From: rainer.krauser@dzbank.de Sent: Friday, September 29, 2006 9:42 AM To: Svetlana Pereverzeva Cc: yvonne.donkoff@dzbank.de Subject: comments on EFRAG draft comment letter on ED of Amendments to IAS 32 and IAS 1 Financial Instruments Puttable at Fair Value Dear Ms. Pereverzeva, we agree with EFRAG'S comments on IASB's ED of Amendments to IAS 32 and IAS 1. Especially, we welcome that EFRAG's comment letter emphasises the fact that there is a large number of cooperatives and partnerships which issue simmular instruments than those within the scope of the ED which are not puttable at fair value. As EFRAG'S letter correctly points out, such instruments should also be classified as equity. We hold the position that there should be a definition of equity that serves all types of companies by respecting the diversity of member shares, ownership rights and capital structures and thus providing for fair competition on the international capital market. Kind regards Rainer Krauser DZ Bank AG Consultant Financial Accounting RWZK Platz der Republik D-60265 Frankfurt Phone 0049 69 7447 4864 mailto Rainer.krauser@dzbank.de