Düsseldorf, April 17, 2008—Shearman & Sterling advised Hypo Real Estate Holding AG (HRE) on the announced intention of a group of investors to launch a tender offer for up to 24.9 percent of shares in HRE.

The group of investors, consisting of J.C. Flowers & Co. LLC, Shinsei Bank Limited and Grove International Partners LLP, will submit via an acquisition vehicle a tender offer to the shareholders of HRE to purchase up to 50,076,000 shares of HRE. This is equivalent to approximately 24.9% of all outstanding shares of HRE, excluding the additional shares to be issued in August 2008 after the conversion of the mandatory convertible bond issued by Hypo Real Estate Finance B.V. for partially financing the DEPFA acquisition. The offer price shall be €22.50 in cash per HRE share.

The following Shearman & Sterling attorneys advised Hypo Real Estate Holding AG on this transaction: Partners Alfred Kossmann (DS-MA/CM), Andrea Eggenstein (FR-MA/CM), Hans Jürgen Meyer-Lindemann (DS-AT), Johannes Frey (FR-TX) and Bradley Sabel (NY-AM) as well as the associates Jens Riedel (FR-MA/CM) and Wolfram von Frankenberg und Ludwigsdorf (DS-MA/CM).

For additional information contact:
Marcus Brans | Düsseldorf | T +49.211.17888.907 |