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ETN data as of March 31, 2013
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Volatility (%)(1,2)
Double Double
Long Long Short Short
3 Year 38.98 19.50 20.05 40.08
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3-Year Historical Correlation(1,2)
Double Double
Long Long Short Short
S and P 500 0.78 0.78 -0.76 -0.76
Barclays U.S.
Aggregate -0.17 -0.17 0.13 0.13
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Annual Performance (%)(1)
Double Double
Long Long Short Short
2009 28.57 15.35 -13.54 -28.66
2010 19.35 11.49 -15.59 -31.63
2011 -7.31 -1.46 -4.48 -12.40
2012 -1.51 0.34 -4.27 -10.32
YTD -5.59 -2.66 2.18 4.23
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 Commodity 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.
[C] 2013 Invesco PowerShares Capital Management LLC
DYY PowerShares DB Commodity Double Long ETN
DPU PowerShares DB Commodity Long ETN
DDP PowerShares DB Commodity Short ETN
DEE PowerShares DB Commodity Double Short ETN
What are the PowerShares DB Commodity ETNs?
The PowerShares DB Commodity ETNs are senior unsecured obligations issued by
Deutsche Bank AG, London Branch that are each linked to a total return version
of a Deutsche Bank commodity index. The Long and Double Long ETNs are linked to
the Deutsche Bank Liquid Commodity Index -- Optimum Yield[], 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 commodity futures contracts on crude oil, heating oil, corn, wheat,
gold and aluminum.
Investors can buy and sell the PowerShares DB Commodity 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 Commodity 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 Commodity ETNs
Benefits Risks
[] Leveraged and short notes [] Non-principal protected
[] Relatively low cost [] Leveraged losses
[] Intraday access [] Subject to an investor fee
[] Listed [] Limitations on repurchase
[] Transparent [] Concentrated exposure
[] Credit risk of the issuer
(2) The S and P 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 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.
Long, Short, and Leveraged exposure to commodities has never been easier.(sm)
The PowerShares DB Commodity ETNs are changes in interest rates, and monetary and other
senior unsecured obligations of Deutsche Bank governmental actions.
AG, London Branch, and the amount due on the The PowerShares DB Commodity Double Long ETN
PowerShares DB Commodity ETNs is dependent and PowerShares DB Commodity Double Short
on Deutsche Bank AG, London Branch's ability to ETN are both leveraged investments. As such, they
pay. The PowerShares DB Commodity ETNs are are likely to be more volatile than an unleveraged
riskier than ordinary unsecured debt securities investment. There is also a greater risk of loss of
and have no principal protection. Risks of investing principal associated with a leveraged investment
in the PowerShares DB Commodity ETNs include than with an unleveraged investment.
limited portfolio diversification, full principal at risk,
trade price fluctuations, illiquidity and leveraged PowerShares is a registered trademark of Invesco
losses. Investing in the PowerShares DB Commodity PowerShares Capital Management LLC. Invesco
ETNs is not equivalent to a direct investment in PowerShares Capital Management LLC is an indirect,
the index or index components. The investor fee wholly owned subsidiary of Invesco Ltd.
will reduce the amount of your return at maturity Certain marketing services may be provided for
or upon redemption of your PowerShares DB these products by Invesco Distributors, Inc. or its
Commodity ETNs even if the value of the relevant affiliate, Invesco PowerShares Capital Management
index has increased. If at any time the repurchase LLC. Invesco Distributors, Inc. will be compensated
value of the PowerShares DB Commodity ETNs is by Deutsche Bank or its affiliates for providing
these
zero, your investment will expire worthless. marketing services. Neither Invesco Distributors,
The PowerShares DB Commodity ETNs may be Inc. nor Invesco PowerShares is afflliated with
sold throughout the day on NYSE Arca through any Deutsche Bank.
brokerage account. There are restrictions on the An investor should consider the PowerShares DB
minimum number of PowerShares DB Commodity Commodity ETNs' investment objectives, risks,
ETNs that you may redeem directly with Deutsche charges and expenses carefully before investing.
Bank AG, London Branch, as specified in the An investment in the PowerShares DB
applicable pricing supplement. Ordinary brokerage Commodity ETNs involves risks, including
commissions apply, and there are tax consequences possible loss of principal. For a description of the
in the event of sale, redemption or maturity of the main risks, see "Risk Factors" in the applicable
PowerShares DB Commodity ETNs. Sales in the pricing supplement and the accompanying
secondary market may result in losses. prospectus supplement and prospectus.
The PowerShares DB Commodity ETNs provide Not FDIC Insured -- No Bank Guarantee -- May
concentrated exposure to notional positions in Lose Value
commodity futures contracts. The market value
of the PowerShares DB Commodity ETNs may This material must be accompanied or preceded
be influenced by many unpredictable factors, by a prospectus. Before investing, please read the
including, among other things, volatile prices, prospectus carefully.
changes in supply and demand relationships, For US Use Only
800 983 0903 | 877 369 4617
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