BHF-BANK

2006 was the second full financial year for BHF-BANK AG as an advisory, sales and trading bank. BHF-BANK has been wholly owned by Oppenheim Beteiligungs-AG, a 100% subsidiary of Sal.Oppenheim jr. & Cie. KGaA, Cologne, since 1 January 2005.

BHF-BANK operates on the market as an independent institution as part of the two-bank strategy. With a solid increase in earnings of 15.1% to total € 107 million before taxes, BHF-BANK's performance was again testimony to the success of the strategy in its second financial year. In accordance with IFRS, this meant that the BHF subgroup contributed € 87 million to the consolidated net income of the Sal. Oppenheim Group in financial year 2006. The widely diversified earnings, the solid risk structure and the high quality of its assets are reflected in the positive results seen in all business divisions.