Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-184193 Dated January 28, 2013
	Hedging Against Rising Rates Focusing on SBND December Volume, Flows and AUM Monthly Trends and Top Performers Notebook Invesco PowerShares ETN Monthly Report January 2013 | Data as of Dec. 31, 2012 Anticipating Rising Rates [GRAPHIC OMITTED] NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE FOR US INSTITUTIONAL INVESTOR USE ONLY - NOT FOR USE WITH THE PUBLIC

Anticipating Rising Rates In recent years, investors have tilted their portfolios heavily toward fixed income in response to higher market volatility. Bond fiows have trumped equity fiows and many bond investors may have enjoyed steady positive returns as a result of falling rates over this time period. While investors likely limited their equity risk by increasing allocations to fixed income, they may be increasingly exposing themselves to other risks. Bond vs. Equity Flows [GRAPHIC OMITTED] Source: ICI, as of Dec. 26, 2012 Should a rising rate environment ensue, many investors with fixed income portfolios may be exposed to significant interest-rate risk. Having a suitable tool to hedge against rising rates within a portfolio may help an investor continue generating income from their bond positions while potentially protecting their principal from interest-rate risk. As the graphs on the next page demonstrate, investors are getting the least amount of yield per unit of duration risk on long-dated Treasuries. Because long-dated Treasuries carry the most amount of duration risk, these instruments have the potential for large moves in response to relatively small moves in interest rates. Therefore, taking a short position in long dated US Treasuries may be an effective hedge against rising rates as any rate increase may potentially benefit a short investor. Despite increased risks in the fixed income market, investors continue to pour assets into bond funds. Invesco PowerShares For US Institutional Investor Use Only Notebook: ETN Report Not for use with the public

Long-dated US treasuries duration risk is near all-time highs and yields at all-time lows. Yield/Duration [GRAPHIC OMITTED] Duration [GRAPHIC OMITTED] Treasury securities are backed by the full faith and credit of the US Government. Source: Bloomberg L.P., as of Dec. 31, 2012. All indexes in the charts above are BofA Merrill Lynch Indexes. Going short on long-dated US Treasuries could be achieved by taking a position in inverse exchange-traded notes (ETN) linked to long-dated Treasuries such as the PowerShares DB 3x Short 25+ Year Treasury Bond ETNs (SBND). A leveraged inverse instrument can theoretically increase hedging capabilities and reduce the necessary amount of capital required for hedging, although leverage can also increase risk. See next page for examples of how to utilize SBND. Ticker: Name: SBND PowerShares DB 3x Short 25+ Yr. Treasury Bond ETN -------------------------------------------- ------------------------------- Inception Date: June 28, 2010 Reset Feature: Monthly -------------------------------------------- ------------------------------- Approx. Duration: 51 Investor Fee (per annum): 0.95% -------------------------------------------- 10-Day ADTV: 57,000 shares -------------------------------------------- ------------------------------- Source: Bloomberg L.P., as of Dec. 31, 2012. The opinions expressed are those of the author, are based on current market conditions as of the date of this report and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. Data from Bloomberg L.P., as of Dec. 31, 2012 unless otherwise noted

Portfolio Hedging Example with SBND: [] Fixed Income Portfolio: $100 million [] Average Portfolio Duration: 6.4 [] Interest Rate Change: +0.50% over one month A 50bp increase in rates would result in a $3.2million loss to the portfolio principal. To possibly reduce fixed-income portfolio principal exposure to the interest rate increase, an investor may potentially neutralize their interest rate exposure by going long $12.5 million in SBND. $12.5million = $3.2 million expected loss/ (0.50% rate increase * 17.1 duration of CBOT Ultra T-Bond futures contract(1) * 3 leverage factor) A 50bp increse in interest rates would result in a 25% move in SBND 25% = 0.50% rate increase * 17.1 duration of CBOT Ultra T-Bond futures contract * 3 leverage factor While SBND may generate large moves in response to relatively small moves in interest rates, there is no guarantee that this strategy will be successful. Due to the monthly leveraged reset feature and the impact of the investor fees, you may not receive any positive return on your investment in SBND even if the interest rates increase, and you could lose some or all of your investment. We do not advise investors to buy and hold SBND for a term greater than the time remaining to the next monthly reset date, and SBND 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. Potential Advantages of Monthly Reset Feature One feature of any inverse or leveraged inverse exchange traded product (ETP) to consider, however, is leverage reset frequency. Utilizing an ETN which resets on a monthly basis may minimize negative effects of daily leverage compounding and may serve as a better hedging/trading instrument, particularly for investors with investment horizons greater than one day. The opinions expressed are those of the author, are based on current market conditions as of the date of this report and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. Invesco PowerShares For US Institutional Investor Use Only Notebook: ETN Report Not for use with the public

Understanding Intra-Month Implied Leverage on a Monthly Reset Product One area of confusion we commonly address in our ETN lineup is around intra-month implied leverage. If an investor buys SBND at the beginning of a month, the note will provide 3x month-over-month short exposure to US CBOT Ultra T-Bond futures contracts. When buying SBND intra-month, however, the implied leverage of the instrument may be equal to, higher or lower than 3x. It is important to understand, however, that an investor is still able to lock in the implied leverage of the note at the time of purchase through the end of the month. In the first hypothetical example below, if an investor buys on the second day of the month after the underlying index has increased in value then the implied leverage of the note will be less than three, in this case 2.7. If the note is held through the end of the month the leverage of the note will be 2.7. Conversely, if an investor buys on the second day of the month after the underlying index has decreased in value then the implied leverage of the note will be greater than three, in this case 3.4. If the note is held through the end of the month the leverage of the note will be 3.4. Day of Month Index Level Index Move ETN Value Leverage Factor 0 100 - 100 3 1 105 5% 115 2.7 ------------ ----------- ---------- --------- --------------- Day of Month Index Level Index Move ETN Value Leverage Factor 0 100 - 100 3 1 95 -5% 85 3.4 [] Leverage factor locked in if held through month end For illustrative purposes only and do not take into account the applicable investor fee. 1 Futures contracts on U.S. Treasury bonds having a remaining term to maturity of not less than 25 years. The opinions expressed are those of the author, are based on current market conditions as of the date of this report and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. Data from Bloomberg L.P., as of Dec. 31, 2012 unless otherwise noted

December 2012 Exchange-traded note (ETN) Trading Volume 10 Products with Highest Volume in December ($M) Ticker Name ADTV Amount Daily Outstanding Turnover ------ ------------------------------------------ ----- ----------- -------- VXX iPath SandP 500 VIX Short-Term Futures $849 $994 85% XIV VelocityShares INV VIX Short-Term $212 $419 51% ------ ------------------------------------------ ----- ----------- -------- AMJ JPMorgan Alerian MLP $63 $4,869 1% USLV VelocityShares Daily 3x Silver ETN $23 $121 19% ------ ------------------------------------------ ----- ----------- -------- DJP iPath Dow Jones-UBS Commodity Total Return $17 $1,948 1% TVIX VelocityShares Daily 2x VIX Short-Term $14 $123 12% ------ ------------------------------------------ ----- ----------- -------- VXZ iPath SandP 500 VIX Mid-Term Futures $11 $71 16% DGP PowerShares DB Gold Double Long $11 $452 2% ------ ------------------------------------------ ----- ----------- -------- UGAZ VelocityShares 3X Long Natur $11 $59 18% OIL iPath Goldman Sachs Crude Oil Total Return $10 $431 2% ETN Top Volume Categories in December [GRAPHIC OMITTED] Monthly ETN $ Volume [GRAPHIC OMITTED] ETN Volume $26.5 Billion $26.5 billion traded in ETNs during December, down 18.21% from last month. Most Traded ETN Product Type Volatility In December, volatility-based ETNs made up 67% of total ETN dollar volume traded. Invesco PowerShares For US Institutional Investor Use Only Notebook: ETN Report Not for use with the public

December 2012 ETN Assets and Net Flows Total ETN Assets $16.1 Billion ETN assets. In December, total assets in US-listed ETNs were down 3.5%, decreasing by $584 million to $16.1 billion. ETN net flows. ETN flows were down in December with a total net outflow of $260 million. Inverse volatility and master limited partnership (MLP) based products saw the largest inflows with $127 million and $88 million respectively. The largest outflows went to volatility and sovereign debt-based products, with $390 million and $129 million in outflows respectively. Product-related news. The total number of ETNs stayed the same in December. By Investment Objectives (Ranked by December Net Flows) Amount Outstanding -- $M Net Flows -- $M #ETNs 12/31/12 []Dec. []YTD Dec. []YTD ----------------------------------- -------------- ------ ----------- ---- ----------- Inverse Volatility 4 441 77 -31 127 -413 MLPS 8 5,888 -99 1,647 88 1,705 ----------------------------------- ------ ------- ------ ----------- ---- ----------- Commodity 66 5,089 -51 -515 59 -361 US Equity 30 939 48 461 37 401 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Inverse Sovereign Debt 9 239 11 117 3 147 Inverse Precious Metals 6 49 6 -24 2 -13 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Inverse U.S. Equity 3 21 -1 -30 0 1 International/Global Equity 6 491 1 17 0 -100 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Inverse International/Global Equity 2 8 -1 -5 0 -1 Inverse MLPS 1 7 0 -4 0 -3 Real Estate 2 45 0 45 0 42 Currency 12 147 -7 -87 -5 -82 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Inverse Commodity 13 152 -10 -110 -9 -105 Precious Metals 12 804 -85 114 -11 99 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Inverse Absolute Return 2 25 -15 -29 -15 -26 Absolute Return 10 219 -16 -127 -18 -116 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Sovereign Debt 11 97 -130 -78 -129 -127 Volatility 8 1,480 -312 53 -390 3,472 ----------------------------------- ------ ------- ------ ----------- ---- ------------ Totals 205 16,139 -584 1,413 -260 4,519 By Provider (Ranked by December Assets) Amount Outstanding -- $M Net Flows -- $M #ETNs 12/31/12 []Dec. []YTD Dec. []YTD ------------------------ -------------- ------ ----------- ---- ----------- iPath 69 5,370 -351 -671 -363 1,740 JP Morgan 3 4,883 -159 1,229 - 1,263 ------------------------ ------ ------- ------ ----------- ---- ----------- ELEMENTS 11 1,215 -10 -69 8 -65 E-TRACS 34 1,209 55 371 73 331 ------------------------ ------ ------- ------ ----------- ---- ----------- PowerShares DB 32 871 -217 -216 -192 -297 VelocityShares 22 851 65 190 168 955 ------------------------ ------ ------- ------ ----------- ---- ----------- Credit Suisse Asset Mgmt 5 436 -2 31 0 43 Barclays 9 423 16 174 15 183 ------------------------ ------ ------- ------ ----------- ---- ----------- UBS 2 268 19 174 26 169 Goldman Sachs 2 258 -2 183 - 177 RBS 8 214 9 89 9 76 Morgan Stanley 6 133 -7 -67 -5 -65 ------------------------ ------ ------- ------ ---------- ---- ----------- Citigroup 1 4 0 -6 - 8 Keynotes 1 4 0 0 - - ------------------------ ------ ------- ------ ---------- ---- ----------- Totals 205 16,139 -584 1,413 -260 4,519 The net flow numbers by ETN sponsors is an approximate calculation based on outstanding number of ETNs and repurchase value available on Bloomberg. [] represents change. Data from Bloomberg L.P., as of Dec. 31, 2012 unless otherwise noted

December 2012 10 Products with Highest Net Inflows in December ($M) Ticker Name (Flows) Amount Ending ------ ------------------------------------------- --------------------- XIV VelocityShares Inv VIX SH-TM 123 419 MLPI UBS E-TRACS Alerian MLP Infastruscture ETN 63 499 ------ ------------------------------------------- ---- ---------------- DJP iPath Dow Jones-UBS 30 1,948 UGAZ VelocityShares 3X Long Natur 29 59 ------ ------------------------------------------- ---- ----------------- RJI ELEMENTS Rogers Intl. Commodity Index 16 653 DCNG iPath Seasonal Natural Gas 15 49 ------ ------------------------------------------- ---- ----------------- JO iPath Dow Jones-UBS Coffee Sub Total Return 15 60 MLPL E-TRACS UBS 2X Leverage Long 15 128 ------ ------------------------------------------- ---- ----------------- VQT Barclays ETN+ SandP VEQTOR ETN 15 364 FBG FI Enhanced Big Cap Growth ETN 11 140 10 Products with Highest Net Out[]ows in December ($M) Ticker Name Flows Ending Amount ------ ------------------------------------------ ----- ------- VXX iPath SandP 500 VIX Short-Term Futures -370 994 ITLT PowerShares DB 3X Italian Govt Bond -37 10 ------ ------------------------------------------ ----- ------- ITLY PowerShares DB Italian Govt Bond -35 8 BUNT PowerShares DB 3X German Bund -33 12 ------ ------------------------------------------ ----- ------- BUNL PowerShares DB German Bund -24 8 DGP PowerShares DB Gold Double Long -21 452 ------ ------------------------------------------ ----- ------- OIL iPath Goldman Sachs Crude Oil Total Return -19 431 XVZ iPath SandP 500 Dynamic VIX ETN -17 267 ------ ------------------------------------------ ----- ------- INFL PowerShares DB US Inflation ETM -16 4 DEFL PowerShares DB US Deflation ETN -15 4 ETN with Highest Net Inflows in December XIV iPath Seasonal Natural Gas $123 Million ETN with Highest Net Outflows in December VXX iPath SandP 500 VIX Short-Term Futures $370 Million Invesco PowerShares For US Institutional Investor Use Only Notebook: ETN Report Not for use with the public

Appendix Putting issuer credit risk in perspective: sovereign entity credit risk versus ETN issuer credit risk. A CDS is quoted as a percentage premium paid by an investor to protect a notional dollar value of credit exposure. For example if an investor wanted to protect $1 million of exposure to Company "XYZ" and the prevailing CDS rate on "XYZ" was 100 basis points, it would mean the investor would pay $10,000 per year for protection on their $1 million exposure. December 2012 5-Year Credit Default Swaps For Nine Largest Countries in the World by Nominal GDP [GRAPHIC OMITTED] 5-Year Credit Default Swaps For All ETN Issuers [GRAPHIC OMITTED] Most recent issuer credit ratings. Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources; moodys.com and select "Rating Methodologies" under Research and Ratings. Credit Rating by Issuer(1) -------------------------- ------------------ ---------------------- ------------------- Issuer SandP Credit Rating Moody's Credit Rating Fitch Credit Rating -------------------------- ------------------ ---------------------- ------------------- Barclays A A3 A -------------------------- ------------------ ---------------------- ------------------- UBS A A2 A -------------------------- ------------------ ---------------------- ------------------- DB A+ A2 A+ -------------------------- ------------------ ---------------------- ------------------- Credit Suisse A n/a A -------------------------- ------------------ ---------------------- ------------------- Svenska Handelsbanken AB AA- Aa3 AA- -------------------------- ------------------ ---------------------- ------------------- Morgan Stanley A- Baa1 A -------------------------- ------------------ ---------------------- ------------------- RBS A- n/a A -------------------------- ------------------ ---------------------- ------------------- JPMorgan A A2 A+ -------------------------- ------------------ ---------------------- ------------------- Goldman Sachs A- A3 A -------------------------- ------------------ ---------------------- ------------------- Citigroup A- n/a A -------------------------- ------------------ ---------------------- ------------------- Source: Bloomberg, L.P., as of Dec. 31, 2012 1 The ETNs are not rated by an independent rating agency. An issuer credit rating is not a recommendation to purchase, sell, or hold a financial obligation issued by an obligor, as it does not comment on market price or suitability for a particular investor. Data from Bloomberg L.P., as of Dec. 31, 2012 unless otherwise noted

Author of ETN Notebook PowerShares Product Strategy and Research Team How to Contact: Graham Day, Alternative Asset Product Strategist John Feyerer, CFA, VP, Product Strategy and Research PowerShares Product Strategy and Research Team Jason Stoneberg, CFA, Vice President of Research email research@invescopowershares.com Graham Day, Alternative Asset Product Strategist Invesco PowerShares Joe Becker, Sr. Fixed and Equity Income Product Strategist email info@invescopowershares.com call 800 983 0903 Taylor Ames, Sr. Equity Product Strategist web invescopowershares.com twitter @PowerShares Brad Smith, Research Analyst Deutsche Bank AG, London Branch has filed a registration statement (including a prospectus) with the SEC for the offerings 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 these offerings. 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 the applicable offering. Important Risk Considerations Each ETN offers investors exposure to the month-over-month performance of its respective index measured from the first calendar day to the last calendar day of each month and the amount you receive at maturity (or upon an earlier repurchase) will be contingent upon each monthly performance of the respective index during the term of the ETNs. The inverse or leveraged 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, resulting in the compounding of monthly returns. Investing in the ETNs is not equivalent to a direct investment in the applicable index or index components. The principal amount is also subject to the monthly application of the investor fee, which can adversely affect returns. 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 of 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, full principal at risk, uncertain tax treatment, trade price fluctuations, illiquidity and leveraged losses. 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, the relevant ETNs will be accelerated and you will lose your entire investment in such ETNs. 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 specifled in the applicable pricing supplement. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. SBND provides leveraged short exposure to U.S. Treasury bond futures contracts. The market value of SBND may be influenced by many unpredictable factors, including, among other things, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. SBND 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 Capital Management LLC is 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 the loss of some or all of the principal amount. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement and the accompanying prospectus supplement and prospectus. This material must be accompanied or preceded by a prospectus. Before investing, please read the prospectus carefully. Not FDIC Insured -- No Bank Guarantee -- May Lose Value P-ETN-MR-9-E 1/13 X 12/13 PowerSharesETNs.com