Conference Magazine 2013 - Deutsches Eigenkapitalforum

11 – 13 November 2013 Frankfurt / Main

Conference Magazine Vol. 4 Publishing Partner

Equity Forum

Investor & IR-Forum

Debt Capital Forum

PE & VC Lounge

Integrated Reporting

Corporate Bonds

Innovation & Growth Companies

DAX/MDAX-Days

Ratings

Key Note: Jürgen Fitschen

Investor Targeting

Chief Economists’ Views

Co-Initiator

Main Sponsors

Sponsors

einfach k ommunizier en.

Scope Ratings

Partners

STEP AWARD www.step-award.de

Media Partners

Network Partners

Mobility Partner

youmex

Editorial

Dear Readers,

Reto Francioni

It is a universally acknowledged truth that a woman or man in possession of a good fortune must be in want of an investment. Exchanges, among others, provide various avenues towards fulfilling this want, in line with the investors’ expectations regarding returns, and their willingness to take risks. Deutsche Börse’s cash market maintains three such avenues with respect to equity capital: the Entry Standard, offering investment opportunities in younger and smaller companies, where both risk and return are on average the highest; the General Standard, conforming with EU listing requirements; and the Prime Standard, fulfilling the most demanding listing standards even in a global comparison, thus keeping risk at a generally lower level. The variety of these avenues has recently been further increased by Deutsche Börse in adding the opportunity to invest in corporate bonds, which is, outside regulated markets, a still non-transparent area, accessible only through a web of special relations, and basically closed to private investors. Deutsche Börse’s transparent and accessible alternative is also divided into a Prime and an Entry Standard. Viewed from another perspective, this means that exchanges provide companies with ways of gaining access to capital. In the first half of 2013, Deutsche Börse cash market’s listing business recorded 15 new admissions, five of them in the Prime Standard, five in the General Standard and five in the Entry Standard. The total placement volume amounted to EUR 5.3 billion. In addition, 17 companies raised a total of more than EUR 1.5 billion in corporate bonds. 14 of these used the Entry Standard, and three the Prime Standard as their venue, with the latter, although smaller in number, reaching a total placement volume of EUR 900 million.

Initial listings or transfers from other market segments, however, are not the only fruit offered by Deutsche Börse. More than 60 capital increases enabled listed companies to raise equity capital of nearly EUR 7 billion in the first half of 2013. While we are certainly proud of this contribution towards providing companies with access to capital, and investors with opportunities to participate in companies’ growth, we must also acknowledge that this contribution remains limited in size. As an exchange organisation, however, we can only offer the infrastructure necessary to enable companies and investors to interact, while the willingness to invest depends on both external circumstances and individual preferences. They are not in our power to change. All we can and will do is inform, and help to bring people with different motives together, just as we do in our German Equity Forum in Frankfurt, together with KfW, the German Government’s promotional bank, serving the economy in Germany, Europe and beyond. This conference magazine provides you with background material on this year’s German Equity Forum and its current key aspects. I hope you will find it useful. Sincerely yours,

Reto Francioni CEO, Deutsche Börse AG

Deutsches Eigenkapitalforum 2013

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Content

3 Editorial Reto Francioni, Deutsche Börse

Equity Forum 8 “Germany needs more private financiers who are willing to invest equity capital” Interview with Dr. Axel Nawrath, Member of KfW’s Executive Board

10 Tax planning pre-IPO Key task – Implementing the appropriate IPO tax structure Martin Brandscheid, Marco Huder, Ernst & Young 12 German mid caps in high demand But stock picking remains key Gunnar Cohrs, Anna Patrice, Berenberg 16 Challenging environment for corporate financing Equity base as an indicator of financial soundness Dr. Jörg Schröder, Dominik Eisenkopf, IKB Deutsche Industriebank 18 Subscribing to securities via the stock exchange Innovative access to a broad investor basis Alexander von Preysing, Edda Vogt, Deutsche Börse 20 “Networking event that is not only unequalled within Germany but also within Europe” Interview with Dr. Martin Reck, Managing Director, Cash Market, Deutsche Börse

24 Effective IFRS conversion for an IPO How to implement IFRS in short time frames in order to realize IPO windows Ralf Geisler, Michael Oppermann, Ernst & Young 26 Embracing transfer pricing at arm’s length Documenting transfer pricing is a challenging process Dr. Christian Thun, Moody’s Analytics

28 Optimized refinancing processes How rapidly changing financial markets require companies to adjust their refinancing processes Kai Frömert, Alexander Wiegelmann, FCF Corporate Finance

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30 Financing in China Challenges for mediumsized firms Tim Sichting, Yi Ding, BDO Wirtschaftsprüfungsgesellschaft 32 EuroQuity goes European French-German matching platform for companies seeking capital and technological partnerships opens up to the European market Astrid Kricke, EuroQuity Germany

Investor & IR-Forum 34 Rights and risks in restructuring situations New rules for the recapitalisation of German stock corporations in distress Christoph F. Vaupel, Dr. Lars-Gerrit Lüßmann, Taylor Wessing 36 Cash was king Option dividends are gaining ground Axel Rose, BankM 38 Integrated reporting – doing it the right way How close are we to the beginning of a new era in capital market communication? Marcus Pratsch, DZ BANK 42 “Excellent IR for our clients is excellent PR for us” Interview with Anne Hennecke, Managing Partner, MC Services

44 Life in a potential conflict zone How analysts reconcile the needs of investors and companies Christian Obst, Baader Bank 46 GC Pooling Select, a new era for corporate clients Eurex Repo, a Deutsche Börse Group company, offers secured funding via Eurex Clearing as central counterparty Frank Gast, Gabriele Ristau, Eurex Repo

Content

50 Designated Sponsoring More than just a quote! Marc Renell, Renell Wertpapierhandelsbank 52 A new “Neuer Markt” Opportunity for IPOs of high growth companies? Volker Potthoff, CMS Hasche Sigle

56 Regulatory change Its effects on how asset managers consume research Fraser Thorne, Edison Investment Research

Event-Initiator, Co-Initiator & Sponsors Event-Initiator & Co-Initiator 74 Deutsche Börse, KfW 75 Ernst & Young

Main Sponsors 76 BankM, Berenberg, Close Brothers Seydler Bank 77 DZ BANK 78 Edison Investment Research Limited, equinet Bank, FCF Fox Corporate Finance 79 IKB Deutsche Industriebank 80 LBBW Landesbank Baden-Württemberg, MC Services, RENELL Wertpapierhandelsbank

Debt Capital Forum Sponsors 58 Know your investors! Which groups of institutional investors are attracted to the German “Mittelstand” Karl Filbert, Close Brothers Seydler Bank 60 Special structures and types Secured bonds, convertible bonds and hybrid bonds Dr. Anne de Boer, Hendrik Riedel, GSK Stockmann + Kollegen 62 Bank loan, bond or Schuldscheindarlehen (promissory notes)? Schuldscheindarlehen: a valid financing tool for mid cap companies of high credit quality Lutz Weiler, equinet Bank 64 The credit research report – an important instrument for investors? Regarding its benefit and importance for the successful issuance of SME bonds Manuel Hoelzle, GBC 68 Mid-market evaluation The new benchmark for mid-market companies Dr. Florian Stapf, Standard & Poor’s Ratings Services

82 Baader Bank (82), Baker Tilly Roelfs (82), Bankhaus Lampe (82), BDO Wirtschaftsprüfungsgesellschaft (83), Bundesverband Deutscher Kapitalbeteiligungsgesellschaften (84), CMS Hasche Sigle (84), GBC (84), GSK STOCKMANN + KOLLEGEN (85), heureka (85), Moody’s Analytics Deutschland (85), Scope Corporation (86), Standard & Poor’s Credit Market Services Europe (86), Taylor Wessing (86)

Partners 88 Baden Württemberg: Connected / bwcon (88), CF&B communication (88), Creathor Venture Management (88), DVFA (89), EuroQuity (90), HPE Growth Capital (90), ICF Kursmakler AG Wertpapierhandelsbank (90), PvF Investor Relations (91), STEP Award (92), TECH TOUR (92), viaprinto (92), youmex Invest (93)

Media Partners 94 BOND MAGAZINE (94), Börsen Radio Network (94), Börsen-Zeitung (94), business new europe (95), DAF Deutsches Anleger Fernsehen (96), Dow Jones News (96), FinanzNachrichten.de (96), Frankfurt Business Media (98), GoingPublic Magazin – GoingPublic Media (98), International New York Times (98), mergermarket (100), n-tv Nachrichtenfernsehen (100), pressetext Nachrichtenagentur (100), Property Investor Europe (101), Unternehmer Medien (102), VDI Verlag (102)

Network Partners 104 BVMW (104), Deutscher Investor Relations Verband (104), Deutsches Aktieninstitut (104), Dr. Kalliwoda Research (105), F I C Frankfurt International Consulting (105)

Friends of the German Equity Forum 106 b-to-v Partners, Brockhaus Private Equity, Earlybird Venture Capital, eCAPITAL entrepreneurial Partners, EnjoyVenture Management, LSP 107 S-UBG Gruppe, venturecapital.de, WHEB Partners Limited

Deutsches Eigenkapitalforum 2013

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Content

Capital Seeking Companies 108 108 108 108 108 108 108 108 109 109 109 109 110 110 110 110 110 110 112 112 112 112 112 112 112 112 113 113 113

4JET Technologies GmbH Affimed Therapeutics AG Augmentation Industries GmbH Auxo GmbH Baltijskij Bereg AG brickfox GmbH caprotec bioanalytics GmbH DeVeTec GmbH Genekam Biotechnology AG GNA Biosolutions GmbH Heliatek GmbH HELIOVIS AG Hepa Wash GmbH Humedics GmbH Ingenious Technologies AG Jedox AG Lophius Biosciences GmbH Miracor Medical Systems GmbH OEC AG PRECISIS AG PROSOL Invest Deutschland GmbH Protagen AG Protectimmun GmbH ROWIAK GmbH sharewise GmbH tailorjack GmbH t-cell Europe GmbH Vimecon GmbH Viprinet Europe GmbH

Service 114 Highlights Services for issuers Listing Partner search, Stock Report, Trading floor event 115 Contact Persons at Deutsche Börse Group 116 Imprint/Index of Advertisers

Programme Deutsches Eigenkapitalforum 2013 118 Programme Overview Appendix a: Main Level Map Appendix b: Upper Level Map and Exhibitors’ Index

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Photos: Deutsche Börse AG

É=QÊYf\Éo]Êj]^]jlgYdd?]jeYfe]eZ]jÕjekg^=jfklQgmf_?dgZYdDaeal]\$YMC[gehYfqdaeal]\Zq_mYjYfl]]&=60% methods of participating in the company’s Repsol Spain Oil/gas EUR 0.04 59% ACS Spain Construction EUR 1.112 55% performance. Investors who reinvest their Deutsche Telekom Germany Telecommunications EUR 0.70 38% dividend benefit most as they do not incur Shell UK Oil/gas USD 0.45* n.A. BP UK Oil/gas GBP 0.05763* n.A. transaction costs and may even receive a RSA UK Insurance GBP 0.039* n.A. SSE UK Utility GBP 0.59* n.A. premium depending on how the offer is Intu UK Real estate GBP 0.10* n.A. structured. In any case, they can cash in British Land UK Real estate GBP 0.066* n.A. their shares on the market at any time. *) interim dividend; source: BankM

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Investor & IR-Forum

Figure 2: Spoilt for choice – Ultrasonic’s option dividend model Option A

Option B

Option C

Acceptance of the bonus shares

Sale of the bonus shares via the public tender offer of the company

Sale of the bonus shares via the market

Source: BankM

A success story, not a cost trap It sounds like a win-win situation, so why do hardly any German companies offer this type of dividend option? “Basically because the procedure in Germany is complicated” complain lawyers. Unlike the situation in many other European countries, there are no clear rules on option dividends in German corporate law. Instead, German legislation allows for dividends to be paid in kind. That naturally includes payment in shares, but here the legislation means shares that have already been issued, in other words, shares that first have to be repurchased by the company. “With around 1.6 bn shares eligible for a dividend, a transaction like this is extremely complex”, explained Rainer Krause from the Hengeler Müller law firm, which advised Deutsche Telekom on its stock dividend, in the media. However, some of the complexity was caused by the company itself. For example, it wrote individually to shareholders to inform them of the offer in a bid to raise the takeup rate. DWP Bank, the custodian bank for many Telekom shareholders, distributed around 5 million sheets of paper alone. Moreover, the structure of the associated capital increase did nothing to minimise complexity. In order to take up the scrip issue, investors had to fill out a special form transferring their claim to a dividend to Citigroup,

which was responsible for handling the transaction. Deutsche Telekom calculates that the transaction (including the fee paid to Citigroup) cost it around EUR 1.4 million.

Simpler procedures Ultrasonic AG provides a good example of how option dividends can be handled far more simply, even in Germany. The Annual General Meeting passes a resolution on a capital increase out of company funds. Shareholders are then allocated bonus shares in a specific ratio to their shareholdings and the company simultaneously publishes an offer to repurchase the shares at a set price. Investors can opt to sell their bonus shares to the company under the public tender offer and thus receive a (cash) dividend, sell their shares on the market when the repurchase offer has expired and thus obtain the current market price, or hold the shares in the hope of benefiting from future price rises (see diagram). The options are the same as at other companies that offer stock dividends. The difference here is that shareholders have to take action if they prefer to convert their bonus shares into a cash dividend. In return, the less complex procedure means that the cost of the associated banking transactions is in the low five-digit euro range. And evidently, the simpler the procedure, the higher the savings that option dividends offer companies. advertisement

Investor & IR-Forum

Integrated reporting – doing it the right way How close are we to the beginning of a new era in capital market communication?

Critics of “non-financial” key figures were taught a lesson at the latest with the beginning of the financial crisis. The longterm success of a company and thus its performance in the capital market cannot be steered alone by way of classical key financials and existing risk management systems. The previous separation of “hard” financial and apparently “soft” non-financial aspects is a thing of the past. Sustainability is now regarded as relevant to business. “Non-financial” values are deemed to account for a good part of enterprise value, especially in the long-term. Accordingly, the integration of sustainability aspects in company analysis is becoming increasingly important. One must, however, distance oneself here from a pure “ESG” (environmental society governance) view as can be found in most of the analysis models available on the market. Sustainability is an investment issue. Every company focuses its attention on economic success. The goal of every investor is to achieve a return. For this reason, and from DZ BANK’s point of view, the integration of economic prospects is indispensable as the fourth dimension of sustainability analysis. Figure 1: Sustainability dimensions of DZ BANK Sustainable Investment Research

Economy

Social

Company

Corporate Governance

Ecology

Source: DZ BANK Sustainable Investment Research

These four sustainability dimensions may not be looked at in isolation from one another, but need to be analysed in a

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Marcus is Head of Sustainable Investment Research at DZ BANK. In his role he has published various SRI sellside reports as well as the 2012 CDP DACH report. In 2011 he introduced the bank’s own SRI rating methodology for listed equities.

Marcus Pratsch, Head of Sustainable Investment Research, DZ BANK AG

shared context as they mutually influence each other. Only those companies that identify the interdependences between the individual dimensions and report on these accordingly will be successful over the long term.

Writing the long-term equity story in the language of the capital market The information requirement of investors who value companies holistically, in other words with an orientation towards sustainability, differs from that of the traditional investor due to greater complexity, as short-term return aspects are no longer crucial to the investment decision. This is where integrated reporting as a holistic concept combining classic financial reporting with non-financial reporting elements comes into play. After all, it is high time that the increasing amount of reporting be replaced by a holistic picture of the company. The advantages are obvious. Reporting that paints a holistic picture of a company drives strategy forward, creates confidence and a reliable basis for decision making. Companies that take this to heart know their relevant – and thus also non-financial – value drivers better and gear their strategies and management models to them. An integrative report serves as a business card. It is far from being a dreary obligatory medium that merely gives account of the past financial year. It is rather a highly important strategic corporate

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MID-MARKET EVALUATION A PURPOSE-BUILT BENCHMARK OF CREDITWORTHINESS

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Investor & IR-Forum

Figure 2: Seven best practice recommendations for corporate sustainability reporting

Source: Deutsche Börse AG, Communicating Sustainability - Seven recommendations for issuers

communication instrument that aims to convince its readers of a compelling equity story. In order for an integrated reporting system to really enhance the quality of reporting we believe there are several aspects of form and content that need to be respected. Deutsche Börse’s voluntary guidelines “Communicating Sustainability – Seven recommendations for issuers” which aim to encourage companies to make use of sustainability topics in their capital market communication and to integrate them systematically is an excellent orientation aid. The company’s business model and its strategy should be at the centre of integrated reporting. In addition, the needs of all of a company’s stakeholders should be taken into account in the report. With regard to “non-financial” key figures, companies should concentrate on a manageable number of parameters relevant to governance. These should be included in the management’s decision-making processes, be linked to the company’s strategy and illustrate the economic repercussions of ESG factors. In addition, they should be clearly defined. Quantitative data is to be given priority here over qualitative information because it often allows comparisons to be made with other companies. Wherever possible, key sustainability figures should be presented in the same format as the key financials. Issuers should therefore try to simplify the “corporate reality” in such a way that it can be presented using hard facts and objective figures. They should be aware here that investors also expect sustainability issues to be couched in the language of the financial markets.

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A long but not insurmountable road Admittedly, in relative terms integrated reporting is still at the teething stage. Only a few, mostly larger, companies simultaneously provide traditional key financial figures and “nonfinancial” figures. For most companies integrated reporting continues to represent a major challenge because of the lack of standards. However, since the gap between the market value and the book value of shares is becoming increasingly wide because financial data alone is not capable of fully grasping a company’s value and quality, we shall in the future attach ever more importance to such reporting. This is also especially so against the background that sustainability is becoming an increasingly important competitive factor for companies. The International Integrated Reporting Framework that the International Integrated Reporting Council (IIRC) aims to publish at the end of 2013 will point the way here. The first discussion paper from 2011 and the draft consultative paper published in April 2013 currently serve many companies as an orientation aid. Finally, we are also ultimately seeing the legislator at work. At the end of the day, all the main information about a company’s situation basically belongs in the consolidated annual financial statements. In South Africa, for example, integrated reporting has been obligatory since 1 March 2010 for admission to the stock exchange in Johannesburg. In Denmark, too, the legislator has already obligated companies to draft comprehensive reports for shareholders and stakeholders.

THE FINANCING SPECIALIST ADVISORY | STRUCTURING | PLACEMENT

FCF is a Corporate Financing specialist arranging, structuring and placing equity and debt capital for private and listed small-/midcap companies. FCF provides its clients with growth-financing, acquisition-financing and/or refinancing advice and services, supporting them in implementing an effective and capital market oriented capital structure while reducing the dependency on bank financing.

FCF FINANCING SERVICES

FCF QUALIFICATIONS

Equity Capital Pre-IPO-financing Public and private equity Debt Capital Short- and long term debt Hybrid

Corporate financing specialist Qualified access to leading investors Experienced and dedicated team In-depth market know-how Building “lifetime“ relationships

Coming Events 7th FCF Family-to-Family Day Munich, Germany April 10th, 2014 5 family owned companies presenting in front of 50 family offices and high net worth individuals (HNIs)

FCF German Industry Day 2014 Abu Dhabi, UAE May 13th, 2014 up to 10 presenting companies and more than 100 investors from the middle east For more information on both events please contact [email protected] FCF Fox Corporate Finance GmbH ● Maximilianstr. 12-14 ● D-80539 Munich ● Tel. +49-89-20 60 409-100 ● Fax: +49-89-20 60 409-299 [email protected] ● www.fcf.de Contact person: Arno Fuchs ● Mobil: +49-172-86 36 777 ● Email: [email protected]

Investor & IR-Forum

“Excellent IR for our clients is excellent PR for us” Interview with Anne Hennecke, Managing Partner, MC Services AG

Accessing the world of Corporate Communications is vital for any business, especially in terms of Investor Relations. In light of increasing demands on IR teams and the need for companies to reduce costs in a difficult economic environment, outsourcing of IR activities is a good option for accessing seasoned advice and a wealth of experience. The Conference Magazine spoke to Anne Hennecke about recent IR trends. Conference Magazine: Ms Hennecke, what are the current trends in IR? Hennecke: We are seeing trends in a number of areas. One important area is the different ways information is being provided and published. The internet and today especially social media platforms are becoming standard communication tools including the need to meet all requirements of fair disclosure under corporate governance guidelines. Companies need to be much more disciplined today in their postings so as not to infringe any fair disclosure rules. As the company’s business card, a website today needs much more attention in terms of content, structure and accuracy than in the past. Conference Magazine: What else? Hennecke: Another area is the way analysts cover companies. Today, the growing universe of companies is putting constraints on analysts’ time; in order to be able to properly support them, IR has to ensure that information is more extensive and in a format that analysts can easily access and incorporate into their own files and spreadsheets. Additionally, analysts need more intensive support from the IR department given the time restrictions they can afford on a single company.

“

Companies need to be much more disciplined today in their postings to not infringe any FD rules.

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„

Anne Hennecke joined MC Services in 2011. Prior to this, she headed the Investor Relations department of Evotec AG for 10 years. Anne has over 15 years experience in Financial and Strategic Communications. During her career she has managed Evotec’s IPO on the Frankfurt Stock Exchange and NASDAQ, multiple M&A programs and major financial transactions. Anne Hennecke, Managing Partner, MC Services AG

Conference Magazine: What about small cap companies? Hennecke: Ultimately, the difficulties of small cap companies to attract investors and to raise money on today’s tense markets are immense. Following the financial crises, brokers are more and more focusing on large cap companies when organizing roadshows and conferences. These companies often do not meet internal rules, including a minimum daily trading volume of over 250,000 shares, to be regarded as a potential for investments. As a consequence, small cap companies are falling off the radar of institutional investors. Conference Magazine: Any benefits of outsourcing the IR function? Hennecke: From the smaller company perspective, outsourcing provides access to senior IR people, specific industry and capital market expertise, a far broader contact base of investors including venture capitalists and investment boutiques which are normally interested in taking smaller investments, and a wider network. Moreover, we are always on top of new regulatory issues and especially at peak times can support companies with the management of complex processes. What’s also important is that we can call upon extensive experience with third party suppliers and know those offerings with the best value, e.g. web designers, graphic artists, translators or lecturers, etc. For

Investor & IR-Forum

larger companies with big internal corporate communications teams, these benefits are still very valid.

to maintain and expand IR services without the need to increase the company’s IR team.

Conference Magazine: What aspects of IR are typically outsourced? Hennecke: The outsourcing of marketing and support functions save time and source special expertise. This is the case e.g. for event management, including setting up analyst and investor meetings, organizing AGMs and other corporate events. We also leverage our expertise in media strategy; editorial services and media outreach to visibly position our clients and their successes in the media. Importantly, we have hands–on experience of corporate actions, to best support our clients in IPOs, M&A events and fund raisings. Finally, financial reporting is typically outsourced.

Conference Magazine: What’s next? Hennecke: In smaller companies with limited resources life is becoming tougher due to increasing demands from both current and potential investors. More importantly, it is very difficult to raise funds and more companies now recognise the need for expert strategic advice, communications support and marketing. Small companies often completely lack IR and PR experience in-house and understand that setting up a corporate communications department is very expensive and time consuming, especially if the workload does not justify the employment of a full-time specialist but requires that level of expertise. In many cases, companies today are increasingly outsourcing the IR/PR function completely to external specialists. We constantly work to promote our clients; excellent IR for them is excellent PR for us.

Conference Magazine: Do you expect the demand for IR outsourcing to increase? Hennecke: Yes, definetly. In the last two years at MC Services we have seen very strong growth in companies seeking specific outsourcing services. We expect to see this growth continue. Bigger companies are addressing internal cost reductions and outsourcing is a very good way

Conference Magazine: Ms Hennecke, thank you very much indeed. The interview was conducted by Robert Steininger.

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Life in a potential conflict zone How analysts reconcile the needs of investors and companies

According to German law or, to be more precise, the German Financial Analysis Regulation, financial analysts (note only independent analysts are allowed to use the title) are responsible for “the objective preparation and presentation of financial analyses”. This definition also reflects both actual practice at the leading investment banks (sell side) and the expectations of market participants.

Christian Obst is an Equities Analyst at Baader Bank. He is responsible for the steel and metals sectors.

The work of independent financial analysts spans the potentially conflicting interests of the companies they review, investors and their own employers. However, while at the first time of looking it may seem that these interests vary considerably, there are many areas of overlap.

In-depth knowledge of a particular sector needed One of the prerequisites for a successful career as an analyst is in-depth knowledge of a particular sector and of the companies being reviewed. Analysts must demonstrate the right skills if they are to be taken seriously and kept regularly involved in a dialogue by company representatives (CEO, CFO, Investor Relations). The same is true with regard to investors who can generally seek the views and assessments of a number of analysts and select accordingly. Although good analysts need to have a wealth of corporate data at their fingertips, it is much more important that they are able to sort that data correctly in a way that allows them to provide investors with accurate input and suitable

Christian Obst, Equities Analyst, Baader Bank AG

recommendations. Investors expect analysts to deliver clear, transparent and comprehensible assessments. Analysts pass judgment on corporate strategies, business models and company results. They must have a detailed knowledge and understanding of the sector. They give a view of a company’s performance, calculate its fair value and use this information to support recommendations – in short whether to buy, hold or sell. These recommendations are often highly controversial. Generally speaking, companies and those who represent them want to see their share price go up, thus increasing the firm’s valuation. In this context, sell recommendations are often regarded as unwelcome. Nevertheless, most companies adopt a professional response to less favourable analyst reviews. In such cases, however, it is vital that the analyst’s conclusions are wellresearched and clearly explained.

Act as a sparring partner

Photo: PantherMedia/Convisum

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Turning to investors, the role of the analyst is to contribute ideas, engage in a dialogue and act as a “sparring partner”. This involves helping investors to sort, structure and evaluate the daily flood of information. The aim of this dialogue between analysts and investors is to increase the value of the latters’ assets. Depending on their investment style and horizon, the requirements of investors can vary considerably.

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Taylor Wessing – Capital Markets Those focused on regular trading, for example, are looking for a rapid interpretation of corporate indicators and corresponding recommendations. Investors with a longer-term horizon often try to avoid the daily flood of information and look instead for signs of major changes in key performance drivers.

“

Turning to investors, the role of the analyst is to contribute ideas, engage in a dialogue and act as a ‘sparring partner’.

Capability and Capacity:

„

As a link between companies and investors, analysts also act as a neutral reporter whose job it is to explain and market the ‘story’ told by the listed company. Analysts not only have to provide a certain number of key investors with research studies; they also contact those investors with their latest assessments and observations. Analysts are able to provide feedback on an unambiguos message to companies, primarily through the talks they hold with investors. That message will tell the companies whether the story they have presented is clearly understood. Analysts maintain a regular dialogue with investors through telephone calls, in one-on-one meetings (often at ‘analyst roadshows’) and at a wide range of conference events.

> Proven Track Record

> Strong Experienced Team

> Broad Industry Coverage

Outlook At the end of the day, however, financial analysts are also employed by investment banks or brokers. They are an integral part of a wider process that involves generating returns from the trading of securities or the investment of capital. In order to play their part in this process, they need to be recognised as experts; they need to maintain good contacts with companies and investors; and they need to provide high-quality and success bringing analysis.

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> Europe > Middle East > Asia www.taylorwessing.com

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GC Pooling Select, a new era for corporate clients Eurex Repo, a Deutsche Börse Group company, offers secured funding via Eurex Clearing as central counterparty

Since the turmoil on the financial markets started, credit institutions have increasingly preferred to conduct repo market transactions using electronic trading platforms combined with clearing services via a central counterparty (CCP). The advantages of conducting such operations including the limitation of counterparty credit risk and anonymous trading convinced more and more banks to join the GC Pooling market, Eurex Repo’s most successful interbank market with an average of EUR 160 billion of outstanding volume in July 2013. The GC Pooling interbank market was launched in March 2005. At that time 10 banks started to trade the first standardized ECB basket comprising several thousand ECB-eligible bonds to secure their cash trades. In 2013, more than 110 international banks from 12 countries availed of the high-value access to GC Pooling’s liquidity pool complemented by the safety of Eurex Clearing, one of the world’s leading CCPs.

Access extended to corporate clients The ongoing trend to shift money market business from unsecured to secured is not limited to the interbank market. An increasing number of buy side customers such as corporates, insurance companies and asset managers are familiarising themselves with the topics of default management, risk minimization and collateral management. Eurex Repo launched its new segment GC Pooling Select in April 2013 to respond to this need. Both, the new trading and clearing model as well as the state-of-the-art securities management functionality are tailor-made for the group of clients.

Simple, easy trading with Eurex Repo In contrast to the anonymous interbank market, GC Pooling Select’s bilateral trading allows banks and their corporate clients to continue their existing business relationships. GC Pooling Select clients can act as cash providers to banks quickly and easily. They just have to enter a quote request, select specific banks on the trading screen and send it with a mouse click. The banks then respond with an appropri-

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Frank Gast, Managing Director, Eurex Repo GmbH

Gabriele Ristau, Head of Sales & Relationship, Eurex Repo GmbH

ate offer within a certain period of time. If the corporate client agrees to the trade, it confirms the offer and the trade details are forwarded to Eurex Clearing. During the term of a Select trade, it is also possible to borrow cash up to a maximum of the amount invested. The term leg of the cash taker trade has to be identical to the cash provider trade. The bank collateralizes the borrowed funds using ECBeligible securities from standardized collateral baskets. These baskets are pre-defined by Eurex Repo and therefore it is not necessary to negotiate bilaterally on the acceptance of specific asset classes. After the transaction has been executed, Deutsche Börse Group’s systems automatically handle all the processing up to and including the reversal of transactions. The settlement of the trade is guaranteed once the central counterparty Eurex Clearing enters into the transaction. This novation happens as soon as the corporate client has provided the cash on the settlement day by 14:00 CET at the latest. Corporate clients do not need to have access to Eurex Clearing’s systems or to Clearstream Banking’s Collateral Management System, because Deutsche Börse Group takes over both the settlement of the cash and securities concerned as well as the management of the securities deposited as collateral.

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Fig 1: GC Pooling for banks and GC Pooling Select for corporate clients

Source: Eurex Repo

Corporate clients are not the only ones to benefit from GC Pooling Select. The funds settled by banks with corporate clients via the Eurex Clearing central counterparty can be immediately reinvested in the interbank market. This relieves pressure on balance sheets because these transactions can be netted. Trading in the GC Pooling Select segment is available starting at one million euros for all terms (overnight to 24 months), daily from 07:30–18:00 CET (overnight deadline is 14:00 CET). Any funds not needed to settle extended GC Pooling Select transactions are automatically transferred back to the specified account at the corporate client’s correspondent bank after 15:00 CET on the same day. In summary, GC Pooling Select offers major benefits to corporates:

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• Secured electronic cash trading denominated in euros • ECB-eligible securities used as collateral for the amounts invested • Flexible terms from overnight to 24 months • Minimized trading risk due to integrated central counterparty settlement via Eurex Clearing • Automatic securities allocation and management at Clearstream Banking • No fees charged by Eurex Repo and Eurex Clearing

Conclusion GC Pooling Select is the logical enhancement of the successful GC Pooling interbank market, fulfilling the need of corporates with regard to minimized counterparty risks and therefore represents a future trend for the money market business outside of the banking world.

Investor & IR-Forum

Designated Sponsoring More than just a quote!

Designated sponsors provide for liquidity in the “Xetra” electronic transactions system by placing binding buy and sell orders, otherwise known as “quotes”. However, that does not adequately and completely describe the tasks of a “designated sponsor”.

Xetra liquidity measures (XLM) Emissions must have access to a certain level of liquidity. In the event that this liquidity is insufficient, the issuer can or must appoint at least one designated sponsor to raise the liquidity of the security. The Deutsche Börse measures the liquidity of securities traded on the Xetra with the benchmark Xetra Liquidity Measures (XLM) and then assigns them to a specific liquidity category under consideration of this liquidity value and the current order volume. High-liquid stocks can primarily be found in Category A and these do not require a designated sponsor. As of September 2013, only 92 emissions are currently in the highly-liquid Category A and if one were to not consider foreign “bluechip” stocks (Nestle, EADS and Apple, for example), the number would be even lower. This results in the “border” between those companies that may or may not require a designated sponsor to traverse throughout the MDax and this ultimately affects a large portion of all emissions traded on the Deutsche Börse.

Deutsche Börse exchange ratings

Marc Renell is CEO of RENELL Wertpapierhandelsbank AG. The company, which was founded in 1985, offer services in the sectors of Order Book Management/Specialist, Designated Sponsoring, Financial Commission Business and Investment Banking.

Marc Renell, CEO, RENELL Wertpapierhandelsbank AG

49 companies offer their services in designated sponsoring and most of them have an “AA” rating (Deutsche Börse AG, 09/2013). An additional criterion for an issuer in search of this service may be – aside from the rating – the number of mandates that a particular designated sponsor already has. But be careful here: Some designated sponsors only use software programs to quote the stock, automatically. However, the quality of such a service is not comparable to the service provided by an designated sponsor / trader maintaining a personal contact to the respective client, as a vast majority of experts in this branch are of the opinion.

In order to more accurately compare the performance of various security-trading designated sponsors, the Deutsche Börse implemented an appropriate rating system. The criteria used in this measurement are “quote duration”, “average spread” and “volume” of the respective designated sponsor. The evaluation ranges from “AA” as the top rating to “DD”, resp. no classification at all. Stocks from the quotation board do not figure in this classification. The resulting ratings are made public.

The cost of services provided by a designated sponsor have leveled out between the various suppliers over the last few years and range between EUR 1,000 and 3,000 per month. Particularly “attractive companies” may even be offered these services at no charge at all, provided, of course, that the designated sponsor receives authorization to use that mandate as a reference in their advertising.

Looking for a suitable designated sponsor

Not by a long shot! As mentioned above, securities with lower levels of liquidity are required to appoint a designated sponsor in order for the stock to be traded on Xetra. The designated sponsor assumes the risk that losses may result

Generally, the designated sponsor is appointed by the issuer and it is often difficult to make this decision. A total of

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Is this payment only for the quotation?

Investor & IR-Forum

after a binding quotation has been issued. For this reason alone, it is in their own existential interest to maintain extremely close contact with the issuer and to regularly share information with the issuer about the situation in the market or sector, with members in the issuer’s peer group as well as concerning the current situation in the securities exchange. Aside from these aspects, many designated sponsors offer special monthly or weekly reporting services that are tailored to the specific needs of the issuer, as well as an individual evaluation as an additional service. This carefully prepared and descriptive documentation is highly treasured by the Investor Relations team of the issuing organization, because it both complements and lightens the work they do. So a very close relationship will develop over the years between the designated sponsors / their appointed trader and the Investor Relations teams of the issuers.

Current issues involving designated sponsoring One of the topics that is being discussed heatedly in the “investor relations community” concerns fragmenting the liquidity of a stock by trading that stock on various trading platforms. Tradegate Exchange, in particular, is currently involved in a discussion with the established exchanges Xetra and the Frankfurt Stock Exchange involving market

Photo: Deutsche Börse AG

share. The on-going loss of liquidity on Xetra may even result in “Category A Issuers” being downgraded. This development in particular, makes the work of the designated sponsors indispensible. Another current topic of discussion is the expansion of designated sponsoring activities into areas of bonds that extend beyond Federal Government Bonds. This trading, which takes place parallel to bonds trading on the established exchanges in Frankfurt (Xetra Specialist), certainly cannot be seen as a success story up to now. Renell Bank AG will be organizing a workshop covering “Designated Sponsoring” at this years “Eigenkapital Forum” on Tuesday, 12 November 2013, at 4:00 pm in room “Hong Kong”. We are looking forward to discussing these and many other current topics with you. advertisement

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A new “Neuer Markt” Opportunity for IPOs of high growth companies?

When mentioning the phrase “Neuer Markt” the public generally associates it in particular with the negative aftermath of the bursting of the internet bubble on the stock markets for start-up companies between 2000 and 2001. However, recently the discussion on how to list companies with high growth potential was revived by the German Minister of Economic Affairs. Stephan Schambach, founder of Intershop (one of the pioneer companies on the “Neuer Markt”) was quoted: “We need a new “Neuer Markt”. Due to the negative connotation of “Neuer Markt” being associated with capital destruction and fraud, the idea met with a lukewarm response from the public. As an eyewitness at Deutsche Börse to the structuring and restructuring of the “Neuer Markt” at that time, I would like to share some thoughts regarding the challenges facing any new “Neuer Markt”.

The bumpy road for growth companies on the European IPO markets First of all, I would like to clarify two points: (i) the term “Neuer Markt” is only a synonym for a market place for young, high growth companies, and (ii) this article shall not consider the issue of SMEs going public in general, such as family owned and other “Mittelstand” businesses, but rather the capital market issues which confront young, potential high growth companies. In recent years we have seen hardly any SMEs, in particular high growth companies, going public in Europe. There have been countless analyses of the rise and fall of stock markets for young high growth companies. The carelessness that was experienced during the high tech hype at the end of the last century resulted in the completely riskaverse behaviour of investors in Germany and elsewhere in Europe. However, in the aftermath of the financial crisis the pressure to obtain decent returns on capital exceeding inflation has increased. Furthermore, it cannot be neglected that innovation needs financing. Thus, the question is whether in a

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Furthermore, it cannot be neglected that innovation needs financing.

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„

Volker Potthoff is an attorney with CMS and holds several supervisory board positions. He is a former executive board member of Deutsche Börse AG and was a member of the German Corporate Governance Commission.

Volker Potthoff, Of Counsel, CMS Hasche Sigle

concerted action one can avoid innovative businesses either seeking capital in countries such as the US or being bought by bigger companies mainly from outside Europe.

The challenge: bringing the right stories together with the right investors When the debate was started with the phrase “we need a new Neuer Markt” the negative reaction was obvious: the “Neuer Markt” was a gambling hall and money was burnt by failures, including fraud; thus no reason to revive it. Due to this negative connotation three aspects have been overlooked: (i) there are companies which were listed in the “Neuer Markt” that have grown successfully, (ii) a discussion about a new market segment for high growth companies in Germany is leading in the wrong direction, and (iii) in particular in the US we are seeing successful IPOs of young, high growth companies. The recent political debate in Germany was initiated by the Association for Start up Companies. Their interest is to create more options for equity financing, in particular for innovation investments. This complements the interests of VC and PE investors who need additional exit options on the capital markets. So far, it is not overly difficult to raise capital during the first stage of financing. Many of the investors in high tech businesses come from the US. They understand

outstanding.

www.heureka.de

Investor & IR-Forum

the business models and peers much better than most European investors. At the later stage of the financing cycle these kinds of companies need different investors. They may be strategic buyers or in the case of an IPO institutional investors. Institutional investors are looking for reliable growth stories with the right risk-return profile. Furthermore, they see liquidity on the secondary market and good research as key to their investment decision. As these investors want to avoid market impact on the secondary market, IPO candidates have to have a minimum size (e.g. market cap above EUR 100 million) and a reliable track record. This excludes companies in the start-up phase. Retail investors will certainly not be in the market unless momentum is created by institutional investors. Apart from the “burned fingers syndrome” there is a lack of know-how (in particular in Germany) regarding the simple rules of capital markets (such as analysis of risk/return profiles and portfolio diversification). In addition, private bankers are withdrawing from investment advice due to the regulatory costs involved. Last but not least, intermediaries such as I-bankers or brokers do not have a large appetite for playing their role as advisors and liquidity providers. Their business models were hit in the aftermath of the financial crisis and their focus is rather on compliance than taking care of ECMfinancing for SMEs. It is hard to make money bringing small caps to the market or taking risky market positions.

Figure 2: US IPO Industry Breakdown (last 12 months) Transportation, 1% Business Services, 1%

Communications, 1% Utilities, 1%

SPAC, 4% Materials, 4% Capital Goods & Services, 5%

Health Care, 23%

Consumer, 8%

Financial, 19% Energy, 13%

Technology, 19%

Source: CMS Hasche Sigle, www.renaissancecapital.com

A new cultural approach rather than a new market segment

Figure 1: Neuer Markt listings which are constituents of the TecDax (53% of TecDax)

We have to deal with a broad range of issues to create an attractive market place for high growth companies. Creating a market segment with a new rule set is not a key element this time (unlike during “Neuer Markt” times). The necessary market segments are there. Listing venues such as the Frankfurt Stock Exchange offer a variety of rule-sets from requiring quarterly reports, to lock-up provisions and rules for liquidity providers. What is really needed is a concerted effort to bring together experts and stakeholders. There are some initial recommendations:

Source: CMS Hasche Sigle

• Do not damage investments in the equity market for example by introducing a transaction tax on equities while treating other asset classes preferentially • Give high growth companies a platform to present themselves to international investors • Market the risk-return profile appropriately • Consider the IPO market only once the company is ready for it • Make it economically work for all risk takers (e.g. consider tax incentives etc.) • Think pan-European rather than national • Bring in investors and intermediaries from the US

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Regulatory change Its effects on how asset managers consume research

For the last 80 years, regulators in Europe and North America have sought to protect the interests of investors by limiting what their money can be used for by asset managers (AMs). Some services, such as the provision of research, have been thorny issues. Although research contributes to investment decisions, it can also be used as a way of attracting other business such as work on corporate transactions. The SEC led the way for much of the 20th century and since 2000 the FSA/FCA has been trying to separate funding research from deal flow. It now looks as though there will be a more transparent market for research and AMs will have to show that any such service for which they use client money is beneficial to their clients.

Fraser Thorne founded Edison in 2003. He was previously Managing Director of Equity Growth Research and prior to that ran Newton Investment Management’s UK smaller company fund – a top decile performer for six out of the seven years that he worked on the desk. Fraser often speaks at events hosted by the LSE. He holds an MBA and is a member of the CFA. Edison’s German team is headed by Reena Dennhardt.

Early days For many years it was established that broker-dealers were paid by AMs on fixed commission rates. To attract business, brokers provided ancillary services, e.g. execution and research. These services were paid for with the money from the AMs’ clients. In the 1970s, the US Congress sought to foster competition and protect AMs’ clients by ending fixed commission rates.

Fraser Thorne, Managing Director, Edison Investment Research

grew, the question of what constituted third-party research came under scrutiny and the SEC changed the standard. From 1986, AMs had to show that the research they bought would provide “lawful and appropriate assistance to the money manager in the performance of his investment decision-making responsibilities.” 2

The 21st century This concerned brokers and AMs. Brokers feared that their understanding of capital markets would lose value and execution-only houses would undercut them and dominate the market. AMs worried that they would be penalised for not using the undifferentiated services of execution-only houses because they would be cheapest, even though they found value in quality research provided under the old system. Congress paid heed and added Section 28(e) to the Securities and Exchange Act, which provided safe harbor if: “the money manager determines in good faith that the amount of the commission paid is reasonable in relation to the value of the brokerage and research services provided by such broker-dealer.” 1

The position was reviewed again in the 21st Century. As financial markets continued to globalise, the SEC took into account the FSA’s position on the matter and the regulatory bodies in major financial centres across the developed world took a similar approach. They were in part responding to the repeal of the US law, which had allowed the integration of retail and investment banks. The integrated investment banking model cross-subsidised research and allowed multiple divisions of a bank to cover the cost of research. The result was the oversupply of research to AMs and its use as a tool to win corporate work.3

Next steps

Payments to producers of research from AMs came to reflect deal flow to brokers. In turn, brokers got onto dealing lists by having low counterparty risk. The FSA authorised

In 1976, the SEC acknowledged that research could fall within Section 28(e) even if the broker providing the primary service had not written it. As the range of types of research

1) Securities and Exchange Act, 1934, Section 28(e). 2) NASD Rules of Fair Practice, Article III, Section 24. 3) The changing role of equity research by Richard Wayman, CFA, 14 January 2012

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the unbundling of execution and research in 2003. This ended the domination of research by investment banks, removed the one-to-one research-execution relationship and made the research market competitive. The US followed suit to some extent in 2005, before MiFID brought the best-execution principle to the EU in 2007.

visionär individuell beständig

Post-Lehman The financial crisis occurred straight after these major changes. Bank ROI fell from 25%+ to single digits, the WACC doubled to 15-20% and leverage was reduced by higher capital requirements.4 Big banks were able to pay for research through commissionsharing agreements (CSAs), but smaller ones lost much of their trading revenue and in the UK CSAs dropped 80% between 2007 and 2012. In November 2012, the FSA published new rules on the conflict of interest between AMs and their customers. This banned the use of commission for corporate access and set out best practice for paying for research services. UK AMs had to sign a letter stating compliance with the new rules by 28 February 2013 and the FCA is following up their guarantees. This means that a return to the situation of the 1990s is unlikely. Finally, the new Conduct of Business provision 11.6.5E states that: “…an investment manager will have reasonable grounds to be satisfied that the requirements of the rule on use of dealing commission are met if the research: a) is capable of adding value to the investment or trading decisions by providing new insights … b) whatever form its output takes, represents original thought…does not merely repeat or repackage what has been presented before c) has intellectual rigor…and d) involves analysis…”

Conclusion The impact is likely to spread beyond the UK as it has in the past, and will lead to AMs having fixed budgets to pay for research. The distinction between research paid for and not paid for by AMs will grow. Research will come at a price and the decline in research coverage from banks will continue. As the commission pot continues to shrink, good research will have to be paid for by other means.

Vermögensbildung durch Immobilienaktien Als Bestandshalter von Gewerbeimmobilien investieren wir bewusst im süddeutschen Raum, da wir hier auch JÂMESHFÄ DHMÄ VDHSÄ ÂADQCTQBGRBGMHSSKHBGDRÄ 6HQSRBG@ESR wachstum erwarten. *NMSHMTHDQKHBGÄ RSDHFDMCDÄ 4LR@SY Ä TMCÄ $QSQ@FRY@GKDMÄ eine nachhaltige Dividendenpolitik und Beständigkeit im Geschäftsmodell zeichnen unser Unternehmen aus. -@SHNM@KDÄ TMCÄ HMSDQM@SHNM@KDÄ JSHNM«QDÄ OQNÆSHDQDMÄ RDHSÄ UHDKDMÄ )@GQDMÄ UNMÄ TMRDQDLÄ JNMSHMTHDQKHBGDMÄ 4MSDQMDG menserfolg. Fakten

Stand 1.7.2013

lÄ`#DUDKNO NQ ATX @MC GNKCj 2SQ@SDFHD lÄseit 20 Jahren erfolgreich am Markt lÄausgewogener Branchenmix in einem Portfolio mit 97 Immobilien lÄ ÄLÕÄ&DA«TCDMTSYÇ«BGD lÄ+DDQRS@MCRPTNSDÄB@ ÄÄ lÄB@ ÄÄ,HN Ä$TQNÄ@MMT@KHRHDQSDÄ,HDSDQK¼RD lÄÄÄCTQBGRBGMHSSKHBGDÄ,HDSQDMCHSDÄYTÄ,@QJSVDQSDM lÄNAV je Aktie: 13,66 Euro (Stand 30.06.13) Kontakt

4) Second McKinsey Annual Review on the banking industry, October 2012

Deutsches Eigenkapitalforum 2013

Page 57

VIB Vermögen AG Luitpoldstraße C 70 86633 Neuburg/Donau 3DK ÄÄ Ä VVV UHA @F CD

Investor Relations: Frau Petra Riechert 3DK ÄÄ Ä ODSQ@ QHDBGDQSUHA @F CD

Debt Capital Forum

Know your investors! Which groups of institutional investors are attracted to the German “Mittelstand”

Every sales professional knows the magic formula for generating long-term business success: KYI, i.e. “know your customer”. Only those who really know which products their customers (potential or existing) need can continuously increase their business by offering the right products to the right people. What applies in conventional economy also holds in the world of capital markets. Apart from the basic requirement of offering a good product, the proper knowledge on the sales side is the key to efficient marketing: Who has an interest in what product and when? German SMEs looking for capital market funding generally offer excellent products. The German economy as a whole and SMEs in particular are recognized around the world because of their strength. Decades of outstanding export figures speak a clear language as well as the high number of patents and the excellent niche positioning of many “hidden champions”. Unlike other European countries, Germany’s economy is sufficiently diversified geographically and does not depend too much on key industries. However, in view of the low number of shareholders in Germany, the general public whose attitude to the capital market is very critical and the rather sluggish IPO market development over the past years may indicate that the capital market does not appreciate this potential.

Investors are key This is not the case when a company adapts its communication to the various investor groups and shows a certain flexibility to meet their expectations. The number of potential investors is huge and therefore a flexible and professional investor approach will lead to an optimization of the company’s evaluation, a diversification of liabilities if needed and keeps the issued bonds fungible. It is, in principal, very easy to cluster investor groups according to their requirements and mindset. Like sovereign wealth funds for example. These mostly very large institutional investors mainly focus on long term investments; therefore any company with a mature and

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Deutsches Eigenkapitalforum 2013

Karl Filbert is head of Institutional Sales at Close Brothers Seydler Bank AG. In three decades of capital market expertise at a number of financial institutions he has accumulated a broad management experience, a vast network and extensive product knowledge across all asset classes.

Karl Filbert, Executive Director, Close Brothers Seydler Bank AG

well-established business model which has continuously generated stable cash flows for many years has great potential to be successful. Mature and well-established not necessarily meaning that the business is not subject to some sort of economic cycles as this group of investors acknowledges the existence and impact of economic cycles. Precisely for this reason companies with a very cyclical business are very popular here. The sheer size of these funds and the fact that they place a high focus on the minimum capitalization of possible investments could be of a disadvantage though. The key to success is to highlight a long-term perspective.

Rapid inflow, rapid outflow It is more challenging for cyclical industries to appeal to mutual funds which are often obliged to report to their investors at very short intervals. With this investor group it is absolutely essential to issue quarterly reports about business changes. Fluctuations in performance are tolerated only if communicated on a regular basis. Another characteristic of this group of investors is the sometimes rapid inflow and outflow of funds which naturally affects the investment policy. Companies can benefit during periods of high inflow which often goes into existing positions

Debt Capital Forum

but can also suffer in times of high outflow. This needs to be taken into consideration. Also that this investor group is extremely important for the maintenance of minimum liquidity on the financial markets. It is therefore very important to frequently communicate to this group of investors.

“

Any company that wants to successfully address the full scope of potential investors should actively and openly communicate in roadshows and roundtables.

Communicate!

”

Intensive communication is also required in exchange with private equity investors and strategically aligned hedge funds. These groups have in common that they are very demanding and not easily satisfied. Not only do they require a lot of information but also a major share in the target company which guarantee them some sort of voting right. This may have quite a positive effect on the issuer because these groups operate very professionally and possess both capital and a lot of know-how. The demand for high returns from these investors can be met by companies in special situations. It is important, however, to be willing to take a strong and active partner on board. All three investor groups described share an open mindedness towards German SMEs. Any company that wants to successfully address the full scope of potential investors should actively and openly communicate in roadshows and roundtables.

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Debt Capital Forum

Special structures and types Secured bonds, convertible bonds and hybrid bonds

The capital market for medium-sized corporate bonds has diversified significantly over the last two years. This applies to financing objects as well as for businesses and projects financed by such bonds. The structures of the bonds have also become more diverse and bond issuers are aiming to increase the attraction for investors using adapted bond structures and terms.

Diverse structures and financing objects Several real estate companies have issued corporate bonds in the medium-sized segment in recent times. The structures are diverse in this respect. Real estate companies use these opportunities for general financing of the business like any other SME or determine and define certain projects or types of projects which are to be financed by the bonds issued. In the latter case of project financing, collateral is granted in favour of the investors in some of the bond issuances. For example, the corporate bond recently issued by Cloud No. 7 GmbH collected the financing for a particular real estate development project while existing bank loans as well as mezzanine financing were replaced to some extent by the bond financing. The bond holders of Cloud No. 7 GmbH have been granted a first ranked land charge and the future rental income has been collateralized by security transfer in favour of the investors. On top of that, the use of proceeds is supervised by a trustee. The result of all that has seen the bond holders of Cloud No. 7 GmbH obtain a position which is generally comparable to that of a financing bank.

“

In 2010 the first medium-sized bonds had a comparably basic structure: there were no secured bonds and few covenants. That has changed considerably.

Page 60

Deutsches Eigenkapitalforum 2013

Dr. Anne de Boer, Partner, GSK Stockmann + Kollegen

Hendrik Riedel, Partner, GSK Stockmann + Kollegen

Finance corporations have also started collecting funds through medium-sized bonds. It remains to be seen to what extent in particular retail investors and family offices will subscribe to such bonds. Eventually, the bond market also opened for the financing of public projects, in Germany the so-called “citizen bond” (“Bürgeranleihe”). Such bonds are not only intended for financing but also to increase acceptance for certain projects or products (e.g. in the energy sector) which are financed. The typical medium-sized bonds do not yet show any development towards variable financial conditions such as changing interest rates or flexible repayment. Profit participation as part of interest payments cannot be observed yet. However, for project bonds the offering of a lower interest base combined with a profit share is being discussed in the event of successful realisation of the project.

Secured bonds and stricter covenants

”

In 2010 the first medium-sized bonds had a comparably basic structure: there were no secured bonds and few covenants. That has changed considerably. Certain covenants such as termination rights upon change of control, breach of dividend restrictions or cross default as well as negative pledges are in the meantime standard. If such

Debt Capital Forum

covenants are not granted, either some effort must be taken to justify it or the structure of and background to the particular bond might give reason for the absence of some covenants which are now standard. In the same way the security structure of bonds has increased in general: nowadays bond issuances by industrial corporations often provide comprehensive guarantees from the subsidiaries like a bonded loan in order to overcome the structural subordination of the noteholders. Accordingly, in such cases bond issuers are limited in changing their corporate structure during the term of the bond. Extraordinary termination rights may also be granted in case subsidiaries are sold and the proceeds are not retained in the corporation. Due to their often limited effect in practice, it currently remains open whether such guarantees are actually useful or put the issuers under too extensive restraints in the strategic development of their operations during the term of a bond issuance.

Higher equity – hybrid bonds and convertible bonds Bonds can also be used to strengthen the issuer’s equity base. If hybrid bonds are created to be deemed as equity

pursuant to German GAAP, the structure becomes considerably more complex, in particular also for investors. Bonds structured as equity have been discussed as an alternative to subordinated loans; it is not yet clear whether such hybrid bonds will establish themselves to a greater extent. In the same way, convertible bonds are another alternative, also in view of their often lower interest rates compared to regular bonds. From an investor’s perspective they offer the possibility to participate in increased values. Convertible bonds are not visible yet in the medium-sized bonds segment. This could also be due to many SME issuers quite deliberately opting for a bond issuance in order to keep the shareholder structure closed to the capital market.

Conclusion The market for corporate bonds is becoming more diverse. Medium-sized real estate corporations have also increasingly opted for bonds as means of financing. While covenants and security are increasing, there are still fewer of them than in cases of bonded loans or bank loans. It remains to be seen whether hybrid bonds or convertible bonds will also develop in the medium-sized bonds segment. advertisement

Die GBC AG mit Sitz in Augsburg ist eines der führenden bankenunabhängigen Investmenthäuser in Deutschland und erfahrener Emissionsexperte für den deutschen Mittelstand. Die GBC AG kennt als eigentümergeführtes Unternehmen die Bedürfnisse des deutschen Mittelstandes im Finanzierungsbereich und ist unabhängiger und verlässlicher Partner bei allen Fragen des Kapitalmarktes. In der GBC Gruppe bietet die GBC AG Unternehmensanalysen & Research, Kapitalmarkt & Finanzierungsberatungen sowie Kapitalmarktkonferenzen. Die GBC Kapital ergänzt die Leistungen in der Gruppe um das Corporate Finance in den Bereichen Platzierung & Vermittlung von Anleihen/IBO und Platzierung & Vermittlung von Aktien/IPO.

Unsere Leistungen:

Unternehmensanalyse Kapitalmarktberatung Kapitalmarktkonferenzen

Kontakt: GBC AG . Tel.: +49 821 241133-0 [email protected] . www.gbc-ag.de

Debt Capital Forum

Bank loan, bond or Schuldscheindarlehen (promissory notes)? Schuldscheindarlehen: a valid financing tool for mid cap companies of high credit quality Many listed German Mittelstand companies can be characterized by very high capitalization, i.e. low gearing/ high equity ratios. Some companies even show a net cash position. Therefore, from an economic point of view, an optimal balance sheet structure would demand an increase in financial indebtness even if equity issuance could be realized easily. If debt financing is done on the capital markets and not through bank loans, the structure of the balance sheet improves while the financing reduces the influence of lending banks. Dependency on banks is what many companies try to avoid. This is one important motivation for raising funds away from lending banks. Debt financing on the capital markets can either be done through a bond issue or Schuldschein transaction. Quite often, the financial needs of a mid cap company are too small to meet the requirements of the traditional bond market. In this market the minimum feasible amount of a transaction is roughly EUR 100 million. At the same time, the high credit quality of the company prevents it from meeting investors’ expectations of high interest rates on the market for Mittelstand bonds in which also small-sized transactions can also be completed successfully. The Schuldscheindarlehen offers these companies the option of diversifying their financing at attractive costs without having to raise EUR 100 million in a single transaction. Even transactions of just EUR 20 million are feasible on this market. The Schuldscheindarlehen was initially a financing tool of the public sector and banks. However, during the last 15 years it has also been used by companies and has now developed into an important funding tool for many companies.

Product features The Schuldscheindarlehen is a loan governed by German law that leads to short, flexible and easy documentation. As a consequence, the work and costs involved are low compared to alternatives such as U.S. private placements. The intensive requirements of a listed bond, like filing a prospectus, are not necessary.

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Deutsches Eigenkapitalforum 2013

Lutz Weiler is CEO of equinet Bank AG. The universal bank offers its customers tailor-made solutions for all financing and capital market issues with a special focus on medium-sized companies.

Lutz Weiler, CEO, equinet Bank AG

It is crucial to offer a solid credit quality for a successful transaction. Some investors prefer rated companies. The majority of investors, however, do their own credit analysis. The focus is not only on the quantitative credit quality. Investors also appreciate a comprehensive story for the company and for the transaction. Listed companies are particularly attractive to investors since these borrowers offer high reporting standards, i.e. semi-annual reports and the quality and format of the information in general.

Advantages By issuing a Schuldschein, companies can reach investors which they normally do not have access to and which in many cases offer better terms and longer tenors than many lending banks. For companies of high credit quality, these investors are increasingly insurance companies and pension funds. The growing importance of corporate Schuldscheindarlehen for the asset management of insurance companies has also been reflected in amendments made to the regulatory framework (Kreditleitfaden für deutsche Versicherungen) in June 2013. It is now easier for German insurance companies to invest in Schuldscheindarlehen issued by companies of high credit quality.

© 2013 Moody’s Analytics, Inc. and/or its licensors and affiliates. All rights reserved.

Debt Capital Forum

By raising funds using a Schuldscheindarlehen from new investors, the company also benefits from the fact that credit lines from core banks are not being used and remain open and are more easily available at times of acquisitions or other special situations. Another advantage of a Schuldscheindarlehen is that the company not only diversifies its sources of funding but also improves its maturity profile. Hence, unlike with bonds, it is easy to split the transaction amount into tranches with different maturities. By doing so, the company reduces the refinancing risk at maturity. Banks and saving banks normally prefer tenors of 3-5 years, insurance companies tenors of 7-10 years.

Market developments We are seeing an increasing interest in Schuldschein transactions from our customer base of listed companies. Many companies want to take advantage of the benefits of a Schuldscheindarlehen going forward or have already carried out transactions. Even though they can benefit from the high levels of liquidity at many banks expressed through an aggressive lending policy at present, the experience gained during the financial market crisis leads to the conviction that a broad diversification of the sources of funds guarantees a high level of financial independence and thereby helps to ensure the company’s successful development. From our investor base we know that mid cap companies of high credit quality are particularly in demand for two reasons: their low risk profile and their high reporting standards. As a consequence we expect this sub-segment on the corporate Schuldschein market to grow. The liberalization of the legal framework for insurance companies with regard to corporate Schuldschein investments should be particularly beneficial to this group of companies.

DATA

smaLL Die Erfassung des Gesamtrisikos eines Unternehmens erfordert nicht nur die Verarbeitung gigantischer Datenmengen, sondern auch deren Interpretation anhand von Analysen, Research und Software. Moody’s Analytics unterstützt weltweit mehr als 150 Banken bei der Erfüllung regulatorischer Anforderungen und hilft ihnen, wichtige Einblicke in ihre Risiko- und Geschäftsentscheidungen zu erlangen.

MoodysAnalytics.com/DE13SmallRisk

Conclusion The Schuldschein market for listed companies of high credit quality meets the objectives of both borrowers and investors to a very high degree. This should lead to ongoing growth on this market. As a consequence, the Schuldscheindarlehen is a very attractive and valid financing tool particularly for mid cap companies of high credit quality.

Deutsches Eigenkapitalforum 2013

Page 63

Essential insight serving global financial markets

Debt Capital Forum

The credit research report – an important instrument for investors? Regarding its benefit and importance for the successful issuance of SME bonds More and more SMEs are taking the opportunity to procure borrowed capital via corporate bonds and thus finance themselves on the capital market. In the run-up to a bond issue, the SME should focus on addressing and informing investors. In addition to the legally binding securities prospectus and the rating report – which is now prescribed by virtually all stock exchanges – a credit research report represents an important instrument for successfully addressing and informing investors.

Manuel Hoelzle is the Chief Analyst and CEO of the Augsburg-based investment house GBC AG. It is one of the leading bank-independent investment houses in Germany and is an experienced issue expert for German SMEs.

Possibilities for risk assessment important for investors To convince investors and win them over to subscribe to the company’s own bonds, the issuer must make it possible for investors to assess the risk associated with the company and the company bond, and to do so wherever possible in a transparent, easy and quick manner. For this purpose, the issuer should provide potential investors with the following three documents: 1. Security prospectus (regarding the legal risk assessment) 2. Rating report (on the economic appraisal of the credit standing based on historic data) 3. Credit research report (on the commercial credit standing assessment based on future-oriented analyst forecasts and classification of the bond in a market comparison) The potential legal risks regarding the company and the company bond have to be listed and described in detail in the securities prospectus. Investors are thus given, for Figure 1: Helma Eigenheimbau data and credit ratios (example) in million EUR Revenues EBIT EBIT-margin

FY 2012 113,99 7,34 6,4%

FY 2013e 142,50 9,19 6,4%

FY 2014e 171,00 12,00 7,0%

FY 2015e 205,20 14,87 7,2%

credit ratios EBITDA-Interest Coverage EBIT-Interest Coverage Total Debt/EBITDA Total Net Debt/EBITDA ROCE Equity-Ratio Total Debt/Capital

FY 2012 5,34 4,46 4,32 4,14 12,6% 24,1% 0,65

FY 2013e 5,32 4,62 4,17 3,77 13,1% 28,0% 0,62

FY 2014e 5,36 4,8 3,91 3,31 14,7% 28,8% 0,62

FY 2015e 5,95 5,41 3,45 2,78 16,4% 31,3% 0,59

Source: GBC AG

Page 64

Deutsches Eigenkapitalforum 2013

Manuel Hoelzle, Chief Analyst, GBC AG

instance, clear information about ownership circumstances, possible ongoing legal disputes and the details regarding the bond conditions. A legal risk appraisal thus becomes possible for investors. With public bond issues, a securities prospectus is usually stipulated by law. In addition to the aforementioned, almost all stock exchanges stipulate the provision of an issuer rating on the credit standing assessment. The investor is thus able to carry out a good risk assessment of the SME on the basis of historic data, in addition to the rating mark (such as e.g. BBB) at least an extract, but better the entire rating report is made available. In our opinion, the securities prospectus and rating report are necessary but not sufficient information for investors still within the framework of an issue of company bonds. Neither the securities prospectus nor the rating usually includes transparent forecasts regarding the further development of the SME. Particularly the anticipated development in the future is very important for investors. And the analysis and classification of the bond (e.g. amount of the interest coupon, bond term, interest payment intervals, termination rights, etc.) and the comparison with bonds already traded on the market or recently issued (so-called peer group comparison) are also not yet made possible by the securities prospectus and the rating.

Seit 1798 machen wir, was wir am besten können: maßgeschneiderte Finanzierungskonzepte.

HIK Hamburger Investment Konferenz

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Debt Capital Forum

Figure 2: Peergroup evaluation for Helma Eigenheimbau (example) Company

Date of issue

Laurél GmbH

16.11.12

5

BB

7,125%

Jacob Stauder GmbH & Co. KG René Lezard GmbH

23.11.12 26.11.12

Ekosem-Agrar GmbH (2012/2018) Homann Holzwerkstoffe GmbH

07.12.12 14.12.12

5 5 6 5

BBBB BB+ BBB-

7,500% 7,250% 8,500% 7,000%

5,417% 9,698% 7,771% 6,438%

10,00 15,00 60,00 50,00

7 20 30 7

no yes yes no

yes yes yes no

Rudolf Wöhrl AG 12.02.13 Photon Energy Investments N.V. 12.03.13 EYEMAXX Real Estate AG (2013/2019) 26.03.13

5 5 6

BB BBBB+

6,500% 8,000% 7,875%

3,873% 8,104% 8,039%

30,00 40,00 15,00

7 90 60

no yes no

yes yes no

ADLER Real Estate AG Ekotechnika GmbH MBB Clean Energy AG

03.04.13 10.05.13 06.05.13

5 5 6

BB BBBBB

8,750% 9,750% 6,250%

8,750% 9,624% 6,855%

20,00 60,00 300,00

14 30 30

no no yes

yes yes yes

ALNO AG DF Deutsche Forfait AG PNE Wind AG

14.05.13 24.05.13 15.05.13

5 7 5

BBB+ BBB-

8,500% 7,875% 8,000%

10,457% 7,481% 7,257%

45,00 30,00 100,00

14 15

no no

yes yes

SANHA GmbH & Co. KG

04.06.13

5

BB+

7,750%

6,769%

25,00

30 30

yes yes

yes yes

Rickmers Holding GmbH & Cie. KG More&More AG gamigo AG

11.06.13 11.06.13 20.06.13

5 5 5

BB B+ B+

8,875% 8,125% 8,500%

8,716% 8,290% 14,914%

200,00 13,00 15,00

14 30 30

yes yes yes

yes yes yes

HALLHUBER Beteiligungs GmbH Metalcorp Group B.V. PEINE GmbH

19.06.13 27.06.13

5 5

BB BB

7,250% 8,750%

8,426% 9,007%

30,00 30,00

30 30

yes no

yes yes

paragon AG

05.07.13 02.07.13

5 5

BBBB+

8,000% 7,250%

8,318% 5,821%

15,00 20,00

20 7

yes yes

yes yes

Deutsche Rohstoff AG RENA GmbH Euroboden GmbH

11.07.13 11.07.13 16.07.13

5 5 5

BB+ BBBB

8,000% 8,250% 7,375%

8,443% 8,290% 7,375%

100,00 50,00 15,00

30 30 30

no yes yes

yes yes yes

BBB

7,761% 7,750% 5,875%

8,939% 8,104% 5,875%

47,33 30,00 25,00

7

yes

yes

Average Median HELMA Eigenheimbau AG

19.09.13

Running Rating time

5

Interest rate

Effective Planned Delay of Disbursement Change of interest rate proceeds interest constraint control payments 9,905% 20,00 30 no no

Source: GBC AG

Credit research analysis closes this information gap

and post-money analysis, for instance, constitutes information that increases transparency for investors.

A credit research analysis closes this information gap. First of all, the securities prospectus and the rating report are used as important information bases. In addition to this however, the Credit Research Analyst processes other significant information and insights from their own research and discussions with the SME’s management. A credit research thus ultimately also includes clear forecasts and estimates regarding the company’s further development.

Analysis of a company bond’s attractiveness in a market comparison

Future credit standing is decisive for purchasing the bond

Finally, the classification and rating of the bond in a market comparison is the most important information for the investor to support his/her decision. A corporate bond which is being issued is of course competing with other bonds that are already listed on the market. In the credit research analysis, the positioning of the SME bond with its risk/return profile is thus made transparently visible on the basis of its features.

It goes without saying that an in-depth analysis in particular, If the bond can convince, this is given a corresponding positive and a forecast of the company’s further development is of note by the analyst, e.g. “disproportionately attractive” and particular importance to bond investors. This is because is thus the best requirements for a successful bond issue. the SME must be able to make interest payments and also (if there is no early Figure 3: Rating (adjusted) effective interest matrix (example) extension) the future repayment in par- GBC-Risk Scale 16,0 ticular from future operating earnings. 15,0 14,0 Here, key ratios such as e.g. forecast 13,0 12,0 interest coverage ratios are of decisive 11,0 importance. A “future credit standing” 10,0 9,0 can thus be determined on the basis of 8,0 7,0 the forecasts. In credit research analyses, the planned use of funds from the company bond is also an essential factor and a pre-money

Page 66

6,0 5,0 4,0 3,00%

5,00%

Source: GBC AG

Deutsches Eigenkapitalforum 2013

7,00%

9,00% 11,00% 13,00% Effective interest

15,00%

17,00%

19,00%

IKB. Im Mittelstand zu Hause. We deliver solutions to Mid-Cap companies. September 2013 Germany Capital Increase

August 2013 United Kingdom Leveraged Buy-out of

June 2013 Germany Schuldscheindarlehen

June 2013 Germany Mid-Cap Bond

May 2013 Germany Syndicated Loan (KfW)

EUR 30,000,000 Maturity: 2018 Coupon: 7.25 % Sole Lead Manager

EUR 25,000,000 General Corporate Purpose

through funds advised by

EUR 24,377,900

GBP 255,000,000 Senior Debt

Sole Lead Manager

MLA & Underwriter

EUR 300,000,000 Maturities: 2015, 2016, 2017 EUR/USD Arranger

April 2013 Italy High Yield Bond

March 2013 Germany Acquisition of at least 50 % of

February 2013 Germany High Yield Bond

January 2013 Germany Syndicated Loan (KfW)

December 2012 Germany Schuldscheindarlehen

EUR 119,000,000 Investment Financing

EUR 75,000,000 Maturities: 2017, 2019

Arranger & Agent

Arranger

MLA & Bookrunner

by

EUR 300,000,000 Maturity: 2020 Coupon: 7.375 % Joint Bookrunner

EUR 71,100,000 Senior Debt MLA & Bookrunner

EUR 650,000,000 Fix Rate: 2020, 6.75 % Floater: 2020, E+450 Co-Manager

December 2012 Germany Leveraged Buy-out of

December 2012 Germany Acquisition of

October 2012 Germany Corporate Bond

September 2012 Germany Mid-Cap Bond

September 2012 Germany Schuldscheindarlehen

EUR 30,000,000 Maturity: 2017 Coupon: 7.375 % Sole Lead Manager

EUR 75,000,000 Maturities: 2015, 2017, 2019 Joint-Arranger

through funds advised by by

EUR 830,000,000 Senior Debt

Debt Advisory

MLA & Bookrunner

Advisor

EUR 75,00,000 Maturity: 2018 Coupon: 7.0 % Sole Lead Manager

August 2012 Germany Schuldscheindarlehen

July 2012 Germany Acquisition of

July 2012 Germany Syndicated Loan

March 2012 Germany Schuldscheindarlehen

March 2011 Germany Capital Increase

EUR 500,000,000 Refinancing Mandated Lead Arranger

EUR 70,000,000 Maturities: 2015, 2017, 2019 Arranger

EUR 143,745,700

by

EUR 30,000,000 Maturities: 2015, 2017, 2019 Sole Arranger

EUR 475,000,000 Senior Debt MLA & Bookrunner

Capital Markets Q Q Q Q Q Q

Bonds Schuldscheindarlehen Private Placements Capital Increases / IPOs Mezzanine Risk Management

Capital Markets Credit Solutions

Credit Solutions Q Q Q Q

Syndicated Loans Acquisition Financing KfW Loans Bridge Financing

Advisor und Co-Lead Manager

Advisory Q Q Q

Tilo Kraus | Tel. +49 (0) 69 79599-9558 | [email protected] Dr Nicolaus Loos | Tel. +49 (0) 69 79599-9649 | [email protected] Rainer Hoffmann | Tel. +49 (0) 211 8221-4396 | [email protected] Björn Hofmann | Tel. +49 (0) 69 79599-9550 | [email protected]

Mergers & Acquisitions Restructuring Private Equity

www.ikb.de

Debt Capital Forum

Mid-market evaluation The new benchmark for mid-market companies

Mid-size European companies, accounting for about onethird of the European region’s economy and employment, are likely to struggle to meet their multi-billion financing needs over the next few years as banks reduce their lending to the sector. To ease the funding pressure facing mid-size companies, new mechanisms are being developed in Europe to channel funding from investment and other nonbank institutions, including the nascent but growing European private placement markets and the launch of new bond exchange platforms in countries such as Germany, France, the U.K., Italy, and Spain. Even a 5% contribution to the financing requirements of these companies from various alternative funding sources would amount to a meaningful EUR 35 billion each year. According to European Central Bank figures, disintermediation is beginning to occur across the Eurozone after net loan issuance to Eurozone nonfinancial corporates turned negative in 2012. Midmarket companies seem to be particularly affected by this trend. Parallel to those developments we have observed the development of alternatives to bank funding for midmarket companies in Europe. These include the developing loan fund market, the U.S. private placement market, the private placement market in Germany (the “Schuldschein” market), the young private placement markets in the U.K. and France, and to some extent regional bond platforms on exchanges. European companies raised more than EUR 32 billion on the U.S. and European private placement markets in 2012. However, despite a growing interest from institutional investors in investing in this new asset class in order

Dr. Florian Stapf is in charge of Client Business Management of Ratings for Corporates in the DACH region. He is also the first contact for all new clients and has been a banker for almost 10 years.

Dr. Florian Stapf, Director, Standard & Poor’s Ratings Services

to diversify their investments, they are often deterred by the lack of transparency of the credit risk of mid-size debt issuers. Standard & Poor’s Ratings Services has addressed this with its new Mid-Market Evaluation (MME) service.

MME is tailored to the characteristics of mid-market corporates

We conclude that rated companies provide greater transparency to investors and therefore have greater access to debt funding than non-rated companies. That differential tends to increase further at times when credit market conditions are difficult. However, not every company has large financing needs to tap the public bond Figure 1: Mid-market Evaluation (MME): A New Service In Our Offering markets for which our classical ratings product is targeted. Often mid-market Private Debt Public Bond Bank Loan companies are interested in private placemarkets markets ments, as they offer a very good alternative to bank loans but do not demand Direct Lending Private CLO Investors Placement the full disclosure and publication requirements as a public bond. S&P’s new MidMarket Evaluation (MME) is Europe’s first credit benchmark aimed specifically at Public Credit helping increase the transparency and MME Credit Rating Estimate comparability of mid-sized companies from a credit perspective towards its investor Growing mid-sized company diversifying its funding base. MME are applicable to companies Source: Standard & Poor’s Ratings Services with annual revenues below EUR 1.5 billion

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Deutsches Eigenkapitalforum 2013

Debt Capital Forum

and total debt facilities be- Figure 3: MME Supports All Stakeholders For A Well Functioning Market low EUR 500 million, or local A supplement & benchmark to investors’ currency equivalents. The own credit analysis INVESTORS / LENDERS scope of the mid-market Enhanced comparability scale is global, but we plan A credible independent opinion to apply it only in Europe initially. MMEs are based A benchmark from a recognized provider on S&P’s corporate rating Help facilitate private placements or methodology, but use a INTERMEDIARIES direct lending from non-traditional simplified analytical prosources cess and a customized analytical framework. The MME is accompanied by a Help access alternative funding sources report presenting our view on Help competitive borrowing MID-MARKET COMPANIES Eases communication to creditors the main credit strengths and weaknesses of the company. Following the iniSource: Standard & Poor’s Ratings Services tial analysis, we will update MME reports on an annual basis and perform periodic monitoring. Both the initial ratings, the results of MMEs are not distributed publicly. We analysis and the periodic monitoring utilize information pro- provide MMEs to companies on a confidential basis and vided by the mid-market company. An annual meeting with make them privately available via a secure document the company’s management is required. Using their under- exchange platform to a limited number of investors or other standing of local markets and conducting meetings in the third parties that the company designates, along with a conlocal language, our analysts assess mid-market companies cise report. When undertaking our MME analysis, we have and benchmark them against the broader mid-market uni- access to the intelligence of 4,500 analysed corporations. verse on a purpose-built mid-market scale. Unlike credit

Supporting all stakeholders for a well functioning market

Figure 2: The MME scale calibration 70% 60% Y1

Y3

Y5

50% 40% 30% 20% 10% 0% MM1

MM2

MM3

MM4

MM5

Source: Standard & Poor’s CreditPro Engine

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Deutsches Eigenkapitalforum 2013

MM6

MM7

MM8

We anticipate that investors, such as insurers or funds that are looking to find new investments and diversify their investment portfolios, will be interested in an independent opinion of the mid-market asset class as an additional tool to help assess and screen credit risks within this asset class. In our view, this group of investors is showing a growing interest in the mid-market, although a few have yet to build their own credit teams dedicated to the sector. We therefore believe that the creation of a separate scale dedicated to mid-market companies may help increase their transparency in the mid-market and provide a common benchmark that can help issuers and lenders assess credit risks in this area.

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Main Sponsors BankM Berenberg Close Brothers Seydler Bank DZ BANK Edison Investment Research Limited equinet Bank FCF Fox Corporate Finance IKB Deutsche Industriebank LBBW Landesbank Baden-Wurttemberg MC Services RENELL Wertpapierhandelsbank

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Sponsors Baader Bank Baker Tilly Roelfs Bankhaus Lampe BDO Wirtschaftsprufungsgesellschaft

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Bundesverband Deutscher Kapitalbeteiligungsgesellschaften CMS Hasche Sigle GBC GSK STOCKMANN + KOLLEGEN Heureka Moody’s Analytics Deutschland Scope Corporation Standard & Poor’s Credit Market Services Europe Taylor Wessing Partners Baden Wurttemberg: Connected / bwcon CF&B communication Creathor Venture Management DVFA EuroQuity HPE Growth Capital ICF Kursmakler AG Wertpapierhandelsbank PvF Investor Relations STEP Award TECH TOUR Viaprinto youmex Invest

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Media Partners BOND MAGAZINE Börsen Radio Network Börsen-Zeitung business new europe DAF Deutsches Anleger Fernsehen Dow Jones News FinanzNachrichten.de Frankfurt Business Media GoingPublic Media International New York Times Mergermarket n-tv Nachrichtenfernsehen pressetext Nachrichtenagentur Property Investor Europe Unternehmer Medien VDI Verlag

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Network Partners Page BVMW - Bundesverband mittelständische Wirtschaft, Unternehmerverband Deutschlands e.V. 104 Deutscher Investor Relations Verband 104 Deutsches Aktieninstitut 104 Dr. Kalliwoda Research 105 F I C Frankfurt International Consulting 105

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Deutsche Börse AG Phone E-mail Website Address

KfW Contact Person Phone E-mail Website Address

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+49-(0) 69-2 11-1 88 88 [email protected] www.xetra.com/listing Mergenthalerallee 61 65760 Eschborn Germany

Inken Voss +49-(0) 18 01-2 41 12 41 [email protected] www.kfw.de Palmengartenstr. 5-9 60325 Frankfurt Germany

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Deutsche Börse Group is one of the largest stock exchange organisations worldwide. It organises markets characterised by integrity, transparency and safety for investors who invest capital and for companies that raise capital – markets on which professional traders buy and sell equities, derivatives and other financial instruments according to clear rules and under strict supervision. Xetra®, the pan-European cash market segment of Deutsche Börse, provides listing, trading and clearing services for issuers, intermediaries and investors in the cash market. Xetra offers equity and debt financing opportunities to capital seeking entrepreneurs and provides market segments with clear transparency levels to meet the different capital needs of companies and their investors.

KfW as a promotional bank applies expertise and strength to sustainably improve the economic, social and ecological conditions of peoples’s lives. Established in 1948 KfW is 80% owned by the Federal Republic of Germany, with the remaining 20% being owned by the federal states (“Länder”). With a balance sheet total of approximately EUR 500 billion, KfW is one of Germany’s five largest banks. As a bank with no branch network or customer deposits, it refinances its lending business almost exclusively on the international capital markets. Its function is to contribute to the continuous growth of the economy and society. As a promotional bank it is devoted to the guiding principle of sustainability, integrating aspects that are important for the economy, the environment and social cohesion.

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The global EY organization is a leader in assurance, tax, transaction and advisory services. Worldwide, 167,000 people are united by our shared values and an unwavering commitment to quality. We are the world`s leading provider of IPO advisory services, with more than 30 years’ experience in advising companies across the globe which are aspiring to go public. The integrated services which we offer during and after IPOs deliver end-to-end support for our clients. Through our IPO leaders, we provide advice and assistance in relation to share and bond issues tailored to your corporate strategy, worldwide in the capital market of your choice. Timely and effective internal preparation – IPO readiness – is key to the success of any IPO. To find out how we can support you please contact [email protected].

Ernst & Young GmbH Wirtschaftsprüfungesellschaft Contact Person Dr. Martin Steinbach Phone +49-(0) 61 96-99 61 15-74 E-mail [email protected] Website www.ey.com Address Mergenthalerallee 3-5 65760 Eschborn Germany

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BankM – representative office of biw AG Contact Person Ralf Hellfritsch Phone +49-(0) 69-7 19 18 38-10 E-mail [email protected] Website www.bankm.de Address Mainzer Landstr. 61 60329 Frankfurt Germany

BERENBERG Contact Person Phone E-mail Website Address

Anna Phillips +49-(0) 69-91 30 90-7 45 [email protected] www.berenberg.com Bockenheimer Anlage 3 60322 Frankfurt Germany

Close Brothers Seydler Bank AG Contact Person Uta Kluger-Ellins Phone +49-(0) 69-9 20 54-6 02 E-mail [email protected] Website www.cbseydler.com Address Schillerstr. 27-29 60313 Frankfurt Germany

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Deutsches Eigenkapitalforum 2013

Since 2007, BankM – representative office of biw AG (Frankfurt am Main, Germany) is the partner of small and medium-sized businesses. Our highly-experienced team is particularly specialised in capital market financing. Particularly during the banking and debt crisis more and more companies and corporations placed their trust in our individual services. This is reflected in the fact that our corporate client base has in the meantime increased to over 70. Unlike Anglo-Saxon style investment banking, our philosophy is to provide long-term support for high-growth companies based on the principles of relationship banking. BankM - biw AG specialises in advising and supporting clients seeking to strengthen their equity base so as to ensure secure and efficient funding for future growth.

Berenberg was established in 1590 and today we are one of Europe’s leading privately owned banks. We provide our expertise through four divisions – Private Banking, Investment Banking, Asset Management and Corporate Banking. Due to our partnership structure, we are unbiased when it comes to corporate interests and are first and foremost committed to our clients’ interests. This means that we are able to make swift decisions and to act fast. We also have direct access to international fund managers which opens up excellent opportunities for us to execute and place capital increases, what in turn confirms our reputation as a competent partner. We support our clients’ investment decisions by bringing them into direct contact with the managing boards of listed companies.

Close Brothers Seydler Bank AG focuses on medium-sized companies. The bank’s core business areas are Designated Sponsoring, Corporate Finance, Equity & Fixed Income Sales & Trading, Research and Floor Specialist Trading on the Frankfurt Stock Exchange. The bank is market leader in Designated Sponsoring with more than 200 mandates. The Equity & Debt Capital Markets team assists with the planning, structuring and placement of transactions. Institutional investors are provided with services by the Equity & Fixed Income Trading team, offering access to leading institutional investors in the key European markets. Close Brothers Seydler Research AG provides expert analysis on medium-sized German companies.

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DZ BANK forms part of the German cooperative financial services network, which is comprised of more than 1,100 local cooperative banks. Within the cooperative financial services network, DZ BANK AG functions both as a central institution for over 900 cooperative banks and their 12,000 branch offices and as a corporate bank. DZ BANK offers a full range of products and services for the equity capital markets. The product portfolio includes e.g. initial public offerings, capital increases, convertible bonds, participation certificates, equity-research and corporate actions like designated sponsoring, employee participation programs, share-buy-back-programs, public take-over, going private, delisting, squeeze-outs, block trades, paying and depositary agent as well as the conversion into registered shares.

DZ BANK AG Contact Person Phone E-mail Website Address

Elmar Thöne +49-(0) 69-74 47-13 51 [email protected] www.dzbank.de Platz der Republik 60325 Frankfurt Germany

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Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support them in their capital markets activity. We provide services to corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison Investment Research Limited Contact Person Reena Dennhardt Phone +49-(0) 1 51 23-05 23 10 E-mail [email protected] Website www.edisoninvestmentresearch.com Address 280 High Holborn London WC1V 7 United Kingdom

equinet Bank AG Contact Person Phone E-mail Website Address

FCF Fox Corporate Finance GmbH Contact Person Phone E-mail Website Address

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Gerald Diezel +49-(0) 69-5 89 97-2 00 [email protected] www.equinet-ag.de Gräfstr. 97 60487 Frankfurt Germany

Arno Fuchs +49-(0) 89-2 06 04 09-1 00 [email protected] www.fcf.de Maximilianstr. 12-14 80539 Munich Germany

Deutsches Eigenkapitalforum 2013

equinet Bank offers its customers tailor-made solutions for all financing and capital market issues. As the “entrepreneurs among bankers”, we are a partner of the utmost credibility and integrity with a special and in-depth understanding of all issues relating to medium-sized companies. Our corporate and entrepreneurial customers value our comprehensive experience in the structuring and implementation of IPOs, the placement of shares and bonds as well as M&A transactions. Financial investors and banks put their faith in our advanced trading and sales services and research products of the highest quality – we cover more than 120 listed companies. We act as designated sponsor for approx. 70 companies and are regularly awarded with the top AA rating by Deutsche Börse. equinet Bank is the exclusive partner for the European Securities Network (ESN) in Germany.

FCF is a financing specialist which advises private and publicly listed small and mid cap companies regarding the structuring and placement of debt and equity financing transactions. FCF places these financing transactions with blue chip institutional and high-net-worth/family office investors, typically in growth, acquisition and/or balance sheet financing/refinancing situations. FCF’s services help its clients to implement an effective, capital markets oriented capital structure while reducing their dependency on traditional bank financing.

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For almost 90 years, IKB Deutsche Industriebank AG (“IKB”) has been closely connected to German mediumsized businesses. Founded in 1924, the Bank supports medium-sized companies in Germany and Europe with loans, risk management, and capital market and advisory services. The bank is headquartered in Düsseldorf and has branches in six German and four European cities. In its Capital Markets division, IKB’s experts advise listed and unlisted companies on capital market issues and perform share, bond/ promissory note issues, private placements and alternative financing (mezzanine). In addition, IKB’s Capital Markets team arranges capital market-oriented exit strategies for private equity firms. A Sales and Research team complements IKB’s advisory expertise and supports customers in the secondary market.

IKB Deutsche Industriebank AG Contact Person Phone E-mail Website Address

Tilo Kraus +49-(0) 69-7 95 99-95 58 [email protected] www.ikb.de Wilhelm-Bötzkes-Str. 1 40474 Düsseldorf Germany

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LBBW Landesbank Baden-Württemberg Contact Person Jobst Bartmer Phone +49-(0) 7 11-12 72 50 20 E-mail [email protected] Website www.lbbw.de Address Am Hauptbahnhof 2 70173 Stuttgart Germany

MC Services AG Contact Person Phone E-mail Website Address

Anne Hennecke +49-(0) 89-21 02 28-18 [email protected] www.mc-services.eu Schubertstr. 10 80336 Munich Germany

RENELL Wertpapierhandelsbank AG Contact Person Phone E-mail Website Address

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Carsten Schmitt +49-(0) 69-1 33 87 65-38 [email protected] www.renellbank.com Schillerstr. 2 60313 Frankfurt Germany

Deutsches Eigenkapitalforum 2013

Landesbank Baden-Württemberg (LBBW) is a universal bank with regional roots. In approx. 200 branches and representative offices and at selected overseas locations – including New York, London, Singapore and Seoul. At the end of 2012, LBBW Group employed in the region of 11,700 highy-committed employees working for the success of LBBW Group and its customers. Together with the legally dependent institutions Baden-Württembergische Bank, Rheinland-Pfalz Bank and Sachsen Bank, LBBW is involved in a variety of banking activities. LBBW assists companies in equity financing and provides support in IPOs – for companies where LBBW is in a long-time principal bank position – capital increases, convertible bonds, public takeover bids as well as secondary and private placements. Since 1996, it has taken part in more than 200 equity issues.

MC Services AG, based in Munich and Duesseldorf, is an international PR and IR agency specializing in financial communications. Our long-standing clients include public and private companies as well as venture capitalists and investment firms. Our agency has for many years been an established link connecting industry and the financial markets offering comprehensive services in the field of IR, PR, financial reporting as well as capital and corporate transactions. We leverage our extensive network in the financial community, the media as well as in the industry in a targeted way for the benefit of our clients. At MC Services we have assembled a unique team of specialists, with years of in-depth industry experience working in-house for leading international companies, investment banks and consultancy firms.

Renell Bank has served companies and investors for over 25 years. We provide our clients with Capital Markets and Strategic Advisory services as well as Designated Sponsoring, Financial Brokerage and Lead Broking. Renell Wertpapierhandelsbank AG is a long-established and steadily expanding member firm of the Frankfurt Stock Exchange. An excellent reputation, a fully commited and experienced team of banking professionals and broad ressources of a successful private bank have been the basis for our sustainable growth.

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Baader Bank AG Contact Person Phone E-mail Website Address

Baker Tilly Roelfs Contact Person Phone E-mail Website Address

Bankhaus Lampe KG Contact Person Phone E-mail Website Address

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Horst Bertram +49-(0) 89-51 50-18 82 [email protected] www.baaderbank.de Weihenstephaner Str. 4 85716 Unterschleißheim Germany

Sibylle Laux +49-(0) 2 11-69 01-12 53 [email protected] www.roelfspartner.de Ceclienallee 6-7 40474 Düsseldorf Germany

Patrick Weiden +49-(0) 2 11-49 52-3 31 [email protected] www.bankhaus-lampe.de Jägerhofstr. 10 40479 Düsseldorf Germany

Deutsches Eigenkapitalforum 2013

Baader Bank AG is a leading German investment bank and market leader in financial instrument trading. The independent, owner-managed bank employs 430 staff. The bank holds a full banking licence and is a member of the Association of German Banks’ deposit protection scheme. Baader Bank offers institutional investors a top-quality trading, research and distribution platform which covers equities, bonds and derivatives. The bank develops independent solutions spanning the whole range of corporate financing for German-speaking companies. It assists companies with capital market and borrowing transactions. Baader Bank has a long and successful track record in market making and maintains the highest standards for pricing, trading and settling financial instruments.

Baker Tilly Roelfs – formerly RölfsPartner – is one of the largest partner-managed consultancies in Germany and is an independent member of the global Baker Tilly International network. Its accountants, auditors, lawyers, tax advisers and management consultants provide a broad range of innovative and individual consultative services. The interdisciplinary competencies are divided among nine Competence Centers. In Germany, Baker Tilly Roelfs has 700 employees on its payroll at twelve different locations. Global consulting is in the hands of 156 partner companies with more than 26,000 employees in 131 countries. These firms are all members of the worldwide Baker Tilly International network of independent accounting, auditing and consulting companies.

Bankhaus Lampe is one of the very few independent, owneroperated private banks in Germany and is a leader in this segment. In our Capital Markets division the focus is on equity & debt transactions for German mid & small caps. The Equity & Debt Capital Markets team has in-depth expertise in structuring and placing IPOs, capital increases, convertibles, corporate bonds and promissory notes as well as in placements of blocks. Clients take advantage of our broad access to German and international institutional investors, family offices and our private banking network as well as of our excellent research that we provide. We act as designated sponsor for listed corporates and support our clients in all listing advisory topics.

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BDO is the leading entrepreneurial driven provider for audit and audit-related services, tax and business law consulting as well as advisory services. With approximately 1,900 staff currently employed at 24 locations in Germany, BDO serves domestic and internationally operating companies from all industrial sectors and of all sizes. Due to our personal approach to client service, our reputation for reliability, the very highest quality standards in combination with the fact that we are part of the powerful global BDO network we are the first choice for medium-sized as well as family owned businesses and ambitious listed businesses. BDO is founding member of the international BDO network, which operates in 138 countries with over 55,000 employees and is the only one of the five globally operating accountancy groups with an European tradition.

BDO AG Wirtschaftsprüfungsgesellschaft Contact Person Dr. Gebhard Zemke Phone +49-(0) 40-3 02 93-5 25 E-mail [email protected] Website www.bdo.de Address Fuhlentwiete 12 20355 Hamburg Germany

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Bundesverband Deutscher Kapitalbeteiligungsgesellschaften – German Private Equity and Venture Capital Association e.V. Contact Person Martin André Bolits Phone +49-(0) 30-30 69 82-18 E-mail [email protected] Website www.bvkap.de Address Reinhardtstr. 27c 10117 Berlin Germany

CMS Hasche Sigle Contact Person Phone E-mail Website Address

GBC AG Contact Person Phone E-mail Website Address

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Dr. Andreas Zanner +49-(0) 69-7 17 01-2 56 [email protected] www.cms-hs.com Barckhausstr. 12-16 60325 Frankfurt Germany

Christoph Schnabel +49-(0) 8 21-24 11 33-0 [email protected] www.gbc-ag.de Halderstr. 27 86150 Augsburg Germany

Deutsches Eigenkapitalforum 2013

The German Private Equity and Venture Capital Association (BVK) is the representative of the German private equity industry covering private equity firms, from venture capital, to growth capital right through to buyouts and institutional investors. BVK has almost 300 members. It is the mission of the BVK to create best possible business environment for the industry in Germany. This involves and needs the improvement of the taxation and legal frameworks for private equity in Germany in dialogue with political and administrative decision-makers, facilitating the access to capital sources, surveying the markets and analysing market trends, as well as supporting our members in exchanging their experience.

CMS Hasche Sigle is a strong commercial law firm and part of the international CMS organisation. In Germany, our core market, we are one of the leading law firms. With in excess of 600 lawyers, tax advisors and notaries we provide consultative services to clients ranging from medium-sized companies right through to major global corporations on all aspects of national and international commercial law. We offer strong, trust-based client relationships, a broad portfolio of services and qualified advice. What makes us particularly unique is our combination of solid regional roots in nine major business locations across Germany and close relationships with the partner firms in the CMS organisation dating back many years. At CMS, we have 2,800 legal and tax advisers in 54 offices. Our size means we have the most extensive footprint of any firm in Europe.

The GBC Group, which is based in Augsburg, is one of the leading bank-independent investment houses in Germany. It is also an experienced emissions expert for medium-sized German businesses in the financial sector. The GBC Group considers itself to be an independent and reliable partner with regard to all issues relating to the capital market. Within the GBC Group, GBC AG offers services in the three core sectors: Corporate Analysis and Research, Capital Markets and Financial Advising as well as Capital Market Conferences. In addition to that, GBC Capital GmbH also complements the Group’s services with corporate finance placement, brokering bonds/institutional buy-outs and placing and brokering stocks/IPOs.

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GSK Stockmann + Kollegen is one of Germany’s leading corporate and real estate law firms. With more than 140 lawyers in Germany, Brussels and Singapore, and as a member of an alliance of legal firms with over 960 lawyers, we advise both German and international clients. We deal with all matters relating to corporate structure and finance, in particular, stock exchange listing, bond issues, investment and mezzanine finance, M&A and company succession. In providing our legal services, we can call upon many years of experience with respect to all capital market issues, the selection, structuring and successful implementation of share issues, prospectus procedures, capital market communication and other corporate transactions relating to the stock exchange. We offer solutions.

heureka GmbH, based in Essen and established in 1989, is an owner-run communications agency and currently employs 21 staff. As a creative agency we are renowned for our design and marketing expertise. In addition to our many years of experience in financial communications, heureka’s core business is the provision of brand and corporate communication consultation and services. To contact us or for further information: www.heureka.de / [email protected].

Moody’s Analytics helps capital markets and credit risk management professionals worldwide respond to an everevolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges.

GSK Stockmann + Kollegen Contact Person Phone E-mail Website Address

Dr. Peter Ladwig +49-(0) 7 11-2 20 45 79-0 [email protected] www.gsk.de Augustenstr. 1 70178 Stuttgart Germany

einfach kommunizieren.

heureka GmbH Contact Person Phone E-mail Website Address

Sebastian Schulz +49-(0) 2 01-6 15 46-15 [email protected] www.heureka.de Schloss Schellenberg - Turmflügel Renteilichtung 1 45134 Essen Germany

Moody’s Analytics Deutschland GmbH Contact Person Bengt Hellbach Phone +49-(0) 69-7 07 30-9 41 E-mail [email protected] Website www.moodysanalytics.com Address An der Welle 5 60322 Frankfurt Germany

Deutsches Eigenkapitalforum 2013

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Sponsors

Scope Ratings

Scope Corporation AG Contact Person Phone E-mail Website Address

Stephan Geiger +49-(0) 30-2 78 91-0 [email protected] www.scoperatings.com Lennéstr. 5 10785 Berlin Germany

Standard & Poor’s Credit Market Services Europe Ltd. Contact Person Doris Keicher Phone +49-(0) 69-3 39 99-2 25 E-mail [email protected] Website www.standardandpoors.com Address Neue Mainzer Str. 52 60311 Frankfurt Germany

Taylor Wessing Partnerschaftsgesellschaft Contact Person Christoph F. Vaupel Phone +49-(0) 69-9 71 30-0 E-mail [email protected] Website www.taylorwessing.com Address Senckenberganlage 20-22 60325 Frankfurt Germany

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Deutsches Eigenkapitalforum 2013

Scope was founded as an independent rating agency in Berlin, Germany, in 2002. The company is specialized in ratings and analysis of SMEs, bonds, banks, structured finance transactions and asset-based funds across Europe. The rating agency is committed to full transparency and diversity of opinions in the European capital markets. Scope employs people in France, Germany, the Netherlands and the United Kingdom and is certified by ESMA as an official credit rating agency (CRA) in the European Union. More information about Scope on www.scoperatings.com.

Standard & Poor’s Ratings Services, a part of McGraw Hill Financial (NYSE: MHFI), is the world’s leading provider of independent credit risk research and benchmarks. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 23 countries, and more than 150 years’ experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information and independent benchmarks that help to support the growth of transparent, liquid debt markets worldwide. Additional information is available at https://ratings.standardandpoors.com.

Taylor Wessing is one of the leading international law firms in the German market. With ten partners and further team members its Equity Capital Markets team is one of the leading practices. Taylor Wessing’s team members have a significant track record in the areas of ECM and Public M&A of more than 100 deals completed over the last 15 years. This strong and credible team is able to deliver the highest quality on ECM transactions (IPOs, Rights Offerings, Public Takeovers) of any size and scope and the legal and strategic (boardroom) advice of publicly listed companies and their board members. Taylor Wessing is one of the few leading law firms in Germany that can actually render legal services across all major areas of business law and build on a broad range of specific industry expertise.

100 % Qualität für 99,3 % der Unternehmen. 99,3 % der Unternehmen in Deutschland zählen zum Mittelstand. Wir begleiten mittelständische Unternehmen unabhängig und kompetent bei der Strukturierung und Platzierung von Unternehmensanleihen. Steubing AG – Seit über 25 Jahren Ihr Partner am Kapitalmarkt.

Goethestraße 29 • 60313 Frankfurt • www.steubing.com Kontakt: Thomas Kaufmann • + 49. 69. 29 716 -105 [email protected]

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Baden Württemberg: Connected / bwcon Contact Person Paula Mossa-Smolny Phone +49-(0) 7 11-9 07 15-5 11 E-mail [email protected] Website www.bwcon.de Address Breitscheidstr. 4 70174 Stuttgart Germany

Baden-Württemberg: Connected/bwcon is the top business development organization dedicated to promoting Baden-Württemberg as a key location for innovation and technology. As one of the largest technology networks in Europe, bwcon connects more than 600 businesses and research institutions. Over 6,000 experts use the bwcon platform for systematic networking. A particular highlight is the bwcon Hightech Award CyberOne, an essential business plan competition in Baden-Württemberg. The award targets company founders and mid-sized growth companies from the hightech sector. An experienced jury evaluates the submitted concepts with regard to their degree of innovation, competitive advantage and commercialization. All prizes in the competition are funded by sponsors.

Caroline Gilliume +33-(0) 1-44 51 76 05 [email protected] www.midcapevents.com 97 Blv. Haussmann 75008 Paris France

CF&B Communication is an independent financial communications agency which was created in 1984. Specialized in relations between listed companies & institutional investors AND non-listed companies and investors specialized in Private Equity/VCs. CF&B Communication created its own database of European fund managers investing in small & mid caps as well as Private Equity/VC’s. With 9,000 institutional or specialized investors in Europe, all qualified according to their investment strategies, CF&B Communication has organized ‘Midcap Events’ since 2000 on all major market places in Europe and Private Equity events since 2010. These events enable companies’ top executives and investors to meet a maximum of counterparts of interest to them, in a minimum amount of time, thanks to pre-booked meeting schedules.

Creathor Venture Management GmbH Contact Person Andrea Kaidel Phone +49-(0) 61 72-1 39 72-0 E-mail [email protected] Website www.creathor.de Address Marienbader Platz 1 61348 Bad Homburg v.d.H. Germany

As a leading European Venture Capital firm, Creathor Venture invests in technology-oriented companies and entrepreneurs. The focus is particulary on mobile, e-, m-, s-commerce, media, cloud, life science, mobile health and diagnostics. Regional focus is on Germany, Switzerland, Austria and Scandinavia. The current portfolio of more than 30 companies is actively supported in development, growth and internationalization by our experienced team of 15 staff. The team has been decisively involved in the successful founding and development of more than 200 technology companies successfully, conducted more than 20 int. IPOs and has achieved exceptional returns for fund investors in the past. Creathor Venture manages funds of more than EUR 180 million (USD 240 million), and currently has four offices in Germany (near Frankfurt & Munich), in Zurich and in Stockholm.

CF&B communication Contact Person Phone E-mail Website Address

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Deutsches Eigenkapitalforum 2013

Partners

DVFA was founded in 1960 and is the society of investment professionals in Germany. DVFA currently has more than 1,400 individual members representing over 400 investment firms, banks, asset managers, consultants and counselling businesses. DVFA is a leading qualifier for the capital market in Germany with more 3,500 graduates altogether. DVFA is also a leading platform for financial communication (organiser of analyst conferences and forums). DVFA offers investment professionals access to a worldwide network via EFFAS - European Federation of Financial Analysts Societies, with more than 17,000 investment professionals in Europe, and ACIIA - Association of Certified International Investment Analysts, with more than 60,000 investment professionals worldwide.

DVFA - Deutsche Vereinigung für Finanzanalyse und Asset Management Contact Person Karin Wenzel Phone +49-(0) 69-26 48 48-1 01 E-mail [email protected] Website www.dvfa.de Address Mainzer Landstr. 47a 60329 Frankfurt Germany

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EuroQuity Contact Person Phone E-mail Website Address

HPE Growth Capital Contact Person Phone E-mail Website Address

Astrid Kricke +49-(0) 2 28-8 31-80 30 [email protected] www.euroquity.com/de Ludwig-Erhard-Platz 1-3 53179 Bonn Germany

Tim van Delden +49-(0) 2 11-60 25 88 00 [email protected] www.hpegrowthcapital.com Gustav Mahlerplein 109-111 1082MS Amsterdam Netherlands

ICF Kursmakler AG Wertpapierhandelsbank Contact Person Sascha Rinno Phone +49-(0) 69-9 28 77-5 01 E-mail [email protected] Website www.icfag.de Address Kaiserstr. 1 60311 Frankfurt Germany

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Deutsches Eigenkapitalforum 2013

EuroQuity is an online introduction service for French and German businesses and is their partner to help them drive their development with investors and advisors. Bpifrance is the founder and operator of this service. EuroQuity is overseen by Bpifrance in France and KfW in Germany. Its goal is to support the growth of SMEs by enabling them to meet their future partners and satisfy their needs for investment (equity), innovation (technological partnerships) and international development (commercial partnerships).

HPE Growth Capital (HPE) is an expansion capital investment firm providing equity (no leverage) in minority investments. The companies we invest in are local technology champions in the Benelux and Germany with an ambition to accelerate growth. Investing tickets of Euro 10 to 20 million per company for a minority stake and using the expertise available in our network of financial and operational veterans, we have a hands-on approach in helping companies grow revenues from Euro 15 million to beyond Euro 100 million. Key areas in which we add to the skills and know-how capital of our portfolio companies include international sales and marketing, capacity ramp-up, buy-and-build and back-office professionalization.

ICF Kursmakler AG is one of Germany’s leading securities trading banks and a neutral trading partner with banking licence, offering institutional clients professional securities trading & capital markets services. Capital markets is another area of focus in which our specialist departments work together on an interdisciplinary basis. Equity & Debt Capital Markets structures and markets capital market transactions in the small and mid cap sector and provides comprehensive advice to companies on capital markets. Designated Sponsoring, no 2 D/A/CH-Area, boasts an experienced team offering personal, reliable and transparent advice and ensuring high-quality service. Institutional Sales offers the placement of equity & debt transactions, rounded off by top-flight market analysis and unique roadshows.

Partners

PvF Investor Relations provides advice and support in financial communications with corporate clients in all fields of business. PvF offers the full range of IR and PR services, in terms of content and strategy, in the identification of specific target groups and the implementation of individual communication methods and measures, as well as the preparation of annual, interim financial and sustainability/CSR reports. Based in Eschborn next to Deutsche Börse as well as in Berlin, in Bremen, in the Rhein-Neckar region, and in Beijing, China, expertise, experience, independence, and a high quality standard define PvF’s way of working. Both partners act as lecturers at the Frankfurt School of Finance for the professional training of future Certified Investor Relations Officers (C.I.R.O.).

PvF Investor Relations Contact Person Phone E-mail Website Address

Jörg G.H. Peters +49-(0) 61 96-7 77 99-0 [email protected] www.pvf.de Hauptstr. 129 65760 Eschborn Germany

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Deutsches Eigenkapitalforum 2013

The STEP Award is a competition designed to recognize innovative growth companies in Germany, Austria and Switzerland. The initiators, Infraserv Höchst and F.A.Z.Institut Innovation Projects, are pursuing the same goal together with numerous sponsors and partners of the competition: giving companies an important boost in their growth phase. The winner will receive a prize amounting to EUR 100,000, consisting half in prize money, half in services supporting the company in an integral manner. Additional prizes will be awarded in several categories. The STEP Award was created in 2006. Since then, more than 700 companies have participated and benefit from the large network of the STEP Award community.

The Tech Tour was formed by Venture Capitalist Sven Lingjaerde in 1998. As of 2013, the Tech Tour is collaborating with International Venture Club (IVC) and Europe Unlimited on all events. The Tech Tour is an independent non-profit organization committed to the development of emerging technology companies from Europe. Our contribution to the high tech industry is through the development of European regional Tech Tours and Industry Summits that bring together the entire technology ecosystem of local and global players.

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The youmex finance group comprises a group of finance specialists covering a broad range of financial services. The group has been operating for more than 10 years as a finance platform and assists small and mid caps as transaction manager and placement coordinator. youmex simplifies, accelerates and optimises transactions for all classes of capital, i.e. from debt, mezzanine and equity capital all the way through to IPOs and the issue of small and mid cap bonds. Securities are placed by youmex Invest AG, a financial services institute approved by the Federal Financial Supervisory Authority (BaFin) and now one of the leading placement institutes for small and mid cap bonds.

youmex youmex Invest AG Contact Person Phone E-mail Website Address

Jessica Ries +49-(0) 69-50 50 45-1 14 [email protected] www.youmex.de Taunusanlage 19 60325 Frankfurt Germany

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BOND Magazine Contact Person Phone E-mail Website Address

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Page 94

Christian Schiffmacher +49-(0) 63 45-9 59 46-51 [email protected] www.fixed-income.org Raiffeisenring 1 76831 Eschbach Germany

Peter Heinrich +49-(0) 9 21-74 13-4 00 [email protected] www.brn-ag.de Denzenlohestr. 47 95500 Heinersreuth Germany

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Deutsches Eigenkapitalforum 2013

Institutional Investment Publishing GmbH is an independent pubishing company which is specialised in reporting on bonds. In 2009, “BONDBOOK/BOND YEARBOOK” was the first independent and periodical bond medium in German speaking countries. It is established as a reference guide for bond issuers and investors. Bond Yearbook was supplemented by “BOND MAGAZINE” in 2010 which refers to current issues. Afterwards, several specials were published, e.g. “GREEN BONDS”, “REAL BONDS” and “AUTOMOTIVE BONDS”. The internet platform of BONDBOOK and BOND MAGAZINE is fixed-income.org. fixed-income.org has content cooperations with several major finance websites. Furthermore, the publishing company has been offering several workshops for bond issuers since 2011 (www.bond-conference.com).

The influence of stock exchanges worldwide is immense. Job market, interest rates, pricing, inflation – all results in decisions made in economy and politics. Any decision however needs a brave person to make it. That’s why we talk to decision makers in economics and experts every day. Accurate preparation, years of experience and a journalistic format are our tools to deliver background information for the trader as well as interested investors. Fidelity in work and strict neutrality are our driving forces, which are mirrored by our listeners’ feedback and steadily increasing reach with up to 1 million streams per month. We use this to continuously enhance our programme to make stock markets audible and understandable. That also counts for you – contact us to learn how: [email protected].

Börsen-Zeitung: Germany’s only daily newspaper for the financial markets. The Börsen-Zeitung compiles facts and researches background information to give you a daily information edge. The Börsen-Zeitung covers banking and finance, capital markets, companies and all industrial sectors as well as economy and policy. On its website www.boersen-zeitung.de, all the content which can be found in the paper as well as a large amount of investment related data combined with tools for proper analysis is also available to read.

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business new europe (bne) is the only magazine covering business, economics, finance and politics in the dynamic new markets of central, eastern and southeast Europe. bne’s veteran team of journalists has more than 50 years of collective experience of reporting on this dynamically growing region and can explain the “why” of “what” is going on. Meet the captains of industry that are building the new European economies, receive up to the minute commentary and analysis of breaking news events and spot the slow-moving trends as they appear. bne is available online at http://businessneweurope.eu or as a print issue.

business new europe Contact Person Victoria Chupina Phone +7-(0) 9 03-7 09 65 66 E-mail [email protected] Website www.bne.eu Address German Embassy, Mosfilmovskaya ul., 56 119258 Moscow Russian Federation

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DAF Deutsches Anleger Fernsehen AG Contact Person Katarina Dziamski Phone +49-(0) 92 21-90 51-6 62 E-mail [email protected] Website www.daf.fm Address Kressenstein 15 95326 Kulmbach Germany

Dow Jones News GmbH Contact Person Verena Hofmann-Werther Phone +49-(0) 69-29 72 53 34 E-mail [email protected] Website www.dowjones.com Address Wilhelm-Leuschner-Str. 78 60329 Frankfurt Germany

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Deutsches Eigenkapitalforum 2013

DAF Deutsches Anleger Fernsehen – offers access to upto-date news from the finance sector for private investors. The program focuses on the investor’s value of benefit by covering all the markets as well as the entire bandwidth from blue chips to small & mid caps. Every hour „Börse Live“ highlights the current situation on the stock markets. Analysts, institutional fund advisors, journalists, and insiders state their opinion on the current market situation via video conference. Our DAF correspondents report live from the German Stock Exchange in Frankfurt and the New York Stock Exchange. DAF offers one of the largest financial video-on-demand archives in Germany. DAF can be viewed on TV via satellite, cable-networks and is also integrated in a wide range of online portals.

Dow Jones & Company is a global provider of news and business information, delivering content to consumers and organizations via newspapers, Web sites, apps, video, newsletters, magazines, proprietary databases, conferences, and radio. Dow Jones has produced unrivalled quality content for over 100 years and today has one of the world’s largest news-gathering operations with 2,000 journalists in more than 50 countries, including The Wall Street Journal, America’s largest newspaer in terms of total average circulation. Other premier brands include Barron’s, MarketWatch, and DJX, its flagship news and analytics platform. Dow Jones publishes in 13 languages and distributes content in 28 languages, combining technology with news and data to support business decision making.

FinanzNachrichten.de is the leading financial news portal in the German language and one of the biggest financial websites on the German market. Whereas financial portals usually only offer news gathered from their own in-house journalists, FinanzNachrichten.de offers a wide spectrum of news from different media sources in different countries. FinanzNachrichten.de offers more than 12,000 financial news reports daily (in German or English) from around 450 different media sources. The website has approx. 30 million page impressions and approx. 4.5 million visits a month (IVW) by 760,000 individual users (AGOF). According to surveys, 87% of the users are men, around 41% of the users hold an academic title and half of the users are buying/selling shares at least once a week: www.finanznachrichten.de.

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Natalia Hoffmann +49-(0) 69-71 67 79-10 [email protected] www.inyt.com/ineurope Friedrichstr. 52 60323 Frankfurt Germany

Deutsches Eigenkapitalforum 2013

Since its founding in 2001, FRANKFURT BUSINESS MEDIA has grown into a leading publishing house for financerelated cross-media platforms. We are majority-owned by the F.A.Z. Group, the publishing house of Germany’s leading daily F.A.Z. We have successfully staked out a relevant position in the financial services ad market through our flexible and efficient positioning services. Our flagship publications speak to three distinct core target groups: 1.) CFOs of private-sector companies (the German magazine “FINANCE” and the English “CFO Insight” magazine); 2.) treasurers of municipalities and public-sector companies (newspaper “Der Neue Kämmerer”); 3.) shareholders, founders and CEOs of large family owned businesses (“wir”, and “Markt und Mittelstand” magazine).

GoingPublic Magazin is a modern capital market publication for securities issuers and investment professionals. The monthly magazine (together with 10-15 special issues) gives issuers an insight into being public trends and IR issues, as well as covering any relevant capital market innovations. Leading law firms contribute their expertise in the form of specialist articles on tax and legal issues, whilst the M&A section charts developments from the spectrum of public takeovers to companies going private. Different newsletters report regularly on capital market trends, IPOs, IR news and life sciences issues. On top of that, the magazine sees itselfs as being the leading public platform and as a channel for communication between issuers, investors, service providers and the financial community.

The International New York Times’ expanded international team will be able to report about even more globally relevant stories so as to ensure that our unique global perspective is maintained and enhanced for readers across all print and digital formats. The International New York Times is an exciting new offering that delivers essential global news, Business insights and cultural content. Reporting from every corner and hubs around the world, the International New York Times provide relevant and timely coverage 24/7, resulting in a truly global sensibility.

Sale of Funkwerk Information Technologies York Ltd. to

Capital increase

Sole Lead Manager Sole Bookrunner

Aug 2013

7.75% Corporate Bond € 25 m

Sole Lead Manager Sole Bookrunner

Bond placement

Sep 2013

Bond placement

Sell-Side Advisory

Oct 2013

Sole Lead Manager Sole Bookrunner

7.50% Corporate Bond € 25 m

1,461,909 preferred shares Placement price: € 52.00 Placement volume: € 76 m Sole Global Coordinator Sole Bookrunner

Jun 2013

7,875% Corporate Bond € 30 m

Fairness Opinion in the context of the

Advisory

Sole Lead Manager Sole Bookrunner

6.75% Corporate Bond € 15 m

Bond placement

19,571,049 shares 23,349,289 convertible bonds Placement price: € 1.00 Placement volume: € 42.9 m

Private placement

Capital Increase / Convertible

“The entrepreneurs among bankers”

Sole Lead Manager Sole Bookrunner

Takeover Offer by Steilmann Holding AG

Trapeze Group

Sole Lead Manager Sole Bookrunner

Apr 2013

Sale of 100% of the shares to

6.75% Corporate Bond € 30 m

Sole Lead Manager Sole Bookrunner

Systemair AB

Mar 2013

Apr 2013

Bond placement

9.75% Corporate Bond € 60 m

May 2013

Bond placement

May 2013

Sell-Side Advisory

Bond placement

May2013

Nov 2012

6.75% Corporate Bond € 35 m

Sole Lead Manager Sole Bookrunner

Jun 2012

(selected transactions)

Corporate Finance G

G

G

G

G

G

Research & Sales

Mergers & Acquisitions Initial Public Offering Equity Capital Market Transactions Bond Issues Promissory notes Debt Advisory

G

G

G

G

G

Research Support for Institutionel Clients Share Placements Bond Placements Roadshows

Exclusive member of the European Securities Network (ESN)

Financial Markets G

G

G

G

G

Designated Sponsoring Brokerage Specialist Shares / Bonds Eletronic Order Routing Gateway to the Financial Markets

equinet Bank AG Frankfurt am Main www.equinet-ag.de Tel. 0049 (0)69 58997-0

Media Partners

mergermarket Contact Person Phone E-mail Website Address

David Kubatzky +49-(0) 30-4 67 22-9 99 [email protected] www.mergermarket.com Burggrafenstr. 14 10787 Berlin Germany

n-tv Nachrichtenfernsehen GmbH Contact Person Phone E-mail Website Address

Thomas Hellwege +49-(0) 2 21-4 56-33 10 [email protected] www.n-tv.de Picassoplatz 1 50679 Köln Germany

pressetext Nachrichtenagentur GmbH Contact Person Dr. Franz Temmel Phone +43-(0) 1-8 11 40-1 24 E-mail [email protected] Website www.pressetext.com Address Schiffbauerdamm 40 10117 Berlin Germany

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Deutsches Eigenkapitalforum 2013

mergermarket is an independent Mergers and Acquisitions (M&A) intelligence service with an unrivalled network of dedicated M&A journalists based in 56 locations across the Americas, Europe, Asia-Pacific, the Middle-East and Africa. Unlike any other service of its kind, mergermarket specializes in providing forward-looking origination and deal flow opportunities integrated with a comprehensive deals database – resulting in real revenues for clients. Visit www.mergermarket.com.

n-tv, Germany’s first news channel, stands for reliable, fast, comprehensive and independent news. n-tv provides the latest news about politics, economy, sports and society: 24 hours a day, 365 days a year. n-tv is known for a high level of live broadcasting, its breaking news character and its extensive coverage of business topics. Day-to-day, n-tv offers the latest stock exchange and company news as well as consumer topics - thoroughly researched, prepared and presented in a comprehensible way. Up-to-date political talks, high-quality magazines and documentations complete the n-tv program. As a modern news company, n-tv offers its content on all platforms – on TV, online and via its successful news applications for mobile phones.

Everything IR professionals need: pressetext is partner and service provider for PR and IR officers. The pressetext platform offers companies and institutions access to the information, finance and scientific elite of Europe. Press releases as well as capital market communications (TUG with warranty) are spread through a highly developed information dissemination system in all German-speaking countries and beyond, through local and global news agencies such as Bloomberg, Dow Jones Newswires and Thomson Reuters worldwide. email: [email protected]. Berlin: +49-(0) 30-29770-2521, Vienna +43-(0)1-81140-333.

Media Partners

The mission of Property Investor Europe is to bring transparency to European real estate for global investment professionals. Via PIE Dailies, Online Weeklies and flagship monthly print magazine, plus events, PIE news-intelligence is the leading source of information in this key investment asset class and geography. PIE is written in English but is published from Frankfurt/Main and with senior editors in major centres around Europe. An average of 12,000 global professionals read PIE Dailies. PIE’s monthly magazine, 10 times yearly, runs out 3,000-5,000 print editions (more during MIPIM, Expo Real and other major events). Who reads PIE: investing institutions, capital allocators and managers, banks, global REITs, non-listed and listed funds, corporate treasurers and private investors.

Property Investor Europe Contact Person Phone E-mail Website Address

Frank Beinborn +49-(0) 69-24 43 33-1 28 [email protected] www.pie-mag.com Friedrich-Ebert-Anlage 36 60325 Frankfurt Germany

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Media Partners

Unternehmer Medien GmbH Contact Person Frank Schmidt Phone +49-(0) 2 28-9 54 99-91 E-mail [email protected] Website www.unternehmermagazin.de Address Schloßallee 10 53179 Bonn Germany

VDI Verlag GmbH Contact Person Phone E-mail Website Address

Iris Klose +49-(0) 2 11-61 88-1 20 [email protected] www.vdi-nachrichten.com Postfach 10 10 54 40001 Düsseldorf Germany

The unternehmermagazin (est. 1953) is Germany’s oldest publication exclusively for owner managers of medium and large sized family enterprises, among those many German, European, and global market leaders. Today in its 61st year of publication, it is published with a circulation of 75,000 personally addressed copies nationwide. As an independent periodical, it promotes social market economy and competition even in times of continuous internationalization. The publication of high-quality professional articles at the publishers’ personal invitation is in line with the magazine’s long tradition. Authors are entrepreneurs of all branches as well as federal ministers, university professors, top operatives, and spokesmen of various other fields.

VDI nachrichten is the leading opinion-forming weekly magazine for engineers and technical management. It provides up-to-date, comprehensive and competent information on trends in technology, the economy and society. The newspaper book Technik & Finanzen describes and illustrates with examples how finances can be used to expand and increase efficiency in business. Panels of experts and surveys keep you informed of the capital market, start-up initiatives as well as financial and investment strategies, while analysts and market observers offer an assessment of trends. VDI nachrichten reaches around 339,000 readers every Friday (Allensbacher Communication Media Analysis 2012). It is published by VDI Verlag, 60% of which is held by VDI GmbH and 40% by the Handelsblatt GmbH group of publishers.

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Representative Office of biw Bank fuer Investments und Wertpapiere AG Mainzer Landstrasse 61, D - 60329 Frankfurt am Main Dirk Blumhoff / Ralf Hellfritsch Phone +49 (0)69-71 91 838-10 Email Internet

[email protected] www.bankm.de

biw Bank für Investments und Wertpapiere AG Hausbroicher Strasse 222, D - 47877 Willich Phone

+49 (0)2156-4 920-0

Email Internet

[email protected] www.biw-bank.de

Network Partners

BVMW - Bundesverband mittelständische Wirtschaft, Unternehmerverband Deutschlands e.V. Contact Person Josef Stumpf Phone +49-(0) 62 21-1 38 90-10 E-mail [email protected] Website www.bvmw.de Address Mosse Palais Leipziger Platz 15 10117 Berlin Germany

Deutscher Investor Relations Verband e.V. Contact Person Kay Bommer Phone +49-(0) 69-95 90-94 90 E-mail [email protected] Website www.dirk.org Address Reuterweg 81 60323 Frankfurt Germany

Deutsches Aktieninstitut e.V. Contact Person Phone E-mail Website Address

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Dr. Franz-Josef Leven +49-(0) 69-9 29-15 24 [email protected] www.dai.de Niedenau 13-19 60325 Frankfurt Germany

Deutsches Eigenkapitalforum 2013

The Bundesverband mittelständische Wirtschaft, or BVMW for short, is a politically neutral association representing the interests of small and medium sized enterprises spanning all professions and industries. The BVMW is the ideal partner to take companies forward into a future where the “lonly warrior” type of businessperson no longer stands a chance, and networking and an integrated approach are the name of the game.

DIRK is the association for Investor Relations (IR) in Germany. As the voice of IR professionals, DIRK represents the concerns of its members in an active dialogue with interest groups and capital market stakeholders, political institutions and the general public. The association offers its members specific support and promotes regular exchange among its own ranks and with IR specialists from all over the world. With its more than 300 members, DIRK sets the standards of communication between companies and the capital market. The spectrum of companies organised within DIRK includes almost all index values, companies with a small market capitalisation, IPO-candidates and individuals.

Deutsches Aktieninstitut e.V. is the association of German exchange-listed stock corporations and other companies and institutions which are engaged in the capital markets development. Its most important tasks include supporting the relevant institutional and legal framework of the German capital market and the development of a harmonised European capital market, enhancing corporate financing in Germany and promoting the acceptance of equity among investors and companies.

Network Partners

Dr. Kalliwoda Research GmbH is an independent supplier of equity and bond research. We are a specialist for mid and small caps, providing an excellent grade in research and quantitative models since 2003. The company covers the sectors IT & Software, Media, Engineering & Special Engineering/Laser/Photonics, Biotech & Pharmaceuticals, Chemicals, Renewables, Utilities, Oil/Gas producers, Logistics and Financial Services. In addition to the aforementioned, we are also outsourcing research partners. We are focusing on service, quality and clients. Our research are published on Bloomberg, Thomson Reuters, vwd group and JCF Factset & Roadshows in Europe. Our team has long-term experience and all our activities are based on high ethical standards (DVFA, CEFA, CFA).

We are a Frankfurt-based advisory firm specialized in business partnering and investment opportunities for institutional investors, international banks and strategic partners. Furthermore, we assist German enterprises and institutions with their strategic projects in the Middle East. The track record of our team ranges from the establishment and management of international banks, advising institutional investors from the Middle East and South Asia on investments in German companies, the introduction of German technology companies to institutional investors in the Gulf Region as well as the establishment of strategic partnerships between international and German banks and enterprises. For further information, please visit www.frankfurt-ic.com.

Dr. Kalliwoda Research GmbH Contact Person Phone E-mail Website Address

Dr. Norbert Kalliwoda +49-(0) 69-97 20 58-53 [email protected] www.kalliwoda.com Arndstr. 47 60325 Frankfurt Germany

F I C Frankfurt International Consulting GmbH Contact Person Yusef Ahmed Phone +49-(0) 69-1 75 36 69-40 E-mail [email protected] Website www.frankfurt-ic.com/company Address Taunusanlage 1 60329 Frankfurt Germany

Friends of the German Equity Forum

b-to-v Partners AG Contact Person Phone E-mail Website Address

Alexander Stoeckel +41-(0) 71-2 42 20 00 [email protected] www.b-to-v.com Blumenaustr. 36; Postfach 142 9004 St. Gallen Schweiz

eCAPITAL entrepreneurial Partners AG Contact Person Dr. Paul-Josef Patt Phone +49-(0) 2 51-70 37 67-0 E-mail [email protected] Website www.ecapital.de Address Hafenweg 24 48155 Münster Germany

Brockhaus Private Equity GmbH Contact Person Martin Twellmeyer Phone +49-(0) 69-71 91 61 81 E-mail [email protected] Website www.brockhaus-pe.com Address Myliusstr. 30 60323 Frankfurt/Main Germany

EnjoyVenture Management GmbH Contact Person Dr. Peter Wolff Phone +49-(0) 2 11-23 95 51 70 E-mail [email protected] Website www.enjoyventure.de Address Elberfelder Str. 2 40213 Düsseldorf Germany

Earlybird Venture Capital Contact Person Phone E-mail Website Address

LSP Contact Person Phone E-mail Website Address

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Christine Götze +49-(0) 30-4 67 24 70-20 [email protected] www.earlybird.com Münzstr. 21 10178 Berlin Germany

Deutsches Eigenkapitalforum 2013

Dr. Jörg Neermann +49-(0) 89-33 06 66 0 [email protected] www.lspvc.com Dachauer Str. 65 80335 Munich Germany

Friends of the German Equity Forum

S-UBG Gruppe Contact Person Phone E-mail Website Address

Markus Krückemeier +49-(0) 2 41-4 70 56-0 [email protected] www.s-ubg.de Markt 45-47 52062 Aachen Germany

Ihre Präsenz am Kapitalmarkt So einfach geht’s:

venturecapital.de Contact Person Lukas Bennemann Phone +49-(0) 69-90 74 76-60 E-mail [email protected] Website www.venturecapital.de Address Kennedyallee 70a 60596 Frankfurt Germany

WHEB Partners Limited Contact Person Phone E-mail Website Address

Jörg “George” Sperling +49-(0) 89-1 22 28 08-20 [email protected] www.whebpartners.com Maximilianstr. 36 80539 Munich Germany

Deutsches Eigenkapitalforum 2013 Page 107

■ Verbreitung von Pflichtmitteilungen gemäß EU-Transparenzrichtlinie und § 15 Wertpapier-Handelsgesetz ■ Belieferung von Börsen, Aufsichtsorganen und Datenarchiven ■ Europäisches Medienbündel, Dow Jones, Bloomberg, Thomson Reuters ■ Effiziente Web 2.0-Interfaces ■ Parallel gesteuerter Versand ■ Maximale Kontrolle und Dokumentation

Deutschlands erster Adhoc-Dienstleister mit Jahres-Flatrate! pressetext Nachrichtenagentur Schiffbauerdamm 40, 10117 Berlin Tel. (030) 29 770-25 00 [email protected]

Capital Seeking Companies

4JET Technologies GmbH Business Energy Efficiency & Reduction of Emission Contact Person Jörg Jetter Phone +49-(0) 24 04-5 52 30 E-mail [email protected] Website www.4jet.de Address Konrad Zuse Str. 1 52477 Alsdorf Germany

Baltijskij Bereg AG Business Contact Person Phone E-mail Website Address

Affimed Therapeutics AG Business Contact Person Phone E-mail Website Address

brickfox GmbH Business Contact Person Phone E-mail Website Address

Biotechnology Dr. Florian Fischer +49-(0) 62 21-6 53 07-35 [email protected] www.affimed.com Im Neuenheimer Feld 582 69120 Heidelberg Germany

Augmentation Industries GmbH Business Contact Person Phone E-mail Website Address

Auxo GmbH Business Contact Person Phone E-mail Website Address

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Communication Technology Dr. Alexander Marten +49-(0) 2 21-6 77 78-1 11 [email protected] www.mad.ai Hansaring 97 50670 Köln Germany

Internet Markus Kempkes +49-(0) 30-5 77 01 12-30 [email protected] www.cloudpartner.de Windscheidstr. 18 10627 Berlin Germany

Deutsches Eigenkapitalforum 2013

caprotec bioanalytics GmbH Business Contact Person Phone E-mail Website Address

Food, Tabaco Ph. D Saltsman Sergei +7-(0) 8 12-7 06-07 60 [email protected] www.baltbereg.com Mineralnaya Str. 29 195009 St.-Petersburg Russian Federation

IT-Services Timo Weltner +49-(0) 7 11-76 16 42-12 [email protected] www.brickfox.de Hermannstraße 5A 70178 Stuttgart Germany

Biotechnology Dr. Jonathan Turner +49-(0) 30-63 92-36 80 [email protected] www.caprotec.com Volmerstrasse 5 12489 Berlin Germany

DeVeTec GmbH Business Energy Efficiency & Reduction of Emission Contact Person Joachim Meyer Phone +49-(0) 6 81-83 07 88-10 E-mail [email protected] Website www.devetec.de Address Altenkesselerstr. 17/D2 66115 Saarbrücken Germany

Capital Seeking Companies

Genekam Biotechnology AG Business Contact Person Phone E-mail Website Address

GNA Biosolutions GmbH Business Contact Person Phone E-mail Website Address

Biotechnology Dr. Sudhir Bhatia +49-(0) 2 03-55 58 58-31 [email protected] www.genekam.de Damm Str. 31-33 47119 Duisburg Germany

Biotechnology Dr. Lars Ullerich +49-(0) 89-99 82 07-1 99 [email protected] www.gna-bio.de Am Klopferspitz 19 82152 Martinsried Germany

Heliatek GmbH Business Contact Person Phone E-mail Website Address

Renewable Energy Thibaud Le Séguillon +351-(0) 2 13-0 34-30 [email protected] www.heliatek.com Treidelerstr. 3 01139 Dresden Germany

HELIOVIS AG Business Renewable Energy Contact Person Dr. Wolfram Krendlesberger Phone +43-(0) 6 64-9 11 03 03 E-mail [email protected] Website www.heliovis.com Address Industriezentrum NÖ-Süd, Str. 2d, Objekt M16 2351 Wiener Neudorf Austria Advertisement

Capital Seeking Companies

Hepa Wash GmbH Business Contact Person Phone E-mail Website Address

MedTech Catherine Schreiber +49-(0) 89-4 11 18 42-31 [email protected] www.hepawash.com Agnes-Pockels-Bogen 1 80992 München Germany

Humedics GmbH Business Contact Person Phone E-mail Website Address

MedTech Erwin de Buijzer +49-(0) 30-59 00 83-2 40 [email protected] www.humedics.de Marie-Elisabeth-Lüders-Str. 1 10625 Berlin Germany

Ingenious Technologies AG Business Software Contact Person Christian Kleinsorge Phone +49-(0) 89-55 26 07-11 E-mail [email protected] Website www.ingenioustechnologies.com Address Rosenheimer Str. 145h 81671 Munich Germany

Jedox AG Business Contact Person Phone E-mail Website Address

Software Jochen Lachnit +49-(0) 7 61-1 51 47-0 [email protected] www.jedox.com Bismarckallee 7a 79098 Freiburg Germany

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Lophius Biosciences GmbH Business Contact Person Phone E-mail Website Address

Analysen, Statistiken, Hintergründe, Kurse, Charts

Biotechnology Prof. Dr. Ralf Wagner +49-(0) 9 41-6 30 91 97-85 www.lophius.com www.lophius.com Josef-Engert-Str. 13 93053 Regensburg Germany

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Miracor Medical Systems GmbH Business Contact Person Phone E-mail Website Address

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Deutsches Eigenkapitalforum 2013

MedTech Mag. Ludwig Gold +43-(0) 1-2 36 65 76-12 [email protected] www.miracormedical.com Gumpendorferstr. 139 1060 Wien Austria

Wollen Sie als Mittelständler Ihren Unternehmenserfolg einer Großbank anvertrauen, für die Sie nur eine Kundennummer sind? Oder wollen Sie einen fairen Partner auf Augenhöhe? Dann lernen Sie die quirin bank kennen. Als etablierte, unabhängige Unternehmerbank stehen wir mittelständischen Unternehmen und Unternehmern bei der Umsetzung von Finanzierungslösungen zur Seite. Wir bieten individuelle Lösungen für Ihre Unternehmensziele: Anleihen/Mittelstandsanleihen Börseneinführungen Kapitalerhöhungen Wandel- und Optionsanleihen Übernahmen & Fusionen quirin bank AG, Investment Banking: Schillerstraße 20, 60313 Frankfurt am Main Telefon: 069 247 50 49-30 E-Mail: [email protected]

Capital Seeking Companies

OEC AG Business Contact Person Phone E-mail Website Address

PRECISIS AG Business Contact Person Phone E-mail Website Address

Optical Technology Dr. Ralf Leutz +49-(0) 89-82 00 50-30 [email protected] www.oec.net Lindwurmstr. 41 80337 München Germany

MedTech Dr. med. Angela Liedler +49-(0) 62 21-6 55 93-00 [email protected] www.precisis.de Hauptstr. 73 69117 Heidelberg Germany

Protectimmun GmbH Business Contact Person Phone E-mail Website Address

ROWIAK GmbH Business Contact Person Phone E-mail Website Address

PROSOL Invest Deutschland GmbH Business Renewable Energy Contact Person Christoph Ostermann Phone +49-(0) 83 04-9 29 33-4 00 E-mail [email protected] Website www.sonnenbatterie.de Address Am Riedbach 1 87499 Wildpoldsried Germany

sharewise GmbH Business Contact Person Phone E-mail Website Address

Protagen AG Business Contact Person Phone E-mail Website Address

tailorjack GmbH Business Contact Person Phone E-mail Website Address

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Life Science Dr. Stefan Müllner +49-(0) 2 31-97 42-63 00 [email protected] www.protagen.com Otto-Hahn-Str. 15 44227 Dortmund Germany

Deutsches Eigenkapitalforum 2013

Biotechnology Dr. Marion Kauth +49-(0) 2 09-38 97 13-63 [email protected] www.protectimmun.de Ückendorfer Str. 237e 45886 Gelsenkirchen Germany

MedTech Dr. Birgitta Stolze +49-(0) 5 11-2 77 29-55 [email protected] www.rowiak.de Garbsener Landstr. 10 30419 Hannover Germany

FinTec / Social Media Michael Mellinghoff +49-(0) 69-13 39 87 34 [email protected] www.sharewise.comx c/o CFP, Kennedyallee 70a 60596 Frankfurt/Main Germany

Internet trading Heiko Krajewski +49-(0) 40-87 50 61 75 [email protected] www.tailorjack.de Kleine Johannisstr. 10 20457 Hamburg Germany

Capital Seeking Companies

t-cell Europe GmbH Business Contact Person Phone E-mail Website Address

Vimecon GmbH Business Contact Person Phone E-mail Website Address

Biotechnology Dr. Claudia Ulbrich +49-(0) 3 31-27 97 56-91 [email protected] www.t-cell.de Zeppelinstr. 189 14471 Potsdam Germany

Viprinet Europe GmbH Business Contact Person Phone E-mail Website Address

Electronic Components & Hardware Günter Hündl +49-(0) 67 21-4 90 30-1 23 [email protected] www.viprinet.com Mainzer Str. 43 55411 Bingen Germany

MedTech Dr. Kai Markus +49-(0) 24 07-5 55 99-0 [email protected] www.vimecon.com Kaiserstr. 100 52134 Herzogenrath Germany Advertisement

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Highlights Services for issuers Listing Partner search Companies seeking equity or debt financing through the stock exchange need the know-how and the support of competent advisors. With the experience and the expert knowledge of many IPOs and IBOs Deutsche Börse Listing Partners evaluate the capital market situation, analyse the issuer’s perspective, establish contacts and develop an issuing strategy tailored to the company’s individual needs. www.xetra.com/listing > Listing Partners > Listing Partner search

Stock Report Your stock exchange data at a glance The Stock Report offers issuers in Prime Standard, General Standard and Entry Standard a graphic compilation of updated trading data of your company’s share on a monthly basis by e-mail: price and turnover overviews, ratios, information on your Specialist and/or Designated Sponsors, peer group comparisons and index time series.

Trading floor event Turn your IPO into an event: follow the first price determination of your shares live. Use the presence of numerous international and national media on the trading floor for your visibility and range of coverage. The day of the first price determination you can present your company on the trading floor and also use our X-Lounge for representative events. You will also have the opportunity to celebrate anniversary events during your listing. With our service package, media attention is guaranteed. There is a variety of stock exchange-related events - Admission of your shares (IPO) - Admission of your corporate bonds (IBO) - Inclusion in a selection index - Anniversary of your listing or index membership

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Deutsches Eigenkapitalforum 2013

Service

Contact Persons at Deutsche Börse Group

Barbara Georg Head of Issuer & Primary Market Relations Telephone: +49-(0) 69-2 11-1 72 97 E-mail: [email protected]

Stefan Höfer Vice President Telephone: +49-(0) 69-2 11-1 57 03 E-mail: [email protected]

Alexander von Preysing Deputy Head of Issuer & Primary Market Relations Telephone: +49-(0) 69-2 11-1 72 71 E-mail: [email protected]

Nicole Koludrovic Vice President Telephone: +49-(0) 69-2 11-1 26 83 E-mail: [email protected]

Stefan Leisner Key Account Manager Telephone: +49-(0) 69-2 11-1 24 16 E-mail: [email protected]

Eric Leupold Key Account Manager Telephone: +49-(0) 69-2 11-1 52 45 E-mail: [email protected]

Susanne Plewan Senior Vice President Telephone: +49-(0) 69-2 11-1 52 71 E-mail: [email protected]

Yuxing Ruan Vice President Telephone: +49-(0) 69-2 11-1 52 32 E-mail: [email protected]

Deutsches Eigenkapitalforum 2013 Page 115

Service

Index of Advertisers Advertiser

Page

ADC African Development Corporation Baader Bank Baker Tilly Roelfs Bankhaus Lampe BankM/biw bank BB Biotech Bellevue Investments BDO Wirtschaftsrprüfungsgesellschaft Berenberg biw bank bondguide.de Börsen-Zeitung CFO Insight Close Brothers Seydler Bank CMS Hasche Sigle Dentons Deutsche Börse Donner & Reuschel Dow Jones & Company DZ BANK Edison Investment equinet bank EY Ernst & Young FCF Fox Corporate Finance Finanznachrichten.de GBC goingpublic.de Grand City Properties Haubrok Corporate Events heureka IKB Deutsche Industriebank Indus Holding Init KfW Luther MC Services mergermarket monIdee Moody's Analytics MSW NanoFocus PNE Wind Pressetext Nachrichtenagentur quirin bank Renell Bank Scope Ratings Standard & Poors Rating Services Steubing Wertpapierhandelsbank Taylor Wessing VentureCapital App viaprinto VIB Vermögen youmex Invest

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Imprint Conference Magazine (Issue No. 4) Publisher: Deutsche Börse AG Mergenthalerallee 61, 65760 Eschborn, Germany www.xetra.com/listing [email protected] Tel. +49-(0) 69-2 11-1 88 88 Publishing partner: GoingPublic Media AG Hofmannstr. 7a, 81379 Munich, Germany www.goingpublic.de, [email protected] Tel. +49-(0) 89-2 00 03 39-0 Project management: Nicole Koludrovic, Deutsche Börse AG Carola Lübbing-Raukohl, Deutsche Börse AG Editorial: Falko Bozicevic, Maximiliane Worch, Oliver Bönig, GoingPublic Media AG Editorial assistance: Alexandra Gimbel, Ann-Christin Schnabel, Vanessa Schuberth, Falko Weinert, Deutsche Börse AG Authors: Dr. Anne de Boer, Martin Brandscheid, Gunnar Cohrs, Yi Ding, Dominik Eisenkopf, Karl Filbert, Reto Francioni, Kai Frömert, Frank Gast, Ralf Geisler, Manuel Hoelzle, Marco Huder, Astrid Kricke, Dr. Lars-Gerrit Lüßmann, Christian Obst, Michael Oppermann, Anna Patrice, Volker Potthoff, Marcus Pratsch, Alexander von Preysing, Marc Renell, Hendrik Riedel, Gabriele Ristau, Axel Rose, Dr. Jörg Schröder, Tim Sichting, Dr. Florian Stapf, Fraser Thorne, Dr. Christian Thun, Christoph F. Vaupel, Edda Vogt, Lutz Weiler, Alexander Wiegelmann Interviewees: Anne Hennecke, Dr. Axel Nawrath, Dr. Martin Reck Layout: Andreas Potthoff, Robert Berger, GoingPublic Media AG Picture editing: Andreas Potthoff, Robert Berger, GoingPublic Media AG Proofreading: Ade Team Printing: www.viaprinto.de Disclaimer: The German Equity Forum 2013 is organised by komments GmbH under the patronage of Deutsche Börse AG und KfW Bankengruppe. As initiators of the event Deutsche Börse AG and KfW Bankengruppe are responsible for the content and set up of the forum program. komments GmbH is the organiser and in charge of the realisation of the forum. Reproduction: All rights reserved, ©2013 Deutsche Börse AG, Eschborn, Germany [email protected]

German Equity Forum 2013

Exhibition stand programme: Meet the experts of Deutsche Börse Group Monday, 11 November 2013 Security issues via the Xetra subscription functionality – An innovative way towards a wide range of investors Svenja Wesselmann, Issuer & Primary Market Relations and Edda Vogt, boerse-frankfurt.com Going public – How to get your admission process smoothly done Renata Bandov, Head of Listing Services and Oliver Seifert, Listing Services Communicating sustainability: Standardization & Transparency of ESG criteria's Ljubica Kraljevic, Analyst, Corporate Responsibility and Kristina Jeromin, Corporate Responsibility

Tuesday, 12 November 2013 Home market Xetra – Investor Relations between fragmentation and transparency Regulation changes the rules of the game, technology changes structures Dr. Miroslav Budimir, Senior Vice President, Cash Market Communicating sustainability: Standardization & Transparency of ESG criteria's Ljubica Kraljevic, Analyst, Corporate Responsibility and Susanne Plewan, Senior Vice President, Issuer & Primary Market Relations Deutsche Börse DAX Indices – Understanding the calculation method and selection criteria Veronika Kylburg, Product Development Manager, Senior Associate, STOXX Ltd. "Registered Shares" – Bearer shares in Collected Safe Custody Theory and practice in the triangle Central Securities Depositary – Issuer – Registrar Company Angela Wohlgemuth-Klein, Vice President Settlement Services, Head of Unit Registered Shares, Clearstream Banking AG GC Pooling Select – Secured Financing via Central Counterparty Gabriele Ristau, Head of Sales & Relationship, Eurex Repo GmbH Clearstream Triparty-Repo – Risk diversification in the money market through Central Counterparties & Trading Platforms Carsten Hiller, Senior Sales Manager, Global Securities Financing, Clearstream Banking AG Markets are changing – are you ready for trading? Ferdina Yarzada, Vice President, Business Relations, Eurex Clearing AG MNI Indicators – Insight and Data for better decisions Tim Healy, Sales Consultant, MNI Deutsche Börse Group

Wednesday, 13 November 2013 Security issues via the Xetra subscription functionality – An innovative way towards a wide range of investors Svenja Wesselmann, Issuer & Primary Market Relations and Edda Vogt, boerse-frankfurt.com GC Pooling Select – Secured Financing via Central Counterparty Nicole Sattinger, Sales & Relationship Manager, Eurex Repo GmbH Markets are changing – are you ready for trading? Ferdina Yarzada, Vice President, Business Relations, Eurex Clearing AG REGIS-TR: The first European transaction register for Derivatives – Accomplishing the EMIR reporting obligations Karin Gregorius, Vice President, Client Relations Germany, Clearstream Banking AG

You are interested in a personal appointment? Please call us: +49-(0) 69-2 11-1 74 88.

Programme overview Detailed programme at infocounter Monday, 11 November 2013 – Main level (C2) Room

Plenum

Frankfurt

Equity Forum

Hong Kong

Beijing

Munich

Corporates only-Workshops

PE & VC Lounge

I&G Companies

08:00 Registration and Business Breakfast 08:45

08:45 – 18:30

10:00 Plenum Welcome Address and Opening Remarks: Dr. Reto Francioni, CEO, Deutsche Börse AG; Dr. Ulrich Schröder, Member of the Executive Board, KfW 10:15 Plenum Keynote Speech: The consequences of banking regulations – Also on supplying debt and equity capital to businesses Jürgen Fitschen, Co-Chief Executive Officer, Deutsche Bank AG 11:00 Growth Capital for technology

companies – Can the exchange 12:00 play a key role? 12:15 Why are family enterprises and capital markets a bad team?

IPOs and the follow-up period – tips for effective preparation

Equity Base as an indicator for financial soundness

13:15 Lunch Buffet and Exhibition 14:00

Keynote Speech: Investing in global high growth pre-IPO e-commerce companies

Company presentations every 15 minutes, from 08:45 until 18:30

Tailor-made participation programmes Corporate governance matters PE-networking break & flying buffet sponsored by CMS Hasche Sigle clients

14:30 Giving growth a boost – Private Equity Trash to cash – investment opportuni- in order to incentivise employees and

a Pillar for SME Financing

ties in the recycling and waste management industry

Do entrepreneurs & Venture Capital investors aim at the same target?

15:30 Coffee Break 16:00 Challenges to the German

Successful growth and interVenture Capital market nationalisation via Private Equity 17:00 Elevator Pitch Investmentbanks and VC/PE-Investors present themselves in 3-minute pitches 18:30 End of Forums programme Please note: Programme of company presentations is scheduled from 08:15 to 18:40 19:00

Innovation through cooperation of big and small - a case study

Rotating matching dinner on the premises of KfW (by invitation only!)

Tuesday, 12 November 2013 Investor & IR Forum

Corporates only-Workshops

DAX/MDAX-Days

08:00 Registration and Business Breakfast 09:00 Plenum Keynote Speech: Structural changes in exchange trading – These are the stockholders of today 10:00 Financing internet/e-commerce com-

panies via the stock exchange 11:00 Integrated reporting – A new era in

The recapitalisation of German stock corporations in distress

Executive remuneration and management incentivation programs

New horizons for investment decisions The next wave of regulation

capital market communication 12:15 Lunch Buffet and Exhibition 13:45 Will the middle class in the 14:00 debate of corporate governance

be left behind? 15:00 Finding investors for small caps:

why, when, who, where and how.

Vola, Iceberg-order, closing auction – your stock traded live

Family Offices and high net worth individuals

The analyst in the area of conflict between investors and corporate IR

Conversion from bearer shares to registered shares

16:00 Coffee Break

Presenting companies: Axel Springer AG Baywa AG Fraport AG Fuchs Petrolub SE TAG Immobilien AG Wincor Nixdorf AG Floor presentation, registration required

Designated Sponsoring – more than just a quote?

16:30 Agrarforum

18:00 End of Forums programme Please note: Programme of company presentations is scheduled from 09:00 to 18:40 19:00

Get-Together (registered participants only) Venue: Congress Center Messe Frankfurt

Wednesday, 13 November 2013 Debt Capital Forum

Corporates only-Workshops

DAX/MDAX-Days

Bond Presentations

Presenting companies:

Prime Standard for corporate bonds

08:00 Registration and Business Breakfast 10:00

Plenum: Success of the German Mittelstand – a sustainable development? From a macro-economic perspective

11:00 Good bond – bad bond

Institutional and private placement in the Prime Standard for corporate bonds

Investor expectations and ratings in an area of conflict 12:00 12:15 Outlook to the German

SME bond market

Structures and rating of mid markets Bonds

Transparency and communication in the tense environment of a changing capital market

13:15 Lunch Buffet and Exhibition 14:00 14:15 Creditor Relations in practice

Establishing minimum standards for Corporate bonds – specific structures documentation and covenants in the market of mid-cap bonds and forms

15:00 Capital market financing of the

German energy turnaround 16:15 End of Forums Programme Please note: Programme of company presentations is scheduled from 09:00 to 16:20

Page 118

Deutsches Eigenkapitalforum 2013

Lanxess AG RTL Group Sky Deutschland AG Symrise AG Floor presentation, registration required

Benchmark bonds Moderation: IKB

Monday, 11 November 2013 – Upper level (C3) Berlin

Room

Room

London

Madrid

Milan

Paris

Zurich

Consumer / Retail Hosted by equinet Bank AG

Software / IT-Services Hosted by edison

Company Presentations – Market Cap 100 Mio. € 08:00 Registration and Business Breakfast 09:00 Financial Services / Real

Estate Hosted by IKB

Pharma / Biotech Hosted by MC Services

Software / IT Services / Internet Hosted by edison

Industrial / Technology Hosted by DZ BANK AG

Consumer Retail Hosted by Close Brother Seydler Bank AG

Industrial / Automotive Hosted by Close Brothers Seydler Bank AG

Energy / Industrial Hosted by edison

Technology Hosted by equinet Bank AG

Industrial / Automotive Hosted by MC Services

Energy / Industrial Hosted by FCF Fox Corporate Finance

Pharma / Biotech Hosted by BankM

18:40

Wednesday, 13 November 2013 Company Presentations – Market Cap >100 Mio. €

Bond Presentations

08:00 Registration and Business Breakfast

Entry Standard for corporate bonds

09:00 Consumer Retail

Hosted by DZ BANK AG

SME bonds

Technology / Media / Consumer Hosted by edison

Moderation: IKB Industrial Subsidiaries Hosted by IKB

16:20

Room

Main level (C2) Plenum Forums Exhibition 1on1-Meetings

Beijing PE&VC Lounge Internet Lounge

Speaker Lounge

6

4

0.0

0.0

5

Frankfurt

0.02

0.03

Berlin

Mini Bar

1.01

3.01 3.02 3.03

3.23

1.02

2.01

3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11

1.05 1.04 1.03

1on1 (A1-A10)

3.12 3.13

< Turn page for exhibitors‘ index

Appendix a

Deutsches Eigenkapitalforum 2013

3.15 3.16

1on1 (E11-E30) 1on1 (D1-D14)

2.06

1.09

2.08 2.07

1.10 1.11

1on1 (C11-C54)

3.14

2.05

1.08

1.07

2.04

1.06

2.03

2.02

1on1 FACTory DVFA

1on1 (B11-B58)

3.17 3.18 3.19 3.20 3.21 3.22

Munich

0.0

Hong Kong

Coffee Bar

0.01

Bar

2.09

1.12

Plenum

1on1 (F11-F54)

Upper level (C3) Investors‘ Conferences Internet Lounge Coffee Bar

London Madrid

Press Lounge

Speaker Lounge

Milan

Paris

0.01

Berlin

Frankfurt

3

02

Zurich

Exhibitors‘ index 1.11 1.02 2.03 +2.04 1.05 3.13 3.11 1.10 1.01 2.09 3.10 0.01 3.21 0.06 2.06 1.09 0.04 1.06 0.03 3.04 2.02 X.01 3.19 3.08 1.03 2.08

Baader Bank AG Baker Tilly Rölfs BankM - Repräsentanz der biw Bank für Investments und Wertpapiere AG BDO AG Wirtschaftsprüfungsgesellschaft BEITEN BURKHARDT Rechtsanwaltsgesellschaft mbH BHF-BANK Aktiengesellschaft Börsen-Zeitung Close Brothers Seydler Bank AG CMS Hasche Sigle Deloitte Deutsche Börse AG Deutscher Investor Relations Verband e.V. Dow Jones DZ Bank AG Edison Investment Research Limited EQS Group AG equinet Bank AG Ernst & Young GmbH Wirtschaftsprüfungesellschaft FAS AG FCF Fox Corporate Finance GmbH Financial Yearbook Firstextile AG FRANKFURT BUSINESS MEDIA GmbH GBC AG GoingPublic Magazin - GoingPublic Media AG

* Service level (C0)

2.07 3.03 1.12 2.05 1.08 1.04 0.02 3.05 3.07 3.09 3.23 1.07 3.16 0.05 3.20 3.18 3.22 2.01 3.02 3.12 3.15 3.17 3.01 3.14 3.06

GSK Stockmann + Kollegen Heuking Kühn Lüer Wojtek heureka GmbH ICF Kursmakler AG Wertpapierhandelsbank IKB Deutsche Industriebank AG International New York Times KfW Kirchhoff Consult AG KochBank GmbH Wertpapierhandelsbank Luther Rechtsanwaltsgesellschaft mergermarket Moody‘s Analytics Deutschland GmbH MSW GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft Osborne Clarke PHOTONIK - SPECTARIS / VDMA pressetext Nachrichtenagentur GmbH quirin bank AG RENELL Wertpapierhandelsbank AG Salans FMC SNR Denton Europe LLP Scope Corporation AG Standard & Poor’s Credit Market Services Europe Ltd. Süddeutsche Aktienbank AG Taylor Wessing Partnerschaftsgesellschaft viaprinto | CEWE Stiftung & Co. KGaA zfhn Zukunftsfonds Heilbronn GmbH & Co. KG As of 30. October 2013

Deutsches Eigenkapitalforum 2013 Appendix b

Equity and debt financing for your SME

Transform your vision to reality

Realise your strategy with financing through Deutsche Börse. Your company is growing. Its position on the market is strong. The time is right for new aspiration – and for investing in your vision for your enterprise’s future. Deutsche Börse offers you a number of routes into the capital market. Equity or debt financing – you have the choice. An IPO gives your company access to large-scale financing through a share issue. Or you can raise capital by issuing bonds. Both approaches are eminently suitable for SMEs, promote awareness of your company and raise its standing on the market. Looking to transform your vision to reality? Contact us: Phone +49-(0) 69-2 11-1 88 88, E-mail [email protected] www.xetra.com/listing_e

Finance your future. Made in Germany