Portrait Torsten Schmidt, PORTER, with M.M.WARBURG & CO SINCE 1975

the independent private bank

portrait TorsTen schmidT, PORTER, WITH M.M.WARBURG & CO SINCE 1975

“Our clients get a warm welcome … even before they enter the building.” TorsTen schmidT, PORTER, WITH M.M.WARBURG & CO SINCE 1975

“Our clients get a warm welcome … even before they enter the building.” AndreAs eckhoff, IN ClIENT SERvICES AT M.M.WARBURG & CO SINCE 1990 LuisA BAuer, AN EMPlOYEE OF THE M.M.WARBURG & CO CONvENIENCE TEAM SINCE 2005

“With us, you do your banking with people “We make sure that you feel at home when you visit us.” and not with a cash machine.” LuisA BAuer, AN EMPlOYEE OF THE M.M.WARBURG & CO CONvENIENCE TEAM SINCE 2005

“We make sure that you feel at home when you visit us.” A gATewAy To The worLd dr. chrisTiAn oLeArius, SPOkESMAN OF THE GENERAl PARTNERS SINCE 1986 Welcome.

m.m.warburg & co is one of the few truly independent private banks in Germany. All its capital is held solely by private individuals, while the Bank itself is managed by its co-owners. This independence from external influ- ence is one of our most important and most outstanding features. At the same time it forms the basis of our characteristics as a Bank and sets us apart from most of our peers. Furthermore, it allows us to weigh up opportunities and risks solely in the interests of our clients. portrait Portraits are more than just pictures: Since our establishment in 1798, we see ourselves as a partner to our clients. they seek to capture the spirit and personality of the person being portrayed. Indeed, our oldest client relationships have roots going back to the beginning of the 20 th century. Then as now, all business was based on mutual trust. In our early years, this was essential for executing transactions over large distances given the absence of any direct and quick communications between the parties.

Today, a swift response based on confidence in your partner provides a decisive competitive edge in private investment decisions and in the global capital and trading markets. Again and again we earn the trust of our customers by reliably providing them with innovative and modern banking services.

We offer our clients comprehensive services and products in our three core business segments : private banking, asset management and investment banking. Here, we stand apart from the major banks not only through the individual attention we pay our clients but also due to a corporate culture we dr. chrisTiAn oLeArius, SPOkESMAN OF THE GENERAl PARTNERS SINCE 1986 Welcome.

Modesty and discretion are crucial characteristics, particularly in the banking business. These values have also guided us in preparing this document. All the same, we are pleased and even a little proud to present our Bank to you on these pages. m.m.warburg & co is one of the few truly independent private banks in Germany. All its capital is held solely by private individuals, while the Bank itself is managed by its co-owners. This independence from external influ- ence is one of our most important and most outstanding features. At the same time it forms the basis of our characteristics as a Bank and sets us apart from most of our peers. Furthermore, it allows us to weigh up opportunities and risks solely in the interests of our clients.

Since our establishment in 1798, we see ourselves as a partner to our clients. Indeed, our oldest client relationships have roots going back to the beginning of the 20 th century. Then as now, all business was based on mutual trust. In our early years, this was essential for executing transactions over large distances given the absence of any direct and quick communications between the parties.

“Trust in your partner is the basis.” dr. chrisTiAn oLeArius, SPOkESMAN OF THE GENERAl PARTNERS SINCE 1986

liken to a family. Direct personal contact with the owners, the size of our Bank and flat hierarchies ensure that ideas and suggestions are quickly seized upon and, where feasible, implemented. Our Bank depends on its employees to see the big picture beyond the confines of our business.

The culture entrenched in our Bank is displayed by the dedication of our employees and our commitment as a good corporate citizen. “Here in Hamburg we don’t leave anyone behind.” Spoken by Max M. Warburg in 1913, these words still aptly describe our social commitment today. In conjunction with the Warburg-Melchior-Olearius-Foundation, we support activities for society as a whole in the areas of culture, preservation of his- torical monuments and help for the less-privileged.

On the next few pages, you can learn more about us and what we do. We will be pleased to answer any further questions you may have in a one-on- one discussion.

Yours,

Christian Olearius

“Trust in your partner is the basis.” A BANk WITH A lONG TRAdITION privATe BAnking Priority for private clients

Our range of services for private clients : tailored to meet your requirements – an outstanding prospect

For most people, what really matters are family tural, return, risk and fiscal aspect is followed and personal freedom. After that come profes- by a forecast of future performance. The fin- sional and social issues. dings of this review and the recommendations We take these findings seriously. This is why for taking action are presented in an easily ac- our clients, with their personal and individual cessible and clear format. wishes, are at the core of the products and ser- This process is not a one-off, but an ongoing vices we have to offer – permanently, and in- one : the large number of factors which have dependently of current trends. an impact on our clients’ lives and their goals require a regular review and, if necessary, ad- Solutions for private wealth management justments to changes in their circumstances. This comprehensive approach generates above We provide comprehensive solutions for struc- average returns via investments with a favou- turing, safeguarding and growing private assets. rable risk-return ratio. Our clients’ plans for the future and their personal and economic situation form the From individual case-by-case advice Our Bank has been headquartered at Ferdinandstrasse 75 in Hamburg basis for developing individually tailored in- to an all-encompassing service since 1867 in premises where you can actually sense the past, present and future. vestment concepts. Our qualified advisors and In addition, we have offices throughout Germany, Switzerland and Luxembourg. closely interlinked business units and subsidia- Warburg’s fund-based Premium Portfolio and in- ries offer all the services available in modern dividual asset management create scope for our private banking. clients, as they entrust us with the management of their assets. In our view, asset management We not only provide investment advice in par- means assuming comprehensive responsibility ticular cases and single decisions on private for the success of the investments made. wealth management, but also offer a full range Our clients benefit from the combined ex- of services. Beginning with an analysis of your perience of our portfolio managers. We have assets, our offering comprises financial plan- developed an investment process that allows ning, wealth management, advice on securities for the best possible results and that takes your and on alternative investments as well as on in- personal wishes as a guideline to the compo- heritance and foundations. sition of your portfolio into account.

As part of the financial planning, a tailored asset In the securities business we offer you an ex- concept is developed on the basis of a compre- change of views that reaches far beyond cur- hensive analysis, which is geared in an opti- rent market developments, as well as extensive mum way to your personal situation in life. A personal advice. The fact that technological review of your financial and personal situation equipment is always state-of-the-art and the and assessment of existing assets from a struc- rapid decision-making processes at our Bank

9 privATe BAnking Priority for private clients

Our range of services for private clients : tailored to meet your requirements – an outstanding prospect

For most people, what really matters are family tural, return, risk and fiscal aspect is followed and personal freedom. After that come profes- by a forecast of future performance. The fin- sional and social issues. dings of this review and the recommendations We take these findings seriously. This is why for taking action are presented in an easily ac- our clients, with their personal and individual cessible and clear format. wishes, are at the core of the products and ser- This process is not a one-off, but an ongoing vices we have to offer – permanently, and in- one : the large number of factors which have dependently of current trends. an impact on our clients’ lives and their goals require a regular review and, if necessary, ad- Solutions for private wealth management justments to changes in their circumstances. This comprehensive approach generates above We provide comprehensive solutions for struc- average returns via investments with a favou- turing, safeguarding and growing private assets. rable risk-return ratio. Our clients’ plans for the future and their personal and economic situation form the From individual case-by-case advice basis for developing individually tailored in- to an all-encompassing service vestment concepts. Our qualified advisors and closely interlinked business units and subsidia- Warburg’s fund-based Premium Portfolio and in- ries offer all the services available in modern dividual asset management create scope for our private banking. clients, as they entrust us with the management of their assets. In our view, asset management We not only provide investment advice in par- means assuming comprehensive responsibility ticular cases and single decisions on private for the success of the investments made. wealth management, but also offer a full range Our clients benefit from the combined ex- of services. Beginning with an analysis of your perience of our portfolio managers. We have assets, our offering comprises financial plan- developed an investment process that allows ning, wealth management, advice on securities for the best possible results and that takes your and on alternative investments as well as on in- personal wishes as a guideline to the compo- heritance and foundations. sition of your portfolio into account.

9 PRIvATE BANkING

State-of-the-art technology … … behind historic walls. enable flexible and swift response to market cussions and the consultation process with movements. Our consulting is based on our the trust supervisory body and the tax autho- award-winning investment research and our rities. reputation as an independent capital market advisor. In the Family Office, we have pooled our ex- As our private client, you form part of a se- pertise in the advisory and asset management lect circle of investors : of particularly large assets under one roof. We We offer you entrepreneurial investments in provide advice in structuring these assets, whose design you are personally involved, e. g. which are often of a complex nature. Our ser- in the real estate, shipping and private equity vices include the selection and monitoring of segments. asset managers and investments worldwide as well as a clearly arranged reporting. Questions about inheriting and bequeathing an estate are not often everyday matters for pri- Independent in thought and action – vate clients. We have experience in the timely passionate about intelligent solutions and careful planning and implementation of asset transfer. We explore specific targets, moti- The independence of our Bank from instituti- vations and financial issues in great depth. Ta- onal shareholders and our economic efficiency king into account all legal, tax, asset, liquidity enable us to remain faithful to our core values : and risk-related factors, we evaluate each indi- individuality and discretion. Rapid decision- vidual situation and outline the potential for making channels and a great amount of flexi- optimisation. bility are a given. We value collaboration in a spirit of partnership and trust. Through trusts, private assets or parts thereof can be preserved over generations or used As an independent private bank with a long lastingly in order to contribute to common tradition, we understand the wishes and needs welfare. We support our clients from the initial of our clients across generations. They enjoy planning to the establishment and ongoing the fruits of our experience and the particular operation. We coordinate the technical dis- benefits a private bank can offer.

10 PRIvATE BANkING

Our well-qualified consultants are present at Brunswick, Bremen, Hanover, Luxembourg many locations in Hamburg, Frankfurt and and Zurich. We will be pleased to meet with Cologne and through the private banking acti- you at a time and place of your convenience. vities of our subsidiary banks in Berlin,

our services : your conTAcT : · financial planning M. M.WARBURG & CO kGAA · asset management Private Banking · advice on securities Ferdinandstrasse 75 · equity holdings 20095 Hamburg · financing Phone + 49 40 32 82-24 00 · inheritance and bequests Fax + 49 40 36 18-10 00 · consulting on foundations privatebanking @ mmwarburg.com · family office · account and payment transaction services · advice on insurance issues

11 A BAnk wiTh A Long TrAdiTion AsseT mAnAgemenT We have successful investments.

Our asset management : dynamic, innovative and sustainable strategies for the asset classes of securities, real estate and alternative investments.

Within the Bank and the Warburg Network our all within the limits of the interests of the indi- investment experts are able to access profound vidual clients and subject to a strict adherence expertise within the markets concerned. Our to statutory provisions. micro and macro research covery the capital market; Warburg Invest offers retail and special- Pooled in Asset Management, personal consul- purpose funds in Germany and Luxembourg; tation and a high level of specialist competence in the property segment Hamburgische Im- characterise our offerings for institutional in- mobilien-Handlung and Warburg-Henderson vestors in and outside Germany. Our consul- are active on behalf of major institutional in- tants are familiar with their clients’ situation vestors, from project development right thanks to many years of their own practical, through to the launch of special-purpose funds. personal experience. In dialogue with their Warburg Alternative Investments allows us glo- clients, they develop sustainable financial solu- bal access to alternative investments in an indi- tions that are compatible with the client’s ins- vidually tailored type of investment. In ship- titutional setting. The investment concepts that Throughout our history, traditions and values have developed ping, which traditionally focuses on Hamburg, are drafted enable swift and well-founded ac- that constitute the foundations of our Bank right up to the present day – we have considerable in-house experience tion to be taken as investment and financial and on into the future. thanks to our ship lending business, project opportunities arise. financings, the equity holding in issuers of shipping funds and Warburg Schiffahrtstreu- Our prime target is success for our clients. For hand, our shipping custodian. this reason, our concepts are based not only on our own products, but also include products by Despite the breadth of topics we cover, our renowned third-party providers that we have Bank is of a manageable size and thus allows personally verified. for a continuous interchange between experts,

our offerings : pLeAse conTAcT us : · retail funds M.M.WARBURG & CO kGAA · special-purpose funds Asset Management · portfolio management Ferdinandstrasse 75 · th e provision of institution-specific assistance 20095 Hamburg to insurance companies, pension schemes, Phone + 49 40 32 82-22 10 provident funds, foundations, savings banks, Fax + 49 40 36 18-10 00 businesses and investment companies assetmanagement @ mmwarburg.com

13 A BAnk wiTh A Long TrAdiTion AsseT mAnAgemenT We have successful investments.

Our asset management : dynamic, innovative and sustainable strategies for the asset classes of securities, real estate and alternative investments.

13 TrAdiTion And The fuTure invesTmenT BAnking Thinking differently as partners.

Our investment banking : finding solutions together. Because we have, since our establishment, seen ourselves as the partners of entrepreneurs, businesses and investors.

For us, investment banking means assisting through a schematic list of rating questions. In companies and other financial institutions in our traditional lending business we focus on their capital market activities. Having been mid-sized corporate clients, shipping com- consistently active in this area for many years, panies and investors. Equity and special finance we have a first-class view derived from an es- deals and the financing of equity holdings, tablished vantage point. We understand and trading transactions, property and ship pur - keep track of innovation, but we do not follow chases are all part of our everyday business. All every trend. We know the solutions and pro- services relating to the settlement of cross- ducts that we present down to every little detail. border transactions, such as professional foreign Our focus is on realistic, practical concepts. payment transactions, an experienced lc busi- Personal relationships and trust matter here. ness unit and efficient foreign currency and interest-rate management complete our offe- While safeguarding the interests of clients and rings. adhering strictly to statutory limits, our experienced specialists enjoy an ongoing interchange Wealth of experience on major markets the “atalanta” of knowledge and can be consulted personally by their clients at any time. We provide innovative yet proven solutions for In 1950, the Bank acquired former pilot schooner “Lotsenschoner Elbe 1”, Here, our Investment Banking differs from mezzanine financing. Quasi-equity constructs which had been built in 1900 commissioned by Hamburg’s Senate. that of many larger banks , where employees and the equity structured in line with ifrs can In 1995, the Bank donated “Atalanta” to the Society for the Promotion of from different business divisions barely know also be provided. Profit participation capital, the City of Wismar. each other and where clients rarely manage to hybrid bonds, convertible bonds, silent invest- access senior management or experts. By con- ments and subordinated debt capital all form trast, what counts for us is direct contact, parti- part of our range of concepts. On behalf of our cularly to specialists. clients we design integrated planning models, draft optimum capital structures, structure the Individual solutions overall finance and raise mezzanine and debt instead of standardised programmes capital. As one of only a few German banks with As an owner-managed private bank, we are long-standing and extensive experience in familiar with the main issues involved in finan- this area, we provide advice and assistance to cing businesses. We provide solutions that are our clients in all issues relating to the capital suited to clients’ needs, as individual financing market. The structuring and placement of questions cannot be answered with standar- new issues (ipos), the placement of capital in- dised lending programmes. It is important, creases and secondary placements and adviso- therefore, to analyse the situation at hand in ry services for takeover bids and delistings mutual consultation, rather than to just go form part of our portfolio. Further services

15 invesTmenT BAnking Thinking differently as partners.

Our investment banking : finding solutions together. Because we have, since our establishment, seen ourselves as the partners of entrepreneurs, businesses and investors.

For us, investment banking means assisting through a schematic list of rating questions. In companies and other financial institutions in our traditional lending business we focus on their capital market activities. Having been mid-sized corporate clients, shipping com- consistently active in this area for many years, panies and investors. Equity and special finance we have a first-class view derived from an es- deals and the financing of equity holdings, tablished vantage point. We understand and trading transactions, property and ship pur - keep track of innovation, but we do not follow chases are all part of our everyday business. All every trend. We know the solutions and pro- services relating to the settlement of cross- ducts that we present down to every little detail. border transactions, such as professional foreign Our focus is on realistic, practical concepts. payment transactions, an experienced lc busi- Personal relationships and trust matter here. ness unit and efficient foreign currency and interest-rate management complete our offe- While safeguarding the interests of clients and rings. adhering strictly to statutory limits, our experienced specialists enjoy an ongoing interchange Wealth of experience on major markets of knowledge and can be consulted personally by their clients at any time. We provide innovative yet proven solutions for Here, our Investment Banking differs from mezzanine financing. Quasi-equity constructs that of many larger banks , where employees and the equity structured in line with ifrs can from different business divisions barely know also be provided. Profit participation capital, each other and where clients rarely manage to hybrid bonds, convertible bonds, silent invest- access senior management or experts. By con- ments and subordinated debt capital all form trast, what counts for us is direct contact, parti- part of our range of concepts. On behalf of our cularly to specialists. clients we design integrated planning models, draft optimum capital structures, structure the Individual solutions overall finance and raise mezzanine and debt instead of standardised programmes capital. As one of only a few German banks with As an owner-managed private bank, we are long-standing and extensive experience in familiar with the main issues involved in finan- this area, we provide advice and assistance to cing businesses. We provide solutions that are our clients in all issues relating to the capital suited to clients’ needs, as individual financing market. The structuring and placement of questions cannot be answered with standar- new issues (ipos), the placement of capital in- dised lending programmes. It is important, creases and secondary placements and adviso- therefore, to analyse the situation at hand in ry services for takeover bids and delistings mutual consultation, rather than to just go form part of our portfolio. Further services

15 INvESTMENT BANkING

New trends … … and approved knowledge. include the implementation of employee pro- Independent advice fit-sharing and stock-option programmes, for changing companies share splits and capital reductions. Further- more, we are able to act as designated sponsor, We provide assistance with merger & acquisition we provide a preliminary assessment of readi- projects, both on the buying and the selling sides. ness for the stock market and advice on rai- Our clients are mid-sized businesses (the Mittel- sing pre-market finance. We have an extensive stand) and their shareholders, as well as groups award-winning team of analysts for our of companies and the public sector. The pro- macroeconomic, company- and sector-spe- jects we assist generally have a transaction vol- cific research. Our clients benefit from our ume of between eur 25 m and eur 2.5 bn. deep contacts to a broad domestic and inter- Discretion and a passion for innovative and national investor base and a flexible project customised solutions are our trademark. Thanks team developed over many years and with a to our independence, we create pragmatic so- long-term commitment towards the compa- lutions free from conflicts of interest. Our con- nies we advise. sultants have been working in long-standing teams for many years. Thus, they have first-class We offer companies that operate on a global experience and close relationships with inves- scale foreign currency and interest rate hedging tools tors, entrepreneurs and group heads that have and individual solutions to optimise their risk developed over time. Our clients also obtain profile. Our institutional sales team assists cli- additional benefit from the Bank’s owners in- ents from around the world. Thanks to long- troducing their well-established contacts to standing experience and in-depth corporate our projects. knowledge, we are a valuable partner when it comes to developing investment ideas and stra- Focus on sectors tegies and an ideal broker between companies and investors. Our own-trading activities en- Consumer & retail : we have long-standing ex- sure constant market proximity and help us in pertise and market contacts in this field. The the selection of new products. focus of our activities is on fashion and food.

16 INvESTMENT BANkING INvESTMENT BANkING

Telecommunications, media and technology sectors: Real estate : within the Warburg Network we our clients include regional telecommunica- possess expertise and knowledge on all facets tions providers, successful software firms and of the property business. Our clients in this companies involved in the internet and bio- segment are Germany’s federal states and mu- technology. nicipalities whom we support during the privatisation process of public-sector companies Healthcare : we assist public bodies during pri- with property holdings. We assist private ow- vatisation and the sale of their healthcare and ners of housing companies and property port- care facili ties and give competent common- folios during the sale of real estate in struc- sense advice to companies in the healthcare tured bidding processes. segment.

New trends … … and approved knowledge. Mid-sized businesses : we are a partner of mid- Utilities and waste management : for decades we sized businesses, and we think and act in entre- include the implementation of employee pro- Independent advice have been advising municipalities and towns as preneurial terms. The long-standing transac- fit-sharing and stock-option programmes, for changing companies well as privately-owned companies in the was- tion experience and varied professional share splits and capital reductions. Further- te management industry on a large number of background of our specialists provide ideal more, we are able to act as designated sponsor, We provide assistance with merger & acquisition important projects. preconditions, ensuring the swift comprehen- we provide a preliminary assessment of readi- projects, both on the buying and the selling sides. sion of business models. ness for the stock market and advice on rai- Our clients are mid-sized businesses (the Mittel- sing pre-market finance. We have an extensive stand) and their shareholders, as well as groups OUR SERvICES : PlEASE CONTACT US : award-winning team of analysts for our of companies and the public sector. The pro- · equity capital markets M.M.WARBURG & CO kGAA macroeconomic, company- and sector-spe- jects we assist generally have a transaction vol- · financing Investment Banking cific research. Our clients benefit from our ume of between eur 25 m and eur 2.5 bn. · mergers & acquisitions Ferdinandstrasse 75 deep contacts to a broad domestic and inter- Discretion and a passion for innovative and · mezzanine & off-balance-sheet capital 20095 Hamburg national investor base and a flexible project customised solutions are our trademark. Thanks · privatisation transactions Phone + 49 40 32 82-21 50 team developed over many years and with a to our independence, we create pragmatic so- · fixed-income securities Fax + 49 40 36 18-10 00 long-term commitment towards the compa- lutions free from conflicts of interest. Our con- · interest rates & currencies investmentbanking @ mmwarburg.com nies we advise. sultants have been working in long-standing · treasury teams for many years. Thus, they have first-class · research We offer companies that operate on a global experience and close relationships with inves- scale foreign currency and interest rate hedging tools tors, entrepreneurs and group heads that have and individual solutions to optimise their risk developed over time. Our clients also obtain profile. Our institutional sales team assists cli- additional benefit from the Bank’s owners in- ents from around the world. Thanks to long- troducing their well-established contacts to standing experience and in-depth corporate our projects. knowledge, we are a valuable partner when it comes to developing investment ideas and stra- Focus on sectors tegies and an ideal broker between companies and investors. Our own-trading activities en- Consumer & retail : we have long-standing ex- sure constant market proximity and help us in pertise and market contacts in this field. The the selection of new products. focus of our activities is on fashion and food.

16 17 A BAnk wiTh A Long TrAdiTion

For more than two centuries we have been active as an independent private bank from the heart of Hamburg. A BAnk wiTh A Long TrAdiTion wArBurg TodAy A gateway to the world.

Our Warburg Network : at home in all areas of the world.

We are the right contact for you, at almost any clients and independent asset managers, the time. Within the Warburg Group and in the private client business and asset management. Warburg Network you will find the compe- Providing comprehensive assistance to high tence you expect. net-worth private clients constitutes the focus of our activities in Switzerland. THE GROUP Our capital investment companies are based With our subsidiaries and holding companies in Hamburg, Frankfurt and Luxembourg. we are represented at many locations, both in Germany and neighbouring countries. Our THE NETWORk subsidiaries operate under their own name, but The Warburg Network includes the companies with access to all services of the parent compa- that form part of vigor beteiligungs ny in the traditional private banking business. gesellschaft mbh. Due to its shareholder Additional units offer special services and pro- structure, m.m.warburg & co gruppe kgaa ducts, such as the Family Office. Mortgage and the holding company vigor beteili For more than two centuries we have been active as an finance and loan management for third parties gungsgesellschaft mbh are closely related independent private bank from the heart of Hamburg. round off the Group’s overall offerings. to one another without forming a group. vi gor Outside Germany we are represented at has equity holdings in hih hamburgische various locations, including Luxembourg and immobilien handlung gmbh and atalanta Switzerland to name but two. The core busi- beteiligungsgesellschaft mbh & co kg, ness areas of the Luxembourg subsidiary are which is active in the shipping business. the administration of third-party managed The Warburg Network as a whole employs a investment funds, assistance to institutional staff of approx. 1,700.

19 since 1798 SINCE 1798 Steeped in tradition – committed to the future.

M.M.Warburg & CO over the years.

Moses Marcus Gerson Warburg Ferdinandstraße 75, Paul Warburg Max M. Warburg Carl Melchior Warburg ca. 1892 The history of m. m.warburg & co is inex- 1893 The Bank accepts two new shareholders tricably linked with the history of the past from the family’s fourth generation, Max M. 200 years – a mirror of its time: political uphea- Warburg and his younger brother Paul. The life Financial Delegation. Max M. Warburg beco- Hamburg in late autumn. My responsibilities in val, two World Wars, inflation, stock markets and work of Max M. Warburg, in particular, mes a member of the German financial dele- Jewish welfare care, which had been increasing volatility, global economic crises and constant has a sustained impact on the Bank’s history. gation. Both leave the delegation because they yearly, kept me in Hamburg. At that time, I was global competition. 1898 On the Bank’s 100 th anniversary its capi- consider the reparation commitments to be by no means determined to emigrate.” Under such ever changing conditions we tal has grown to 5.7 million reichsmark, and unacceptable. They recommend the govern- On December 26, 1946, Max M. Warburg see it as our duty to always be ahead of the the bill discount business of the founding peri- ment of the Reich not to sign the agreement. passes away in New York at the age of 79. times in order to deliver a decisive edge to our od has developed into a renowned private bank 1929 Despite the tense situation, the Bank clients. In this way we have been able to be- with a staff of 53. is able to increase its total assets to 382 mil - RECONSTRUCTION (1945 – 1969) come one of Germany’s major independent lion reichsmark by 1929. In that year m. m. 1948 On June 20, 1948 the Bank’s total assets private banks – and to continue on this path. dURING THE WIlHElMIAN ERA (1898 – 1919) warburg & co has 289 employees. amount to rm 230.5 million and its capital to The time until 1914 is marked by a long-lasting The stock market crash in October 1929, rm 15.5 million. One day later, the date of the THE FIRST 100 YEARS (1798 – 1898) economic upturn, and the Bank’s total assets which also leaves its traces on the Bank, leads currency reform, its total assets come to 1798 The brothers Moses Marcus and Gerson increase to 127 million reichsmark. The issuing to a global economic crisis lasting until 1933. dm 25.5 million and its capital to dm 3.1 mil- Warburg establish m. m.warburg & co in business continues to grow, the traditional busi- lion. The conversion means an initial financial Altona (then part of Holstein) just outside ness in clients’ accepted bills and foreign THE WAR PERIOd (1937 – 1945) loss, but it provides the basis for further deve- Hamburg’s city gates. Its main business is tra- currency is expanded, trading volumes in arbi- 1937 Hjalmar Schacht, President of the Reichs- lopment of the business. ding in foreign currency and bills of exchange; trage in securities with Berlin and Frankfurt bank, tells Max M. Warburg during a conversa- 1949 With the signing of a restitution settle- in the course of the 19 th century the private and in currency arbitrage increase. Relations tion in Berlin that he is no longer able to keep ment, the Warburg family, represented by Eric bank gains more and more in importance. with Scandinavia are intensified as well. the Bank in the Reichsanleihenkonsortium. Max M. Warburg, becomes a partner of the Bank 1867 The Bank moves to Ferdinandstrasse 75, 1905 The inclusion of m. m.warburg & co M. Warburg decides to convert the Bank into a once again. the Bank’s headquarters up to the present day. in the Reichsanleihenkonsortium (government kg (limited partnership) whose capital is under- 1956 Eric M. Warburg joins the Bank’s senior The Warburg brothers finance the foreign and bond consortium) underscores the importance written by reputable industrial companies ow- management as a general partner. overseas business of Hamburg’s wholesalers, the Bank has now achieved. ned by friends. General Manager Dr. Rudolf 1969 The renaming envisaged by the Warburg the Bank makes substantial funds available to 1911 The bank building in Ferdinandstrasse 75 Brinckmann and business partner Paul Wirtz family is carried out : the Bank now bears the the German Empire’s colonial enterprises. is rebuilt between 1911 and 1913. At this time, take over the management of the Bank in May name m. m.warburg-brinckmann, wirtz 1889 The Bank has 23 employees; its total as- the Bank employs a staff of 111. 1938. The silent partnership that the Warburg & co. sets amount to 35 million reichsmark. family continues to hold in the Bank is confis- m. m.warburg & co has matured into a pri- FIGHT FOR SURvIvAl (1918 – 1937) cated upon the outbreak of war. TIME OF dETENTE (1969 – 1985) vate bank with good international connections; The First World War disrupts the traditional In his memoirs, Max M. Warburg writes : “In In the 1970s there are differences of opinion as it conducts foreign exchange and bill discount trading business. Carl Melchior (partner since late August 1938, my wife and I together with to whether the Bank should merge with other business with major trading houses and banks; 1917) takes part in the peace negotiations in our daughter Gisela travelled to the United banks. However, no merger takes place. Instead, its issuing business grows steadily. Versailles as member of the German Peace and States. It was just a visit, we planned to return to the Bank once again expands.

20 21 since 1798 SINCE 1798 Steeped in tradition – committed to the future.

M.M.Warburg & CO over the years.

20 21 SINCE 1798

The bank building in luxembourg The reading room in Aby-Warburg Bankers löbbecke in Behrenpalais House, renovated in 1995

1973 A subsidiary established in Luxembourg. 1995 m.m.warburg & co hypothekenbank 1974 Representative office opened in Jakarta. ag, m.m.warburg & co schiffahrtstreu 1982 Max Warburg joins the Bank. hand gmbh and m.m.warburg & co asse 1983 Office opened in Frankfurt /Main. kuranz gmbh established 1996 m.m.warburg bank (schweiz) ag, FOCUS ANd GROWTH (1986 – 1999) Zurich established. 1986 Dr. Christian Olearius joins the Bank and 1997 hallbaum bank, Hanover, taken over. becomes Spokesman of the general partners. 1998 The Bank’s 200 th anniversary. Takeover The Bank is strategically realigned. of Bankers marcard, stein & co. 1987 m. m.warburg invest kapitalan lage 1999 51% share in Bankers carl f. plump & gesellschaft mbh established in Frankfurt / co., Bremen acquired. Main. 1988 Representative office opened in New SINCE THE MIllENNIUM York. 2001 Equity holding in hansa hamburg 1990 Office opened in Berlin following the shipping international gmbh acquired. end of the gdr. 2003 bankers löbbecke with headquarters 1991 The Bank reassumes its original name, in Berlin acquired. m.m.warburg & co. 2005 warburg alternative investments ag 1993 m.m.warburg & co vermögensverwal established, majority interest in ses research tungsag established in Zurich. gmbh acquired. 1994 Takeover of a property group, later re- 2006 degussa bank gmbh with headquarters named hih hamburgische immobilien in Frankfurt taken over. handlung. 2007 Representative office opened in the 1994 Change in legal structure to a ‘Komman- Behren strasse 36 in the capital city of Berlin ditgesellschaft auf Aktien’, increase in equity (former headquarters of Dresdner Bank). resources to eur 243.43 million. 2007 Increase in equity resources to eur 299.8 million.

22 SEE YOU SOON

Thank you

Thank you for your interest. We would be pleased to strengthen our relations in a personal meeting. m.m. warburg & co kgaa Ferdinandstrasse 75 20095 Hamburg Phone +49 40 32 82-0 Fax +49 40 36 18-10 00 www.mmwarburg.de

Concept & Design Groothuis, Lohfert, Consorten | glcons.de

Reproduction Edelweiß Publish, Hamburg

Konzeption & Gestaltung Groothuis, Lohfert, Consorten | glcons.de

Reproduktion Edelweiß Publish, Hamburg

Druck Gutenberg Beuys, Hannover m.m.warburg & co kgaa Ferdinandstraße 75 20095 Hamburg Phone +49 40 3282-0 Fax +49 40 3618-1000 www.mmwarburg.com