Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 12 Management Board: Joseph Kusters assumes dual function as member of the Management Board In November 2008, Joseph Kusters, member of the Management Board of Dresdner Bank Luxembourg S.A., has also joined the management of Dresdner Van Moer Courtens, in doing so making the acquisition of a Belgian banking licence easier. Joseph Kusters will hold the dual position as a member of the Management Board in Luxembourg and in Belgium. The Supervisory Board thanks Joseph Kusters for his willingness to hold both of these challenging offices and wishes him much satisfaction and success in his new responsibility. Our thanks to the staff: identification and exceptional dedication As at 31 December 2008, Dresdner Bank Luxembourg S.A. had 383 employees, reflecting a 4.8 % growth year-on-year. On behalf of the Supervisory Board a warmly thank you to all employees, who have again demonstrated their commitment and dedication, especially in these challenging economic times. Bank’s business performance: good net profit despite gloomy market situation The catastrophic market conditions put the global banking system under extreme pressure especially starting in third quarter 2008. Despite a sharp, international recession, Dresdner Bank Luxembourg S.A. nonetheless achieved a good net profit. As of 31 December 2008, the bank posted total assets of € 10.5 billion, down by € 2.6 billion from the previous year. The credit volume increased from € 556 million in December 2007 to € 863 million at yearend 2008 while client deposits fell to € 6.865 billion. At year end, the bank's equity before profit carried forward was unchanged from 2007 at around € 425 million. The fund volume under management was depleted to € 15.7 billion (December 2008), reflecting a year-on-year loss of € 5.3 billion or nearly 26 %. In contrast, the number of funds under management grew from 110 in December 2007 to 127. Net income after taxes rose to € 317.8 million. Net interest income including income from securities rose by € 138.8 million to € 195.6 million. Dividend income from affiliated undertakings played a significant role in this. In contrast, net commission income declined year-on-year by € 5 million to € 57.4 million. The proceeds from the sale of a single share investment raised the net profit on financial operations from € 91.2 million to € 94.6 million.
In terms of costs, administrative expenses were reduced by € 2 million. Including the existing profit carry forward of € 28.34 million, the available profit amounted to € 346.06 million (€ 78.3 million in December 2007). According to the Supervisory Board resolution, there is a plan to distribute a dividend of € 37.5 million and a special dividend of € 302.5 million. The remaining net profit is to be carried forward to new account. The business performance for the 2008 financial year confirms the successful implementation of the strategy with respect to the international orientation of private wealth management, the efficient business model and the bank's effective corporate governance even under precarious market conditions. Dr. Andreas Georgi Chairman of the Supervisory Board Dr. Andreas Georgi Chairman of the Supervisory Board, Member of the Management Board of Dresdner Bank AG Klaus Rosenfeld Vice Chairman of the Supervisory Board, Member of the Management Board of Dresdner Bank AG Anton Simonet Member of the Supervisory Board, Global Head of Private Wealth Management of Dresdner Bank AG Chlodwig Reuter Member of the Supervisory Board, Vice Chairman of Dresdner Kleinwort and Directeur Général – Dresdner Bank AG, Succursale de Luxembourg Report of the Supervisory Board 13 Report of the Supervisory Board
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Dresdner Bank - Commerzbank International SA

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