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German Equities Forum Deutsches Eigenkapitalforum Powered By Docstoc
					German Equities Forum 2007
     Frankfurt, 12 November 2007
         Rainer Schorr, CEO
                      Overview of ESTAVIS business activities



                                                    ESTAVIS focuses on three main business areas


                                  Portfolio assembly                    Development                     Apartment privatisation




                         Purchases individual properties, assembles      Development as       Modernisation    Buys distressed     Buys
                         these into portfolios which are subsequently    windfall profit of   and sale of      residential         property
                         sold to institutional investors                 land which has       premium,         apartments,         packages,
                                                                         been acquired in     mostly listed,   sells these to      breaks them
                         Acts as a principal
                                                                         package deals on     properties in    private investors   up into
                                                                         an opportunistic     central          for pension         individual
                                                                         basis                locations        purposes            units which
                                                                                                                                   are sold to
                                                                                                                                   owner-
                                                                                                                                   occupiers




                                                     ESTAVIS follows its declared strategy of diversification




ESTAVIS AG | Company presentation | November 2007                                                                                                1
                      ESTAVIS Group sells more than 5,000 units in current year


                                      Strengthen positioning in privatisation

                      More than >4,000 units sold by portfolio trading and >1,000 units by apartment privatisation


                               Estimated breakdown of 5,000 units
                               Estimated breakdown of 5,000 units                          Estimated revenue breakdown of
                                                                                           Estimated revenue breakdown of
                                sold by business area (pro forma)
                                sold by business area (pro forma)                            ESTAVIS-Group (pro forma)
                                                                                             ESTAVIS-Group (pro forma)

                                                                                               ~ 15%


                                  Apartment                                                  Apartment
                                privatisation                                              privatisation
                                                          25%
                                ~1,000 units
                                                                                                                         Portfolio
                                                ~25%
                                                 25%                   Portfolio      ~ 60 %               ~35%          trading
                                                                       Trading
                                                    25%
                                                                       ~4,000 units
                                                          25%
                                                          ~75%                                                    ~65%
                                                                25%




ESTAVIS AG | Company presentation | November 2007                                                                                    2
                      ESTAVIS equity story – Overview



                                                        Market-maker between private and institutional
                                                    1   property markets in Germany



                                                    2   Value creation through portfolio assembly



                                                        Sustainable institutional investment market growing
                                                    3   strongly


                                                        Strong execution skills and first-mover advantage as
                                                    4   high barriers to entry


                                                        Significant opportunities for growth through
                                                    5   expansion along the value chain and in apartment
                                                        privatisation segment


                                                    6   High profitability and strong cash generation




ESTAVIS AG | Company presentation | November 2007                                                              3
                                   ESTAVIS creates value for investors through transformation of scale of
                                   individual properties into non-recourse financed portfolios


                                           Individual         Private                                                                                                 Institutional
                     Demand by investors




                                                                                                                    ale
                                                                                                               of sc
                                                                                                     form ation tion)
                                                                                               Trans securitisa
                                                                                                  (and




                                                                               Value of the individual property/portfolio in EUR m

                                                        EUR 1m                                   EUR 5m                                    EUR 10m+

                                            Private             Transactions involving professional             Lowest entry level for           Typical entry level for institutional
                                            transactions        market participants                             institutional investors          investors
                                            Too small for       Too small for institutional investors           Earliest possibility for         Non-recourse financing (and
                                            institutional       No non-recourse financing                       non-recourse financing           securitisation, i.e. creating indirect
                                            investors                                                                                            ownership shares in property)*
                                            No non-recourse                                                                                      Generally the lower limit for tender
                                            financing                                                                                            bidding



                     * Properties are generally bundled in Special Purpose Vehicles (“Objektgesellschaften”) issuing securities


ESTAVIS AG | Company presentation | November 2007                                                                                                                                         4
                           ESTAVIS further adds value to the individual properties through life time
                           extension


                       How ESTAVIS creates value                                                                 Steps
                                                                                                                 1.   Purchase low-value      40 days process from
                                     Primary         Secondary          Market in older
                                     transaction     transaction                                                      properties              notary to notary
                                                                        properties
                                     market          market                                                                                   –   low dependence on
                                                                                                                 2.   Portfolio assembly          property market
                                                                                                                      (Transformation of          cycles
                                                          3.
                                                                                                                      Scale)
                     Market value




                                         Portfolio                                                                                            –   high turn-around
                                                                                                                                                  frequency of capital
                                                                                                                                                  employed

                                                                                                                 3.   Refurbishment where
                                                                                                                                              3-6 month process
                                                                   2.                                                 necessary
                                                                                                                                              following transfer of
                                                                                          1.                          (Life Time Extension)   economic risk
                                        0123                    12                20                 50+ years
                                    New building     Medium-age                   Older properties
                                      projects        properties




                                                                        Transformation                   Life Time
                                                                                                                             added value
                                                                           of Scale                      Extension



                                                               Value of ESTAVIS portfolio > Sum of values of individual properties




ESTAVIS AG | Company presentation | November 2007                                                                                                                        5
                      Within its core business, ESTAVIS sources properties, assembles portfolios
                      and sells these to investors


                            Sourcing                                                     Assembly                                   Sale

                      Property identification            Property check                             Property acquisition        Portfolio sale

                                                             Approx. 5,000 properties
                                                            administered in the system



                                                                Software review 1



                                                                800 are green-rated


                                                                Software review 2


                                                              Purchase & structure




                       >50 properties offered          Approx. 5,000                                Purchase of individual   Bundling of portfolio
                       to ESTAVIS per                  properties in database                       properties and design    Pricing
                       business day                    Properties                                   and implementation of
                                                                                                                             Sale of portfolio to
                       Ongoing contact with            categorised according                        legal and financing
                                                                                                                             investors
                       over 500 property               to investment and                            structure
                       brokers                         refurbishment                                Pre-placement of
                       Long track record of            requirements                                 portfolio to ultimate
                       sourcing network                                                             investor


                       ESTAVIS purchases               800 properties                               Holding period of 40     Portfolio size
                       one to two                      suitable for portfolio                       days from notary to      between EUR 10-50
                       individual properties           assembly on average                          notary                   million
                       every day

                                        ESTAVIS maintains a constant deal flow from purchase of individual properties
                                                     to portfolio sale secured by factory-like assembly




ESTAVIS AG | Company presentation | November 2007                                                                                                    6
                      The acquisition of B&V - A key step in our diversification strategy


                      Summary                                                                Estimated revenue breakdown
                                                                                             Estimated revenue breakdown
                                                                                             of ESTAVIS-Group after B&V
                                                                                             of ESTAVIS-Group after B&V
                           B&V GmbH and PROTECT GmbH specialise in the                       acquisition
                                                                                             acquisition
                           redevelopment, modernisation and sale of premium, mostly
                           listed, properties in central locations                            Apartment
                                                                                             privatisation
                                                                                                    ~35%
                           Properties are particularly suitable for capital investment and
                           retirement provision

                           Impressive track record with double-digit growth rates in                              Portfolio
                                                                                                                  trading
                           recent years                                                                           ~65%

                           Sales of EUR 65 million in 2006; 13 per cent operating margin

                           Purchase price: EUR 12 million in cash and 375,000 ESTAVIS
                           shares (with two-year lock-up).

                           ESTAVIS Group is one of the leading suppliers in growing
                           apartment privatisation segment




ESTAVIS AG | Company presentation | November 2007                                                                             7
                      HAG/CWI/B&V complete the value chain of ESTAVIS


                                                                                       Residential ownership rates in Europe (2004)
                                                                                      90%
                                                                                      80%
                                                                                      70%

                                                                   Exit for           60%
                                 Portfolio     Institutional
                                                                institutional
                                   sale          investors                            50%
                                                                  investors
                                                                                      40%
                                                                                      30%
                         HAG/CWI allow institutional clients of ESTAVIS to exit




                                                                                                  ium




                                                                                                                                                          No and
                                                                                         Au ds




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                                                                                                   k




                                                                                        Sw nd




                                                                                                                                                   ga
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                                                                                                                                                               ay

                                                                                                                                                                 n
                                                                                                UK
                                                                                                ria
                                                                                      Ne mar




                                                                                                ce
                                                                                        De ny



                                                                                                 n




                                                                                                                                                              ai
                                                                                                                                         Ita
                         their portfolios




                                                                                               lg
                                                                                             nl a




                                                                                                                                                tu

                                                                                                                                                              l
                                                                                                                                                            rw
                                                                                              la




                                                                                             ed




                                                                                                                                                     Ire
                                                                                             st
                                                                                           an
                                                                                              a




                                                                                                                                                           Sp
                                                                                           Be
                                                                                           er




                                                                                                                                               r
                                                                                          rm

                                                                                           n




                                                                                                                                            Po
                                                                                          Fi
                                                                                         Fr
                                                                                        th
                         – Manage selling process as principal




                                                                                       Ge
                         – Split-up property objects into individual units and sell
                           to owner-occupiers (HAG)                                    Investments for retirement in Germany (2004)
                         – Sell residual units through IFAs to private investors         Property owner-occupation                                             68%
                           for pension purposes (CWI)                                                 Life insurance                                          65%
                                                                                                    Saving schemes                                          60%
                         Attractive market:                                                Private pension schemes                             49%
                         – Low residential ownership rate                                                      Bonds                        41%
                                                                                      Income from rental of property                        40%
                         – Significant potential for increased residential property            “Riester” Investments                     33%
                           demand                                                        Shares in public companies                     30%
                                                                                                     Other securities                  26%
                         Property is the most popular form of investment for
                                                                                                                Other            15%
                         pension provisions
                                                                                                                        0%       20%        40%            60%   80%

                                                                                      Source: Federal Statistical Office, Communications Network


                                                      With its product offering, HAG/CWI fulfil a growing demand




ESTAVIS AG | Company presentation | November 2007                                                                                                                      8
                      ESTAVIS holds leading position in the apartment privatisation segment


                      Combined presence of privatisation activities of HAG/CWI/B&V
                               Strengthen positioning in privatisation


                      Privatisation sales 2006 (€m) – listed peers
                      Privatisation sales 2006 (€m) – listed peers                                                                                                                                                 B&V
                                                                Focus of current operations of
                                                                                                                                                                                                                   generates c.
                                                                                                                                                                                                       152,2
                                      Kiel
                                                                subsidiaries HAG/CWI/B&V                                                                                                                           five times as
                                         Hamburg
                                    Bremen
                                                                Promising locations for regional
                                                                                                                                                                                                                   much
                                                       Berlin
                                                                expansion                                                                                                                                          revenues as
                                          Leipzig Döbeln/Hainichen
                            Neuss                      Dresden
                                                                                                                        +520%                                                               112,6                  CWI and HAG
                                     Erfurt        Chemnitz
                              Plauen/Rodewisch Zwickau
                                                                                                                                                                                                                   together
                                                                                                                                                                                 97,1
                                                                                                                                                                     88,4                                          The regional
                                       Stuttgart
                                                   München                                                                                          78,1                                                           expansion of
                                                                                                                                                                                                                   B&V’s
                                                                                                                                                                                                                   business
                            CWI with strong focus                                                                                                                                                                  model offers
                            on Berlin, Leipzig and
                                                                                                                                                                                                                   enormous
                            Dresden
                                                                                                                                       22,5                                                                        potential
                            HAG with strong focus                               10,1   12,6            12,6             14,3
                                                                     9,8
                            on Northern Germany

                            ESTAVIS Group gains
                                                                                                                          Alta Fides
                                                                      Windsor


                                                                                 GBH




                                                                                                                                       Immobilien
                                                                                                         Franconofurt




                                                                                                                                            Gag




                                                                                                                                                                       Vivacon
                                                                                       Estavis Group




                                                                                                                                                    Estavis Group
                                                                                           excl. B&V




                                                                                                                                                         incl. B&V




                                                                                                                                                                                 Deutsche



                                                                                                                                                                                              Gagfah


                                                                                                                                                                                                        Patrizia
                                                                                                                                                                                  Wohnen
                            additional presence in
                            Chemnitz, Dresden and
                            Stuttgart through B&V




ESTAVIS AG | Company presentation | November 2007                                                                                                                                                                                  9
                      ESTAVIS is well positioned among property companies with a trading focus


                                                              Portfolio assembly of
                                                                                                  Portfolio Holding              Portfolio split-up
                                                              individual properties
                                                                                Exit via
                                                        Portfolio sale on
                                                                            IPO/closed-end         Asset Management             Sale to private individuals
                                                            demand
                                                                                funds
                       Geographic reach and size




                                                                                                                                         Deutsche Wohnen




                                                               Among the real estate companies in Germany with a trading focus, ESTAVIS
                                                   differentiates itself through a constant and ongoing deal flow and a monthly turnover of properties




ESTAVIS AG | Company presentation | November 2007                                                                                                             10
                      Highlights of financial year 2006/2007


                      Highlights


                          2006/2007: A year of outstanding success!

                          IPO completed in April 2007

                          Successful acquisition and integration of Hamburgische Immobilien Invest AG

                          Significant business expansion achieved - without funds from IPO!




ESTAVIS AG | Company presentation | November 2007                                                       11
                         Key figures of the financial year 2006/2007


                                                                       1 Jul 2006                 1 Jan 2006                     Change
                        EURm
                                                                   – 30 Jun 2007              – 30 Jun 20061

                        Total operating
                                                                               201,2                         44,4                 353%
                        performance

                        EBIT2                                                    16,6                          5,6                 97%


                        Net profit                                                 8,8                         4,7                 89%


                        EPS (EUR)                                                1.54                        0.93                  66%


                    1   Short financial year
                    2   Include significant one-time expenses for IPO and acquisition of HAG Group in financial year 2006/2007




ESTAVIS AG | Company presentation | November 2007                                                                                         12
                      Outlook for the financial year 2007/2008


                      Outlook

                           Substantial revenue and earnings growth

                           – Sales increases of 50 percent to over EUR 300 million

                           – EBIT margin between 12-14 percent (before extraordinary items)

                           – Dividend payout in the amount of 50 percent of net profit

                           Portfolio trading will remain core business segment (est. 2/3 of total sales)

                           Second strategic pillar through acquisition of B&V:

                           – Leading position in apartment privatisation segment with more than 1.000 units
                              sold in current financial year (est. 1/3 of total ESTAVIS sales)

                           Expansion of Development activities as third strategic pillar




ESTAVIS AG | Company presentation | November 2007                                                             13
                      Achievements in Q1 / Outlook Q2-Q3




                           First quarter ending 30 September 2007:
                           – Sale of major portfolio with transaction volume of around EUR 40 million to
                              institutional investor
                           – Assembly of commercial property portfolio (EUR 45 million)

                           – Acquisition of B&V GmbH

                           – High order back-log

                           Report on first quarter results will be published on 16 November 2007

                           Outlook for Q2 - Q3:
                           – Sale of commercial property portfolio (~ EUR 45 million)

                           – Sale of further ‘on-demand’ portfolio (~ EUR 60 million)




ESTAVIS AG | Company presentation | November 2007                                                          14
                      Financial calendar 2007/2008



                      16 November 2007              Publication of first quarter results 2007/2008


                      30 November 2007              Annual General Meeting 2007


                      15 February 2008              Publication of second quarter results 2007/2008


                      16 May 2008                   Publication of third quarter results 2007/2008


                      26 September 2008             Publication of full year results 2007/2008




ESTAVIS AG | Company presentation | November 2007                                                     15
                      Investor Relations Contact Details




                     ESTAVIS AG
                     Investor & Public Relations
                     Peter Vogt
                     Tel: +49 30 887 181 799
                     Fax: +49 30 887 181 779
                     Mail: ir@estavis.de




ESTAVIS AG | Company presentation | November 2007          16
                                                    Appendix




ESTAVIS AG | Company presentation | November 2007              17
                       ESTAVIS profits from a sustainable institutional investment market


                      Institutional investment activity in German property
                                30                                                                                8
                                                                                                                                       Real Estate AGs


                                25                                                                                7                    Investors from abroad

                                                                                                                                       Insurance companies &
                                20                                                                                6                    pension funds




                                                                                                                      10-year German
                                                                                                                       Bund rate (%)
                      EUR bn




                                                                                                                                       Special funds
                                15                                                                                5

                                                                                                                                       Open property funds

                                10                                                                                4
                                                                                                                                       Closed property funds

                                 5                                                                                3
                                                                                                                                       Property leasing/
                                                                                                                                       Leasing funds
                                                                                                                  2
                                     1993   1994 1995 1996 1997   1998   1999 2000   2001 2002 2003 2004   2005
                     Source: BulwienGesa



                      Strong momentum and growth prospects
                               Increasing importance of foreign investors since 2004
                               Demand for German property portfolios has been surging over the last two years
                               Introduction of REITs in Germany implies significant potential for ESTAVIS’ “fund-procurement” business model
                               Low growth in prices for properties suggests upside potential and further interest from international investors
                               Securitisation started in Germany in 2003



ESTAVIS AG | Company presentation | November 2007                                                                                                              18
                      Given current price levels, demand for German property portfolios from
                      institutional investors is sustainable in the future


                      Relative house price developments
                           House price
                           index
                           190
                                                                     Denmark
                           180

                           170
                                                                               German house prices remain at 2003
                           160                                      France     levels
                           150                                                 Other European countries displayed
                                                                     Spain
                           140                                       UK        sharp rises over the same period
                                                                     Sweden    High rental yields in Germany
                           130
                                                                     Norway
                           120                                       Finland

                           110

                           100                                       Germany

                            90
                             2003            2004          2005   2006
                                                    Year

                     Source: Thomson




ESTAVIS AG | Company presentation | November 2007                                                                   19
                      More than 50% of German residential properties are eligible for portfolio
                      assembly


                                                                                 Unit inventory in Germany
                                                                                     approx. 39m units


                                  Commercial landlords                                Private landlords                        Owner-occupiers
                                     9.8 million units                                   13.8m units                             15.1m units

                                                Co-operatives                    Leased flats within owner-occupied             One-/two-family houses
                                                    2.3m                                   buildings 3.4m                               12.2m

                                      Municipal housing developers                         Private tenants                           Condominiums
                                                  2.7m                                         10.4m                                     2.9m

                                        Public housing developers              20.2 million units available for portfolio assembly
                                                  390k

                                   Private sector housing developers
                                                  2.6m

                                                   Churches
                                                     137k

                                    Other (mostly financial investors)
                                                  1.6m

                     Sources: Federal Statistical Office, IFO Institut, 2003


                      Comments
                            The German property market is expected to go through a fundamental shift in ownership structure
                            It is assumed that an increasing number of units will be bought by institutional investors
                            At the end of 2003 there were only 1.6m housing units held by financial investors



ESTAVIS AG | Company presentation | November 2007                                                                                                        20
                      Profit and loss account (IFRS)



                                                                                     July 1, 2006                     Jan 1, 20061
                       EUR (in ths)
                                                                                 – June 30, 2007                   – June 30, 2006

                       Revenues                                                            198,398                             44,048

                       Total performmance                                                  201,229                             44,380

                       Cost of materials                                                   172,338                             37,279

                       Personnel expenses                                                     2,867                                464

                       Other expenses2                                                      10,216                              1,048

                       EBIT                                                                 16,550                              5,566

                       % margin                                                               8.3%                             12.6%

                       Financial result                                                      -1,903                                    5

                       Pre-tax result                                                       14,648                              5,570

                       Net income                                                             8,814                             4,669

                      1       Short financial year
                      2       Include significant one-time expenses for IPO and acquisition of HAG Group in financial year 2006/2007




ESTAVIS AG | Company presentation | November 2007                                                                                          21
                         Balance sheet (IFRS)



                         EUR (in ths)                         June 30, 2007         June 30, 20061         EUR (in ths)               June 30, 2007   June 30, 20061

                         ASSETS                                                                            EQUITY & LIABILITIES

                         Goodwill                                      11,492                        -     Shareholder’s equity             85,654            3,458

                         Intangible assets                                  50                       -     Minority interests               10,514                2

                         Property, plant & equipmt.                        775                   162       LT financial liabilities         13,535               78

                         Investment property                           16,939                        -     Deferred tax liabilities          2,666               48

                         Investment in associates                          917                       -     Provisions                        5,506              958

                         Other financial assets                            721                   277       ST financial liabilities         33,022            5,113

                         Tax assets2                                     1,668                   182       Advance payments                    768           38,407

                         Inventories                                   23,057                 36,773       Current tax liabilities           5,553              246

                         Receivables                                   85,647                  4,514       Payables                          3,443            5,016

                         Liquid assets                                 36,048                 13,807       Other liabilities                15,606            2,185

                         Total                                        177,316                 55,716       Total                           177,316           55,716
                     1   Short financial year
                     2
                         Includes current and deferred tax assets
                     3
                         Includes short-term receivables from sale of portfolios at the end of financial year


ESTAVIS AG | Company presentation | November 2007                                                                                                                  22
                       Disclaimer

                     This presentation is made by ESTAVIS AG (the "Company") solely for use at the investor presentation held in connection with the contemplated offering of shares of the
                     Company and is strictly confidential. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to subscribe for or buy nor shall there be
                     any offer, solicitation of an offer or sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration,
                     exemption from registration or qualification under the laws of any such jurisdiction.

                     The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or
                     sold in the United States or to, or for the account or benefit of, U.S. persons (as defined by Regulation S of the Securities Act) unless the securities are registered under the
                     Securities Act, or an exemption from the registration requirements of the Securities Act is available. There will be no public offer of the securities in the United States. Neither
                     this document nor any copy of it may be taken or transmitted into the United States, its territories or possessions or distributed directly or indirectly in the United States or to U.S.
                     persons. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. The distribution of this document in other jurisdictions may also be restricted
                     by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

                     This communication does not constitute an offer of securities to the public in the United Kingdom. No prospectus has been or will be registered in the United Kingdom in respect
                     of the securities referred to in this communication. This publication constitutes neither an offer to sell nor a solicitation to buy securities. The offer will be made solely by means
                     of, and on the basis of, a securities prospectus to be published as approved by the German Federal Financial Supervisory Authority (BaFin).

                     Please note that this presentation (including any information contained herein and any information, whether or not in writing, supplied in connection therewith) is strictly
                     confidential. This presentation is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The facts and
                     information contained herein are as up to date as is reasonably possible and are subject to change in the future. There is no obligation to update the information if dated.
                     Cazenove and WestLB or any of their parent or subsidiary undertakings or any of such person's directors, officers, employees or advisors nor any other person makes any
                     representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation.
                     Cazenove or any of its parent or subsidiary Undertakings or any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for
                     loss howsoever arising, directly or indirectly, from any use of this presentation. While all reasonable care has been taken to ensure the facts stated herein are accurate and that
                     the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the
                     Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or
                     endorsed by the Company as being accurate.

                     This presentation contains certain forward-looking statements, including assumptions, opinions and views of the Company or cited from third party sources. These statements
                     generally are identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar
                     expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in
                     this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various known and unknown risks, uncertainties and
                     other factors could cause the actual results, financial position, development or performance of the company to differ materially from the estimations expressed or implied herein.
                     Cazenove or any of its parent or subsidiary undertakings or any of such person’s officers, directors, employees or advisors do not guarantee that the assumptions underlying
                     such forward looking statements are free from errors, omissions or misstatements nor do they accept any responsibility for the future accuracy of the opinions and views
                     expressed in this presentation or the actual occurrence of the forecasted developments.

                     By accepting this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you
                     will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s business. This presentation speaks as
                     of February 2007. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any
                     implication that there has been no change in the affairs of the Company since such date.




ESTAVIS AG | Company presentation | November 2007                                                                                                                                                        23

				
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