Archive 2003 Press-/Ad-hoc Publications

DEPFA Holding offers 40.8% stake in DEPFA BANK plc to institutional investors in the capital markets

Frankfurt, 4 November 2003

DEPFA Holding Verwaltungsgesellschaft mbH is offering up to 14.4m shares in DEPFA BANK plc to institutional investors in the capital markets by way of an Accelerated Global Tender. The shares amount to 40.8% of DEPFA BANK’s share capital and constitute the entire stake held by DEPFA Holding.

The shares will be offered to institutional investors, including US investors under Rule 144A, by a syndicate led by Merrill Lynch as Sole Bookrunner and Joint Global Co-ordinator and DEPFA Investment Bank as Joint Global Co-ordinator. Assuming a complete placement of the shares offered, DEPFA BANK will be the second biggest MDAX constituent in terms of market capitalisation of free float.

DEPFA Holding is being advised by Bankhaus Lampe and Krüger & Uhen in this transaction.

DEPFA Holding has been holding the shares now being offered since the privatisation and IPO of DEPFA BANK in March 1991. Bankhaus Lampe was instrumental in the privatisation and the assembly of the partners in DEPFA Holding, whom it has advised since then.

DEPFA Holding has supported the split of DEPFA Group in 2002 into a state financing bank (DEPFA BANK) and a mortgage bank (Aareal Bank), facilitating the repositioning of these successfully managed banks. DEPFA Holding’s stake in Aareal Bank is not affected by today’s transaction. DEPFA Holding has no intention to change its stake in Aareal Bank.

DEPFA Holding combines the interests of eight institutions: Bayerische Beamten Lebensversicherung aG (8.50%), Schweizerische Lebensversicherungs- und Rentenanstalt (8.50%), Versorgungsanstalt des Bundes und der Länder (6.36%), Bankhaus Lampe KG (5.78%), Deutscher Ring Versicherungsgesellschaften (5.00%), SchmidtBank AG (2.73%), Entenial SA (2.61%) and Condor Lebensversicherungs-AG (1.30%).