Deutsche Bank in €10.2 Billion Capital Increase

October 19, 2010

Cleary Gottlieb advised Deutsche Bank in its capital increase with gross proceeds of €10.2 billion. Deutsche Bank intends to use the proceeds of the transaction, which was conducted as an offering of subscription rights to Deutsche Bank’s existing shareholders, mainly in connection with its public tender offer to the shareholders of Deutsche Postbank, and to further support its capital base. The rights offering was conducted as a public offering in Germany and the United States, and the rights traded on the Frankfurt and New York stock exchanges. Deutsche Bank’s rights offering is the largest share issue in Germany since the capital increase conducted by Deutsche Telekom in 2000, in which Cleary Gottlieb also represented the issuer.