Implementation of the German Investment Modernization Act

The following expansions were implemented in relation to processing processes for fund transaction settlement within the framework of the Investment Modernization Act. Modification of the calculation of the lump-sum interim profit as of 1/1/2005. Interest discount for foreign reinvestment funds. Supplementation of the ZAST basis of calculation for transparent foreign reinvestment funds with the 6% replacement value. Expansions related to the differentiation among funds with disclosure of interim profits, funds without disclosure of interim profits and funds with optional disclosure of interim profits. Adaptation of transaction confirmations and individual tax certificates for funds. Adaptation of the programs for replacement certificates (only DBAG). Aim: Supplying individualized software that includes the requirements pursuant to the Investment Modernization Act on settlement of fund transactions.