Prospectus dated 8 April 2011

GEA GROUP AKTIENGESELLSCHAFT(incorporated as a stock corporation under German law in Bochum, Germany)

€ l l per cent. Notes due 2016Issue price: l per cent.

The € l l per cent. Notes due 2016 (the Notes) will be issued on 21 April 2011 (the Issue Date) by GEA Group Aktiengesellschaft (the Issuer). The Notes will bear interest from (and including) the Issue Date to (but excluding) 21 April 2016 at the rate of l per cent. per annum. The interest rate will increase by an additional 1.25 percentage points in the event of a rating downgrade relating to the Notes (an Interest Step-Up Event) and will, following an Interest Step-Up Event, decrease by 1.25 percentage points in the event of a rating upgrade relating to the Notes (an Interest Step-Down Event), each as described in the Terms and Conditions. Interest shall be payable annually in arrears on 21 April in each year, commencing on 21 April 2012. Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed at par on 21 April 2016. The Notes will be issued in bearer form with a denomination of € 1,000 each.

This prospectus (the Prospectus) has been approved as a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC (the Prospectus Directive) by the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority pursuant to the Luxembourg Act dated 10 July 2005 on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) (the Luxembourg Prospectus Act) which implements the Prospectus Directive. The Issuer has requested the CSSF to provide the competent authorities in Austria, Germany and The Netherlands, and may request to provide competent authorities in additional host Member States within the European Economic Area, with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Act. Application has been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and to trading of the Notes on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg), a market appearing on the list of regulated markets issued by the European Commission pursuant to the Markets in Financial Instruments Directive (Directive 2004/39/EC).

The Issuer's long-term debt has been rated "Baa3" by Moody's Investors Service (Moody's) and "BBB-" by Fitch Ratings (Fitch). The Notes are expected on issue to be rated "Baa3" by Moody's and "BBB-" by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As of the date of this Prospectus, each of Moody's and Fitch is a credit rating agency established in the European Union and has applied to be registered under Regulation (EC) No 1060/2009.

The Notes will initially be represented by a temporary global note without interest coupons which will be deposited with Clearstream Banking AG, Frankfurt am Main. Notes represented by a temporary global note will be exchangeable for Notes represented by a permanent global note without interest coupons upon certification as to non-U.S. beneficial ownership. The issue price, the aggregate principal amount, the number of Notes, the interest rate, the yield, the total amount of expenses and the net proceeds before deduction of total expenses will be included in the Pricing Notice (as described under Subscription, Offer and Sale beginning on page 76) which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or around 15 April 2011. The Notes have been assigned the following security codes: ISIN DE000A1KQ1M5, Common Code 061519793 and German Securities Code (WKN) A1KQ1M.

An investment in Notes involves certain risks. Prospective investors should have regard to the factors described under the heading Risk Factors beginning on page 27.

Joint Lead Managers

Commerzbank Deutsche Bank UniCredit Bank

2

RESPONSIBILITY STATEMENT

The Issuer accepts responsibility for the information contained in and incorporated by reference into this Prospectus. To the best of its knowledge, having taken all reasonable care to ensure that such is the case, the information contained in and incorporated by reference into this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information.

NOTICE

The Issuer has confirmed to the joint lead managers set forth on the front page and the address list on the last page of this Prospectus (each a Joint Lead Manager and together, the Joint Lead Managers) that this Prospectus contains the information which, according to the particular nature of the Issuer, as well as of the Issuer and its subsidiaries and affiliates taken as a whole (the Group) and of the Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profit and losses, and prospects of the Issuer, and of the rights attaching to the Notes; that the information contained herein with respect to the Issuer, the Group and the Notes is true, accurate and not misleading in all material respects; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts, the omission of which would make any statement, whether fact or opinion, in this Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain all facts and to verify the accuracy of all statements contained herein.

The Joint Lead Managers have not independently verified the information contained herein (including any information incorporated by reference herein). The Joint Lead Managers do not accept liability in relation to this Prospectus, any supplement thereto or its distribution or with regard to other information supplied by the Issuer herein, save for mandatory provisions of law and make no representation, warranty or undertaking, whether expressed or implied, with respect to the accuracy or completeness of this Prospectus, any supplement thereto or any further information supplied in connection with the Notes.

The only persons authorised to use this Prospectus in connection with the offering of the Notes are the Issuer and the Joint Lead Managers (as described under Subscription, Offer and Sale beginning on page 76).

This Prospectus is to be read in conjunction with any supplement thereto and all documents which are incorporated by reference herein (see Documents Incorporated by Reference on page 85). This Prospectus should be read and construed on the basis that such documents are incorporated and form part of this Prospectus.

No person is or has been authorised by the Issuer or any of the Joint Lead Managers to give any information or to make any representation not contained in or not consistent with this Prospectus or any other information supplied in connection with the offering of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, or any of the Joint Lead Managers.

Neither this Prospectus nor any other information supplied in connection with the offering of the Notes (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered as a recommendation by the Issuer or any of the Joint Lead Managers that any recipient of this Prospectus or any other information supplied in connection with the offering of the Notes should purchase any Notes. Each investor contemplating purchasing any Notes should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this Prospectus nor any other information supplied in

3

connection with the offering of the Notes constitutes an offer or invitation by or on behalf of the Issuer or any of the Joint Lead Managers to any person to subscribe for or to purchase any Notes.

Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof or that any other information supplied in connection with the offering of the Notes is correct as of any time subsequent to the date indicated in the document containing the same. The Joint Lead Managers expressly do not undertake to review the financial condition or affairs of the Issuer during the life of the Notes or to advise any investor in the Notes of any information coming to their attention.

This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The Issuer and the Joint Lead Managers do not represent that this Prospectus may be lawfully distributed, or that the Notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, except as indicated in the Subscription, Offer and Sale – Public Offer and Notification of the Prospectus section on page 77, no action has been taken by the Issuer or the Joint Lead Managers which is intended to permit a public offering of the Notes or the distribution of this Prospectus in any jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations. Persons into whose possession this Prospectus or any Notes may come must inform themselves about, and observe, any such restrictions on the distribution of this Prospectus and the offering and sale of Notes.

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), and are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to U.S. persons. In addition, there are restrictions on the distribution of this Prospectus and the offer or sale of Notes in the the United Kingdom, Italy, Switzerland and the European Economic Area, see Subscription, Offer and Sale – Selling Restrictions beginning on page 78.

IN CONNECTION WITH THE ISSUE OF THE NOTES, COMMERZBANK AKTIENGESELLSCHAFT AS STABILISING MANAGER (THE "STABILISING MANAGER") (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) MAY OVER ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) WILL UNDERTAKE ANY STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY STABILISATION ACTION OR OVER-ALLOTMENT MUST BE CONDUCTED BY THE STABILISING MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILISING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

4

CONTENTS

Page

RESPONSIBILITY STATEMENT.................................................................................................2

NOTICE ...........................................................................................................................................2

SUMMARY ......................................................................................................................................5

SUMMARY (GERMAN TRANSLATION) ..................................................................................15

RISK FACTORS............................................................................................................................27

DESCRIPTION OF THE ISSUER................................................................................................39

TERMS AND CONDITIONS OF THE NOTES...........................................................................52

TAXATION....................................................................................................................................72

SUBSCRIPTION, OFFER AND SALE.........................................................................................76

GENERAL INFORMATION ........................................................................................................82

DOCUMENTS INCORPORATED BY REFERENCE ................................................................85

5

SUMMARY

This Summary must be read as an introduction to this Prospectus and any decision to invest in the Notes should be based on a consideration of this Prospectus as a whole, including the documents incorporated by reference. Civil liability will attach to the Issuer in respect of this Summary of the Prospectus, including any translation hereof, only if it is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. Where a claim relating to information contained in this Prospectus is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating this Prospectus before the legal proceedings are initiated. This Summary does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of the Prospectus.

Words and expressions defined in the Terms and Conditions of the Notes (the Terms and Conditions) beginning on page 52 shall have the same meanings in this Summary.

SUMMARY OF THE TERMS AND CONDITIONS AND GENERAL INFORMATION

Issuer GEA Group Aktiengesellschaft

Joint Lead Managers Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, and UniCredit Bank AG

Principal Paying Agent Commerzbank Aktiengesellschaft

Listing Agent Commerzbank Aktiengesellschaft

Ratings The Issuer's long-term debt has been rated "Baa3" by Moody's Investors Service (Moody's) and "BBB-" by Fitch Ratings (Fitch). The Notes are expected on issue to be rated "Baa3" by Moody's and "BBB-" by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As of the date of this Prospectus, each of Moody's and Fitch is a credit rating agency established in the European Union and has applied to be registered under Regulation (EC) No 1060/2009.

Currency Euro

Description of Notes € l l per cent. Notes due 2016 (the Notes), to be issued by the Issuer on 21 April 2011 (the Issue Date). Unless previously redeemed in whole or in part or purchased and cancelled, the Notes will be redeemed at their principal amount on 21 April 2016 (the Maturity Date).

Denominations and Form The Notes will be issued in bearer form in denominations of € 1,000 each. The Notes will initially be represented by a temporary global note without interest coupons which will be deposited with Clearstream Banking AG, Frankfurt am Main. Notes represented by a temporary global note will be exchangeable for Notes represented by a permanent global

6

note without interest coupons upon certification as to non-U.S. beneficial ownership. Definitive notes will not be issued.

Status of the Notes The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu with all other unsecured and unsubordinated obligations of the Issuer, present and future, unless mandatory provisions of law accord other obligations.

Determination of the Issue Price, the Aggregate Principal Amount, the Interest Rate and other terms

The issue price, the aggregate Principal Amount, the number of Notes, the Rate of Interest, the yield, the total amount of expenses and the net proceeds before deduction of total expenses will be included in the pricing notice which will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or around 15 April 2011.

Interest The Notes will bear interest on their principal amount from (and including) the Issue Date to (but excluding) the Maturity Date at the rate of l per cent. per annum. The interest rate will increase by an additional 1.25 percentage points in the event of a rating downgrade relating to the Notes (an Interest Step-Up Event) and will, following an Interest Step-Up Event, decrease by 1.25 percentage points in the event of a rating upgrade relating to the Notes (an Interest Step-Down Event), each as described in the Terms and Conditions. Interest shall be payable in arrears on 21 April in each year, commencing on 21 April 2012.

Taxation All amounts payable in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (the Withholding Taxes), unless such withholding or deduction is required by law. In such event, the Issuer shall, subject to the exceptions set out in the Terms and Conditions, pay such additional amounts of principal and interest (the Additional Amounts) as shall be necessary in order that the net amounts received by the Noteholders, after such withholding or deduction, shall equal the respective amounts which would otherwise have been received by the Noteholders in the absence of such withholding or deduction.

Optional Redemption by the Issuer for Tax Reasons

If, as a result of any change in, or amendment to, the laws or regulations prevailing in Germany, certain withholding taxes are levied on payments of principal or interest in respect of the Notes and the Issuer is obliged to pay Additional Amounts, the Issuer may redeem the Notes in whole, but not in part (§ 6(2)of the Terms and Conditions).

7

Events of Default Events of Default under the Notes include inter alia non-payment of principal or interest for 20 days, breach of other obligations under the Notes (which breach is not remedied within 30 days), the Issuer or a Material Subsidiary defaults on certain other payment obligations (cross default clause) and certain events related to insolvency or winding up of the Issuer or a Material Subsidiary (§ 8 of the Terms and Conditions).

Negative Pledge The Terms and Conditions contain a negative pledge provision (§ 2(2) of the Terms and Conditions) under which the Issuer agrees (except for certain Permitted Security Interests) (i) not to provide security interest for any Capital Market Indebtedness, and (ii) to procure that none of its Material Subsidiaries (to the extent legally possible and permissible) provides security interest for any Capital Market Indebtedness without at the same time letting the Noteholders share pari passu in such security interest or giving to the Noteholders an equivalent security interest.

Change of Control The Terms and Conditions contain a change of control provision (§ 7 of the Terms and Conditions) which entitles the Noteholders under certain conditions to early terminate the Notes in the case of a Change of Control. If 80 per cent. or more in principal amount of the Notes have been redeemed pursuant to the change of control provision, the Issuer may redeem the remaining Notes.

Amendments to the Terms and Conditions by Resolution of the Noteholders and Noteholders' Representative

The Terms and Conditions may be amended with the consent of the Issuer by means of majority resolution of the Noteholders pursuant to §§ 5 et seqq. of the German Bond Act (Schuldverschreibungsgesetz - SchVG), as amended from time to time, as further specified in the Terms and Conditions.

Governing Law The Notes will be governed by German law.

Jurisdiction Non-exclusive place of jurisdiction for all proceedings arising from matters provided for in the Terms and Conditions shall be Frankfurt am Main. This shall not apply for decisions pursuant to §§ 9(2) and 13(3) sentence 1 SchVG, for which the local court (Amtsgericht) of the district where the Issuer has its registered office shall be competent for all judgments according to § 9(3) SchVG as well as for decisions pursuant to § 20(3) SchVG for which the regional court (Landgericht) of the district where the Issuer has its registered office shall be competent for all judgments.

Listing and admission to trading Application has been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and admission to trading on the regulated market of the Luxembourg Stock Exchange.

8

Selling Restrictions The Notes have not been and will not be registered under the U.S. Securities Act and, subject to certain exceptions, may not be offered or sold within the United States. The Notes may be sold in other jurisdictions only in compliance with applicable laws and regulations. See Subscription, Offer and Sale –Selling Restrictions beginning on page 78.

Public Offer The Notes may be offered to the public in Luxembourg and upon notification of the relevant competent authorities additionally in each of Austria, Germany and The Netherlands.

Clearing and Settlement The Notes will be accepted for clearing through Clearstream Banking AG, Frankfurt am Main.

Availability of documents This Prospectus, any supplement thereto and the documents incorporated by reference will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Security Codes ISIN DE000A1KQ1M5

Common Code 061519793

German Securities Code (WKN) A1KQ1M

Use of Proceeds The Issuer intends to use the net proceeds for the refinancing of loans taken to finance the acquisitions of Convenience Food Systems (CFS) and Bock Kältemaschinen GmbH and for general corporate purposes.

SUMMARY OF THE RISK FACTORS

Summary of the Risks Relating to the Issuer and the Group

Risk factors relating to the Issuer and the Group comprise, inter alia, the following risks:

− General Economic Situation: The markets in which the Group operates are materially influenced by the general economic situation and its cycles and volatility. A downturn in the general economic situation could adversely affect the Group.

− Country Risks: The Group operates globally and faces various risks that are particular to the countries in which it operates.

− Financing Available to Customers: A significant portion of the Group's business consists of projects that depend on the financing available to the Group's customers and a shortage of suchfinancing could adversely affect the Group.

9

− Price Risk: The market price, quality, and availability of raw materials, energy, input materials and intermediate products which the Group uses for its operations may be subject to significant fluctuations.

− Product Liability Claims and Other Legal and Litigation Risks: In the course of its ordinary business operations, the Group is involved in a number of court and official proceedings. The outcome of any currently pending or future proceedings cannot currently be predicted with any certainty. Some of these proceedings may arise from the Group's use of materials manufactured and/or supplied by third parties.

− Competition Risk: The Group faces the risk of increasing competion in the markets it operates.

− Intellectual Property and Know-How Risks: The Group's ability to maintain the competitiveness of its products and to ensure high technological standards entails risks associated with the protection of its own intellectual property rights, the protection of know-how and business secrets, and the infringement of third party intellectual property rights.

− Calculation and Execution Risks: The Group is subject to calculation and execution risks, in particular in connection with the planning and execution of major projects. If estimates of the overall risks or calculations of the revenues or costs prove to be inaccurate or circumstances change, lower profits may be achieved from or greater losses may be incurred on such contracts.

− Regulatory Environment: Changes to the legal, regulatory, tax and political conditions may complicate operational procedures, increase costs and could adversely affect the marketability of the services and products offered by the Group.

− Environmental Risks: Liabilities, costs, penalties, soil remediation orders by courts or authorities or operational restrictions may be imposed on or incurred by the Group in connection with environmental and health and safety issues.

− Goodwill Impairment: The Group's goodwill is recognised as an intangible asset that is subject to a regular impairment test, whose value is affected by general economic factors. A continued global downturn could necessitate an impairment of the goodwill of the Group.

− Insurance Coverage: The Group may face claims that may not in whole or in part be covered by insurance and may be unable to obtain insurance coverage with acceptable terms or sufficient coverage.

− Information Technology: The Group is dependent on an efficient and uninterrupted operation of its computer and data processing systems and failures or interruptions could have a material adverse effect on the Group.

− Organisational Change Risks: The Group has introduced extensive organisational changes that may result in impairment losses and investments, one-time expenditures, and temporary inefficiencies in operating processes.

10

− Group Structure: The Issuer acts as the holding company for the Group. In order to be able to meet its operating and other expenses, including the payment of interest and principal to the Noteholders under the Notes, the Issuer is dependent on its operating subsidiaries and companies in which the Group holds participations or joint ventures.

− Warranty Risks: Existing and future warranty obligations, including those still retained from the sale of particular divisions and those assumed from acquisitions, place the Group at risk of incurring future repair and/or replacement costs.

− Accidents, Safety Defects, Defective Performance, Quality Defects or Environmental Damage:The Group is dependent on its clients' confidence in the safety, quality and environmental compatibility of its services and projects. Actual or alleged accidents at projects, safety defects, defective performance, quality defects or environmental damage resulting therefrom could adversely affect the Group.

− Key Employees: The Group may not succeed in retaining qualified employees, executive staff, the management of the business segments and the executive board (Vorstand) or to recruit and/or train a sufficient number of new individuals with corresponding qualifications.

− Acquisitions and Joint Ventures: Previous acquisitions and joint ventures entail certain risks, as do future acquisitions and joint ventures. The discontinuation of one or more joint ventures or the inability of the Group to enter into new or to expand existing joint ventures could adversely affect the Group.

− Exchange and Interest Rates: The Group is exposed to exchange and interest rate fluctuations and may also incur losses resulting from related hedging transactions.

− Default of Contracting Parties: The Group is exposed to a risk of payment default by, or lack of credit facilities for, its clients, contracting parties, other partnerships and subcontractors.

− Liquidity Risks: The Group is exposed to liquidity risk in that it may be unable to meet payment obligations because it has insufficient cash funds at its disposal.

− Credit Ratings: Ratings of the Issuer and the Notes may not adequately reflect all risks of the investment in the Notes. Equally, ratings may be suspended, downgraded or withdrawn, which may have an adverse effect on the market value and trading price of the Notes.

− Tax Risks: The Group faces various tax risks, including unexpected outcomes of tax audits,risks that the tax amounts determined by the tax authorities exceed the provisions set up for this purpose, the risk that tax losses and loss carryforwards will forfeit or unfavourable changes to tax laws and administrative practices.

− Deferred Tax Assets Risk: The Group may not be able to realise deferred tax assets due to the inability to generate sufficient taxable income in the future.

11

Summary of the Risks Relating to the Notes

Risk Factors relating to the Notes comprise, inter alia, the following risks:

− Suitability for Investors: Potential investors should determine whether an investment in the Notes is appropriate in their particular circumstances and should consult with their legal, financial and tax advisers to determine the consequences of an investment in the Notes and to make their own evaluations of the investment. If an investment is not suitable for the respective investor, such investor may not take all or some risks inherent with an investment in the Notes into consideration before making an investment decision.

− Creditworthiness of the Issuer: The materialisation of any of the risks referred to above (see Summary of the Risks relating to the Issuer and the Group) may affect the Issuer's ability to fully perform all obligations under the Notes when they fall due in which case the market value of the Notes may suffer. In addition, even if the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due actually has not decreased, the market price of the Notes may decrease due to a different perception of market participants.

− Interest Rate Risk: If interest rates in general or particularly with regard to obligations of corporate debtors or corporate debtors with activities in the industries sector for durations equal to the remaining term of the Notes increase, the market value of the Notes may decrease. There are further factors which may affect the market value of the Notes, including, but not limited to policies of central banks, global or national economic factors and crises in the global or national financial or corporate sector.

− Liquidity Risk: No assurance can be given that a listing of the Notes will be obtained. Even if a listing is granted there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted notes.

− Inflation Risk: The real yield from an investment is reduced by inflation. If the inflation rate is equal to or higher than the nominal yield, the real yield is zero or even negative. The market value of the Notes decreases if the inflation rate increases.

− Early Redemption Risk: If the Issuer exercises its right to early redeem all outstanding Notes in case of a Tax Event or following a Change of Control in accordance with the Terms and Conditions, Noteholders are exposed to risks connected to the reinvestment of the redemption amount and might suffer a lower than expected yield.

− Risks in case of Change of Control: If Noteholders exercise their right of early redemption in case of a Change of Control, they will be exposed to the risk that their investment has a lower than expected yield. For Noteholders who do not exercise their right to demand early redemption, payments made to Noteholders and other debtors as a result of any early redemption might increase the risks relating to the Issuer. In addition the risk with respect to the Issuer's liquidity will increase if all Noteholders exercise their right to demand early redemption upon the occurrence of change of control.

12

− Transaction Costs/Charges: Incidental costs may significantly reduce or eliminate any profit from holding the Notes.

− Taxation: Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions.

− Amendments of the Terms and Conditions by Noteholders' Resolutions: A Noteholder is subject to the risk of being outvoted and of losing rights towards the Issuer against his will in the case that Noteholders agree to amendments of the Terms and Conditions of the Notes by majority vote according to the German Bond Act (Schuldverschreibungsgesetz).

− Noteholders' Representative: If a Noteholders' representative is appointed in accordance with the Terms and Conditions, it is possible that a Noteholder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer.

− Risks in Case of Change of Law: No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Prospectus.

SUMMARY OF THE DESCRIPTION OF THE ISSUER

General information

The Issuer is a stock corporation (Aktiengesellschaft) incorporated under German Law. The Issuer is registered with the commercial register (Handelsregister) of the Local Court (Amtsgericht) of Bochum under the register number HRB 10437. The registered office of the Issuer is at Dorstener Straße 484, 44809 Bochum, Germany and its telephone number is +49 (0) 234 980-0. The business address of the Issuer is at Peter-Müller-Straße 12, 40468 Düsseldorf, Germany. The transfer of the registered office of the Issuer from Bochum to Düsseldorf will be proposed on the next annual general meeting (Hauptversammlung) of the Issuer to be held on 21 April 2011.

Business overview

The Group is a global provider of speciality mechanical engineering, in particular production facilitiesfor food and energy processes. The Group focuses on process technology and components for demanding production processes in various end markets. The core technologies of the Group consist of heat exchange (heating, cooling and freezing) and mass exchange (separating, drying/heating, distilling, pumping/dosing and agglomerating/packaging).

In 2010 the Group's generated revenue of € 4.4 billion and its workforce comprised over 20,000 employees worldwide.

The main market sectors in which the Group operates comprise Food, Dairy, Beverages, Energy, Brewery, Pharmaceutical, Environment and Marine. The most important regional market is Western Europe followed by the Asia-Pacific region, North America, Eastern Europe & CIS, Latin America, Africa and Middle East. The three most important national markets are Germany, the United States and China.

13

The Group's operations are divided in the following business segments:

• GEA Farm Technologies, which manufactures technical innovations, integrated product solutions and effective animal-hygiene products for cost-efficient milk production and livestock farming.

• GEA Heat Exchangers, which covers various application areas from air conditioning systems to cooling towers and provides a wide portfolio of heat exchangers.

• GEA Mechanical Equipment which provides high-quality process engineering components such as separators, decanters, ceramic membrane elements, valves, pumps and homogenisers which ensure smooth processes and cost-optimised production flows.

• GEA Process Engineering which specialises in the design and development of process solutions for the dairy, brewery, beverage, food, pharmaceutical and chemical industries in the areas of liquid processing, concentration, industrial drying, powder processing and handling, emission control, solid dosage processing and aseptic packaging.

• GEA Refrigeration Technologies which operates in the business field of industrial refrigeration systems and specialises in the development, construction, installation, service and maintenance of innovative key components and technical solutions.

• GEA Convenience-Food Technologies, which is a supplier for secondary food processing and packaging machinery for preparation, marination, processing as well as slicing and packaging of meat, poultry, fish, vegetables and other foods.

Organisational structure

The Issuer is the parent company of more than 350 subsidiaries and holds shares in 4 associated companies over which it can exercise significant influence and 14 joint ventures.

Share capital

As of 31 December 2010, the nominal share capital of the Issuer amounted to € 496,890,368.79. It was divided into 183,807,845 no-par shares, each having a notional amount of € 2.70 of the share capital. The amount of the share capital and its denominations have not been changed as of the date of this Prospectus.

Executive and Supervisory Boards:

The Issuer's Executive Board consists of the three members: Jürg Oleas (Chairman), Dr. Helmut Schmale (CFO) and Niels Graugaard.

The Issuer's Supervisory Board consists of 12 members. The Supervisory Board's Chairman is Dr. Jürgen Heraeus and the Deputy Chairman is Reinhold Siegers. Further members are Dieter Ammer, Ahmad M.A. Bastaki, Hartmut Eberlein, Rainer Gröbel, Klaus Hunger, Michael Kämpfert, Dr. Dietmar Kuhnt, Kurt-Jürgen Löw, Dr. Helmut Perlet, and Joachim Stöber.

14

Selected financial information

The following table sets out selected key financial information of the Group extracted from the audited consolidated financial statements and the group management report (unless otherwise indicated) of the Issuer for the financial years ended on 31 December 2009 and 31 December 2010:

Group Key Financials

(€ million)

2010 2009Order Intake 4,578.0 4,080.7Revenue 4,418.4 4,411.2Order backlog 2,414.0 2,164.1EBITDA before restructuring expenses 463.5 433.7as % of revenue 10.5 9.8EBIT before restructuring expenses 356.8 333.2as % of revenue 8.1 7.6EBIT 237.5 268.2as % of revenue 5.4 6.1EBT 174.8 209.2Profit after tax from continuing operations 133.5 161.4Profit after tax from discontinued operations 0.2 0.3Profit for the period 133.7 161.7

Total assets 5,105.0 4,994.4Equity 1,895.3 1,735.0as % of total assets 37.1 34.7Working Capital (reporting date)1 444.6 481.7Working Capital (average)2 (unaudited) 549.6 721.9as % of revenue3 (unaudited) 12.4 16.4Net liquidity4 104.8 47.1Cash flow from operating activities 298.4 540.6Capital expenditures on property, plant and equipment 87.9 135.4

1Working capital = inventories + trade receivables – trade payables –payments on account received in respect of orders and construction contracts – gross amount due to customers for contract work

2Average of the past 12 months3Working capital (average) / revenue4including discontinued operations

15

SUMMARY (GERMAN TRANSLATION)

ZUSAMMENFASSUNG

Diese Zusammenfassung ist als Einleitung zu diesem Prospekt zu lesen und jede Entscheidung hinsichtlich einer Anlage in die Schuldverschreibungen sollte auf Grundlage des gesamten Prospekts, einschließlich der durch Verweis einbezogenen Dokumente, getroffen werden. Die Emittentin kann nur dann zivilrechtlich haftbar gemacht werden, wenn die Zusammenfassung dieses Prospekts, einschließlich einer Übersetzung davon, irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospekts gelesen wird. Für den Fall, dass vor einem Gericht in einem Mitgliedstaat des Europäischen Wirtschaftsraums Ansprüche aufgrund der in diesem Prospekt enthaltenen Angaben geltend gemacht werden, könnte der Kläger in Anwendung der Rechtsvorschriften des Mitgliedstaates, in dem die Ansprüche geltend gemacht werden, die Kosten für die Übersetzung dieses Prospekts vor Prozessbeginn zu tragen haben. Diese Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit, ist den Informationen in dem Prospekt entnommen und in Zusammenhang mit dem gesamten Prospekt zu lesen.

Die in den auf Seite 52 beginnenden Anleihebedingungen der Schuldverschreibungen (die Anleihebedingungen) definierten Begriffe und Ausdrücke haben in dieser Zusammenfassung jeweils die gleiche Bedeutung.

ZUSAMMENFASSUNG DER BEDINGUNGEN UND ALLGEMEINE INFORMATIONEN

Emittentin GEA Group Aktiengesellschaft

Gemeinsame Konsortialführer (Joint Lead Managers)

Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, und UniCredit Bank AG

Hauptzahlstelle Commerzbank Aktiengesellschaft

Zulassungsstelle Commerzbank Aktiengesellschaft

Ratings Die langfristigen Verbindlichkeiten der Emittentin wurden von Moody's Investors Service (Moody's) mit "Baa3" und von Fitch Ratings (Fitch) mit "BBB-" bewertet. Es wird erwartet, dass die Schuldverschreibungen bei Begebung von Moody's mit "Baa3" und von Fitch mit "BBB-" geratet werden. Ein Rating stellt keine Empfehlung dar, Wertpapiere zu kaufen, zu verkaufen oder zu halten, und kann jederzeit von der jeweiligen Ratingagentur geändert, ausgesetzt oder zurückgenommen werden. Zum Datum dieses Prospekts haben Moody's und Fitch ihren Sitz in der Europäischen Union und hat den Antrag auf Registrierung nach der Verordnung (EG) Nr. 1060/2009 gestellt.

Währung Euro

16

Beschreibung der Schuldverschreibungen € l l% Schuldverschreibungen mit Fälligkeit in 2016 (die Schuldverschreibungen). Die Schuldverschreibungen werden von der Emittentin am 21. April 2011 (der Emissionstag) emittiert. Sofern die Schuldverschreibungen nicht vorzeitig vollständig oder teilweise zurückgezahlt oder gekauft und entwertet wurden, werden sie zu ihrem Nennbetrag am 21. April 2016 (der Fälligkeitstag) zurückgezahlt.

Stückelung und Form Die Schuldverschreibungen lauten auf den Inhaber und werden in Stückelungen von jeweils € 1.000 begeben. Die Schuldverschreibungen werden anfänglich durch eine vorläufige Globalurkunde ohne Zinsscheine verbrieft, welche bei Clearstream Banking AG, Frankfurt am Main hinterlegt wird. Schuldverschreibungen, die durch eine vorläufige Globalurkunde verbrieft sind, können gegen eine Dauerglobalurkunde ohne Zinsscheine ausgetauscht werden, sofern eine Bescheinigung vorliegt, wonach der wirtschaftliche Eigentümer keine U.S.-Person ist. Es werden keine effektiven Stücke ausgegeben.

Status der Schuldverschreibungen Die Schuldverschreibungen stellen nicht besicherte und nicht nachrangige Verbindlichkeiten der Emittentin dar und stehen im gleichen Rang mit allen anderen nicht besicherten und nicht nachrangigen derzeitigen und zukünftigen Verbindlichkeiten der Emittentin, soweit zwingende gesetzliche Bestimmungen nichts anderes vorschreiben.

Feststellung des Emissionspreises, des Gesamtnennbetrages, des Zinssatzes und weiterer Konditionen

Der Emissionspreis, der Gesamtnennbetrag, die Anzahl der Schuldverschreibungen, der Zinssatz, die Rendite, die Gesamtkosten der Emission und der Rein-Emissionserlös ohne Berücksichtigung der Gesamtkosten der Emission sind in der Pricing Notice enthalten, die am oder um den 15. April 2011 auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) veröffentlicht werden wird.

Zinsen Die Schuldverschreibungen werden auf ihren Nennbetrag ab dem Emissionstag (einschließlich) bis zum Fälligkeitstag (ausschließlich) zu einem Satz von l % pro Jahr verzinst. Der Zinssatz erhöht sich um 1,25 Prozentpunkte bei einer Herabstufung des Ratings der Schuldverschreibungen (ein Interest Step-Up Ereignis) und verringert sich nach Eintritt eines Interest Step-Up Ereignisses um 1,25 Prozentpunkte bei einer Heraufstufung des Ratings der Schuldverschreibungen (ein Step-Down Ereignis), jeweils wie in den Anleihebedingungen

17

näher bestimmt. Zinszahlungen erfolgen nachträglich am 21. April eines jeden Jahres, beginnend am 21. April 2012.

Besteuerung Sämtliche auf die Schuldverschreibungen zu zahlenden Beträge sind an der Quelle ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von oder in der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde der oder in der Bundesrepublik Deutschland auferlegt oder erhoben werden (Quellensteuern), es sei denn ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin diejenigen zusätzlichen Beträge (die Zusätzlichen Beträge) an Kapital und Zinsen zahlen, die erforderlich sind, damit die den Anleihegläubigern zufließenden Nettobeträge nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Anleihegläubigern empfangen worden wären.

Wahlweise Rückzahlung durch die Emittentin aus steuerlichen Gründen

Falls infolge einer Änderung oder Ergänzung der in Deutschland geltenden Gesetze oder Vorschriften bestimmte Quellensteuern auf Zahlungen von Kapital- oder Zinsbeträgen in Bezug auf die Schuldverschreibungen erhoben werden und die Emittentin verpflichtet ist, Zusätzliche Beträge zu zahlen, kann die Emittentin die Schuldverschreibungen ganz, aber nicht teilweise zurückzahlen (§ 6 Absatz 2 der Anleihebedingungen).

Kündigungsgründe Kündigungsgründe im Rahmen der Schuldverschreibungen sind unter anderem 20 Tage andauernde Nichtzahlung von Kapital oder Zinsen, die Verletzung sonstiger Verpflichtungen aus den Schuldverschreibungen (sofern diese Verletzung nicht innerhalb von 30 Tagen geheilt wird), die Nichterfüllung bestimmter weiterer Zahlungsverpflichtungen durch die Emittentin (Drittverzugsklausel) oder eine Wesentliche Tochtergesellschaft sowie bestimmte Ereignisse im Zusammenhang mit einer Insolvenz oder Abwicklung der Emittentin oder einer WesentlichenTochtergesellschaft (§ 8 der Anleihebedingungen).

Negativverpflichtung Die Anleihebedingungen enthalten eine Negativverpflichtung (§ 2 Absatz 2 der Anleihebedingungen), wonach sich die Emittentin (mit Ausnahme bestimmter Zulässiger

18

Sicherungsrechte) verpflichtet, (i) keine Sicherungsrechte zur Besicherung von Kapitalmarktverbindlichkeiten zu gewähren, und (ii) ihre Wesentlichen Tochtergesellschaften zu veranlassen (soweit rechtlich möglich und zulässig), keine Sicherungsrechte zur Besicherung von Kapitalmarktverbindlichkeiten zu gewähren, ohne gleichzeitig die Anleihegläubiger gleichrangig an einem solchen Sicherungsrecht zu beteiligen oder ihnen ein gleichwertiges Sicherungsrecht zu gewähren.

Kontrollwechsel Die Anleihebedingungen enthalten eine Kontrollwechselbestimmung (§ 7 der Anleihebedingungen), die die Anleihegläubiger im Falle eines Kontrollwechsels unter bestimmten Voraussetzungen zur vorzeitigen Kündigung berechtigt. Wenn 80 % oder mehr des Nennbetrags der Schuldverschreibungen gemäß der Kontrollwechselbestimmung zurückgezahlt wurde, ist die Emittentin berechtigt, alle ausstehenden Schuldverschreibungen zurückzuzahlen.

Änderung der Anleihebedingungen durch Beschluss der Anleihegläubiger und gemeinsamer Vertreter

Die Anleihebedingungen können mit Zustimmung der Emittentin aufgrund Mehrheitsbeschlusses der Anleihegläubiger nach Maßgabe der §§ 5 ff. des Schuldverschreibungsgesetzes (SchVG) in seiner jeweiligen gültigen Fassung geändert werden, wie in den Anleihebedingungen näher bestimmt.

Anwendbares Recht Die Schuldverschreibungen unterliegen deutschem Recht.

Gerichtsstand Nicht-ausschließlicher Gerichtsstand für alle Rechtsstreitigkeiten in den in diesen Anleihebedingungen geregelten Angelegenheiten ist Frankfurt am Main. Dies gilt nicht für Entscheidungen gemäß §§ 9 Absatz 2 und 13 Absatz 3 Satz 1 SchVG, für die gemäß § 9 Absatz 3 SchVG das Amtsgericht zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat, sowie für Entscheidungen gemäß § 20 Absatz 3 SchVG, für die das Landgericht ausschließlich zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat.

Börsennotierung und Zulassung zum Handel

Die Zulassung der Schuldverschreibungen zur Notierung an der Official List der Luxemburger Wertpapierbörse und zum Handel am regulierten Markt der Luxemburger Wertpapierbörse wurde bei der Luxemburger Wertpapierbörse beantragt.

Verkaufsbeschränkungen Die Schuldverschreibungen wurden und werden nicht gemäß dem U.S.-Wertpapiergesetz registriert und

19

dürfen vorbehaltlich bestimmter Ausnahmen, nicht innerhalb der Vereinigten Staaten angeboten oder verkauft werden. In anderen Rechtsordnungen dürfen die Schuldverschreibungen nur unter Einhaltung der geltenden Gesetze und Vorschriften verkauft werden. Siehe Zeichnung, Angebot und Verkauf -Verkaufsbeschränkungen (Subscription, Offer and Sale – Selling Restrictions) beginnend auf Seite 78.

Öffentliches Angebot Die Schuldverschreibungen können in Luxemburg und nach erfolgter Notifizierung der jeweiligen zuständigen Behörden zusätzlich in Österreich, Deutschland und den Niederlanden im Rahmen eines öffentlichen Angebots vertrieben werden.

Abwicklung und Settlement Die Abwicklung der Schuldverschreibungen erfolgt durch Clearstream Banking AG, Frankfurt am Main.

Verfügbarkeit von Dokumenten Dieser Prospekt, eventuelle Nachträge und die hierin per Verweis einbezogenen Dokumente werden auf der Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu) veröffentlicht.

Wertpapierkennnummern ISIN DE000A1KQ1M5

Common Code 061519793

Wertpapierkennnummer (WKN) A1KQ1M.

Verwendung des Emissionserlöses Die Emittentin beabsichtigt, den Nettoerlös der Emission der Schuldverschreibungen zur Refinanzierung von Darlehen, die zur Finanzierung der Akquisitionen der Convenience Food Systems (CFS) und der Bock Kältemaschinen GmbH aufgenommen wurden, sowie für allgemeine Unternehmenszwecke zu verwenden.

ZUSAMMENFASSUNG DER RISIKOFAKTOREN

Zusammenfassung der Risiken in Bezug auf die Emittentin und die Gruppe

Risikofaktoren in Bezug auf die Emittentin und die Gruppe umfassen unter anderem die folgenden Risiken:

− Allgemeine Konjunkturlage: Die Märkte, in denen die Gruppe tätig ist, werden wesentlich durch die allgemeine Konjunkturlage und deren Zyklen und Schwankungen beeinflusst. Ein konjunktureller Abschwung könnte sich nachteilig auf die Gruppe auswirken.

− Länderrisiken: Die Gruppe ist weltweit tätig und ist dabei verschiedenen Risiken ausgesetzt, die charakteristisch sind für die Länder, in denen sie jeweils tätig ist.

20

− Verfügbare Finanzierungsmittel für Kunden: Die Geschäftstätigkeit der Gruppe besteht zu einem erheblichen Teil aus Projekten, die von der Verfügbarkeit von Finanzierungsmitteln für Kunden der Gruppe abhängig sind. Sofern solche Finanzierungsmittel nicht ausreichend vorhanden sind, kann sich dies negativ auf die Gruppe auswirken.

− Preisrisiko: Der Marktpreis, die Qualität und die Verfügbarkeit von Rohstoffen, Energie, Einsatzmaterialien und Zwischenprodukten, die die Gruppe für ihren Betrieb verwendet, können erheblichen Schwankungen unterliegen.

− Produkthaftungsansprüche und weitere Rechts- und Prozessrisiken: Im Rahmen ihrer gewöhnlichen Geschäftstätigkeit ist die Gruppe an mehreren Gerichts- bzw. Verwaltungsverfahren beteiligt. Der Ausgang der derzeit anhängigen oder künftiger Verfahren lässt sich derzeit nicht mit Sicherheit voraussagen. Einige dieser Verfahren können auf die Verwendung von durch Dritte hergestellten und/oder gelieferten Materialien durch die Gruppe zurückzuführen sein.

− Wettbewerbsrisiko: Die Gruppe ist dem Risiko eines sich verschärfenden Wettbewerbs in den Märkten, in denen sie tätig ist, ausgesetzt.

− Risiken in Bezug auf Geistige Eigentumsrechte und Know-how: Die Fähigkeit der Gruppe, die Wettbewerbsfähigkeit ihrer Produkte zu erhalten und die Einhaltung hoher technologischer Standards zu gewährleisten, birgt Risiken in Verbindung mit dem Schutz ihrer eigenen geistigen Eigentumsrechte, dem Schutz von Know-how und Geschäftsgeheimnissen sowie der Verletzung geistiger Eigentumsrechte Dritter.

− Berechnungs- und Ausführungsrisiken: Die Gruppe ist Berechnungs- und Ausführungsrisiken ausgesetzt, insbesondere im Zusammenhang mit der Planung und Ausführung von Großprojekten. Falls sich die Einschätzung der Gesamtrisiken oder die Berechnungen der Erträge oder Kosten als unrichtig erweisen oder sich die Umstände ändern, kann bei den betreffenden Aufträgen der Gewinn niedriger bzw. der Verlust höher ausfallen.

− Regulatorisches Umfeld: Änderungen der gesetzlichen, aufsichtsrechtlichen, steuerrechtlichen sowie politischen Rahmenbedingungen können zu komplexeren betrieblichen Abläufen und höheren Kosten führen und die Marktfähigkeit der von der Gruppe angebotenen Dienstleistungen und Produkte negativ beeinträchtigen.

− Umweltrisiken: Der Gruppe können in Bezug auf umweltschutz-, gesundheits- und sicherheitsrelevante Aspekte Verbindlichkeiten und Kosten entstehen; darüber hinaus können Bußgelder bzw. gerichtliche oder behördliche Bodensanierungsmaßnahmen verhängt oder der Betrieb eingeschränkt werden.

− Wertberichtigungen beim Firmenwert: Der Firmenwert der Gruppe (goodwill) wird als immaterieller Vermögenswert erfasst und wird regelmäßig auf seine Werthaltigkeit hin geprüft, wobei dieser Wert von allgemeinen wirtschaftlichen Faktoren abhängig ist. Ein fortgesetzter globaler Abschwung könnte eine Berichtigung des Firmenwerts der Gruppe notwendig werden lassen.

21

− Versicherungsschutz: Die Gruppe ist dem Risiko ausgesetzt, dass Ansprüche gegen sie geltend gemacht werden können, die entweder gar nicht oder nur teilweise versichert sind, und dass sie möglicherweise außerstande ist, eine Versicherungsdeckung zu annehmbaren Konditionen oder mit ausreichendem Umfang zu erhalten.

− Informationstechnologie: Die Gruppe ist darauf angewiesen, dass der Betrieb ihrer Computer-und Datenverarbeitungssysteme effizient und ohne Unterbrechungen verläuft. Betriebsausfälle oder -unterbrechungen ihrer Computer- und Datenverarbeitungssysteme könnten wesentliche nachteilige Auswirkungen auf die Gruppe haben.

− Risiken in Bezug auf eine Änderung der Organisationsstruktur: Die Gruppe hat weitreichende Änderungen in der Organisationsstruktur eingeführt, die zu Verlusten durch Wertminderung, Investitionen, einmaligen Ausgaben und vorübergehenden Ineffizienzen bei Arbeitsprozessen führen können.

− Struktur der Gruppe: Die Emittentin fungiert als Holdinggesellschaft für die Gruppe. Die Emittentin ist daher auf ihre operativen Tochtergesellschaften und Unternehmen, an denen sie Beteiligungen hält, oder Joint Ventures angewiesen, um ihre betrieblichen und sonstigen Aufwendungen, einschließlich Zins- und Kapitalzahlungen an die Schuldverschreibungsgläubiger im Rahmen der Schuldverschreibungen, decken zu können.

− Gewährleistungsrisiken: Bestehende und zukünftige Gewährleistungsverpflichtungen, darunter Gewährleistungsverpflichtungen aus Verkäufen von Geschäftsteilen und Firmenübernahmen, bergen das Risiko, dass der Gruppe in Zukunft Reparatur – und/oder Wiederbeschaffungskostenentstehen.

− Unfälle, Sicherheitsmängel, mangelhafte Vertragserfüllung, Qualitätsmängel bzw. Umweltschäden: Die Gruppe ist vom Vertrauen ihrer Kunden in die Sicherheit, Qualität und Umweltverträglichkeit ihrer Dienstleistungen und Projekte abhängig. Tatsächliche oder vermeintliche Projektunfälle, Sicherheitsmängel, Fälle mangelhafter Vertragserfüllung, Qualitätsmängel bzw. sich daraus ergebende Umweltschäden könnten sich nachteilig auf die Gruppe auswirken.

− Mitarbeiter in Schlüsselpositionen: Der Gruppe kann es unter Umständen nicht gelingen, qualifizierte Mitarbeiter, Führungskräfte sowie das Management der Geschäftssegmente und des Vorstands an sich zu binden bzw. genügend neue Mitarbeiter mit entsprechenden Qualifikationen einzustellen und/oder auszubilden.

− Firmenübernahmen und Joint Ventures: Vorangegangene Firmenübernahmen und Joint Ventures sowie zukünftige Firmenübernahmen und Joint Ventures bergen gewisse Risiken. Die Beendigung eines oder mehrerer Joint Ventures oder das Unvermögen der Gruppe, ein neues Joint Venture einzugehen bzw. ein bestehendes Joint Venture auszubauen, kann nachteilige Auswirkungen auf die Gruppe haben.

− Wechselkurse und Zinsen: Die Gruppe ist dem Risiko von Wechselkurs- und Zinsänderungen ausgesetzt und kann darüber hinaus Verluste aus damit zusammenhängenden Absicherungsgeschäften erleiden.

22

− Ausfall von Vertragspartnern: Die Gruppe ist dem Risiko eines Zahlungsausfalls ihrer Kunden, Vertragspartner sowie sonstiger Partner und Auftragsnehmer oder einer unzureichenden Verfügbarkeit von Krediten für ihre Kunden, Vertragspartner sowie sonstige Partner und Auftragsnehmer ausgesetzt.

− Liquiditätsrisiken: Die Gruppe ist Liquiditätsrisiken ausgesetzt, da sie bei Fehlen ausreichender Finanzmittel außerstande sein kann, ihren Zahlungsverpflichtungen nachzukommen.

− Ratings: Ratings der Emittentin und der Schuldverschreibungen tragen unter Umständen nicht sämtlichen Risiken einer Anlage in die Schuldverschreibungen in angemessener Weise Rechnung. Gleichermaßen können Ratings ausgesetzt, herabgestuft oder zurückgenommen werden, was nachteilige Auswirkungen auf den Marktwert und den Handelspreis der Schuldverschreibungen haben kann.

− Steuerliche Risiken: Die Gruppe ist verschiedenen steuerlichen Risiken ausgesetzt, einschließlich unerwarteter Ergebnisse von Betriebsprüfungen, bei denen die von den Steuerbehörden festgesetzten Steuerbeträge die zu diesem Zweck gebildeten Rückstellungen übersteigen, sowie dem Risiko, dass steuerliche Verluste und Verlustvorträge wegfallen oder dass Steuergesetze und die Verwaltungspraxis zum Nachteil der Gruppe geändert werden.

− Risiken in Bezug auf aktive latente Steuern: Unter Umständen ist die Gruppe nicht in der Lage, aktive latente Steuern zu realisieren, wenn sie außerstande ist, in Zukunft ausreichende steuerpflichtige Einkünfte zu erzielen.

Zusammenfassung der Risikofaktoren in Bezug auf die Schuldverschreibungen

Risikofaktoren in Bezug auf die Schuldverschreibungen umfassen, unter anderem, die folgenden Risiken:

− Eignung für Anleger: Potenzielle Investoren sollten prüfen, ob eine Anlage in die Schuldverschreibungen im Hinblick auf ihre individuelle Situation geeignet ist und sollten daher ihre Rechts-, Finanz- und Steuerberater zu Rate ziehen, um die Folgen einer Anlage in die Schuldverschreibungen zu prüfen und sich ein eigenes Urteil über die Anlage bilden zu können. Sollte eine Anlage für den jeweiligen Investor nicht geeignet sein, berücksichtigt der Investor möglicherweise nicht alle oder einige der mit einer Anlage in die Schuldverschreibungen verbundenen Risiken, bevor er eine Anlageentscheidung trifft.

− Kreditrisiko in Bezug auf die Emittentin: Der Eintritt eines der vorstehend genannten Risiken (siehe Zusammenfassung der Risiken in Bezug auf die Emittentin und den Konzern) kann die Fähigkeit der Emittentin, ihre Verpflichtungen aus den Schuldverschreibungen bei Fälligkeit vollständig zu erfüllen, möglicherweise beeinflussen. Dies kann zu einer Minderung des Marktwerts der Schuldverschreibungen führen. Darüber hinaus kann es zu einer Minderung des Marktwerts der Schuldverschreibungen aufgrund einer abweichenden Einschätzung von Marktteilnehmern selbst dann kommen, wenn die Wahrscheinlichkeit, dass die Emittentin ihre Verpflichtungen aus den Schuldverschreibungen bei Fälligkeit vollständig erfüllen kann, nicht gesunken ist.

23

− Zinsrisiko: Wenn die Zinssätze im Allgemeinen oder insbesondere im Hinblick auf Verbindlichkeiten von Gesellschaften oder von Gesellschaften, die in Industriesektoren tätig sind, für Laufzeiten, die der restlichen Laufzeit der Schuldverschreibung entsprechen, steigen, kann dies zu einer Minderung des Marktwerts der Schuldverschreibungen führen. Darüber hinaus können sich weitere Faktoren auf den Marktwert der Schuldverschreibungen auswirken, insbesondere die Währungspolitik von Zentralbanken, weltweite oder nationale allgemeine Wirtschaftsfaktoren und weltweite oder nationale Krisen im Finanz- oder Wirtschaftsbereich.

− Liquiditätsrisiko: Es kann nicht gewährleistet werden, dass eine Börsenzulassung der Schuldverschreibungen erfolgt. Auch wenn eine Börsenzulassung erfolgt ist, ist nicht sichergestellt, dass sich ein liquider Sekundärmarkt für die Schuldverschreibungen entwickelt, oder wenn er sich entwickelt, dass er von Dauer ist. Der Umstand, dass eine Börsenzulassung der Schuldverschreibungen erfolgt, bedeutet nicht automatisch, dass die Liquidität höher ist als bei nicht zum Börsenhandel zugelassenen Schuldverschreibungen.

− Inflationsrisiko: Der effektive Ertrag aus einer Anlage wird durch Inflation geschmälert. Entspricht die Inflationsrate dem Nominalertrag oder übersteigt sie diesen, ist der effektive Ertrag null oder gar negativ. Der Marktwert der Schuldverschreibungen sinkt, wenn die Inflationsrate steigt.

− Risiko einer vorzeitigen Rückzahlung: Falls die Emittentin das ihr nach den Anleihebedingungen zustehende Recht auf vorzeitige Tilgung im Falles eines Steuerereignisses oder nach einem Kontrollwechsel ausübt, bestehen für die Anleihegläubiger Risiken im Zusammenhang mit der Wiederanlage des Rückzahlungsbetrags. Anleihegläubiger sind in diesen Fällen zudem dem Risiko ausgesetzt, dass ihre Anlage eine geringere Rendite als erwartet aufweisen wird.

− Risiko im Zusammenhang mit einem Kontrollwechsel: Wenn Anleihegläubiger im Fall eines Kontrollwechsels ihr Recht auf vorzeitige Rückzahlung ausüben, sind sie dem Risiko ausgesetzt, dass ihre Anlage einen geringeren Ertrag aufweist als ursprünglich angenommen. Falls Anleihegläubiger ihr Recht auf vorzeitige Rückzahlung nicht ausüben, können Zahlungen an andere Anleihegläubiger und andere Gläubiger die emittentenbezogenen Risiken erhöhen. Des Weiteren ist zu berücksichtigen, dass sich das Risiko im Hinblick auf die Liquidität der Emittentin erhöht, falls alle Anleihegläubiger ihr Recht auf vorzeitige Rückzahlung im Fall des Eintritts eines Kontrollwechsels ausüben.

− Transaktionskosten/Gebühren: Nebenkosten können die Erträge aus Schuldverschreibungen erheblich mindern oder gar aufzehren.

− Besteuerung: Potenzielle Käufer und Verkäufer der Schuldverschreibungen sollten sich vergegenwärtigen, dass sie gegebenenfalls verpflichtet sind, Steuern oder andere Gebühren oder Abgaben nach Maßgabe der Gesetze und Praktiken desjenigen Landes zu zahlen, in das die Schuldverschreibungen übertragen werden, oder möglicherweise auch nach Maßgabe anderer Rechtsordnungen.

− Änderung der Anleihebedingungen durch Beschlüsse der Anleihegläubiger: Für einen Anleihegläubiger besteht das Risiko, dass er überstimmt wird und gegen seinen Willen Rechte gegenüber der Emittentin verliert, falls Anleihegläubiger mit einer Stimmenmehrheit gemäß dem Schuldverschreibungsgesetz ihre Zustimmung zu Änderungen der Anleihebedingungen erteilen.

24

− Gemeinsamer Vertreter: Falls ein gemeinsamer Vertreter gemäß den Anleihebedingungen bestellt wird, kann ein Anleihegläubiger ganz oder teilweise die Möglichkeit verlieren, seine Rechte gegenüber der Emittentin unabhängig von den anderen Anleihegläubigern nach den Anleihebedingungen durchzusetzen und geltend zu machen.

− Rechtsänderungen: Es wird keine Zusicherung im Hinblick auf die Auswirkungen zukünftiger gerichtlicher Entscheidungen, Änderungen des deutschen Rechts oder der Verwaltungspraxis, die nach dem Datum dieses Prospekts eintreten, gegeben.

ZUSAMMENFASSUNG DER BESCHREIBUNG DER EMITTENTIN

Allgemeine Angaben

Die Emittentin ist eine nach deutschem Recht errichtete Aktiengesellschaft. Die Emittentin ist im Handelsregister des Amtsgerichts Bochum unter HRB 10437 eingetragen. Der eingetragene Sitz der Emittentin ist Dorstener Straße 484, 44809 Bochum, Deutschland, und ihre Telefonnummer lautet +49 (0) 234 980-0. Die Geschäftsadresse der Emittentin ist Peter-Müller-Straße 12, 40468 Düsseldorf, Deutschland. Die Verlegung des eingetragenen Sitzes der Emittentin von Bochum nach Düsseldorf wird auf der nächsten Hauptversammlung der Emittentin, die am 21. April 2011 stattfinden wird, vorgeschlagen.

Überblick über die Geschäftstätigkeit Die Gruppe ist weltweit im Bereich Spezialmaschinenbau tätig; ihr Angebot umfasst insbesondere Produktionsanlagen für die Nahrungsmittel- und Energieindustrie. Die Gruppe ist auf Prozesstechnik und Komponenten für anspruchsvolle Produktionsprozesse in verschiedenen Endmärkten spezialisiert. Zu den Kerntechnologien der Gruppe gehören Wärmeaustausch (Erwärmen, Kühlen und Einfrieren) und Stoffaustausch (Separieren, Trocknen/Erwärmen, Destillieren, Pumpen/Dosieren und Agglomerieren/Verpacken).

Im Geschäftsjahr 2010 hat die Gruppe mit ihren weltweit mehr als 20.000 Mitarbeitern einen Umsatz von € 4,4 Mrd. erzielt.

Die wichtigsten Marktsektoren, in denen die Gruppe tätig ist, sind die Bereiche Ernährung, Milchwirtschaft, Getränke, Energie, Brauerei, Pharma, Umwelt und Marine. Der wichtigste regionale Markt ist Westeuropa, gefolgt vom asiatisch-pazifischen Raum, Nordamerika, Osteuropa und GUS, Lateinamerika, Afrika und dem Nahen Osten. Die drei wichtigsten Absatzländer der Gruppe sind Deutschland, die USA und China.

Die Geschäftstätigkeiten der Gruppe sind in die folgenden Segmente gegliedert:

• GEA Farm Technologies ist ein Hersteller von technischen Innovationen, integrierten Produktlösungen und effektiven Tierhygieneprodukten für eine rentable Milchproduktion und Tierhaltung.

• GEA Heat Exchangers deckt zahlreiche Anwendungsbereiche von der Klimaanlage bis zum Kühlturm ab und umfasst ein breites Portfolio an Wärmeaustauschern.

25

• GEA Mechanical Equipment bietet qualitativ hochwertige verfahrenstechnische Komponenten an, darunter beispielsweise Separatoren, Dekanter, keramische Membranmodule, Ventile, Pumpen und Homogenisatoren, die reibungslose Prozesse und kostenoptimierte Produktionsabläufe garantieren.

• GEA Process Engineering ist in den Spezialgebieten Flüssigkeitsverarbeitung, Konzentration, industrielle Trocknung, Pulververarbeitung und -behandlung, Emissionsschutz sowie feste Darreichungsformen und sterile Verpackungen auf die Planung und Entwicklung von Prozesslösungen für die Milch- und Brauereiwirtschaft, die Getränke- und Nahrungsmittelindustrie sowie für die pharmazeutische und chemische Industrie spezialisiert.

• GEA Refrigeration Technologies ist im Bereich industrielle Kältesysteme tätig und auf die Entwicklung, Erstellung, Installation und Wartung von innovativen Schlüsselkomponenten und technischen Lösungen spezialisiert.

• GEA Convenience-Food Technologies ist ein Hersteller von Prozesstechnik zur sekundären Lebensmittelverarbeitung und -verpackung für die Vorbereitung, Marinierung, Weiterverarbeitung sowie das Slicen und Verpacken von Fleisch, Geflügel, Fisch, Käse und anderen Nahrungsmitteln.

Organisationsstruktur

Die Emittentin ist die Muttergesellschaft von mehr als 350 Tochtergesellschaften und hält Anteile an 4 verbundenen Unternehmen, auf die sie einen maßgeblichen Einfluss ausüben kann, sowie an 14 Joint Ventures.

Aktienkapital

Das Grundkapital der Emittentin betrug zum 31. Dezember 2010 € 496.890.368,79 und war in 183.807.845 nennwertlose Aktien mit einem rechnerischen Wert von € 2,70 je Aktie eingeteilt. Der Betrag und die Stückelung des Grundkapitals hat sich zum Datum dieses Prospekts nicht geändert.

Vorstand und Aufsichtsrat

Der Vorstand der Emittentin besteht aus drei Mitgliedern: Jürg Oleas (Vorsitzender), Dr. Helmut Schmale (CFO) und Niels Graugaard.

Der Aufsichtsrat der Emittentin besteht aus 12 Mitgliedern. Der Vorsitzende des Aufsichtsrats ist Dr. Jürgen Heraeus und der stellvertretende Vorsitzende ist Reinhold Siegers. Weitere Mitglieder sindDieter Ammer, Ahmad M.A. Bastaki, Hartmut Eberlein, Rainer Gröbel, Klaus Hunger, Michael Kämpfert, Dr. Dietmar Kuhnt, Kurt-Jürgen Löw, Dr. Helmut Perlet und Joachim Stöber.

26

Ausgewählte Finanzinformationen

Die folgende Aufstellung stellt ausgewählte wesentliche Kennzahlen des Konzerns dar, die den geprüften konsolidierten Konzernabschlüssen und dem Konzernlagebericht (sofern nicht anders gekennzeichnet) der Emittentin für die am 31. Dezember 2009 bzw. am 31. Dezember 2010 endenden Geschäftsjahre entnommen wurden:

Kennzahlen des Konzerns(in Mio. €)

2010 2009Auftragseingang 4.578,0 4.080,7Umsatz 4.418,4 4.411,2Auftragsbestand 2.414,0 2.164,1EBITDA vor Restrukturierungsaufwand 463,5 433,7in % vom Umsatz 10,5 9,8EBIT vor Restrukturierungsaufwand 356,8 333,2in % vom Umsatz 8,1 7,6EBIT 237,5 268,2in % vom Umsatz 5,4 6,1EBT 174,8 209,2Ergebnis nach Steuern aus fortgeführten Geschäftsbereichen 133,5 161,4Ergebnis nach Steuern aus nicht fortgeführten Geschäftsbereichen 0,2 0,3Konzernergebnis 133,7 161,7

Bilanzsumme 5.105,0 4.994,4Konzern-Eigenkapital 1.895,3 1.735,0in % der Bilanzsumme 37,1 34,7Working Capital (Stichtag)1 444,6 481,7Working Capital (Durchschnitt)2 (ungeprüft) 549,6 721,9in % vom Umsatz3 (ungeprüft) 12,4 16,4Nettoliquidität4 104,8 47,1

Cash-flow aus der laufenden Geschäftstätigkeit 298,4 540,6Sachinvestitionen 87,9 135,41 Working Capital = Vorräte + Forderungen LuL – Verbindlichkeiten LuL –

erhaltene Anzahlungen auf Bestellungen und Fertigungsaufträge – passivischer Saldo aus Fertigungsaufträgen 2 Durchschnitt der letzten 12 Monate3 Working Capital (Durchschnitt) / Umsatz4 einschließlich nicht fortgeführte Geschäftsbereiche

27

RISK FACTORS

The Issuer believes that the following factors may affect its ability to fulfil its obligations under the Notes and the market value of the Notes, in which case the Noteholders could lose all or part of their investments. All of these factors are contingencies which may or may not occur and the Issuer is not in a position to express a view on the likelihood of any such contingency occurring or its magnitude. In addition, factors which are material for the purpose of assessing the market risks associated with the Notes are described below in no particular order and should be aware that the risks describedmight combine and thus intensify one another.

The Issuer believes that the factors described below represent the principal risks inherent in investing in the Notes, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Notes may occur for other reasons which may not be considered significant risks by the Issuer based on information currently available to the Issuer or which it may not currently be able to anticipate. Prospective investors should also read the detailed information set out elsewhere in this Prospectus and reach their own views prior to making any investment decision.

RISKS RELATING TO THE ISSUER AND THE GROUP

General Economic Situation

The markets in which the Group operates are materially influenced by the general economic situation and its cycles and volatility. The levels of economic activity vary widely in the different regions and countries where the Group operates and, in some of these regions and countries, typically display cyclical changes and fluctuations at intervals shorter than a year. A downturn in the general economic activity as well as in the markets in which the Group operates could lead, inter alia, to a reduced demand in the Group's products and services, increasing price pressure or an increasing inability of its customers to make payments. Such negative economic developments could have a negative impact on the Group's revenues and business prospects which in turn could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Country Risks

The Group operates globally and around one-third of its business relates to emerging markets countries. Due to the international scope of its business operations, the Group faces risks with respect to possible geopolitical instability, terrorist attacks, natural disasters and epidemics. These factors could have a material adverse effect on the general level of economic activity, which could also lead to reduced sales opportunities for the Group and adversely affect its growth prospects. Moreover, certain countries in which the Group operates, such as China, India, Nigeria and Vietnam have different business practices and in some cases considerably lower levels of economic, political, and legal stability as compared to Western Europe, North America or Australia. This lack of stability could have a material adverse effect on sales and revenue trends and growth opportunities in these countries. The aforementioned political, economic and other risks, each one individually or in the aggregate, could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Financing Available to Customers

A significant portion of the Group's business consists of projects that depend on the financing available to the Group's customers. A shortage in available financing opportunities may make it difficult to carry out such projects. For the same reason, existing orders may be deferred or cancelled.

28

This could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Price Risk

The Group is exposed to risks relating to the availability, quality and cost of raw materials, energy, input materials and intermediate products. In particular, the Group requires various metals such as aluminium, copper, steel, and titanium. The market price and availability of these products which the Group uses for its operations fluctuate sharply depending on the market situation. Overall, the prices of raw materials, in particular metals, rose steadily in the first quarter of 2011 and this trend may continue in the future. Currently, the Group does not use commodity derivatives as hedging instruments against price fluctuations of raw materials. The Group may not be able to pass price increases on to its customers which would reduce the Group's profit margins. If the Group passes price increases on to its customers, this could reduce the sales revenues. Both scenarios could also have a material adverse effect on the net assets, financial position and results of operations of the Group.

Product Liability Claims and Other Legal and Litigation Risks

The Group cooperates with manufacturers and other suppliers which provide it with the materials used in its operations. As the Group does not have direct control over the quality of the materials manufactured or supplied by such third parties, it is exposed to a risk related to the quality of such materials. The Group may use materials in its operations which are subsequently suspected to contain defects of quality or to have been the cause of damage to persons or property, which may subject the Group to reputational damage or which may form the basis for claims that clients and other third parties assert against the Group, or in respect of which the Group may be required to take appropriate corrective action with regard to affected products. In this regard, claims asserted can be expensive to defend and can divert the attention of personnel for significant time periods, regardless of the ultimate outcome. A lost product or performance liability claim could have a material adverse effect on the net assets, financial position and results of operations of the Group. Even if the Group is successful in defending against claims relating to the products sold or services performed by it, the mere assertion of such claims could have a negative impact on client confidence in the services and products of the Group as well as in the Group itself.

Due to its global operations, the Group is exposed to various other legal risks. In addition to the risks relating to product liability claims, this includes risks relating to competition and antitrust law, patent law, tax legislation and environmental protection (for further details please refer to Intellectual Property and Know-How Risks, Regulatory Environment, Environmental Risks, Warranty Risks and Tax Risks). The Group has been and is currently involved in a number of legal and arbitration proceedings and may continue to do so in the future. The outcome of any current pending or future proceedings can not be predicted with certainty and any litigation carries the risk of an adverse outcome. Thus, legal or regulatory judgements or agreed settlements could give rise to expenses which are not covered, or not fully covered, by insurance benefits or which exceed the amounts that may have been set aside for the relevant proceeding. This could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Competition Risk

The market for farm technology, heat exchangers, mechanical equipment, process engineering, refrigeration technology and convenience-food technology in which the Group operates are competitive. The Group holds different competitive positions in each of these markets. Depending on the region, the Group competes with large international as well as with numerous smaller regional suppliers.

29

If the Group is unable to continue to provide its services to existing clients, to develop new service portfolios, to attract new clients, to respond to client trends, to increase its operating efficiency and to reduce its operating and overhead costs, it may not be able to successfully compete in the relevant markets. The Group's expansion in new markets, such as in China and India, may lead to more intense competition in those markets. Should the Group fail to maintain its market position in the relevant markets, this could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Existing or new competitors may develop their current products and technologies further or create alternative ones that are more attractively priced, offer higher quality or are more appealing for other reasons than the Group's products. If new or better developed products can be offered at more attractive prices, or if such products are more attractive than the Group's products for other reasons such as a higher degree of functionality, demand for the Group's products would fall, which could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Intellectual Property and Know-How Risks

The Group owns a significant number of patents and other intellectual property that is of significant importance to the business of the Group. The granting of patents does not necessarily imply that they are effective or that potential patent claims can be enforced to the degree required or desired. Additionally, the Group cannot guarantee that all the patents it has applied for or planned in connection with new technological developments will be granted in each of the countries where the Group considers this necessary or desirable. Third parties may infringe the Group's patents and/or intellectual property rights and the Group, for legal or factual reasons, might be unable to halt such infringements.

If the Group is unable to protect its intellectual property, it may not be able to profit from the advances in technology it has achieved, which could lead to a reduction in future results of operations. This could affect its competitive position and any resulting reduction in revenues would have a material adverse effect on the Group's business, financial condition and results of operations.

Additionally, the Group cannot exclude the possibility that it may infringe upon the patents or other intellectual property rights of third parties, since its competitors also have submissions for patent protection. This may result in the prohibition of using the affected technologies or the Group being forced to purchase licences, alter manufacturing processes, or pay compensation.

Know-how and industrial secrets that are not patented or cannot be patented are also of significant importance in the Group's business, in particular in areas with technologically demanding products and production processes. For example, there is a risk that the Group's competitors are granted patents for products and production processes that, at that time, the Group had already produced or implemented without a patent. In the relevant country, this could lead to restrictions regarding the sale of the affected products, the application of the relevant production processes or to an obligation to pay license fees. The Group cannot be certain that it will be able to protect its industrial secrets, or that third parties will not develop the same or similar know-how independently.

Any restrictions on delivery and production due to patent infringement, or production interruptions resulting from patent infringement, whether due to a change in a manufacturing process or due to other reasons, or the subsequent acquisition of corresponding licenses could have a material adverse effect on the net assets, financial position and results of operations of the Group.

30

Calculation and Execution Risks

The Group is subject to calculation and execution risks, in particular in connection with the planning and execution of major projects and fixed-price contracts (please also see Warranty Risks). Long-term engineering orders are a substantial element of the Group's business. Fixed-price contracts only grant limited rights to price adjustments during the term of a project. When assessing the price for long-term engineering orders, the Group must make numerous assumptions on key factors relevant to the estimate of the costs, including, inter alia, productivity rates, weather, availability and costs of raw materials. If such assumptions are incorrect, this may have an adverse impact on the profitability of the relevant project. In addition, contracts may also entail particular risks of technical problems, bottlenecks in the supply of major components, unforeseen developments during on-site assembly, quality problems with subcontractors as well as providing a specific completion schedule. If those risks materialise, this could adversely affect the financial success and/or the reputation of parts of the Group. This failure could potentially expose the Group to complex litigation and result in significant contractual penalties and/or could damage the Group's standing as a reliable partner within the industry and client base. Additionally, missed deadlines could adversely affect the liquidity position of the Group. These calculation and execution risks could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Regulatory Environment

Numerous laws and regulations apply to the business operations of the Group in the various markets in which it operates. The Group is subject to the laws applicable to commercial enterprises, including in particular laws relating to taxation, land utilization, occupational health and safety, security, quality and liability, transportation, work and employment practices (including pensions), competition and numerous provisions of environmental law, in particular in the field of emissions, water and soil protection as well as waste management. In addition, the type of services which the Group is permitted to perform may be governed by law. Compliance with these numerous statutory provisions requires significant effort and expense. Any amendment to, and in particular a tightening of, such provisions could complicate operational procedures and adversely affect the saleability and marketability of the services offered by the Group or increase its compliance costs and tax burden, which could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Environmental Risks

The Group is subject to various laws and regulations relating to the protection of the environment, health and public safety in the countries in which it operates. Liabilities, costs, penalties, soil remediation orders by courts or authorities or operational restrictions may be imposed on or incurred by the Group in connection with environmental and health and safety issues, which could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Under such laws and regulations, the Group may have to bear the costs for the investigation and remediation of contamination and other environmental conditions (including mining damage) relating to its current and former operations and its properties. These laws and regulations may impose strict liability, rendering the Group liable without regard to any fault of its own, and could expose the Group to a risk of liability for the conduct of or conditions caused by others or for acts that were in compliance with all laws applicable at the time such acts were performed. In addition, contaminated properties may experience decreases in value and are likely to be more difficult for the Group to dispose of. Environmental regulations may be subject to change, which in turn could increase the requirements imposed on the Group under such regulations, the Group's exposure to risks of non-compliance and the costs incurred by the Group.

31

The Group may be liable to third parties in respect of any personal injury or property damage resulting from environmental and health and safety issues arising in connection with the current and former operations of the Group. The Group may also be liable to third parties in respect of environmental matters under any covenant, warranty, representation, indemnity or similar provision contained in the agreements by which it has acquired or disposed of properties.

Non-compliance with existing or future environmental and health and safety laws and regulations, including a failure to obtain or maintain requisite permits and authorisations, may result in criminal or administrative fines or other penalties. Such costs and liabilities, if incurred, could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Goodwill Impairment

Goodwill is recognised as an intangible asset and is subject to an impairment test which must be performed at least annually or if particular circumstances or changes in circumstances occur that indicate an impairment. Within the context of carrying out the annual impairment tests in accordance with IRFS 3/IAS 36, goodwill is allocated to cash generating units where synergies are to be expected. A comparison of the fair values attributed to the units with their carrying values including goodwill has so far not resulted in need for impairments. Due to the significance that general economic factors have in the context of assessing the value of goodwill, a continued global downturn and a potential rise in interest rates worldwide could potentially necessitate an impairment of goodwill of the Group. Any such impairment could have an adverse effect on the net assets and results of operations of the Group.

Insurance Coverage

The Group may face claims asserted by its contracting parties or third parties. Although the Group has taken out commercial insurance to protect itself against risks in an amount it believes is appropriate, there is no guarantee that the Group will be able to obtain corresponding coverage on acceptable terms in the future or that the insurance taken out will provide sufficient coverage for all potential claims. If sufficient insurance coverage is not in place in any individual case, or the cover amount is not sufficient for a claim asserted against the Group, this could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Information Technology

The Group is dependent on an efficient and uninterrupted operation of its computer and data processing systems. Computer and data processing systems are generally prone to failures, damage, power outages, computer viruses, fire and similar events. A failure or interruption in the operation of these systems can therefore not be ruled out. Failures or interruptions in the operation of the computer and data processing systems used by the Group could pose an obstacle to the effective management of the Group. This could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Organisational Change Risks

In implementing a new segment structure effective as of 1 January 2010, the Group introduced extensive organisational changes, in particular, in the segment GEA Heat Exchangers. These changes entail a reduction in the number of operating locations. The measures involved in the change include reductions in capacity and site closures. These organisational measures may result in impairment losses and investments, one-time expenditures, and temporary inefficiencies in operating processes and could therefore have a material adverse effect on the net assets, financial position and results of operations of the Group.

32

Group Structure

The Issuer acts as the holding company for the Group and is responsible for the strategic and financial management of the Group. All business operations are conducted by the business segments and the respective operating subsidiaries or companies in which the Group holds participations or joint ventures (the Business Participations). The assets of the Issuer essentially consist of the shares in its operating subsidiaries and Business Participations. Given the Issuer's global operations the Group comprises of a large number of operating subsidiaries (both Material Subsidiaries and a high number of other subsidiaries) and Business Participations which individually contribute to the Group’s results.Therefore, in order to be able to meet its operating and other expenses, including the payment of interest and principal to the Noteholders under the Notes, the Issuer is dependent on its operating subsidiaries and Business Participations. The inability of such subsidiaries and Business Participations to distribute sufficient profits due to economic reasons or contractual or other legal reasons restricting the transfer of funds to the Issuer could have a material adverse effect on the ability of the Issuer to pay interest on and repay the principal amount of the Notes.

Warranty Risks

Existing and future warranty obligations place the Group in risk of incurring future repair and/or replacement costs. Many orders typically provide for warranty obligations that remain in force for several years, thereby exposing the Group to future, unforeseen costs. Some warranty risks relating to selected orders have remained with the Group following the sale of particular divisions. In particular, the sale of the former Lurgi Division has entailed remaining risks that relate to the ongoing warranties for a number of plants and standard warranties and guarantees with regard to legal and tax issues. Additionally, the Group has assumed warranties from pre-existing entities as part of recent acquisitions. Substantial, extraordinary amounts of warranty claims could have a material adverse effect on the net assets, financial position and results of operations of the Group

Accidents, Safety Defects, Defective Performance, Quality Defects or Environmental Damage

The Group is dependent on its clients' confidence in the safety, quality and environmental compatibility of its services and projects. Actual or alleged accidents at projects, safety defects, defective performance, quality defects or environmental damage resulting therefrom could affect the demand for services of the Group and have adverse financial consequences. Accidents occurring during the execution of major projects can cause serious damage to persons and property and could permanently damage the reputation of the Group in the public opinion, even if the Group was not actually responsible for causing such damage and no fault on the part of the Group has been proven.This could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Key Employees

The success of the Group largely depends on the performance of qualified employees, executive staff, the management of the business segments and the executive board (Vorstand). It cannot be guaranteed that the Issuer will succeed in retaining such management staff and employees in key positions or to recruit and/or train a sufficient number of new employees with corresponding qualifications. If the Group is unable to retain or recruit a sufficient number of management staff and skilled employees, maintaining its market position, as well as future growth, would be at risk. This could have a material adverse effect on the net assets, financial position and results of operations of the Group.

33

Acquisitions and Joint Ventures

In the past, the Group has acquired numerous businesses and entered into joint ventures in order to expand its operations. Acquisitions, joint ventures and group company reorganizations entail risks resulting from the integration of employees, processes, technologies, and products. Such transactions may give rise to substantial administrative and other expenses. Portfolio measures may also result in the need for additional finance and may impact negatively on financing requirements and the financing structure. There is no guarantee that the integration process in regard to future acquisitions or joint ventures will be successful.

In the future, the Group may acquire businesses or enter into joint ventures in a targeted manner. In this regard, there is no guarantee that the Group will be able to identify suitable businesses and to acquire them or enter into joint ventures on favourable terms. There is also a risk that not all material risks in connection with the acquisition of a company or the establishment of a joint venture will be identified in the due diligence process and will not be or could not be sufficiently taken into account in the decision to acquire a business and in the purchase agreement, or the decision to enter into a joint venture and the joint venture agreement. These risks could materialise only after a company has been acquired or a joint venture has been entered into, and may not be covered by the warranties in the purchase agreement or the joint venture agreement or by insurance policies.

Each of the aforementioned factors could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Exchange and Interest Rates

The Group operates globally, entering into contracts denominated in various different currencies. Usually, orders in emerging markets are invoiced in U.S. dollars or euros. The cash inflows, in particular U.S. dollars, expose the Group to exchange rate fluctuations. The Group requires all Group companies to hedge foreign-currency items and some risk is eliminated through hedging. However, hedging may not eliminate all risk. A depreciation of other currencies against the euro will mean that, despite constant sales volumes and nominally constant prices, the Group will, after translation into euros, generate lower profits and may affect sales opportunities outside the euro zone. A number of the Issuer´s subsidiaries report their results in currencies other than the euro, which requires the Issuer to convert the relevant items into euros when preparing its consolidated financial statements. These translation risks are generally not hedged.

Moreover, the Group is exposed to a risk of interest-rate changes relating to its borrowing. The Group operates worldwide, liquidity is invested and raised in the international money and capital markets in different currencies, mainly euros and U.S. dollars, and at different maturities. Interest-rate fluctuations could affect both the amount of interest payable on existing debt and the refinancing costs.

These currency and interest-rate risks, or any losses resulting from related hedging transactions, could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Default of Contracting Parties

The Group is exposed to a risk of payment default by, or lack of credit facilities for, its clients who have agreed to purchase products from the Group, or contracting parties with whom the Issuer or any of its subsidiaries work in consortiums or similar joint ventures, and other partnerships and subcontractors of the Group. Other parties with which the Group has entered into financial or other arrangements could also be in default or have no access to credit facilities. The default of contracting

34

parties could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Liquidity Risks

The Group is exposed to liquidity risk in that it may be unable to meet payment obligations because it has insufficient cash funds at its disposal. Managing this risk for the Group is the task of the Issuer. Cash funds are arranged and credit lines managed on the basis of a multiyear financial plan and a rolling month-by-month cash forecast. The inability to ensure sufficient liquidity could have a material adverse effect on the net assets, financial position and results of operations of the Group.

Credit Ratings

Fitch and Moody's have assigned credit ratings to the long term debt of the Issuer and the Notes. The ratings may not reflect the potential impact of all risks related to the Issuer and the Notes, respectively. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time which may have an adverse effect on the market value and trading price of the Notes.

Tax Risks

The German and foreign tax assessments of the Group are audited by the tax authorities at regular intervals. The Group regularly reviews the applicable German and foreign taxation rules in order to identify new developments and make the relevant adjustments. Due to the complexity and dynamics of both tax legislation and the interpretation of applicable law by the tax authorities, it is possible that the outcome of the tax audits performed in Germany and abroad may not be as expected and that the tax amounts determined by the tax authorities may exceed the provisions set up for this purpose, so that additional liquid funds must be applied to pay the tax owed, which would affect the net assets, financial position and results of operations of the Group.

In the event of changes in the Issuer's shareholder structure, there is a risk that tax losses and losscarryforwards could be forfeited in whole or in part. If, within five years, directly or indirectly more than 25 % or more than 50 % of the subscribed capital, the membership rights, the participation rights or the voting rights in a legal entity are transferred to an acquirer or a party related to such acquirer or if a similar situation occurs (harmful takeover (schädlicher Beteiligungserwerb)), any losses and loss carryforwards accrued up to the date of the harmful takeover are forfeited in accordance with Section 8c of the German Corporate Income Tax Act (Körperschaftsteuergesetz; KStG) in whole or in part. Additionally, in the event of changes in ownership structure, the ability to use U.S. loss carryforwards may also be restricted under section 382 of the U.S. Internal Revenue Code.

This forfeiture of tax loss carryforwards would diminish the deferred tax assets. This effect would not have an impact on liquidity in the consolidated financial statements of the Issuer. However, the tax burden in future assessment periods could be increased if corresponding tax loss carryforwards or interest carryforwards can no longer be set off against the taxable annual income.

Moreover, future changes in tax law or in administrative practices in Germany or other countries where the Group may from time to time be subject to taxation could increase the tax burden of the Group. This could have an adverse effect on the net assets, financial position and results of operations of the Group.

35

Deferred Tax Assets Risk

Whether or not it will be possible to realise deferred tax assets will depend on the ability of the Group to generate sufficient taxable income in the future in order to make use of tax loss carryforwards or tax credits. A change in the estimated amounts or the future taxable income of the Group may result in the necessity to recognise further impairments. This could have an adverse effect on the net assets, financial position and results of operations of the Group.

RISKS RELATING TO THE NOTES

An investment in the Notes involves certain risks associated with the characteristics and type of the Notes which could lead to substantial losses that Noteholders would have to bear in the case of selling their Notes or with regard to receiving interest payments and repayment of principal. Risks regarding the Notes comprise, among other things, the following:

Suitability for Investors

Potential investors should determine whether an investment in the Notes is appropriate in their particular circumstances and should consult with their legal, financial and tax advisers to determine the consequences of an investment in the Notes and to make their own evaluations of the investment.

Investment in the Notes is only suitable for investors who:

(i) have the requisite knowledge and experience in financial and business matters to evaluate the merits and risks of an investment in the Notes and the information contained or incorporated by reference in this Prospectus;

(ii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes;

(iii) are acquiring the Notes for their own account for investment, not with a view to resale (unless investors are capable of bearing the risk of a possible decline of the market value of the Notes), distribution or other disposition of the Notes (subject to any applicable law requiring that the disposition of the investor's property be within its control);

(iv) will recognise that it may not be possible to make any transfer of the Notes for a substantial period of time, if at all;

(v) understand thoroughly the Terms and Conditions of the Notes and are familiar with the behaviour of any relevant financial markets; and

(vi) are able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

If an investment is not suitable for the respective investor, such investor may not take all or some risks inherent with an investment in the Notes into consideration before making an investment decision.

Creditworthiness of the Issuer

The materialisation of any of the risks referred to above (see Risks relating to the Issuer) may affect the Issuer's ability to fully perform all obligations under the Notes when they fall due in which case the market value of the Notes may suffer. In addition, even if the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due actually has not decreased,

36

market participants could nevertheless have a different perception. Market participants may in particular be of such opinion if market participants' assessment of the creditworthiness of corporate debtors in general or debtors operating in the industries sector adversely change.

If any of these risks occur, third parties would only be willing to purchase Notes for a lower price than before the materialisation of said risk. The market value of the Notes may therefore decrease.

Interest Rate Risk

If interest rates in general or particularly with regard to obligations of corporate debtors or corporate debtors with activities in the industries sector for durations equal to the remaining term of the Notes increase, the market value of the Notes may decrease. The longer the remaining term of a debt instrument, the stronger its market value is affected by changes of the interest rate level. As the term of the Notes is five years, changes in interest rates will have a strong impact on the market value of the Notes. There are further factors which may affect the market value of the Notes, including, but not limited to policies of central banks, global or national economic factors and crises in the global or national financial or corporate sector.

Liquidity Risk

Prior to the issue of the Notes, there has been no public market for the Notes. Application has been made for the Notes to be admitted to listing on the Official List of the Luxembourg Stock Exchange and to trading on the regulated market of the Luxembourg Stock Exchange. The issue of the Notes is not conditional upon such listing and trading being granted. No assurances can be given that such listing will be obtained. In addition, even if a listing is granted there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted notes. In an illiquid market, a Noteholder might not be able to sell the Notes at any time at fair market prices or at all. The possibility to sell the Notes might additionally be restricted by country specific reasons.

Inflation Risk

The inflation risk is the risk of future money depreciation. The real yield from an investment is reduced by inflation. The higher the rate of inflation, the lower the real yield on the Notes. If the inflation rate is equal to or higher than the nominal yield, the real yield is zero or even negative. The market value of the Notes decreases if the inflation rate increases.

Early Redemption Risk

In the event that (i) the Issuer would be obliged to increase the amounts payable in respect of any Notes due to any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Germany or any political subdivision thereof or any authority therein or thereof having power to tax, or (ii) if 80 per cent or more of the aggregate principal amount of the Notes then outstanding has been redeemed following a Change of Control (as defined in the Terms and Conditions), the Issuer may redeem all outstanding Notes in accordance with the Terms and Conditions of the Notes.

Noteholders are exposed to risks connected to the reinvestment of cash proceeds from the redemption amount and might suffer a lower than expected yield.

37

Risks in Case of Change of Control

§ 7 of the Terms and Conditions grants the Noteholders a right of early redemption in case of a Change of Control (as defined in the Terms and Conditions). While the right of early redemption allows Noteholders to disengage from their investment in the Notes, they will be exposed to the risk that – if they exercise their right to demand early redemption – their investment has a lower than expected yield. In addition, Noteholders may only be able to reinvest the amount received from the Issuer upon such early redemption on less favourable conditions as compared to the original investment. For Noteholders who do not exercise their right to demand early redemption upon the occurrence of a Change of Control, payments made to Noteholders and other debtors as a result of any early redemption might increase the risks relating to the Issuer, in particular, with respect to the Issuer's liquidity and funding risks. Furthermore, it should be noted that the risk with respect to the Issuer's liquidity will increase if all Noteholders exercise their right to demand early redemption upon the occurrence of Change of Control.

Transaction Costs/Charges

When the Notes are purchased or sold, several types of incidental costs (including transaction fees and commissions) are incurred in addition to the purchase or sale price of the Note. Credit institutions as a rule charge commissions which are either fixed minimum commissions or pro-rata commissions, depending on the order value. To the extent that additional – domestic or foreign – parties are involved in the execution of an order, including but not limited to domestic dealers or brokers in foreign markets, Noteholders may also be charged for the brokerage fees, commissions and other fees and expenses of such parties (third party costs). These incidental costs may significantly reduce or eliminate any profit from holding the Notes.

Taxation

Potential purchasers and sellers of the Notes should be aware that they may be required to pay taxes or other documentary charges or duties in accordance with the laws and practices of the country where the Notes are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities or court decisions may be available for financial instruments such as the Notes. Potential investors are advised not to rely on the tax summary contained in this Prospectus but to ask for their own tax adviser's advice on their individual taxation with respect to the acquisition, sale and redemption of the Notes. Only these advisors are in a position to duly consider the specific situation of the potential investor. These risk factors have to be read in connection with the section Taxation of this Prospectus.

Amendments of the Terms and Conditions by Noteholders' Resolutions

A Noteholder is subject to the risk of being outvoted and of losing rights towards the Issuer against his will in the case that Noteholders agree pursuant to the Terms and Conditions of the Notes to amendments of the Terms and Conditions of the Notes by majority vote according to the German Bond Act (Schuldverschreibungsgesetz).

Noteholders' Representative

Since the Notes provide for the appointment of a Noteholders' representative (gemeinsamer Vertreter) in accordance with the German Bond Act (Schuldverschreibungsgesetz), it is possible that a Noteholder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against the Issuer, such right passing to the Noteholders' representative who is then exclusively responsible to claim and enforce the rights of all the Noteholders.

38

Risks in Case of Change of Law

The Terms and Conditions of the Notes are based on German law in effect as of the date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or change to German law or administrative practice after the date of this Prospectus.

39

DESCRIPTION OF THE ISSUER

Incorporation and History

The Issuer is a stock corporation (Aktiengesellschaft) incorporated under German law. The Issuer is registered with the commercial register (Handelsregister) of the Local Court (Amtsgericht) Bochum under register number HRB 10437. The registered office of the Issuer is at Dorstener Straße 484, 44809 Bochum, Germany and its telephone number is +49 (0) 234 980-0. The business address of the Issuer is at Peter-Müller-Straße 12, 40468 Düsseldorf, Germany. The transfer of the registered office of the Issuer from Bochum to Düsseldorf will be proposed on the next annual general meeting (Hauptversammlung) of the Issuer to be held on 21 April 2011. "GEA Group Aktiengesellschaft" is simultaneously the legal and the commercial name of the Issuer. The financial year of the Issuer is the calendar year. The Issuer has been established for an unlimited term.

The Issuer's predecessor, the Metallgesellschaft AG, was established in 1881 as a metal trading company. In 1999 Metallgesellschaft AG acquired the GEA Aktiengesellschaft, which was founded in 1920. GEA's initial purpose was producing dedusting equipment. In 2000 Metallgesellschaft AG became mg technologies ag. In the year 2003, mg technologies ag undertook a strategic realignment. The effect of the realignment was that the Group then has focussed on speciality mechanical engineering. In the year 2005, mg technologies ag renamed itself to GEA Group Aktiengesellschaft.

Corporate Purpose

The Issuer is a holding company which performs all general functions for the Group. Such functions comprise the group-wide management of strategic, human resources, legal, and tax matters, mergers & acquisitions, central financial management, group controlling, group accounting, group communications, investor relations, and internal audits. According to § 2(1) of its articles of association, it is the Issuer's purpose to manage a group of companies active in the following areas as well as the undertaking of all types of business associated with the following specified activities and sectors:

• development, manufacture and sale of vessels, machines, systems, components, process lines, plants and regulating and control elements as well as articles made of plastics, also in combination with other materials;

• development, manufacture and sale of all kinds of metallurgical and chemical products;

• engineering and construction of industrial plants;

• development and application of technical processes;

• provision of services, especially in the environment protection sector;

• trading in all kinds of products;

• conducting business in the fields of finance, insurance brokerage and freight forwarding;

• performance of barter and counter trade transactions with products and services of all kinds; and

• acquisition, disposal and administration of investments, securities, real property and other assets.

The purpose set out under § 2(1) also includes the holding and acquisition of investments, the take over of management functions and the provision of services for companies developing, manufacturing or marketing the aforementioned products. The Issuer may itself become active in the aforementioned business areas; with respect to business or transactions requiring a special permit or license according to the provisions of the German banking law or the German law on road haulage, this shall only be

40

4%(4%)5%

(4%)6%

(5%)

9%(8%)

14%(14%)

22%(18%)

40%(46%)

applicable in as much as the requisite permit or license is available. According to § 2(2) of the articles of association, the Issuer is authorised to conduct all types of business associated with the corporate purpose or suitable to serve it directly or indirectly. According to § 2(3) of the articles of association, the Issuer may also establish, acquire and participate in other companies especially those whose corporate purpose wholly or partly cover the aforementioned business areas and credit institutions. It may merge companies in which it holds an interest under its unified management or restrict itself to the administration of such shareholdings. It may spin off their operations wholly or partly into affiliated companies or leave them to affiliated companies.

Business Overview

The Group is a global provider of speciality mechanical engineering, in particular production facilitiesfor food and energy processes. The Group focuses on process technology and components for demanding production processes in various end markets. The core technologies of the Group consist of heat exchange (heating, cooling and freezing) and mass exchange (separating, drying/heating, distilling, pumping/dosing and agglomerating/packaging).

In 2010 the Group generated revenue of € 4.4 billion and its workforce comprised over 20,000 employees worldwide.

The main market sectors in which the Group operates comprise Food, Dairy, Beverages, Energy, Brewery, Pharmaceutical, Environment and Marine. The most important regional market is Western Europe followed by the Asia-Pacific region, North America, Eastern Europe & CIS, Latin America, Africa and Middle East. The shares of each of such regional markets in the sales distribution of the Group in 2010 and 2009 expressed as percentage are set out in the following diagram. The figures without brackets refer to the financial year 2010 and the figures in brackets refer to the financial year 2009.

Western Europe

Middle EastAfrica

Latin America

Eastern Europe & CIS

North America

Asia-Pacific

41

The three most important national markets are Germany, the United States and China. Each of such markets held a share of around 12 per cent. in the sales distribution of the Group in 2010. In 2009 Germany held a share of 14 per cent., the United States held a share of 13 per cent. and China held a share of 8 per cent.

The following diagram shows the shares of the main customer industries in the sales distribution of the Group in 2010 and 2009 expressed as percentage. The figures without brackets refer to the financial year 2010 and the figures in brackets refer to the financial year 2009.

The Group's overriding strategic goals are sustainable and profitable growth and increasing enterprise value. In particular, the Group considers profitability more important than volume and believes it practices systematic portfolio management and strict cost control. The Group focuses on promising markets and stability based on diversification.

The Group is committed to developing and refining its own processes and technologies. Research and development (R&D) activities are conducted to achieve or maintain a leading position on the market. The Group promotes a culture of innovation by means of three Group-wide competitions, a globally unified knowledge management system, and a selected acquisition strategy. The competitions include the GEA Innovation Contest, involving development projects that are potentially twelve months away from market launch, the GEA Development Contest, involving new product ideas that are at an early stage of development and require up to three years until market launch, and the GEA Investment Fund, involving ideas in their earliest stage with no prototypes. It is the Group's aim to bring new developments to the market as quickly as possible. In total, companies of the Group filed applications for 61 new patents in 2010.

4%(3%)4%

(5%)5%(5%)

5%(7%)

8%(10%)

13%(16%)

14%(11%)

47%(43%)

Food

Other Industries

Pharma

Chemicals

Oil & Gas

Energy

Climate & Environment

Marine

42

The Group's operations are divided in the following business segments:

• GEA Farm Technologies (446.7* [411.8]**);

• GEA Heat Exchangers (1,483.4* [1,623.4]**);

• GEA Mechanical Equipment (725.4* [717.5]**);

• GEA Process Engineering (1,288.5* [1,144.0]**);

• GEA Refrigeration Technologies (563.7* [565.6]**);

• GEA Convenience-Food Technologies.

GEA Convencience-Food Technologies has been added as a sixth business segment on 24 March 2011 after the acquisition of Convenience Food Systems had been approved by the responsible antitrust authorities. Please also see Recent Developments.

* revenues in millions of euros in the financial year 2010

** revenues in millions of euros in the financial year 2009

GEA Farm Technologies

GEA Farm Technologies manufactures technical innovations, integrated product solutions and effective animal-hygiene products for cost-efficient milk production and livestock farming. It is organised into GEA Milking & Cooling, GEA Farm Services and GEA Farm Equipment. Within these three business units, the product portfolio covers all herd sizes and meets a wide range of customer requirements worldwide, reflecting the scale and nature of individual livestock operations. The various products offered in over sixty-five sales locations worldwide comprise milking equipment, parlor and herd management systems, rotary milking parlors, autonomously operating milking robots, animal, equipment and farm hygiene products, milk cooling systems, barn equipment, automatic feeding systems, manure technology, along with consultancy and design services and original spare parts. The product lines of GEA Farm Technologies include WestfaliaSurge, Houle, Norbco, Royal DeBoer, and Mullerup. The sales strategy of GEA Farm Technologies is based on a network of specialist centers and dealers, as well as on sales and service partners in all markets. GEA Farm Technologies focuses on product innovation and innovative technology trends adapting the change in livestock farming.

GEA Heat Exchangers

GEA Heat Exchangers covers various application areas from air conditioning systems to cooling towers and provides a wide portfolio of heat exchangers. It is organised into eight business units, which are AFC Single Tube, AFC Compact Systems, ACC/Heller, Wet Cooling, Shell & Tube, Plate Heat Exchangers, HVAC Systems, and Manufacturing. Within these business units, GEA Heat Exchangers provides product solutions for finned-tube heat exchangers, single-tube heat exchangers, heller systems, air-cooled condensers, wet cooling towers, plate heat exchangers, HVAC systems, systems for air conditioning and treatment in buildings and all kinds of shell-and-tube heat exchangers for all feasible applications. The business unit Manufacturing is responsible for all production activities of GEA Heat Exchangers and shall assure simplification of manufacturing processes and optimise capacity utilisation in all projects. In addition to the products offered, GEA Heat Exchangers support planning efforts in all areas of heat transfer as well as delivery and service.

43

GEA Mechanical Equipment

GEA Mechanical Equipment provides high-quality process engineering components such as separators, decanters, ceramic membrane elements, flow components, valves, pumps and homogenisers, which shall ensure smooth processes and cost-optimised production flows to numerous industrial sectors worldwide. It consists of three business units: GEA Flow Components, GEA Homogenizers and GEA Mechanical Separation. GEA Mechanical Equipment bundles and coordinates the services of companies specializing in process engineering. GEA Niro Soavi homogenizers, GEA Tuchenhagen flow components and GEA Westfalia Separator mechanical separation technology focus on the core processes of the commercial production of goods and services. The products offered include separators, decanters, process plants, valves, pumps and homogenizers.

GEA Process Engineering

GEA Process Engineering specialises in the design and development of process solutions for the dairy, brewery, beverage, food, pharmaceutical and chemical industries in the areas of liquid processing, concentration, industrial drying, powder processing and handling, emission control, solid dosage processing, and aseptic packaging. GEA Process Engineering consists of approximately fifty companies in more than forty countries across the world and is subdivided into technology centers and process engineering companies and sales companies. Examples of the products offered are spray drying, aseptic filling, brewery systems, dairy systems and pharma systems.

GEA Refrigeration Technologies

GEA Refrigeration Technologies, with about thirty-nine operating companies in approximately twenty countries, operates in the business fields industrial refrigeration systems and specialises in the development, construction, installation, service and maintenance of innovative key components and technical solutions. Typical applications are cooling processes for the food and beverage industries, marine, oil and gas industries, buildings, as well as leisure facilities such as indoor ski centers and ice-skating rinks. The products offered include: reciprocating compressors and packages, screw compressors and packages, chillers and heat pumps for HVAC applications and industrial applications, freezers, valves and other fittings, and ice generators.

GEA Convenience-Food Technologies

The new business segment GEA Convenience-Food Technologies is a supplier of secondary food processing and packaging machinery. The business segment offers a wide range of equipment for preparation, marination and processing as well as slicing and packaging of meat, poultry, fish, vegetables and other foods.

Organisational Structure

The Issuer is the parent company of more than 350 subsidiaries and holds shares in 4 associated companies over which it can exercise significant influence and 14 joint ventures. Each of the subsidiaries, associated companies and joint ventures forms part of one of the six different business segments, i.e. GEA Farm Technologies, GEA Heat Exchangers, GEA Mechanical Equipment, GEA Process Engineering, GEA Refrigeration Technologies, or GEA Convenience-Food Technologies.

Recent Developments

Various restructuring measures in 2009 and 2010 streamlined the structure of the Group. The most significant recent change was the adoption of a new segment structure by the Supervisory Board in

44

2009. Nine divisions, i.e. Air Treatment, Farm Technologies, Thermal Engineering, Emission Control, Refrigeration, Process Equipment, Mechanical Separation, Process Engineering and Pharma Systems, which were previously reported in two segments, i.e. Energy and Farm Technology and Process Technology, were reorganised into five new segments, i.e. GEA Farm Technologies, GEA Heat Exchangers, GEA Mechanical Equipment, GEA Process Engineering and GEA Refrigeration Technologies. The Group's new segment structure became effective on 1 January 2010. Among other effects, the reorganisation included the reduction in the number of legal business units and the elimination or streamlining of administration. Please also see below for further information on the addition of the Group's sixth segment, GEA Convenience-Food Technologies. The implemented restructuring and reorganization measures did not yet have the expected full positive impact in financial year 2010. In the GEA Heat Exchangers Segment, the measures even had negative effects, in addition to the restructuring expenses incurred. The full effect of the measures taken will not be felt, even in financial year 2011, because inefficiencies during the start-up phase cannot be ruled out.

In the future, production will be concentrated at larger locations in order to make better use of potential for synergies. At the same time, the Group is planning to relocate production facilities to the growth markets of its customers, particularly in Asia and South America. The purpose of this strategy is to lower logistic costs and to significantly reduce production costs. Such measures include among others the concentration of the European production of air-handling units in the GEA plant in Wurzen, Germany. Furthermore, the GEA Mechanical Equipment segment began construction of a new separator plant in Wuqing, China in 2010. Production at the new plant will concentrate on products in demand in Asian markets. The segment also plans to expand existing production operations in India. In Oelde/Germany, the GEA Mechanical Equipment segment's production facility for both custom-made and standard separators is being modernised and reorganised. Oelde will therefore remain the center for bowl finishing, sheet metalworking, and surface finishing. The GEA Process Engineering segment enlarged its production facility in Shijiazhuang, China, which produces a range of components, including evaporators, filters, containers, tanks, fluid-bed dryers, and blenders. The segment also will continue work on a new engineering centre in Vadodara, India where process solutions will be developed for the Indian market and export markets in Asia. In parallel to a relocation of engineering and manufacturing activities, the Group is also successively expanding its procurement activities in countries with low wage costs. In these countries, the process of standardization of components and semi-finished products is planned to continue.

The Group made two significant acquisitions in 2010. GEA Convenience-Food Technologies has been added as sixth business segment on 24 March 2011 after the acquisition of Convenience Food Systems had been approved by the responsible antitrust authorities. Convenience Food Systems, based in Bakel, Netherlands, manufactures process technology for the processing and packaging of protein foods (meat, fish, and cheese). The company has over 2,000 employees and expected revenue of approximately € 400 million for the 2010 financial year. Also in 2010, the GEA Refrigeration Technologies segment acquired Bock Kältemaschinen GmbH in Frickenhausen, Germany. Following the regulatory approval the takeover of Bock Kältemaschinen GmbH has been concluded with effect as of 31 March 2011. Like the acquisition of Convenience Food Systems the result of Bock Kältemaschinen GmbH will be consolidated for the remaining nine months of 2011 in the Group’s financial statements. On a pro forma basis, however, the Group will in the future disclose key figures of the acquired business for the whole year. Revenues of Bock Kältemaschinen GmbH during the prior business year amounted to more than EUR 70 million. With the acquisition of Bock Kältemaschinen GmbH, the Group has added to its portfolio a supplier of open and semi-hermetic piston compressors for stationary and transport-related cooling applications. Bock Kältemaschinen GmbH’s products are intended to complement the Group's product portfolio in the lower and medium refrigeration capacity range. Bock Kältemaschinen GmbH will be integrated into the GEA Refrigeration Technologies Segment. The Group will continue the strategy of acquiring companies that provide the Group with an entry into new markets or that selectively expand their range of offerings in existing markets.

45

The Group's business strategy is based in particular on the assumption that the global population will continue to grow and that this will result in a growing demand for high-quality foods, beverages, and pharmaceutical products, the growing need for energy and the increasing demand for production methods that are efficient and conserve valuable resources.

Legal and Arbitration Proceedings

The Issuer and other companies of the Group are and have been party to various legal and arbitration proceedings. The most relevant current proceedings (i.e. Award Proceedings, Plant Engineering, and Dörries Scharmann AG) are described below. The Issuer does not believe that the outcome of those proceedings would have a significant effect on the financial position and profitability of the Group and neither the Issuer nor any of its subsidiaries are, or have been during the last twelve months, involved (whether as defendant or otherwise) in any legal, governmental, arbitration, administrative or other proceedings the result of which had or may have in the future, a significant effect on the financial position and profitability of the Group. The Issuer is also not aware of any threat of any legal and arbitration proceeding which may have a significant effect on the financial position and profitability of the Group.

Award Proceedings

An initial hearing was held on 9 September 2009 in the award proceedings pending at the Dortmund Regional Court relating to the control and profit transfer agreement entered into by Metallgesellschaft AG and the former GEA AG in 1999. The court proposed that the parties accept in principle the figures calculated by the court-appointed expert and to terminate the award proceedings by reaching a settlement. Implementing the court's settlement proposal would mean that, in addition to the shares that have already been issued or that may still be issued on the basis of the contingent capital increase resolved in 1999, GEA Group Aktiengesellschaft would be obliged to issue up to approximately 12.1 million shares to the external shareholders in 1999. This would represent 6.6 per cent. of the current total number of outstanding shares (around 183.8 million). Furthermore, the court proposed a cash payment of less than € 1 per share outstanding at the time (approximately 5.2 million ordinary shares and 20.75 million preferred shares). The costs relating to the proceedings would also have to be met. Irrespective of its legal opinion, which it maintains unchanged, the Issuer has initiated talks on a possible settlement with the applicants. Because of the divergent legal positions, the talks have not yet produced a final outcome.

Plant Engineering

There are still sector-specific legal disputes relating to order acceptance and processing in the former plant engineering business. In some cases, the amounts in dispute are in the high millions.

Dörries Scharmann AG

An action brought by the insolvency administrator of Dörries Scharmann AG against the Issuer is pending at the Düsseldorf Regional Court. The former Metallgesellschaft AG, the legal predecessor to the Issuer, held an interest in Schiess AG, which later became Dörries Scharmann AG. On the basis of that interest, the insolvency administrator is asserting various claims under company law, in particular for equity substitution, which amount to approximately € 20 million including possible interest. The Issuer considers the claims that have been asserted to be unfounded. The senior expert appointed by the court to decide matters relating to equity substitution has fully confirmed the Issuer's opinion. The Issuer will continue to defend itself against all claims.

46

Material Contracts

The Issuer or other members of the Group have not entered into any contracts outside the ordinary course of business which could result in any member of the Group being under an obligation or entitlement that is material to the Issuer's ability to meet its obligations under the Notes.

Executive and Supervisory Bodies

In accordance with the German Stock Corporation Act (Aktiengesetz) the Issuer has both, an Executive Board (Vorstand) and a Supervisory Board (Aufsichtsrat). The Executive Board is responsible for the management of Issuer's business and the Supervisory Board appoints and supervises the Executive Board. The two boards are separate, and no individual may simultaneously be a member of both boards.

Executive Board

The Issuer's Executive Board consists of the following members:

Member Principal Activities outside the Issuer

Jürg Oleas(Chairman)

LL Plant Engineering AG, Ratingen (Chairman of the Supervisory Board)

Allianz Global Corporate & Specialty AG, Munich (Member of the Advisory Board)

Deutsche Bank AG, Frankfurt am Main (Member of the Central Regional Advisory Board)

Dr. Helmut Schmale (Chief Financial Officer)

GEA North America, Inc., Delaware U.S.A. (Chairman of the Board of Directors)

Niels Graugaard GEA North America, Inc., Delaware, U.S.A. (Member of the Board of Directors)

Royal GEA Grasso Holding N.V., 's-Hertogenbosch, Netherlands (Member of the Supervisory Board (until 30 December 2010))

GEA Process Engineering A/S, Soborg, Denmark (Chairman of the Supervisory Board)

Supervisory Board

The Issuer's Supervisory Board consists of the following members:

Member Principal Activities outside the Issuer

Dr. Jürgen Heraeus(Chairman)

Heraeus Holding GmbH, Hanau (Chairman of the Supervisory Board)

Messer Group GmbH, Sulzbach (Chairman of the Supervisory Board)

Argor-Heraeus S.A., Mendrisio/Swizerland (Chairman of the Board of Directors)

Helikos SE, Luxembourg/Luxembourg (Member of the Board of Directors)

47

Reinhold Siegers*(Deputy Chairman)

Chairman of the Works Council of GEA Group Aktiengesellschaft

Dieter Ammer Conergy AG, Hamburg (Member of the Supervisory Board)

Heraeus Holding GmbH, Hanau (Member of the Supervisory Board)

Ahmad M.A. Bastaki

Executive Director, Office of the Managing Director, Kuwait Investment Authority

Hartmut Eberlein former CFO of GEA Group Aktiengesellschaft

Rainer Gröbel* Departmental Head, IG Metall, Executive Board

Schunk GmbH, Heuchelheim (Deputy Chairman of the Supervisory Board)

Klaus Hunger* Member of the Works Council of GEA Maschinenkühltechnik GmbH

Michael Kämpfert* Head of Human Resources at GEA Group Aktiengesellschaft

Dr. Dietmar Kuhnt. Hapag-Lloyd AG, Hamburg (Member of the Supervisory Board (from 23 February 2010))

TUI AG, Hannover (Chairman of the Supervisory Board)

Kurt-Jürgen Löw* Chairman of the Works Council of GEA Westfalia Separator Group GmbH

Dr. Helmut Perlet Allianz Deutschland AG, Munich (Member of the Supervisory Board)

Commerzbank AG, Frankfurt (Member of the Supervisory Board)

Allianz Life Insurance Company of North America, Minneapolis, U.S.A. (Member of the Board of Directors)

Fireman's Fund Ins. Co., Novato, U.S.A. (Member of the Board of Directors)

Allianz of America Inc., Novato, U.S.A. (Member of the Board of Directors)

Allianz S.p.A., Milan, Italy (Member of the Board of Directors)

Allianz France S.A., Paris, France (Member of the Board of Directors)

Joachim Stöber* Executive Secretary of the Executive Board of IG Metall

Rheinmetall AG, Düsseldorf (Deputy Chairman of the Supervisory Board)

*Employees' representatives

The appointment of all members of the Supervisory Board will expire at the annual general meeting of the Issuer in April 2011. At this meeting it will be proposed to renew the appointments of all shareholders' representatitves except for the appointment of Dr. Kuhnt. In addition, it will be proposed to newly appoint Jean E. Spence as shareholders' representative to the Supervisory Board. Ms. Spence is Vice President, Research, Development & Quality Management of Kraft Foods Global, Inc.

As the regular election proceedings of the employees' representatives are still ongoing, the employees' representatives have been appointed by a resolution of the Local Court of Bochum pursuant to §§ 95, 104 of the German Stock Exchange Act (Aktiengesetz). Pursuant to such resolution all current employees' representatives except for Joachim Stöber have been reappointed as members of the

48

Supervisory Board. In addition, Ms. Eva-Maria Kerkemeier has been newly appointed as an employees' representative to the Supervisory Board pursuant to such resolution. The appointment by court is with effect from the conclusion of the annual general meeting in April 2011 until the end of the regular election proceedings of the employees’ representatives.

Business addresses

The members of the Issuer's Supervisory Board as well as the members of the Issuer's Executive Board can be contacted at the Issuer's business address.

Conflict of interests

No conflicts of interest or potential conflicts of interest exist between the obligations of the members of the Executive Board or the Supervisory Board towards the Issuer and their respective private interests or other obligations.

Audit Committee

The Supervisory Board has established an Audit Committee. The Audit Committee deals, among other things, with issues of accounting, risk management, compliance and auditing. In the context of accounting, the Audit Committee makes, in particular, the appropriate preparations for the audit of the Issuer's annual financial statements, management report and audit report and the consolidated annual financial statements, group management report and group audit report by the Supervisory Board and makes a corresponding recommendation. In the context of risk management, it inter alia monitors the effectiveness of the installed risk management system and it formulates questions for the auditor. In addition to compliance issues, the Audit Committee also addresses issues relating to the audit of the financial statements. In this context, it prepares, in particular, the appointment of the auditor, specifying the focuses of the audit, satisfying itself of the independence of the auditor and reviewing the fee agreement.

The Audit Committee consists of the following members:

• Dr. Dietmar Kuhnt (Chairman),

• Dr. Jürgen Heraeus,

• Kurt Jürgen Löw, and

• Joachim Stöber.

Auditors

The statutory auditor of the Issuer is Deloitte & Touche GmbH, Franklinstraße 50, 60486 Frankfurt, Germany (Deloitte & Touche). Deloitte & Touche has audited the consolidated financial statements of GEA Group Aktiengesellschaft for the financial years from 1 January 2009 to 31 December 2009 and from 1 January 2010 to 31 December 2010 and issued an unqualified auditors' report in each case. The 2009 and 2010 consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as applicable in the EU, and regulations under German commercial law to be applied as a supplement according to § 315a(1) German Commercial Code (Handelsgesetzbuch). Deloitte & Touche is member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer).

In 2010, the supervisory board decided to change the auditor beginning with the audit of the financials of financial year 2011. The motivation for the change was only corporate governance reasons and not any dissatisfaction with the work of Deloitte & Touche. The new auditor which will be proposed to

49

the annual general meeting of the Issuer in April 2011 will be KPMG AG Wirtschaftsprüfungsgesellschaft.

Corporate Governance

The Issuer complies with the German Corporate Governance Code with only one exception (no performance-related remuneration component for Supervisory Board members).

Shares and Shareholders

As of 31 December 2010, the nominal share capital of the Issuer amounted to € 496,890,368.79. It was divided into 183,807,845 no-par shares, each having a notional amount of € 2.70 of the share capital. The amount of the share capital and its denominations have not been changed as of the date of this Prospectus.

The Issuer's shares are listed, inter alia, on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The Issuer has over-the-counter American Depositary Receipts (ADR): USA GEAGY, CUSIP No. 361592108. and the ADRs are quoted and traded in U.S. Dollars in the U.S. Securities Market.

The shares of the Issuer are considered to be 100 per cent. in free float. As of the date of this Prospectus, the disclosures in accordance with the German Securities Trading Act (Wertpapierhandelsgesetz) received by the Issuer reveal that two major shareholders held more than 5 per cent. of the share capital. Due to its acquisition of Barclays Global Investors, the U.S. company BlackRock, Inc. has held 9.9 per cent. of the shares of GEA Group Aktiengesellschaft. Kuwait Investment Office is the second-largest shareholder with an equity interest of 8.3 per cent.

50

Selected Financial Information

The following table sets out selected key financial information of the Group extracted from the audited consolidated financial statements and the group management report (if not otherwise indicated) of the Issuer for the financial years ended on 31 December 2009 and on 31 December 2010:

Group Key Financials(€ million)

2010 2009Order Intake 4,578.0 4,080.7Revenue 4,418.4 4,411.2Order backlog 2,414.0 2,164.1EBITDA before restructuring expenses 463.5 433.7as % of revenue 10.5 9.8EBIT before restructuring expenses 356.8 333.2as % of revenue 8.1 7.6EBIT 237.5 268.2as % of revenue 5.4 6.1EBT 174.8 209.2Profit after tax from continuing operations 133.5 161.4Profit after tax from discontinued operations 0.2 0.3Profit for the period 133.7 161.7

Total assets 5,105.0 4,994.4Equity 1,895.3 1,735.0as % of total assets 37.1 34.7Working Capital (reporting date) 1 444.6 481.7Working Capital (average) 2 (unaudited) 549.6 721.9as % of revenue 3 (unaudited) 12.4 16.4Net liquidity 4 104.8 47.1Cash flow from operating activities 298.4 540.6Capital expenditures on property, plant and equipment 87.9 135.4

1Working capital = inventories + trade receivables – trade payables – payments on account received in respect of orders and construction contracts – gross amount due to customers for contract work

2 Average of the past 12 months3 Working capital (average) /revenue4 including discontinued operations

51

No Material Adverse Change in the Prospects

There has been no material adverse change in the prospects of the Issuer and the Group since the date of its last published audited financial statements as of 31 December 2010.

Significant Change in the Financial or Trading Position

In the first quarter 2011 the Group paid the acquisition price for Convenience Food Systems (CFS) amounting to around € 450 million and the acquisition price for Bock Kältemaschinen GmbH amounting to around € 40 million. In addition, the group had at the beginning of the financial year increased cash outflows which arose mainly from working capital swings. Such increased outflows also arose at the beginnings of the previous financial years and are typical to the business cycle of the Group. Save as disclosed in this paragraph, there has been no significant change in the financial or trading position of the Issuer and the Group since the date of its last published audited financial statements as of 31 December 2010.

Historical Financial Information

The audited consolidated financial statements of the Issuer for the financial years from 1 January 2009 to 31 December 2009 and from 1 January 2010 to 31 December 2010 and the auditors' report thereon are incorporated by reference into this Prospectus (see Documents Incorporated by Reference on page 85).

52

TERMS AND CONDITIONS OF THE NOTES

Der deutsche Text dieser Anleihebedingungen ist rechtsverbindlich. Die englische Übersetzung dient lediglich Informationszwecken.

The German text of these Terms and Conditions is legally binding. The English translation is for information purposes only.

GEA GROUP AKTIENGESELLSCHAFT

l% Anleihe von 2011/2016

ANLEIHEBEDINGUNGEN

GEA GROUP AKTIENGESELLSCHAFT

l per cent. Notes of 2011/2016

TERMS AND CONDITIONS

§ 1(Form und Nennbetrag)

(1) Die Anleihe der GEA Group Aktiengesellschaft, Bochum (die Emittentin) im Gesamtnennbetrag von

§ 1(Form and Denomination)

(1) The issue by GEA Group Aktiengesellschaft, Bochum (the Issuer) in the aggregate principal amount of

€ l € l

ist eingeteilt in l auf den Inhaber lautende Schuldverschreibungen (die Schuldverschreibungen oder die Anleihe) im Nennbetrag von je € 1.000 (der Nennbetrag).

is subdivided into l notes (the Notes or the Issue) in the principal amount of € 1,000 (the Principal Amount) each payable to bearer.

(2) Die Schuldverschreibungen werden zunächst durch eine vorläufige Inhaber-Globalurkunde (die Vorläufige Globalurkunde) ohne Zinsscheine verbrieft.

(2) The Notes are initially represented by a temporary global bearer Note (the Temporary Global Note) without interest coupons.

Die Vorläufige Globalurkunde wird frühestens 40 Tage nach dem Tag der Begebung der Schuldverschreibungen gegen Nachweis des Nichtbestehens wirtschaftlichen U.S.-Eigentums im Sinne des U.S.-Rechts (non-U.S. beneficial ownership) insgesamt oder teilweise gegen eine dauerhafte Inhaber-Globalurkunde (die Dauer-Globalurkunde) (die Vorläufige Globalurkunde und die Dauer-Globalurkunde jeweils auch eine Globalurkunde und gemeinsam die Globalurkunden) ohne Zinsscheine ausgetauscht werden. Die Globalurkunden werden bei der Clearstream Banking AG, Frankfurt am Main (CBF oder das Clearing System), hinterlegt. Zinszahlungen auf durch die Vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher oben beschriebenen Bescheinigungen. Ein Recht der Anleihegläubiger auf Ausgabe und Lieferung von

The Temporary Global Note will be exchangeable, free of charge to the holder of Notes, in whole or in part for a permanent global bearer Note (the Permanent Global Note) (the Temporary Global Note and the Permanent Global Note, each a Global Note and, together, the Global Notes) without interest coupons not earlier than 40 days after the date of issue of the Notes, upon certification as to non-U.S. beneficial ownership. The Global Notes are deposited with Clearstream Banking AG, Frankfurt am Main (CBF or the Clearing System). Payment of interest on Notes represented by the Temporary Global Note will be made only after delivery of such certifications. The right of the Noteholders to require the issue and delivery of definitive notes or interest coupons is excluded.

53

Einzelurkunden oder Zinsscheinen besteht nicht.

Die Vorläufige Globalurkunde und die Dauer-Globalurkunde tragen jeweils die Unterschriften zweier unterschriftsberechtigter Vertreter der Emittentin sowie eine Kontrollunterschrift eines unterschriftsberechtigten Vertreters der Hauptzahlstelle (wie in § 9 Absatz 1 definiert). Die Schuldverschreibungen sind in Übereinstimmung mit den jeweils geltenden Geschäftsbedingungen der CBF als Miteigentumsanteile an den Globalurkunden übertragbar.

The Temporary Global Note and the Permanent Global Note shall each bear the signature of two duly authorised representatives of the Issuer and a control signature of an authorised signatory of the Principal Paying Agent (as defined in § 9(1)). The Notes are transferable as co-ownership participations in the Global Notes in accordance with the applicable terms and regulations of CBF.

(3) Die Vorläufige Globalurkunde und die Dauer-Globalurkunde werden solange von CBF oder im Auftrag von CBF verwahrt, bis sämtliche Verpflichtungen der Emittentin aus den Schuldverschreibungen erfüllt sind.

(3) Each of the Temporary Global Note and the Permanent Global Note will be held in custody by or on behalf of CBF until all obligations of the Issuer under the Notes have been satisfied.

(4) Den Inhabern von Schuldverschreibungen (Anleihegläubiger) stehen Miteigentumsanteile an den Globalurkunden zu, die gemäß anwendbarem Recht und den jeweils geltenden Bestimmungen und Regeln des Clearing Systems übertragen werden können.

(4) The holders of Notes (Noteholders) are entitled to co-ownership participations in the Global Notes which are transferable in accordance with applicable laws and the rules and regulations of the Clearing System.

§ 2(Status und Negativverpflichtung)

(1) Die Schuldverschreibungen stellen nicht besicherte und nicht nachrangige Verbindlichkeiten der Emittentin dar und stehen im gleichen Rang mit allen anderen nicht besicherten und nicht nachrangigen derzeitigen und zukünftigen Verbindlichkeiten der Emittentin, soweit zwingende gesetzliche Bestimmungen nichts anderes vorschreiben.

§ 2(Status and Negative Pledge)

(1) The Notes constitute unsecured and unsubordinated obligations of the Issuer and rank pari passu with all other unsecured and unsubordinated obligations of the Issuer, present and future, unless mandatory provisions of law accord other obligations.

(2) Die Emittentin verpflichtet sich, solange Schuldverschreibungen ausstehen, jedoch nur bis zu dem Zeitpunkt, an dem alle geschuldeten Beträge an das Clearing System oder an dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems zur Verfügung gestellt worden sind,

(2) The Issuer undertakes, so long as any of the Notes are outstanding, but only up to the time all amounts of principal and interest have been placed at the disposal of the Clearing System or to its order for credit to the accounts of the relevant account holders of the Clearing System,

a) keine Sicherungsrechte (wie nachstehend definiert) in Bezug auf ihre gesamten gegenwärtigen oder zukünftigen Vermögenswerte oder Teile davon zur Sicherung von anderen Kapitalmarktverbindlichkeiten (wie

a) not to provide any Security Interest (as defined below) over the whole or any part of their present or future assets to secure any Capital Market Indebtedness (as defined below) (including any guarantees or other indemnities in relation to any Capital Market

54

nachstehend definiert) (einschließlich für Kapitalmarktverbindlichkeiten gegebener Garantien oder anderer Gewährleistungen) zu gewähren; und

Indebtedness); and

b) ihre Wesentlichen Tochtergesellschaften (wie nachstehend definiert) zu veranlassen (soweit rechtlich möglich und zulässig), ihre gegenwärtigen und zukünftigen Vermögenswerte weder ganz noch teilweise zur Besicherung von Kapitalmarktverbindlichkeiten, die von der jeweiligen Wesentlichen Tochtergesellschaft eingegangen sind, mit Sicherungsrechten zu belasten oder eine solche Belastung zu diesem Zweck bestehen zu lassen und keine Garantien oder andere Gewährleistungen für fremde Kapitalmarktverbindlichkeiten zu geben,

b) to procure (to the extent legally possible and permissible) that none of its Material Subsidiaries (as defined below) will grant or permit to subsist any Security Interest over the present or future whole or any part of its assets, as security for any Capital Market Indebtedness entered into by the respective Material Subsidiary and grant any guarantee or other indemnities for third-party Capital Market Indebtedness,

ohne gleichzeitig die Anleihegläubiger gleichrangig an einem solchen Sicherungsrecht zu beteiligen oder ihnen ein gleichwertiges Sicherungsrecht zu gewähren. Die Verpflichtung nach diesem Absatz 2 besteht jedoch nicht für Zulässige Sicherungsrechte.

without at the same time letting the Noteholders share pari passu in such Security Interest or giving to the Noteholders an equivalent Security Interest. The undertaking pursuant to this paragraph (2) shall not apply to a Permitted Security Interest.

Eine nach diesem Absatz 2 zu leistende Sicherheit kann auch zu Gunsten eines Treuhänders der Anleihegläubiger bestellt werden, welcher die Sicherheit zugunsten der Anleihegläubiger und ggf. gleichzeitig zugunsten der Gläubiger anderer Verbindlichkeiten hält.

Any security which is to be provided pursuant to this paragraph (2) may also be provided to a person acting as trustee for the Noteholders, who will hold the security for the benefit of the Noteholders and who may at the same time hold for the benefit of creditors of other obligations.

(3) Im Sinne dieser Anleihebedingungen: (3) For purposes of these Terms and Conditions

a) bezeichnet Sicherungsrecht jedes Grund- und Mobiliarpfandrecht, sonstige Pfandrecht oder sonstige dingliche Sicherungsrecht;

a) Security Interest means any mortgage, charge, pledge, lien or other form of in rem encumbrance or security interest;

b) bezeichnet Kapitalmarktverbindlichkeitenjede Verbindlichkeit zur Zahlung aufgenommener Gelder, die durch Schuldverschreibungen oder sonstige Wertpapiere, die an einer Börse oder an einem anderen anerkannten Wertpapiermarkt notiert oder gehandelt werden oder gehandelt werden können, verbrieft oder dokumentiert ist, oder Schuldscheindarlehen;

b) Capital Market Indebtedness means any obligation for the payment of borrowed money which is in the form of, or represented or evidenced by notes or other securities which are, or are capable of being, quoted, listed or traded on a stock exchange or other recognised securities market, or certificates of indebtedness (Schuldscheindarlehen);

c) bezeichnet Wesentliche Tochtergesellschaftjede (unmittelbare oder mittelbare) Tochtergesellschaft der Emittentin, deren Abschlüsse mit denen der Emittentin

c) Material Subsidiary means a (direct or indirect) subsidiary of the Issuer which is included in the Issuer's consolidated accounts and which together with its consolidated

55

konsolidiert werden und für die zusammen mit ihren eigenen konsolidierten Tochtergesellschaften eines der beiden nachfolgenden Kriterien gilt:

subsidiaries complies with one of the following two criteria:

(i)das EBITDA (jeweils wie im letzten unkonsolidierten Jahresabschluss oder, falls die betreffende Tochtergesellschaft ihrerseits konsolidierte Jahresabschlüsse erstellt, jeweils wie im letzten geprüften konsolidierten Jahresabschluss dieser Tochtergesellschaft festgestellt) beträgt mindestens 5 % des konsolidierten EBITDA der Emittentin (wie im letzten geprüftenKonzernabschluss der Emittentin festgestellt); oder

(i)the EBITDA (as provided for in the most recent audited unconsolidated annual accounts or, as the case may be, in the most recent audited consolidated annual accounts of such subsidiary, if the subsidiary prepares consolidated annual accounts) is equal or exceeds 5 per cent. of the Issuers' consolidated EBITDA (as provided for in the Issuer's most recent audited consolidated accounts); or

(ii) die Bilanzsumme (jeweils wie im letzten geprüften unkonsolidierten Jahresabschluss oder, falls die betreffende Tochtergesellschaft ihrerseits konsolidierte Jahresabschlüsse erstellt, jeweils wie im letzten geprüften konsolidierten Jahresabschluss dieser Tochtergesellschaft festgestellt) beträgt mindestens 5 % der konsolidierten Bilanzsumme der Emittentin (wie im letzten geprüften Konzernabschluss der Emittentin festgestellt),

(ii) the total assets (as provided for in the most recent audited unconsolidated annual accounts or, as the case may be, in the most recent audited consolidated annual accounts of such subsidiary, if the subsidiary prepares consolidated annual accounts) is equal or exceeds 5 per cent. of the Issuer's consolidated total assets (as provided for in the Issuer's most recent audited consolidated accounts),

wobei EBITDA das Ergebnis vor Finanzergebnis, Ertragsteuern und Abschreibungen bezeichnet.

whereas EBITDA means earnings before interest, taxes, depreciations and amortisations.

d) bezeichnet Zulässiges Sicherungsrecht solche Sicherheiten, (i) die gesetzlich vorgeschrieben sind oder (ii) die als Voraussetzung für staatliche Genehmigungen verlangt werden.

d) Permitted Security Interest means any security (i) which is mandatory according to applicable laws or (ii) which is required as a prerequisite for governmental approvals.

§ 3(Verzinsung)

(1) Die Schuldverschreibungen werden, vorbehaltlich der nachfolgenden Bestimmungen, bezogen auf ihren Nennbetrag mit l % per annum (der Zinssatz) verzinst, und zwar vom 21. April 2011 (der Zinslaufbeginn) (einschließlich) bis zum Tag der Rückzahlung, dem Fälligkeitstag (wie in § 4 Absatz 1 definiert) (ausschließlich). Die Zinsen sind nachträglich am 21. April eines jeden Jahres sowie am Fälligkeitstag zahlbar (jeweils ein Zinszahlungstag). Der erste Zinszahlungstag ist der 21. April 2012. Der Zinslauf der Schuldverschreibungen endet mit

§ 3(Interest)

(1) Subject to the following provision, the Notes bear interest on their Principal Amount at l per cent. per annum (the Rate of Interest) from (and including) 21 April 2011 (the Interest Commencement Date) to (but excluding) the date of redemption, i.e. the Maturity Date (as defined in § 4(1)). Interest shall be payable in arrears on 21 April in each year and on the Maturity Date (each an Interest Payment Date). The first Interest Payment Date shall be 21 April 2012. The Notes shall cease to bear interest with the expiration of the day preceding the day on

56

Ablauf des Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden.

which they are due for redemption.

(2) Solange Schuldverschreibungen ausstehen, ist die Emittentin verpflichtet, sich um ein Kreditrating für die Schuldverschreibungen (jeweils ein Kreditrating) von mindestens zwei Rating Agenturen (wie nachstehend definiert) zu bemühen. Sofern an dem Bankarbeitstag, der zehn Geschäftstage vor dem entsprechenden Zinszahlungstag liegt (jeweils ein Beobachtungstag):

(2) As long as any Notes are outstanding, the Issuer shall use its best efforts to maintain credit ratings for the Notes (each a Credit Rating) from at least two Rating Agencies (as defined below). If on the Banking Day falling ten Business Days before the relevant Interest Payment Date (each an Observation Date):

a) die Schuldverschreibungen von mindestens einer Rating Agentur ein Kreditrating erhalten haben, das kein Investmentgrade-Kreditrating (wie nachstehend definiert) ist oder keine zwei Kreditratings aufgrund von Umständen erhalten haben, die im Verantwortungsbereich der Emittentin liegen (jeweils ein Interest Step-Up Ereignis), erhöht sich der Zinssatz ab der auf den Beobachtungstag unmittelbar folgenden Zinsperiode (einschließlich) bis zum Fälligkeitstag (vorbehaltlich des Eintritts eines Interest Step-Down Ereignisses nach § 3 Absatz 2 b) an einem folgenden Beobachtungstag) um zusätzliche 1,25 Prozentpunkte (der Step-Up Kupon);

a) the Notes carry a Credit Rating from any Rating Agency which does not constitute an Investment Grade Credit Rating (as defined below) or do not carry two Credit Ratings due to circumstances that lie in the area of responsibility of the Issuer (each an Interest Step-Up Event), the Rate of Interest shall be increased by an additional 1.25 percentage points (the Step-Up Coupon) as of the Interest Period immediately following such Observation Date (including) until the Maturity Date (subject to the occurrence of an Interest Step-Down Event pursuant to § 3(2) b) on a following Observation Date);

b) nach Eintritt eines Interest Step-Up Ereignisses die Schuldverschreibungen von mindestens zwei Rating Agenturen ein Investmentgrade-Kreditrating erhalten haben (ein Interest Step-Down Ereignis), verringert sich der Zinssatz wieder ab der auf den Beobachtungstag unmittelbar folgenden Zinsperiode (einschließlich) bis zum Fälligkeitstag (vorbehaltlich des Eintritts eines Interest Step-Up Ereignisses nach § 3 Absatz 2 a) an einem folgenden Beobachtungstag) auf den Zinssatz gemäß § 3 Absatz 1;

b) following an Interest Step-Up Event, the Notes carry a Credit Rating from at least two Rating Agencies which constitute an Investment Grade Credit Rating (an Interest Step-Down Event), the Rate of Interest shall be reset to the Rate of Interest set forth in § 3(1) as of the Interest Period immediately following such Observation Date (including) until the Maturity Date (subject to the occurrence of an Interest Step-Up Event pursuant to § 3(2) a) on a following Observation Date);

c) die Schuldverschreibungen keine zwei Kreditratings aufgrund von Umständen erhalten haben, die nicht im Verantwortungsbereich der Emittentin liegen, ist die Emittentin nicht verpflichtet, den Step-Up Kupon zu zahlen. Erhalten die Schuldverschreibungen am nächstfolgenden Beobachtungstag kein Investmentgrade-Kreditrating von mindestens zwei Rating Agenturen, gilt für die auf diesen Beobachtungstag unmittelbar folgende

c) the Notes do not carry two Credit Ratings due to circumstances that do not lie in the area of responsibility of the Issuer, the Issuer shall not be obliged to pay the Step-Up Coupon. Where the Issuer has not procured new Investment Grade Credit Ratings from at least two Credit Rating Agencies on the subsequent Observation Date, § 3(2) a) shall apply mutatis mutandis for the Interest Period immediately following such Observation Date.

57

Zinsperiode § 3 Absatz 2 a) entsprechend.

Für die Feststellung, ob die Voraussetzungen für den Eintritt eines Interest Step-Up Ereignisses bzw. eines Interest Step-Down Ereignisses vorliegen, ist ausschließlich der jeweilige Beobachtungstag maßgeblich. Eine Herab- oder Heraufstufung des Kreditratings im Zeitraum zwischen zwei Beobachtungstagen ist für das Vorliegen der Voraussetzungen unbeachtlich. Tritt ein Interest Step-Up Ereignis bzw. eines Interest Step-Down Ereignis ein, wird die Emittentin dies gegenüber den Anleihegläubigern gemäß § 12 bekanntmachen.

Only the Observation Date shall be relevant for the determination whether an Interest Step-Up Event or Interest Step-Down Event has occurred. A downgrading or upgrading between two Observation Dates does not trigger a Step-Up Coupon. If an Interest Step-Up Event or Interest Step-Down Event has occurred, the Issuer shall give notice to the Noteholders in accordance with § 12.

Rating Agentur bezeichnet jeweils Moody's Investors Services Limited (Moody's), Standard and Poor's Rating Services, a division of The Mc Graw-Hill Companies, Inc. (S&P) und Fitch Ratings Limited (Fitch) oder eine ihrer jeweiligen Nachfolgegesellschaften oder eine Rating Agentur mit vergleichbarer internationaler Reputation.

Rating Agency means Moody's Investors Services Limited (Moody's), Standard and Poor's Rating Services, a division of The Mc Graw-Hill Companies, Inc. (S&P) and Fitch Ratings Limited (Fitch), or any of their respective successors or any rating agency of equivalent international reputation.

Investmentgrade-Kreditrating bezeichnet ein Kreditrating, welches im Hinblick auf die Schuldverschreibungen Baa3 oder besser für Moody's bzw. BBB- oder besser für S&P und Fitch oder ein vergleichbares Rating einer anderen Rating Agentur sein muss.

Investment Grade Credit Rating means a Credit Rating which needs to be Baa3 or better for Moody's or BBB- or better for S&P and Fitch or an equivalent rating of another Rating Agency in respect of the Notes.

(3) Sofern die Emittentin die Rückzahlung der Schuldverschreibungen bei Fälligkeit oder, wenn der Fälligkeitstag kein Bankarbeitstag ist, am darauffolgenden Bankarbeitstag unterlässt, endet die Verzinsung der Schuldverschreibungen nicht am Fälligkeitstag, sondern erst mit Ablauf des Tages, der dem Tag der tatsächlichen Rückzahlung der Schuldverschreibungen vorangeht.

(3) If the Issuer fails to redeem the Notes when due or, where the Maturity Date is not a Banking Day, on the next succeeding Banking Day, interest shall continue to accrue until the expiry of the day preceding the day of actual redemption of the Notes.

Bankarbeitstag ist ein Tag (außer Samstag oder Sonntag), an dem CBF sowie das Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten.

Banking Day shall mean a day (other than a Saturday or a Sunday) on which CBF and the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) are operational to forward the relevant payments.

(4) Sind Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen, erfolgt die Berechnung auf der Grundlage des Zinstagequotienten (wie nachstehend definiert).

(4) If interest is to be calculated for a period of less than a full year, it shall be calculated on the basis of the Day Count Fraction (as defined below).

58

Zinstagequotient bezeichnet im Hinblick auf die Berechnung eines Zinsbetrags auf eine Schuldverschreibung für einen beliebigen Zeitraum (der Zinsberechnungszeitraum) die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum, ab dem ersten Tag des Zinsberechnungszeitraums (einschließlich) bis zu dem letzten Tag des jeweiligen Zinsberechnungszeitraums (ausschließlich), dividiert durch die tatsächliche Anzahl von Tagen in der jeweiligen Zinsperiode (Act/Act (ICMA)) (einschließlich des ersten Tages, aber ausschließlich des letzten).

Day Count Fraction shall mean with regard to the calculation of interest on a Note for any period of time (the Calculation Period) the actual number of days in the Calculation Period, starting with the first day in the Calculation Period (including) until the last day of each Calculation Period (excluding), divided by the actual number of days in the respective Interest Period (Act/Act (ICMA)) (including the first but excluding the last day).

Zinsperiode bezeichnet den Zeitraum ab dem Zinslaufbeginn (einschließlich) bis zu dem ersten Zinszahlungstag (ausschließlich) und danach ab dem jeweiligen Zinszahlungstag (einschließlich) bis zu dem nächstfolgenden Zinszahlungstag (ausschließlich).

Interest Period shall mean the period from (and including) the Interest Commencement Date to (but excluding) the first Interest Payment Date and thereafter from (and including) each relevant Interest Payment Date to (but excluding) the next following Interest Payment Date.

§ 4(Fälligkeit und Rückkauf)

Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen am 21. April 2016 (der Fälligkeitstag) zum Nennbetrag zurückgezahlt.

§ 4(Maturity and Repurchase)

Unless previously redeemed in whole or in part or purchased and cancelled, the Notes will be redeemed at their Principal Amount on 21 April 2016 (the Maturity Date).

Die Emittentin ist berechtigt, Schuldverschreibungen im Markt oder anderweitig zurück zu erwerben. Die zurückerworbenen Schuldverschreibungen können nach Wahl der Emittentin von ihr gehalten, weiterverkauft oder entwertet werden.

The Issuer is entitled to repurchase Notes in the market or otherwise. Any repurchased Notes may, at the Issuer's option, be held, resold or cancelled by the Issuer.

§ 5(Zahlungen)

(1) Zahlungen von Kapital und Zinsen in Bezug auf die Schuldverschreibungen erfolgen in Euro an die CBF oder deren Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber bei der CBF, wobei die Kapitalrückzahlung gegen Einreichung der Globalurkunde erfolgt.

§ 5(Payments)

(1) Payments of principal and interest on the Notes shall be made in euros to CBF or to its order for credit to the accounts of the relevant account holders with CBF, whereby the repayment of principal will be made upon presentation of the Global Note.

(2) Zahlungen an CBF oder deren Order befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren entsprechenden Verbindlichkeiten aus den Schuldverschreibungen.

(2) Payments to CBF or to its order shall to the extent of amounts so paid constitute the discharge of the Issuer from its corresponding liabilities under the Notes.

59

(3) Zahlungen von Zinsen auf Schuldverschreibungen, die durch die Vorläufige Globalurkunde verbrieft sind, erfolgen an CBF oder deren Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber bei CBF nach ordnungsgemäßer Bescheinigung gemäß § 1 Absatz 2.

(3) Payment of interest on Notes represented by the Temporary Global Note shall be made to CBF or to its order for credit to the relevant account holders of CBF upon due certification pursuant to § 1(2).

(4) Fällt ein Tag, an dem eine Zahlung in Bezug auf die Schuldverschreibungen fällig ist, auf einen Tag, der kein Bankarbeitstag ist, dann hat der Anleihegläubiger keinen Anspruch auf Zahlung vor dem nächsten Bankarbeitstag. Die Anleihegläubiger sind nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verschiebung zu verlangen.

(4) If a date on which a payment in respect of the Notes is due is not a Banking Day, then the Noteholder shall not be entitled to payment until the next Banking Day. The Noteholders shall not be entitled to further interest or other payment in respect of such postponement.

(5) Die Emittentin kann die von den Anleihegläubigern innerhalb von zwölf Monaten nach dem Fälligkeitstag nicht erhobenen Beträgean Kapital und Zinsen bei dem Amtsgericht Frankfurt am Main hinterlegen. Soweit auf das Recht zur Rücknahme der hinterlegten Beträge verzichtet wird, erlöschen die betreffenden Ansprüche der Anleihegläubiger gegen die Emittentin.

(5) The Issuer may deposit with the local court (Amtsgericht) in Frankfurt am Main principal and interest not claimed by Noteholders within 12 months after the Maturity Date. To the extent the right to withdraw such deposit is waived, the relevant claims of the Noteholders against the Issuer shall cease.

§ 6(Steuern)

(1) Sämtliche auf die Schuldverschreibungen zu zahlenden Beträge sind an der Quelle ohne Einbehalt oder Abzug von oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von oder in der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer politischen Untergliederung oder Steuerbehörde der oder in der Bundesrepublik Deutschland auferlegt oder erhoben werden (nachstehend zusammen Quellensteuerngenannt), es sei denn ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin diejenigen zusätzlichen Beträge (die Zusätzlichen Beträge) an Kapital und Zinsen zahlen, die erforderlich sind, damit die den Anleihegläubigern zufließenden Nettobeträge nach einem solchen Einbehalt oder Abzug jeweils den Beträgen entsprechen, die ohne einen solchen Einbehalt oder Abzug von den Anleihegläubigern empfangen worden wären. Die Verpflichtung zur Zahlung solcher

§ 6(Taxes)

(1) All amounts payable in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of the Federal Republic of Germany or any political subdivision or any authority thereof or therein having power to tax (hereinafter together Withholding Taxes), unless such withholding or deduction is required by law. In such event, the Issuer shall pay such additional amounts (the Additional Amounts) of principal and interest as shall be necessary in order that the net amounts received by the Noteholders, after such withholding or deduction, shall equal the respective amounts which would otherwise have been received by the Noteholders in the absence of such withholding or deduction. No such Additional Amounts shall be payable on account of any taxes or duties which:

60

Zusätzlichen Beträge besteht jedoch nicht für solche Steuern und Abgaben, die

a) von einer als Depotbank oder Inkassobeauftragter des Anleihegläubigers handelnden Person oder sonst auf andere Weise zu entrichten sind als dadurch, dass die Emittentin aus den von ihr zu leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt; oder

a) are payable by any person acting as custodian bank or collecting agent on behalf of a Noteholder, or otherwise in any manner which does not constitute a deduction or withholding by the Issuer from payments of principal or interest made by it; or

b) wegen gegenwärtiger oder früherer persönlicher oder geschäftlicher Beziehungen des Anleihegläubigers zu der Bundesrepublik Deutschland oder einem anderen Mitgliedstaat der Europäischen Union zu zahlen sind, und nicht allein deshalb, weil Zahlungen auf die Schuldverschreibungen aus Quellen in der Bundesrepublik Deutschland stammen (oder für Zwecke der Besteuerung so behandelt werden) oder dort besichert sind; oder

b) are payable by reason of the Noteholder having, or having had, personal or business connection with the Federal Republic of Germany or another member state of the European Union and not merely by reason of the fact that payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the Federal Republic of Germany; or

c) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die Bundesrepublik Deutschland oder die Europäische Union beteiligt ist, oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind; oder

c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Federal Republic of Germany or the European Union is a party, or (iii) any provision of law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or

d) aufgrund einer Rechtsänderung zahlbar sind, die später als 30 Tage (i) nach Fälligkeit der betreffenden Zahlung von Kapital oder Zinsen oder, (ii) wenn die ordnungsgemäße Bereitstellung aller fälligen Beträge später erfolgt, nach einer solchen ordnungsgemäßen Bereitstellung und einer diesbezüglichen Bekanntmachung gemäß § 12, wirksam wird; oder

d) are payable by reason of a change in law that becomes effective later than 30 days (i) after the relevant payment of principal or interest becomes due, or (ii) if the due provision of all amounts due takes place later, after such a due provision and the publication of a notice thereof pursuant to § 12; or

e) von einer Zahlstelle einbehalten oder abgezogen werden, wenn die Zahlung von einer anderen Zahlstelle ohne den Einbehalt oder Abzug hätte vorgenommen werden können; oder

e) are withheld or deducted by a paying agent from a payment if the payment could have been made by another paying agent without such withholding or deduction; or

f) der Anleihegläubiger aus irgendeinem anderen Grund als allein der bloßen Tatsache, dass er Inhaber von Schuldverschreibungen oder Empfänger von Kapital oder Zinsen aus den

f) the Noteholder has to pay for any reason other than the mere fact of his being a holder of Notes or receiving principal or interest in respect thereof, in particular if the Noteholder

61

Schuldverschreibungen ist, zu zahlen hat, und zwar insbesondere wenn der Anleihegläubiger aufgrund einer persönlichen unbeschränkten oder beschränkten Steuerpflicht derartigen Steuern oder Abgaben unterliegt, oder wenn der Anleihegläubiger für die Zwecke der betreffenden Steuergesetze als gebietsansässige natürliche oder juristische Person in einem anderen Mitgliedstaat der Europäischen Union angesehen wird.

is subject to such taxes or duties because of a personal unrestricted or restricted tax liability or if the Noteholder for the purposes of the relevant tax laws is regarded as an individual or corporate resident in another member state of the European Union.

(2) Falls infolge einer am oder nach dem 21. April 2011 wirksam werdenden Änderung oder Ergänzung der in der Bundesrepublik Deutschland geltenden Rechtsvorschriften oder einer vor diesem Zeitpunkt nicht allgemein bekannten Anwendung oder amtlichen Auslegung solcher Rechtsvorschriften Quellensteuern auf die Zahlung von Kapital oder Zinsen bezüglich der Schuldverschreibungen anfallen oder anfallen werden und die Quellensteuern wegen der Verpflichtung zur Zahlung Zusätzlicher Beträge der Emittentin zur Last fallen, ist die Emittentin berechtigt, alle ausstehenden Schuldverschreibungen, jedoch nicht nur einen Teil von ihnen, unter Einhaltung einer Kündigungsfrist von mindestens 30 Tagen jederzeit zum Nennbetrag zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen zu tilgen. Eine solche Kündigung darf jedoch nicht früher als 90 Tage vor dem Zeitpunkt erfolgen, an dem die Emittentin erstmals Quellensteuern einbehalten oder zahlen müsste, falls eine Zahlung in Bezug auf die Schuldverschreibungen dann geleistet würde.

(2) If, as a result of any change in, or amendment to, the laws or regulations prevailing in the Federal Republic of Germany, which change or amendment becomes effective on or after 21 April 2011, or as a result of any application or official interpretation of such laws or regulations not generally known before that date, Withholding Taxes are or will be leviable on payments of principal or interest in respect of the Notes by reason of the obligation to pay Additional Amounts, such Withholding Taxes are to be borne by the Issuer, the Issuer may redeem the Notes in whole, but not in part, at any time, on giving not less than 30 days' notice, at the Principal Amount thereof, together with interest accrued to the date fixed for redemption. No such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to withhold or pay Withholding Taxes were a payment in respect of the Notes then made.

(3) Die Kündigung nach § 6 Absatz 2 erfolgt durch Bekanntmachung gemäß § 12. Sie ist unwiderruflich und muss den Rückzahlungstermin sowie in zusammenfassender Form die Tatsachen angeben, die das Kündigungsrecht begründen (nachstehend Steuer-Ereignis genannt); ferner muss sie eine Erklärung des Inhalts enthalten, dass die Emittentin den Eintritt oder Fortbestand des Steuer-Ereignisses nach ihrer geschäftlichen Beurteilung nicht durch ihr mögliche zumutbare Maßnahmen (und zwar andere als eine Ersetzung der Emittentin gemäß § 10) vermeiden kann.

(3) Any such notice pursuant to § 6(2) shall be given by publication in accordance with § 12. It shall be irrevocable, must specify the date fixed for redemption and must set forth a statement in summary form of the facts constituting the basis for the right of the Issuer so to redeem (hereinafter an Tax Event), and shall include a statement to the effect that the Issuer, in its business judgement, cannot avoid the occurrence or persistence of such Tax Event by the use of reasonable measures available to it (other than the substitution of the Issuer according to § 10).

(4) Für den Fall einer Sitzverlegung der Emittentin in ein anderes Land, Territorium oder Hoheitsgebiet gelten die vorstehenden

(4) In the case of a transfer of the Issuer's domicile to another country, territory or jurisdiction, the preceding provisions shall apply

62

Bestimmungen mit der Maßgabe, dass sich jede Nennung der Bundesrepublik Deutschland als auf dieses andere Land, Territorium oder Hoheitsgebiet bezogen versteht.

with the understanding that any reference to the Federal Republic of Germany shall from then on be deemed to refer to such other country, territory or jurisdiction.

(5) Bezugnahmen in diesen Anleihebedingungen auf Kapital oder Zinsen schließen gemäß diesem § 6 zahlbare Zusätzliche Beträge ein.

(5) References in these Terms and Conditions shall be deemed to include any Additional Amounts payable pursuant to this § 6.

(6) Die in der Bundesrepublik Deutschland geltende Kapitalertragsteuer und der darauf erhobene Solidaritätszuschlag sind keine Quellensteuer im oben genannten Sinn.

(6) The tax on interest payments (Kapitalertragsteuer) and the solidarity surcharge (Solidaritätszuschlag) imposed thereon do not constitute such a Withholding Tax on interest payment as described above.

§ 7(Recht auf vorzeitige Rückzahlung bei

Kontrollwechsel)

§ 7(Right of Early Redemption in case of Change

of Control)

(1) Tritt ein Kontrollwechsel (wie nachstehend definiert) ein und kommt es innerhalb des Kontrollwechselzeitraums zu einer Absenkung des Ratings (wie nachstehend definiert) auf Grund des Kontrollwechsels (zusammen, ein Vorzeitiges Rückzahlungsereignis), hat jeder Anleihegläubiger das Recht (sofern nicht die Emittentin, bevor die nachstehend beschriebene Rückzahlungsmitteilung gemacht wird, die Rückzahlung der Schuldverschreibungen nach § 6 Absatz 2 angezeigt hat), die Rückzahlung seiner Schuldverschreibungen durch die Emittentin zum Nennbetrag, zuzüglich aufgelaufener Zinsen am Wahl-Rückzahlungstag (ausschließlich), nach Maßgabe dieses § 7 zu verlangen.

(1) In the event that a Change of Control (as defined below) occurs and within the Change of Control Period a Rating Downgrade (as defined below) in respect of that Change of Control occurs (together an Early Redemption Event), each Noteholder will have the option (unless, prior to the giving of the Early Redemption Event Notice referred to below, the Issuer gives notice to redeem the Notes in accordance with § 6(2)) to require the Issuer to redeem the Notes held by him on the Optional Redemption Date at the Principal Amount together with interest accrued to but excluding the Optional Redemption Date (excluding) in accordance with this § 7.

(2) Sofort nachdem die Emittentin von einem Vorzeitigen Rückzahlungsereignis Kenntnis erlangt, wird die Emittentin den Anleihegläubigern unter Einhaltung der Regelungen des § 12 Mitteilung von einem Vorzeitigen Rückzahlungsereignis machen (eine Rückzahlungsmitteilung). Diese Mitteilung umfasst die Umstände des Rückzahlungsereignisses sowie das Verfahren für die Ausübung des in § 7 Absatz 1 genannten Rechts auf vorzeitige Rückzahlung.

(2) Without undue delay upon the Issuer becoming aware that a Early Redemption Event has occurred, the Issuer shall give notice (an Early Redemption Event Notice) to the Noteholders in accordance with § 12. This notice comprises the nature of the Early Redemption Event and the circumstances giving rise to it and the procedure for exercising the right of early redemption set out in § 7(1).

Zur Ausübung dieses Rechts auf vorzeitige Rückzahlung muss der Anleihegläubiger während der normalen Geschäftsstunden innerhalb eines Zeitraums von 45 Tagen nach Veröffentlichung der Rückzahlungsmitteilung

In order to exercise such right of early redemption, the Noteholder must submit during normal business hours at the specified office of the Principal Paying Agent a duly completed option exercise notice (the Exercise Notice) in

63

(der Rückzahlungszeitraum) eine ordnungsgemäß ausgefüllte und unterzeichnete Ausübungserklärung bei der angegebenen Niederlassung der Hauptzahlstelle einreichen (die Ausübungserklärung), die in ihrer jeweils maßgeblichen Form bei der angegebenen Niederlassung der Hauptzahlstelle erhältlich ist. Ein so ausgeübtes Recht auf vorzeitige Rückzahlung kann nicht ohne vorherige Zustimmung der Emittentin widerrufen oder zurückgezogen werden.

the form available from the specified office of the Principal Paying Agent within the period of 45 days after a Early Redemption Event Notice is given (the Put Period). No right of early redemption so exercised may be revoked or withdrawn without the prior consent of the Issuer.

(3) Wenn 80 % oder mehr des Gesamtnennbetrags der dann ausstehenden Schuldverschreibungen gemäß dieses § 7 zurückgezahlt oder zurückerworben wurde, ist die Emittentin berechtigt, nach vorheriger Bekanntmachung, die innerhalb von 30 Tagen nach dem Wahl-Rückzahlungstag erfolgen muss, gegenüber den Anleihegläubigern mit einer Frist von mindestens 30 und höchstens 60 Tagen nach ihrer Wahl alle ausstehenden Schuldverschreibungen zum Nennbetrag zuzüglich bis zum Rückzahlungstag (ausschließlich) aufgelaufenen Zinsen zurück zu zahlen.

(3) If 80 per cent. or more in the aggregate Principal Amount of the Notes then outstanding have been redeemed or purchased pursuant to the provisions of this § 7, the Issuer may, on not less than 30 or more than 60 days' notice to the Noteholders given within 30 days after the Optional Redemption Date, redeem, at its option, the remaining Notes as a whole at a redemption price of the Principal Amount thereof plus interest accrued to but excluding the date of such redemption.

(4) Definitionen: (4) Definitions:

Eine Absenkung des Ratings gilt als eingetreten, wenn ein Kontrollwechsel vorliegt und, wenn (a) innerhalb des Kontrollwechselzeitraums ein für die Schuldverschreibungen vergebenes Rating einer Rating Agentur (i) zurückgezogen oder (ii) von einem Investmentgrade-Kreditrating (wie in § 3 Absatz 2 definiert) in ein Non-Investmentgrade-Kreditrating (z.B. BB+ von S&P und Fitch/Ba1 von Moody's oder jeweils gleichwertig, oder schlechter) geändert oder (iii) (falls das für die Schuldverschreibungen vergebene Rating einer Rating Agentur unterhalb des Investmentgrade-Kreditratings liegt) um einen ganzen Punkt (z.B. von BB+ nach BB von S&P und Fitch oder Ba1 nach Ba2 von Moody's oder eine ähnliche Absenkung eines gleichwertigen Ratings) abgesenkt wird oder (b) zur Zeit des Kontrollwechsels kein Rating für die Schuldverschreibungen vergeben ist und keine Rating Agentur während des Kontrollwechselzeitraums ein Investmentgrade Kreditrating für die Schuldverschreibungen vergibt (es sei denn, die Emittentin ist trotz

A Rating Downgrade shall be deemed to have occurred if a Change of Control has occurred and (a) if within the Change of Control Period any rating previously assigned to the Notes by any Rating Agency is (i) withdrawn or (ii) changed from an Investment Grade Credit Rating (as defined in § 3(2)) to a non-Investment Grade Credit Rating (e.g. BB+ by S&P and Fitch /Ba1 by Moody's, or its equivalent for the time being, or worse) or (iii) (if the rating assigned to the Notes by any Rating Agency shall be below an Investment Grade Credit Rating) lowered one full rating notch (e.g. from BB+ to BB by S&P and Fitch or Ba1 to Ba2 by Moody's or such similar lower of equivalent rating) or (b) if at the time of the Change of Control, there is no rating assigned to the Notes and no Rating Agency assigns during the Change of Control Period an Investment Grade Credit Rating to the Notes (unless the Issuer is unable to obtain such a rating within such period having used all reasonable endeavours to do so and such failure is unconnected with the occurrence of the Change of Control).

64

zumutbarer Anstrengungen innerhalb dieses Zeitraums nicht in der Lage ein solches Rating zu erhalten, ohne dass dies seine Ursache im Kontrollwechsel hat).

Ein Kontrollwechsel gilt jedes Mal als eingetreten, wenn eine oder mehrere Personen (die relevante(n) Person(en)), die im Sinne von § 22 Absatz 2 WpHG abgestimmt handeln, oder ein oder mehrere Dritte(r), die im Auftrag der relevanten Person(en) handeln, zu irgendeiner Zeit mittelbar oder unmittelbar (unabhängig davon, ob der Vorstand oder der Aufsichtsrat der Emittentin seine Zustimmung erteilt hat) eine solche Anzahl von Aktien der Emittentin hält bzw. halten oder erworben hat bzw. haben, auf die 50 % oder mehr der Stimmrechte entfallen.

A Change of Control shall be deemed to have occurred at each time that any person or persons (Relevant Person(s)) acting in concert within the meaning of section 22 (2) of the German Securities Trading Act (Wertpapierhandelsgesetz)or any person or persons acting on behalf of any such Relevant Person(s), at any time directly or indirectly acquire(s) or come(s) to own such number of the shares in the capital of the Issuercarrying 50 per cent. or more of the voting rights (whether or not approved by the Management Board or Supervisory Board of the Issuer).

Kontrollwechselzeitraum bezeichnet den Zeitraum, der (i) mit dem früheren der folgenden Ereignisse beginnt: (x) einer öffentlichen Bekanntmachung oder Erklärung der Emittentinhinsichtlich eines möglichen Kontrollwechsels oder (y) dem Tag der ersten öffentlichen Bekanntmachung des eingetretenen Kontrollwechsels und (ii) der am 90. Tag (einschließlich) nach dem Eintritt des Kontrollwechsels endet.

Change of Control Period means the period (i) commencing on the earlier of (x) any public announcement or statement of the Issuer relating to any potential Change of Control or (y) the date of the first public announcement of the Change of Control having occurred and (ii) ending on the 90 day (inclusive) after the occurrence of the relevant Change of Control.

Wahl-Rückzahlungstag ist der siebte Tag nach dem letzten Tag des Rückzahlungszeitraums (wie in § 7 Absatz 2 definiert).

Optional Redemption Date is the seventh day after the last day of the Put Period (as defined in § 7(2)).

§ 8(Kündigungsrecht der Anleihegläubiger)

(1) Jeder Anleihegläubiger ist berechtigt, seine Schuldverschreibungen zu kündigen und deren sofortige Rückzahlung zum Nennbetrag zuzüglich aufgelaufener Zinsen zu verlangen, falls

§ 8(Events of Default)

(1) Each Noteholder shall be entitled to terminate his Notes and demand immediate redemption thereof at the Principal Amount plus accrued interest in the event that

a) die Emittentin Kapital oder Zinsen entsprechend diesen Anleihebedingungen nicht innerhalb von 20 Tagen nach einem Tag, an dem eine Zahlung in Bezug auf die Schuldverschreibungen fällig ist, zahlt; oder

a) the Issuer fails to pay principal or interest in respect of the Terms and Conditions within 20 days from a date on which a payment in respect of the Notes is due; or

b) die Emittentin die ordnungsgemäße Erfüllung einer anderen Verpflichtung aus den Schuldverschreibungen unterlässt und die Unterlassung länger als 30 Tage fortdauert; oder

b) the Issuer fails to duly perform any other obligation arising from the Notes and such failure continues unremedied for more than 30 days; or

65

c) die Emittentin oder eine Wesentliche Tochtergesellschaft innerhalb einer Frist von 30 Tagen nach Fälligkeit einer Verpflichtung zur Zahlung von Kapital oder Zinsen aus Finanzverbindlichkeiten in einem Gesamtnennbetrag von mindestens € 50.000.000 oder einem entsprechenden Gegenwert in anderen Währungen nicht nachkommt oder infolge des Eintritts eines Kündigungsgrundes oder aufgrund einer Pflichtverletzung eine solche Verpflichtung vorzeitig fällig gestellt wird bzw. fällig gestellt werden kann oder wenn dafür eingeräumte Sicherheiten zugunsten der oder durch die berechtigten Gläubiger in Anspruch genommen werden und die Nichterfüllung, der Eintritt des Kündigungsgrundes, die Pflichtverletzung oder die Inanspruchnahme nicht darauf beruht, dass die Emittentin oder eine solche Wesentliche Tochtergesellschaft mittelbar oder unmittelbar durch Maßnahmen irgendeiner Regierung oder Behörde an der Erfüllung der betreffenden Verpflichtungen gehindert ist; oder

c) the Issuer or any Material Subsidiary, within 30 days after the due date fails to fulfil an obligation to pay principal or interest in respect of, or is called upon or may be called upon to repay prematurely due to default or breach of agreement, any Financial Indebtedness having an aggregate principal amount of at least € 50,000,000 or its equivalent in other currencies or if securities granted therefore are enforced on behalf of or by the creditors entitled thereto and the failure, default, breach of agreement, or enforcement is not caused by the fact that the Issuer or any such Material Subsidiary is prevented, directly or indirectly, by any government or other authority from fulfilling the relevant obligations; or

d) ein Konkurs-, Vergleichs- oder sonstiges Insolvenzverfahren über das gesamte oder einen wesentlichen Teil des Vermögens der Emittentin oder einer Wesentlichen Tochtergesellschaft eröffnet und nicht innerhalb von 60 Tagen eingestellt wird oder die Eröffnung eines solchen Verfahrens mangels Masse abgelehnt wird; oder

d) bankruptcy, composition or other insolvency proceedings are instituted over the entire assets of the Issuer or a Material Subsidiary or a material part thereof and are not discontinued within 60 days, or the institution of such proceedings is rejected due to lack of assets to cover the cost of the proceedings; or

e) die Emittentin oder eine Wesentliche Tochtergesellschaft Zahlungen an ihre Gläubiger allgemein einstellt oder die Einstellung der Zahlungen bekannt gibt, oder der Eröffnung eines Konkurs-, Vergleichs-oder sonstigen Insolvenzverfahrens über ihr gesamtes oder einen wesentlichen Teil ihres Vermögens zustimmt oder dieses beantragt oder duldet;

e) the Issuer or a Material Subsidiary generally ceases to make payments to its creditors or publishes a cessation of payments, or agrees to or applies for or tolerates the institution of bankruptcy, composition or other insolvency proceedings over its entire assets or a material part thereof;

Finanzverbindlichkeiten bezeichnet jede bestehende oder zukünftige Verbindlichkeit aus aufgenommenen Geldern, unabhängig davon, ob sie verbrieft ist oder nicht.

Financial Indebtedness means any present or future indebtedness for monies borrowed whether or not certificated.

Das Kündigungsrecht erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt wurde.

The right to declare Notes due shall terminate if the situation giving rise to it has been cured before the right is exercised.

66

(2) Eine Kündigungserklärung gemäß Absatz 1 ist unwiderruflich und hat in der Weise zu erfolgen, dass der Hauptzahlstelle eine entsprechende schriftliche Erklärung in deutscher oder englischer Sprache übergeben oder durch eingeschriebenen Brief übermittelt wird. Der Kündigungserklärung ist ein Nachweis beizufügen, aus dem sich ergibt, dass der betreffende Anleihegläubiger zum Zeitpunkt der Abgabe der Kündigungserklärung Inhaber der betreffenden Schuldverschreibung ist. Der Nachweis kann durch eine Bescheinigung der Depotbank (wie nachstehend definiert) oder auf andere geeignete Weise erbracht werden.

(2) A notice of termination pursuant to paragraph (1) is irrevocable and must be made by means of a written declaration in German or English language delivered by hand or registered mail to the Principal Paying Agent. The notice of termination shall be provided together with proof that such Noteholder at the time of such notice of termination is a holder of the relevant Notes by means of a certificate of its Custodian (as defined below) or in another appropriate manner.

Depotbank bezeichnet jede Bank oder jedes sonstige anerkannte Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der bzw. bei dem der Anleihegläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich CBF.

Custodian means any bank or other financial institution of recognised standing authorised to engage in securities custody business with the Noteholder maintains a securities account in respect of the Notes and includes CBF.

§ 9(Hauptzahlstelle)

(1) Die anfänglich bestellte Hauptzahlstelle und deren anfänglich bezeichnete Geschäftsstelle lautet wie folgt:

Commerzbank AktiengesellschaftKaiserstraße 16 (Kaiserplatz)

60311 Frankfurt am MainDeutschland

(die Hauptzahlstelle).

§ 9(Principal Paying Agent)

(1) The initial Principal Paying Agent and its initial specified offices shall be:

Commerzbank AktiengesellschaftKaiserstraße 16 (Kaiserplatz)

60311 Frankfurt am MainGermany

(the Principal Paying Agent).

(2) Die Emittentin behält sich das Recht vor, jederzeit die Bestellung der Hauptzahlstelle zu ändern oder zu beenden und eine andere Hauptzahlstelle oder eine oder mehrere zusätzliche Zahlstellen zu bestellen, vorausgesetzt, dass (i) die Emittentin zu jedem Zeitpunkt eine Hauptzahlstelle unterhält und (ii) solange die Schuldverschreibungen auf Antrag oder mit Zustimmung der Emittentin zum Handel an einer oder mehreren Börsen zugelassen sind und diese es erfordern, jederzeit eine Zahlstelle an dem betreffenden Börsenplatz besteht. Den Anleihegläubigern werden Änderungen in Bezug auf die Hauptzahlstelle bzw. eine zusätzliche Zahlstelle umgehend gemäß § 12 bekannt

(2) The Issuer reserves the right at any time to vary or terminate the appointment of the Principal Paying Agent and to appoint successor principal paying agent or additional paying agents provided that (i) the Issuer maintains a Principal Paying Agent at all times and (ii) as long as the Notes are admitted to trading on one or more stock exchanges at the request or with the consent of the Issuer and they so require, there shall at all times be a paying agent in the city in which the respective stock exchange is or stock exchanges are located. Notice of any change in respect of the Principal Paying Agent or an additional paying agent will promptly be given to the Noteholders pursuant to § 12.

67

gemacht.

(3) Die Hauptzahlstelle in ihrer Eigenschaft als solche handelt ausschließlich als Beauftragte der Emittentin und steht nicht in einem Auftrags-oder Treuhandverhältnis zu den Anleihegläubigern.

(3) The Principal Paying Agent in its capacity as such is acting exclusively as agent for the Issuer and does not have any relationship of agency or trust with the Noteholders.

§ 10(Ersetzung der Emittentin)

(1) Die Emittentin ist jederzeit berechtigt, ohne Zustimmung der Anleihegläubiger eine Tochtergesellschaft als Hauptschuldnerin für alle Verpflichtungen aus und im Zusammenhang mit dieser Anleihe einzusetzen (die NeueEmittentin), sofern:

§ 10(Substitution of Issuer)

(1) The Issuer shall without the consent of the Noteholders be entitled at any time to substitute for the Issuer any Subsidiary as principal debtor in respect of all obligations arising from or in connection with this Issue (the SubstituteIssuer), provided that:

a) die Neue Emittentin alle Verpflichtungen der Emittentin aus oder im Zusammenhang mit dieser Anleihe übernimmt; und

a) the Substitute Issuer assumes all obligations of the Issuer arising from or in connection with this Issue; and

b) die Neue Emittentin sämtliche sich aus oder im Zusammenhang mit dieser Anleihe ergebenden Zahlungsverpflichtungen in Euro ohne die Notwendigkeit einer Einbehaltung irgendwelcher Steuern oder Abgaben an der Quelle erfüllen sowie die hierzu erforderlichen Beträge ohne Beschränkungen an die Hauptzahlstelle transferieren kann und sie insbesondere jede hierfür notwendige Genehmigung der Behörden ihres Landes erhalten hat; und

b) the Substitute Issuer is in a position to fulfil all payment obligations arising from or in connection with this Issue in euro without the necessity of any taxes or duties to be withheld at source and to transfer all amounts which are required therefore to the Principal Paying Agent without any restrictions, and that in par-ticular all necessary authorisations to this effect by any authority of its country have been obtained; and

c) die Neue Emittentin sich verpflichtet, jedem Anleihegläubiger alle Steuern, Gebühren oder Abgaben zu erstatten, die ihm infolge der Schuldübernahme durch die Neue Emittentin auferlegt werden und die der Anleihegläubiger ohne die Ersetzung der Emittentin nicht hätte tragen müssen;

c) the Substitute Issuer undertakes to reimburse any Noteholder for such taxes, fees or duties which may be imposed upon him as a consequence of the assumption of the Issuer's obligation by the Substitute Issuer and which the Noteholders would not have to bear without the substitution of the Issuer; and

d) die Emittentin unwiderruflich und unbedingt gegenüber den Anleihegläubigern die Zahlung aller von der Neuen Emittentin auf die Schuldverschreibungen zahlbaren Beträge garantiert und in dieser Garantie eine § 2Absatz 2 entsprechende Negativverpflichtung enthalten ist; und

d) the Issuer irrevocably and unconditionally guarantees in favour of each Noteholder the payment of all sums payable by the Substitute Issuer in respect of the Notes and such guarantee contains a negative pledge undertaking corresponding to § 2(2); and

e) der Hauptzahlstelle ein Rechtsgutachten von anerkannten Rechtsanwälten vorgelegt wird, das (vorbehaltlich marktüblicher Annahmen

e) there shall have been delivered to the Principal Paying Agent an opinion of lawyers of recognised standing to the effect (subject to

68

und Qualifikationen) bestätigt, dass die Bestimmungen in den vorstehenden Unterabsätzen a), b) und c) erfüllt wurden.

market standard assumptions and qualifications) that subparagraphs a), b) and c) above have been satisfied.

(2) Eine solche Ersetzung ist gemäß § 12 zu veröffentlichen.

(2) Any such substitution shall be published in accordance with § 12.

(3) Im Falle einer solchen Ersetzung gilt jede Nennung der Emittentin in diesen Anleihebedingungen als auf die Neue Emittentin bezogen und jede Nennung der Bundesrepublik Deutschland in § 6 als auf das Land bezogen, in dem die Neue Emittentin ihren Sitz hat. Des weiteren gilt in § 2 Absatz 2 und § 8 Absatz 1 c) eine alternative Bezugnahme auf die Emittentin in ihrer Eigenschaft als Garantin als aufgenommen (zusätzlich zu der Bezugnahme auf die Neue Emittentin).

(3) In the event of such substitution, any reference in these Terms and Conditions to the Issuer shall from then on be deemed to refer to the Substitute Issuer and any reference in § 6 to the Federal Republic of Germany from then on be deemed to refer to the country of domicile of the Substitute Issuer. In addition in § 2(2) and § 8(1) c) an alternative reference to the Issuer in its capacity as guarantor shall be deemed to have been included in addition to the reference to the Substitute Issuer.

§ 11(Änderung der Anleihebedingungen durch

Beschluss der Anleihegläubiger und gemeinsamer Vertreter)

§ 11(Amendments to the Terms and Conditions by

Resolution of the Noteholders and Noteholders' Representative)

(1) Die Anleihebedingungen können mit Zustimmung der Emittentin aufgrund Mehrheitsbeschlusses der Anleihegläubiger nach Maßgabe der §§ 5 ff. des Gesetzes über Schuldverschreibungen aus Gesamtemissionen (Schuldverschreibungsgesetz - SchVG) in seiner jeweiligen gültigen Fassung geändert werden.

(1) The Terms and Conditions may be amended with the consent of the Issuer by means of majority resolution of the Noteholders pursuant to §§ 5 et seqq. of the German Act on Issues of Debt Securities (Gesetz über Schuldverschreibungen aus Gesamtemissionen - SchVG), as amended from time to time.

(2) Beschlüsse der Anleihegläubiger werden im Wege der Abstimmung ohne Versammlung nach § 18 SchVG getroffen.

(2) Resolutions of the Noteholders shall be passed by means of a voting not requiring a physical meeting (Abstimmung ohne Versammlung) in accordance with § 18 SchVG.

(3) Anleihegläubiger haben die Berechtigung zur Teilnahme an der Abstimmung zum Zeitpunkt der Stimmabgabe durch besonderen Nachweis ihrer Depotbank gemäß § 15 Absatz 3 und die Vorlage eines Sperrvermerks ihrer Depotbank zugunsten der Hauptzahlstelle als Hinterlegungsstelle für den Abstimmungszeitraum nachzuweisen.

(3) Noteholders must demonstrate their eligibility to participate in the vote at the time of voting by means of a special confirmation of their Custodian in accordance with § 15(3) hereof and by submission of a blocking instruction by its Custodian for the benefit of the Principal Paying Agent as depository (Hinterlegungsstelle) for the voting period.

(4) Die Anleihegläubiger können durch Mehrheitsbeschluss die Bestellung und Abberufung eines gemeinsamen Vertreters, die Aufgaben und Befugnisse des gemeinsamen Vertreters, die Übertragung von Rechten der Anleihegläubiger auf den gemeinsamen Vertreter und eine Haftungsbeschränkung für den

(4) The Noteholders may by majority resolution provide for the appointment or dismissal of a joint representative, the duties and responsibilities and the powers of such joint representative, the transfer of the rights of the Noteholders to the joint representative and a limitation of liability of the joint representative. Appointment of a joint

69

gemeinsamen Vertreter bestimmen. Die Bestellung eines gemeinsamen Vertreters bedarf einer Mehrheit von mindestens 75 % der an der Abstimmung teilnehmenden Stimmrechte, wenn er ermächtigt wird, wesentlichen Änderungen der Anleihebedingungen, insbesondere in den Fällen des § 5 Absatz 3 SchVG zuzustimmen.

representative may only be passed by a a majority of at least 75 per cent. of the voting rights participating in the vote if such joint representative is to be authorised to consent to a material change in the substance of the Terms and Conditions, in particular in the cases of § 5(3) SchVG.

(5) Mitteilungen an die Anleihegläubiger erfolgen gemäß der §§ 5ff. SchVG und nach § 12.

(5) Any notices to the Noteholders shall be made in accordance with §§ 5 et seq. SchVG and with § 12.

§ 12(Bekanntmachungen)

(1) Alle die Schuldverschreibungen betreffenden Bekanntmachungen erfolgen durch Veröffentlichung im elektronischen Bundesanzeiger und, solange die Schuldverschreibungen an der Luxemburger Wertpapierbörse notiert sind und die Regularien dieser Börse dies verlangen, auf der Website der Luxemburger Börse (www.bourse.lu). Jede Mitteilung gilt am dritten Tag nach dem Tag der Veröffentlichung als wirksam erfolgt.

§ 12(Notices)

(1) All notices concerning the Notes will be made by means of publication in the electronic federal gazette (elektronischer Bundesanzeiger) and, so long as the Notes are listed on the Luxembourg Stock Exchange and the rules of that exchange so require, on the website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be deemed to have been validly given on the third day following the day of such publication.

(2) Sofern die Regularien der Börse, an der die Schuldverschreibungen notiert sind, dies zulassen, ist die Emittentin berechtigt, Bekanntmachungen auch durch eine Mitteilung an die CBF zur Weiterleitung an die Anleihegläubiger zu bewirken. Bekanntmachungen über CBF gelten sieben Tage nach der Mitteilung an CBF als bewirkt.

(2) The Issuer shall also be entitled to make notices to CBF for communication by CBF to the Noteholders provided this complies with the rules of the stock exchange on which the Notes are listed. Notices to CBF shall be deemed to be effected seven days after the notification to CBF.

§ 13(Begebung weiterer Schuldverschreibungen)

Die Emittentin behält sich vor, von Zeit zu Zeit ohne Zustimmung der Anleihegläubiger weitere Schuldverschreibungen auch mit gleicher Ausstattung zu begeben. Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tags der Begebung, des Zinslaufbeginns und/oder des Ausgabepreises) können mit diesen Schuldverschreibungen zusammengefasst werden, eine einheitliche Anleihe mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff "Schuldverschreibungen" umfasst im Falle einer solchen Aufstockung auch solche zusätzlich begebenen Schuldverschreibungen.

§ 13(Issuance of additional Notes)

The Issuer reserves the right, from time to time, without the consent of the Noteholders to issue additional notes also with identical terms. Notes with identical terms (or, as the case may be, in all respects except for the issue date, interest commencement date and/or issue price) can be consolidated, form a single issue with and increase the aggregate principal amount of these Notes. The term "Notes" shall, in the event of such increase, also comprise such additionally issued notes.

70

§ 14(Vorlegungsfrist/Verjährung)

Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre verkürzt. Die Verjährungsfrist für Ansprüche aus den Schuldverschreibungen, die innerhalb der Vorlegungsfrist zur Zahlung vorgelegt wurden, beträgt zwei Jahre von dem Ende der betreffenden Vorlegungsfrist an.

§ 14(Presentation Period/Prescription)

The presentation period provided in § 801(1) sentence 1 German Civil Code (Bürgerliches Gesetzbuch, BGB) is reduced to 10 years for the Notes. The period of limitation for claims under the Notes presented during the period for presentation will be two years calculated from the expiration of the relevant presentation period.

§ 15(Anwendbares Recht und Gerichtsstand)

(1) Form und Inhalt der Schuldverschreibungen sowie die Rechte und Pflichten der Anleihegläubiger, der Emittentin und der Hauptzahlstelle bestimmen sich in jeder Hinsicht nach deutschem Recht.

§ 15(Applicable Law and Place of Jurisdiction)

(1) The Notes, both as to form and content, as well as the rights and duties of the Noteholders, the Issuer and the Principal Paying Agent shall in all respects be determined in accordance with German law.

(2) Nicht-ausschließlicher Gerichtsstand für alle Rechtsstreitigkeiten in den in diesen Anleihebedingungen geregelten Angelegenheiten ist Frankfurt am Main. Dies gilt nicht für Entscheidungen gemäß §§ 9 Absatz 2 und 13 Absatz 3 Satz 1 SchVG, für die gemäß § 9 Absatz 3 SchVG das Amtsgericht zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat, sowie für Entscheidungen gemäß § 20 Absatz 3 SchVG, für die das Landgericht ausschließlich zuständig ist, in dessen Bezirk die Emittentin ihren Sitz hat.

(2) Non-exclusive place of jurisdiction for all proceedings arising from matters provided for in these Terms and Conditions shall be Frankfurt am Main. This shall not apply for decisions pursuant to §§ 9(2) and 13(3) sentence 1 SchVG, for which the local court (Amtsgericht) of the district where the Issuer has its registered office shall be competent for all judgments according to § 9(3) SchVG as well as for decisions pursuant to § 20(3) SchVG for which the regional court (Landgericht) of the district where the Issuer has its registered office shall be competent for all judgments.

(3) Jeder Anleihegläubiger kann in Rechtsstreitigkeiten gegen die Emittentin im eigenen Namen seine Rechte aus den ihm zustehenden Schuldverschreibungen geltend machen unter Vorlage einer Bescheinigung seiner Depotbank, die (a) den vollen Namen und die volle Anschrift des Anleihegläubigers bezeichnet, (b) den Gesamtnennbetrag von Schuldverschreibungen angibt, die am Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Wertpapierdepot dieses Anleihegläubigers gutgeschrieben sind und (c) bestätigt, dass die Depotbank an die CBF und die Hauptzahlstelle eine schriftliche Mitteilung gemacht hat, die die Angaben gemäß (a) und (b) enthält und Bestätigungsvermerke von CBF trägt.

(3) Any Noteholder may in any proceedings against the Issuer protect and enforce in its own name its rights arising under its Notes by submitting a statement issued by its Custodian which must (a) indicate the full name and address of the Noteholder, (b) specify the aggregate principal amount of Notes credited to such securities account on the date of such statement, and (c) confirm that the Custodian has given a written notice to CBF and the Principal Paying Agent containing the information pursuant to (a) and (b) as well as confirmations by CBF.

71

§ 16(Teilunwirksamkeit)

Sollte eine der Bestimmungen dieser Anleihebedingungen unwirksam oder undurchführbar sein oder werden, so bleibt die Wirksamkeit oder die Durchführbarkeit der übrigen Bestimmungen hiervon unberührt. Anstelle der unwirksamen oder undurchführbaren Bestimmungen soll, soweit rechtlich möglich, eine dem Sinn und Zweck dieser Anleihebedingungen entsprechende Reglung gelten.

§ 16(Severability)

Should any of the provisions of these Conditions of Issue be or become invalid or unenforceable, the validity or the enforceability of the remaining provisions shall not in any way be affected or impaired thereby. In this case the invalid or unenforceable provision shall be replaced by a provision which, to the extent legally possible, provides for an interpretation in keeping with the meaning and economic purposes of these Conditions of Issue at the time of issue of the Notes.

§ 17(Sprache)

Diese Anleihebedingungen sind in deutscher Sprache abgefasst und mit einer Übersetzung in die englische Sprache versehen. Der deutsche Wortlaut ist allein rechtsverbindlich. Die englische Übersetzung ist unverbindlich und dient nur der Information.

§ 17(Language)

These Terms and Conditions are provided in the German language and a translation into the English language is attached. The German text is the legally binding one. The English translation is not binding and is for information purposes only.

72

TAXATION

GERMANY

The following is a general discussion of certain German tax consequences of the acquisition, holding and disposition of the Notes. It does not purport to be a comprehensive description of all tax considerations that may be relevant to a decision to purchase the Notes, and, in particular, does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws of Germany currently in force and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive or retrospective effect.

Prospective purchasers of Notes are advised to consult their own tax advisors as to the tax consequences of the purchase, ownership and disposition of the Notes, including the effect of any state, local or church taxes, under the tax laws of Germany and each country of which they are residents or whose tax laws apply to them for other reasons.

Tax Residents

The section Tax Residents refers to persons who are tax residents of Germany (i.e. persons whose residence, habitual abode, statutory seat, or place of effective management and control is located in Germany).

Withholding tax on ongoing payments and capital gains

Ongoing payments received by an individual Noteholder will be subject to German withholding tax (Abgeltungsteuer) if the Notes are kept in a custodial account with a German branch of a German or non-German bank or financial services institution, a German securities trading company or a German securities trading bank (each, a Disbursing Agent, auszahlende Stelle). The tax rate is 25 per cent. (plus solidarity surcharge at a rate of 5.5 per cent. thereon, the total withholding being 26.375 per cent.). If the individual Noteholder is subject to church tax, upon application a church tax surcharge will also be withheld.

The same treatment applies to capital gains (i.e. the difference between the proceeds from the disposition after deduction of expenses directly related to the disposition redemption, repayment or assignment and the cost of acquisition) derived by an individual Noteholder provided the Notes have been held in a custodial account with the same Disbursing Agent since the time of their acquisition.

To the extent the Notes have not been kept in a custodial account with the same Disbursing Agent since the time of acquisition, upon the disposition, redemption, repayment or assignment withholding applies at a rate of 26.375 per cent. (including solidarity surcharge) to 30 per cent. of the disposition proceeds (plus interest accrued on the Notes (Accrued Interest, Stückzinsen); if any), unless thecurrent Disbursing Agent has been notified of the actual acquisition costs of the Notes by the previous Disbursing Agent or by a statement of a bank or financial services institution within the European Economic Area or certain other countries in accordance with Art. 17 para. 2 of the EC Council Directive 2003/48/EC (e.g. Switzerland or Andorra).

In computing any German tax to be withheld, the Disbursing Agent may, subject to certain requirements and restrictions, deduct from the basis of the withholding tax negative investment income realised by the individual Noteholder via the Disbursing Agent (e.g. losses from sale of other securities with the exception of shares). The Disbursing Agent may also deduct Accrued Interest on the Notes or other securities paid separately upon the acquisition of the respective security via the Disbursing Agent. In addition, subject to certain requirements and restrictions, the Disbursing Agent

73

may credit foreign withholding taxes levied on investment income (Einkünfte aus Kapitalvermögen) in a given year regarding securities held in the custodial account with the Disbursing Agent to the extent such foreign withholding taxes cannot be reclaimed in the respective foreign country.

In addition, an annual allowance (Sparer-Pauschbetrag) of euro 801 (euro 1,602 for married couples filing jointly) applies to all investment income received in a given year. Upon the individual Noteholder filing an exemption certificate (Freistellungsauftrag) with the Disbursing Agent, the Disbursing Agent will take the allowance into account when computing the amount of tax to be withheld. No withholding tax will be deducted if the Noteholder has submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungsbescheinigung) issued by the competent local tax office.

German withholding tax will not apply to gains from the disposition, redemption, repayment or assignment of the Notes held by a corporation as Noteholder while ongoing payments, such as interest payments under a coupon, are subject to withholding tax. The same exemption for capital gains may be applied for where the Notes form part of a trade or business subject to further requirements being met.

Taxation of current income and capital gains

The personal income tax liability of an individual Noteholder deriving income from capital investments under the Notes is, in principle, settled by the tax withheld. To the extent withholding tax has not been levied, such as in case of Notes kept in custody abroad, the individual Noteholder must report his or her income and capital gains derived from the Notes on his or her tax return and then will also be taxed at a rate of 25 per cent. (plus solidarity surcharge and church tax thereon, where applicable). Further, an individual Noteholder may request that all investment income of a given year is taxed at his or her lower individual tax rate based upon an assessment to tax with any withholding tax withheld in excess of the tax assessed being refunded. In each case, the deduction of expenses (other than transaction costs) on an itemised basis is disallowed. Further, any loss resulting from the Notes can only be off-set with investment income of the individual Noteholder realised in the same or following years.

Where the Notes form part of a trade or business or the income from the Notes qualifies as income from the letting and leasing of property the withholding tax, if any, will not settle the personal or corporate income tax liability. Where the Notes form part of the property of a trade or business interest accrued must be taken into account as interest income. The respective Noteholder will have to report income and related (business) expenses in the tax return and the balance will be taxed at the Noteholder's applicable tax rate. Withholding tax levied, if any, will be credited against the personal or corporate income tax of the Noteholder. Where the Notes form part of the property of a German trade or business the current income and gains from the disposition, redemption, repayment or assignment of the Notes may also be subject to German trade tax.

Non-residents

Interest, including Accrued Interest, and capital gains are not subject to German taxation, unless (i) the Notes form part of the business property of a permanent establishment, including a permanent representative, or a fixed base maintained in Germany by the Noteholder; or (ii) the income otherwise constitutes German-source income. In cases (i) and (ii) a tax regime similar to that explained above under Tax Residents applies.

Non-residents of Germany are, in general, exempt from German withholding tax on interest and the solidarity surcharge thereon. However, where the interest is subject to German taxation as set forth in the preceding paragraph and the Notes are held in a custodial account with a Disbursing Agent,

74

withholding tax may be levied under certain circumstances. Where the Notes are not kept in a custodial account with a Disbursing Agent and interest or proceeds from the disposition, assignment or redemption of a Note are paid by a Disbursing Agent to a non-resident, withholding tax generally will also apply. The withholding tax may be refunded based on an assessment to tax or under an applicable tax treaty.

Gross-up

According to the Terms and Conditions, the Issuer undertakes in case of an obligation by law to withhold taxes at source or deduct taxes at source for or on account of any present or future taxes, fees, duties, assessments or governmental charges of whatever nature which are imposed or levied by or on behalf of the country of domicile (or residence for tax purposes) of the Issuer or Germany or any political subdivision thereof or any authority or agency therein or thereof having power to tax (the Withholding Tax in this paragraph) to pay additional amounts as may be necessary, subject to certain exceptions as set forth in the Terms and Conditions, in order that the net amounts receivable by the Noteholder after the withholding or deduction of such Withholding Tax shall equal the respective amounts which would have been receivable by such Noteholder had no such Withholding Tax been required. In accordance with these exceptions the withholding tax to be withheld on investment income (e.g. interest payments and capital gains) under the flat-tax regime (Abgeltungsteuer), the solidarity surcharge thereon (Solidaritätszuschlag) and, if applicable, church tax (Kirchensteuer) do not constitute such a Withholding Tax. The Issuer may also choose not to undertake to gross up payments as described above by way of terminating the Notes for tax reasons pursuant to § 5(2) of the Terms and Conditions early Redemption.

Inheritance and Gift Tax

No inheritance or gift taxes with respect to any Notes will arise under the laws of Germany, if, in the case of inheritance tax, neither the deceased nor the beneficiary, or, in the case of gift tax, neither the donor nor the donee, is a resident of Germany and such Note is not attributable to a German trade or business for which a permanent establishment is maintained, or a permanent representative has been appointed, in Germany. Exceptions from this rule apply to certain German expatriates or non–German citizen being expatriates with Germany as their home country.

Other Taxes

No stamp, issue or registration taxes or such duties will be payable in Germany in connection with the issuance, delivery or execution of the Notes. Currently, net assets tax is not levied in Germany.

LUXEMBOURG

The following summary is of a general nature and is included herein solely for information purposes. It is based on the laws presently in force in Luxembourg, though it is not intended to be, nor should it be construed to be, legal or tax advice. Prospective investors in the Notes should therefore consult their own professional advisers as to the effects of state, local or foreign laws, including Luxembourg tax law, to which they may be subject.

Tax resident

Under Luxembourg general tax laws currently in force and subject to the law of 23 December 2005 (the Law) mentioned below, there is no withholding tax on payments of principal, premium or interestmade to Luxembourg resident Noteholders, nor on accrued but unpaid interest in respect of Notes, nor is any Luxembourg withholding tax payable upon redemption or repurchase of Notes held by Luxembourg resident Noteholders.

75

Under the Law payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate benefit of an individual beneficial owner who is a resident of Luxembourg will be subject to a withholding tax of 10 per cent. Such withholding tax will be in full discharge of income tax if the beneficial owner is an individual acting in the course of the management of his/her private wealth. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent. Payments of interest under the Notes coming within the scope of the Law would be subject to withholding tax of 10 per cent.

Non-residents

Under Luxembourg general tax laws currently in force and subject to the laws of 21 June 2005 (the Laws) mentioned below, there is no withholding tax on payments of principal, premium or interest made to non-resident Noteholders, nor on accrued but unpaid interest in respect of the Notes, nor is any Luxembourg withholding tax payable upon redemption or repurchase of the Notes held by non-resident Noteholders.

Under the Laws implementing the EC Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments and ratifying the treaties entered into by Luxembourg and certain dependent and associated territories of EU Member States (the Territories), payments of interest or similar income made or ascribed by a paying agent established in Luxembourg to or for the immediate benefit of an individual beneficial owner or a residual entity, as defined by the Laws, which is a resident of, or established in, an EU Member State (other than Luxembourg) or one of the Territories will be subject to a withholding tax unless the relevant recipient has adequately instructed the relevant paying agent to provide details of the relevant payments of interest or similar income to the fiscal authorities of his/her/its country of residence or establishment, or, in the case of an individual beneficial owner, has provided a tax certificate issued by the fiscal authorities of his/her country of residence in the required format to the relevant paying agent. Where withholding tax is applied, it will be levied at a rate of 15 per cent. during the first three-year period starting 1 July 2005, at a rate of 20 per cent. for the subsequent three-year period and at a rate of 35 per cent. thereafter. Responsibility for the withholding of the tax will be assumed by the Luxembourg paying agent. Payments of interest under the Notes coming within the scope of the Laws would at present be subject to withholding tax of 15 per cent.

EU SAVINGS DIRECTIVE

Under EC Council Directive 2003/48/EC on the taxation of savings income, Member States are required to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State. However, for a transitional period, Austria and Luxembourg are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have adopted similar measures (a withholding system in the case of Switzerland).

The European Commission has proposed certain amendments to the Directive, which may, if implemented amend or broaden the scope of the requirements described above.

76

SUBSCRIPTION, OFFER AND SALE

GENERAL

Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch and UniCredit Bank AG (the Joint Lead Managers) will, pursuant to a subscription agreement to be signed on or about 19 April 2011 (the Subscription Agreement), agree to subscribe or procure subscribers for the Notes. The Joint Lead Managers will be entitled, under certain circumstances (in particular customary closing conditions), to terminate the agreement reached with the Issuer. In such event, no Notes will be delivered to investors.

The Issuer will pay to the Joint Lead Managers in connection with the offering of the Notes a commission amounting to up to 0.35 per cent. of the aggregate principal amount of the Notes and will reimburse the Joint Lead Managers for certain expenses incurred in this context. In addition, the Issuer will agree to indemnify the Joint Lead Managers against certain liabilities in connection with the offer and sale of the Notes. The Issuer will furthermore pay customary fees in connection with the issue and the offering of the Notes to the auditors of the Issuer, the legal advisors of the Issuer and the rating agencies for the rating of the Notes. The Issuer has furthermore agreed to reimburse the Joint Lead Managers for certain expenses incurred in connection with the issue of the Notes. The total expenses of the issue of the Notes shall be approximately € l.

The Joint Lead Managers or their affiliates have provided from time to time, and expect to provide in the future, investment and other financing services to the Issuer and its affiliates, for which the Joint Lead Managers or their affiliates have received or will receive customary fees and commissions. Furthermore, some of the Joint Lead Managers or their affiliates are lenders under outstanding loans of the Issuer. The Issuer intends to partly use the net proceeds which it receives in connection with the offering of the Notes for the refinancing of such loans.

Besides the interests of the Issuer and the aforementioned interests of the Joint Lead Mangers, the auditors, the legal advisors and the rating agencies, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

OFFER OF THE NOTES

Offer Period and Determination of Pricing Details

The Notes will be offered to investors by the Joint Lead Managers during an offer period which will commence not earlier than 14 April 2011 and which will be open until 21 April 2011 subject to a shortening or extension of the offer period. The Notes may also be publicly offered after the end of the offer period subject to applicable laws and regulations. During the offer period, investors may submit orders to the Joint Lead Managers. The issue price, the rate of interest and the aggregate principal amount of the issue will be determined on the basis of the orders received by the Joint Lead Managers on the pricing date which is expected to be on or about 14 April 2011 (the Pricing Date). The aggregate principal amount to be issued will be determined on the basis of the number and the volume of orders which offer a yield acceptable to the Issuer. Such information, the number of Notes, the issue price, the interest rate, the yield, the total amount of expenses and the net proceeds before deduction of total expenses constituting the results of the offer will be included in a notice which will be filed with the CSSF and published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or about the Pricing Date and prior to the Issue Date (the Pricing Notice). Any onsale of Notes will be subject to market conditions. Should the Issuer and the Joint Lead Managers determine any shortening or extension of the offer period, which could be the result of changing market conditions, such changes will be notified in the same manner as the pricing details will be

77

published or, if applicable, a supplement to the Prospectus which will be prepared and published in accordance with Article 13 of the Luxembourg Prospectus Act.

Public Offer and Notification of the Prospectus

The Notes will be sold to institutional investors and retail investors in compliance with applicable public offer restrictions. The Notes may be offered to the public in Luxembourg and upon theeffectiveness of the notification of the Prospectus by the CSSF according to Article 18 of the Prospectus Directive also in each of Austria, Germany and the Netherlands.

Conditions and Technical Details of the Offer

The following sets out details of the offer which is required to comply with the requirements of the applicable prospectus regulation. There are no conditions to which the offer is subject. Any offer to purchase Notes to investors will be made through, and investors may submit their offers to buy Notes, using the information system Bloomberg or any other commonly used information systems. Following the publication of the Pricing Notice the Notes may be offered through banking institutions in Luxembourg, Germany, Austria or The Netherlands, as the case may be. Subscription rights for the Notes will not be issued. Therefore, there are no procedures for the exercise of any right of pre-emption, the negotiability of subscription rights and the treatment of subscription rights not exercised. Any investor who has submitted an order in relation to the Notes whose order is accepted will receive a confirmation by electronic mail, fax or through commonly used information systems relating to the respective allotment of Notes. Before an investor receives a confirmation from the Joint Lead Managers that its purchase order for the Notes has been accepted, the investor may reduce or withdraw its purchase orders. Each investor will receive a confirmation of the results of the offer in relation to the respective allotment of the Notes. There is no minimum or maximum amount of Notes to be purchased. Investors may place offers to purchase Notes in any amount.

Confirmation in Relation to an Order and Allotments as well as Delivery of the Notes

Following pricing of the Notes and confirmation which orders have been accepted and which amounts have been alloted to particular investors, delivery and payment of the Notes will be made within seven business days after the Pricing Date and the confirmation of the allotment to investors. The Notes will be delivered via book-entry through the Clearing System (see General Information – Clearing Systemon page 83) and their depository banks against payment of the Issue price.

Charges and Costs Relating to the Offer

The Issuer will not charge any costs, expenses or taxes directly to any investor. Investors must inform themselves about any costs, expenses or taxes in connection with the Notes which are generally applicable in their respective country of residence, including any charges their own depository banks charge them for purchasing or holding securities.

Method of Determination of the Issue Price and the Interest Rate

The interest rate and the issue price for the Notes will be determined at the time of pricing on the basis of a yield which is determined by adding a credit spread to the level of the Midswaps at the time of pricing. The credit spread will be determined on the basis of the orders received and confirmed by the Joint Lead Managers. Orders will specify a minimum credit spread and may only be confirmed at or above such credit spread. The level of the Midswaps will be determined as the average yield of the bid and ask prices of Interest-Swap Transactions (Midswaps) with a maturity similar to the maturity of the Notes shown on the Reuters page ICAPEURO or on any other screen page which is conventionally used to price Eurobond transactions at the time of pricing. The resulting yield will be

78

used to determine an issue price (which is expected to be less than par) and an interest rate (which is expected to be a percentage figure which can be evenly divided by 1/8 of a full per cent. and which will be correspondingly higher if a higher issue price is determined and which will be correspondingly lower if a lower issue price is determined), all to correspond to the yield which reflects the level of the Midswaps and the credit spread. In the event that the figures for the relevant Midswaps shall not be shown as set out above and the relevant figures shall be determined in a manner which banks and other institutional market participants apply at that time. The resulting figure will represent the yield of the Notes and such yield will be used to determine the interest rate and the issue price.

SELLING RESTRICTIONS

General

In addition to the specific restrictions set out below, the Joint Lead Managers have agreed that they will comply with all applicable laws and regulations in each jurisdiction in or from which they may offer Notes or distribute any offering material relating to them.

United States

The Notes have not been and will not be registered under the U.S. Securities Act and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Each Joint Lead Manager has represented that it has not offered or sold, and will not offer or sell, any Notes except in accordance with Rule 903 of Regulation S under the U.S. Securities Act. Accordingly, neither it, its affiliates, nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to the Notes. Terms used in this paragraph have the meanings given to them by Regulation S.

In addition, each Joint Lead Manager has represented, warranted and agreed that, except to the extent permitted under U.S. Treasury Regulations section 1.163-5(c)(2)(i)(D) (the Tefra D Rules):

(a) it has not offered or sold Notes, and during the restricted period shall not offer or sell Notes, directly or indirectly to a United States person or to a person who is within the United States or its possessions, and it has not delivered and shall not deliver within the United States or its possessions Notes that are sold during the restricted period;

(b) it has and throughout the restricted period it shall have in effect procedures reasonably designed to ensure that its employees or agents who are directly engaged in selling Notes are aware that the Notes may not be offered or sold during the restricted period to a United States person or to a person who is within the United States or its possessions, except as permitted by the Tefra D Rules;

(c) if it is a United States person, it is acquiring the Notes for purposes of resale in connection with their original issuance and not for the purpose of resale directly or indirectly to a United States person or a person within the United States or its possessions and it shall acquire or retain Notes for its own account only in accordance with the requirements of section 1.163-5(c)(2)(i)(D)(6) of the Tefra D Rules;

(d) with respect to each affiliate that acquires Notes from it for the purpose of offering or selling such Notes during the restricted period, it either (i) repeats and confirms the representations contained in clauses (a), (b) and (c) of this paragraph on behalf of such affiliate or (ii) agrees that it shall obtain from such affiliate for the benefit of the Issuer the representations contained in clauses (a), (b) and (c) of this paragraph; and

79

(e) it shall obtain for the benefit of the Issuer the representations and agreements contained in clauses (a), (b), (c) and (d) of this paragraph from any person other than its affiliate with whom it enters into a written contract, as defined in section § 1.163-5(c)(2)(i)(D)(4) of the Tefra D Rules, for the offer or sale of Notes during the restricted period.

Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and Treasury Regulations thereunder, including the Tefra D Rules.

Public Offer Selling Restriction under the Prospectus Directive

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a Relevant Member State), each Joint Lead Manager has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the Relevant Implementation Date) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by this Prospectus to the public in that Relevant Member State other than Austria, Germany, Luxembourg and The Netherlands from the time (i) the Prospectus has been approved by the competent authority in Luxembourg and published and notified to the relevant competent authorities in accordance with the Prospectus Directive and (ii) the Issuer has consented in writing to the use of the Prospectus by the Joint Lead Managers for the purpose of such offer, except that it may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State:

(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;

(b) to fewer than 100 or, if the relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive); or

(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such offer of Notes shall require the Issuer or any Joint Lead Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

For the purposes of this provision, the expression an offer of Notes to the public in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression Prospectus Directive means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression 2010 PD Amending Directive means Directive 2010/73/EU.

United Kingdom

Each Joint Lead Manager has represented and agreed that:

(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (FSMA)) received by

80

it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and

(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

Switzerland

The Notes may not be publicly offered, sold or advertised, directly or indirectly, in or from Switzerland. Neither this Prospectus nor any other offering or marketing material relating to the Notes constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Federal Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange Ltd., and neither this Prospectus nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland.

Italy

To the extent that the offering of the Notes has not been registered pursuant to Italian securities legislation and, therefore, no Notes may be offered, sold or delivered, nor may copies of this Prospectus or of any other document relating to the Notes be distributed in the Republic of Italy, except:

(a) to qualified investors (investitori qualificati) as defined in Article 100 of Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and Article 34-ter, first paragraph, letter b) of CONSOB Regulation No. 11971 of 14 May 1999, as amended from time to time (Regulation No. 11971); or

(b) in other circumstances which are exempted from the rules on public offerings pursuant to Article 100 of the Financial Services Act and Article 34-ter of Regulation No. 11971.

Any offer, sale or delivery of the Notes or distribution of copies of this Prospectus or any other document relating to the Notes in the Republic of Italy under (a) or (b) above must be:

(i) made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007 (as amended from time to time) and Legislative Decree No. 385 of 1 September 1993, as amended (the Banking Act); and

(ii) in compliance with Article 129 of the Banking Act, as amended, and the implementing guidelines of the Bank of Italy, as amended from time to time, pursuant to which the Bank of Italy may request information on the issue or the offer of securities in the Republic of Italy; and

(iii) in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or other Italian authority.

Please note that in accordance with Article 100-bis of the Financial Services Act, where no exemption from the rules on public offerings applies under (a) and (b) above, the subsequent distribution of the Notes on the secondary market in Italy must be made in compliance with the public offer and the prospectus requirement rules provided under the Financial Services Act and Regulation No. 11971. Failure to comply with such rules may result in the sale of such Notes being declared null and void

81

and in the liability of the intermediary transferring the financial instruments for any damages suffered by the investors.

82

GENERAL INFORMATION

AUTHORISATION

The creation and issue of the Notes has been authorised by resolutions of the Executive Board of the Issuer dated 14 February 2011 and the chairmen's committee of the Supervisory Board of the Issuer dated 1 March 2011.

LISTING AND ADMISSION TO TRADING

Application has been made to the Luxembourg Stock Exchange for the listing of the Notes on the Official List of the Luxembourg Stock Exchange and the admission to trading of the Notes on the regulated market of the Luxembourg Stock Exchange, a market appearing on the list of regulated markets issued by the European Commission pursuant to the Markets in Financial Instruments Directive (Directive 2004/39/EC).

USE OF PROCEEDS

The Issuer intends to use the net proceeds for the refinancing of loans taken to finance the acquisitionsof Convenience Food Systems (CFS) and Bock Kältemaschinen GmbH and for general corporate purposes. The amount of net proceeds before deduction of total expenses will be published in the Pricing Notice.

YIELD

Once calculated in accordance with the ICMA (International Capital Market Association) method and based on the issue price to be published as described above, on the relevant Rate of Interest to be published as described above and based on the Maturity Date, the relevant initial return on the issue (yield) for subscribers will be published in the Pricing Notice.

NOTEHOLDER RESOLUTIONS UNDER THE GERMAN BOND ACT

The Terms and Conditions may be amended with the consent of the Issuer by means of majority resolution of the Noteholders pursuant to §§ 5 et seqq. of the German Bond Act (Schuldverschreibungsgesetz - SchVG), as amended from time to time. Resolutions of the Noteholders shall be passed by means of a voting not requiring a physical meeting (Abstimmung ohne Versammlung) in accordance with § 18 SchVG. The Noteholders may also provide by majority resolution for the appointment or dismissal of a noteholders' representative, the duties and responsibilities and the powers of such noteholders' representative, the transfer of the rights of the Noteholders to the noteholders' representative and a limitation of liability of the noteholders' representative. Any such resolution duly adopted by resolution of the Noteholders with the consent of the Issuer shall be binding on each Noteholder, irrespective of whether such Noteholder took part in the vote and whether such Noteholder voted in favour or against such resolution.

RATINGS

The Issuer's long-term debt has been rated "Baa3" by Moody's Investors Service (Moody's) and "BBB-" by Fitch Ratings (Fitch, and together with Moody's, in this paragraph, the Rating Agencies). The Notes are expected on issue to be rated "Baa3" by Moody's and "BBB-" by Fitch. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. As of the date of this Prospectus, each of the Rating Agencies is a credit rating agency established in the European Union and has applied to the

83

Committee of European Securities Regulators (CESR) (predecessor institution of the European Securities Markets Authority (ESMA)) for registration pursuant to Article 15 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the Regulation). As at the date of this Prospectus, no registration has been granted to the Rating Agencies. However, pursuant to Article 40 (Transitional Provisions) of the Regulation, the Rating Agencies may continue to issue credit ratings which may be used for regulatory purposes by the financial institutions referred to in Article 4(1) of the Regulation unless such registration is refused.

Ratings are an indicator of the Issuer's ability to meet its financial obligations in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that financial obligations will not be met at all or not be met in a timely manner.

Moody's ratings scale for long term debt obligations ranges from Aaa (highest quality, with minimal credit risk) to C (lowest rated class of bonds which are typically in default, with little prospect for recovery of principal or interest). Under Moody's rating scale a "Baa" rating denotes a moderate credit risk which is to be considered mediumgrade and as such may possess certain speculative characteristics. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Fitch's ratings scale for long term debt obligations ranges from AAA (highest credit quality; such rating denotes the lowest expectation of default risk) to D (default; such rating indicates that an issuer in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business). A "BBB" rating denotesunder Fitch's ratings scale good credit quality and indicates that expectations of default risk are currently low. According to Fitch's ratings scale the capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. The modifiers "+" or "-"denote relative status within major rating categories.

CLEARING SYSTEM

The Notes will be accepted for clearance through Clearstream Banking AG, Frankfurt am Main, Neue Börsenstraße 1, D-60487 Frankfurt am Main. The ISIN for this issue is DE000A1KQ1M5, the Common Code is 061519793 and the German Securities Identification Number (WKN) is A1K Q1M.

LEGEND FOR U.S. TAX PURPOSES

The Notes will contain the following legend: "Any United States person who holds this obligation will be subject to limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue Code."

DOCUMENTS ON DISPLAY

For the period of 12 months following the date of this Prospectus, copies of the following documents will be available for inspection from the offices of the Issuer and the Principal Paying Agent as set out at the end of this Prospectus:

(i) the Prospectus and any supplement thereto;

(ii) the Pricing Notice;

84

(iii) the articles of association of the Issuer; and

(iv) all documents incorporated by reference.

In addition, copies of this Prospectus any supplement thereto and each document incorporated by reference is available on the Luxembourg Stock Exchange's website at www.bourse.lu as long as the Notes are listed on the Luxembourg Stock Exchange and traded on the regulated market of the Luxembourg Stock Exchange and can be obtained free of charge from the office of the Issuer as set out at the end of this Prospectus.

85

DOCUMENTS INCORPORATED BY REFERENCE

The following documents which have previously been published or which are published simultaneously with this Prospectus and filed with the CSSF shall be incorporated in, and form part of, this Prospectus. Copies of all documents incorporated by reference are available on the website of the Luxembourg Stock Exchange (www.bourse.lu) and can be obtained without charge from the offices of the Issuer and the Principal Paying Agent as set out at the end of this Prospectus. Any information not listed below but included in the documents incorporated by reference is given for information purpose only.

1) The published audited consolidated financial statements (Konzernabschluss) of GEA Group Aktiengesellschaft as of 31 December 2009, consisting of

• consolidated balance sheet (p. 110)

• consolidated income statement (p. 112)

• consolidated statement of comprehensive income (p. 113)

• consolidated cash flow statement (p. 114)

• consolidated statement of changes in equity (p. 115)

• notes to the consolidated financial statements (p. 116)

• responsibility statement (p. 229)

• independent group auditor's report (p. 232)

2) The published audited consolidated financial statements (Konzernabschluss) of GEA Group Aktiengesellschaft as of 31 December 2010, consisting of

• consolidated balance sheet (p. 78)

• consolidated income statement (p. 80)

• consolidated statement of comprehensive income (p. 81)

• consolidated cash flow statement (p. 82)

• consolidated statement of changes in equity (p. 83)

• notes to the consolidated financial statements (p. 84)

• responsibility statement (p. 180)

• independent group auditor's report (p. 181)

86

ISSUER

GEA Group AktiengesellschaftDorstener Straße 484

44809 BochumGermany

JOINT LEAD MANAGERS

Commerzbank Aktiengesellschaft

Kaiserstraße 16 (Kaiserplatz)60311 Frankfurt am Main

Germany

Deutsche Bank AG, London Branch

Winchester House1 Great Winchester Street

London EC2N 2DBUnited Kingdom

UniCredit Bank AG

Arabellastraße 1281925 München

Germany

PRINCIPAL PAYING AGENT

Commerzbank AktiengesellschaftKaiserstraße 16 (Kaiserplatz)

60311 Frankfurt am MainGermany

LISTING AGENT

Commerzbank AktiengesellschaftKaiserstraße 16 (Kaiserplatz)

60311 Frankfurt am MainGermany

LEGAL ADVISERS

To the Issuer: To the Joint Lead Managers:

Allen & Overy LLP

Haus am OpernTurmBockenheimer Landstraße 260306 Frankfurt am Main

Germany

Simmons & Simmons LLP

MesseTurmFriedrich-Ebert-Anlage 4960308 Frankfurt am Main

Germany

AUDITORS

Deloitte & Touche GmbHFranklinstraße 5060486 Frankfurt

Germany