PowerShares DB Crude Oil
PowerShares DB Crude Oil Short ETN
PowerShares DB Crude Oil Double Short ETN
What are the PowerShares DB Crude Oil ETNs?
The PowerShares DB Crude Oil ETNs are senior unsecured obligations issued by
Deutsche Bank AG, London Branch that are linked to a total return version of a
Deutsche Bank crude oil index. The Long ETN is linked to the Deutsche Bank
Liquid Commodity Index -- Optimum Yield Crude Oil, and the Short and Double
Short ETNs are linked to the standard version of the Deutsche Bank Liquid
Commodity Index. Both indexes are designed to reflect the performance of
certain crude oil futures contracts. The Optimum Yield version of the index
attempts to minimize the negative effects of contango(3) and maximize the
positive effects of backwardation(4) by applying flexible roll rules to pick a
new futures contract when a contract expires. The standard version of the
index, which does not attempt to minimize the negative effects of contango and
maximize the positive effects of backwardation, uses static roll rules that
dictate that an expiring futures contract must be replaced with a contract
having a predefined expiration date.
Investors can buy and sell the PowerShares DB Crude Oil 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 Crude Oil ETNs in blocks of no less
than 200,000 securities and integral multiples of 50,000 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 Crude Oil ETNs
 Leveraged and short notes
 Relatively low cost
 Intraday access
 Non-principal protected
 Leveraged losses
 Subject to an investor fee
 Limitations on repurchase
 Concentrated exposure
 Acceleration risk
 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
Important Risk Considerations:
The PowerShares DB Crude Oil 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 Crude Oil ETNs are senior unsecured obligations of Deutsche
London Branch, and the amount due on the PowerShares DB Crude Oil ETNs is
entirely dependent on Deutsche Bank AG, London Branch's ability to pay. The
PowerShares DB Crude Oil ETNs are riskier than ordinary unsecured debt
securities and have no principal protection. Risks of investing in the
PowerShares DB Crude Oil ETNs include limited portfolio diversification, full
principal at risk, trade price fluctuations, illiquidity and leveraged losses.
Investing in the PowerShares DB Crude Oil 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
Crude Oil ETNs even if the value of the relevant index has increased. If at any
time the repurchase value of the PowerShares DB Crude Oil ETNs is zero, your
investment will expire worthless. Deutsche Bank may accelerate the PowerShares
DB Crude Oil ETNs upon a regulatory event affecting the ability to hedge the
PowerShares DB Crude Oil ETNs.
The PowerShares DB Crude Oil ETNs may be sold throughout the day on NYSE Arca
through any brokerage account. There are restrictions on the minimum number of
PowerShares DB Crude Oil 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 Crude Oil ETNs. Sales in the
secondary market may result in losses.
The PowerShares DB Crude Oil ETNs provide concentrated exposure to notional
positions in crude oil futures contracts. The market value of the PowerShares
DB Crude Oil ETNs may be influenced by many unpredictable factors, including,
among other things, volatile oil 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 Crude Oil Double Short ETN is a leveraged investment. 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.
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 Crude Oil ETNs' investment
objectives, risks, charges and expenses carefully before investing.
An investment in the PowerShares DB Crude Oil 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
Note: Not all products available through all firms or in all jurisdictions.