DGAP-Stimmrechtsanteile: Deutsche Pfandbriefbank AG

DGAP-PVR: Deutsche Pfandbriefbank AG: Release according to Article 26, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Deutsche Pfandbriefbank AG

20.05.2016 11:36

Dissemination of a Voting Rights Announcement, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------------

Notification of Major Holdings

1. Details of issuer

Deutsche Pfandbriefbank AG Freisinger Strasse 5 85716 Unterschleissheim Germany

2. Reason for notification

X Acquisition/disposal of shares with voting rights X Acquisition/disposal of instruments Change of breakdown of voting rights Other reason:

3. Details of person subject to the notification obligation

Name: City and country of registered office: Morgan Stanley Wilmington, Delaware United States of America (USA)

4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.



5. Date on which threshold was crossed or reached

16 May 2016

6. Total positions

% of voting % of voting rights total of total number rights attached through instruments both in % of voting to shares (total (total of 7.b.1 + (7.a. + rights of of 7.a.) 7.b.2) 7.b.) issuer Result- 1.37 % 8.20 % 9.56 % 134475308 ing situat- ion Previo- 9.60 % 0.02 % 9.61 % / us notifi- cation

7. Notified details of the resulting situation a. Voting rights attached to shares (Sec.s 21, 22 WpHG)

ISIN absolute in % direct (Sec. indirect (Sec. direct (Sec. indirect 21 WpHG) 22 WpHG) 21 WpHG) (Sec. 22 WpHG) DE0008019001 0 1836157 0.00 % 1.37 % Total 1836157 1.37 %

b.1. Instruments according to Sec. 25 para. 1 No. 1 WpHG

Type of instrument Expiration Exercise or Voting Voting or maturity conversion rights rights date period absolute in % Right of recall over at any time at any time / 11020808 8.20 % securities lending / jederzeit jederzeit agreements Total 11020808 8.20 %

b.2. Instruments according to Sec. 25 para. 1 No. 2 WpHG

Type of Expiration Exercise or Cash or Voting Voting instrume- or maturity conversion physical rights rights nt date period settlement absolute in % % Total 0 0.00 %

8. Information in relation to the person subject to the notification obligation

Person subject to the notification obligation is not controlled and does itself not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer (1.). X Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:

Name % of voting % of voting rights Total of both rights (if at through instruments (if (if at least least held 3% or at least held 5% or held 5% or more) more) more) Morgan Stanley % % % Morgan Stanley % % % Capital Management, LLC Morgan Stanley % % % Domestic Holdings, Inc. Morgan Stanley % % % & Co. LLC Morgan Stanley % % % Morgan Stanley % % % International Holdings Inc. Morgan Stanley % % % International Limited Morgan Stanley % % % UK Group Morgan Stanley % % % Investments (UK) Morgan Stanley % 7.90 % 7.90 % & Co. International plc

9. In case of proxy voting according to Sec. 22 para. 3 WpHG

Date of general meeting: Holding position after general meeting: % (equals voting rights)

20.05.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de

--------------------------------------------------------------------------- Language: English Company: Deutsche Pfandbriefbank AG Freisinger Strasse 5 85716 Unterschleissheim Germany Internet: http://www.pfandbriefbank.com End of Announcement DGAP News-Service ---------------------------------------------------------------------------