debt obligations issued by POSTBANK.

Deutsche Postbank Funding Trust IV

(a statutory trust formed under the Delaware Statutory Trust Act

with its principal place of business in New York, NY, U.S.A.)

Financial Report

Annual Financial Report 2010

pursuant to section 37v of the German Securities Trading Act Management Report

DEUTSCHE POSTBANK FUNDING TRUST IV (the “Trust”) was set up to issue Trust Preferred Securities, to issue a Trust Common Security to Deutsche Post bank AG (the “POSTBANK”) and to use all proceeds derived from such issuances to purchase Class B Preferred Securities issued by DEUTSCHE POSTBANK FUNDING LLC IV (the “Company”). The noncumulative trust preferred securities (the “Trust Preferred Securities”), liquidation preference amount $ xx.00 per security (the “Liquidation Preference Amount”), represent preferred undivided beneficial ownership interest in the assets of Trust, a statutory trust created under the laws of the State of Delaware, United States of America. One Common Security of the Trust is held by Postbank.

DEUTSCHE POSTBANK FUNDING TRUST IV

The assets of the Trust consist solely of noncumulative Class B Preferred Securities issued by the Company, a Delaware limited liability company which has the benefit of a support undertaking issued by POSTBANK. (Long term 5Yr Credit facility) provides the originators bank replenishment of lines outstanding and liquidity.

The terms of the Trust Preferred Securities are substantially identical to the terms of the Class B Preferred Securities.

Stock Swap:

The Company invests the proceeds from the sale of the Class B Preferred Securities in subordinated debt obligations issued by POSTBANK.

The Trust Preferred Securities and the Class B Preferred Securities do not have a maturity date and are not be redeemable at any time at the option of the holder thereof. The Trust and the Company may redeem the Trust Preferred Securities and the Class B Preferred Securities, as the case may be, in whole, but not in part, on the Initial Redemption Date (as defined herein) scheduled to occur on June 29, 2017 or any Capital Payment Date (as defined herein) thereafter, or at any time upon the occurrence of certain tax and capital disqualification events as more fully described herein.

Distributions in respect of the Trust Preferred Securities and the Class B Preferred Securities, referred to as

Capital Payments, are non-cumulative and accrue on the Liquidation Preference Amount (i) from and

including June 29, 2007 (the “Issue Date”) to but excluding June 29, 2017 (the “Reset Date”), at a fixed rate

of 5.983% per annum, payable annually in arrears on June 29 of each year (including on the Reset Date) and

(ii) for each Capital Payment Period commencing on or after the Reset Date, at 3-month EURIBOR (as defined

herein) for such Capital Payment Period plus 2.07% per annum, payable quarterly in arrears on March 29,

June 29, September 29 and December 29 of each year. Capital Payments are subject to certain conditions,

including that Postbank has an amount of Distributable Profits (as defined herein) for the preceding financial

year at least equal to the Capital Payments.

Capital Payments on the Class B Preferred Securities are authorized to be declared and paid on any Capital

Payment Date to the extent that:

• the Company has an amount of Operating Profits for the Capital Payment Period ending on the day immediately preceding such Capital Payment Date at least equal to the amount of such Capital Payments, and

• Postbank has Distributable Profits for the preceding fiscal year for which audited unconsolidated financial statements are available in an amount at least equal to the aggregate amount of such Capital Payments and all capital payments, dividends or other distributions on Parity Securities, if any, which Distributable Profits for the preceding fiscal year are allocated among Capital Payments and capital payments, dividends or other distributions on Parity Securities, pro rata.The terms “Capital Payment Period”, “Operating Profit”, “Distributable Profits” and “Parity Securities” andother capitalized terms used but not defined herein are described in detail in the Sales Prospectus relating tothe Trust Preferred Securities dated June 27, 2007.

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