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Deutsche Bank reduces redemption size of eighteen ETNs on a specified day of each month

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Deutsche Bank is to reduce the redemption unit size on eighteen of its commodity-based Exchange Traded Notes (ETNs) to 100 ETNs (or integral multiples of 100 ETNs in excess thereof) on the 15th calendar day of each month (or, if such 15th calendar day is not a trading day, the trading day immediately thereafter).

The redemption unit size for the rest of each month will remain the same as set forth in the related pricing supplement. This change will be effective after the close of trading on 15 March 15, 2016.

As disclosed in the related pricing supplement for each ETN, the market value of the ETNs may be influenced by, among other things, the levels of supply and demand for the ETNs. It is possible that the periodic reduction of the redemption unit size as described above may materially influence the market value and the liquidity of the ETNs. As of 1 January, 2016, further issuances of the ETNs were suspended. The limitations on issuances and sales implemented may cause an imbalance of supply and demand in the secondary market for the ETNs, which may cause the ETNs to trade at a premium or discount in relation to their intraday indicative value.

Investors considering any purchase or sale of the ETNs should be aware of the fact that the trading price of the ETNs on the exchange could be significantly different from their intraday indicative value, which is meant to approximate the intrinsic economic value of the ETNs, and be aware of the risks of buying at a premium or selling at a discount to the indicative value.

The following ETNs will be affected:

DB Agriculture Double Short Exchange Traded Notes (AGA)
DB Agriculture Double Long Exchange Traded Notes (DAG)
DB Agriculture Short Exchange Traded Notes (ADZ)
DB Agriculture Long Exchange Traded Notes (AGF)
DB Base Metals Double Short Exchange Traded Notes (BOM)
DB Base Metals Double Long Exchange Traded Notes (BDD)
DB Base Metals Short Exchange Traded Notes (BOS)
DB Base Metals Long Exchange Traded Notes (BDG)
DB Commodity Double Short Exchange Traded Notes (DEE)
DB Commodity Double Long Exchange Traded Notes (DYY)
DB Commodity Short Exchange Traded Notes (DDP()
DB Commodity Long Exchange Traded Notes (DPU)
DB Crude Oil Double Short Exchange Traded Notes (DTO)
DB Crude Oil Short Exchange Traded Notes (SZO)
DB Crude Oil Long Exchange Traded Notes (OLO)
DB Gold Double Short Exchange Traded Notes (DZZ)
DB Gold Double Long Exchange Traded Notes (DGP)
DB Gold Short Exchange Traded Notes (DGZ)

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