Deutsche Postbank in €500 Million Offering of Profit Participation Securities

March 31, 2006

Cleary Gottlieb represented Deutsche Postbank in a €500 million offering of cumulative profit participation securities to ProSecure Funding Limited Partnership, a limited partnership organized under the laws of Jersey. ProSecure refinanced itself by issuing upper tier 2 securities, which replicate the profile of the profit participation securities. The upper tier 2 securities were placed outside the U.S. in accordance with Reg. S, and are listed on the Irish Stock Exchange.