CRUDE OIL


The PowerShares DB Crude Oil Long Exchange Traded Note (Symbol: OLO),
PowerShares DB Crude Oil Short Exchange Traded Note (Symbol: SZO) and
PowerShares DB Crude Oil Double Short Exchange Traded Note (Symbol: DTO)
(collectively, the "PowerShares DB Crude Oil ETNs") provide investors a way to
take a long, short or leveraged view on the performance of an oil-based
commodity index.

All of the PowerShares DB Crude Oil ETNs are based on a total return version of
the Deutsche Bank Liquid Commodity Index -- Oil, which is intended to track the
long or short performance of the underlying futures contracts of a basket of
oil future contracts. The Long ETN is based on the Optimum Yield[] version of
the Index, and the Short and Double Short ETNs are based on the standard
version of the Index.

Investors can buy and sell PowerShares DB Crude Oil 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 Crude Oil 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

Download Historical Repurchase Value




Financial Details
                                    OLO
                                    7/15/2014
Last Update                         4:00 PM EST
Price                               14.30
Indicative Intra-day Value          14.46
Last End of Day Repurchase Value(1) 14.6084
Last Date for End of Day Value      7/14/2014





SZO         DTO         -
7/15/2014   7/15/2014   -
4:00 PM EST 4:00 PM EST -
36.66       31.44       -
36.94       31.40       -
36.6171     30.8831     -
7/14/2014   7/14/2014   -





PowerShares DB Crude Oil ETN and
Index Data
Ticker Symbols
Crude Oil Long           OLO
Crude Oil Short          SZO
Crude Oil Double Short   DTO
Intraday Indicative Value Symbols
Crude Oil Long         OLOIV
Crude Oil Short        SZOIV
Crude Oil Double Short DTOIV
CUSIP Symbols
                       ----------





ETN and Index History(%)
As of 6/30/2014         1 Year 3 Year
ETN Repurchase Value(1)
Crude Oil Long          17.67   1.96
Crude Oil Short        -15.04  -7.34
Crude Oil Double Short -29.27 -18.09
ETN Market Price(2)
Crude Oil Long          18.73   1.76
Crude Oil Short        -14.96  -7.45
Crude Oil Double Short -29.41 -18.37





                 ETN
5 Year 10 Year Inception
  3.93       -  -7.96
 -7.04       -   5.72
-17.55       -   2.02
  3.69       -  -8.08
 -6.98       -   5.67
-17.46       -   1.87

Crude Oil Long         25154K866
Crude Oil Short        25154K874
Crude Oil Double Short 25154K809
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
DB Optimum Yield Crude  DBLCOCLT
Oil[] Index
DB Standard Crude Oil
                         DBRCLTR
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
Acceleration risk
Credit risk of the issuer
Potential lack of liquidity

Benefits

Leveraged and short notes
Relatively low cost
Intraday access
Listed
Transparent




Index History
Deutsche Bank Liquid Commodity 18.36  2.78
Index-Optimum Yield Oil
Deutsche Bank Liquid Commodity
Index-Oil                      14.01  1.90
Comparative Indexes(3)
SandP 500 Index                  24.61 16.58
Barclays U.S. Aggregate         4.37  3.66





 4.72 -   -7.24
 1.41 -  -14.81
18.83 -    8.74
 4.85 -    5.19


Long Index Weights

As of 7/14/2014
Commodity
Light Crude

Contract Expiry Date
12/19/2014

Weight (%)
100.00

Short Index Weights

As of 7/14/2014
Commodity
Light Crude

Contract Expiry Date
8/20/2014

Weight (%)
100.00

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 effect a
repurchase would have to sell their shares at prevailing market prices, which
may be at a discount to the repurchase value. See "ETN Market Price" in this
table. Index history is for illustrative purposes only and does not represent
actual PowerShares DB Crude Oil ETN performance. The inception date of the
Deutsche Bank Liquid Commodity Index-Oil is Jan. 12, 2004. The inception date
of the Index's Optimum Yield version is May 24, 2006. ETN repurchase value is
based on a combination of the monthly returns from the relevant Commodity 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 Crude Oil
ETNs, less the investor fee. The Long ETN is based on the Deutsche Bank Liquid
Commodity Index -- Optimum Yield Crude Oil[], and the Short and Double Short
ETNs are based on the standard version of the Deutsche Bank Liquid Commodity
Index -- Light Crude[] (the "Commodity Indexes"). The T-Bill Index is intended
to approximate returns from investing in 3-month United States Treasury bills
on a rolling basis.

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 Bond 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
The PowerShares DB Crude Oil 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.

The PowerShares DB Crude Oil ETNs are senior unsecured obligations of Deutsche
Bank AG, London Branch, and the amount due on the PowerShares

DB Crude Oil ETNs is dependent on Deutsche Bank AG, London Branch's ability to
pay. The PowerShares DB Crude Oil ETNs are riskier than ordinary unsecured debt
securities and have no principal protection. Risks of investing in the
PowerShares DB Crude Oil ETNs include limited portfolio diversification, full
principal at risk, trade price fluctuations, illiquidity and leveraged losses.
Investing in the PowerShares DB Crude Oil 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
Crude Oil ETNs even if the value of the relevant index has increased. If at any
time the redemption value of the PowerShares DB Crude Oil ETNs is zero, your
investment will expire worthless. Deutsche Bank may accelerate the PowerShares
DB Crude Oil 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
Crude Oil ETNs. Sales in the secondary market may result in losses. An
investment in the PowerShares DB Crude Oil ETNs may not be suitable for all
investors.

The PowerShares DB Crude Oil ETNs provide concentrated exposure to notional
positions in crude oil commodity futures contracts. The market value of the
PowerShares DB Crude Oil ETNs may be influenced by many unpredictable factors,
including, among other things, volatile oil prices, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions. Because the ETNs provide concentrated exposure to
notional positions in futures contracts of a single commodity sector, they are
speculative and generally will exhibit higher volatility than commodity
products linked to more than one commodity sector.

The DB Crude Oil Double Short 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 PowerShares DB Crude Oil ETNs involves risks, 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

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
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.

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 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.