Contact: Marcus Brans, Düsseldorf: Tel.: +49 (0)211-17 888-907

Frankfurt, October 25, 2005 — The international law firm Shearman & Sterling LLP advised Deutscher Beamtenwirtschaftsbund GmbH (BWB) on the sale of its stake in BHW Holding AG to Deutsche Postbank AG.  In total, 76.4 percent were sold by the former majority shareholders BWB and BGAG Beteiligungsgesellschaft der Gewerkschaften to Deutsche Postbank AG.

Closing of the transaction is subject to customary closing conditions (including the clearance by certain competent merger control authorities) and is expected to occur until January 2006.

With the acquired majority stake Postbank holds 90 percent in BHW Holding. Following the acquisition, Postbank will make a tender offer for the outstanding shares.

The following Shearman & Sterling attorneys advised Deutscher Beamtenwirtschaftsbund on this transaction: Dr. Roger Kiem (Partner, Frankfurt, M&A), Dr. Jens Riedel (Associate, Frankfurt, M&A).

Shearman & Sterling LLP has more than 1,000 lawyers in 19 cities throughout the world: Abu Dhabi, Beijing, Brussels, Düsseldorf, Frankfurt, Hong Kong, London, Mannheim, Menlo Park, Munich, New York, Paris, Rome, San Francisco, São Paulo, Singapore, Tokyo, Toronto, and Washington, DC