Filed pursuant to Rule 433
Registration Statement No. 333-162195
Dated March 3, 2010

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
 DAGAGFADZAGA
Last Update10/22/2014
3:59 PM EST
10/22/2014
3:52 PM EST
10/22/2014
12:00 AM EST
10/22/2014
11:48 AM EST
Price6.1513.6629.9124.51
Indicative Intra-day Value5.0013.4129.7324.81
Last End of Day Repurchase Value15.015813.43229.688424.7309
Last Date for End of Day Value10/21/201410/21/201410/21/201410/21/2014

PowerShares DB Agriculture ETN & Index Data
Ticker Symbols
Agriculture Double Long DAG
Agriculture Long AGF
Agriculture Short ADZ
Agriculture Double Short AGA
Intraday Indicative Value Symbols
Agriculture Double Long DAGIV
Agriculture Long AGFIV
Agriculture Short ADZIV
Agriculture Double Short AGAIV
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
ETN & Index History(%)
As of 9/30/20141 Year3 Year5 Year10 YearETN Inception
ETN Repurchase Value1
Agriculture Double Long-46.14-24.27-13.93--23.54
Agriculture Long-25.35-11.86-5.09--10.08
Agriculture Short27.188.27-1.21-3.80
Agriculture Double Short57.3513.95-6.93-2.04
 
ETN Market Price2
Agriculture Double Long-27.92-19.43-8.68--20.05
Agriculture Long-12.54-11.69-4.84--10.10
Agriculture Short36.488.58-1.10-3.77
Agriculture Double Short99.7214.86-6.43-2.49
 
Index History
Deutsche Bank Liquid Commodity Index-Optimum Yield Agriculture-24.82-11.25-4.45--9.59
 
Comparative Indexes3
S&P 500 Index19.7322.9915.70-8.60
Barclays U.S. Aggregate3.962.434.12-4.58

Index Weights
As of 10/21/2014
CommodityContract Expiry DateWeight (%)
Corn12/12/201423.63
Soybeans11/13/201525.52
Sugar #116/30/201526.74
Wheat7/14/20157.64
Wheat (Kansas Wheat)7/14/20158.60
Wheat-Mineapolis Wht12/12/20147.87

Source: Invesco PowerShares, Bloomberg L.P.
1ETN 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.
2ETN 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.
3The S&P 500® 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