B ANKHAUS LAMPE RESEARCH 1

Borussia Dortmund GmbH & Co. KGaA HOLD Price target 1.40 € (HOLD - Price target 1.05 €) FINANCIAL LOSS, BUT SPORTING BOOM

8.10.10 9:04 SPORTING SUCCESS IN THE AND IN EUROPE is currently enjoying a sporting boom. In the Current Price (ETR): 1.38 € Bundesliga, the team is ranked 2nd after seven games. The club has a record of Bloomberg: BVB six victories and only one defeat so far. Although the season is still at an early Branche: Entertainment stage, an upward trend is already visible. After finishing the 2007/08 season at

Performance of share price: rank 13 and narrowly failing to qualify for the Europa League in 2008/09 (rank 52 Week High 1.38 € 6), the team finished last season at rank 5, and with the win over Qarabag Ag- 52 Week Low 0.90 € dam (Azerbaijan) it reached the group stage of the Europa League. With one Compared to Prime All Share victory and one defeat, Borussia Dortmund is currently ranked 3rd in a group of YTD 30.5% four and is still in a promising position to make it to the forthcoming knockout 1 month 25.7% stages. 3 months 26.4% 12 months 38.3% The success in sports continues to be accompanied by a moderate in- vestment policy. The financial possibilities are limited by inherited financial bur- 175.0% Prime All Share dens, but there is nevertheless no need to sell the club’s top players. Over the Borussia Dortmund GmbH & 150.0% Co KGaA last few years, Borussia Dortmund has gradually built a promising young team

125.0% and created player assets. Some examples are , Neven Subotic and

100.0% Nuri Sahin, whose market values offer significant revenue potentials. It can be assumed that the company will go on trying to combine success in sports with 75.0% 06.10.2009 06.01.2010 06.04.2010 06.07.2010 06.10.2010 economic rationality. This can mean that these players may be sold if an attrac- tive offer is received. Share data: EV (in m €; 2010): 111.3 2009/10 FINANCIAL YEAR CLOSED WITH A LOSS Market cap (in m €): 84.8 The past financial year was closed with a loss of EUR 2.8 m (previous No. of shares (in m): 61.4 year: EUR -2.9 m). Thus, the company failed to reach its target of achieving a Free-float: 82.7% balanced result. This is due to the following reasons: Trading vol. Ø (in m €) 0.111 ƒ Although the effects of the financial crisis were limited, they did Shareholder structure: have a negative impact on sales in sponsoring Bernd Geske 10.1% ƒ Transfer revenues were limited; the transfer of Nelson Valdez (just BV. Borussia 09 e.V. Dortmund 7.2% under EUR 4 m) was made only shortly after the end of the finan- cial year Moreover, a look at the revenue structure (in the following at the Group Next event: level) shows that the development was relatively stable despite the economic Q1 12.11.10 distortions. Ticketing increased by EUR 1.2 m (+5.5%) to EUR 23.4 m, which is attributable to rising income from Bundesliga matches. Change in model in %: Sales EBIT EPS 08/09 0,0% 0,0% 0,0% 09/10 8.6% n/a n/a 10/11 5.1% n/a n/a

in m € 2007/08 2008/09 2009/10 2010/11e 2011/12e Sales 105.3 107.9 100.9 112.2 109.9 EBIT 11.3 -0.1 -1.0 7.9 4.0 EBIT margin 10.7% -0.1% -1.0% 7.0% 3.7% Net debt 13.8 25.3 31.6 26.5 26.2 FCF 56.3 -9.0 8.7 4.9 0.3 Sebastian Hein, CIIA, CEFA EPS (in €) 0.09 -0.05 -0.05 0.09 0.04 Fon: (+49) 211 4952-606 DPS (in €) 0.00 0.00 0.00 0.00 0.00 [email protected] Dividend yield 0.0% 0.0% 0.0% 0.0% 0.0% EV/Sales 1.0 1.0 0.9 1.0 1.0 EV/EBIT 9.6 -1,053.1 -94.0 14.2 27.5 Please note the disclaimer & PER 18.0 ------15.7 33.9 disclosures at the end of this report. Source: Company information, Bankhaus Lampe Research

B ANKHAUS LAMPE RESEARCH 2

AT THE TOP OF THE AT- With an average number of 76,441 spectators and around 50,000 season TENDANCE TABLE tickets sold, Borussia Dortmund was once again number one in the league. On the other hand, revenues from national and international cup competitions decreased. Sponsoring (-1% to EUR 38.9 m) and TV marketing (-6% to EUR 21.1 m) were also down year-on-year. In TV marketing, this development is primarily due to fact that the Supercup game did not take place in 2009/10 and that the team failed to qualify for international competition (EUR -1.1 m). Transfers, in particu- lar , generated revenues of EUR 4.9 m (previous year: EUR 11.5 m). In the Catering/Other segment, the development of revenues was almost identical (-1% to EUR 12.6 m). POSITIVE RESULT IS PRO- The management assumes that a positive annual result will be achieved JECTED in the next two financial years. The uncertainty remaining inherent in the business model is the dependence of the financial results on sporting success. In the current financial year, by reaching the Europa League, Borussia Dortmund will generate revenues which, together with the transfer revenues gen- erated to date (primarily Nelson Valdez for almost EUR 4 m), should lead to sig- nificant sales growth. In combination with the cost controlling measures imple- mented, substantial earnings effects should be observed. WE ARE RAISING OUR ES- We have significantly raised our estimates for the next two financial TIMATES years and assume that Borussia Dortmund will reach the Europa League (group phase) again in 2011/12. Participation in the Champions League would offer sig- nificant upside potential; the same applies to transfer revenues. But of course, there is also downside potential if the team fails to qualify for the Europa League.

HOLD THE STOCK REVENUES ARE DRIVEN BY EUROPA LEAGUE Although Borussia Dortmund posted an earnings loss for 2009/10, the club is currently significantly above plan on the sporting side. Revenues are driven by the Europa League, so that, on balance, positive results should be achievable in the next two financial years, as projected by the company. Based on our DCF model, we arrive at a price target of EUR 1.40 and a “Hold” recommendation.

B ANKHAUS LAMPE RESEARCH 3

KEY FIGURES

Borussia Dortmund GmbH & Co. KGaA - Profit and loss account in m € 2007/082008/09 2009/10 2010/11e 2011/12e

Sales 105.3 100.0% 107.9 100.0% 100.9 100.0% 112.2 100.0% 109.9 100.0% yoy 9.3% 2.5% -6.5% 11.2% -2.0%

Own work capitalised 8.7 8.3% 2.3 2.1% 2.4 2.4% 2.6 2.3% 2.7 2.5% yoy 0.1% -73.6% 6.1% 6.3% 3.8%

Total sales 114.1 108.3% 110.3 102.1% 103.3 102.4% 114.8 102.3% 112.6 102.5% yoy 8.5% -3.3% -6.3% 11.0% -1.8%

Material expenses 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

Personnel expenses -42.5 -40.3% -46.9 -43.4% -44.6 -44.2% -45.5 -40.6% -47.8 -43.5% yoy 24.0% 10.3% -4.9% 2.1% 5.1%

Unusual or infrequent items 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

Other operating result -51.6 -49.0% -52.9 -49.0% -49.4 -49.0% -51.1 -45.6% -50.5 -45.9% yoy 19.7% 2.6% -6.6% 3.4% -1.2%

EBITDA 20.0 19.0% 10.5 9.7% 9.3 9.2% 18.2 16.2% 14.3 13.0% yoy -28.0% -47.6% -10.9% 94.6% -21.0%

Depreciation 8.6 8.2% 10.6 9.8% 10.3 10.2% 10.3 9.2% 10.3 9.4% yoy 25.6% 22.3% -2.2% -0.4% 0.0%

EBITA 11.3 10.7% -0.1 -0.1% -1.0 -1.0% 7.9 7.0% 4.0 3.7% yoy -45.7% - - - >100% - - - -48.5%

Amortisation of goodwill 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

Amortisation of intangible assets 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

EBIT 11.3 10.7% -0.1 -0.1% -1.0 -1.0% 7.9 7.0% 4.0 3.7% yoy -45.7% - - - >100% - - - -48.5%

Financial result -5.5 -5.2% -2.8 -2.6% -1.6 -1.6% -1.5 -1.3% -1.1 -1.0% yoy -10.5% -49.1% -41.1% -8.8% -26.7%

Income on ordinary activities 5.8 5.5% -2.9 -2.7% -2.7 -2.6% 6.4 5.7% 2.9 2.7% yoy -60.3% - - - -8.2% - - - -53.7%

Extraordinary income/loss 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

EBT 5.8 5.5% -2.9 -2.7% -2.7 -2.6% 6.4 5.7% 2.9 2.7% yoy -60.3% - - - -8.2% - - - -53.7%

Taxes -0.6 -0.5% 0.0 0.0% -0.1 -0.1% -1.0 -0.8% -0.4 -0.4% yoy >100% -96.6% >100% >100% -53.7%

Tax rate 9.5% -0.6% -4.9% 15.0% 15.0%

Net income from cont. operations 5.3 5.0% -2.9 -2.7% -2.8 -2.8% 5.4 4.8% 2.5 2.3% yoy -64.0% - - - -4.3% - - - -53.7%

Net income from discont. operations 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% yoy 0.0% 0.0% 0.0% 0.0% 0.0%

Minority interest 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0%

Net income (adj.) 5.3 5.0% -2.9 -2.7% -2.8 -2.8% 5.4 4.8% 2.5 2.3% yoy -64.0% - - - -4.3% - - - -53.7%

No. of shares (in m) 61.43 61.43 61.43 61.43 61.43

EPS (in €) 0.09 -0.05 -0.05 0.09 0.04

Source: Company information, Bankhaus Lampe Research B ANKHAUS LAMPE RESEARCH 4

Borussia Dortmund GmbH & Co. KGaA - Balance sheet Assets (m €) 2007/08 2008/09 2009/10 2010/11e 2011/12e

Fixed assets 186.0 83.3% 189.9 90.6% 189.9 94.4% 191.4 92.8% 194.7 93.2% Property, plant and equipment 30.3 13.6% 30.0 14.3% 28.4 14.1% 28.4 13.8% 28.4 13.6% Intangible assets 16.1 7.2% 20.2 9.6% 21.6 10.7% 23.0 11.1% 24.3 11.6% Financial assets 139.6 62.5% 139.7 66.6% 139.9 69.5% 140.0 67.9% 142.0 68.0% Other long-term assets 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Current assets 37.3 16.7% 19.7 9.4% 11.4 5.6% 14.9 7.2% 14.2 6.8% Inventories 0.1 0.0% 0.1 0.0% 0.1 0.0% 0.1 0.0% 0.1 0.0% Accounts receivable 21.5 9.6% 10.3 4.9% 3.8 1.9% 4.0 1.9% 4.0 1.9% Other current assets 8.0 3.6% 9.0 4.3% 6.6 3.3% 7.0 3.4% 7.0 3.4% Securities 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Cash 7.7 3.5% 0.4 0.2% 0.9 0.4% 3.8 1.9% 3.1 1.5%

Total assets 223.3 100.0% 209.6 100.0% 201.3 100.0% 206.3 100.0% 208.9 100.0%

Equity and liabilities (m €) 2007/08 2008/09 2009/10 2010/11e 2011/12e

Shareholders’ equity 94.7 42.4% 91.8 43.8% 89.0 44.2% 94.4 45.8% 96.9 46.4% Shareholders’ equity (before minority) 94.7 42.4% 91.8 43.8% 89.0 44.2% 94.4 45.8% 96.9 46.4% Minorities 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Non-current liabilities 30.8 13.8% 33.7 16.1% 27.4 13.6% 27.9 13.5% 28.0 13.4% Pension provisions 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Other provisions 2.3 1.0% 1.8 0.9% 2.0 1.0% 2.1 1.0% 2.2 1.1% Long-term financial debt 19.6 8.8% 17.5 8.3% 20.3 10.1% 20.3 9.8% 20.3 9.7% Other long-term debt 8.8 4.0% 14.4 6.9% 5.2 2.6% 5.5 2.7% 5.5 2.6% Current liabilities 97.8 43.8% 84.1 40.1% 84.9 42.2% 84.0 40.7% 84.0 40.2% Short-term financial debt 2.0 0.9% 8.2 3.9% 12.3 6.1% 10.0 4.8% 9.0 4.3% Short-term accruals 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% Accounts payable 10.2 4.6% 9.0 4.3% 6.3 3.1% 8.0 3.9% 9.0 4.3% Other liabilities 85.6 38.4% 66.9 31.9% 66.3 32.9% 66.0 32.0% 66.0 31.6%

Total equity and liabilities 223.3 100.0% 209.6 100.0% 201.3 100.0% 206.3 100.0% 208.9 100.0% Source: Company information, Bankhaus Lampe Research B ANKHAUS LAMPE RESEARCH 5

Borussia Dortmund GmbH & Co. KGaA - Cash-flow statement in m € 2007/08 2008/09 2009/10 2010/11e 2011/12e Net income (adj.) 5.3 -2.9 -2.8 5.4 2.5 Depreciation 8.6 10.6 10.3 10.3 10.3 Amortisation of goodwill & intangible assets 0.0 0.0 0.0 0.0 0.0 Change of provisions 0.0 -0.5 0.2 0.1 0.1 Other 53.8 4.0 5.7 0.0 0.0

Operating Cash-flow before changes in w/c 67.8 11.1 13.4 15.8 12.9 Change in inventory 0.0 0.0 0.0 0.0 0.0 Change in accounts receivable -6.9 11.2 6.6 -0.2 0.0 Change in accounts payable -4.3 -1.2 -2.7 1.7 1.0 Change in other working capital positions 0.0 -19.7 1.7 -0.7 0.0 Operating Cash-flow 56.6 1.4 19.1 16.6 13.9 Capex -4.7 -20.0 -10.1 -11.7 -11.6 Payments for acquisitions 0.0 0.0 0.0 0.0 0.0 Financial investments -0.1 -0.1 -0.2 -0.1 -2.0 Income from asset disposals 4.5 9.7 0.0 0.0 0.0 Income from financial investments 0.1 0.0 0.0 0.0 0.0

Cash-flow from investing activities -0.2 -10.4 -10.4 -11.8 -13.6

Free Cash-flow 56.3 -9.0 8.7 4.9 0.3 Capital measures 0.0 0.0 0.0 0.0 0.0 Increase/decrease in debt position -62.1 -4.2 6.8 -2.3 -1.0 Purchase of own shares 0.0 0.0 0.0 0.0 0.0 Others -0.2 -0.2 -9.2 0.3 0.0 Dividend paid 0.0 0.0 0.0 0.0 0.0

Cash-flow from financing activities -62.3 -4.4 -2.4 -1.9 -1.0 Increase/ decrease in liquid assets -6.0 -13.3 6.3 2.9 -0.7 Effects of exchange rate changes 0.0 0.0 0.0 0.0 0.0 Cash at beginning of period 13.9 7.9 -5.4 0.9 3.8 Change in total cash and cash equivalents -6.0 -13.3 6.3 2.9 -0.7

Cash at end of period 7.9 -5.4 0.9 3.8 3.1 Source: Company information, Bankhaus Lampe Research

B ANKHAUS LAMPE RESEARCH 6

Borussia Dortmund GmbH & Co. KGaA - Financial ratios 2007/08 2008/09 2009/10 2010/11e 2011/12e Financial ratios EPS (in €) 0.09 -0.05 -0.05 0.09 0.04 Book value per share 1.54 1.49 1.45 1.54 1.58 Free Cash-flow per share (in €) 0.92 -0.15 0.14 0.08 0.00 Dividend per share( in €) 0.00 0.00 0.00 0.00 0.00 Evaluation ratios EV/Sales 1.01.00.91.01.0 EV/EBITDA 5.5 10.5 10.2 6.1 7.7 EV/EBIT 9.6 -1053.1 -94.0 14.2 27.5 Price earning ratio (P/E) 18.0 ------15.7 33.9 Price to book (total equity) 1.00.90.70.90.9 Dividend yield per share 0.0% 0.0% 0.0% 0.0% 0.0% Profitability ratios EBITDA margin 19.0% 9.7% 9.2% 16.2% 13.0% EBIT margin 10.7% -0.1% -1.0% 7.0% 3.7% Net return on sales 5.0% -2.7% -2.8% 4.8% 2.3% Return on capital employed (ROCE) 9.0% ------6.4% 3.2% Productivity ratios Capital turnover 1.2 1.2 1.2 1.1 1.1 Operating leverage -4.9-40.5 -132.8 -78.4 24.6 Sales per employee (in thousand €) 516.3 529.2 485.0 539.2 528.6 EBIT per employee (in thousand €) 55.5 ------37.7 19.4 Number of employees (in thousand) 0.2 0.2 0.2 0.2 0.2 Financial ratios Equity ratio 42.4% 43.8% 44.2% 45.8% 46.4% Net financial debt (in m €) 13.8 25.3 31.6 26.5 26.2 Net debt / Equity 14.6% 27.6% 35.5% 28.0% 27.0% Interest cover 2.0 0.0-0.3 2.5 1.3 Net debt / EBITDA 0.7 2.4 3.4 1.5 1.8 Working Capital (in m €) 11.4 1.4 -2.5 -4.0 -5.0 Change Working Capital (in m €) 9.6 -9.9 -3.9 -1.5 -1.0 WC /sales 10.8% 1.3% -2.4% -3.5% -4.5% Stocks in days of sales 00000 Trade debtors in days of sales 75 35 14 13 13 Trade creditors in days of COGS/Material cost 35 30 23 26 30 Cash conversion cycle 40 5 -9 -13 -17 Invest. (property/plant/equity) / Depreciation 54.9% 189.0% 98.2% 113.5% 112.6% Others Sales CAGR (last 3 years) - - - 9.0% 1.5% 2.1% 0.6% EBIT CAGR (last 3 years) - - - -79.4% -136.5% -11.5% -438.0% Net income CAGR (last 3 years) - - - -9.4% -157.4% 0.7% -195.0% Pay out ratio n.a. n.a. n.a. n.a. n.a. Free cash flow (in m €) 56.3 -9.0 8.7 4.9 0.3 Free cash flow yield 59.2% -10.6% 13.7% 5.7% 0.4% Source: Company information, Bankhaus Lampe Research

B ANKHAUS LAMPE RESEARCH 7

Disclosures

Shares are rated based upon analyst forecasts with regard to the performance of the share during a period of twelve months. The rating “Buy” within this general concept means that the share’s forecast performance is at least 10%. “Hold” means a price movement in a bandwidth of 0% to 10%. “Sell” means that the share’s forecast performance is negative. Unless shown otherwise, the stated upside targets are based upon either a discounted flow-cash pricing or upon a comparison of the performance ratios of companies that the respective analyst considers to be comparable, or upon a combination of these two analyses. Analysts modify the result of this fundamental assessment to incorporate the potential trend in the market mood.

Overview of our recommendations for the share in the previous twelve months.

Date of publication Price at recommendation Rating Price Target 21.10.2009 0,93 € Hold 1,02 € 5.3.2010 1,05 € Hold 1,05 € 27.5.2010 0,95 € Hold 1,05 €

The distribution of recommendations in our investments universe is currently as follows (date: 1/7/2010):

Rating Basis: all analysed companies Basis: companies with investmentbanking relationships Buy 59.3% 75.0% Hold 35.2% 25.0% Sell 5.6% 0.0% under review 0.0% 0.0%

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Potential conflicts of interests may exist in the following companies named in this research report :

Company Disclosure 2 Borussia Dortmund GmbH & Co. KGaA

B ANKHAUS LAMPE RESEARCH 8

1. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG hold investments in this company amounting to at least 1% of the share capital. 2. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG regularly deal in this company’s shares. 3. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG hold a net short position of this company’s shares amounting to at least one percent of the share capital. 4. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG were part of a consortium within the last five years that has purchased this company’s analysed securities. 5. Within the last twelve months Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG have provided investment banking services or banking advisory services for this company against payment. 6. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG are market makers for this company’s securities. 7. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG operate as a corporate broker for this company. 8. The author or one of his/her employees hold direct securities or derivatives based on securities for this company. 9. A member of the senior management or an employee of Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG is a Member of the Board of Management or Supervisory Board of this company. 10. Bankhaus Lampe KG and/or a company affiliated with Bankhaus Lampe KG expect or are striving to obtain paid services from this company in the next three months for investment banking services. 11. This financial analysis has been made accessible without the valuation part to issuer prior to publication and subsequently amended. 12. The present study of this company was carried out by Bankhaus Lampe KG on behalf of this company or a person close to the company. 13. Bankhaus Lampe KG acted as Lead-Manager in connection with the initial public offering of this company. 14. Bankhaus Lampe KG acted as Co-Lead-Manager in connection with the initial public offering of this company. 15. Bankhaus Lampe KG acted as Co-Manager in connection with the initial public offering of this company. 16. Bankhaus Lampe KG acted as Selling Agent in connection with the initial public offering of this company. 17. Bankhaus Lampe KG acted as Listing Partner in connection with the initial public offering of this company. Responsible regulatory authority: Federal Financial Supervisory Authority – Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Lurgiallee12, D-60439 Frankfurt

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This report is only directed at persons who are investment professionals under Article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 and the investment or investment activity to which this report relates is only available to and will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely upon the contents of this report. Bankhaus Lampe KG, Jägerhofstraße 10, D-40479 Düsseldorf is responsible for this study. 11. Oktober 2010

Sebastian Hein, CIIA, CEFA Telefon: (+49) 211 4952-606 [email protected] B ANKHAUS LAMPE RESEARCH 9

EQUITY SALES EQUITY SALES TRADING RESEARCH

Justin Barnebeck Matthias Rolke Heiko Feber Fon + 49 (0)211 4952-753 Fon + 49 (0)211 4952-755 Fon + 49 (0)211 4952-413 [email protected] [email protected] [email protected]

André Gollmer Marc Gabriel, CIIA, CEFA Fon + 49 (0)211 4952-313 Fon + 49 (0)211 4952-751 [email protected] [email protected]

Ulrich Klingmüller, CEFA Sebastian Hein, CIIA, CEFA Fon + 49 (0)211 4952-784 Fon + 49 (0)211 4952-606 [email protected] [email protected]

Peter Lohren OFFICE MANAGEMENT Leslie Iltgen, CEFA Fon + 49 (0)211 4952-782 Fon + 49 (0)211 4952-289 [email protected] Nicole Juskowiak [email protected] Fon + 49 (0)211 4952-607 Oliver Marx, CEFA [email protected] Christian Ludwig, CFA Fon + 49 (0)211 4952-178 Fon + 49 (0)211 4952-126 [email protected] Nicole Reckin [email protected] Fon + 49 (0)211 4952-128 Marc Niemann [email protected] Frank Neumann, CEFA Fon + 49 (0)211 4952-757 Fon + 49 (0)211 4952-637 [email protected] Elke Röhling-Kampmann [email protected] Fon + 49 (0)211 4952-635 Elmar Peters elke.roehling-kampmann@bankhaus- Christoph Schlienkamp, Investmentana- Fon + 49 (0)211 4952-640 lampe.de lyst DVFA [email protected] Fon + 49 (0)211 4952-311 christoph.schlienkamp@bankhaus- Carla dos Santos Reichert [email protected] lampe.de Fon + 49 (0)211 4952-786 Fax + 49(0)211 4952-494 [email protected] Gordon Schönell, CEFA Fon + 49 (0)211 4952-455 [email protected]

BERLIN BIELEFELD BONN BERLIN Postfach 12 06 53 Postfach 10 03 91 Heinrich-Brüning-Straße 16 Postfach 12 06 53 D-10596 Berlin D-33503 Bielefeld D-53113 Bonn D-10596 Berlin Carmerstraße 13 Alter Markt 3 Carmerstraße 13 D-10623 Berlin D-33602 Bielefeld Fon + 49 (0)228 850262-0 D-10623 Berlin Fax + 49 (0)228 850262-99 Fon + 49 (0)30 319002-0 Fon + 49 (0)521 582-0 Fon + 49 (0)30 319002-0 Fax + 49 (0)30 319002-324 Fax + 49 (0)521 175178 Fax + 49 (0)30 319002-324

DRESDEN DÜSSELDORF FRANKFURT/MAIN DRESDEN Käthe-Kollwitz-Ufer 82 Postfach 10 14 42 Postfach 10 08 35 Käthe-Kollwitz-Ufer 82 D-01309 Dresden D-40005 Düsseldorf D-60008 Frankfurt/Main D-01309 Dresden Jägerhofstraße 10 Freiherr-vom-Stein-Straße 65 Fon + 49 (0)351 207815-0 D-40479 Düsseldorf D-60323 Frankfurt/Main Fon + 49 (0)351 207815-0 Fax + 49 (0)351 207815-29 Fax + 49 (0)351 207815-29 Fon + 49 (0)211 4952-0 Fon + 49 (0)69 97119-0 Fax + 49 (0)211 4912-202 Fax + 49 (0)69 97119-119

MÜNCHEN MÜNSTER OSNABRÜCK MÜNCHEN Postfach 10 09 31 Domplatz 41 Heger-Tor-Wall 24 Postfach 10 09 31 D-80083 München D-48143 Münster D-49078 Osnabrück D-80083 München Brienner Straße 29 Brienner Straße 29 D-80333 München Fon + 49 (0)251 41833-0 Fon + 49 (0)541 580537-0 D-80333 München Fax + 49 (0)251 41833-50 Fax + 49 (0)541 580537-99 Fon + 49 (0)89 29035-600 Fon + 49 (0)89 29035-600 Fax + 49 (0)89 29035-799 Fax + 49 (0)89 29035-799

ATLANTIC VERMÖGENS- DALE INVESTMENT ATLANTIC VERMÖGENS- VERWALTUNGSBANK ADVISORS GMBH VERWALTUNGSBANK Othmarstraße 8 Wollzeile 16/9 Othmarstraße 8 CH-8008 Zürich A-1010 Wien CH-8008 Zürich

Fon + 41 (0)44 26658-88 Fon +43 (0)1 8903507-0 Fon + 41 (0)44 26658-88 Fax + 41 (0)44 26658-97 Fax +43 (0)1 8903507-50 Fax + 41 (0)44 26658-97