Deutsche Bank AG Announces Launch of Cash Tender Offer for Certain Auction Rate Securities of Camber Master Trust, Capstan Master Trust and Pivot Master Trust

LONDON, Nov. 8, 2010 /PRNewswire-FirstCall/ -- Deutsche Bank AG (NYSE: DB), acting through its London branch (the "Bank"), today announced the commencement of a cash tender offer for any and all of certain outstanding 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"), for the purchase price for each series of Securities specified below.

Tenders of Securities will be accepted only in principal amounts equal to $50,000 or integral multiples thereof; provided that tendering Holders must tender at least $100,000 principal amount of any series of Securities being tendered.

The tender offer will expire at 11:59 p.m., New York City time, on December 7, 2010, unless extended or earlier terminated with respect to any or all series of Securities (the "Expiration Date").  Holders of Securities that validly tender (and do not validly withdraw their Securities) on or before 5:00 p.m., New York City time, on November 22, 2010, unless extended with respect to the series of Securities assigned to any or all series of Securities (the "Early Tender Date"), and whose Securities are accepted for purchase will receive the applicable Total Consideration for the relevant series specified in the table above.  The Total Consideration is equal to the Tender Offer Consideration plus the Early Tender Premium for the relevant series specified in the table above.

Holders of Securities that validly tender their Securities after the Early Tender Date but on or before the Expiration Date and whose Securities are accepted for purchase will receive the applicable Tender Offer Consideration for the relevant series specified in the table above, but will not receive the applicable Early Tender Premium.  In addition, the Bank will pay all accrued and unpaid interest on the Securities purchased pursuant to the offer up to, but not including, the Early Settlement Date (as defined below) or the Final Settlement Date (as defined below), as the case may be.

The Bank reserves the right, at any time following the Early Tender Date but prior to the Expiration Date (the "Early Acceptance Time"), to accept for purchase all Securities that are validly tendered (and not validly withdrawn) prior to the Early Acceptance Time.  If the Bank elects to exercise this option, the Bank will pay the applicable Total Consideration or applicable Tender Offer Consideration, as the case may be, for Securities accepted for purchase at the Early Acceptance Time on such date (the "Early Settlement Date") promptly following the Early Acceptance Time.  Also on the Early Settlement Date, the Bank will pay the applicable accrued and unpaid interest up to, but excluding, the Early Settlement Date on the Securities accepted for purchase at the Early Acceptance Time.

Subject to the terms and conditions of the tender offer, the Bank will, at a time promptly after the Expiration Date (the "Final Acceptance Time"), accept for purchase all Securities that are validly tendered (and not validly withdrawn) on or prior to the Expiration Date (or if the Bank has exercised its early purchase option as of the Early Acceptance Time, all Securities that are validly tendered after the Early Acceptance Time and on or prior to the Expiration Date).  The Bank will pay the applicable Total Consideration or applicable Tender Offer Consideration, as the case may be, for Securities accepted for purchase at the Final Acceptance Time on a date (the "Final Settlement Date") promptly following the Final Acceptance Time, which is expected to be on or about December 9, 2010.  Also on the Final Settlement Date, the Bank will pay the applicable accrued and unpaid interest up to, but excluding, the Final Settlement Date on the Securities accepted for purchase at the Final Acceptance Time.  The Bank expects to use available cash on hand at the time of settlement to pay for the Securities.

Securities tendered by a holder may be withdrawn at any time prior to 5:00 p.m., New York City time, on November 22, 2010, unless extended, but not thereafter.

The tender offer is conditioned upon the satisfaction or waiver of certain conditions as described in the Offer to Purchase.  Subject to applicable law, the Bank may also terminate the tender offer at any time prior to the Expiration Date.

Additional terms and conditions of the tender offer are set forth in the Offer to Purchase and the Letter of Transmittal dated November 8, 2010.

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 is making the tender offer only by, and pursuant to the terms of, the Offer to Purchase and the Letter of Transmittal, each as may be amended from time to time.  The tender offer is 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 is making 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 and Letter of Transmittal that are being sent to holders of the Securities.  Holders are urged to read the tender offer documents carefully when they become available.  Copies of the Offer to Purchase and Letter of Transmittal 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) 795-2200.

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) < XETRA:DBKGN.DE > 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 82,504 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