10/22/14 PowerSharesETNs.com - German Fixed Income



The PowerShares DB 3x German Bund Futures Exchange Traded Notes (BUNT) and
PowerShares DB German Bund Futures Exchange Traded Notes (BUNL) (col ectively,
the "PowerShares DB German Bund Futures ETNs," or the "ETNs") provide investors
with leveraged or unleveraged exposure to the U.S. dol ar value of the returns
of a German bond futures index.

The PowerShares DB German Bund Futures ETNs are based on the DB USD Bund
Futures Index (the "Bund Futures Index") which is intended to measure the
performance of a long position in Euro-Bund Futures.

The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month performance of the DB USD Bund
Futures Index.

The DB USD Bund Futures Index is intended to measure the performance of a long
position in Euro-Bund Futures. The underlying assets of Euro-Bund Futures are
Federal Republic of Germany-government issued debt securities ("Bunds") with a
remaining term to maturity of not less than 8 years and 6 months and not more
than 10 years and 6 months as of the futures contract delivery date. The
returns of each ETN are obtained by combining the returns of the relevant
futures index with the returns of the TBi l  index, less investor fees.
Investors can buy and sel  the ETNs 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. The issuer has the right to redeem the ETNs at
the repurchase value at any time.

Investors may redeem the ETNs in blocks of no less than 50,000 securities and
multiples of 50,000 securities thereafter, subject to the procedures described
in the pricing supplement. Redemptions may include a fee of up to $0.03 per
security.

GRAPHIC OMMITTED

FinancialDetails
                               BUNL          BUNT       -   -
                               10/22/2014    10/22/2014 -   -
LastUpdate                     12:00AMEST    9:39AMEST  -   -
Price                          26.50         44.33      -   -
IndicativeIntra-dayValue       26.31         44.52      -   -
LastEndofDayRepurchaseValue(1) 26.3319       44.6318    -   -
LastDateforEndofDayValue       10/21/2014    10/21/2014 -   -
                               ------------- ---------- --- -------------------
PowerSharesDBGermanBund        ETNand IndexHistory(%)
ETNand IndexData                                                  ETN
                               Asof9/30/2014   1Year 3Year 5Year10YearInception

beta.powersharesetns.com/portal/site/etns/germanyfixedincome

TickerSymbols
3xGermanBundFutures        BUNT
GermanBundFutures          BUNL
IntradayIndicativeValue
Symbols
3xGermanBundFutures     BUNTIV
GermanBundFutures       BUNLIV
CUSIPSymbols
3xGermanBundFutures25154W407
GermanBundFutures   25154W506
Details
ETNpriceatinception      $20.00
Inceptiondate        3/22/2011
Maturitydate         3/31/2021
Yearlyinvestorfee        0.95%
(BUNT)
Yearlyinvestorfee        0.50%
(BUNL)
LeverageReset           Monthly
Frequency
Listingexchange      NYSEArca
DBUSDBundFutures    DBBNBUNL
Index

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 Credit risk of the issuer Issuer cal  right
Potential lack of liquidity

Benefits

Leveraged or unleveraged long notes Relatively low cost Intraday access

Listed

ETNRepurchaseValue(1)
GermanBund         9.49 5.04  -   -   7.87
3xGermanBund      31.02 15.36 -   -   24.74
ETNMarketPrice(2)
GermanBund         8.85 4.80  -   -   7.70
3xGermanBund      30.82 15.05 -   -   24.56
IndexHistory
BundFuturesIndex  10.03 5.52  -   -   8.36
ComparativeIndexes(3)
SandP500Index       19.73 22.99 -   -   15.07
BarclaysU.S.       3.96 2.43  -   -   3.75
Aggregate

BUNTIndexWeights
Asof10/20/2014
                 ContractExpiry
Contract                           Weight(%)
                              Date
EURO-BUND               12/8/2014        100.00
FUTURE
---------------- ----------------- ------------
BUNLIndexWeights
Asof10/20/2014
                 ContractExpiry
Contract                           Weight(%)
                              Date
EURO-BUND               12/8/2014        100.00
FUTURE

Source: Invesco PowerShares, Bloomberg L.P.

(1)ETN repurchase value performance figures reflect repurchase value, which
would require investors to have a minimum number of shares (found in pricing
supplement). Repurchase value is the current principal amount x applicable
index factor x fee factor. See the prospectus for more complete information.
Investors holding less than the minimum number of shares required to ef ect a
repurchase would have to sel  their shares at prevailing market prices, which
may be at a discount to the repurchase value. See "ETN Market Price" in this
table. ETN repuchase value is based on a combination of three times the monthly
returns, for the 3x German Bund Futures ETNs, or the monthly returns, for the
German Bund Futures ETNs, from the Bund Futures Index plus the monthly returns
from the DB 3-Month T-Bi l  Index (the "T-Bi l  Index"), resetting monthly as
per the formula applied to the ETNs, less the investor fee. The T-Bi l  Index
is intended to approximate the returns from investing in 3-month United States
Treasury bi l s on a rol ing basis.

Index history is for i l ustrative purposes only and does not represent actual
PowerShares DB German Bund Futures ETN performance. The inception date of the
Bund Futures Index is September 20, 2010.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

(2)ETN market price performance is calculated using the change in the bid/ask
midpoint at 4 p.m. ET expressed as a percentage change from the beginning to
the end of the specified time period.

(3)The SandP 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 Index is an unmanaged index
considered representative of the U.S. investment-grade,

fixed-rate bond market. Index history does not reflect any transaction costs or
expenses. Indexes are unmanaged, and you cannot invest directly in an index.

Important Risk Considerations
Each security 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) wil  be contingent upon each monthly performance of the respective
Index during the term of the ETNs. The German Bund Futures 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 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 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 wil  receive at maturity, or upon an earlier repurchase, your initial
investment back or any return on that investment. Significant adverse monthly
performances for 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, ful
principal at risk, trade price fluctuations, i l iquidity and leveraged losses.
The investor fee wi l  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, your Investment wi l
expire worthless. 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 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 ETNs.
Sales in the secondary market may result in losses.

The ETNs provide concentrated exposure to notional positions in Euro-Bund
futures contracts. The market value of the ETNs 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, each in the U.S. or Germany.

The 3x German Bund Futures 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.

An investment in the ETNs involves risks, including the loss of some or al  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.

Not FDIC Insured -- No Bank Guarantee -- May Lose Value

GRAPHIC OMMITTED