Morgan Stanley: End of the stabilization period

End of the stabilization period for the placement of Deutsche Postbank AG shares and the placement of Deutsche Post AG exchangeable bonds on shares of Deutsche Postbank AG

In connection with the IPO of Deutsche Postbank AG, Morgan Stanley Bank AG, in its capacity as stabilization manager for the placement of up to 50 million shares of Deutsche Postbank AG and the placement of exchangeable bonds on shares of Deutsche Postbank AG in the amount of EUR 983 million, hereby announces that the underwriting banks have exercised their overallotment options to purchase an additional approx. 4.5 million shares and additional convertible bonds with a face value of approx. EUR 98.3 million. Thus, the total volume of the share issue is approx. 54.5 million shares, or approx. EUR 1.55 billion; the total volume of the exchangeable bond issue is approx. EUR 1.08 billion.

The stabilization period for the convertible bond ended on June 24, 2004; no stabilization measures were conducted. The stabilization period for the share issue ended on June 28, 2004. The price range for the purchase offers submitted by the stabilization manager in connection with the share issue was EUR 27.50 to EUR 28.50. No stabilization purchases were effected.

Neither this document nor any of the information contained herein represents an offer to sell securities or an invitation to submit an offer to purchase securities.

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