Overview 2004

• Consolidated net income before taxes up by 62.5% to € 157 million
• Increase in equity by € 516 million to € 1,300 million
• Acquisition of a 25.1% stake in IVG Immobilien AG
• At the turn of 2004/2005, Sal. Oppenheim acquired BHF-BANK AG for a purchase price of € 600 million
• Confirmation of good rating from Fitch Ratings Ltd. after the acquisition of BHF-BANK AG (Long-term A, Short-term F1, Individual rating B/C, Outlook stable)
• Awarded “Best Private Bank” in Germany by the “Euromoney Survey”
• Launch of two funds of hedge funds under German law
• Private placement of the new trade fair hall in Cologne
• Advisor to the seller in the largest M&A transaction in Germany (GAGFAH)
• Equity turnover with institutional clients doubled
• German market share of revenue from derivative securities increased to over 9%
• Media award for frequency of quotation and accuracy of research reports
• Relocation of the Frankfurt branch to city centre
• Growth in assets under management to € 68 billion