Group Home db.com Home Funds Downloads Press Releases and News About DB Commodity Services Prospectus Distribution Tax Q&A Exchange Traded Notes Group Home > Notes > Commodities - ---------- Commodity Exchange Filed pursuant to Rule 433 Registration Statement 333-137902 Traded Notes Dated Nov 12, 2008 Description The PowerShares DB Commodity Double Long Exchange Traded Note (Symbol: DYY), PowerShares DB Commodity Long Exchange Traded Note (Symbol: DPU), PowerShares DB Commodity Short Exchange Traded Note (Symbol: DDP) and PowerShares DB Commodity Double Short Exchange Traded Note (Symbol: DEE) (collectively, the "PowerShares DB Commodity ETNs") are the first United States exchange traded products that provide investors with a cost-effective and convenient way to take a long, short or leveraged view on the performance of a broad-based commodity index. All of the PowerShares DB Commodity ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index(TM) (the "Index") which is designed to reflect the performance of certain wheat, corn, light sweet crude oil, heating oil, gold and aluminum futures contracts plus the returns from investing in 3 month United States Treasury Bills. The Long and Double Long ETNs are based on the Optimum Yield(TM) version of the Index and the Short and Double Short ETNs are based on the standard version of the Index. The Optimum Yield(TM) version of the Index attempts to minimize the negative effects of contango and maximize the positive effects of backwardation by applying flexible roll rules to pick a new futures contract when a contract expires. The standard version of the Index, which does not attempt to minimize the negative effects of contango and maximize the positive effects of backwardation, uses static roll rules that dictate that an expiring futures contract must be replaced with a contract having a pre-defined expiration date. Investors can buy and sell PowerShares DB Commodity ETNs at market price on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early redemption based on the performance of the index less investor fees. Investors may redeem PowerShares DB Commodity ETNs in blocks of no less than 200,000 securities and integral multiples of 50,000 securities thereafter, subject to the procedures described in the pricing supplement which include a fee of up to $0.03 per security. Fact Sheet Prospectus Index History (%)(1) Fund Annual Rebalance The following funds did not re-balance to their base weights on Nov 10th: DBA,DBB,DBC,DBE,DBP. Re-balance will occur on the close on Nov 11th (DBA W Z8 will roll over next 3 days). For exact fund weights call (212) 250 5883. DEE Financial Details Ticker: DEE Last Update 11-Nov-2008 09:49 AM Price Not Available DEE Index Level* 414.90 Indicative Intra-day 55.15 Value** Last end of day 52.57997 Value*** Last date for end 10-Nov-2008 of day Value Data Source: www.nyse.com (Data delayed 20 minutes) * Indicative intra-day and Index closing ** Indicative intra-day value of the DEE *** Last end of day DEE RP DYY Financial Details Ticker: DYY Last Update 11-Nov-2008 09:49 AM Price Not Available DYY Index Level* 473.90 Indicative Intra-day 8.11 Value** Last end of day 8.57973 Value*** Last date for end 10-Nov-2008 of day Value 11/11/2008

Deutsche Bank Commodities Notes Source: DB / Bloomberg Long Index Weights As Of: 10-Nov-2008 Commodity Contract Expiry Date Weight % Aluminium 18-Nov-2009 11.33 Corn 12-Dec-2008 0 Corn 14-Dec-2009 12.399 Gold 29-Dec-2008 0 Gold 28-Jan-2009 10.675 Heating Oil 29-May-2009 22.006 Light Crude 22-Jun-2009 33.039 Wheat 14-Jul-2009 10.55 Short Index Weights As Of: 10-Nov-2008 Commodity Contract Expiry Date Weight % Aluminium 16-Dec-2009 12.39 Corn 14-Dec-2009 11.33 Gold 29-Dec-2009 10.21 Heating Oil 31-Dec-2008 20.08 Light Crude 19-Dec-2008 34.78 Wheat 14-Dec-2009 11.2 Data Source: www.nyse.com (Data delayed 20 minutes) * Indicative intra-day and Index closing ** Indicative intra-day value of the DYY *** Last end of day DYY RP DDP Financial Details Ticker: DDP Last Update 11-Nov-2008 09:49 AM Price Not Available DYY Index Level* 414.90 Indicative Intra-day 38.78 Value** Last end of day 37.81487 Value*** Last date for end 10-Nov-2008 of day Value Data Source: www.nyse.com (Data delayed 20 minutes) * Indicative intra-day and Index closing ** Indicative intra-day value of the DDP *** Last end of day DDP RP DPU Financial Details Ticker: DPU Last Update 11-Nov-2008 09:49 AM Price Not Available DPU Index Level* 473.90 Indicative Intra-day 15.41 Value** Last end of day 15.82941 Value*** Last date for end 10-Nov-2008 of day Value Data Source: www.nyse.com (Data delayed 20 minutes) * Indicative intra-day and Index closing ** Indicative intra-day value of the DPU *** Last end of day DPU RP Contact Information Any questions please call 1-877-369-4617

DB Commodity ETN and Index Data (1)Index history is for illustrative purposes only and does not represent actual PowerShares DB Commodity ETN performance. DB Commodity ETN Symbols PowerShares DB Commodity ETN hypothetical historical performance is based on a combination of the monthly returns from the relevant Commodity Double Short DEE commodity index plus the monthly returns from the DB 3-Month T-Bill Index (the "T-Bill Index"), resetting monthly as per the repurchase Commodity Double Long DYY value formula applied to the PowerShares DB Commodity ETNs less the investor fee. Index history for the Long and Double Long ETNs is Commodity Short DDP based on the Deutsche Bank Liquid Commodity Index-Optimum Yield(TM) and index history for the Short and Double Commodity ETNs is based on the Commodity Long DPU standard version of the Deutsche Bank Liquid Commodity Index (collectively, the "Commodity Indexes"). The Commodity Indexes are Unit Price at Listing intended to reflect changes in the market value of certain commodity futures contracts based on crude oil, heating oil, corn, wheat, gold Commodity Double Short $25.00 and aluminum. The T-Bill Index is intended to approximate the returns from investing in 3- month United States Treasury Bills on a rolling Commodity Double Long $25.00 basis. Commodity Short $25.00 An investment in the DB Commodity ETNs involves risks, including Commodity Long $25.00 possible loss of principal. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement. Intraday Intrinsic Value Symbols Index history does not reflect any transaction costs or expenses. Commodity Double Short DEEIV Indexes are unmanaged and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT Commodity Double Long DYYIV GUARANTEE FUTURE RESULTS. Commodity Short DDPIV (2)The PowerShares DB Commodity ETNs are not rated but rely on the ratings of their issuer, Deutsche Bank AG, London Branch. Credit Commodity Long DPUIV ratings are subject to revision or withdrawal at any time by the assigning rating organization, which may have an adverse effect on Inception Date 4/28/08 the marketability or market price of the PowerShares DB Commodity ETNs. Maturity Date 4/01/38 An investment in the PowerShares DB Commodity ETNs involves risks, DB Optimum YieldTM DBLCOYER including possible loss of principal. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement. Not Commodity Index Symbol FDIC Insured - No Bank Guarantee - May Lose Value. DB Standard Commodity DBLCMACL The PowerShares DB Commodity ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch that are linked to the Index. The Index Symbol rating of Deutsche Bank AG, London Branch does not address, enhance or affect the performance of the PowerShares DB Commodity ETNs other than Deutsche Bank AG, London Branch's ability to meet its Risks(2) obligations. The PowerShares DB Commodity ETNs are riskier than ordinary unsecured debt securities and have no principal protection. Non-principal protected Risks of investing in the PowerShares DB Commodity ETNs include Leveraged losses limited portfolio diversification, uncertain principal repayment, Subject to an investor fee trade price fluctuations, illiquidity and leveraged losses. Investing Limitations on repurchase in the PowerShares DB Commodity ETNs is not equivalent to a direct investment in the Index or index components. The investor fee will reduce

Concentrated exposure to commodities the amount of your return at maturity or upon redemption of your PowerShares DB Commodity ETNs even if the value of the relevant Benefits index has increased. If at any time the redemption value of the PowerShares DB Commodity ETNs is zero, your investment will Leveraged and short notes expire worthless. Ordinary brokerage commissions apply, and Low Cost there are tax consequences in the event of sale, redemption or Intraday access maturity of the PowerShares DB Commodity ETNs. Sales in the Listed secondary market may result in losses. An investment in the Transparent PowerShares DB Commodity ETNs may not be suitable for all Tax treatment(3) investors. Issuer Details The PowerShares DB Commodity ETNs are concentrated in commodity Deutsche Bank AG, London Branch futures contracts. The market value of the PowerShares DB Long-term Unsecured Obligations** Commodity ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in S & P Rating AA- supply and demand relationships, changes in interest rates, and monetary and other governmental actions. Moody's Rating Aal The PowerShares DB Commodity Double Long ETN and PowerShares DB Commodity 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. (3)Deutsche Bank AG, London Branch, Invesco PowerShares and their affiliates do not provide tax advice, and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax related penalties and (ii) was written to support the promotion or marketing of the transactions or matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. 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 dbfunds.db.com or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 800.983.0903, or you may request a copy from any dealer participating in this offering. Certain marketing services may be provided for these products by Invesco Aim Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC. Neither firm is affiliated with Deutsche Bank. PowerShares(R) is a registered trademark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC and Invesco Aim Distributors, Inc. are indirect, wholly owned subs idiaries of Invesco Ltd. An investor should consider the PowerShares DB Commodity ETNs' investment objective, risks, charges and expenses carefully before investing.

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