CRZBY Commerzbank Ag (PK)

Pre-Stabilisation notice

16th April 2015

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

LÄNSFÖRSÄKRINGAR HYPOTEK AB (LF Hypothek)

€ 500,000,000 7 year covered bond transaction

Stabilisation Notice

Commerzbank AG (contact: Christian Guentzel; telephone: +49 69 136 42996)
hereby announces that the Stabilising Managers named below may stabilise the
offer of the following securities in accordance with Commission Regulation (EC)
No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The security to be stabilised:

Issuer:                             Länsforsäkringar Hypotek AB

Guarantor (if any):                 none

ISIN                                tbc

Aggregate nominal amount:           € 500,000,000

Description:                        Benchmark Covered Bonds due 2022

                                    Payment date 23Apr15, denom 100k/1k

Offer price:                        tbc

Other offer terms:                  Backed by Swedish Residential Mortgages

Stabilisation:

Stabilising Manager(s):             Coordinating Stabilisation Manager:

                                    Commerzbank Aktiengesellschaft

                                    Stabilisation Managers: Danske Bank, JP
                                    Morgan, Natixis

Stabilisation period commences      16th April 2015

Stabilisation period expected to    No later than 30 days after the proposed
end on:                             issue date of the securities

Existence, maximum size and         The Stabilising Manager(s) may over-allot
conditions of use of over-allotment the securities to the extent permitted in
facility.                           accordance with applicable law.

In connection with the offer of the above securities, the Stabilising Manager
(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) will take any stabilisation action and any stabilisation action, if
begun, may be ended at any time Any stabilisation action or over-allotment
shall be conducted in accordance with all

applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would be
unlawful.

END