International

As a holding company, Sal. Oppenheim International S.A. supported the Sal. Oppenheim Group in the expansion of its shareholdings and the further development of synergies and product ideas. In financial year 2006, these included the acquisition of a 10.78% stake in the asset management company Financière Atlas S.A., Paris, in which BHF-BANK already holds a majority share. This direct investment enabled Sal. Oppenheim to further expand its asset management capabilities in Europe, and to gain direct access to the French market.

Sal. Oppenheim International significantly strengthened the Asset Management division with a further transaction in May, securing an excellent position on the European hedge fund market at the same time. The Luxembourg-based holding company effected the 100% takeover of Attica Holdings (UK) Limited, London, in the first step of a planned process. The second step involved using 50.1% of this shareholding to acquire a 26.8% stake in the listed investment company Integrated Asset Management plc. (IAM), also based in London. Like Attica, IAM is an experienced hedge fund manager with a particular focus on funds of hedge funds, meaning that the two companies complement one another exceedingly.

The Company also invested in a 9% stake in Prader Bank AG, founded in 2005 and based in Bolzano, Italy, thereby gaining access to the market in northern Italy. With its integrated advisory approach, Prader Bank targets small and medium-sized companies, as well as private individuals and established institutions in the region.

Sal. Oppenheim International's stake in Oppenheim Immobilien-Kapitalanlagegesellschaft mbH (OIK) was reduced by 11% to 24.9% in an initial tranche by selling shares to the listed IVG Immobilien AG in 2006. In a second tranche at the beginning of 2007, Sal. Oppenheim International's remaining stake was reduced to 6%.

Sal. Oppenheim International S.A. currently holds shares in the following companies:

• Bank Sal. Oppenheim jr. & Cie. (Luxembourg) S.A., Luxembourg
• Bank Sal. Oppenheim jr. & Cie. (Schweiz) AG, Zurich
• Oppenheim Capital Management GmbH, Cologne
• Oppenheim Immobilien-Kapitalanlagegesellschaft mbH, Wiesbaden
• Oppenheim Kapitalanlagegesellschaft mbH, Cologne
• Oppenheim Pramerica Asset Management S.à r.l., Luxembourg
• Oppenheim Pramerica Fonds Trust GmbH, Cologne
• Services Généraux de Gestion S.A., Luxembourg
• Financière Atlas S.A., Paris
• Attica Holdings (UK) Limited, London
• Integrated Asset Management plc., London
• Prader Bank AG, Bolzano

1) The Group holds a total stake of 89.84% in Bank Sal. Oppenheim jr. & Cie. (Schweiz) AG.
2) The Group holds a total stake of 90.78% in Financière Atlas S.A.
3) Sal. Oppenheim International S.A.'s stake as at 31 December 2006 stood at 24.9%, and 6% as at 5 January 2007.

Business performance

Sal. Oppenheim International does not prepare its own consolidated financial statements. It is recognised within the parent company's consolidated financial statements. Financial year 2006 closed with net income for the period of € 56.4 million. A dividend of € 44.8 million was distributed to the parent company.

Sal. Oppenheim International was able to integrate the newly acquired investments smoothly, and is now focussing on exploiting further synergies. All of the company's shareholdings and their range of products fit into the Group's comprehensive client offering. As part of the expansion of services offered, Luxembourg, as a financial centre, was able to contribute to the further development of the Group.

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