INVESCO POWERSHARES - ------------------------------------------------------------------------------- DGP PowerShares DB Gold Double Long ETN DGZ PowerShares DB Gold Short ETN DZZ PowerShares DB Gold Double Short ETN - ------------------------------------------------------------------------------- Filed pursuant to Rule 433 Registration Statement 333-137902 Dated 26 May 2009 ETN & index data as of 31 March 2009 Description The PowerShares DB Gold Double Long Exchange-traded Note (Symbol: DGP), PowerShares DB Gold Short Exchange Traded Note (Symbol: DGZ) and PowerShares DB Gold Double Short Exchange Traded Note (Symbol: DZZ) (collectively, the "PowerShares DB Gold ETNs") are the first exchange-traded products that provide investors with a cost-effective and convenient way to take a short or leveraged view on the performance of gold. All of the PowerShares DB Gold ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold(TM). [GRAPHIC OMITTED] ETN Performance & Index History (%)(1) ETN 1 Year 3 Year 5 Year 10 Year Inception ----------------------------------------------------------------------------------------- ETN Performance Gold Double Long -12.16 -- -- -- -19.72 Gold Short -5.94 -- -- -- -0.83 Gold Double Short -18.23 -- -- -- -8.66 ----------------------------------------------------------------------------------------- Index History Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold +2x Levered -12.16 20.23 23.51 17.66 -19.72 Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold -1x Levered -5.94 -11.85 -12.01 -8.60 -0.83 Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold -2x Levered -18.23 -27.73 -27.18 -20.94 -8.66 ----------------------------------------------------------------------------------------- Comparative Indexes(3) S&P 500 -38.09 -13.06 -4.76 -3.00 -37.48 Barclays Capital U.S. Aggregate 3.13 5.77 4.13 5.70 3.77 Source: DB, Bloomberg 1 Index history is for illustrative purposes only and does not represent actual PowerShares DB Gold ETN performance. Index history is based on a combination of the monthly returns from the Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold Excess Return(TM) (the "Gold 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 Gold ETNs, less the investor fee. The Gold Index is intended to reflect changes in the market value of certain gold futures contracts and is comprised of a single unfunded gold futures contract. The T-Bill Index is intended to approximate the returns from investing in 3-month United States Treasury bills on a rolling basis. Index history does not reflect any transaction costs or expenses. Indexes are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. For current index and PowerShares DB Gold ETN performance, go to dbfunds.db.com/notes. 2 The PowerShares DB Gold ETNs are not rated but rely on the ratings of their issuer, Deutsche Bank AG, London Branch. Credit ratings are subject to revision or withdrawal at any time by the assigning rating organization, which may have an adverse effect on the marketability or market price of the PowerShares DB Gold ETNs. PowerShares DB Gold ETN & Index Data -------------------------------------------------- Ticker symbols Gold Double Long DGP Gold Short DGZ Gold Double Short DZZ -------------------------------------------------- Intraday indicative value symbols Gold Double Long DGPIV Gold Short DGZIV Gold Double Short DZZIV -------------------------------------------------- CUSIP symbols Gold Double Long 25154H749 Gold Short 25154H731 Gold Double Short 25154H756 -------------------------------------------------- Details ETN price at initial listing $25.00 Inception date 2/27/08 Maturity date 2/15/38 Yearly investor fee 0.75% Listing exchange NYSE Arca Index symbol DGLDIX -------------------------------------------------- Issuer Deutsche Bank AG, London Branch Long-term Unsecured Obligations(2) S&P rating A+ Moody's rating Aa1 -------------------------------------------------- powersharesetns.com | dbfunds.db.com/notes 800.983.0903 | 877.369.4617

-------------------------------------------------- DGP PowerShares DB Gold Double Long ETN DGZ PowerShares DB Gold Short ETN DZZ PowerShares DB Gold Double Short ETN -------------------------------------------------- ETN & index data as of 31 March 2009 Volatility (%)(1,3) Index Index Index +2x -1x -2x --------------------------------------------- 1 year 59.00 29.58 59.11 3 year 43.28 21.66 43.32 5 year 38.28 19.10 38.24 10 year 33.96 17.05 34.06 - ---------------------------------------------- 10-Year Historical Correlation(1,3) Index Index Index +2x -1x -2x - ---------------------------------------------- S&P 500 -0.011 0.016 0.014 Barclays Capital U.S. Aggregate 0.286 -0.282 -0.284 - ---------------------------------------------- Annual Index Performance (%)(1) Index Index Index +2x -1x -2x - ---------------------------------------------- 1993 31.36 -13.26 -28.49 1994 -8.56 9.43 14.97 1995 -5.43 10.16 15.33 1996 -12.49 13.28 22.15 1997 -42.46 36.11 73.66 1998 -4.77 6.88 8.14 1999 -5.85 4.20 -0.27 2000 -15.75 15.66 25.56 2001 -2.57 3.94 3.99 2002 49.77 -19.66 -37.52 2003 36.87 -17.13 -33.22 2004 5.74 -5.25 -12.85 2005 31.90 -12.16 -26.23 2006 36.10 -13.51 -31.15 2007 55.01 -17.62 -36.18 2008 -6.08 -9.59 -25.60 2009 YTD 8.48 -4.62 -9.22 - ---------------------------------------------- What are the PowerShares DB Gold ETNs? The PowerShares DB Gold ETNs are senior unsecured debt securities issued by Deutsche Bank AG, London Branch that are linked to a total return version of the Deutsche Bank Liquid Commodity Index -- Optimum Yield Gold(TM). The Index is designed to reflect the performance of certain gold futures contracts. Investors can buy and sell the PowerShares DB Gold 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 the PowerShares DB Gold 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 may include a fee of up to $0.03 per security. Benefits & Risks of PowerShares DB Gold ETNs ETNs are some of the more benefit-rich investment vehicles available in the marketplace today. Benefits Risks o Leveraged and short notes o Non-principal protected o Low cost o Leveraged losses o Intraday access o Subject to an investor fee o Listed o Limitations on repurchase o Transparent o Concentrated exposure o Tax treatment(4) o Credit risk of the issuer 3 The S&P 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 Capital U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market. Correlation indicates the degree to which two investments have historically moved in the same direction and magnitude. Volatility is the annualized standard deviation of monthly index returns. 4 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. Long, Short, and Leveraged exposure to commodities has never been easier.sm 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 powersharesetns.com | dbfunds.db.com/notes 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. The PowerShares DB Gold ETNs are unsecured obligations of Deutsche Bank AG, London Branch, and the amount due on the PowerShares DB Gold ETNs is 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 PowerShares DB Gold ETNs other than Deutsche Bank AG, London Branch's ability to meet its obligations. The PowerShares DB Gold ETNs are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the PowerShares DB Gold ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. Investing in the PowerShares DB Gold 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 Gold ETNs even if the value of the relevant index has increased. If at any time the redemption value of the PowerShares DB Gold ETNs is zero, your Investment will expire worthless. An investment in the PowerShares DB Gold ETNs may not be suitable for all investors. The PowerShares DB Gold ETNs may be sold throughout the day on NYSE Arca through any brokerage account. There are restrictions on the minimum number of PowerShares DB Gold ETNs that you may redeem directly with Deutsche Bank AG, London Branch, as specified in the prospectus. Ordinary brokerage commissions apply, and there are tax consequences in the event of sale, redemption or maturity of the PowerShares DB Gold ETNs. Sales in the secondary market may result in losses. The PowerShares DB Gold ETNs are concentrated in gold. The market value of the PowerShares DB Gold ETNs may be influenced by many unpredictable factors, including, among other things, volatile gold prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. The PowerShares DB Gold ETNs are concentrated in a single commodity sector, are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sector. The PowerShares DB Gold Double Long ETN and PowerShares DB Gold 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. 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 PowerShares DB Gold ETNs' investment objectives, risks, charges and expenses carefully before investing. An investment in the PowerShares DB Gold 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 (C) 2009 Invesco PowerShares Capital Management LLC P-DBGOLD-ETN-PC-1 04/09 powersharesetns.com | dbfunds.db.com/notes 800.983.0903 | 877.369.4617