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26.07.2000 – 10:51

Deutsche Hypothekenbank Frankfurt AG

ots Ad hoc-Service: Deutsche Hyp Ffm.-Ham. Increased Provisions Requirement at Deutsche Hypothekenbank Frankfurt-Hamburg AG

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    Frankfurt am Main (ots Ad hoc-Service) -    

       A credit audit at Deutsche Hyp carried through by Dresdner Bank corporate auditors has uncovered considerable new credit risks.

    Estimated additional provisions amount to approximately EUR 200 million. Most of the shortfall stems from property financing agreements in the new German states between 1995 and 1997.

    The additional provisioning requirements can be covered in full by the operative reserves. From the information available at the moment, Deutsche Hyp's planned dividend distribution is not endangered in the current year.

    The Supervisory Board has suspended three members of the Board and will decide in its meeting on 2. August on the appointment of new members to the Board of Managing Directors.

    Deutsche Hypothekenbank Frankfurt-Hamburg

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