Private Banking Outlook

Sal. Oppenheim is gradually expanding its foreign network. We are already active in key markets for our clients with our subsidiaries in Luxembourg, Switzerland and Austria, and a representative office in Prague. We plan to expand the family office business to cover a presence in Switzerland in 2007, and Sal. Oppenheim is also planning a representation in Asia, so that it can provide local support for clients with Asian investments.

The Bank is working intensively on new forms of entrepreneurial investment in the area of product innovation, such as mezzanine financing, marketable private equity investments and components for Asian exposure. In addition, clients can expect to see innovative asset management concepts, investment forms with asymmetrical yield distribution, and liquid or closed-end investments in real estate and ships.