

4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes

3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

SBND DB 3x Short 25+ Year Treasury ETN
Bond ETN

LBND: DB 3x Long 25+ Year Treasury Bond
LBND ETN
ETN
Prospectus

Total Notes Outstanding: $40,103,765 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

Total Returns (%)
------------------------
as of Jan 2015  []
-------------- =========
   Quarter-end Month-end

                  Cumulative                       Average Annualized
         1 Month  3 Months   6 Months  YTD  1 Year 3 Year  5 Year Since
                                                                  Inception
Underlying Index
----------------- ---------- --------- ---- ------ ------- ------ ---------
DB Long      8.32     14.23      19.83 8.32  27.92    6.46   0.00      9.73
US
Treasury
Bond
Futures
Index

ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have
been lower than the relevant index. See the prospectus for more complete
information. Investors holding less than the minimum number of shares required
to effect a repurchase would have to sell their shares at prevailing market
prices, which may be at a significant discount to the repurchase value. Indexes
are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. Performance data current to the most recent
month end can be obtained by calling 1-855-329-3837 or by visiting
www.deutsche-etfs.com.

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the ETNs is zero,
the relevant ETNs will be accelerated and you will lose your entire investment
in such ETNs. As described in the relevant pricing supplement, Deutsche Bank
may redeem the ETNs for an amount in cash equal to the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

SBND DB 3x Short 25+ Year Treasury ETN
Bond ETN

LBND: DB 3x Long 25+ Year Treasury Bond
LBND ETN
ETN
Prospectus

Total Notes Outstanding: $40,103,765 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

News

2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)

4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes

3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

SBND DB 3x Short 25+ Year Treasury ETN
Bond ETN

LBND: DB 3x Long 25+ Year Treasury Bond
LBND ETN
ETN
Prospectus

Total Notes Outstanding: $40,103,765 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

Related Materials

LBND Prospectus PDF

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

SBND DB 3x Short 25+ Year Treasury ETN
Bond ETN

LBND: DB 3x Long 25+ Year Treasury Bond
LBND ETN
ETN
Prospectus

Total Notes Outstanding: $40,103,765 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

FAQ's

What is an Exchange Traded Note (ETN)?

An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.

What are the benefits of ETNs?

Unlike ETFs, an ETN generally has no tracking errors to its underlying index.
"Tracking error" refers to the difference between the daily performance of an
ETP and the daily performance of its underlying index. Because ETNs represent a
promise by the issuer to pay an exact return linked to the performance of an
underlying index, less applicable investor fees, ETNs do away with the
discrepancies that can exist between the returns of ETFs and their underlying
indices.

What risks are associated with ETNs?

Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.

ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.

Do the ETNs replicate a direct investment in the underlying index?

Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount (the amount you invested) is also
subject to the applicable investor fees, which can adversely affect returns.

What are Leveraged ETNs?

Leveraged ETNs are designed to amplify returns related to an underlying index,
whether positive or negative.

Leveraged ETNs typically attempt to provide double or triple returns of an
underlying index over a predetermined period of time, usually daily or monthly.
The current principal amount is reset each day or month to ensure that a
consistent degree of leverage is applied to any performance of the underlying
index. If the current principal amount is reduced by a negative daily or
monthly performance, any further negative daily or monthly performance will
lead to a smaller loss when applied to that reduced current principal amount.
However, if the current principal amount increases, the loss for a certain
level of negative daily or monthly performance will increase correspondingly.
Resetting the current principal amount also means that any gain from a positive
daily or monthly performance will be contingent upon the current principal
amount. The leverage feature and the daily or monthly reset of the principal
amount will cause the performance of the ETNs to differ significantly from the
point-to-point performance of the underlying index. Leveraged ETNs may not be
suitable for all investors.

What makes Deutsche Bank's Leveraged ETNs different from other Leveraged ETPs?


Deutsche Bank offers a number of leveraged ETNs, the returns of which are reset
on a monthly basis, as compared to other leveraged ETNs in the market that
reset on a daily basis. ETNs reset on a daily basis are typically designed to
achieve their stated objectives on a daily basis. Due to the effects of the
leverage feature and the daily reset of the principal amount, the performance
of leveraged ETNs over longer periods of time can differ significantly from the
point-to-point performance of the underlying index. Deutsche Bank ETNs offer
investors exposure to the month-over-month performance of its respective
underlying index measured from the first calendar day to the last calendar day
of each month. While Deutsche Bank's monthly reset ETNs lessen the deviation to
the underlying index to certain degree, they 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 leveraged
investment results by means of securities that reset their exposure monthly.

Who is the issuer for the DB ETNs?

The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to
the credit risk of Deutsche Bank AG. For more information about Deutsche Bank
AG, you can review Deutsche Bank's annual report on Form 20-F and Interim
Reports on Form 6-K at www.sec.gov.

Do the DB ETNs pay interest and dividends?

These ETNs do not pay any interest or dividends.

How are ETNs taxed?

In determining our tax reporting responsibilities, if any, with respect to the
ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid
financial contracts that are not debt. If this treatment is respected, subject
to any special considerations described in the relevant pricing supplement, (i)
you should not recognize taxable income or loss prior to the taxable
disposition of your Deutsche X-trackers ETNs (including at maturity or upon
early redemption), (ii) in the case of equity-linked or commodity-linked ETNs,
your gain or loss on the ETNs should be capital gain or loss, and (iii) 1099s,
not K-1s, will be the tax reporting forms received. However, significant
aspects of the tax treatment of the ETNs are uncertain. If the Internal Revenue
Service ("IRS") were successful in asserting an alternative treatment for the
ETNs, the tax consequences of ownership and disposition of the ETNs could
differ materially and adversely from those described briefly above. In
addition, in 2007 the U.S. Treasury Department and the IRS released a notice
requesting comments on the tax treatment of "prepaid forward contracts" and
similar instruments. Any resulting guidance could materially and adversely
affect the tax consequences of an investment in the ETNs, possibly with
retroactive effect.

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

LBND DB 3x Long 25+ Year Treasury ETN
Bond ETN

SBND: DB 3x Short 25+ Year Treasury Bond
SBND ETN
ETN
Prospectus

Total Notes Outstanding: $38,260,419 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

The DB 3x Short 25+ Year Treasury Bond ETN (Symbol: SBND) is part of the "DB
U.S. Treasury ETN" collection. DB U.S. Treasury ETNs provide investors a way to
take a leveraged view on the performance of a U.S. Treasury bond futures index.
The DB U.S. Treasury Exchange Traded Notes are based on the DB Long U.S.
Treasury Bond Futures Index and the DB Short U.S. Treasury Bond Futures Index,
which measure the performance of a long or short investment in the CBOT Ultra
T-Bond futures. The DB Long U.S. Treasury Bond Futures Index measures the
performance of a long investment in the CBOT Ultra T-Bond futures and the DB
Short U.S. Treasury Bond Futures Index measures the performance of a short
investment in the CBOT Ultra T-Bond futures. The underlying assets of the Ultra
T-Bond futures are U.S. Treasury Bonds with at least 25 years remaining term to
maturity. The returns of each ETN are obtained by combining 3x the returns of
the relevant index with the returns of the TBill index, less investor fees. Any
payment at maturity or upon early redemption is subject to Deutsche Bank AG's
ability to pay its obligations as they become due. Investors can buy and sell
the ETNs 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. The issuer has the right to redeem the ETNs at the
repurchase value at any time. Investors may redeem the ETNs in blocks of no
less than 200,000 securities and multiples of 50,000 securities thereafter,
subject to the procedures described in the pricing supplement. Redemptions may
include a fee of up to $0.03 per security. Leveraged inverse ETNs are not
suitable for all investors.

Regulatory Documents

PROSPECTUS

Risks                       Benefits
 Non-principal protected     Leveraged short notes
 Leveraged losses            Relatively low cost
 Subject to an investor fee  Intraday access
 Limitations on repurchase   Listed

Concentrated exposure Credit risk of the issuer Issuer call right Lack of
liquidity

SBND Profile

Inception Date: 06/28/2010 ETN Price at Initial Listing: $25.00 Maturity Date:
5/31/2040 Listing Exchange: NYSE Arca Yearly Investor Fee: 0.95% Ticker: SBND
CUSIP: 25154N530

SBND Financial Details
As of 25-Feb-2015 01:51 PM

GRAPHIC OMMITTED

Indicative Value

Intraday Indicative Security Value: $4.34 1 Last End of Day Value: $4.39 Last
End of Day Date: 02/24/2015

1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.

About the Note's Index
Last Updated 02/24/2015

Index Ticker: DBBNDS
   Component          Contract   Weight
                        Date       %
Ultra Long Term        20-Mar-    -60.00
UST Bond Future      2015 / MAR5
Ultra Long Term        19-Jun-    -40.00
UST Bond Future      2015 / JUN5

SBND News and Updates

2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)

4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes

3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

LBND DB 3x Long 25+ Year Treasury ETN
Bond ETN

               SBND: DB 3x Short 25+ Year Treasury Bond
 SBND          ETN
    ETN
                  Prospectus
               Total Notes Outstanding: $38,260,419 - As of: 02/24/2015
  Overview Performance News Related Materials FAQ
Total Returns (%)
-----------------------------------------------------------------------
as of Jan 2015        []
-------------- ========================================================
   Quarter-end       Month-end

                  Cumulative                         Average Annualized
         1 Month  3 Months   6 Months  YTD   1 Year   3 Year 5 Year Since
                                                                    Inception
Underlying Index
----------------- ---------- --------- ----- ------- ------- ------ ---------
DB          -8.32    -13.26     -17.62 -8.32  -23.06   -7.59   0.00    -10.76
Short
US
Treasury
Bond
Futures
Index

ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have
been lower than the relevant index. See the prospectus for more complete
information. Investors holding less than the minimum number of shares required
to effect a repurchase would have to sell their shares at prevailing market
prices, which may be at a significant discount to the repurchase value. Indexes
are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. Performance data current to the most recent
month end can be obtained by calling 1-855-329-3837 or by visiting
www.deutsche-etfs.com.

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

GRAPHIC OMMITTED

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

LBND DB 3x Long 25+ Year Treasury ETN
Bond ETN

SBND: DB 3x Short 25+ Year Treasury Bond
SBND ETN
ETN
Prospectus

Total Notes Outstanding: $38,260,419 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

News

2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)

4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes

3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

LBND DB 3x Long 25+ Year Treasury ETN
Bond ETN

SBND: DB 3x Short 25+ Year Treasury Bond
SBND ETN
ETN
Prospectus

Total Notes Outstanding: $38,260,419 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

Related Materials

SBND Prospectus PDF

Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info

Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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

Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.

Privacy | Contact Us

Products Insights Literature Resources About Us

Contact Us

Shareholders:
To speak with a shareholder representative, call (877) 369-4617.

Advisors:
To speak with an ETF sales representative, call (844) 851-4255.

Related Products

LBND DB 3x Long 25+ Year Treasury ETN
Bond ETN

SBND: DB 3x Short 25+ Year Treasury Bond
SBND ETN
ETN
Prospectus

Total Notes Outstanding: $38,260,419 - As of: 02/24/2015

Overview Performance News Related Materials FAQ

FAQ's

What is an Exchange Traded Note (ETN)?

An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.

What are the benefits of ETNs?

Unlike ETFs, an ETN generally has no tracking errors to its underlying index.
"Tracking error" refers to the difference between the daily performance of an
ETP and the daily performance of its underlying index. Because ETNs represent a
promise by the issuer to pay an exact return linked to the performance of an
underlying index, less applicable investor fees, ETNs do away with the
discrepancies that can exist between the returns of ETFs and their underlying
indices.

What risks are associated with ETNs?

Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.

ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.

Do the ETNs replicate a direct investment in the underlying index?

Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount (the amount you invested) is also
subject to the applicable investor fees, which can adversely affect returns.

What are Leveraged ETNs?

Leveraged ETNs are designed to amplify returns related to an underlying index,
whether positive or negative.

Leveraged ETNs typically attempt to provide double or triple returns of an
underlying index over a predetermined period of time, usually daily or monthly.
The current principal amount is reset each day or month to ensure that a
consistent degree of leverage is applied to any performance of the underlying
index. If the current principal amount is reduced by a negative daily or
monthly performance, any further negative daily or monthly performance will
lead to a smaller loss when applied to that reduced current principal amount.
However, if the current principal amount increases, the loss for a certain
level of negative daily or monthly performance will increase correspondingly.
Resetting the current principal amount also means that any gain from a positive
daily or monthly performance will be contingent upon the current principal
amount. The leverage feature and the daily or monthly reset of the principal
amount will cause the performance of the ETNs to differ significantly from the
point-to-point performance of the underlying index. Leveraged ETNs may not be
suitable for all investors.

What makes Deutsche Bank's Leveraged ETNs different from other Leveraged ETPs?


Deutsche Bank offers a number of leveraged ETNs, the returns of which are reset
on a monthly basis, as compared to other leveraged ETNs in the market that
reset on a daily basis. ETNs reset on a daily basis are typically designed to
achieve their stated objectives on a daily basis. Due to the effects of the
leverage feature and the daily reset of the principal amount, the performance
of leveraged ETNs over longer periods of time can differ significantly from the
point-to-point performance of the underlying index. Deutsche Bank ETNs offer
investors exposure to the month-over-month performance of its respective
underlying index measured from the first calendar day to the last calendar day
of each month. While Deutsche Bank's monthly reset ETNs lessen the deviation to
the underlying index to certain degree, they 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 leveraged
investment results by means of securities that reset their exposure monthly.

What are Inverse ETNs?

Inverse ETNs are products that provide investors with short exposure to an
underlying index, meaning that their returns will increase with depreciations
and decrease with appreciations of the underlying index. Inverse ETNs may also
provide investors leveraged short exposure to an underlying index. Inverse ETNs
may not be suitable for all investors.

Who is the issuer for the DB ETNs?

The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to
the credit risk of Deutsche Bank AG. For more information about Deutsche Bank
AG, you can review Deutsche Bank's annual report on Form 20-F and Interim
Reports on Form 6-K at www.sec.gov.

Do the DB ETNs pay interest and dividends?

These ETNs do not pay any interest or dividends.

Why should an investor consider DB Sovereign Debt ETNs?

These sovereign debt ETNs provide investors the ability to take a long or
leveraged long view on the performance of German or Japanese sovereign bond
futures, a short or leveraged short view on the performance of Japanese
sovereign bond futures, and a leveraged long or leveraged short view on the
performance of long dated U.S. Treasury bond futures. These ETNs are the first
exchange traded products to provide leveraged returns based on sovereign bond
futures from Germany, Japan or U.S.

How are ETNs taxed?

In determining our tax reporting responsibilities, if any, with respect to the
ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid
financial contracts that are not debt. If this treatment is respected, subject
to any special considerations described in the relevant pricing supplement, (i)
you should not recognize taxable income or loss prior to the taxable
disposition of your Deutsche X-trackers ETNs (including at maturity or upon
early redemption), (ii) in the case of equity-linked or commodity-linked ETNs,
your gain or loss on the ETNs should be capital gain or loss, and (iii) 1099s,
not K-1s, will be the tax reporting forms received. However, significant
aspects of the tax treatment of the ETNs are uncertain. If the Internal Revenue
Service ("IRS") were successful in asserting an alternative treatment for the
ETNs, the tax consequences of ownership and disposition of the ETNs could
differ materially and adversely from those described briefly above. In
addition, in 2007 the U.S. Treasury Department and the IRS released a notice
requesting comments on the tax treatment of "prepaid forward contracts" and
similar instruments. Any resulting guidance could materially and adversely
affect the tax consequences of an investment in the ETNs, possibly with
retroactive effect.

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Risks for the DB Exchange Traded Notes

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.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.

Each ETN offers investors exposure to the month-over-month performance of its
respective index measured from the first calendar day to the last calendar day
of each month. The inverse or leveraged 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
and/or leveraged investment results by means of securities that reset their
exposure monthly, resulting in the compounding of monthly returns.

Investing in the ETNs is not equivalent to a direct investment in the index or
index components. The principal amount is also subject to the monthly
application of the investor fee, which can adversely affect returns. There is
no guarantee that you will 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. If at any time the repurchase value of the
ETNs is zero, the relevant ETNs will be accelerated and you will lose your
entire investment in such ETNs. As described in the relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. As such, it is
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.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of ETNs that
you may redeem directly with Deutsche Bank AG, London Branch, as specified in
the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in U.S. Treasury
bond futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions.

An Investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.

Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.

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