Clearstream's Investment Fund Transactions Experienced Decline In January 2009

In January 2009, the value of assets under custody held on behalf of customers registered a 5% decrease to €10.0 trillion (January 2008 €10.5 trillion), primarily due to lower equity market valuations. Securities held under custody in Clearstream's international business

By None

In January 2009, the value of assets under custody held on behalf of customers registered a 5% decrease to €10.0 trillion (January 2008: €10.5 trillion), primarily due to lower equity market valuations.

Securities held under custody in Clearstream’s international business experienced a rise of 8% from €4.9 to €5.3 trillion while domestic German securities held under custody decreased by 16% from €5.6 trillion to €4.7 trillion.

International settlement transactions decreased by 19% to 2.37 million compared to January 2008 (2.91 million). International Over the Counter (OTC) bond transactions grew by 23% from 1.11 million to 1.36 million in January 2009. Of all international transactions, 76% were OTC transactions and 24% were registered as stock exchange transactions.

On the German domestic market, settlement transactions reached 5.46 million, 35% less than in January 2008 (8.45 million). Of these transactions, 62% were stock exchange transactions and 38% OTC transactions.

For Global Securities Financing (GSF) services, the monthly average outstandings reached €434.3 billion. The combined services, which include triparty repo, securities lending and collateral management, collectively experienced a rise of 18% over January 2008 (€367.0 billion).

In the Investment Funds services, 353,644 transactions were processed, a 26% decrease over January 2008 (619,052) as a result of reduced European investment funds transactions.

L.D.

«