Deutsche Bank AG Announces Expiration of Early Tender Date and Withdrawal Date for its Cash Tender Offer for Auction Rate Securities of Camber Master Trust, Capstan Master Trust and Pivot Master Trust

London - 23 November 2010

Deutsche Bank AG (NYSE: DB), acting through its London branch (the "Bank"), today announced the expiration of the Early Tender Date and Withdrawal Date in connection with its previously announced cash tender offer for any and all of certain outstanding series of certificates (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").

The previously announced Early Tender Date of 5:00 p.m., New York City time, on November 22, 2010 has passed. 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").

The previously announced Withdrawal Date of 5:00 p.m., New York City time, on November 22, 2010 has also passed. Any Securities tendered after the Withdrawal Date and before the Expiration Date will not have any withdrawal rights and will only be eligible to receive the previously announced applicable Tender Offer Consideration.

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.

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 dated November 8, 2010 and the accompanying Letter of Transmittal that 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 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.

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