Dresdner Bank - Commerzbank International SA

Activities of the Supervisory Board: proper fulfilment of responsibilities –
supervision and consultation guaranteed
In the 2008 financial year, the Supervisory Board was extensively involved with the economic and financial
development and planning, the risk, liquidity and capital management as well as the internal supervision
of the bank and fulfilled the responsibilities incumbent upon it according to the law and its statutes. It
regularly supervised the bank's Management Board, gave advice on corporate management and was consistently
involved in decision making processes of fundamental importance.
The bank's Management Board was responsible for providing timely and detailed information about the
business policy, the economic situation and development of Dresdner Bank Luxembourg S.A. and of its
affiliated subsidiaries and branches. The strategy and implementation of the measures of the management
agenda were together discussed in detail.
Meetings of the Supervisory Board were held in February, September and December of 2008. Between
these regular conferences there was also a continuous exchange of information concerning significant
transactions, the risk situation and strategic issues. If it was necessary to take decisions between the
meetings, they were brought about on an unscheduled basis or by circulation.
Events of special significance: takeover of Dresdner Bank AG by Commerzbank
On 31 August 2008, Allianz and Commerzbank came to an agreement to take over Dresdner Bank.
12 January 2009 was stipulated as record date; the legal merger will take place in early April.
The merger of these two big banks enables due to the bundling of the proven expertise the creation
of a strong and competitive financial institution on a European scale. The use of federal funds and the
associated strengthening of the capital base will smooth the way for the merger.
However, merging the two companies is a staged process that in Germany is expected to last until the
end of 2010 when the new bank will operate under the unified Commerzbank brand. However, Allianz SE
will continue to hold a minority interest.
A specific schedule for the integration of the foreign subsidiaries, including Dresdner Bank Luxembourg S.A.,
is in development.
Report of the Supervisory Board
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Report of the Supervisory Board