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Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange Traded Notes

  Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
  Traded Notes

Business Wire

NEW YORK -- March 14, 2013

Deutsche Bank today announced that due to the postponement of the publication
of its 2012 Annual Report and Form 20-F, it will temporarily suspend further
issuances of twenty-six Exchange Traded Notes (the “ETNs”), effective after
the close of trading on March 29, 2013. Deutsche Bank expects to resume
issuances of these ETNs following the publication of its 2012 Annual Report
and Form 20-F in mid-April 2013. The ETN holders‘ option to require Deutsche
Bank to repurchase the ETNs will not be affected by this suspension. However,
Deutsche Bank will not be issuing new ETNs to the market and will announce to
investors its resumption of new ETN issuances in due course.

As disclosed in the pricing supplements relating to the ETNs, the market value
of ETNs may be influenced by, among other things, the levels of supply and
demand for the ETNs. It is possible that the temporary suspension, as
described above, may materially influence the market value and the liquidity
of the ETNs. The limitations on issuance and sale implemented may cause an
imbalance of supply and demand in the secondary market for the ETNs, which may
cause the ETNs to trade at a premium or discount in relation to their intraday
indicative value.

Investors considering any purchase of the ETNs should be aware of the fact
that the trading price of the ETNs on the exchange could be significantly
different from their intraday indicative value, which is meant to approximate
the intrinsic economic value of the ETNs. Paying a premium purchase price over
the intraday indicative value of the ETNs could lead to significant losses.

The following ETNs will be affected:

PowerShares DB Base Metals Double Short ETN         (NYSE Arca: BOM)
PowerShares DB Base Metals Double Long ETN           (NYSE Arca: BDD)
PowerShares DB Base Metals Short ETN                 (NYSE Arca: BOS)
PowerShares DB Base Metals Long ETN                  (NYSE Arca: BDG)
PowerShares DB Crude Oil Double Short ETN            (NYSE Arca: DTO, TSX:
                                                     DOE)
PowerShares DB Crude Oil Short ETN                   (NYSE Arca: SZO)
PowerShares DB Crude Oil Long ETN                    (NYSE Arca: OLO)
PowerShares DB Gold Double Short ETN                 (NYSE Arca: DZZ, TSX:
                                                     DGJ)
PowerShares DB Gold Double Long ETN                  (NYSE Arca: DGP,TSX: DGU)
PowerShares DB Gold Short ETN                        (NYSE Arca: DGZ)
PowerShares DB US Inflation ETN                      (NYSE Arca: INFL)
PowerShares DB US Deflation ETN                      (NYSE Arca: DEFL)
PowerShares DB 3x Short 25+ Year Treasury Bond ETN   (NYSE Arca: SBND)
PowerShares DB 3x Long 25+ Year Treasury Bond ETN    (NYSE Arca: LBND)
PowerShares DB 3x Short US Dollar Index Futures      (NYSE Arca: UDNT)
ETN
PowerShares DB 3x Long US Dollar Index Futures ETN   (NYSE Arca: UUPT)
PowerShares DB 3x Italian Treasury Bond Futures      (NYSE Arca: ITLT)
ETN
PowerShares DB Italian Treasury Bond Futures ETN     (NYSE Arca: ITLY)
PowerShares DB 3x German Bund Futures ETN            (NYSE Arca: BUNT)
PowerShares DB German Bund Futures ETN               (NYSE Arca: BUNL)
PowerShares DB 3x Japanese Govt Bond Futures ETN     (NYSE Arca: JGBT)
PowerShares DB Japanese Govt Bond Futures ETN        (NYSE Arca: JGBL)
PowerShares DB 3x Inverse Japanese Govt Bond         (NYSE Arca: JGBD)
Futures ETN
PowerShares DB Inverse Japanese Govt Bond Futures    (NYSE Arca: JGBS)
ETN
ELEMENTS^SM — “Dogs of the Dow” Linked to the Dow    (NYSE Arca: DOD)
Jones High Yield Select 10 Total Return Index^SM
ELEMENTS^SM Linked to the Morningstar^® Wide Moat    (NYSE Arca: WMW)
Focus Total Return Index^SM
                                                     

Deutsche Bank AG has filed a registration statement (including a prospectus,
prospectus supplement and pricing supplement) with the Securities and Exchange
Commission, or SEC, for the offering to which this free writing prospectus
relates. Before you invest, you should read the prospectus, prospectus
supplement and pricing supplement in that registration statement and other
documents that Deutsche Bank AG has filed with the SEC for more complete
information about Deutsche Bank AG and this offering. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Deutsche Bank AG, any agent or any dealer participating in
these offerings will arrange to send you the prospectus, prospectus supplement
and pricing supplement if you so request by calling toll-free 1-877-369-4617.
This does not constitute a solicitation of a purchase of a security except in
accordance with applicable law.

Contact:

Deutsche Bank AG
Press and Media Relations
Pholida Phengsomphone, +1 212-250-6853
pholida.phengsomphone@db.com