Filed pursuant to Rule 433 Registration Statement 333-137902 Dated June 2, 2009 Gold Exchange Traded Notes 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" (the "Index") which is designed to reflect the performance of certain gold futures contracts plus the returns from investing in 3 month United States Treasury Bills. Investors can buy and sell 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 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 include a fee of up to $0.03 per security. Fact Sheet Prospectus Index History (%)(1) [MISSING GRAPHIC] Index Weights As Of: 01-Jun-2009 Commodity Contract Expiry Date Weight % DZZ Financial Details Ticker: DZZ --------------------------------------------- Last Update 02-Jun-2009 11:50 AM --------------------------------------------- Price 19.20 --------------------------------------------- DZZ Index Level* 97.03207 --------------------------------------------- Indicative Intra-day 19.22 Value** --------------------------------------------- Last end of day 19.32594 Value*** --------------------------------------------- Last date for end 01-Jun-2009 of day Value --------------------------------------------- Data Source: www.nyse.com (Data delayed 20 minutes) --------------------------------------------- * Indicative intra-day and Index closing ** Indicative intra-day value of the DZZ *** Last end of day DZZ RP DGP Financial Details Ticker: DGP --------------------------------------------- Last Update 02-Jun-2009 11:50 AM --------------------------------------------- Price 22.19 --------------------------------------------- DGP Index Level* 97.03207 --------------------------------------------- Indicative Intra-day 22.16 Value** --------------------------------------------- Last end of day 22.03364 Value*** --------------------------------------------- Last date for end 01-Jun-2009 of day Value --------------------------------------------- Data Source: www.nyse.com (Data delayed 20 minutes) --------------------------------------------- * Indicative intra-day and Index closing ** Indicative intra-day value of the DGP *** Last end of day DGP RP DGZ Financial Details Ticker: DGZ --------------------------------------------- Last Update 02-Jun-2009 11:50 AM --------------------------------------------- Price 22.99 --------------------------------------------- DGZ Index Level* 97.03207 --------------------------------------------- Indicative Intra-day 22.96 Value** --------------------------------------------- Last end of day 23.02598 Value*** --------------------------------------------- Last date for end 01-Jun-2009 of day Value --------------------------------------------- Data Source: www.nyse.com (Data delayed 20 minutes) --------------------------------------------- * Indicative intra-day and Index closing ** Indicative intra-day value of the DGZ *** Last end of day DGZ RP

Gold 28-Apr-2010 100 DB Gold ETN & Index Data DB Gold ETN Symbols Gold Double Short DZZ Gold Double Long DGP Gold Short DGZ ETN Price at Listing Gold Double Short $25.00 Gold Double Long $25.00 Gold Short $25.00 Intraday Intrinsic Value Symbols Gold Double Short DZZIV Gold Double Long DGPIV Gold Short DGZIV Inception Date 2/27/08 Maturity Date 2/15/38 DB Gold Index Symbol DGLDIX Risks(2) Non-principal protected Leveraged losses Subject to an investor fee Limitations on repurchase Concentrated exposure to gold Benefits Leveraged and short notes Low Cost Intraday access Listed Transparent Tax treatment3 Issuer Details Deutsche Bank AG, London Branch Long-term Unsecured Obligations** S & P Rating A+ Moody's Rating Aa1 (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" (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. (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. 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. The PowerShares DB Gold ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch that are linked to the Index. 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. 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. An investment in the PowerShares DB Gold ETNs may not be suitable for all investors. 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. (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 Contact Information Any questions please call 1-877-369-4617

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 subsi diaries of Invesco Ltd. An investor should consider the PowerShares DB Gold ETNs' investment objective, risks, charges and expenses carefully before investing. Copyright (C) Deutsche Bank A.G. Imprint | Legal Resources