Ad-Hoc Mitteilungen

Deutsche Pfandbriefbank AG: No distributions for profit-participation certificates and Tier 1 issue from Deutsche Pfandbriefbank AG

Deutsche Pfandbriefbank AG / Payout

12.03.2010 13:16

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.


Munich, 12 March 2010 - 
No distributions for profit-participation certificates and Tier 1 issue
from Deutsche Pfandbriefbank AG

- Profit participation rights of former Nürnberger, Westfälische and
  Württembergische Hypothekenbanken will not be serviced
- No distributions on Hypo Real Estate International Trust I Tier I issue

Deutsche Pfandbriefbank AG will - as in the previous year - not service the
profit-participation certificates issued by its predecessor institutions,
Nürnberger Hypothekenbank, Westfälische Hypothekenbank and Württembergische
Hypothekenbank. Following the preparation of the financial statements by
the Management Board, the bank does not anticipate making any distributions
on any of the profit-participation certificates, for the 2009 financial
year and all subsequent financial years to maturity.

Based on its current planning, the Company made the following assumptions
regarding repayment claims of holders of profit-participation certificates
maturing in 2009 and 2010:

- Profit-participation certificates issued by former Nürnberger   
  Hypothekenbank (ISIN DE0008084047, due 31 Dec 2009): approx. 17.5% of  
  the nominal amount
- Profit-participation certificates issued by former Westfälische  
  Hypothekenbank (ISIN DE0008127218, due 31 Dec 2009; and ISIN 
  (DE0008127226, due 31 Dec 2010): no payment

For the 2009 financial year no distributions will be made, since the
Company has posted a net loss (Jahresfehlbetrag) or consolidated net loss
(Bilanzverlust) for the period. Based on its current planning, Deutsche
Pfandbriefbank AG will not return to profitability before 2012. However,
any profits posted will not be sufficient to offset the significant losses
carried forward before the profit-participation rights expire. Against this
background, the Company does not anticipate having to make any
distributions during the term of the remaining profit-participation

Furthermore, the Company expects a further significant reduction in
repayment claims under the remaining listed profit-participation
certificates issued by former Württembergische Hypothekenbank (ISIN codes
DE0008124041 and DE0005463251), to approx. 1%, due to further losses
anticipated for the 2010 and 2011 financial years and the resulting loss
carryforwards which will not be offset by the final maturity date.

In addition to the profit-participation certificates set out above, there
are five unlisted profit-participation certificates issued by Nürnberger
Hypothekenbank and Westfälische Hypothekenbank; the statements above
regarding interest and principal payments apply accordingly.

No distributions will be made on the Hypo Real Estate International Trust I
Tier 1 issue (ISIN XS0303478118) for the 2009 financial year.

The financial statements were prepared by the Management Board on 12 March
2010, and are still subject to confirmation by the Supervisory Board. The
planning projection also requires approval by the Supervisory
Board. Financial statements for HRE Group and Deutsche Pfandbriefbank Group
will be published on 26 March 2010.

Reiner Barthuber +49 (0) 89 2880 28 201

12.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at and

Language:     English
Company:      Deutsche Pfandbriefbank AG
              Freisinger Strasse 5
              85716 Unterschleissheim
Phone:        +49 (0) 89 2880 28 201
Fax:          +49 (0) 89 2880 22 28 201
ISIN:         DE0008084047, DE0008127218, DE0008127226, DE0008124041, DE0005463251, XS0303478118
WKN:          808404
Listed:       Regulierter Markt in München, Düsseldorf, Stuttgart; Foreign
              Exchange(s) London, Paris, SIX, Luxembourg
End of News                                     DGAP News-Service