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SAL. OPPENHEIM JR. & CIE. S.C.A.

Presentation

EQUITY SALES

Frankfurt am Main, 2008

2007 | Seite 3

Contents

Sal. Oppenheim

Investment Banking

Research

Equity Sales

Publishing Details

2007 | Seite 4

Sal. Oppenheim jr. & Cie. is one of Europe's leading independent Private Banks

SAL. OPPENHEIM JR. & CIE. S.C.A.

Overview of Group’s Key Financial Figures (IFRS)

Konzern-Kennzahlen im Überblick (IFRS)

Consistent focus on Asset Management and Investment Banking has proven to be a successful strategy

Key Figures (€mn) 2005 2006

Total assets 32,029 35,347Risk Assets 13,658 15,807Equity capital 1,764 1,935Operating result 283 309Net income for the year 251 241Return on equity (%) 17.5 16.5Number of employees 3,160 3,490Assets under management (€bn) 123 138

Rating (Fitch) Short-Term Long-Term

F1 A

Increase in equity to € 1,935 million

Growth in assets under managementto € 138 billion

Good rating from Fitch Ratings Ltd. unchanged

Voted best private bank in Germany according to “Euromoney”finance magazine survey for the third time running

Investment in US investment bank Miller Buckfire, New York, and strategic partnership in Investment Banking

Merger of our subsidiary bank in Luxembourg with Sal. Oppenheim International S.A. to form the new Group parent company Sal. Oppenheim jr. & Cie. S.C.A.

2007 | Seite 5

Comprehensive advisory approach, professional competence and utmost discretion as the Bank's success factors

Friedrich Carl Janssen(Bank Services and other divisions)

Matthias Graf von Krockow (Spokesman)

Christopher Freiherr von Oppenheim

(Asset Management)

Dieter Pfundt(Investment Banking)

ASSET MANAGEMENT INVESTMENT BANKINGPARTNERSHIP

ResearchBank Services

Risk Management

• Mergers & acquisitions

• Equity Capital Markets

• Structured Finance & Real Estate

• Equity Trading & Derivatives

• Equity Sales

• Foreign Exchange

• Private ClientsComprehensive advice for a highly exclusive group of clients in specialised teams of advisors

• Oppenheim VermögenstreuhandIndependent corporateFamily Office

• Asset ManagementStandard and specialised products for institutional retail clients

Business model of the integrated asset management and investment bankTHE SAL: OPPENHEIM GROUP BUSINESS MODEL

2007 | Seite 6

Comprehensive understanding of capital markets and investorsSAL. OPPENHEIM JR. & CIE. S.C.A.

Relationship Management

ECM

Equity Research

Equity Sales

Equity Trading

Frankfurt & UKSales 11Trading 5 Research 32

MunichSales 8

ZurichSales 11Trading 7

Research 12

New YorkSales 8

CologneSales 2Research 5

Equity Sales Network

Vienna Sales 2Research 2

Paris

Sales 5

Research 2

Long-term support of companies in our key industries (Energy, Financials, Healthcare, TMT, Industrials, Automotive)

Consultancy in M&A issues and loan-based financing

Years of experience in consulting on and implementingCapital market and private placements

44 research analysts track more than 300 companies in Europe, one of the largest and most pre-eminent researchteams in German-speaking countries

Global support and long-established relations with more than 400 investors in over 30 countries

Top sales support for German, Swiss and selected European equities

Highly active trader and designated sponsor in the equities supported

2007 | Seite 7

Organisational StructureINVESTMENT BANKING

Team Investment Banking

Industry Groups(Relationship Management)

Project Team

Transaction

Internal & externalconsultants Equity/Research/Analysis

Energy / Public SectorFinancial Institutions

Financial Sponsors / AutomotiveHealthcare

Privatisation / Real EstateRetail / Consumer Goods

TMT / Logistics

Product Groups

Mergers & AcquisitionsCorporate Banking

Equity Trading Equity Sales

Equity Capital MarketsForeign Exchange

Real Estate

Unparalleled and all-encompassing combination of product, industry and transaction know-how

Close, trust-based cooperation between industryand product specialists in a single matrix

Creation of opportunities through an optimal combination of industry and capital marketexpertise

Support for each project team:

- Equity Research/Analysis

- Legal and Tax Departments

- External lawyers and auditors

2007 | Seite 8

Strong Market Position in the German M&A BusinessMERGERS & AQUISITIONS

Quelle: Thomson Financial 10.01.2007 Quelle: Thomson Financial 10.01.2007

Ranking by Transaction Volume

Q1-Q4 2006 Announced Deals to 500 Mio. $ with German participation

Rank Investmentbank Vol. in Mrd. $

1. Deutsche Bank 2,392. UBS 2,223. Sal. Oppenheim 2,134. Lazard 2,065. Goldman Sachs 1,896. Morgan Stanley 1,837. Credit Suisse 1,748. Merrill Lynch 1,339. Citigroup 1,3210. Rothschild 1,2311. Dresdner Kleinwort 1,1012. Metzler 0,8913. Lehman Brothers 0,6014. KPMG 0,5815. PWC 0,54

Ranking by Number of Deals

Q1-Q4 2006Announced Deals bis 500 Mio. $ with German participation

Rank Investmentbank # Deals

1. Ernst & Young 512. Rothschild 292. KPMG 294. Sal. Oppenheim 245. Lincoln International 236. Lazard 226. Global M&A 228. Deutsche Bank 209. UBS 179. Dresdner Kleinwort 1711. Close Brothers 1611. Goldman Sachs 1613. PWC 1514. Credit Suisse 1314. IMAP 13

2007 | Seite 9

Trading and Derivatives: Derivative SecuritiesINVESTMENT BANKING

Based on its closeness to private and institutional clients and its competence in products one of the leading issuers for derivatives in Europe. Extensive range of continuously updated standard products and product innovations according to market needs

Leading position in the growth market of derivative securities, especially regardinginvestment certificates

Tailor-made, risk optimising solutions for institutionals and high net worth individualsaccording to individual investment profile

More than 10,000 standard products of all major risk classes, like investment certificates, reverse convertibles and warrants

Continuous product innovations, for example PROTECT Bonus Certificates, TWIN WIN Certificates, VICTORY Certificates, Cash Collect Certificates

Based on turnover among the top 4 houses in Germany with a market shareof 8.25 per cent (05/06)

Expansion to Switzerland, Italy and Austria

Since 2003 leading rankings at all derivative awards in the German speaking area– 2005 First place at „CertificateAwards“ for PROTECT Bonus Certificates– 2005 Second ranking at „alternative investment awards“– 2006 „Golden Bull“ for TWIN WIN Certificates– 2006 Two Top 1 at “FocusMoney Awards” for Reverse Convertibles and

PROTECT Bonus Certificates

2007 | Seite 10

Designated SponsoringINVESTMENT BANKING

KWS SAAT AG O.N.LHS AG INH. O.N. LLOYDS FONDS AGMOLOGEN AG MPC MUENCH.PET.CAP.O.N. MUEHLBAUER HOLD.O.N. NEMETSCHEK AG O.N.OVB HOLDING AG PAION O.N.PATRIZIA IMMOBILIEN NA O.N.PETROTEC AGPRINCESS PRIV. EQ. DT. ZTQSC AG NA O.N.SCHMACK BIOGAS NA O.N.SFC SMART FUEL CELL AGSGL CARBON AG O.N.SMARTRAC N.V. INH. EO-,50SOFTWARE AG O.N.SQS AG NA O.N.TAKKT AG O.N.TIPP 24 AG NA O.NTOMORROW FOCUS AGVIVACON AG O.N. WACKER CONSTR. NA O.N.WILEX AGYOC AG O.N.ZHONGDE WASTE TECHNOLOGY

ALLBECON OLYMPIA AG. A.S.CREATION TAPETEN O.N. ADLINK INTERNET NA O.N.AIG INTL REAL ESTATEALEO SOLAR NA O.N.AT+S AUSTR.T.+SYSTEMT.BALDA AG O.N. BDI-BIODIESELCRAL-ZEISS MEDITEC AGC-QUADRAT INVESTM. AG EO1 CENTROTEC SUSTAINABLE O.N.DEUTSCHE WOHNEN AG NADEUTSCHE WOHNEN AG INHDOUGLAS HOLDING O.N. DRAEGERWERK VORZ.A.O.N. DRILLISCH AG O.N. D+S EUROPE AG ERSOL SOLAR ENERGY AGFRANCONO RHEIN-MAIN AGFRANCONOFURT AG O.N.FUNKWERK O.N. HAHN-IMMO.-BETEIL. AG O.NIKB DT.INDUSTRIEBANK O.N. INTERHYP AGIVG IMMOBILIEN AG O.N.JUNGHEINRICH AG O.N. VZO

2007 | Seite 11

Mission – Combining Local Credibility with Selective Sectoral European Competence

EQUITY BUSINESS OPPENHEIM

European Equity Market- and Sector Strategy

DetuschlandSchweíz

Österreich

Regional and Mid Caps Expertise

Germany

Switzerland

Austria

France

Sectoral(Europe)

• Automobile + parts

• Financials / Real Estate

• Healthcare / Chemicals

• Technology / Telecom

• Utilities / Logistics

• HighTech / Engineering

• Retail / Consumer

OPPENHEIM RESEARCH GmbH

Repackaging allows country and sector performance

• Highly focused Investment Bank

• Combining local credibility with selective sectoral European competence

• Coverage of 280 companies in Europe,

› Main focus on Germany, Switzerland and Austria

• Integrated Investment Banking and Research approach

• Locations: Frankfurt, Zurich, Cologne, Vienna and Paris

2007 | Seite 12

Research Set-Up Sal. Oppenheim – IBOPPENHEIM RESEARCH GmbH

Germany remains core competence

STRUCTURE: STRONG SECTOR TEAMS IN GERMANY COMBINED WITH LOCAL FLAVOR

Germany

SwitzerlandAustria2007 / 08

France

2007 | Seite 13

Efficient InternationalizationOPPENHEIM RESEARCH GmbH

ZURICHSales 15 Trading 3 Research 13

PARISSales 4Research 2

NEW YORKSales 10

FRANKFURT & UKSales 16Trading 6 Research 26-28

COLOGNESales 2Research 5-8

MUNICHSales 8

VIENNAResearch 2

SKANDINAVIADistrib. Enskilda

Internationalization with a focus on core competences

EQUITY SALES + RESEARCH NETWORK

MILANZURICH

COLOGNEFRANKFURT

MUNICHVIENNA

SKANDINAVIA - ENSKILDA

NEW YORK

PARIS

GREECECherry Picking

INTEGRATED EUROPEAN SET-UP VS. INDEPENDENT MULTILOCAL

2007 | Seite 14

Competitive Advantage

• Highly focused strategy

• Independence

• Top rated analysts in core sectors

› Financials, Healthcare, Technologies, Logistics, Retail, Utilities

• Top Ratings at Reuters, AQ Publications, Extel, RQ and Greenwich for German, Austrian and European stocks (core sectors)

• Strong corporate deal flow

• In-depth sector expertise through increased focusing > Coverage of large (Stoxx), Mid Caps and also smaller growth companies (NM) in one sector team

• Local presence

– Improved access to companies

– Local availability of analysts (real time)

– Local knowledge

• Publication in two languages: German and English


2007 | Seite 15

Gap in non-core sectors


Research Concept – Focus on Core Competences

FOCUS ON GERMANY / SWITZERLAND / AUSTRIA AND SELECTED EURO ZONE CORE SECTORS (280 COMPANIES) 34 ANALYSTS IN GERMANY, 13 IN SWITZERLAND, 2 IN AUSTRIA AND 2 IN PARIS

Europe LocalDegree of Europeanization

TelecomTechnology

Chemicals

Pharmaceuticals

Biotech

Medtech

Consumer Goods

Retail

Transport

Media

Property / Real Estate

Insurance

Banks

Utilities

AutoMechanical Engineering / Steel / Tech.

2007 | Seite 16

Personnel Equity Research – Our Sector Teams – Critical Size in Core Sectors

OUR SECTOR TEAMS D CH A / F

Healthcare (Pharma, Biotech, Medtech) ChemicalsFinancials / Real Estate / InsuranceUtilities / LogisticMech. Eng./ Tech.Automobile + partsRetail / Consumer GoodsStrategy

73.52.5

853223

2213

0.52.5

-2-

---2-1-1

0.5

Technology / Telecom

TMTTelecom / Internet Rothauge, Sander, Rabussier, SpechtSemiconductor WagnerSoftware / IT Service ZeidlerTelecom equip. von Stackelberg, Diethelm (CH), Frey (CH)

HEALTHCAREChemicals Faitz, Dr. Reck, Sen Gupta (CH)Pharma Düllmann, KonstantiMedtech Mues, Vollert (CH)Biotech Dr. Peter, Dumrese (CH)

FINANCIALSFinancials Werle, Frantzen, Stögner,

Janssen, Lodeiro (CH), VeitInsurance Dr. Kalb, Locher (CH), Szopo (A)Real Estate Davatz (CH), Janssen, Rothäusler

Szopo (A)

AUTOMOBILE + PARTS / Breitsprecher, SchattnerMECH. ENG. / TECH. / Metzger, Scholz, Diethelm (CH),

Borner (CH), Füglistaller (CH), Reitsamer (A), Becker, Schütt

CONST. Diethelm (CH)

UTILITIES / LOGISTICS Moers, Wulf, Heck, Hesse, Kirstein, Davatz (CH)

CONSUMER / RETAIL Bruns, Frey, Mazzoni (CH), Diethelm (CH)

STRATEGY Joerss, Dr. Zimmermann, Dr. Karb


2007 | Seite 17

Sal. Oppenheim Awarded „Best German Research Company“ 2006 and 2007

• In its AktienAnalysten-Award the German Investment Community – Media Partner Börsenzeitung – awarded Sal. Oppenheim the title „Best Research Company 2006“.

• The experts from Oppenheim Research have earned their reward through their recommendations for the blue chips of the DAX and German Small / Mid Caps.

• In 2007 Starmine / Thomson Financial – Media Partner Handelsblatt – awarded Sal. Oppenheim „Best German Research House“.


Best Research Company Best Recommendations Dax(Absolute)

Best Recommendations Small / Mid Caps (Absolute)

Rank Investment Bank Rank Investment Bank Rank Investment Bank

1. Sal. Oppenheim2. M.M. Warburg3. Berenberg Bank4. DZ Bank5. CA Cheuvreux

1. M.M. Warburg2. Sal. Oppenheim3. Berenberg Bank4. DZ Bank5. Citigroup

1. Sal. Oppenheim2. Deutsche Bank3. Berenberg Bank4. DZ Bank5. Kepler Equities

Source: Börsenzeitung 19 May 2006

2007 | Seite 18

Leading Equity Research in Germany and some European Sectors

German shares –Small Caps, Big Caps

BOERSEN-ZEITUNG

Rank 2 / 4

EXTEL / TF

Top 5 Europe

Banks, Software, Telco Equipment, Semi Conductors, Telecom, Healthcare

FACTSET / JCF / STARMINE

Rank 1

European MidCaps

STARMINE / TF

Rank 3

German shares > Earningsestimates + performance of recommendationsSectors: Engineering, Software, Telecom, Utilities

BOERSE EXPRESS

Top 1

Austrian shares

R+Q

Rank 1

German shares > RecommendationsSmall / Mid Caps

Top 5

Europe: Chemicals, Healthcare, Utilities

Rank 3

German shares > Absolute returnrecommendations

Top 4

Austrian shares


Top 3

European sectors:

Auto, Banks, Consumer Goods, Logistics, Insurance

Top 5 ranking – achieved remarkably quick European presence in the core sectors

Top 5

European Sectors> Automobiles, Banks, Chemicals, Pharma

Rank 7

European shares> Absolute returnrecommendations

2007 | Seite 19

Product Overview – Coverage of 280 Companies

Company News, Company Notes, Breakfast Note

Weak Ahead (company, strategy and macro forecasts), Fresh Money Buy Portfolio

Market Strategy, Sector Strategy, Stock Guide

Financials, Healthcare, Technologies / Logis-tics, Retail, Utilities • Sector Quarterly• Sector topics• Company Reports• Company Notes

Fresh Money Buy List

1. DAILY 2. WEEKLY 3. MONTHLY 4. REPORTS 5. FRESH MONEY

Special reportsFocus Euroland, Special issues

200 days companies and 200 days analysts, 9 sector conferences

First Call Service IPO Reports

6. SPECIAL REPORTS

7. MACRO REPORTS 8. ROADSHOWS 9. CALL SERVICE 10. IPO REPORTS


2007 | Seite 20

Oppenheim as Independent Investment Bank

Less potential for conflict of interest

• No participation portfolio

• Minor credit business

• No major shareholder

• M&A-Focus on medium-sized companies, market niches and privatizations (hospitals, municipalities, savings banks,real estate companies)

• IPO – few corporate relationships with Big Caps


MINOR CONFLICTS OF INTEREST ENABLE US TO PERFORM AT BEST FOR OUR CLIENTS

2007 | Seite 21

Buy

Sell

Sell

Buy

Share Price

Fair-Value

TIME

VALUE / PRICE

Sell

Neutral

SOP Rating System – Absolute ReturnsOPPENHEIM RESEARCH GmbH

2007 | Seite 22

Conformity of Interests – Customer and Bank

BONUS SYSTEM

based on numerous factors (performan-ce of recommen-dations, internal and external (Green-wich) feedback) – decision maker –Head of Research / dependent on total bank profits

AUTONOMOUS RESEARCH UNIT

(legally independent person + clear reporting to the partner, not to CF)

ANALYSTS CAN INVEST

in the Fresh Money Buy Basket of top recommendations, otherwise no investments in own coverage universe allowed

IMPLEMEN-TATION

of the fourth financial market regulation (Conflict of Interest potential)

A RATING SYSTEM

oriented towards long-term absolute returns

• Strong buy > +20% (high conviction)

• Buy-expectation 10 – 19%

• Neutral: 0 - 10%

• Reduce < -10 – -19%

• Sell < -20% (high conviction)

• Performance for 6 to 9 months

DUAL COVERAGE

approach enables independence


2007 | Seite 23

Oppenheim – The Equity Expert

Leading equity house in Germany

Create addedvalue

Highlyfocused

LEADINGEQUITY HOUSE IN

GERMAN SPEAKING COUNTRIES IN EUROPE

Experts in Core Sectors

Create added value

Highly focused


2007 | Seite 24

Outperformance of Oppenheim Top Picks

DEVELOPMENT OF FRESH-MONEY-PORTFOLIO (Total Return)

• Equally (not market capitalization weighted) absolute performance, including re-invested dividends. Start of portfolio: 01 June 2001, rebased

• Oppenheim moves markets


Source: Oppenheim Research GmbH

20

60

100

140

180

220

260

300

340

06.01 06.02 07.03 08.04 09.05 10.06 11.0720

60

100

140

180

220

260

300

340

DAX DJ Euro Stoxx50 Portfolio

2007 | Seite 25

Coverage ListOPPENHEIM RESEARCH GmbH

NAME INDUSTRY ANALYST NAME

BMW Automobiles & Parts Christian BreitsprecherContinental Automobiles & Parts Jens SchattnerDaimler Automobiles & Parts Christian BreitsprecherElringKlinger Automobiles & Parts Christian BreitsprecherFiat Automobiles & Parts Jens SchattnerFrauenthal Holding Automobiles & Parts Jens SchattnerLeoni Automobiles & Parts Christian BreitsprecherMichelin Automobiles & Parts Jens SchattnerPeugeot Automobiles & Parts Jens SchattnerPolytec Automobiles & Parts Jens SchattnerPorsche Automobiles & Parts Christian BreitsprecherRenault Automobiles & Parts Jens SchattnerSAF-Holland Automobiles & Parts Ulrich ScholzScania Automobiles & Parts Ulrich ScholzSixt Automobiles & Parts Christian BreitsprecherVolkswagen Automobiles & Parts Christian BreitsprecherAareal Bank Banks Thomas StögnerABN Amro Holding Banks Thomas RothäuslerBanco Popular Banks Carsten WerleBBVA Banks Carsten Werlecomdirect Banks Thomas RothäuslerCommerzbank Banks Carsten WerleDAB Banks Thomas Rothäusler

2007 | Seite 26



Depfa Bank plc Banks Carsten WerleDeutsche Bank Banks Carsten WerleDeutsche Postbank Banks Carsten WerleErste Bank Banks Thomas StögnerGrenkeleasing Banks Carsten WerleHypo Real Estate Banks Thomas StögnerIKB Banks Thomas RothäuslerIntesa Sanpaolo Banks Thomas StögnerKBC Banks Thomas StögnerPrincess Banks Thomas RothäuslerRaiffeisen International Banks Thomas StögnerSantander Banks Carsten WerleUniCredit Banks Thomas StögnerCredit Suisse Banks Javier LodeiroEFG International Banks Javier LodeiroJulius Baer Banks Javier LodeiroLLB Banks Javier LodeiroPartners Group Banks Javier LodeiroSarasin Banks Javier LodeiroUBS Banks Javier LodeiroVermögenszentrum Banks Javier LodeiroVontobel Banks Javier LodeiroVP Bank Banks Javier Lodeiro

2007 | Seite 27



Air Liquide Chemicals Dr. Jürgen ReckAkzo Nobel Chemicals Marcus KonstantiAltana Chemicals Marcus KonstantiBASF Chemicals Dr. Jürgen ReckBayer Chemicals Christian FaitzDSM Chemicals Marcus KonstantiFuchs Petrolub Chemicals Christian FaitzK+S Chemicals Christian FaitzKWS SAAT Chemicals Dr. Jürgen ReckLamda Detergent Chemicals Ludger MuesLanxess Chemicals Dr. Jürgen ReckLinde Chemicals Dr. Jürgen ReckNeochimiki Chemicals Dr. Jürgen ReckSolvay Chemicals Marcus KonstantiSymrise Chemicals Dr. Jürgen ReckWacker Chemie Chemicals Christian FaitzCiba SC Chemicals Rahul Sen GuptaClariant Chemicals Rahul Sen GuptaGivaudan Chemicals Rahul Sen GuptaLonza Chemicals Rahul Sen GuptaSyngenta Chemicals Rahul Sen GuptaWienerberger Construction & Materials Christine ReitsamerArbonia Forster Construction & Materials Christian Arnold

2007 | Seite 28



Geberit Construction & Materials Christian ArnoldHolcim Construction & Materials Urs DiethelmSia Abrasives Construction & Materials Christian ArnoldAWD Holding Diversified Financials Sven JanssenC-QUADRAT Diversified Financials Thomas RothäuslerDBAG Diversified Financials Heiko C. FrantzenHCI Capital Diversified Financials Heiko C. FrantzenInterhyp Diversified Financials Thomas RothäuslerLloyd Fonds Diversified Financials Heiko C. FrantzenMLP Diversified Financials Sven JanssenMPC Capital Diversified Financials Heiko C. FrantzenOVB Holding Diversified Financials Heiko C. FrantzenPATRIZIA Immobilien Diversified Financials Sven JanssenVivacon Diversified Financials Sven JanssenAgrana Food & Beverage Christian BrunsSüdzucker Food & Beverage Christian BrunsHiestand Food & Beverage Paolo MazzoniLindt & Sprüngli Food & Beverage Paolo MazzoniNestlé Food & Beverage Paolo MazzoniAlapis Health Care Ludger MuesCarl Zeiss Meditec Health Care Ludger MuesCelesio Health Care Marcus KonstantiDrägerwerk Health Care Ludger Mues

2007 | Seite 29



Evotec Health Care Dr. Christian PeterFresenius Health Care Ludger MuesFresenius Medical Care Health Care Ludger MuesGPC Biotech Health Care Dr. Christian PeterIntercell Health Care Peter DüllmannLundbeck Health Care Peter DüllmannMedigene Health Care Dr. Christian PeterMerck KGaA Health Care Peter DüllmannMorphosys Health Care Dr. Christian PeterNovo-Nordisk Health Care Peter DüllmannPaion Health Care Peter DüllmannQiagen Health Care Dr. Christian PeterRhön-Klinikum Health Care Ludger MuesSanacorp Health Care Marcus KonstantiSanofi-Aventis Health Care Peter DüllmannStada Arzneimittel Health Care Marcus KonstantiUCB Health Care Peter DüllmannWilex Health Care Peter DüllmannArpida Health Care Dr. Tilman DumreseBasilea Health Care Dr. Tilman DumreseCosmo Pharmaceuticals SPA Health Care Dr. Tilman DumreseCytos Health Care Dr. Tilman DumreseNewron Health Care Dr. Tilman Dumrese

2007 | Seite 30



Nobel Biocare Health Care Stephan VollertNovartis Health Care Dr. Tilman DumreseRoche Health Care Dr. Martin VögtliSonova Health Care Stephan VollertStraumann Health Care Stephan VollertSynthes Health Care Stephan VollertAllbecon Olympia Industrial Goods & Services Jörg P. FreyAndritz Industrial Goods & Services Christine ReitsamerBauer Industrial Goods & Services Winfried BeckerBene Industrial Goods & Services Christine ReitsamerBöhler-Uddeholm Industrial Goods & Services Winfried BeckerCentrotec Industrial Goods & Services Christian FaitzDemag Cranes Industrial Goods & Services Ulrich ScholzDeutsche Post Industrial Goods & Services Markus HesseDeutz Industrial Goods & Services Ulrich ScholzEADS Industrial Goods & Services Winfried BeckerEpcos Industrial Goods & Services Jürgen WagnerFlughafen Wien Industrial Goods & Services Markus HesseFraport Industrial Goods & Services Markus HesseGEA Group Industrial Goods & Services Ulrich ScholzHeidelberger Druck Industrial Goods & Services Ulrich ScholzJenoptik Industrial Goods & Services Jürgen WagnerJungheinrich Industrial Goods & Services Peter Metzger

2007 | Seite 31



Koenig & Bauer Industrial Goods & Services Ulrich ScholzKrones Industrial Goods & Services Ulrich ScholzKUKA Industrial Goods & Services Peter MetzgerKühne + Nagel Industrial Goods & Services Markus HesseMAN Industrial Goods & Services Ulrich ScholzMedion Industrial Goods & Services Christian BrunsMTU Aero Engines Industrial Goods & Services Winfried BeckerPanalpina Industrial Goods & Services Markus HesseRHI Industrial Goods & Services Christine ReitsamerSalzgitter Industrial Goods & Services Peter MetzgerSBO Industrial Goods & Services Christine ReitsamerSGL Group Industrial Goods & Services Dr. Jürgen ReckSiemens Industrial Goods & Services Frank A. RothaugeSingulus Industrial Goods & Services Jürgen Wagnertechnotrans Industrial Goods & Services Winfried BeckerThiel Logistik Industrial Goods & Services Markus HesseThyssenKrupp Industrial Goods & Services Peter MetzgerTNT N.V. Industrial Goods & Services Markus HesseTognum Industrial Goods & Services Ulrich ScholzUnique Zurich Airport Industrial Goods & Services Markus HesseWacker Construction Industrial Goods & Services Ulrich ScholzABB Industrial Goods & Services Johannes BornerAdecco Industrial Goods & Services Paolo Mazzoni

2007 | Seite 32



Bobst Industrial Goods & Services Johannes BornerBucher Industrial Goods & Services Beat FüglistallerBurckhardt Compression Industrial Goods & Services Johannes BornerFeintool Industrial Goods & Services Johannes BornerGeorg Fischer Industrial Goods & Services Johannes BornerKaba Industrial Goods & Services Urs DiethelmKomax Industrial Goods & Services Johannes BornerMikron Industrial Goods & Services Johannes BornerRieter Industrial Goods & Services Johannes BornerSchaffner Industrial Goods & Services Johannes BornerSchindler Industrial Goods & Services Johannes BornerSchmolz + Bickenbach Industrial Goods & Services Beat FüglistallerSGS Industrial Goods & Services Paolo MazzoniSulzer Industrial Goods & Services Beat FüglistallerSwisslog Industrial Goods & Services Urs DiethelmVetropack Industrial Goods & Services Christian ArnoldWinterthur Technology Industrial Goods & Services Christian ArnoldAllianz Insurance Dr. Stephan KalbAXA Insurance Dr. Stephan KalbGenerali Insurance Dr. Stephan KalbHannover Re Insurance Dr. Stephan KalbING Insurance Dr. Stephan KalbMunich Re Insurance Dr. Stephan Kalb

2007 | Seite 33



Wiener Städtische Insurance Peter SzopoBâloise Insurance René LocherHelvetia Insurance René LocherSwiss Life Insurance René LocherSwiss Re Insurance René LocherZurich FS Insurance René LocherDeutsche Börse International Stock Exchanges Heiko C. FrantzenEuronext International Stock Exchanges Heiko C. FrantzenLondon Stock Exchange International Stock Exchanges Heiko C. Frantzenad pepper media Internet Marcus SanderAdlink Internet Media Internet Marcus Sanderbwin Internet Christine ReitsamerCombots Internet Marcus SanderCTS Eventim Internet Marcus SanderDelticom Internet Marcus SanderFluxx Internet Marcus SanderHotel.de Internet Marcus SanderTipp24 Internet Marcus SanderTomorrow Focus Internet Marcus SanderUnited Internet Internet Marcus SanderXING Internet Marcus SanderComputerlinks IT Service Marco ZeidlerIDS Scheer IT Service Marco Zeidler

2007 | Seite 34

Appendix


GFK Media Sonia RabussierHighlight Communications Media Sonia RabussierPremiere Media Sonia RabussierProSieben SAT.1 Media Media Sonia RabussierSchlott Gruppe Media Sonia RabussierOMV Oil & Gas Gregor KirsteinA.S. Création Personal & Household Goods Jörg P. Freyadidas Personal & Household Goods Jörg P. FreyBeiersdorf Personal & Household Goods Christian BrunsEscada Personal & Household Goods Jörg P. FreyHenkel Personal & Household Goods Jörg P. FreyHugo Boss Personal & Household Goods Jörg P. FreyPhilips Personal & Household Goods Jürgen WagnerPuma Personal & Household Goods Jörg P. FreyRichemont Personal & Household Goods Urs DiethelmSwatch Group Personal & Household Goods Urs DiethelmAIG Intern. Real Estate Real Estate Kai Malte KloseCA Immo Anlagen Real Estate Kai Malte KloseCA Immo Intern. Real Estate Kai Malte KloseColonia Real Estate Real Estate Sven JanssenDeutsche Euroshop Real Estate Heiko C. FrantzenDeutsche Wohnen Real Estate Kai Malte KloseECO Business Real Estate Peter Szopo

2007 | Seite 35

Appendix


Francono Rhein-Main Real Estate Sven JanssenFranconofurt Real Estate Sven JanssenGAGFAH Real Estate Kai Malte KloseMeinl European Land Real Estate Heiko C. FrantzenAllreal Real Estate Mario DavatzIntershop Real Estate Mario DavatzMobimo Real Estate Mario DavatzPSP Swiss Property Real Estate Mario DavatzSwiss Prime Site Real Estate Mario DavatzWarteck Invest Real Estate Mario DavatzZüblin Real Estate Mario Davatzaleo solar Renewable Energies Gregor KirsteinBDI BioDiesel Renewable Energies Stephan WulfCentrosolar Renewable Energies Gregor KirsteinConergy Renewable Energies Gregor KirsteinCropEnergies Renewable Energies Stephan WulfErSol Solar Energy Renewable Energies Hartmut MoersPetrotec Renewable Energies Stephan WulfQ-Cells Renewable Energies Hartmut MoersSchmack Biogas Renewable Energies Stephan WulfSFC Smart Fuel Cell Renewable Energies Gregor KirsteinSolar-Fabrik Renewable Energies Gregor KirsteinSolarWorld Renewable Energies Hartmut Moers

2007 | Seite 36

Appendix


Solon Renewable Energies Gregor KirsteinSunways Renewable Energies Hartmut MoersVERBIO Renewable Energies Stephan WulfZhongDe Waste Renewable Energies Stephan WulfAhold Retail Christian BrunsDouglas Holding Retail Christian BrunsFielmann Retail Jörg P. FreyH & M Hennes & Mauritz Retail Jörg P. FreyInditex Retail Jörg P. FreyMetro Retail Christian BrunsPraktiker Retail Jörg P. FreySprider Stores Retail Jörg P. FreyTakkt Retail Christian BrunsCharles Vögele Retail Paolo MazzoniValora Retail Paolo MazzoniCompuGROUP Software Marco ZeidlerLHS Software Marco ZeidlerNemetschek Software Marco ZeidlerSAF Software Marco ZeidlerSAP Software Marco ZeidlerSoftware AG Software Marco ZeidlerSQS Software Quality Systems Software Frank A. RothaugeWirecard Software Marco Zeidler

2007 | Seite 37

Appendix


Alcatel-Lucent Technology Nicolas P. von StackelbergASML Technology Jürgen WagnerAT&S Technology Nicolas P. von StackelbergBalda Technology Nicolas P. von StackelbergEricsson Technology Nicolas P. von StackelbergFunkwerk Technology Nicolas P. von StackelbergInfineon Technology Technology Jürgen WagnerKapsch TrafficCom Technology Nicolas P. von StackelbergKontron Technology Jürgen WagnerLoewe Technology Christian BrunsMühlbauer Technology Jürgen WagnerNokia Technology Nicolas P. von StackelbergOHB Technology Technology Nicolas P. von Stackelbergs&t Technology Peter SzopoSmartrac Technology Jürgen WagnerSTMicroelectronics Technology Jürgen WagnerTele Atlas Technology Nicolas P. von StackelbergTomTom Technology Nicolas P. von StackelbergWincor Nixdorf Technology Jürgen WagnerYOC Technology Marcus SanderAdvanced Digital Broadcast Technology Steven FreyAscom Technology Urs DiethelmAustriamicrosystems Technology Johannes Borner

2007 | Seite 38

Appendix


Kudelski Technology Steven FreyLogitech Technology Steven FreyMicronas Technology Steven FreySEZ Technology Steven FreyBT Group plc Telecommunications Wolfgang SpechtD+S Europe Telecommunications Wolfgang SpechtDeutsche Telekom Telecommunications Frank A. RothaugeDrillisch Telecommunications Frank A. RothaugeFrance Telecom Telecommunications Sonia RabussierFreenet Telecommunications Frank A. RothaugeKPN Telecommunications Wolfgang SpechtQSC Telecommunications Frank A. RothaugeSwisscom Telecommunications Frank A. RothaugeTelecom Italia Telecommunications Wolfgang SpechtTelefónica Telecommunications Wolfgang SpechtTelegate Telecommunications Wolfgang SpechtTelekom Austria Telecommunications Frank A. RothaugeVersatel Telecommunications Frank A. RothaugeVodafone Group Telecommunications Wolfgang SpechtAir Berlin Travel & Leisure Hartmut MoersAir France-KLM Travel & Leisure Hartmut MoersBritish Airways Travel & Leisure Hartmut MoersCentury Casinos Travel & Leisure Peter Szopo

2007 | Seite 39

Appendix


Deutsche Lufthansa Travel & Leisure Hartmut MoersSkyEurope Travel & Leisure Hartmut MoersTUI Travel & Leisure Hartmut MoersCEZ Group Utilities Matthias HeckE.ON Utilities Stephan WulfEDF Utilities Matthias HeckEDP Utilities Matthias HeckEndesa Utilities Matthias HeckEnel Utilities Stephan WulfGDF Utilities Matthias HeckIberdrola Utilities Matthias HeckMVV Energie Utilities Matthias HeckRWE Utilities Matthias HeckScot. & South. Energy Utilities Stephan WulfSuez Utilities Matthias HeckTechem Utilities Matthias HeckVeolia Environnement Utilities Matthias HeckVerbund Utilities Stephan Wulf

2007 | Seite 40

Selected IPOs with Sal. Oppenheim as Lead Manager in 2006 and 2007ECM- EXPERTISE

Sal. Oppenheim managed IPOs with a total offering volume of more than € 1.5 billion since 2006

IPO and Placement of 5,2 m shares

€ 41,8m

Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner


€ 94,9m



€ 287,5m



€ 83m

Sal. Oppenheim acted as Sole Lead Manager

IPO and Placement of 3 m shares

Sal. Oppenheim acted as Sole Lead Manager and Sole Bookrunner


€ 50m

Sal. Oppenheim acted as Sole Lead Manager and Sole Bookrunner

July 2006 September 2006

October 2006 October 2006 November 2006 November 2006


€ 403m


March 2006

IPO and Placement of 3.7 m shares

€ 118m


June 2007

Sal. Oppenheim acted as Joint Lead Manager

May 2007


€ 76m


€ 405m


May 2006

IPO LEAD MANADATES

2007 | Seite 41

Sal. Oppenheim acted as Co-Lead or Co-Manager in further IPOs in 2006 and 2007

ECM- EXPERTISE

With 22 Lead and Co Lead mandates since 2006, Sal. Oppenheim is one of the most active and leading investment banks in the German speaking area.

IPO MANADATES


€ 264 m

Sal. Oppenheim acted as Co Lead Manager

October 2006


€ 853 m

Sal. Oppenheim acted as Co Manager

October 2006


€ 63.5 m


November 2006


€ 1.4 bn


December 2006


€ 829 m


April 2007


€ 298 m


May 2007

IPO and Placement of rd. 8.1 m shares

€ 135 m


July 2006

IPO and Placement of 25 m shares

€ 200 m


September 2006


€ 71 m


May 2006


€ 381 m


March 2006


€ 90 m


April 2006

Börsegang und Platzierung von rd. 2,6 Mio. Aktien

€ 45 Mio


April 2006

2007 | Seite 42

Overview of Capital Increases and Secondary PlacementsECM- EXPERTISE

Selected Capital Increases and Secondary Placements

Secondary placement of shares

Sal. Oppenheim acted as Lead Manager

June 2006


Sal. Oppenheim acted asLead Manager

November 2006

Capital increase and placement of shares

Sal. Oppenheim acted as Joint Lead Manager

January 2007


Sal. Oppenheim acted asSole Lead Manager

March 2007


Sal. Oppenheim acted asJoint Lead Manager and Joint Bookrunner

April 2007



March 2006


Sal. Oppenheim acted asJoint Lead Manager

May 2006


Sal. Oppenheim acted asLead Manager

June 2006



April 2006


Sal. Oppenheim acted asCo Lead Manager

June 2006

Placement of shares out of a capital increase

Sal. Oppenheim acted as Joint-Book-Runner

November 2005


Sal. Oppenheim acted as Sole Lead-Manager

September 2005

Secondary placement shares

Sal. Oppenheim acted asCo-Lead-Manager

September 2005



September 2005


Sal. Oppenheim acted asJoint Lead Manager

September 2005

2007 | Seite 43

Aktive Roadshow-ManagementSAL. OPPENHEIM INVESTMENT BANKING – EQUITY SALES

Five roadshow managers play an active role in the organisation process and guarantee professionalperformance. In 2007, 366 company and 205 analyst roadshows were staged.

EVENTS BY SECTOR EVENTS BY LOCATION

Stand 2007 Stand 2007

5% 2%

10%

11%

9%

4%

18%

32%

9%Südeuropa & Naher Os ten

Skandinavien

USA

Schweiz

Benelux

Frankreich

München / Wien

Frankfurt / Rheinland / res tl.DeutschlandUK

Sons tiges Events

Sons tige Sektoren

Retail

Media

Insurance

Software

Telecom m unications

Strategy

Autom obiles & Parts

Personal & Household Goods

Real Es tate

Chem icals

Utilities

Banks & Financial Services

Health Care

Technology

Industrial Goods & Services

2007 | Seite 44

Investment Banking Events in 2008EQUITY SALES

04.02.2008 Analyst Roadshow, Renewable Energies; New York,

Boston, San Diego, San Francisco

05.02.2008 Analyst Roadshow, Automobiles & Parts; London

05.02.2008 Company Roadshow, Fielmann AG; Paris

11.02.2008 Company Roadshow, AT&S Austria Technologie &

Systemtechnik AG; Cologne, Dusseldorf

11.02.2008 Company Roadshow, Roche; New York, Kansas City,

Denver, Los Angeles

12.02.2008 Company Roadshow, Deutsche Beteiligungsgesellschaft

AG, New York, Chicago

12.02.2008 Company Roadshow, Ciba Spezialitätenchemie Holding

AG, Frankfurt

13.02.2008 Company Roadshow, AT&S Austria Technologie & Systemtechnik AG; Zurich, Geneva

14.02.2008 Company Roadshow, NYSE Euronext, Zurich

14.02.2008 Analyst Roadshow, Strategy, Munster

15.02.2008 Company Roadshow, CNP; Vienna, Munich

15.02.2008 Company Roadshow, Syngenta AG; Milan

15.02.2008 Analyst Roadshow, Strategy; Hamburg

19.02.2008 Analyst Roadshow, Renewables; London, Edinburgh

22.02.2008 Company Roadshow, Lonza Group AG; Paris

25.02.2008 Company Roadshow, Aleo Solar AG; Munich

25.02.2008 Company Roadshow, Lonza Group AG; Munich, Frankfurt

2007 | Seite 45


26.02.2008 Company Roadshow, Aleo Solar AG; Vienna

26.02.2008 Company Roadshow, Koninklijke DSM N.V.; Frankfurt

27.02.2008 Company Roadshow, Koninklijke DSM N.V.; Munich

27.02.2008 Company Roadshow, Wacker Construction; Dubai

27.02.2008 Salonabend, Extra Financials – Versteckte Werttreiber des Unternehmenserfolges; Munich

27.02.2008 Company Roadshow, Ciba SpezialitätenchemieHolding AG; Geneva

28.02.2008 Salonabend, Extra Financials – Versteckte Werttreiber des Unternehmenserfolges; Frankfurt

05.03.2008 Company Roadshow,Charles, Vögele Holding AG; Zurich

07.03.2008 Company Roadshow, Koninklijke DSM N.V.; Zurich

07.03.2008 Company Roadshow, Sika AG; Zurich

10.03..2008 Company Roadshow, Lonza Group Ltd.; USA

11.03.2008 Company Roadshow, Partners Group Holding; Frankfurt

14.03.2008 Conference, 3rd Sal. Oppenheim One-to-One Forum Milan

14.03.2008 Company Roadshow, Wacker Construction Equipment AG; USA

19.03.2008 Company Roadshow, Altana AG; Frankfurt

08.04.2008 Company Roadshow, STADA Arzneimittel AG; Frankfurt

10.04.2008 Company Roadshow, Wincor Nixdorf AG; Brussels

10.04.2008 Company Roadshow, Fuchs Petrolub AG; London

10.04.2008 Salonabend, Chancen im deutschen Gesundheitswesen; Cologne

2007 | Seite 46


14.04.2008 Company Roadshow, Wacker Construction Equipment AG; Stockholm

15.04.2008 Company Roadshow, Fraport AG; Geneva

17.04.2008 Conference, 5th Sal. Oppenheim Greek Investment Conference; Athens

15.05.2008 Conference, 5th Sal. Oppenheim ChemicalsConference; Athens

05.06.2008 Conference, New York Mid Cap Forum; New York

10.06.2008 Company Roadshow, Leoni AG; Milan, Trieste

19.06.2008 Conference, Real Estate Conference; Vienna

02.09.2008 Conference, 3rd European Healthcare Investors Conference, Frankfurt

08.09.2008 Company Roadshow, LEONI AG; Vienna

16.10.2008 Salonabend, Dr. Jürgen Baumert; Munich

18.11.2008 Conference, 5th European Financials Conference, Zurich

2007 | Seite 47

Struktur Equity Sales SAL. OPPENHEIM JR. & CIE. S.C.A.

Team USA

HeadJörg Hagenbuch

Robb BaerBill Dixon

Robert FlorioFrançois Gour

Kent Evan Penney

AssistentFred GulinoErica Miolla

New York

Team südliches Kontinentaleuropa

Jürgen Benker (Germany / Austria)Klaus PfallerRobert Weller

Tina ZoettlPatricia Rehm (Assistenz)Marion Köhler (Assistenz)

Rainer Jell (Frankfurt / Cologne)Thomas Auschill

Jürgen KaupAlexander Schumacher

Heinz-Gerd VinkenWolfgang Wenzel

Nicole Turner (Assistent)

Nicola Facciorusso (Bereichskoordinator Griechenland) (Southeurope / Middle East)

Roberto Falaschi

Matt Patterson (UK / Skandinavia)Heiko BackmannAndrea Bollina

Daniel FriedmannMichela Gess

Dr. Alex Vogel (Benelux / France)Heribert RaskopFriedhelm Hopp

Frankfurt, Köln, München

Equity Sales

Head of Equity SalesHans-Peter Fliegel

AssistentNicole Hüller

Event / Roadshow-ManagementHead: Stefanie Langhammer

Benjamin SiebenNadja WakefieldChristin MewesJessica Maier

Deputy Head of EquitiesRonald Birrer

Team Schweiz

HeadRonald Birrer

Harald Moser Marcel Hofstetter

Peter Fuchs Christopher Ziegler

Paolo BozzoTristan de Blonay

Alexandre Kaufmann Alfonso Catalano

Olivier HummGino Lopardo

Stefan KremethSilvio Schuler Raphael Benz Daniel WüestLuke Boller

Oliver Kamm Marco Galfetti

Ivan Spicchiarello

AssistentChristel Sirek

Zürich

HeadHeinz Karasek

Gunter Cernicek

Wien

HeadEdgar Wilczek

Ralf LokeClaudio VargiuMarcus Hahn

Thomas Seibert

Sales Trading

AssistentChristl Sierek

IPO OfficerHeribert Raskop

TeamFrankreich

HeadGraf Jefferson von Pfeil

(Bereichskoordinator Türkei)

Niccolo Di Brazza

Bertrand Le Molle-Montanguon

Jean-Claude Bonnamy

AssistantNannette Jäger

Paris

Middle OfficeHead

Sabine Schwung Christian Bunk Doerthe FeigeNicole Halfen Marc KroegerKonstantin Illig Antje Winands

Execution

HeadChristine Schmidt

Murat CatalsakalWolfgang Kemper

Michael MathiowetzAndreas StrohkendlChristian Wagner

Jörg TheisElvis Javor

Corporate BrokeragePetra Kopper

2007 | Seite 48

Team FrankfurtEQUITY SALES

Rainer Jell

Head ofFrankfurt /Nord- und

Westdeutschland

T: +49 (69) 71 34-51 57M: +49 (1 51) 58 22 84 73

[email protected]

Heinz-Gerd Vinken

Frankfurt / Cologne

T: +49 (69) 71 34-51 62M: +49 (1 51) 16 32 69 03

[email protected]

Thomas Auschill

Frankfurt / Cologne

T: +49 (69) 71 34-54 34M: +49 (1 75) 4 35 82 61

[email protected]

Jürgen Kaup

Frankfurt / Cologne

T: +49 (69) 71 34-51 59M: +49 (1 75) 4 35 83 77

[email protected]

2007 | Seite 49

Team FrankfurtEQUITY SALES

Alexander Schumacher

Frankfurt / Cologne

T: +49 (69) 71 34-5044

[email protected]

2007 | Seite 50

Team Frankfurt / UKEQUITY SALES

Matt Patterson

Head ofUK / Skandinavia

T: +49 (69) 71 34-54 25M: +49 (1 51) 16 32 69 30

[email protected]

Heiko Backmann

UK / Skandinavia

T: +49 (69) 71 34-54 21M: +49 (1 51) 16 32 69 29

[email protected]

Daniel Friedmann

UK / Skandinavia

T: +49 (69) 71 34-55 46M: +49 (1 51) 17 12 02 74

[email protected]

Andrea Bollina

UK / Skandinavia

T: +49 (69) 71 34-54 61M: +49 (1 51) 16 32 69 28

[email protected]

2007 | Seite 51

Team Frankfurt / UKEQUITY SALES

Michela Gess

UK

T: +49 (69) 71 34-51 26M: +49 (1 51) 435 81 63

[email protected]

2007 | Seite 52

Team CologneEQUITY SALES

Heribert Raskop

Skandinavia and France

T: +49 (2 21) 1 45-18 93M: +49 (1 75) 4 35 83 09

[email protected]

Wolfgang Wenzel

Cologne

T: +49 (2 21) 1 45-17 58M: +49 (1 75) 4 35 83 64

[email protected]

2007 | Seite 53

Team MünchenEQUITY SALES

Jürgen Benker

Head ofSouthern Germany /

Austria

T: +49 (89) 29 00 74-52M: +49 (1 75) 4 35 85 02

[email protected]

Klaus Pfaller

Southern Germany /Austria

T: +49 (89) 29 00 74-54M: +49 (1 75) 4 35 84 61

[email protected]

Robert Weller


T: + 49 (89) 29 00 74-53M: +49 (1 75) 4 35 84 08

[email protected]

Tina Zöttl


T: +49 (89) 29 00 89-56M: +49 (1 75) 4 35 8325

[email protected]

2007 | Seite 54

Team MunichEQUITY SALES

Dr. Alex Vogel

Head ofWestern Europe

T: + 49 (89) 29 00 74-51M: +49 (1 75) 4 35 83 92

[email protected]

Fritz Hopp

Western Europe

T: +49 (89) 29 00 89-58 M: +49 (1 75) 4 35 85 95

Fritz. [email protected]

Patricia Rehm

Assistence

T: + 49 (89) 29 00 74-50

[email protected]

Marion Köhler

Assistence

T: + 49 (89) 29 00 74-30

[email protected]

2007 | Seite 55

Team MunichEQUITY SALES

Nicola Facciorusso

Head of Southern Europe /

Middle East

T: + 49 (89) 29 00 74-55M: +49 (1 75) 4 35 83 93

[email protected]

Roberto Falaschi

Southern Europe / Middle East

T: + 49 (89) 29 00 74-57M: +49 (1 51) 58 22 84 98

[email protected]

2007 | Seite 56

Team ZurichEQUITY SALES

Ronald Birrer

Head of Switzerland

T: +41 (44) 2 14 2369

[email protected]

Marco Galfetti

Switzerland

T: +41 (44) 2 14 25 28

[email protected]

Harald Moser

Switzerland

T: +41 (44) 2 14 23 48

[email protected]

Christel Sirek

Switzerland

T: +41 (44) 2 14 23 86

[email protected]

2007 | Seite 57

Team New YorkEQUITY SALES

Robb Baer

USA

T: +1 (2 12) 8 88 83 06

[email protected]

Bill Dixon

USA

T: +1 (2 12) 8 88 52 53

[email protected]

Robert Florio

USA

T: +1 (2 12) 8 88 67 54

[email protected]

Joerg Hagenbuch

Head ofNorth America

T: +1 (2 12) 8 88 84 57

[email protected]

2007 | Seite 58

Team New YorkEQUITY SALES

Fred Gulino

USA

T: +1 (2 12) 8 88 52 53

[email protected]

Kent Evan Penney

USA

T: +1 (2 12) 8 88 87 70

[email protected]

Francois Gour

USA / Canada

T: +1 (2 12) 8 88 52 48

[email protected]

Erica Miolla

USA

T: +1 (2 12) 8 88 44 29

[email protected]

2007 | Seite 59

Team ParisEQUITY SALES

Graf Jefferson von Pfeil

Head ofFrance

T: +33 (1) 56 52 90 53M: +49 (1 51) 58 22 84 70

[email protected]

Niccolo di Brazza

France

T: +33 (1) 56 52 90 54M: +49 (1 51) 58 22 84 72

[email protected]

Jean-Claude Bonnamy

France

T: +33 (1) 56 52 90 03M: +49 (608) 26 35 82

[email protected]

Bertrand Le Molle-Montanguon

France

T: +33 (1) 56 52 90 11M: +49 (608) 80 56 81

[email protected]

2007 | Seite 60

Team ParisEQUITY SALES

Nanette Jäger

Assistant

T: +33 (1) 56 52 90 00M: +49 (1 51)

[email protected]

2007 | Seite 61

Sales TradingEQUITY SALES

Ralf Loke

Germany

T: +49 (69) 71 34-50 40M: +49 (1 51) 58 22 84 75

[email protected]

Marcus Hahn

Germany / Switzerland

T: +49 (69) 71 34-51 27M: +49 (1 51) 16 32 69 32

[email protected]

Thomas Seibert

UK / Skandinavien / Frankreich

T: +49 (69) 71 34-52 19M: +49 (1 75) 4 35 85 42

[email protected]

Edgar Wilczek

Head ofSales Trading

T: +49 (69) 71 34-50 61M: +49 (1 51) 16 32 69 31

[email protected]

2007 | Seite 62

Sales TradingEQUITY SALES

Claudio Vargio

Germany / Italy

T: +49 (69) 71 34-53 18M: +49 (1 51) 58 22 8476

[email protected]

2007 | Seite 63

Event and Roadshow-ManagementEQUITY SALES

Stefanie Langhammer

Head of Event and

Roadshow-Management

T: +49 (69) 71 34-50 20M: +49 (1 75) 4 35 81 36

[email protected]

Benjamin Sieben

Deputy Head ofEvent and

Roadshow-Management

T: +49 (69) 71 34-52 28M: +49 (1 51) 16 15 21 39

[email protected]

Nadja Wakefield

Event andRoadshow-Management

T: +49 (69) 71 34-55 48M: +49 (1 75) 435 84 18

[email protected]

Jessica Maier

Event and Roadshow-Management

T: +49 (69) 71 34-54 90M: +49 (1 51) 16 15 21 78

[email protected]

2007 | Seite 64

Corporate BrokerageEQUITY SALES

Petra Kopper

Head

T: +49 (69) 71 34-55 31M: +49 (1 75) 4 35 80 64

[email protected]

2007 | Seite 65

Publishing DetailsSAL. OPPENHEIM JR. & CIE. S.C.A.

© CopyrightThis work is protected by copyright. All rights arising therefrom, in particular with regard to translation, reprinting, presentation, the quotation of illustrations and tables, radio broadcasting, microfilming or reproduction by any other means as well as storage on data processing systems, are reserved - even if only extracts from the work are used. Reproduction of this work or portions thereof - even in an individual case - is only permissible within the bounds of the statutory provisions of the relevant applicable version of the Copyright Law of the Federal Republic of Germany dated 9 September 1965. Violations may be subject to the penalty clauses of the Copyright Law.

Exclusion of liabilityThe information contained in this brochure was derived from data which was assumed to be correct; however, we assume no liability and provide no guarantee whatsoever. This brochure should not be construed as an offer to sell or as a solicitation to submit an offer to purchase securities. The statements made in the brochure may be changed without advance notice.

Published bySal. Oppenheim jr. & Cie.Kommanditgesellschaft auf AktienUnter Sachsenhausen 450667 Cologne / Germanywww.oppenheim.de

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