NON-BINDING ENGLISH TRANSLATION Mandatory Publication pursuant to § 14 (2) and (3) of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (WpÜG) Shareholders of Deutsche Postbank AG, in particular shareholders with permanent or habitual residence or domicile outside of the Federal Republic of Germany, should pay particular attention to the information set out in Section 1 "General information on the execution of the Takeover Offer, specifically for shareholders with permanent or habit- ual residence or domicile outside of the Federal Republic of Germany" on pages 6 through 8. Offer Document Voluntary Public Takeover Offer (Cash Offer) by Deutsche Bank Aktiengesellschaft Theodor-Heuss-Allee 70, 60486 Frankfurt am Main, Germany to the shareholders of Deutsche Postbank AG Friedrich-Ebert-Allee 114-126, 53113 Bonn, Germany for the acquisition of their shares in Deutsche Postbank AG against a cash consideration of Euro 25.00 per share Acceptance Period: 7 October 2010 to 4 November 2010, midnight (local time Frankfurt am Main) Shares in Deutsche Postbank AG: ISIN DE0008001009 (WKN 800 100) Shares in Deutsche Postbank AG Tendered for Sale and Shares in Deutsche Postbank AG Subsequently Tendered for Sale: ISIN DE000A1E8HP5 (WKN A1E 8HP) TABLE OF CONTENTS 1. General information on the execution of the Takeover Offer, specifically for shareholders with permanent or habitual residence or domicile outside of the Federal Republic of Germany ................................................................................6 1.1 Execution of the Takeover Offer in accordance with the provisions of the German Securities Acquisition and Takeover Act.....................................................6 1.2 Publication of the decision to make the Takeover Offer............................................6 1.3 Publication of the Offer Document...........................................................................7 1.4 Distribution of the Offer Document..........................................................................7 1.5 Acceptance of the Takeover Offer outside of the Federal Republic of Germany.......8 1.6 Additional information for U.S. Shareholders...........................................................8 2. References regarding the information contained in the Offer Document .......................9 2.1 Status and sources of the information contained in the Offer Document...................9 2.2 Forward looking statements......................................................................................9 2.3 No updating.............................................................................................................9 2.4 No authorisation of third persons to make any statements........................................10 2.5 Banking Day...........................................................................................................10 3. Summary of the Takeover Offer .....................................................................................11 4. Takeover Offer .................................................................................................................14 4.1 Subject....................................................................................................................14 4.2 Acceptance Period...................................................................................................14 4.3 Extensions of the Acceptance Period.......................................................................14 4.4 Additional Acceptance Period pursuant to § 16 (2) WpÜG......................................15 5. Offeror ..............................................................................................................................16 5.1 Legal background, status of capital..........................................................................16 5.2 Description of the business activities of Deutsche Bank Group................................18 5.3 Corporate bodies of the Offeror ..............................................................................19 5.4 Persons acting in concert with the Offeror...............................................................19 5.5 Postbank Shares held by, and voting rights from Postbank Shares attributable to the Offeror, persons acting in concert with the Offeror and their subsidiaries...............................................................................................20 5.6 Information on securities transactions.....................................................................20 2 6. Description of the Target Company ................................................................................25 6.1 Legal background, status of capital..........................................................................25 6.2 Description of the business activities of Postbank Group.........................................26 6.3 Corporate bodies of the Target Company................................................................27 6.4 Persons acting in concert with the Target Company.................................................28 7. Background of the Takeover Offer, statement on the possibility of the acquisition of a majority stake .........................................................................................28 8. Offeror's intentions with regard to the future business activities of the Target Company and the Offeror..........................................................................29 8.1 Future business activities of the Target Company, use of assets and future obligations of the Target Company and the Offeror.......................................29 8.2 Impact on members of the management board and the supervisory board of the Target Company and the Offeror...................................................................31 8.3 Employees, employment terms and employee representatives of the Target Company and the Offeror ............................................................................31 8.4 Corporate seat of the Target Company, location of significant business units..........31 8.5 Potential measures to integrate the Target Company into Deutsche Bank Group and potential structural measures at the Target Company......................................................................................................31 9. Consideration (Offer Price) .............................................................................................32 9.1 Minimum consideration..........................................................................................32 9.2 Offered consideration..............................................................................................33 9.3 Comparison with historical stock exchange prices...................................................33 9.4 Economic adequacy of the Offer Price....................................................................34 9.5 § 33b WpÜG not applicable....................................................................................34 10. Administrative approvals and procedures ......................................................................35 10.1 Necessary approvals and notifications.....................................................................35 10.2 Permission to publish the Offer Document .............................................................36 11. Conditions on which the validity of the Offer depends ...................................................36 11.1 Conditions ..............................................................................................................36 11.2 Waiver of conditions...............................................................................................38 11.3 Non-occurrence of conditions..................................................................................38 11.4 Publication of the occurrence or non-occurrence of conditions and of a waiver of conditions.........................................................................................38 3 12. Acceptance and settlement of the Takeover Offer ..........................................................39 12.1 Settlement Agent.....................................................................................................39 12.2 Acceptance of the Takeover Offer within the Acceptance Period.............................39 12.3 Settlement of the Offer and payment of the Offer Price...........................................40 12.4 Legal consequences of acceptance...........................................................................41 12.5 Acceptance within the Additional Acceptance Period .............................................41 12.6 Stock exchange trading of Postbank Shares Tendered for Sale................................41 12.7 Unwinding in the case of non-occurrence of conditions on which the validity of the Offer depends..............................................................42 12.8 Right of rescission of Postbank Shareholders accepting the Offer............................42 12.9 Costs for Postbank Shareholders accepting the Offer...............................................43 13. Securing of consideration, financing confirmation ........................................................43 13.1 Securing of consideration........................................................................................43 13.2 Available funds to pay the consideration.................................................................44