Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-162195

Dated April 24, 2012

PowerSharesETNs.com - Products - PowerShares DB Base Metals Exchange Traded Notes Page 1 of 3 The PowerShares DB Base Metals Double Long Exchange Traded Note (Symbol: BDD), PowerShares DB Base Metals Long Exchange Traded Note (Symbol: BDG), PowerShares DB Base Metals Short Exchange Traded Note (Symbol: BOS) and PowerShares DB Base Metals Double Short Exchange Traded Note (Symbol: BOM) (collectively, the "PowerShares DB Base Metals ETNs") are the first U.S. exchange-traded products that provide investors with a cost-effective and convenient way to take a long, short or leveraged view on the performance of base metals. All of the PowerShares DB Base Metals ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index -- Optimum Yield Industrial Metals[], which is intended to track the long or short performance of futures contracts relating to aluminum, copper and zinc. Investors can buy and sell PowerShares DB Base Metals ETNs at market price on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early repurchase based on the month-over-month performance of the index less investor fees. Investors may offer PowerShares DB Base Metals ETNs in blocks of no less than 200,000 securities and integral multiples of 50,000 securities thereafter for purchase, subject to the procedures described in the pricing supplement which include a fee of up to $0.03 per security. Fact Sheet Prospectus ------------------------------ --------------------------------------- ------------ ------------ ------------ Financial Details BDD BDG BOS BOM 4/24/2012 4/24/2012 4/24/2012 4/24/2012 Last Update 9:34 AM EST 12:00 AM EST 11:19 AM EST 10:57 AM EST Price 11.58 20.72 20.63 12.75 Indicative Intra-day Value 11.61 20.80 20.71 12.82 Last End of Day RP Value 11.4059 20.6262 20.878 13.0285 Last Date for End of Day Value 4/24/2012 4/24/2012 4/24/2012 4/24/2012 ETN History as of 3/31/2012 (1) (Growth of $10,000 since June 30, 2008) http://beta.powersharesetns.com/portal/site/etns/basemetals 4/24/2012

PowerSharesETNs.com - Products - PowerShares DB Base Metals Exchange Traded Notes Page 2 of 3 PowerShares DB Base Metals ETN and Index Data Ticker Symbols Base Metals Double BDD Long Base Metals Long BDG Base Metals Short BOS Base Metals Double BOM Short Intraday Indicative Value Symbols Base Metals Double BDDIV Long Base Metals Long BDGIV Base Metals Short BOSIV Base Metals Double BOMIV Short CUSIP Symbols Base Metals Double 25154K841 Long Base Metals Long 25154K825 Base Metals Short 25154K833 Base Metals Double 25154K858 Short Details ETN price at listing $25.00 Inception date 6/16/08 Maturity date 6/1/38 Yearly investor fee 0.75% Listing exchange NYSE Arca Index Symbol DBBMIX Issuer Deutsche Bank AG, London Branch Long-term Unsecured Obligations Risks Non-principal protected Leveraged losses Subject to an investor fee Limitations on repurchase Concentrated exposure to Base Metals Acceleration risk Credit risk of the issuer ETN Performance and Index History(%) (1) As of 3/31/2012 1 Year 3 Year 5 Year 10 Year Inception ETN Performance Base Metals Double Long -37.35 25.79 - - -17.61 Base Metals Long -17.70 15.63 - - -4.32 Base Metals Short 11.93 -20.02 - - -5.24 Base Metals Double Short 18.76 -39.88 - - -16.84 Index History Deutsche Bank Liquid Commodity Index- -17.10 16.39 -3.50 - -3.82 Optimum Yield Industrial Metals Comparative Indexes (2) S and P 500 Index 8.54 23.42 2.01 - 3.39 Barclays Capital U. S. Aggregate 7.71 6.83 6.25 - 6.80 ------------------------------- ------------- ------ ------ ------- --------- Index Weights As of 4/20/2012 Commodity Contract Expiry Date Weight (%) Aluminium 9/19/2012 31.98 Copper - Grade A 3/20/2013 34.83 Zinc 7/18/2012 33.18 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 Base Metals ETN performance. The inception date of the Deutsche Bank Liquid Commodity Index - Optimum Yield Industrial Metals[] is July 12, 2006. ETN Performance is based on a combination of the monthly returns from the Deutsche Bank Liquid Commodity Index -- Optimum Yield Industrial Metals Excess Return[] (the "Base Metals 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 Base Metals 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 reflect any transaction costs or expenses. Indexes are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. (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 Capital U.S. Aggregate Bond Index[] is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market. An investment in the PowerShares DB Base Metals ETNs involves risks, http://beta.powersharesetns.com/portal/site/etns/basemetals 4/24/2012

PowerSharesETNs.com - Products - PowerShares DB Base Metals Exchange Traded Notes Page 3 of 3 Benefits Leveraged and short notes Relatively low cost Intraday access Listed Transparent including possible loss of principal. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement. Not FDIC Insured -- No Bank Guarantee -- May Lose Value The PowerShares DB Base Metals ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch, and the amount due on the PowerShares DB Base Metals ETNs is dependent on Deutsche Bank AG, London Branch's ability to pay. The PowerShares DB Base Metals ETNs are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the PowerShares DB Base Metals ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. Investing in the PowerShares DB Base Metals 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 Base Metals ETNs even if the value of the relevant index has increased. If at any time the redemption value of the PowerShares DB Base Metals ETNs is zero, your investment will expire worthless. Deutsche Bank may accelerate the PowerShares DB Base Metals ETNs upon the occurrence of a regulatory event as described in the pricing supplement. Ordinary brokerage commissions apply, and there are tax consequences in the event of sale, redemption or maturity of the PowerShares DB Base Metals ETNs. Sales in the secondary market may result in losses. An investment in the PowerShares DB Base Metals ETNs may not be suitable for all investors. The PowerShares DB Base Metals ETNs are concentrated in aluminum, copper and zinc futures contracts. The market value of the PowerShares DB Base Metals ETNs may be influenced by many unpredictable factors, including, among other things, volatile base metal prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. The PowerShares DB Base Metals ETNs are concentrated in a single commodity sector, are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sector. The PowerShares DB Base Metals Double Long ETN and PowerShares DB Base Metals 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. 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 dbfunds.db.com or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 800.983.0903, or you may request a copy from any dealer participating in this offering. Important Risk Considerations The PowerShares DB Base Metals ETNs may not be suitable for investors 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. Certain marketing services may be provided for these products by Invesco Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC. Neither firm is affiliated with Deutsche Bank. 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. This material must be accompanied or preceded by a prospectus. Before investing, please read the prospectus carefully. An investor should consider the securities' investment objective, risks, charges and expenses carefully before investing. http://beta.powersharesetns.com/portal/site/etns/basemetals 4/24/2012