7. April 2009 Clearstream: In March 2009, the value of assets under custody held on behalf of customers registered a 5 percent decrease at €10.0 trillion (compared to €10.5 trillion in March 2008), primarily due to lower equity market valuations and despite an increase in bonds. Securities held under custody in Clearstream’s international business experienced a rise of 9 percent from €4.9 to €5.3 trillion while domestic German securities held under custody decreased by 17 percent from €5.6 trillion to €4.7 trillion. International settlement transactions increased by 7 percent (2.50 million) compared to March 2008 (2.33 million). International Over the Counter (OTC) bond transactions grew by 37 percent from 1.12 million to 1.54 million in March 2009. Of all international transactions, 80 percent were OTC transactions and 20 percent were registered as stock exchange transactions. On the German domestic market, settlement transactions reached 6.25 million, 6 percent less than in March 2008 (6.63 million). Of these transactions, 63 percent were stock exchange transactions and 37 percent OTC transactions. For Global Securities Financing (GSF) services, the monthly average outstandings reached a high at €464.2 billion. The combined services, which include triparty repo, securities lending and collateral management, collectively experienced a rise of 20 percent over March 2008 (€387.5 billion). In the Investment Funds services, 313,359 transactions were processed, a 27 percent decrease over March 2008 (426,650) as a result of reduced European investment funds transactions. | 
