Ad-Hoc Disclosures

Dexia Kommunalbank Deutschland AG confirms the buyback of public Pfandbriefe in consideration for cash with a maximum volume of EUR 3 billion

Ad hoc announcement according to § 15 German Securities Trading Act (WpHG)

Unauthorized Translation

Dexia Kommunalbank Deutschland AG (DKD) has today announced the buyback of the following series of its public Pfandbriefe, which are authorised for trading and list on the regulated market of the Berlin stock exchange, in consideration for cash from the respective investors (the transaction) as part of a tender offer.

EUR 665,000,000 5.25 % Public Pfandbriefe, maturity 2013, ISIN:
DE0001016822
EUR 1,000,000,000 1.875 % Jumbo Public Pfandbriefe, maturity 2013, ISIN: DE000DXA1M21
EUR 1,000,000,000 1.625 % Jumbo Public Pfandbriefe, maturity 2013, ISIN: DE000DXA1NB5
EUR 1,000,000,000 2.75 % Jumbo Public Pfandbriefe, maturity 2014, ISIN: DE000DXA1NP5
EUR 1,500,000,000 3.50 % Jumbo Public Pfandbriefe, maturity 2014, ISIN: DE000DXA1ME1
EUR 500,000,000 2.00 % Public Pfandbriefe, maturity 2014, ISIN:
DE000DXA1M88
EUR 500,000,000 2.50 % Public Pfandbriefe, maturity 2015, ISIN:
DE000DXA1M62
EUR 1,000,000,000 2.75 % Jumbo Public Pfandbriefe, maturity 2016, ISIN: DE000DXA1NH2
EUR 1,250,000,000 3.375 % Jumbo Public Pfandbriefe, maturity 2017, ISIN: DE000DXA1MV5
EUR 1,650,000,000 4.75 % Public Pfandbriefe, maturity 2018, ISIN:
DE000DXA1LK0

The buyback offer period begins on 23 April 2012 and is expected to end on 3 May 2012. On 4 May 2012 DKD is expected to announce whether or not the offers are to be accepted, and if so, which of the offers submitted by investors are to be accepted in relation to the respective series of the public Pfandbriefe, the amount, the purchase price and the value date.

The joint dealer managers for the transaction are Commerzbank Aktiengesellschaft and Deutsche Bank Aktiengesellschaft. Further information on the transaction will be published in an Invitation Memorandum, which can be obtained from the joint dealer managers and DKD from 23 April 2012. The buyback offer is only valid outside of the United States of America. Any selling restrictions are detailed on the Invitation Memorandum.