Notification concerning transactions by persons performing managerial
responsibilities pursuant to section 15a of the WpHG

Directors' Dealings notification transmitted by DGAP - a company of EquityStory AG.
The person with duty of notification is solely responsible for the content of this announcement.

Details of the person subject to the disclosure requirement
Last name: Grassinger
First name: Dr. Robert
Company: Hypo Real Estate Holding AG

Position: Member of a managing body

Information about the transaction with duty of notification

Description of the financial instrument: Ordinary Shares
ISIN/WKN of the financial instrument: DE0008027707
Type of transaction: Buy
Date: 15.01.2008
Price: 21.50
Currency: EUR
No. of items: 1000
Total amount traded: 21500
Place: Frankfurt

Information about the company with duty of publication

Issuer: Hypo Real Estate Holding AG
Unsöldstraße 2
80538 München
ISIN: DE0008027707
WKN: 802770

End of Directors' Dealings Notification (c) DGAP 16.01.2008 

Financial News transmitted by DGAP
ID 4930