Press Release
20 March 2007

Commerzbank has today announced that it has reached agreement with Jupiter's management over the sale of its UK asset management subsidiary, Jupiter. This agreement is in line with Commerzbank's stated strategy and permits the bank to  focus its Asset Management businesses on its core German market.

As a result of the agreement, Jupiter's senior management will complete a management buyout of the firm by July 2007, supported by TA Associates, a leading buyout and private equity firm, at a sale price exceeding 1 billion Euros (£740 million). The transaction is subject to regulatory approval, and will lead to an extraordinary capital gain for Commerzbank in the region of 300 million Euros.

Achim Kassow, Member of the Board of Commerzbank AG and responsible for its Private Client and Asset Management business, expressed his satisfaction with the transaction saying: "The sale of Jupiter demonstrates Commerzbank's continued delivery against its strategy to focus on its core markets. Following a thorough and detailed review of all the options, we concluded that a management buyout was the best possible option for all parties."

Edward Bonham Carter, Jupiter's Joint Group Chief Executive, said: "Jupiter has thrived under Commerzbank's ownership. As an independently-managed entity we have, with the Bank's support, been able to build Jupiter into one of the most respected brand names in UK asset management. Partnering with TA Associates, who have considerable experience in the asset management sector, now creates
the right structure for the next stage of our growth. Jupiter's senior management has committed significant personal assets to take joint ownership of the business with TA, with employees also participating in equity ownership. This creates an unparalleled degree of certainty for our clients during the coming years as we seek to extend our share of existing, and new, markets."

Michael A.R. Wilson, Managing Director at TA Associates, said: "We have known the Jupiter team for several years and have long admired the company as one of the most successful fund management groups in the UK. This is TA's tenth investment in the global asset management sector and we are delighted to be backing Edward and his team to build further value in Jupiter."

Ajit Nedungadi, Managing Director and head of TA Associates' London office, said: "Jupiter is a powerful brand in the UK fund management industry driven by an impressive record of investment performance and growth. The investment fits very well with TA's focus on growth businesses in targeted industries in the UK and on the continent. TA has invested over 1 billion Euros of TA capital in 10 investments in Europe over the past five years."

ENDS

Commerzbank was advised by Goldman Sachs and JPMorgan Cazenove.

The Jupiter Board was advised by Lexicon Partners Limited.

TA Associates was advised by UBS Limited.

NOTES TO EDITORS

Commerzbank AG
Commerzbank AG has a balance sheet of 608.3 billion Euros (30.12.06). With 36,000 staff around the world, it is Germany's second largest Bank.

Jupiter Asset Management
Jupiter has £19.2bn under management in unit trusts, investment trusts, hedge funds, pensions and private client portfolios. The company employs more than 450 staff in its London and Kent offices.

Jupiter has a strong reputation for delivering outperformance over the medium to long term. The company has won numerous awards for its performance, including the Investment Week Global Group of the Year for 2004, 2005 and 2006. Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both authorised and regulated by the Financial Services Authority and their registered address is 1 Grosvenor Place London SW1X 7JJ. The group is collectively known as "Jupiter".

TA Associates
TA Associates is a leading buyout and private equity firm with more than 39 years of experience investing in profitable growth companies. The firm has total assets under management of over 7.7 billion Euros and has invested over 2 billion Euros in financial services and financial technology companies. TA's investments in the asset management sector include Advisory Research, Inc., Affiliated Managers Group, IM Management Group (AMVESCAP), Numeric Investors and Thomson Advisory Group (PIMCO). The firm's investments in the European markets include Drive Assist, eDreams, GlobeOp Financial services, InercontinentalExchange, ION Trading Group, SmartStream Technologies, Sophos Plc and Tempur-Pedic International. TA opened its London office in 2003 and is continuing to expand its investment efforts in Europe. More information about TA Associates can be found at www.ta.com.

Goldman Sachs International, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Commerzbank AG and no one else in connection with the transaction and will not be responsible to anyone other than Commerzbank AG for providing the protections afforded to clients of Goldman Sachs International or for providing advice in relation to the transaction, or any matter referred to herein.

JPMorgan Cazenove Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Commerzbank AG and no one else in connection with the transaction and will not be responsible to anyone other than Commerzbank AG for providing the protections afforded to clients of JPMorgan Cazenove Limited or for providing advice in relation to the transaction, or any matter referred to herein.

Lexicon Partners Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for the Board of Jupiter and no one else in connection with the transaction and will not be responsible to anyone other than the Board of Jupiter for providing the protections afforded to clients of Lexicon Partners Limited or for providing advice in relation to the transaction, or any matter referred to herein.

This document is approved for issue in the UK by TA Associates Ltd., which is regulated by the FSA.

Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements made in connection with this release which are not historical fact, such as forward-looking statements concerning future financial performance and growth, involve risk and uncertainties. Such statements are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Any forward-looking statements represent the best judgment of TA Associates as of the date of this release. TA Associates disclaims any intent or obligation to update any forward-looking statements.