Germany

In the first half of 2007, the Grenke Group (incl. franchise partners) generated new business (the sum total of acquisition costs of newly purchased leasing assets and factoring volume) of EUR 251m (HY1-2006: EUR 229m).

Allbecon Olympia AG has arranged two credit lines with a total volume of EUR 65 million. The two credit lines conclude the refinancing process and secure the funding required in future as well as further growth by Allbecon Olympia AG.

Dresdner Factoring is anticipating a loss for 2007. The company expects to be in the black for the second half of the year.

GrenkeLeasing, the German leasing company, has reported a rise of 7 per cent in the volume of new business in the first quarter of 2007. This growth has mainly been attributed to positive developments in foreign markets and to the expansion of the company's factoring activities in Germany.

The Group's earnings performance in the first quarter of 2007 is different for its two operating companies: TEWEFA Factoring GmbH is making the expected positive contribution to earnings, while Dresdner Factoring AG has been trading at a loss.

If they are denied a bank loan or if such a loan is too expensive, factoring in many cases is a financing alternative used by an ever increasing number of German SMEs.

The Supervisory Board of Dresdner Factoring AG has passed a resolution to restructure the company's Management Board. It has appointed