IPO of Deutsche Pfandbriefbank AG: Offer price set at 10.75 EUR per share

WKN: 801900 ISIN: DE0008019001 Land: Deutschland

THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA.

IPO of Deutsche Pfandbriefbank AG: Offer price set at 10.75 EUR per share - Total gross volume of placement at around 1,156 million EUR including over-allotment

- Total number of placed shares amounting to 107,580,245 including 6,589,289 over-allotted shares

- Trading of shares on the Frankfurt Stock Exchange expected to commence on 16 July 2015

Today, Hypo Real Estate Holding AG (HRE), jointly with the syndicate banks and the German Federal Agency for Financial Market Stabilisation (Bundesanstalt für Finanzmarktstabilisierung, FMSA), has set the offer price for the shares of Deutsche Pfandbriefbank AG (pbb) to be placed in connection with the initial public offering (IPO) at 10.75 EUR per share.

A total of 107,580,245 shares from the holdings of HRE were placed with 6,589,289 of them being placed in connection with an over-allotment (Over-Allotment Shares).

Based on the offer price, the total gross volume of placement amounts to approximately 1,156 million EUR (including approximately 71 million EUR due to the over-allotment). Following the IPO, HRE will continue to hold 20% of the share capital of pbb the Greenshoe Option granted to the syndicate banks in respect of the Over-Allotment Shares will be exercised in full; the shareholding may amount to up to 24.9% to the extent the Greenshoe Option will not be exercised.

Trading of pbb shares (trading symbol PBB / ISIN DE0008019001) is expected to commence on 16 July 2015 in the Prime Standard segment of the Regulated Market of the Frankfurt Stock Exchange.

Disclaimer

This announcement and the information contained herein are for information purposes only and do not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities, particulary not in the United States, Australia, Canada, Japan and in any jurisdiction to whom or in which such offer or solicitation is unlawful. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state of the United States, and may not be offered, sold or otherwise transferred in the United States absent registration or pursuant to an available exemption from registration under the Securities Act. Neither Deutsche Pfandbriefbank AG nor its shareholder intends to register any securities referred to herein in the United States.

This announcement contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of Deutsche Pfandbriefbank AG. Forward-looking statements shall not be construed as a promise for the materialization of future results and developments and involve known and unknown risks and uncertainties. Actual future results or performance of Deutsche Pfandbriefbank AG or events relating to Deutsche Pfandbriefbank AG may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting Deutsche Pfandbriefbank AG, and other factors. Deutsche Pfandbriefbank AG does not assume any obligations to update any forward-looking statements.

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