PowerShares DB Agriculture Double Long ETN

PowerShares DB Agriculture Long ETN

PowerShares DB Agriculture Short ETN

PowerShares DB Agriculture Double Short ETN

Deutsche Bank announced on February 9, 2012 the suspension of any further
issuance of the PowerShares DB Agriculture Double Short Exchange Traded Note,
PowerShares DB Agriculture Short Exchange Traded Note and PowerShares DB
Agriculture Long Exchange Traded Note. Further issuance of PowerShares DB
Agriculture Double Long Exchange Traded Note was suspended on February 14,
2011. The DB PowerShares Agriculture ETNs will 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 Agriculture ETNs. Please see the press
release filed by Deutsche Bank with the SEC on February 9, 2012 for additional
information.

ETN and Index Data as of June 30, 2014

Description
The PowerShares DB Agriculture Double Long Exchange Traded Note (Symbol: DAG),
PowerShares DB Agriculture Long Exchange Traded Note (Symbol: AGF), PowerShares
DB Agriculture Short Exchange Traded Note (Symbol: ADZ) and PowerShares DB
Agriculture Double Short Exchange Traded Note (Symbol: AGA) (collectively, the
"PowerShares DB Agriculture ETNs") provide investors a way to take a short or
leveraged view on the performance of the agriculture sector.

All of the PowerShares DB Agriculture ETNs are based on a total return version
of the Deutsche Bank Liquid Commodity Index -- Optimum Yield Agriculture[],
which is intended to track the long or short performance of the underlying
futures contracts relating to corn, wheat, soybeans and sugar.

PowerShares DB Agriculture ETN and Index Data
Ticker symbols
Agriculture Double Long                       DAG
Agriculture Long                              AGF
Agriculture Short                             ADZ
Agriculture Double Short                      AGA
Intraday indicative value symbols
Agriculture Double Long                     DAGIV
Agriculture Long                            AGFIV
Agriculture Short                           ADZIV
Agriculture Double Short                    AGAIV
CUSIP symbols
Agriculture Double Long                 25154H558
Agriculture Long                        25154H533
Agriculture Short                       25154H541
Agriculture Double Short                25154H566
Details
ETN price at initial listing               $25.00
Inception date                            4/14/08
Maturity date                              4/1/38
Yearly investor fee                         0.75%
Leveraged reset frequency                 Monthly
Listing exchange                        NYSE Arca
Index symbol                            DBLCYEAG
Issuer
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations


ETN and Index History (%)
                                          1 Year      3 Year
ETN Repurchase Value(1)
Agriculture Double Long                   -19.12      -16.20
Agriculture Long                           -9.51       -6.71
Agriculture Short                           6.75        1.38
Agriculture Double Short                   12.40       -0.85
ETN Market Price(2)
Agriculture Double Long                   -19.42      -16.01
Agriculture Long                            0.87       -5.92
Agriculture Short                          38.54        7.93
Agriculture Double Short                   32.10       -1.32
Index History
Deutsche Bank Liquid Commodity
  Index -- Optimum Yield Agriculture       -8.86       -6.40
Comparative Indexes(3)
SandP 500                                    24.61       16.58
Barclays U.S. Aggregate                     4.37        3.66


5 Year      10 Year      ETN Inception
 -5.10           --            -18.53
 -0.56           --             -7.24
 -5.38           --              0.71
-14.39           --             -3.96
 -5.27           --            -18.53
  0.07           --             -6.95
 -1.70           --              3.94
-14.42           --             -4.03
  0.11           --             -6.74
18.83            --              8.76
  4.85           --              4.74

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 and the following page). 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 effect 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 Agriculture ETN
performance. The inception date of the Deutsche Bank Liquid Commodity Index --
Optimum Yield Agriculture[] is July 12, 2006. ETN repurchase value is based on
a combination of the monthly returns or inverse monthly returns for the
Agriculture Long ETNs and Agriculture Short ETNs, respectively, or two times
the monthly returns or inverse monthly returns for the Agriculture Double Long
ETNs and Agriculture Double Short ETNs, respectively, from the Deutsche Bank
Liquid Commodity Index -- Optimum Yield Agriculture Excess Return[] (the
"Agriculture 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 Agriculture ETNs, less the investor fee. The T-Bill Index is
intended to approximate the returns from investing in 3-month United States
Treasury bills on a rolling basis.
(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.
Index performance does not reflect any transaction costs or expenses. Indexes
are unmanaged, and you cannot invest directly in an index.
(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 US investment-grade, fixed-rate bond
market.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

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PowerShares DB Agriculture Double Long ETN

PowerShares DB Agriculture Long ETN

PowerShares DB Agriculture Short ETN

PowerShares DB Agriculture Double Short ETN

What are the PowerShares DB Agriculture ETNs?
The PowerShares DB Agriculture ETNs are senior unsecured obligations issued by
Deutsche Bank AG, London Branch that are linked to a total return version of
the Deutsche Bank Liquid Commodity Index -- Optimum Yield Agriculture[]. The
index is designed to reflect the performance of certain agriculture futures
contracts on corn, wheat, soybeans and sugar.

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

Benefits and Risks of PowerShares DB Agriculture ETNs

Benefits
[] Leveraged and short notes
[] Relatively low cost
[] Intraday access
[] Listed
[] Transparent


Risks
[] Non-principal protected
[] Leveraged losses
[] Subject to an investor fee
[] Limitations on repurchase
[] Concentrated exposure
[] Credit risk of the issuer
[] Potential lack of liquidity

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
powersharesetns.com | www.dbxus.com or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 800 983 0903 | 877 369
4617, or you may request a copy from any dealer participating in this
offering.
Important Risk Considerations:
The PowerShares DB Agriculture 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) will be contingent upon each monthly performance of the index
during the term of the securities. 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.
The PowerShares DB Agriculture ETNs are

senior unsecured obligations of Deutsche Bank AG, London Branch, and the amount
due on the PowerShares DB Agriculture ETNs is dependent on Deutsche Bank AG,
London Branch's ability to pay. The PowerShares DB Agriculture ETNs are riskier
than ordinary unsecured debt securities and have no principal protection. Risks
of investing in the PowerShares DB Agriculture ETNs include limited portfolio
diversification, full principal at risk, trade price fluctuations, illiquidity
and leveraged losses. Investing in the PowerShares DB Agriculture 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 Agriculture ETNs even if the value of the
relevant index has increased. If at any time the repurchase value of the
PowerShares DB Agriculture ETNs is zero, your investment will expire
worthless.
The PowerShares DB Agriculture ETNs may be sold throughout the day on NYSE Arca
through any brokerage account. There are restrictions on the minimum number of
PowerShares DB Agriculture ETNs that you may redeem directly with Deutsche Bank
AG, London Branch, as specified in the applicable pricing supplement. Ordinary
brokerage commissions apply, and there are tax consequences in the event of
sale, redemption or maturity of the PowerShares DB Agriculture ETNs. Sales in
the secondary market may result in losses.
The PowerShares DB Agriculture ETNs provide concentrated exposure to notional
positions in agriculture commodity futures contracts. The market value of the
PowerShares DB Agriculture ETNs may be influenced by many unpredictable
factors, including, among other things, volatile agriculture prices, changes in
supply and demand relationships, changes in interest rates, and monetary and
other governmental actions. Because the ETNs provide concentrated exposure to
notional positions in futures contracts of a single commodity

sector, they are speculative and generally will exhibit higher volatility than
commodity products linked to more than one commodity sector.
The PowerShares DB Agriculture Double Long ETN and PowerShares DB Agriculture
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.
PowerShares([R]) is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC is an indirect,
wholly owned subsidiary of Invesco Ltd.
Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management
LLC. Invesco Distributors, Inc. will 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.
An investor should consider the PowerShares DB Agriculture ETNs' investment
objectives, risks, charges and expenses carefully before investing.
An investment in the PowerShares DB Agriculture ETNs involves risks, including
possible loss of principal. For a description of the main risks, see "Risk
Factors" in the applicable pricing supplement and the accompanying prospectus
supplement and prospectus.
Not FDIC Insured -- No Bank Guarantee -- May Lose Value This material must be
accompanied or preceded by a prospectus. Before investing, please read the
prospectus carefully.
Note: Not all products available through all firms or in all jurisdictions.

P-DBAG-ETN-PC-1-E[] 07/14