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Deutsche Bank to repurchase three ELEMENTS ETNs

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Deutsche Bank is to repurchase all outstanding securities in three ELEMENTS Exchange Traded Notes (ETNs) linked to the Benjamin GrahamSM indexes, pursuant to its repurchase right under the terms of the ETNs.

The ETNs are: ELEMENTS Benjamin Graham Total Market Value Index-Total Return ETN (NYSE Arca: BVT); ELEMENTS Benjamin Graham Large Cap Value Index-Total Return ETN (NYSE Arca: BVL); and ELEMENTS Benjamin Graham Small Cap Value Index-Total Return ETN (NYSE Arca: BSC).

Holders of the ETNs as of A23 ugust, 2011 (the “repurchase valuation date”) will receive a cash payment in an amount equal to the daily repurchase value on such date. The payment of the repurchase value is expected to be made on 26 August, 2011 (the “repurchase date”), the third business day following the repurchase valuation date. The repurchase valuation date and the repurchase date are subject to postponement for certain market disruptions events. The daily repurchase value on the repurchase valuation date will be made available on the product website at www.elementsetn.com as soon as practicable after August 23, 2011. The ETNs are expected to be suspended from trading on 25 August, 2011.

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