2007 | Seite 3
Contents
Sal. Oppenheim (4)
Investment Banking (7)
Research (12)
Equity Sales (33)
Publishing Details (55)
2007 | Seite 4
Sal. Oppenheim jr. & Cie. is one of Europe's leading independent Private Banks
SAL. OPPENHEIM JR. & CIE. S.C.A.
Overview of Group’s Key Financial Figures (IFRS)
Konzern-Kennzahlen im Überblick (IFRS)
Consistent focus on Asset Management and Investment Banking has proven to be a successful strategy
Key Figures (€mn) 2005 2006
Total assets 32,029 35,347Risk Assets 13,658 15,807Equity capital 1,764 1,935Operating result 283 309Net income for the year 251 241Return on equity (%) 17.5 16.5Number of employees 3,160 3,490Assets under management (€bn) 123 138
Rating (Fitch) Short-Term Long-Term
F1 A
Takeover of BHF-BANK AG and successful start of the Two-Banks-Strategy
Increase in equity capital to € 1.764 mn
Assets under Management rise to € 123 bn
Good rating by Fitch Ratings Ltd. remains unchanged
Formation of Sal. Oppenheim jr. & Cie. Corporate Finance (Switzerland) AG
100% takeover of Services Généraux de Gestion S.A., Luxembourg
Opening of branch in Prague
Strategic Partnership with JPMorgan in the field of Real Estate Investment Banking
2007 | Seite 5
Business model of an integrated InvestmentbankSAL. OPPENHEIM JR. & CIE. S.C.A.
Partner
Mergers & Acquisitions
Corporate Banking
Equity Trading
Equity Sales
Equity Capital Markets
Foreign Exchange
Real Estate
Issues/Product Structuring/Product Innovation/Trading
Research
Banking
Riskmanagement
Administartions of assets Investment Banking
Detlef Bierbaum(Asset Management)
Friedrich Carl Janssen(Bank Services a.o.)
Matthias v. Krockow(Speaker of the Partners)
Christopher v. Oppenheim(Private Banking)
Dieter Pfundt(Investment Banking)
Private BankingIntegrated support of high networth customers in six interest segments
Asset Management Standard and special purpose products for institutional clients and retail funds
2007 | Seite 6
Comprehensive understanding of capital markets and investorsSAL. OPPENHEIM JR. & CIE. S.C.A.
Relationship Management
ECM
Equity Research
Equity Sales
Equity Trading
Frankfurt & UKSales 11 Trading 5 Research 32
MunichSales 8
ZurichSales 11Trading 7
Research 12
New YorkSales 8
CologneSales 2 Research 5
Equity Sales Network
Vienna Sales 2Research 2
Paris
Sales 5
Research 2
Long-term support of companies in our key industries (Energy, Financials, Healthcare, TMT, Industrials, Automotive)
Consultancy in M&A issues and loan-based financing
Years of experience in consulting on and implementingCapital market and private placements
44 research analysts track more than 300 companies in Europe, one of the largest and most pre-eminent researchteams in German-speaking countries
Global support and long-established relations with more than 400 investors in over 30 countries
Top sales support for German, Swiss and selected European equities
Highly active trader and designated sponsor in the equities supported
2007 | Seite 7
Organisational StructureINVESTMENT BANKING
Team Investment Banking
Industry Groups(Relationship Management)
Project Team
Transaction
Internal & external consultants Equity/Research/Analysis
Energy / Public SectorFinancial Institutions
Financial Sponsors / AutomotiveHealthcare
Privatisation / Real EstateRetail / Consumer Goods
TMT / Logistics
Product Groups
Mergers & AcquisitionsCorporate Banking
Equity Trading Equity Sales
Equity Capital MarketsForeign Exchange
Real Estate
Unparalleled and all-encompassing combination of product, industry and transaction know-how
Close, trust-based cooperation between industryand product specialists in a single matrix
Creation of opportunities through an optimal combination of industry and capital marketexpertise
Support for each project team:
- Equity Research/Analysis
- Legal and Tax Departments
- External lawyers and auditors
2007 | Seite 8
Strong Market Position in the German M&A BusinessMERGERS & AQUISITIONS
Quelle: Thomson Financial 10.01.2007 Quelle: Thomson Financial 10.01.2007
Ranking by Transaction Volume
Q1-Q4 2006 Announced Deals to 500 Mio. $ with German participation
Rank Investmentbank Vol. in Mrd. $
1. Deutsche Bank 2,392. UBS 2,223. Sal. Oppenheim 2,134. Lazard 2,065. Goldman Sachs 1,896. Morgan Stanley 1,837. Credit Suisse 1,748. Merrill Lynch 1,339. Citigroup 1,3210. Rothschild 1,2311. Dresdner Kleinwort 1,1012. Metzler 0,8913. Lehman Brothers 0,6014. KPMG 0,5815. PWC 0,54
Ranking by Number of Deals
Q1-Q4 2006Announced Deals bis 500 Mio. $ with German participation
Rank Investmentbank # Deals
1. Ernst & Young 512. Rothschild 292. KPMG 294. Sal. Oppenheim 245. Lincoln International 236. Lazard 226. Global M&A 228. Deutsche Bank 209. UBS 179. Dresdner Kleinwort 1711. Close Brothers 1611. Goldman Sachs 1613. PWC 1514. Credit Suisse 1314. IMAP 13
2007 | Seite 9
Trading and Derivatives: Derivative SecuritiesINVESTMENT BANKING
Based on its closeness to private and institutional clients and its competence in products one of the leading issuers for derivatives in Europe. Extensive range of continuously updated standard products and product innovations according to market needs
Leading position in the growth market of derivative securities, especially regardinginvestment certificates
Tailor-made, risk optimising solutions for institutionals and high net worth individualsaccording to individual investment profile
More than 10,000 standard products of all major risk classes, like investment certificates, reverse convertibles and warrants
Continuous product innovations, for example PROTECT Bonus Certificates, TWIN WIN Certificates, VICTORY Certificates, Cash Collect Certificates
Based on turnover among the top 4 houses in Germany with a market shareof 8.25 per cent (05/06)
Expansion to Switzerland, Italy and Austria
Since 2003 leading rankings at all derivative awards in the German speaking area– 2005 First place at „CertificateAwards“ for PROTECT Bonus Certificates– 2005 Second ranking at „alternative investment awards“– 2006 „Golden Bull“ for TWIN WIN Certificates– 2006 Two Top 1 at “FocusMoney Awards” for Reverse Convertibles and
PROTECT Bonus Certificates
2007 | Seite 10
Designated SponsoringINVESTMENT BANKING
KWS SAAT AG O.N.LHS AG INH. O.N. LLOYDS FONDS AGMOLOGEN AG MPC MUENCH.PET.CAP.O.N. MUEHLBAUER HOLD.O.N. NEMETSCHEK AG O.N.OVB HOLDING AG PAION O.N.PATRIZIA IMMOBILIEN NA O.N.PETROTEC AGPRINCESS PRIV. EQ. DT. ZTQSC AG NA O.N.SCHMACK BIOGAS NA O.N.SFC SMART FUEL CELL AGSGL CARBON AG O.N.SMARTRAC N.V. INH. EO-,50SOFTWARE AG O.N.SQS AG NA O.N.TAKKT AG O.N.TIPP 24 AG NA O.NTOMORROW FOCUS AGVIVACON AG O.N. WACKER CONSTR. NA O.N.WILEX AGYOC AG O.N.ZHONGDE WASTE TECHNOLOGY
ALLBECON OLYMPIA AG. A.S.CREATION TAPETEN O.N. ADLINK INTERNET NA O.N.AIG INTL REAL ESTATEALEO SOLAR NA O.N.AT+S AUSTR.T.+SYSTEMT.BALDA AG O.N. BDI-BIODIESELCRAL-ZEISS MEDITEC AGC-QUADRAT INVESTM. AG EO1 CENTROTEC SUSTAINABLE O.N.DEUTSCHE WOHNEN AG NADEUTSCHE WOHNEN AG INHDOUGLAS HOLDING O.N. DRAEGERWERK VORZ.A.O.N. DRILLISCH AG O.N. D+S EUROPE AG ERSOL SOLAR ENERGY AGFRANCONO RHEIN-MAIN AGFRANCONOFURT AG O.N.FUNKWERK O.N. HAHN-IMMO.-BETEIL. AG O.NIKB DT.INDUSTRIEBANK O.N. INTERHYP AGIVG IMMOBILIEN AG O.N.JUNGHEINRICH AG O.N. VZO
2007 | Seite 11
Mission – Combining Local Credibility with Selective Sectoral European Competence
EQUITY BUSINESS OPPENHEIM
European Equity Market- and Sector Strategy
DetuschlandSchweíz
Österreich
Regional and Mid Caps Expertise
Germany
Switzerland
Austria
France
Sectoral (Europe)
• Automobile + parts
• Financials / Real Estate
• Healthcare / Chemicals
• Technology / Telecom
• Utilities / Logistics
• HighTech / Engineering
• Retail / Consumer
OPPENHEIM RESEARCH GmbH
Repackaging allows country and sector performance
• Highly focused Investment Bank
• Combining local credibility with selective sectoral European competence
• Coverage of 280 companies in Europe,
› Main focus on Germany, Switzerland and Austria
• Integrated Investment Banking and Research approach
• Locations: Frankfurt, Zurich, Cologne, Vienna and Paris
2007 | Seite 12
Research Set-Up Sal. Oppenheim – IBOPPENHEIM RESEARCH GmbH
Germany remains core competence
STRUCTURE: STRONG SECTOR TEAMS IN GERMANY COMBINED WITH LOCAL FLAVOR
Germany
AustriaSwitzerland2007 / 08
France
2007 | Seite 13
Efficient InternationalizationOPPENHEIM RESEARCH GmbH
ZURICH Sales 15 Trading 3 Research 13
PARIS Sales 4 Research 2
NEW YORK Sales 10
FRANKFURT & UK Sales 16 Trading 6 Research 26-28
COLOGNESales 2 Research 5-8
MUNICH Sales 8
VIENNA Research 2
SKANDINAVIA Distrib. Enskilda
Internationalization with a focus on core competences
EQUITY SALES + RESEARCH NETWORK
MILANZURICH
COLOGNEFRANKFURT
MUNICHVIENNA
SKANDINAVIA - ENSKILDA
NEW YORK
PARIS
GREECE Cherry Picking
INTEGRATED EUROPEAN SET-UP VS. INDEPENDENT MULTILOCAL
2007 | Seite 14
Competitive Advantage
• Highly focused strategy
• Independence
• Top rated analysts in core sectors
› Financials, Healthcare, Technologies, Logistics, Retail, Utilities
• Top Ratings at Reuters, AQ Publications, Extel, RQ and Greenwich for German, Austrian and European stocks (core sectors)
• Strong corporate deal flow
• In-depth sector expertise through increased focusing > Coverage of large (Stoxx), Mid Caps and also smaller growth companies (NM) in one sector team
• Local presence
– Improved access to companies
– Local availability of analysts (real time)
– Local knowledge
• Publication in two languages: German and English
OPPENHEIM RESEARCH GmbH
2007 | Seite 15
Gap in non-core sectors
OPPENHEIM RESEARCH GmbH
Research Concept – Focus on Core Competences
FOCUS ON GERMANY / SWITZERLAND / AUSTRIA AND SELECTED EURO ZONE CORE SECTORS (280 COMPANIES) 34 ANALYSTS IN GERMANY, 13 IN SWITZERLAND, 2 IN AUSTRIA AND 2 IN PARIS
Europe LocalDegree of Europeanization
TelecomTechnology
Chemicals
Pharmaceuticals
Biotech
Medtech
Consumer Goods
Retail
Transport
Media
Property / Real Estate
Insurance
Banks
Utilities
AutoMechanical Engineering / Steel / Tech.
2007 | Seite 16
Personnel Equity Research – Our Sector Teams – Critical Size in Core Sectors
OUR SECTOR TEAMS D CH A / F
Healthcare (Pharma, Biotech, Medtech) ChemicalsFinancials / Real Estate / InsuranceUtilities / LogisticMech. Eng./ Tech.Automobile + partsRetail / Consumer GoodsStrategy
73.52.5
853223
2213
0.52.5
-2-
---2-1-1
0.5
Technology / Telecom
TMTTelecom / Internet Rothauge, Sander, Rabussier, SpechtSemiconductor WagnerSoftware / IT Service ZeidlerTelecom equip. von Stackelberg, Diethelm (CH), Frey (CH)
HEALTHCAREChemicals Faitz, Dr. Reck, Sen Gupta (CH)Pharma Düllmann, KonstantiMedtech Mues, Vollert (CH)Biotech Dr. Peter, Dumrese (CH)
FINANCIALSFinancials Werle, Frantzen, Stögner,
Janssen, Lodeiro (CH), VeitInsurance Dr. Kalb, Locher (CH), Szopo (A)Real Estate Davatz (CH), Janssen, Rothäusler
Szopo (A)
AUTOMOBILE + PARTS / Breitsprecher, SchattnerMECH. ENG. / TECH. / Metzger, Scholz, Diethelm (CH),
Borner (CH), Füglistaller (CH), Reitsamer (A), Becker, Schütt
CONST. Diethelm (CH)
UTILITIES / LOGISTICS Moers, Wulf, Heck, Hesse, Kirstein, Davatz (CH)
CONSUMER / RETAIL Bruns, Frey, Mazzoni (CH), Diethelm (CH)
STRATEGY Joerss, Dr. Zimmermann, Dr. Karb
OPPENHEIM RESEARCH GmbH
2007 | Seite 17
Sal. Oppenheim Awarded „Best German Research Company“ 2006 and 2007
• In its AktienAnalysten-Award the German Investment Community – Media Partner Börsenzeitung – awarded Sal. Oppenheim the title „Best Research Company 2006“.
• The experts from Oppenheim Research have earned their reward through their recommendations for the blue chips of the DAX and German Small / Mid Caps.
• In 2007 Starmine / Thomson Financial – Media Partner Handelsblatt – awarded Sal. Oppenheim „Best German Research House“.
OPPENHEIM RESEARCH GmbH
Best Research Company Best Recommendations Dax (Absolute)
Best Recommendations Small / Mid Caps (Absolute)
Rank Investment Bank Rank Investment Bank Rank Investment Bank
1. Sal. Oppenheim2. M.M. Warburg3. Berenberg Bank4. DZ Bank5. CA Cheuvreux
1. M.M. Warburg2. Sal. Oppenheim3. Berenberg Bank4. DZ Bank5. Citigroup
1. Sal. Oppenheim2. Deutsche Bank3. Berenberg Bank4. DZ Bank5. Kepler Equities
Source: Börsenzeitung 19 May 2006
2007 | Seite 18
Leading Equity Research in Germany and some European Sectors
German shares – Small Caps, Big Caps
BOERSEN- ZEITUNG
Rank 2 / 4
EXTEL / TF
Top 5 Europe
Banks, Software, Telco Equipment, Semi Conductors, Telecom, Healthcare
FACTSET / JCF / STARMINE
Rank 1
European Mid Caps
STARMINE / TF
Rank 3
German shares > Earnings estimates + performance of recommendations Sectors: Engineering, Software, Telecom, Utilities
BOERSE EXPRESS
Top 1
Austrian shares
R+Q
Rank 1
German shares > Recommendations Small / Mid Caps
Top 5
Europe: Chemicals, Healthcare, Utilities
Rank 3
German shares > Absolute return recommendations
Top 4
Austrian shares
OPPENHEIM RESEARCH GmbH
Top 3
European sectors:
Auto, Banks, Consumer Goods, Logistics, Insurance
Top 5 ranking – achieved remarkably quick European presence in the core sectors
Top 5
European Sectors > Automobiles, Banks, Chemicals, Pharma
Rank 7
European shares > Absolute return recommendations
2007 | Seite 19
Product Overview – Coverage of 280 Companies
Company News, Company Notes, Breakfast Note
Weak Ahead (company, strategy and macro forecasts), Fresh Money Buy Portfolio
Market Strategy, Sector Strategy, Stock Guide
Financials, Healthcare, Technologies / Logis- tics, Retail, Utilities • Sector Quarterly• Sector topics• Company Reports• Company Notes
Fresh Money Buy List
1. DAILY 2. WEEKLY 3. MONTHLY 4. REPORTS 5. FRESH MONEY
Special reportsFocus Euroland, Special issues
200 days companies and 200 days analysts, 9 sector conferences
First Call Service IPO Reports
6. SPECIAL REPORTS
7. MACRO REPORTS 8. ROADSHOWS 9. CALL SERVICE 10. IPO REPORTS
OPPENHEIM RESEARCH GmbH
2007 | Seite 20
Oppenheim as Independent Investment Bank
Less potential for conflict of interest
• No participation portfolio
• Minor credit business
• No major shareholder
• M&A-Focus on medium-sized companies, market niches and privatizations (hospitals, municipalities, savings banks, real estate companies)
• IPO – few corporate relationships with Big Caps
OPPENHEIM RESEARCH GmbH
MINOR CONFLICTS OF INTEREST ENABLE US TO PERFORM AT BEST FOR OUR CLIENTS
2007 | Seite 21
Buy
Sell
Sell
Buy
Share Price
Fair-Value
TIME
VALUE / PRICE
Sell
Neutral
SOP Rating System – Absolute ReturnsOPPENHEIM RESEARCH GmbH
2007 | Seite 22
Conformity of Interests – Customer and Bank
BONUS SYSTEM
based on numerous factors (performan- ce of recommen- dations, internal and external (Green- wich) feedback) – decision maker – Head of Research / dependent on total bank profits
AUTONOMOUS RESEARCH UNIT
(legally independent person + clear reporting to the partner, not to CF)
ANALYSTS CAN INVEST
in the Fresh Money Buy Basket of top recommendations, otherwise no investments in own coverage universe allowed
IMPLEMEN- TATION
of the fourth financial market regulation (Conflict of Interest potential)
A RATING SYSTEM
oriented towards long-term absolute returns
• Strong buy > +20% (high conviction)
• Buy-expectation 10 – 19%
• Neutral: 0 - 10%
• Reduce < -10 – -19%
• Sell < -20% (high conviction)
• Performance for 6 to 9 months
DUAL COVERAGE
approach enables independence
OPPENHEIM RESEARCH GmbH
2007 | Seite 23
Oppenheim – The Equity Expert
Leading equity house in Germany
Create added value
Highly focused
LEADING EQUITY HOUSE IN
GERMAN SPEAKING COUNTRIES IN EUROPE
Experts in Core Sectors
Create added value
Highly focused
OPPENHEIM RESEARCH GmbH
2007 | Seite 24
Outperformance of Oppenheim Top Picks
DEVELOPMENT OF FRESH-MONEY-PORTFOLIO (Total Return)
• Equally (not market capitalization weighted) absolute performance, including re-invested dividends. Start of portfolio: 01 June 2001, rebased
• Oppenheim moves markets
OPPENHEIM RESEARCH GmbH
Source: Oppenheim Research GmbH
20
60
100
140
180
220
260
300
340
06.01 06.02 07.03 08.04 09.05 10.06 11.0720
60
100
140
180
220
260
300
340
DAX DJ Euro Stoxx50 Portfolio
2007 | Seite 25
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
BMW Automobiles & Parts Christian BreitsprecherContinental Automobiles & Parts Jens SchattnerDaimler Automobiles & Parts Christian BreitsprecherElringKlinger Automobiles & Parts Christian BreitsprecherFiat Automobiles & Parts Jens SchattnerFrauenthal Holding Automobiles & Parts Jens SchattnerLeoni Automobiles & Parts Christian BreitsprecherMichelin Automobiles & Parts Jens SchattnerPeugeot Automobiles & Parts Jens SchattnerPolytec Automobiles & Parts Jens SchattnerPorsche Automobiles & Parts Christian BreitsprecherRenault Automobiles & Parts Jens SchattnerSAF-Holland Automobiles & Parts Ulrich ScholzScania Automobiles & Parts Ulrich ScholzSixt Automobiles & Parts Christian BreitsprecherVolkswagen Automobiles & Parts Christian BreitsprecherAareal Bank Banks Thomas StögnerABN Amro Holding Banks Thomas RothäuslerBanco Popular Banks Carsten WerleBBVA Banks Carsten Werlecomdirect Banks Thomas RothäuslerCommerzbank Banks Carsten WerleDAB Banks Thomas Rothäusler
2007 | Seite 26
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Depfa Bank plc Banks Carsten WerleDeutsche Bank Banks Carsten WerleDeutsche Postbank Banks Carsten WerleErste Bank Banks Thomas StögnerGrenkeleasing Banks Carsten WerleHypo Real Estate Banks Thomas StögnerIKB Banks Thomas RothäuslerIntesa Sanpaolo Banks Thomas StögnerKBC Banks Thomas StögnerPrincess Banks Thomas RothäuslerRaiffeisen International Banks Thomas StögnerSantander Banks Carsten WerleUniCredit Banks Thomas StögnerCredit Suisse Banks Javier LodeiroEFG International Banks Javier LodeiroJulius Baer Banks Javier LodeiroLLB Banks Javier LodeiroPartners Group Banks Javier LodeiroSarasin Banks Javier LodeiroUBS Banks Javier LodeiroVermögenszentrum Banks Javier LodeiroVontobel Banks Javier LodeiroVP Bank Banks Javier Lodeiro
2007 | Seite 27
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Air Liquide Chemicals Dr. Jürgen ReckAkzo Nobel Chemicals Marcus KonstantiAltana Chemicals Marcus KonstantiBASF Chemicals Dr. Jürgen ReckBayer Chemicals Christian FaitzDSM Chemicals Marcus KonstantiFuchs Petrolub Chemicals Christian FaitzK+S Chemicals Christian FaitzKWS SAAT Chemicals Dr. Jürgen ReckLamda Detergent Chemicals Ludger MuesLanxess Chemicals Dr. Jürgen ReckLinde Chemicals Dr. Jürgen ReckNeochimiki Chemicals Dr. Jürgen ReckSolvay Chemicals Marcus KonstantiSymrise Chemicals Dr. Jürgen ReckWacker Chemie Chemicals Christian FaitzCiba SC Chemicals Rahul Sen GuptaClariant Chemicals Rahul Sen GuptaGivaudan Chemicals Rahul Sen GuptaLonza Chemicals Rahul Sen GuptaSyngenta Chemicals Rahul Sen GuptaWienerberger Construction & Materials Christine ReitsamerArbonia Forster Construction & Materials Christian Arnold
2007 | Seite 28
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Geberit Construction & Materials Christian ArnoldHolcim Construction & Materials Urs DiethelmSia Abrasives Construction & Materials Christian ArnoldAWD Holding Diversified Financials Sven JanssenC-QUADRAT Diversified Financials Thomas RothäuslerDBAG Diversified Financials Heiko C. FrantzenHCI Capital Diversified Financials Heiko C. FrantzenInterhyp Diversified Financials Thomas RothäuslerLloyd Fonds Diversified Financials Heiko C. FrantzenMLP Diversified Financials Sven JanssenMPC Capital Diversified Financials Heiko C. FrantzenOVB Holding Diversified Financials Heiko C. FrantzenPATRIZIA Immobilien Diversified Financials Sven JanssenVivacon Diversified Financials Sven JanssenAgrana Food & Beverage Christian BrunsSüdzucker Food & Beverage Christian BrunsHiestand Food & Beverage Paolo MazzoniLindt & Sprüngli Food & Beverage Paolo MazzoniNestlé Food & Beverage Paolo MazzoniAlapis Health Care Ludger MuesCarl Zeiss Meditec Health Care Ludger MuesCelesio Health Care Marcus KonstantiDrägerwerk Health Care Ludger Mues
2007 | Seite 29
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Evotec Health Care Dr. Christian PeterFresenius Health Care Ludger MuesFresenius Medical Care Health Care Ludger MuesGPC Biotech Health Care Dr. Christian PeterIntercell Health Care Peter DüllmannLundbeck Health Care Peter DüllmannMedigene Health Care Dr. Christian PeterMerck KGaA Health Care Peter DüllmannMorphosys Health Care Dr. Christian PeterNovo-Nordisk Health Care Peter DüllmannPaion Health Care Peter DüllmannQiagen Health Care Dr. Christian PeterRhön-Klinikum Health Care Ludger MuesSanacorp Health Care Marcus KonstantiSanofi-Aventis Health Care Peter DüllmannStada Arzneimittel Health Care Marcus KonstantiUCB Health Care Peter DüllmannWilex Health Care Peter DüllmannArpida Health Care Dr. Tilman DumreseBasilea Health Care Dr. Tilman DumreseCosmo Pharmaceuticals SPA Health Care Dr. Tilman DumreseCytos Health Care Dr. Tilman DumreseNewron Health Care Dr. Tilman Dumrese
2007 | Seite 30
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Nobel Biocare Health Care Stephan VollertNovartis Health Care Dr. Tilman DumreseRoche Health Care Dr. Martin VögtliSonova Health Care Stephan VollertStraumann Health Care Stephan VollertSynthes Health Care Stephan VollertAllbecon Olympia Industrial Goods & Services Jörg P. FreyAndritz Industrial Goods & Services Christine ReitsamerBauer Industrial Goods & Services Winfried BeckerBene Industrial Goods & Services Christine ReitsamerBöhler-Uddeholm Industrial Goods & Services Winfried BeckerCentrotec Industrial Goods & Services Christian FaitzDemag Cranes Industrial Goods & Services Ulrich ScholzDeutsche Post Industrial Goods & Services Markus HesseDeutz Industrial Goods & Services Ulrich ScholzEADS Industrial Goods & Services Winfried BeckerEpcos Industrial Goods & Services Jürgen WagnerFlughafen Wien Industrial Goods & Services Markus HesseFraport Industrial Goods & Services Markus HesseGEA Group Industrial Goods & Services Ulrich ScholzHeidelberger Druck Industrial Goods & Services Ulrich ScholzJenoptik Industrial Goods & Services Jürgen WagnerJungheinrich Industrial Goods & Services Peter Metzger
2007 | Seite 31
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Koenig & Bauer Industrial Goods & Services Ulrich ScholzKrones Industrial Goods & Services Ulrich ScholzKUKA Industrial Goods & Services Peter MetzgerKühne + Nagel Industrial Goods & Services Markus HesseMAN Industrial Goods & Services Ulrich ScholzMedion Industrial Goods & Services Christian BrunsMTU Aero Engines Industrial Goods & Services Winfried BeckerPanalpina Industrial Goods & Services Markus HesseRHI Industrial Goods & Services Christine ReitsamerSalzgitter Industrial Goods & Services Peter MetzgerSBO Industrial Goods & Services Christine ReitsamerSGL Group Industrial Goods & Services Dr. Jürgen ReckSiemens Industrial Goods & Services Frank A. RothaugeSingulus Industrial Goods & Services Jürgen Wagnertechnotrans Industrial Goods & Services Winfried BeckerThiel Logistik Industrial Goods & Services Markus HesseThyssenKrupp Industrial Goods & Services Peter MetzgerTNT N.V. Industrial Goods & Services Markus HesseTognum Industrial Goods & Services Ulrich ScholzUnique Zurich Airport Industrial Goods & Services Markus HesseWacker Construction Industrial Goods & Services Ulrich ScholzABB Industrial Goods & Services Johannes BornerAdecco Industrial Goods & Services Paolo Mazzoni
2007 | Seite 32
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Bobst Industrial Goods & Services Johannes BornerBucher Industrial Goods & Services Beat FüglistallerBurckhardt Compression Industrial Goods & Services Johannes BornerFeintool Industrial Goods & Services Johannes BornerGeorg Fischer Industrial Goods & Services Johannes BornerKaba Industrial Goods & Services Urs DiethelmKomax Industrial Goods & Services Johannes BornerMikron Industrial Goods & Services Johannes BornerRieter Industrial Goods & Services Johannes BornerSchaffner Industrial Goods & Services Johannes BornerSchindler Industrial Goods & Services Johannes BornerSchmolz + Bickenbach Industrial Goods & Services Beat FüglistallerSGS Industrial Goods & Services Paolo MazzoniSulzer Industrial Goods & Services Beat FüglistallerSwisslog Industrial Goods & Services Urs DiethelmVetropack Industrial Goods & Services Christian ArnoldWinterthur Technology Industrial Goods & Services Christian ArnoldAllianz Insurance Dr. Stephan KalbAXA Insurance Dr. Stephan KalbGenerali Insurance Dr. Stephan KalbHannover Re Insurance Dr. Stephan KalbING Insurance Dr. Stephan KalbMunich Re Insurance Dr. Stephan Kalb
2007 | Seite 33
Coverage ListOPPENHEIM RESEARCH GmbH
NAME INDUSTRY ANALYST NAME
Wiener Städtische Insurance Peter SzopoBâloise Insurance René LocherHelvetia Insurance René LocherSwiss Life Insurance René LocherSwiss Re Insurance René LocherZurich FS Insurance René LocherDeutsche Börse International Stock Exchanges Heiko C. FrantzenEuronext International Stock Exchanges Heiko C. FrantzenLondon Stock Exchange International Stock Exchanges Heiko C. Frantzenad pepper media Internet Marcus SanderAdlink Internet Media Internet Marcus Sanderbwin Internet Christine ReitsamerCombots Internet Marcus SanderCTS Eventim Internet Marcus SanderDelticom Internet Marcus SanderFluxx Internet Marcus SanderHotel.de Internet Marcus SanderTipp24 Internet Marcus SanderTomorrow Focus Internet Marcus SanderUnited Internet Internet Marcus SanderXING Internet Marcus SanderComputerlinks IT Service Marco ZeidlerIDS Scheer IT Service Marco Zeidler
2007 | Seite 34
Appendix
NAME INDUSTRY ANALYST NAME
GFK Media Sonia RabussierHighlight Communications Media Sonia RabussierPremiere Media Sonia RabussierProSieben SAT.1 Media Media Sonia RabussierSchlott Gruppe Media Sonia RabussierOMV Oil & Gas Gregor KirsteinA.S. Création Personal & Household Goods Jörg P. Freyadidas Personal & Household Goods Jörg P. FreyBeiersdorf Personal & Household Goods Christian BrunsEscada Personal & Household Goods Jörg P. FreyHenkel Personal & Household Goods Jörg P. FreyHugo Boss Personal & Household Goods Jörg P. FreyPhilips Personal & Household Goods Jürgen WagnerPuma Personal & Household Goods Jörg P. FreyRichemont Personal & Household Goods Urs DiethelmSwatch Group Personal & Household Goods Urs DiethelmAIG Intern. Real Estate Real Estate Kai Malte KloseCA Immo Anlagen Real Estate Kai Malte KloseCA Immo Intern. Real Estate Kai Malte KloseColonia Real Estate Real Estate Sven JanssenDeutsche Euroshop Real Estate Heiko C. FrantzenDeutsche Wohnen Real Estate Kai Malte KloseECO Business Real Estate Peter Szopo
2007 | Seite 35
Appendix
NAME INDUSTRY ANALYST NAME
Francono Rhein-Main Real Estate Sven JanssenFranconofurt Real Estate Sven JanssenGAGFAH Real Estate Kai Malte KloseMeinl European Land Real Estate Heiko C. FrantzenAllreal Real Estate Mario DavatzIntershop Real Estate Mario DavatzMobimo Real Estate Mario DavatzPSP Swiss Property Real Estate Mario DavatzSwiss Prime Site Real Estate Mario DavatzWarteck Invest Real Estate Mario DavatzZüblin Real Estate Mario Davatzaleo solar Renewable Energies Gregor KirsteinBDI BioDiesel Renewable Energies Stephan WulfCentrosolar Renewable Energies Gregor KirsteinConergy Renewable Energies Gregor KirsteinCropEnergies Renewable Energies Stephan WulfErSol Solar Energy Renewable Energies Hartmut MoersPetrotec Renewable Energies Stephan WulfQ-Cells Renewable Energies Hartmut MoersSchmack Biogas Renewable Energies Stephan WulfSFC Smart Fuel Cell Renewable Energies Gregor KirsteinSolar-Fabrik Renewable Energies Gregor KirsteinSolarWorld Renewable Energies Hartmut Moers
2007 | Seite 36
Appendix
NAME INDUSTRY ANALYST NAME
Solon Renewable Energies Gregor KirsteinSunways Renewable Energies Hartmut MoersVERBIO Renewable Energies Stephan WulfZhongDe Waste Renewable Energies Stephan WulfAhold Retail Christian BrunsDouglas Holding Retail Christian BrunsFielmann Retail Jörg P. FreyH & M Hennes & Mauritz Retail Jörg P. FreyInditex Retail Jörg P. FreyMetro Retail Christian BrunsPraktiker Retail Jörg P. FreySprider Stores Retail Jörg P. FreyTakkt Retail Christian BrunsCharles Vögele Retail Paolo MazzoniValora Retail Paolo MazzoniCompuGROUP Software Marco ZeidlerLHS Software Marco ZeidlerNemetschek Software Marco ZeidlerSAF Software Marco ZeidlerSAP Software Marco ZeidlerSoftware AG Software Marco ZeidlerSQS Software Quality Systems Software Frank A. RothaugeWirecard Software Marco Zeidler
2007 | Seite 37
Appendix
NAME INDUSTRY ANALYST NAME
Alcatel-Lucent Technology Nicolas P. von StackelbergASML Technology Jürgen WagnerAT&S Technology Nicolas P. von StackelbergBalda Technology Nicolas P. von StackelbergEricsson Technology Nicolas P. von StackelbergFunkwerk Technology Nicolas P. von StackelbergInfineon Technology Technology Jürgen WagnerKapsch TrafficCom Technology Nicolas P. von StackelbergKontron Technology Jürgen WagnerLoewe Technology Christian BrunsMühlbauer Technology Jürgen WagnerNokia Technology Nicolas P. von StackelbergOHB Technology Technology Nicolas P. von Stackelbergs&t Technology Peter SzopoSmartrac Technology Jürgen WagnerSTMicroelectronics Technology Jürgen WagnerTele Atlas Technology Nicolas P. von StackelbergTomTom Technology Nicolas P. von StackelbergWincor Nixdorf Technology Jürgen WagnerYOC Technology Marcus SanderAdvanced Digital Broadcast Technology Steven FreyAscom Technology Urs DiethelmAustriamicrosystems Technology Johannes Borner
2007 | Seite 38
Appendix
NAME INDUSTRY ANALYST NAME
Kudelski Technology Steven FreyLogitech Technology Steven FreyMicronas Technology Steven FreySEZ Technology Steven FreyBT Group plc Telecommunications Wolfgang SpechtD+S Europe Telecommunications Wolfgang SpechtDeutsche Telekom Telecommunications Frank A. RothaugeDrillisch Telecommunications Frank A. RothaugeFrance Telecom Telecommunications Sonia RabussierFreenet Telecommunications Frank A. RothaugeKPN Telecommunications Wolfgang SpechtQSC Telecommunications Frank A. RothaugeSwisscom Telecommunications Frank A. RothaugeTelecom Italia Telecommunications Wolfgang SpechtTelefónica Telecommunications Wolfgang SpechtTelegate Telecommunications Wolfgang SpechtTelekom Austria Telecommunications Frank A. RothaugeVersatel Telecommunications Frank A. RothaugeVodafone Group Telecommunications Wolfgang SpechtAir Berlin Travel & Leisure Hartmut MoersAir France-KLM Travel & Leisure Hartmut MoersBritish Airways Travel & Leisure Hartmut MoersCentury Casinos Travel & Leisure Peter Szopo
2007 | Seite 39
Appendix
NAME INDUSTRY ANALYST NAME
Deutsche Lufthansa Travel & Leisure Hartmut MoersSkyEurope Travel & Leisure Hartmut MoersTUI Travel & Leisure Hartmut MoersCEZ Group Utilities Matthias HeckE.ON Utilities Stephan WulfEDF Utilities Matthias HeckEDP Utilities Matthias HeckEndesa Utilities Matthias HeckEnel Utilities Stephan WulfGDF Utilities Matthias HeckIberdrola Utilities Matthias HeckMVV Energie Utilities Matthias HeckRWE Utilities Matthias HeckScot. & South. Energy Utilities Stephan WulfSuez Utilities Matthias HeckTechem Utilities Matthias HeckVeolia Environnement Utilities Matthias HeckVerbund Utilities Stephan Wulf
2007 | Seite 40
Selected IPOs with Sal. Oppenheim as Lead Manager in 2006 and 2007ECM- EXPERTISE
Sal. Oppenheim managed IPOs with a total offering volume of more than € 1.5 billion since 2006
IPO and Placement of 5,2 m shares
€ 41,8m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
IPO and Placement of 6,3 m shares
€ 94,9m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
IPO and Placement of 21,3 m shares
€ 287,5m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
IPO and Placement of 1,35 m shares
€ 83m
Sal. Oppenheim acted as Sole Lead Manager
IPO and Placement of 3 m shares
Sal. Oppenheim acted as Sole Lead Manager and Sole Bookrunner
IPO and Placement of 1,25 m shares
€ 50m
Sal. Oppenheim acted as Sole Lead Manager and Sole Bookrunner
July 2006 September 2006
October 2006 October 2006 November 2006 November 2006
IPO and Placement of 21,77 m shares
€ 403m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
March 2006
IPO and Placement of 3.7 m shares
€ 118m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
June 2007
Sal. Oppenheim acted as Joint Lead Manager
May 2007
IPO and Placement of 2.0 m shares
€ 76m
IPO and Placement of 18.4 m shares
€ 405m
Sal. Oppenheim acted as Joint Lead Manager and Joint Bookrunner
May 2006
IPO LEAD MANADATES
2007 | Seite 41
Sal. Oppenheim acted as Co-Lead or Co-Manager in further IPOs in 2006 and 2007
ECM- EXPERTISE
With 22 Lead and Co Lead mandates since 2006, Sal. Oppenheim is one of the most active and leading investment banks in the German speaking area.
IPO MANADATES
IPO and Placement of 18.2 m shares
€ 264 m
Sal. Oppenheim acted as Co Lead Manager
October 2006
IPO and Placement of 44.9 m shares
€ 853 m
Sal. Oppenheim acted as Co Manager
October 2006
IPO and Placement of 4.6 m shares
€ 63.5 m
Sal. Oppenheim acted as Co Lead Manager
November 2006
IPO and Placement of 81.0 m shares
€ 1.4 bn
Sal. Oppenheim acted as Co Manager
December 2006
IPO and Placement of 28.6 m shares
€ 829 m
Sal. Oppenheim acted as Co Lead Manager
April 2007
IPO and Placement of 16.6 m shares
€ 298 m
Sal. Oppenheim acted as Co Manager
May 2007
IPO and Placement of rd. 8.1 m shares
€ 135 m
Sal. Oppenheim acted as Co Manager
July 2006
IPO and Placement of 25 m shares
€ 200 m
Sal. Oppenheim acted as Co Manager
September 2006
IPO and Placement of 2.3 m shares
€ 71 m
Sal. Oppenheim acted as Co Lead Manager
May 2006
IPO and Placement of 8.8 m shares
€ 381 m
Sal. Oppenheim acted as Co Lead Manager
March 2006
IPO and Placement of 13,4 m shares
€ 90 m
Sal. Oppenheim acted as Co Lead Manager
April 2006
Börsegang und Platzierung von rd. 2,6 Mio. Aktien
€ 45 Mio
Sal. Oppenheim acted as Co Lead Manager
April 2006
2007 | Seite 42
Overview of Capital Increases and Secondary PlacementsECM- EXPERTISE
Selected Capital Increases and Secondary Placements
Secondary placement of shares
Sal. Oppenheim acted as Lead Manager
June 2006
Secondary placement of shares
Sal. Oppenheim acted asLead Manager
November 2006
Capital increase and placement of shares
Sal. Oppenheim acted as Joint Lead Manager
January 2007
Secondary placement of shares
Sal. Oppenheim acted asSole Lead Manager
March 2007
Capital increase and placement of shares
Sal. Oppenheim acted asJoint Lead Manager and Joint Bookrunner
April 2007
Secondary placement of shares
Sal. Oppenheim acted asSole Lead Manager
March 2006
Secondary placement of shares
Sal. Oppenheim acted asJoint Lead Manager
May 2006
Secondary placement of shares
Sal. Oppenheim acted asLead Manager
June 2006
Capital increase and placement of shares
Sal. Oppenheim acted asSole Lead Manager
April 2006
Capital increase and placement of shares
Sal. Oppenheim acted asCo Lead Manager
June 2006
Placement of shares out of a capital increase
Sal. Oppenheim acted as Joint-Book-Runner
November 2005
Secondary placement of shares
Sal. Oppenheim acted as Sole Lead-Manager
September 2005
Secondary placement shares
Sal. Oppenheim acted asCo-Lead-Manager
September 2005
Secondary placement of shares
Sal. Oppenheim acted asSole Lead Manager
September 2005
Secondary placement of shares
Sal. Oppenheim acted asJoint Lead Manager
September 2005
2007 | Seite 43
Active road show managementEQUITY SALES
Four road show managers within equity sales guarantee active coordination and professional organization.In 2006, 463 company and 159 analyst roadshows were conducted.
24%
EVENTS BY LOCATIONS
Switzerland9%
Frankfurt / Cologne / Düsseldorf
27%
Munich / ViennaItaly
3%
England10%
USA1%
Benelux17%
Other Europa9%
30
54
15
35
68
53
15
61
102
162
43
EVENTS BY SECTORS
Automotive
Bank, Financial Services, Ins.
Chemicals, Life Science
Consumer Goods, Retail
Engineering & Industrials
Strategy
Technology
Telecommunications
Transport & Logistics
Utilities
Other
2007 | Seite 44
Investment Banking Events in 2007EQUITY SALES
01.06.2007 Company Roadshow, EVN AG; Frankfurt
01.06.2007 Analyst Roadshow, Telecommunications; Vienna, Munich
01.06.2007 Analyst Roadshow, Chemicals; Brussels
01.06.2007 Company Roadshow, Patrizia Immobilien AG; Vienna
01.06.2007 Company Roadshow, KWS-SAAT AG; Frankfurt
01.06.2007 Company Roadshow, OnVista AG; Frankfurt
06.06.2007 Financial Lounge; Frankfurt
06.06.2007 Company Roadshow, Balda AG; London
06.06.2007 Analyst Roadshow, Technology; USA
06.06.2007 Analyst Roadshow, Austrian Stocks; Amsterdam
11.06.2007 European Mid-Cap Conference; New York
12.06.2007 Company Roadshow, Drillisch AG; Brussels
12.06.2007 Analyst Roadshow, Healthcare; Frankfurt
15.06.2007 Company Roadshow, Deutsche Lufthansa AG; Zurich
18.06.2007 Company Roadshow, MVV; Lugano, Milan
19.06.2007 Company Roadshow, MPC; Munich
19.06.2007 Company Roadshow, IKB; Vienna
19.06.2007 Analyst Roadshow, Technology; Munich
19.06.2007 Company Roadshow, Tognum AG; Frankfurt
19.06.2007 Analyst Roadshow, Industrial Goods & Services; Frankfurt
20.06.2007 Salonabend BMW, Munich
20.06.2007 Company Roadshow, K & S AG; Amsterdam
2007 | Seite 45
Investment Banking Events in 2007EQUITY SALES
21.06.2007 Analyst Roadshow, Industrial Goods & Services; Frankfurt
22.06.2007 Company Roadshow, Sanofi Aventis; Munich
26.06.2007 Company Roadshow, GEA Group AG; Boston, New York
26.06.2007 Company Roadshow, EADS; Lugano
27.06.2007 Company Roadshow, MPC;Vienna
27.06.2007 Company Roadshow, Bene AG; London
28.06.2007 Financial Lounge, Munich
29.06.2007 Real Estate Conference, Zurich
29.06.2007 Company Roadshow, Loewe; Munich
03.07.2007 Company Roadshow, SGL Carbon AG; Frankfurt
03.07.2007 Company Roadshow, Deutsche Postbank AG; Amsterdam
05.07.2007 Analyst Roadshow, Telecommunications; Munich
09.07.2007 Analyst Roadshow, Industrial Goods & Services; London
09.07.2007 Analyst Roadshow, Strategy; Cologne, Dusseldorf
10.07.2007 Analyst Roadshow, Strategy; Munich
11.07.2007 Analyst Roadshow, Industrial Goods & Services;Frankfurt
11.07.2007 Analyst Roadshow, Strategy; Vienna
12.07.2007 Analyst Roadshow, Industrial Goods & Services; Cologne
13.07.2007 Analyst Roadshow, Strategy; Hamburg
16.07.2007 Analyst Roadshow, Industrial Goods & Services; USA
23.07.2007 Company Roadshow, Heidelberger Druck; Madrid
24.07.2007 Analyst Roadshow, Industrial Goods & Services;Frankfurt
2007 | Seite 46
Investment Banking Events in 2007EQUITY SALES
18.09.2007 Company Roadshow, Wacker Chemie AG; Vienna
19.09.2007 Company Roadshow, Wacker Chemie AG; Munich
28.09.2007 Company Roadshow, Loewe AG; Vienna
17.10.2007 Company Roadshow, IKB Deutsche Industriebank AG;
New York, Boston
18.10.2007 Company Roadshow, Wacker Construction Equipment AG;
Brussels
19.10.2007 Company Roadshow, Wacker Construction Equipment AG;
Amsterdam
25.10.2007 Salonabend, Dr. Luetz; Munich “Lebenslust –
Ueber Risiken und Nebenwirkungen der Gesundheit”
25.10.2007 Company Roadshow, AT&S Austria; Lugano, Milan
05.11.2007 Company Roadshow, Grenkeleasing AG; Zurich,
Geneva, Lugano
09.11.2007 9th Annual Capital Link Forum; New York
20.11.2007 4th Sal. Oppenheim European Financials Conference;
Zurich
21.11.2007 Company Roadshow, CENTROTEC Sustainable AG;
Brussels
10.12.2007 2nd. Sal. Oppenheim Real Estate One on One Forum;
New York
2007 | Seite 47
Struktur Equity Sales SAL. OPPENHEIM JR. & CIE. S.C.A.
Team USA
HeadJörg Hagenbuch
Robb BaerBill Dixon
Robert FlorioFrançois Gour
Kent Evan Penney
AssistentFred GulinoErica Miolla
New York
Team südliches Kontinentaleuropa
Jürgen Benker (Germany / Austria)Klaus PfallerRobert Weller
Tina ZoettlPatricia Rehm (Assistenz)Marion Köhler (Assistenz)
Rainer Jell (Frankfurt / Cologne)Thomas Auschill
Jürgen KaupAlexander Schumacher
Heinz-Gerd VinkenWolfgang Wenzel
Nicole Turner (Assistent)
Nicola Facciorusso (Bereichskoordinator Griechenland) (Southeurope / Middle East)
Roberto Falaschi
Matt Patterson (UK / Skandinavia)Heiko BackmannAndrea Bollina
Daniel FriedmannMichela Gess
Dr. Alex Vogel (Benelux / France)Heribert RaskopFriedhelm Hopp
Frankfurt, Köln, München
Equity Sales
Head of Equity SalesHans-Peter Fliegel
AssistentNicole Hüller
Christin Mewes
Event / Roadshow-ManagementHead: Petra Kopper
Nadja Wakefield Stefanie Langhammer
Benjamin SiebenJessica Maier
Deputy Head of EquitiesRonald Birrer
Team Schweiz
HeadRonald Birrer
Harald Moser Marcel Hofstetter
Peter Fuchs Christopher Ziegler
Paolo Bozzo Tristan de Blonay
Alexandre Kaufmann Alfonso Catalano
Olivier HummGino Lopardo
Stefan Kremeth Silvio Schuler Raphael Benz Daniel Wüest Luke Boller
Oliver Kamm Marco Galfetti
Ivan Spicchiarello
AssistentChristel Sirek
Zürich
HeadHeinz Karasek
Gunter Cernicek
Wien
HeadEdgar Wilczek
Ralf LokeClaudio VargiuMarcus Hahn
Thomas Seibert
Sales Trading
AssistentChristl Sierek
IPO OfficerHeribert Raskop
TeamFrankreich
HeadGraf Jefferson von Pfeil
(Bereichskoordinator Türkei)
Niccolo Di Brazza
Bertrand Le Molle- Montanguon
Jean-Claude Bonnamy
AssistantNannette Jäger
Paris
Middle OfficeHead
Sabine Schwung Christian Bunk Doerthe FeigeNicole Halfen Marc KroegerKonstantin Illig Antje Winands
Execution
HeadChristine Schmidt
Murat CatalsakalWolfgang Kemper
Michael MathiowetzAndreas StrohkendlChristian Wagner
Jörg TheisElvis Javor
2007 | Seite 48
Team FrankfurtEQUITY SALES
Rainer Jell
Head ofFrankfurt /Nord- und
Westdeutschland
T: +49 (69) 71 34-51 57M: +49 (1 51) 58 22 84 73
Heinz-Gerd Vinken
Frankfurt / Cologne
T: +49 (69) 71 34-51 62M: +49 (1 51) 16 32 69 03
Thomas Auschill
Frankfurt / Cologne
T: +49 (69) 71 34-54 34M: +49 (1 75) 4 35 82 61
Jürgen Kaup
Frankfurt / Cologne
T: +49 (69) 71 34-51 59M: +49 (1 75) 4 35 83 77
2007 | Seite 49
Team FrankfurtEQUITY SALES
Alexander Schumacher
Frankfurt / Cologne
T: +49 (69) 71 34-5044
2007 | Seite 50
Team Frankfurt / UKEQUITY SALES
Matt Patterson
Head ofUK / Skandinavia
T: +49 (69) 71 34-54 25M: +49 (1 51) 16 32 69 30
Heiko Backmann
UK / Skandinavia
T: +49 (69) 71 34-54 21M: +49 (1 51) 16 32 69 29
Daniel Friedmann
UK / Skandinavia
T: +49 (69) 71 34-55 46M: +49 (1 51) 17 12 02 74
Andrea Bollina
UK / Skandinavia
T: +49 (69) 71 34-54 61M: +49 (1 51) 16 32 69 28
2007 | Seite 51
Team Frankfurt / UKEQUITY SALES
Michela Gess
UK
T: +49 (69) 71 34-51 26M: +49 (1 51) 435 81 63
2007 | Seite 52
Team CologneEQUITY SALES
Heribert Raskop
Skandinavia and France
T: +49 (2 21) 1 45-18 93M: +49 (1 75) 4 35 83 09
Wolfgang Wenzel
Cologne
T: +49 (2 21) 1 45-17 58M: +49 (1 75) 4 35 83 64
2007 | Seite 53
Team MunichEQUITY SALES
Dr. Alex Vogel
Head ofWestern Europe
T: + 49 (89) 29 00 74-51M: +49 (1 75) 4 35 83 92
Fritz Hopp
Western Europe
T: +49 (89) 29 00 89-58 M: +49 (1 75) 4 35 85 95
Fritz. [email protected]
Patricia Rehm
Assistence
T: + 49 (89) 29 00 74-50
Marion Köhler
Assistence
T: + 49 (89) 29 00 74-30
2007 | Seite 54
Team MunichEQUITY SALES
Nicola Facciorusso
Head of Southern Europe /
Middle East
T: + 49 (89) 29 00 74-55M: +49 (1 75) 4 35 83 93
Roberto Falaschi
Southern Europe / Middle East
T: + 49 (89) 29 00 74-57M: +49 (1 51) 58 22 84 98
2007 | Seite 55
Team MünchenEQUITY SALES
Jürgen Benker
Head ofSouthern Germany /
Austria
T: +49 (89) 29 00 74-52M: +49 (1 75) 4 35 85 02
Klaus Pfaller
Southern Germany /Austria
T: +49 (89) 29 00 74-54M: +49 (1 75) 4 35 84 61
Robert Weller
Southern Germany /Austria
T: + 49 (89) 29 00 74-53M: +49 (1 75) 4 35 84 08
Tina Zöttl
Southern Germany /Austria
T: +49 (89) 29 00 89-56M: +49 (1 75) 4 35 8325
2007 | Seite 56
Team ZurichEQUITY SALES
Marco Galfetti
Head of Switzerland
T: +41 (44) 2 14 25 28
Daniel Bortolin
Switzerland
T: +41 (44) 2 14 22 84
Christel Sirek
Switzerland
T: +41 (44) 2 14 23 86
2007 | Seite 57
Team New YorkEQUITY SALES
Robb Baer
USA
T: +1 (2 12) 8 88 83 06
Bill Dixon
USA
T: +1 (2 12) 8 88 52 53
Robert Florio
USA
T: +1 (2 12) 8 88 67 54
Joerg Hagenbuch
Head ofNorth America
T: +1 (2 12) 8 88 84 57
2007 | Seite 58
Team New YorkEQUITY SALES
Fred Gulino
USA
T: +1 (2 12) 8 88 52 53
Kent Evan Penney
USA
T: +1 (2 12) 8 88 87 70
Francois Gour
USA / Canada
T: +1 (2 12) 8 88 52 48
Erica Miolla
USA
T: +1 (2 12) 8 88 44 29
2007 | Seite 59
Team ParisEQUITY SALES
Graf Jefferson von Pfeil
Head ofFrance
T: +33 (1) 56 52 90 53M: +49 (1 51) 58 22 84 70
Bertrand Le Molle-Montanguon
France
T: +33 (1) 56 52 90 55M: +49 (1 51) 58 22 84 71
@oppenheim.fr
Niccolo Di Brazza
France
T: +33 (1) 56 52 90 54M: +49 (1 51) 58 22 84 72
2007 | Seite 60
Sales TradingEQUITY SALES
Ralf Loke
Germany
T: +49 (69) 71 34-50 40M: +49 (1 51) 58 22 84 75
Marcus Hahn
Germany /Switzerland
T: +49 (69) 71 34-51 27M: +49 (1 51) 16 32 69 32
Thomas Seibert
UK / Skandinavia / France
T: +49 (69) 71 34-52 19M: +49 (1 75) 4 35 85 42
Edgar Wilczek
Head ofSales Trading
T: +49 (69) 71 34-50 61M: +49 (1 51) 16 32 69 31
2007 | Seite 61
Sales TradingEQUITY SALES
Claudio Vargio
Germany / Italy
T: +49 (69) 71 34-53 18M: +49 (1 51) 58 22 8476
2007 | Seite 62
Event and Roadshow-ManagementEQUITY SALES
Petra Kopper
Head of Event and
Roadshow-Management
T: +49 (69) 71 34-55 31M: +49 (1 75) 4 35 80 64
Stefanie Langhammer
Event and Roadshow-Management
T: +49 (69) 71 34-50 20M: +49 (1 75) 4 35 81 36
Benjamin Sieben
Event andRoadshow-Management
T: +49 (69) 71 34-52 28M: +49 (1 51) 16 15 21 39
Jessica Maier
Event and Roadshow-Management
T: +49 (69) 71 34-54 90M: +49 (1 51) 16 15 21 78
2007 | Seite 63
Publishing DetailsSAL. OPPENHEIM JR. & CIE. S.C.A.
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Exclusion of liabilityThe information contained in this brochure was derived from data which was assumed to be correct; however, we assume no liability and provide no guarantee whatsoever. This brochure should not be construed as an offer to sell or as a solicitation to submit an offer to purchase securities. The statements made in the brochure may be changed without advance notice.
Published bySal. Oppenheim jr. & Cie. Kommanditgesellschaft auf Aktien Unter Sachsenhausen 4 50667 Cologne / Germanywww.oppenheim.de