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Deutsche Asset & Wealth Management Reduces Redemption Size of Twelve ETNs

Deutsche Asset & Wealth Management today announced that it will reduce the redemption unit size on twelve of its commodity-based Exchange Traded Notes (ETNs). The redemption unit size will change from 200,000 ETNs to 5,000 ETNs. This change will be effective after the close of trading March 7, 2014.

As disclosed in the pricing supplements relating to the ETNs, the market value of ETNs may be influenced by, among other things, the levels of supply and demand for the ETNs and the liquidity of the ETNs. It is possible that the change described above may materially influence the liquidity and market value of the ETNs.

Investors considering any purchase or sale of the ETNs should be aware that the trading price of the ETNs on the exchange could be significantly different from their intraday indicative value, which is meant to approximate the intrinsic economic value of the ETNs, and be aware of the risks of buying at a premium or selling at a discount to the indicative value.

The following ETNs will be affected:

PowerShares DB Agriculture Double Short ETN


PowerShares DB Agriculture Double Long ETN


PowerShares DB Agriculture Short ETN


PowerShares DB Agriculture Long ETN


PowerShares DB Commodity Double Short ETN


PowerShares DB Commodity Double Long ETN


PowerShares DB Commodity Short ETN


PowerShares DB Commodity Long ETN


PowerShares DB Base Metals Double Short ETN


PowerShares DB Base Metals Double Long ETN


PowerShares DB Base Metals Short ETN


PowerShares DB Base Metals Long ETN


Deutsche Bank AG has filed a registration statement (including a prospectus, prospectus supplement and pricing supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus, prospectus supplement and pricing supplement in that registration statement and other documents that Deutsche Bank AG has filed with the SEC for more complete information about Deutsche Bank AG and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at Alternatively, Deutsche Bank AG, any agent or any dealer participating in these offerings will arrange to send you the prospectus, prospectus supplement and pricing supplement if you so request by calling toll-free 1-877-369-4617.

Deutsche Asset & Wealth Management

With $1.28 trillion of assets under management (as of December 31, 2013), Deutsche Asset & Wealth Management┬╣ is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.

┬╣ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.


Deutsche Bank AG
Renee Calabro, +1 212-250-5525
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