REG-Dresdner Bank AG London Branch: Pre-Stabilisation DEPFA EUR2bn 5.25% 15 June 2010

REG-Dresdner Bank AG London Branch: Pre-Stabilisation DEPFA EUR2bn 5.25% 15 June 2010
.
22nd July 2008

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

DEPFA - Deutsche Pfandbriefbank

EUR 2,000,000,000

5.25% Notes due 15 June 2010

DE000A0S8X55

Stabilisation Notice

Dresdner Bank AG London Branch (contact: Ian Turner; telephone: 0207-475-1817)
hereby gives notice that the Stabilising Manager(s) named below may stabilise
the offer of the following securities in accordance with Commission Regulation
(EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The securities:1

Issuer: DEPFA - Deutsche Pfandbriefbank

Guarantor (if any): N/A

Aggregate nominal amount: EUR 2,000,000,000

Description: 5.25% Notes due 15 June 2010

Offer price: 99.946

Other offer terms:2 Min denoms EUR1k. Listing: Frankfurt.
Payment date 29 July 2008.

Stabilisation:

Stabilising Manager(s):3 Dresdner Bank AG (CSM)

Barclays Bank plc (Stabilisation Manager)

Merrill Lynch International (Stabilisation
Manager)

Unicredit-HVB (Stabilisation Manager)

Stabilisation period expected to 22nd July 2008
start on:4

Stabilisation period expected to 22nd July 2008 6
end no later than:5

Existence, maximum size and The Stabilising Manager(s) may over-allot
conditions of use of over-allotment the securities to the extent permitted in
facility.7 accordance with applicable law.8

In connection with the offer of the above securities, the Stabilising Manager
(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) will take any stabilisation action and any stabilisation action, if
begun, may be ended at any time9. Any stabilisation action or over-allotment
shall be conducted in accordance with all

applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only
addressed to and directed at persons outside the United Kingdom and persons in
the United Kingdom who have professional experience in matters related to
investments or who are high net worth persons within

article 12(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 and must not be acted on or relied on by other persons in
the United Kingdom10.

In addition, if and to the extent that this announcement is communicated in, or
the offer of the securities to which it relates is made in, any EEA Member
State that has implemented Directive 2003/71/EC (together with any applicable
implementing measures in any Member State, the "Prospectus Directive") before
the publication of a prospectus in relation to the securities which has been
approved by the competent authority in that Member State in accordance with the
Prospectus Directive (or which has been approved by a competent authority in
another Member State and notified to the competent authority in that Member
State in accordance with the Prospectus Directive), this announcement and the
offer are only addressed to and directed at persons in that Member State who
are qualified investors within the meaning of the Prospectus Directive (or who

are other persons to whom the offer may lawfully be addressed) and must not be
acted on or relied on by other persons in that Member State11.

This announcement is not an offer of securities for sale into the United
States. The securities have not been, and will not be, registered under the
United States Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an exemption from registration. There will
be no public offer of securities in the United States.

Notes

1 Article 8(4) of the Regulation requires disclosure of the terms of the offer
(including the spread to the benchmark, if any, once it has been fixed).

2 For example, in a convertible offering, include conversion price. Delete if
inapplicable.

3 Article 9(1)(d) requires disclosure of the identity of the stabilisation
managers.

4 Article 9(1)(c) requires disclosure of the beginning of the stabilisation
period.

5 Article 9(1)(c) requires disclosure of the end of the stabilisation period.

6 Alternatively, if shorter, the stabilisation period must end no later than 60
days after the date of the allotment.

7 Article 9(1)(e) requires disclosure of the existence, maximum size and
conditions for use of any over-allotment facility. "Over-allotment facility" is
defined in Article 2(13) of the Regulation as "a clause in the underwriting or
lead management agreement which permits acceptance of subscriptions or offers
to purchase a greater number of securities than originally offered." In
practice, underwriting/dealer agreements provide that certain of the Managers
may over-allot, but that in doing so they act as principal and not as agent of
the issuer; and that the Managers acknowledge that the issuer has not
authorised the issue of greater number of securities than the amount of the
original issue. Within the context of Article 9(1)(e) of the Regulation, such
an arrangement does not have a maximum size and its use is not constrained by
conditions, other than the requirement that the conduct must comply with
applicable law. In such an arrangement, the only part of Article 9(1)(e) of the
Regulation that might apply is the requirement to disclose the existence of the
over-allotment facility. However, if the agreement in fact does impose a
maximum amount and/or conditions of use of the over-allotment facility, they
should be included in the announcement.

8 The disclosure should reflect the terms of the underwriting/dealer agreement.
If the underwriting/dealer agreement specifically limits over-allotment to 5%
of the aggregate nominal amount, the disclosure should read: "The Stabilising
Manager(s) may over-allot the securities in an amount not exceeding 5% of the
aggregate nominal amount stated above."

9 Article 9(1)(a) of the Regulation requires disclosure of the fact that
stabilisation may be undertaken, that there is no assurance that it will be
undertaken and that it may be stopped at any time.

10 Article 12(4)(a) and (b) and (5) of the Financial Promotion Order. In
addition, in order to rely on the safe harbour under article 12(3), the
communication should not be referred to in, or be directly accessible from, any
other communication made to or directed at other kinds of persons in the UK by
the Co-ordinating Stabilising Manager (article 12(4)(c) and (6)(c) Financial
Promotion Order) and the Coordinating Stabilising Manager should have in place
proper systems and procedures to prevent recipients in the UK (other than those
to whom the communication might otherwise lawfully have been made by the
Co-ordinating Stabilising Manager or a member of its group) engaging in
investment activity to which the announcement relates with the Co-ordinating
Stabilising Manager or a member of its group (article 12(4)(e) Financial
Promotion Order).

11 Article 3(2) Prospectus Directive.

2

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