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Dresdner Bank AG -Net Worth and Financial Position <br />Page 3 of 5 <br />customers and banks grew by approximately 2 percentage points year o <br />^ Investment securities <br />Investment securities decreased as against the end of the previous year <br />€3.4 billion to €13.7 billion, manly as a result of the reduction in non-sti <br />Investments. This affected equities and other non-fixed-income securitie <br />€0.7 billion to €3.2 blllton, especially as a result of the transfer of Munict <br />Allianz. Shares in unconsolidated affiliated enterprises fell, especially as <br />sale of our Allianz shares, by a total of CI.S billion to C0.1 billion. Moreo~ <br />other fixed-income securities dropped by ES.1 billion. <br />The carrying amount of investments in enterprises accounted for using t <br />method fell by €2.4 billion year on year to €0.4 billion. In addition to the <br />Investment in the Bilfinger Berger AG construction group, this significant <br />86%) was related to our investment in Eurohypo AG: we sold the first tr <br />Investment in this company to Commerzbank at the end of 2005. The sh <br />us were reclassified as non-current assets held for sale, which were repc <br />time. <br />At the end of 2005, the fair value of the Dresdner Bank Group's direct ar <br />bank Investments totalled €1.3 billion. <br />^ Other assets <br />The carrying amountr of Items of property and equipment declined large <br />the sale of owner-occupied properties by €2.0 billion to C2.4 billion. Lonc <br />the properties used by the Bank were concluded with the buyer. <br />^ Deposits and certificated liabilities <br />Deposits and certiFlcated liabilities fell by €42.7 billion year on year to €: <br />volume of repurchase agreementr was deliberately reduced by €32.2 bil <br />billion in connection with the general decline in funding requirements. <br />Table 26 31/12/2005 <br />€m 31/12/2004 <br />€m € <br />Liabilities to banks 139,910 187,462 -47,5 <br />Liabilities to customers 155,785 154,513 1,2 <br />Certificated liabilities 50,079 46,494 3,5 <br />Deposits and <br />certificated liabilities <br />345,774 <br />388,469 -42,6! <br />Of which: repurchase <br />agreements <br />89,145 <br />121,331 -32,1 <br /> <br />Liabilities to banks fell by around a quarter to €139.9 billion. This relatec <br />to time deposits, which declined by €46.3 blllton to €115.5 billion. <br />Liabilities to customers rose by €1.3 billion to €155.8 billion. Savings del <br />unchanged year on year at €4.8 billion and time deposits fell by €10.8 b <br />billion, while demand deposits rose by C12.0 billion to €77.2 billion. Dep~ <br />corporate customers continued to account for the bulk of total customer <br />the previous year, they made up around three-quarters of this item. <br />Certificated liabilities rose year on year by €3.6 billion to €50.1 billion. B <br />http://www.dresdner-bank.com/contend03_unternehmen/Ol_zahlen_fakten/04~eschaeftsb... 3/20/2006 <br />