INFLATION/DEFLATION

The PowerShares DB US Inflation Exchange Traded Notes (Symbol:INFL)(the
"Inflation ETNs") and PowerShares DB US Deflation Exchange Traded Notes
(Symbol: DEFL) (the "Deflation ETNs," together with the Inflation ETNs the
"ETNs") provide investors with direct exposure to US inflation or deflation
expectations.

The Inflation ETNs and Deflation ETNs are based on the DBIQ Duration-Adjusted
Inflation Index (the "long inflation index") and the DBIQ Duration-Adjusted
Deflation Index (the "short inflation index", together with the long inflation
index, the "inflation indexes"), respectively, which are intended to capture
movements, whether up or down, in US inflation expectations or deflation
expectations, as applicable.

The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month returns, whether positive or
negative, on the DBIQ Duration-Adjusted Inflation Index and the DBIQ
Duration-Adjusted Deflation Index.

The inflation indices aim to track changes in the market's expectations of
future inflation implied by the difference in yields between Treasury
Inflation-Protected Securities (TIPS) and U.S. Treasury bonds with
approximately equivalent terms to maturity. A combination of offsetting short
and long notional positions in TIPS and Treasury Bond Futures is one way in
which this expectation of future inflation may be measured. If the market's
expectation of future inflation increases, TIPS are likely to outperform U.S.
Treasury bonds with approximately equivalent terms to maturity. If the market's
expectation of future inflation decreases, TIPS are likely to underperform U.S.
Treasury bonds with approximately equivalent terms to maturity. Therefore, to
gain exposure to the market's expectation that future inflation will increase,
the Inflation ETNs take a notional long position in TIPS and a notional short
position in U.S. Treasury bonds with approximately equivalent terms to
maturity. To gain exposure to the market's expectation that future inflation
will decrease, the Deflation ETNs take a notional short position in TIPS and a
notional long position in U.S. Treasury bonds with approximately equivalent
terms to maturity.

If the daily repurchase value of the securities is above $100.00 for three
consecutive trading days or is below $25.00 for three consecutive trading days,
Deutsche Bank AG, London Branch will automatically effect a 2 for 1 split or a
1 for 2 reverse split of the securities, respectively. Because the index
multiplier remains constant at 0.10 per security, a mandatory split or reverse
split will have the effect of increasing or decreasing an investor's exposure
to the applicable inflation index, respectively.

Investors may redeem the ETNs in blocks of 50,000 securities and multiples of
25,000 securities in excess thereof, subject to the procedures described in the
pricing supplement. Redemptions may include a fee of up to $0.075 for each
security that is redeemed or a fee of up to $0.50 if an investor offers in
excess of 500,000 securities for redemption on any repurchase date.

Financial Details
                           INFL        DEFL         -   -
                           7/15/2014   7/15/2014    -   -
Last Update                4:00 PM EST 12:00 AM EST -   -
Price                      45.69       50.70        -   -
Indicative Intra-day Value 45.25       49.93        -   -

Last End of Day Repurchase Value(1)
Last Date for End of Day Value
PowerShares DB US
Inflation/Deflation ETN and Index
Data
Ticker Symbols
US Inflation ETN              INFL
US Deflation ETN             DEFL
Intraday Indicative Value Symbols
US Inflation ETN            INFLIV
US Deflation ETN           DEFLIV
CUSIP Symbols
US Inflation ETN       25154W225
US Deflation ETN       25154W217
Details
ETN price at inception $50.00 per
                           security
Inception date         12/05/2011
Maturity date          11/30/2021
Yearly investor fee         0.75%
Listing exchange        NYSE Arca
DBIQ Duration-
Adjusted Inflation      DBLNLINF
Index
DBIQ Duration-
Adjusted Deflation      DBLNSINF
Index

Issuer
Deutsche Bank AG, London Branch Senior Unsecured Obligations

Risks

Non-principal protected Subject to an investor fee Limitations on redemption
Concentrated exposure Credit risk of the issuer Issuer call right Potential
lack of liquidity

Benefits

Relatively low cost Intraday access Listed

45.3572   49.8183   -   -
7/14/2014 7/14/2014 -   -

ETN and Index History(%)
                                         ETN
As of 6/30/2014       1 Year 3 Year 5 Year 10 Year Inception
ETN Repurchase Value(1)
US Inflation ETN       -0.68 -   -   -   -3.87
US Deflation ETN       -2.78 -   -   -   0.02
ETN Market Price(2)
US Inflation ETN       -2.51 -   -   -   -3.77
US Deflation ETN       -1.07 -   -   -   0.57
Index History
Long Inflation Index    0.02 -   -   -   -3.15
Short Inflation Index  -2.10 -   -   -   0.72
Comparative Indexes(3)
SandP 500 Index         24.61  -   -   -   21.45
Barclays U.S.           4.37 -   -   -   2.71
Aggregate

INFL Index Weights
As of 7/15/2014
                    Contract Expiry
Contract                            Weight (%)
                               Date
TII 0 1/8 04/15/19       4/15/2019        40.00
TII 0 5/8 01/15/24       1/15/2024        50.00
TII 1 3/8 02/15/44       2/15/2044        10.00
US 10 Yr Note              9/1/2014      -55.29
Future
US 5 Yr Note Future        9/1/2014      -34.91
US Ultra Bond
                           9/1/2014        -9.80
Future
------------------- --------------- ------------
DEFL Index Weights
As of 7/15/2014
                    Contract Expiry
Contract                            Weight (%)
                               Date
TII 0 1/8 04/15/19       4/15/2019       -40.00
TII 0 5/8 01/15/24       1/15/2024       -50.00
TII 1 3/8 02/15/44       2/15/2044       -10.00
US 10 Yr Note
                           9/1/2014       55.29
Future
US 5 Yr Note Future        9/1/2014       34.91
US Ultra Bond
Future                     9/1/2014         9.80

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 ETN performance. The publication date of the DBIQ Duration-Adjusted
Inflation Index and the DBIQ Duration-Adjusted Deflation Index is 7/25/2011.
ETN repurchase value is based on gain or loss of $0.10 per security for each 1
point increase or decrease, respectively, in the level of the applicable
inflation index, plus the income accrued from a notional investment of the
value of the

securities, as determined on each monthly rebalancing date, in 3-month United
States Treasury bills on a rolling basis, as represented by the DB 3-Month
T-Bill Index (the "TBill index"), less an investor fee.

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
The ETNs offer investors exposure to the month-over-month performance of their
respective inflation index and the month-over-month returns on the TBill index,
measured from the first calendar day to the last calendar day of each month,
less the investor fee. The inflation indices are intended to rise and fall
based on changes in the market's expectations about future rates of inflation,
and are therefore distinct from the U.S. City Average All Items Consumer Price
Index for All Urban Consumers (the "CPI"), the commonly known consumer price
index, which is used to track current inflation in the United States. Unlike
TIPS, which are intended to provide inflation protection, the ETNs allow
investors to take long or short exposure to changes in the market's
expectations about inflation and do not guarantee any return of principal at
maturity. Investors should consider their investment horizon as well as
potential trading costs when evaluating an investment in the ETNs and should
regularly monitor their holdings of the ETNs to ensure that they remain
consistent with their investment strategies.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and payment of the amount due on the ETNs is entirely dependent on Deutsche
Bank AG, London Branch's ability to pay. The rating of Deutsche Bank AG, London
Branch does not address, enhance or affect the performance of the ETNs other
than Deutsche Bank AG, London Branch's ability to meet its obligations. 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, 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,
your Investment will expire worthless. As described in the pricing supplement,
Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase
value. An investment in the ETNs is not suitable for all investors.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. There are restrictions on the minimum number of units
that you may redeem directly with Deutsche Bank AG, London Branch, as specified
in the applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions in TIPs and U.S.
treasury bond futures contracts. The market value of the ETNs may be influenced
by many unpredictable factors, including, among other things, U.S. government
fiscal policy and monetary policies of the Federal Reserve Board, inflation and
expectations concerning inflation, interest rates, and supply and demand for
TIPS and U.S. Treasury bonds.

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. 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.

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

This material must be accompanied or preceded by a prospectus. Before
investing, please read the prospectus carefully.

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.