AGRICULTURE


Deutsche Bank announced on February 9, 2012 the suspension of any further
issuance of the PowerShares DB Agriculture Double Short Exchange Traded Note,
PowerShares DB Agriculture Short Exchange Traded Note and PowerShares DB
Agriculture Long Exchange Traded Note. Further issuance of PowerShares DB
Agriculture Double Long Exchange Traded Note was suspended on February 14,
2011. The DB PowerShares Agriculture ETNs will continue to be listed and traded
on NYSE Arca. Separately, Deutsche Bank announced that, effective after the
close of trading on February 16, 2012, there would be a change in the
underlying index to the PowerShares DB Agriculture ETNs. Please see the press
release filed by Deutsche Bank with the SEC on February 9, 2012 for additional
information.

The PowerShares DB Agriculture Double Long Exchange Traded Note (Symbol: DAG),
PowerShares DB Agriculture Long Exchange Traded Note (Symbol: AGF), PowerShares
DB Agriculture Short Exchange Traded Note (Symbol: ADZ) and PowerShares DB
Agriculture Double Short Exchange Traded Note (Symbol: AGA) (collectively, the
"PowerShares DB Agriculture ETNs") provide investors with a way to take a short
or leveraged view on the performance of the agriculture sector.

All of the PowerShares DB Agriculture ETNs are based on a total return version
of the Deutsche Bank Liquid Commodity Index -- Optimum Yield Agriculture[],
which is intended to track the long or short performance of the underlying
futures contracts relating to corn, wheat, soybeans and sugar.

Investors can buy and sell PowerShares DB Agriculture 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 Agriculture ETNs in blocks of
no less than 5,000 securities and integral multiples of 5,000 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
                                    DAG
Last Update                         7/15/2014
                                    4:00 PM EST
Price                               6.80
Indicative Intra-day Value          6.31
Last End of Day Repurchase Value(1) 6.4081
Last Date for End of Day Value      7/14/2014





AGF         ADZ         AGA
7/15/2014   7/15/2014   7/15/2014
4:00 PM EST 4:00 PM EST 4:00 PM EST
15.50       27.59       21.33
14.92       27.32       21.23
15.0272     27.1476     20.9759
7/14/2014   7/14/2014   7/14/2014


PowerShares DB Agriculture ETN and
Index Data

Ticker Symbols
DAG




ETN and Index History(%)
As of 6/30/2014         1 Year 3 Year
ETN Repurchase Value(1)
                        ------ ------





                    ETN
5 Year 10 Year Inception

Agriculture Double
Long
Agriculture Long            AGF
Agriculture Short           ADZ
Agriculture Double
                            AGA
Short
Intraday Indicative Value Symbols
Agriculture Double        DAGIV
Long
Agriculture Long          AGFIV
Agriculture Short         ADZIV
Agriculture Double        AGAIV
Short
CUSIP Symbols
Agriculture Double
Long                  25154H558
Agriculture Long      25154H533
Agriculture Short     25154H541
Agriculture Double
Short                 25154H566
Details
ETN price at listing     $25.00
Inception date          4/14/08
Maturity date            4/1/38
Yearly investor fee       0.75%
Listing exchange      NYSE Arca
Index symbol           DBLCYEAG


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
Potential lack of liquidity

Benefits

Leveraged and short notes
Relatively low cost
Intraday access
Listed
Transparent




Agriculture Double Long         -19.12  -16.20
Agriculture Long                 -9.51   -6.71
Agriculture Short                 6.75    1.38
Agriculture Double Short         12.40   -0.85
ETN Market Price(2)
Agriculture Double Long         -19.42  -16.01
Agriculture Long                  0.87   -5.92
Agriculture Short                38.54    7.93
Agriculture Double Short         32.10   -1.32
Index History
Deutsche Bank Liquid Commodity
                                 -8.86   -6.40
Index-Optimum Yield Agriculture
Comparative Indexes(3)
SandP 500 Index                  24.61   16.58
Barclays U.S. Aggregate           4.37    3.66





 -5.10 -  -18.53
 -0.56 -   -7.24
 -5.38 -    0.71
-14.39 -   -3.96
 -5.27 -  -18.53
  0.07 -   -6.95
 -1.70 -    3.94
-14.42 -   -4.03
  0.11 -   -6.74
 18.83  -   8.76
  4.85 -    4.74





Index Weights
As of 7/14/2014
Commodity            Contract Expiry Date Weight (%)
Corn                           12/12/2014       23.08
Soybeans                       11/14/2014       26.06
Sugar #11                       6/30/2015       26.72
Wheat                           7/14/2015        7.61
Wheat (Kansas Wheat)            7/14/2015        8.47
Wheat-Mineapolis Wht            9/12/2014        8.06


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 Agriculture ETN performance. The inception date of the
Deutsche Bank Liquid Commodity Index - Optimum Yield Agriculture[] is July 12,
2006. ETN repurchase value is based on a combination of the monthly returns
from the Deutsche Bank Liquid Commodity Index -- Optimum Yield Agriculture
Excess Return[] (the "Agriculture 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 Agriculture 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.

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

The PowerShares DB Agriculture ETNs provide concentrated exposure to notional
positions in agriculture commodity futures contracts. The market value of the
PowerShares DB Agriculture ETNs may be influenced by many unpredictable
factors, including, among other things, volatile agriculture 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 PowerShares DB Agriculture Double Long ETN and PowerShares DB Agriculture
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.

An investment in the PowerShares DB Agriculture 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.