Corporate action number CA000006621449
ISIN XS0253262025
Corporate action description

Purpose ofthe offer

The purpose ofthe invitation istooptimise the banks capital Structure.

Purchase price

Tender consideration: eur 36,500per eur 50,000

Accrued and unpaidinterest

The bank willpay allaccrued and unpaidinterest ordividends as
Applicable, but excluding the settlement date.

Minimum exercise amount

You need totender inaminimum denomination ofeur 50,000and in
Multiples ofeur 50,000in excess thereof, inorder tovalidly
Submit aninstruction for the offer.

Minimum aggregate offer acceptance amount

The tender offer isnot conditional onaminimum aggregate amount
Ofsecurities being tendered.

Maximum aggregate offer acceptance amount

The target acceptance amount: the bank currently proposes to
Accept tenders ofsecurities for purcahse pursuant tothe
Invitation uptoeur 500,000,000in aggregate prinicipal amount
Orliquidation preference asapplicable ofsecurities


Ifthe total amount instructed for the tender offer exceeds the
Target acceptance amount (see maximum aggregate offer acceptance
Amount ), the instructions totender willbe accepted onapro
Rata basis:
Each tender ofsecurities ofthe relevant series willbe scaled
Byascaling factor and willbe rounded down tointhe case of
The series iisecurities, the nearest fulleur 100, inthe case
Ofthe series iiisecurities, the nearest eur 1,000, inthe case
Ofthe series ivsecurities, the nearest eur 50,000
Excess thereof (and any amount ofsecurities that isnot insuch
Anintegral multiple shall, for the avoidance ofdoubt, be


Not applicable

Market timetable

Market expiry date: 05/03/12 17:00cet
Market withdrawal date: instructions are irrevocable
Final acceptance date: assoon aspracticable after the market
Expiry date
Expected settlement date: 08/03/12

Withdrawal rights

Instructions for the tender offer are irrevocable, except inthe
Limited circumstances described inthe invitation memorandum .

Refer tothe invitation memorandum for the conditions ofthis
Tender offer


Certain restrictions apply for the following countries:
United states, united kingdom, republicof italy, kingdom of
Belgium, republicof france
The restrictions may apply atboth participant and benefical
Owner level

Further restrictions may apply. Refer tothe invitation
Memorandum for the restrictions ofthis tender offer

Tender agent

Deutsche bank ag, london branch
Winchester house
1great winchester street
London ec2n 2db
United kingdom
For information bytelephone: +44 (0) 20 7547 5000
Fax: +44 (0) 20 7547 6149/5001
Attention: trust and securities services
Email: xchange.offer(at)db.com

This corporate action notification does not constitute anoffer
Tosellor the solicitation ofanoffer tobuy any securities by
Anyone inany jurisdiction
Itisnot, and shouldnot beconstrued ortreated as, investment
Orfinancial advice. Inproviding this information, euroclear
Bank isnot acting asagent ofthe issuer
Bysending aninstruction toeuroclear bank, you confirm that you
(and any beneficial owner(s) for whom you act) comply with the
Terms and conditions ofthe offer
Ifnoinstruction isrequired via euroclear bank for this
Corporate action, you shouldensure fullcompliance with the
Terms ofthe offer and the agents requirements

Instruction deadline 01-03-2012 18.00 Moscow time
For additional information please contact your account manager
Information provided byEuroclear Bank S.A./N.V.