LONDON, Dec. 16 /PRNewswire-FirstCall/ -- Deutsche Bank AG (NYSE: DB), acting through its London branch (the "Bank"), today announced the final tender results of its previously announced cash tender offer for certain series of certificates listed in the table below (collectively, the "Securities") issued by each of Camber Master Trust, a limited purpose Delaware statutory trust ("Camber"), Capstan Master Trust, a limited purpose Delaware statutory trust ("Capstan"), and Pivot Master Trust, a limited purpose Delaware statutory trust ("Pivot" and, together with Camber and Capstan, the "Issuers").

As of the Expiration Date of 11:59 p.m., New York City time, on December 15, 2009, $648 million aggregate principal amount of Securities have been validly tendered and not withdrawn as specified in further detail in the table below. The aggregate principal amount of Securities validly tendered and assigned to each Tender Basket did not exceed the aggregate principal amount specified for any Tender Basket. Accordingly, the Bank has accepted for purchase all Securities validly tendered and not withdrawn.

Holders that have validly tendered will receive the previously announced applicable Total Consideration or Tender Consideration, as the case may be, plus all accrued and unpaid interest on the Securities up to, but excluding, the Settlement Date. The "Settlement Date" is expected to be on or about Thursday, December 17, 2009. The Bank expects to use available cash on hand on the Settlement Date to pay for the Securities.

                                                 Principal
                                                  Amount
                                                  Validly
                                   Principal      Tendered      Principal
                  Title of          Amount          and          Amount
                  Security        Outstanding     Accepted      Outstanding
                  CUSIP /ISIN       Before          for           After
                  Numbers         Purchase(1)     Purchase       Purchase
                  -------------   ------------   -----------   ------------
    Tender        Camber Master   $115,750,000   $26,800,000    $88,950,000
     Basket 1     Trust
                  Series 7
                  U.S.$175,000,000
                  AR CLNs
                  Certificates

                  13200AAA6 /
                  US13200AAA60

                  Camber Master   $76,450,000    $21,400,000    $55,050,000
                  Trust
                  Series 8
                  U.S.$175,000,000
                  AR CLNs
                  Certificates

                  13200DAA0 /
                  US13200DAA00
    ========================================================================
    Tender        Camber Master   $120,500,000   $11,000,000    $109,500,000
     Basket 2     Trust
                  Series 9
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  13200EAA8 /
                  US13200EAA82

                  Camber Master   $115,700,000   $49,100,000    $66,600,000
                  Trust
                  Series 10
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  13200FAA5 /
                  US13200FAA57
    ========================================================================
    Tender        Capstan Master  $150,000,000   $50,000,000    $100,000,000
     Basket 3     Trust
                  Series 1
                  U.S.$150,000,000
                  Auction Rate
                  Credit Linked
                  Certificates

                  14069KAA2 /
                  US14069KAA25

                  Capstan Master  $150,000,000   $35,150,000    $114,850,000
                  Trust
                  Series 2
                  U.S.$150,000,000
                  Auction Rate
                  Credit Linked
                  Certificates

                  14069LAA0 /
                  US14069LAA08

                  Capstan Master  $134,700,000   $35,200,000    $99,500,000
                  Trust
                  Series 3
                  U.S.$150,000,000
                  Auction Rate
                  Credit Linked
                  Certificates

                  14069MAA8 /
                  US14069MAA80

                  Capstan Master  $117,000,000   $10,950,000    $106,050,000
                  Trust
                  Series 4
                  U.S.$150,000,000
                  Auction Rate
                  Credit Linked
                  Certificates

                  14069NAA6 /
                  US14069NAA63
    =======================================================================
    Tender        Pivot Master    $99,450,000    $31,200,000    $68,250,000
     Basket 4     Trust
                  Series 1
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  725809AA5 /
                  US725809AA52

                  Pivot Master    $94,000,000    $41,950,000    $52,050,000
                  Trust
                  Series 2
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  725809AB3 /
                  US725809AB36
    =======================================================================
    Tender        Pivot Master
     Basket 5     Trust           $125,000,000   $45,000,000    $80,000,000
                  Series 3
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  725809AC1 /
                  US725809AC19

                  Pivot Master
                  Trust           $125,000,000   $54,500,000    $70,500,000
                  Series 4
                  U.S.$125,000,000
                  AR CLNs
                  Certificates

                  725809AD9 /
                  US725809AD91
    =======================================================================
    Tender        Pivot Master    $138,600,000   $55,350,000    $83,250,000
     Basket 6     Trust
                  Series 5
                  U.S.$150,000,000
                  AR CLNs
                  Certificates

                  725809AF4 /
                  US725809AF40

                  Pivot Master    $116,600,000   $40,250,000    $76,350,000
                  Trust
                  Series 6
                  U.S.$150,000,000
                  AR CLNs
                  Certificates

                  725809AH0 /
                  US725809AH06

                  Pivot Master    $129,600,000   $84,600,000    $45,000,000
                  Trust
                  Series 7
                  U.S.$150,000,000
                  AR CLNs
                  Certificates

                  725809AK3 /
                  US725809AK35

                  Pivot Master    $132,500,000   $55,550,000    $76,950,000
                  Trust
                  Series 8
                  U.S.$150,000,000
                  AR CLNs
                  Certificates

                  725809AM9 /
                  US725809AM90

    (1) As of December 2, 2009, including amounts held by the Bank.

This press release is neither an offer to purchase nor a solicitation to buy any of the Securities, nor is it a solicitation for acceptance of the tender offer. The Bank made the tender offer only by, and pursuant to the terms of, the Offer to Purchase and the Letter of Transmittal, each as supplemented from time to time. The tender offer was not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

None of the Bank or its affiliates, the Dealer Manager, the Depositary or the Information Agent made any recommendation as to whether or not holders should tender their Securities in connection with the tender offer.

The complete terms and conditions of the tender offer are set forth in the Offer to Purchase dated November 17, 2009 and the accompanying Letter of Transmittal, as supplemented by Supplement No. 1 dated December 7, 2009 and Supplement No. 2 dated December 14, 2009, each of which have already been sent to holders of the Securities. Holders are urged to read such tender offer documents carefully. Copies of the Offer to Purchase, the Letter of Transmittal and each supplement may be obtained from the Depositary and Information Agent for the tender offer, Global Bondholder Services Corporation at (212) 430-3774 or (toll free) (866) 387-1500.

Deutsche Bank Securities Inc. is the Dealer Manager for the tender offer. Questions regarding the tender offer may be directed to Deutsche Bank Securities Inc. at (212) 250-2955 or (toll-free) (866) 627-0391.

About Deutsche Bank

Deutsche Bank (NYSE: DB) is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, Deutsche Bank is continuously growing in North America, Asia and key emerging markets. With 78,530 employees in 72 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

www.db.com

SOURCE Deutsche Bank AG

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