DEFL

PowerShares DB U.S. Deflation ETN

"The PowerShares DB US Inflation Exchange Traded Notes (Symbol:INFL)(the ""Inflation ETNs"") and PowerShares DB US Deflation Exchange Traded Notes (Symbol: DEFL) (the ""Deflation ETNs,"" together with the Inflation ETNs the ""ETNs"") are the first exchange-traded products to provide investors with direct exposure to US inflation or deflation expectations. The Inflation ETNs and Deflation ETNs are based on the DBIQ Duration-Adjusted Inflation Index (the ""long inflation index"") and the DBIQ Duration-Adjusted Deflation Index (the ""short inflation index"", together with the long inflation index, the ""inflation indexes""), respectively, which are intended to capture movements, whether up or down, in US inflation expectations or deflation expectations, as applicable. The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London Branch that are linked to the month-over-month returns, whether positive or negative, on the DBIQ Duration-Adjusted Inflation Index and the DBIQ Duration-Adjusted Deflation Index."
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