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Hybrid Capital Funding I Limited Partnership and Hybrid Capital Funding II Limited Partnership - April and May 2005

Ben Robins advised on a US$300,000,000 transaction for WestLB AG involving the establishment of a Jersey limited partnership (with a Jersey general partner) which issued Capital Securities and use the proceeds of issue thereof to acquire a silent partnership interest in WestLB pursuant to a participation agreement which provided for a capital contribution by the partnership to WestLB in the form of a silent contribution. The Capital Securities were rated and listed on the Luxembourg Stock Exchange. JPMorgan, Lehman Brothers, WestLB and Merrill Lynch International were joint bookrunners and Merrill Lynch International was sole structuring adviser. Freshfields Bruckhaus Deringer, Frankfurt were lead counsel to the joint book-runners.

Following the success of the first Hybrid Capital transaction, Ben Robins advised on a further €240,000,000 transaction for WestLB AG, involving the establishment of a second Jersey limited partnership (with a Jersey general partner) which also issued apital Securities and used the proceeds of issue thereof to acquire an additional silent partnership interest in WestLB.These additional Capital Securities were also rated and listed on the Luxembourg Stock Exchange. ABN AMRO, Deutsche Bank, WestLB and Merrill Lynch International were joint bookrunners and Merrill Lynch International was again the sole structuring adviser. Freshfields Bruckhaus Deringer, Frankfurt were lead counsel to the joint book-runners.