ETN and index data as of June 30, 2012

Description

The PowerShares DB 3x Long 25+ Year Treasury Bond Exchange Traded Notes (Symbol:
LBND) and PowerShares DB 3x Short 25+ Year Treasury Bond Exchange Traded Notes
(Symbol: SBND) (collectively, the "PowerShares DB U.S. Treasury ETNs," or the
"ETNs") are the first exchange-traded products that provide investors with a
cost-effective and convenient way to take a leveraged view on the performance of
a U.S. Treasury bond futures index.

The PowerShares DB U.S. Treasury ETNs 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.

PowerShares DB U.S. Treasury ETN and Index Data
Ticker symbols
3x Long 25+ Year Treasury Bond          LBND
3x Short 25+ Year Treasury Bond         SBND
Intraday indicative value symbols
3x Long 25+ Year Treasury Bond        LBNDIV
3x Short 25+ Year Treasury Bond       SBNDIV
CUSIP symbols
3x Long 25+ Year Treasury Bond     25154N522
3x Short 25+ Year Treasury Bond    25154N530
Details
ETN price at inception                $25.00
Inception date                     6/28/2010
Maturity date                      5/31/2040
Yearly investor fee                    0.95%
Leverage reset frequency             Monthly
Listing exchange                   NYSE Arca
DB Long U.S. Treasury Bond
  Futures Index                       DBBNDL
DB Short U.S. Treasury Bond
  Futures Index                       DBBNDS
Issuer
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations

LBND PowerShares DB 3x Long 25+ Year Treasury Bond ETN
SBND PowerShares DB 3x Short 25+ Year Treasury Bond ETN

[GRAPHIC OMITTED]

ETN Performance and Index History (%)(1)
                                        1 Year 2 Year ETN Inception
ETN Performance
3x Long 25+ Year Treasury Bond         121.67   38.75        39.92
3x Short 25+ Year Treasury Bond        -68.98  -44.70       -45.21
Index History
DB Long U.S. Treasury Bond
  Futures Index                         34.91   14.35        14.67
DB Short U.S. Treasury Bond
  Futures Index                        -28.81  -15.06       -15.33
Comparative Indexes(2)
SandP 500                                5.45   17.39        16.78
Barclays U.S. Aggregate                  7.47    5.67         5.67

Source: Invesco PowerShares, Bloomberg L.P.

(1) ETN performance figures are based on repurchase value. Repurchase value is
the current principal amount x applicable index factor x fee factor. See the
prospectus for more complete information. Index history is for illustrative
purposes only and does not represent actual PowerShares DB U.S. Treasury ETN
performance. The inception date of the DB Long U.S. Treasury Bond Futures Index
and the DB Short U.S. Treasury Bond Futures Index is May 4, 2010. ETN
Performance is based on a combination of three times the monthly returns from
the relevant Treasury 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
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.

Index history does not refiect any transaction costs or expenses. Indexes are
unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT
GUARANTEE FUTURE RESULTS.

800 983 0903 | 877 369 4617 powersharesetns.com | dbfunds.db.com/notes twitter:
@PowerShares

ETN data as of June 30, 2012
---------------------------------- -------
Volatility (%)(1,2)
                            Triple  Triple
                             Long   Short
1 Year                     46.99   47.19
------------------------- -------- -------
1-Year Historical Correlation(1,2)
                            Triple  Triple
                             Long   Short
SandP 500                  -0.83    0.83
Barclays U.S. Aggregate     0.69    -0.69
------------------------- -------- -------
Annual Performance (%)(1)
                             Long   Short
2011                      108.38   -64.72
2012 YTD                   10.01   -18.77


LBND PowerShares DB 3x Long 25+ Year Treasury Bond ETN
SBND PowerShares DB 3x Short 25+ Year Treasury Bond ETN

What are the PowerShares DB U.S. Treasury ETNs?

The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month performance of an underlying
index obtained by combining three times the returns, whether positive or
negative, on the DB Long U.S. Treasury Bond Futures Index or the DB Short U.S.
Treasury Bond Futures Index, as applicable, with returns on the DB 3-Month
T-Bill Index.

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 redemption based on the 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.

Benefits and Risks of PowerShares DB U.S. Treasury ETNs
Benefits                          Risks
[] Leveraged long and short notes [] Non-principal protected
[] Relatively low cost            [] Leveraged losses
[] Intraday access                [] Subject to an investor fee
[] Listed                         [] Limitations on repurchase
                                  [] Concentrated exposure
                                  [] Credit risk of the issuer
                                  [] Issuer call right

(2) 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 Index is an unmanaged index
considered representative of the U.S. investment-grade, fixed-rate bond market.
Correlation indicates the degree to which two investments have historically
moved in the same direction and magnitude. Volatility is the annualized standard
deviation of index returns.

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 | dbfunds. db.com/notes 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 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 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 ETNs. 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 ETNs may not be offset by any beneficial monthly
performances. 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. Risks of
investing in the ETNs include limited portfolio diversification, uncertain
principal repayment, trade price fiuctuations, illiquidity and leveraged
losses. Investing in the 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 ETNs even if the value of the
relevant index has increased. If at any time the repurchase value of the ETNs
is zero, your Investment will expire worthless. As described in the pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. 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. Ordinary brokerage commissions apply, and there
are tax consequences in the event of sale, redemption or maturity of the ETNs.
Sales in the secondary market may result in losses.

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

The ETNs are 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. or Invesco PowerShares Capital Management LLC are affiliated
with Deutsche Bank.

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

An investment in the 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.
For US Use Only

800 983 0903 | 877 369 4617
[C] 2012 Invesco PowerShares Capital Management LLC P-DBFI-ETN-PC-1-E 07/12
powersharesetns.com | dbfunds.db.com/notes twitter: @PowerShares