Deutsche Bank Securities Inc. (Muni. Deriv.) -- Moody's reviews amendment for Deutsche Bank Securities Inc. SPEARs DBE-1211

New York, November 14, 2013 -- Moody's Investors Service, at the request of Deutsche Bank Securities Inc., has reviewed the proposed amendment dated as of November 14, 2013 (the Amendment) to the Series Trust Agreement relating to SPEARs, Series DBE-1211. The Amendment, which provides for the deposit of additional bonds into the trust, will not have an adverse effect on the credit quality of the tax-exempt receipts and therefore will not, in and of itself and as of this time, result in reduction or withdrawal of Moody's rating. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.

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