TSXgroup

December 15, 2008

An application has been granted for the original listing of 19,950,000 PowerShares DB Gold Double Long Exchange Traded Notes (the “ETNs”) of Deutsche Bank AG, London Branch (“Deutsche Bank”) all of which are issued and outstanding.

The ETNs will be listed and posted for trading at the opening on Wednesday, December 17, 2008 pursuant to the terms of a prospectus dated October 10, 2006, a prospectus supplement dated November 13, 2006 and Pricing Supplement No. 304 dated February 27, 2008 as amended by Amendment No. 2 dated October 9, 2008 (collectively, the “Prospectus”). The ETNs are being issued and sold on a continuous basis.

Symbol: DGU
CUSIP: 25154H 74 9
Trading Currency: CDN$

Other Markets: NYSE Arca

Designated Market Maker: BBS Securities Inc.

The registration and transfer of the ETNs will be effected through the book-based system administered by Depository Trust Company and the CDS Clearing and Depository Services Inc. Holders will not have the right to receive physical certificates.

The ETNs will trade on Toronto Stock Exchange (“TSX”) in a manner identical to an equity security. The ETNs will appear under a separate heading entitled “Other Debt Securities” in TSX’s Daily Record and Monthly Review and in the stock tables of the Financial Press.

Head Office:     
60 Wall Street
New York, NY 10005

Email Address: kevin.rich@db.com

Website Address: advisor.invescotrimark.com

Head Office Telephone Number: (212) 250-5883

Investor Relations:     
ALPS Distributors, Inc.
Tel: 1-877-369-4617

Transfer Agent & Registrar: Law Debenture Trust Company of New York

Chief Financial Officer: Stefan Krause, Management Board of Deutsche Bank Aktiengesellschaft

Fiscal Year End: December 31

Nature of Business and Index: The ETNs do not guarantee any return of principal at maturity and do not pay any interest during their term. For each ETN, investors will receive a cash payment at maturity or upon repurchase by Deutsche Bank, if any, linked to the month over month performance of a total return version of the Deutsche Bank Liquid Commodity Index – Optimum Yield Gold™ (“Index”), less an investor fee. The return on the Index is derived by combining the returns on two component indices: the DB 3-Month T-Bill Index and the Deutsche Bank Liquid Commodity Index – Optimum Yield GoldTM Excess Return (“gold index”).

The ETNs offer investors long exposure to the gold index, meaning the value of the ETNs will increase with monthly appreciations in the gold index and decrease with monthly depreciations in the gold index. In addition, the ETNs are two times leveraged with respect to the gold index and, as a result, will benefit from two times any beneficial, but will be exposed to two times any adverse, monthly performance of the gold index.

The following is a summary of some of the terms and provisions of the ETNs. All terms below that are capitalized and not defined herein have the meanings ascribed to them in the Prospectus. For further information reference should be made to the Prospectus, which is available at advisor.invescotrimark.com and on www.sec.gov (EDGAR).

Denominations: U.S.$25 per ETN (ETN price at initial listing on NYSE Arca)

Maturity Date: February 15, 2038

Payment at Maturity: If the ETNs have not previously been repurchased by Deutsche Bank at the election of the investor, at maturity the investor will receive a cash payment per ETN equal to:

Current principal amount x applicable index factor on the final valuation date x fee factor on the final valuation date

If the applicable index factor is zero on any trading day, the repurchase value will equal zero, the ETNs will be accelerated and the investor will lose their entire investment in the ETNs.

Repurchase: To effect a repurchase, the investor must irrevocably offer at least 200,000 ETNs (or an integral multiple of 50,000 ETNs in excess thereof) to Deutsche Bank Securities Inc. no later than 10:00 a.m., New York City time, on the investor’s desired valuation date, for repurchase for an amount in cash equal to the repurchase value on the applicable valuation date. Deutsche Bank Securities Inc. will charge investors an additional fee of up to $0.03 for each ETN which is repurchased. The transaction will settle on the repurchase date, which will be the third business day following the applicable valuation date, subject to postponement in the event of a market disruption event as described in the Prospectus.

See Prospectus for additional requirements for offering ETNs for repurchase.

Repurchase Value: On each trading day, the repurchase value will be equal to:

Current principal amount x applicable index factor on the trading day x fee factor on the trading day

If the applicable index factor is zero on any trading day, the repurchase value will equal zero, the ETNs will be accelerated and the investor will lose their entire investment in the ETNs.

Current Principal Amount: For the period from the inception date to March 31, 2008 the current principal amount was equal to U.S.$25.00 per ETN. For each subsequent calendar month, the current principal amount for each ETN will be reset as follows on the monthly reset date:

New current principal amount = previous current principal amount x applicable index factor on the applicable monthly valuation date x fee factor on the applicable monthly valuation date.

Trading Day: A trading day is a day on which (i) the values of the sub-indices are published by Deutsche Bank (ii) trading is generally conducted on NYSE Arca and (iii) trading is generally conducted on the markets on which the futures contracts underlying the gold index are traded, in each case as determined by Deutsche Bank, as calculation agent, in its sole discretion.