PROSPECTUS CB MezzCAP Limited Partnership (a limited partnership established under the laws of Jersey)

EUR 137,800,000 Class A Floating Rate Notes due 2036 EUR 20,000,000 Class B Floating Rate Notes due 2036 EUR 10,500,000 Class C Floating Rate Notes due 2036 EUR 14,500,000 Class D Floating Rate Notes due 2036 EUR 7,700,000 Class E Floating Rate Notes due 2036 EUR 9,000,000 Class F 17% Notes due 2036

Class A Notes Class B Notes Class C Notes Class D Notes Class E Notes Class F Notes

Interest Rate 3m EURIBOR + 0.28% p.a. 3m EURIBOR + 0.50% p.a. 3m EURIBOR + 0.70% p.a. 3m EURIBOR + 1.75% p.a. 3m EURIBOR + 3.90% p.a. 17%

Issue Price 100%

Expected Ratings by Moody's/S&P Aaa/AAA

Scheduled Maturity Date 25 January 2013

Legal Maturity Date 25 October 2036

100%

Aa2/AA

25 January 2013

25 October 2036

100%

A2/A

25 January 2013

25 October 2036

100%

Baa2/BBB

25 January 2013

25 October 2036

100%

Ba1/BB

25 January 2013

25 October 2036

100%

not rated

25 January 2013

25 October 2036

CB MezzCAP Limited Partnership (acting through its general partner CB MezzCAP Limited) (the "Issuer") will issue the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes (together, the "Notes") at the issue price indicated above on 11 April 2006 (the "Issue Date"). Interest on the Notes will accrue on the outstanding principal amount of each of the Notes at a per annum rate indicated in the table above. Interest will be payable on each Class of Notes quarterly in arrear in euro on the 25th day of January, April, July and October of each year (subject to adjustment as specified herein for non-Business Days) (each, a "Payment Date"), commencing in July 2006. The first Interest Accrual Period will commence on (and include) the Issue Date and end on (but exclude) the first Payment Date. Each subsequent Interest Accrual Period will commence on (and include) a Payment Date and end on (but exclude) the next following Payment Date. See "TERMS AND CONDITIONS OF THE NOTES — Payments of Interest". The Class A Notes are expected, on issue, to be assigned a "AAa" rating by Moody's Investors Service, Inc. ("Moody's") and a "AAA" rating by Standard and Poor's Rating Services, a division of The McGraw Hill Companies, Inc. ("S&P", and together with Moody's, the "Rating Agencies"), the Class B Notes are expected, on issue, to be assigned ratings of "Aa2" by Moody's and "AA" by S&P, the Class C Notes are expected, on issue, to be assigned ratings of "A2" by Moody's and "A" by S&P, the Class D Notes are expected, on issue, to be assigned ratings of "Baa2" by Moody's and "BBB" by S&P and the Class E Notes are expected, on issue, to be assigned ratings of "Ba1" by Moody's and "BB" by S&P. It is a condition of the issue of the Notes that they receive these ratings. The ratings by S&P reflect timely payment of interest and ultimate payment of principal on the Notes. The ratings by Moody's address the expected loss posed to investors by the Legal Maturity Date. The Class F Notes will not be rated. The Managers will purchase the Notes from the Issuer on the Issue Date and will offer the Notes, from time to time, in negotiated transactions or otherwise at varying prices to be determined at the time of the sale. The Issuer will apply the net proceeds from the issuance of the Notes towards the repayment of a bridge facility (the "Bridge Facility") granted to the Issuer by Commerzbank Aktiengesellschaft pursuant to a bridge facility agreement dated 1 December 2005 (the "Bridge Facility Agreement") for the purpose of making payments to certain German small and medium sized companies (the "Companies") under certain participation right agreements (the "Participation Right Agreements" or the "Portfolio") against the receipt of certain participation rights ( Genussrechte, the "Participation Rights"). The Issuer, its limited partner, its general partner and J.P. Morgan Corporate Trustee Services Limited (the "Trustee") have entered into a trust agreement on 1 December 2005 (the "Trust Agreement") pursuant to which the Issuer has granted to the Trustee for the benefit of the Noteholders and the other secured creditors of the Issuer a security interest in the rights and claims of the Issuer arising under the Participation Right Agreements and under certain of the transaction documents to which it is a party as well as the accounts of the Issuer. See "TRUST AGREEMENT". Application has been made to the Irish Financial Services Regulatory Authority (the "IFSRA"), as competent authority under Directive 2003/71/EC, for the Prospectus to be approved. Application has been made to the Irish Stock Exchange for the Notes to be admitted to the Official List and trading on its regulated market.

Lead Manager

COMMERZBANK Co-Manager

FORTIS BANK Arranger

COMMERZBANK

The date of this Prospectus is 20 April 2006. Given the complexity of the Terms and Conditions of the Notes and the Transaction Documents, and the risks associated therewith, an investment in the Notes is suitable only for experienced investors who understand and are in a position to evaluate such complexities and risks. For a discussion of certain significant factors affecting investments in the Notes, see "RISK FACTORS". For the reference to the definitions of capitalised words and phrases appearing herein, see "INDEX OF DEFINED TERMS".

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Responsibility for the contents of this Prospectus. The Issuer accepts responsibility for the information contained in this Prospectus with the exception of the information set out below in respect of which responsibility is assumed by other parties. The Trustee accepts responsibility for the information contained in the section entitled "The Trustee", the Cash Administrator and the Account Bank accept responsibility for the information contained in the section entitled "The Cash Administrator and the Account Bank", the Swap Counterparty accepts responsibility for the information contained in the section entitled "The Swap Counterparty", the Recovery Advisor accepts responsibility for the information contained in the section entitled "The Recovery Advisor", the Financial Advisor accepts responsibility for the information contained in the section entitled "The Financial Advisor", the Transaction Monitor accepts responsibility for the information contained in the section entitled "The Transaction Monitor", the Tax Liquidity Facility Provider accepts responsibility for the information contained in the section entitled "The Tax Liquidity Facility Provider and each of the Companies accepts responsibility for the information contained in the relevant company description set out in the section entitled "The Companies". To the best of the knowledge and belief of the Issuer, the information contained in this Prospectus for which it accepts responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. To the best of the knowledge and belief of the Trustee, the information contained in this Prospectus in the section entitled "The Trustee" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Cash Administrator and the Account Bank, the information contained in this Prospectus in the section entitled "The Cash Administrator and the Account Bank" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Swap Counterparty, the information contained in this Prospectus in the section entitled "The Swap Counterparty" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Recovery Advisor, the information contained in this Prospectus in the section entitled "The Recovery Advisor" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Financial Advisor, the information contained in this Prospectus in the section entitled "The Financial Advisor" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Transaction Monitor, the information contained in this Prospectus in the section entitled "The Transaction Monitor" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of the Tax Liquidity Facility Provider, the information contained in this Prospectus in the section entitled "The Tax Liquidity Facility Provider" is in accordance with the facts and does not omit anything likely to effect the import of such information. To the best of the knowledge and belief of each of the Companies, the information contained in this Prospectus in the section entitled "The Companies" is, to the extent that the relevant Company's description is concerned, in accordance with the facts and does not omit anything likely to effect the import of such information.

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Where information has been sourced from the Trustee, the Cash Administrator, the Account Bank, the Swap Counterparty, the Recovery Advisor, the Financial Advisor, the Transaction Monitor, the Tax Liquidity Facility Provider and any of the Companies, such information has been accurately reproduced and, as far as the Issuer is aware and is able to ascertain from such information provided by the Trustee, the Cash Administrator, the Account Bank, the Swap Counterparty, the Recovery Advisor, the Financial Advisor, the Transaction Monitor the Tax Liquidity Facility Provider and any of the Companies (as applicable), no facts have been omitted which would render the reproduced information inaccurate or misleading. THE NOTES REPRESENT OBLIGATIONS OF THE ISSUER ONLY, AND DO NOT REPRESENT OBLIGATIONS OF THE TRUSTEE, THE LEAD MANAGER AND ARRANGER, THE COMANAGER, THE CASH ADMINISTRATOR, THE ACCOUNT BANK, THE PAYING AGENTS, THE INVESTMENT BOARD, THE FINANCIAL ADVISOR, THE RECOVERY ADVISOR, THE TRANSACTION MONITOR, THE SWAP COUNTERPARTY OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY AFFILIATE OF THE ISSUER OR ANY OTHER THIRD PERSON OR ENTITY. THE NOTES WILL NOT BE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY THE TRUSTEE, THE LEAD MANAGER AND THE ARRANGER, THE CO-MANAGER, THE CASH ADMINISTRATOR, THE ACCOUNT BANK, THE PRINCIPAL PAYING AGENT, THE INVESTMENT BOARD, THE FINANCIAL ADVISOR, THE RECOVERY ADVISOR, THE TRANSACTION MONITOR, THE SWAP COUNTERPARTY OR ANY OF THEIR RESPECTIVE AFFILIATES OR ANY AFFILIATE OF THE ISSUER OR BY ANY OTHER PERSON OR ENTITY EXCEPT AS DESCRIBED HEREIN. The Notes will be governed by the laws of the Federal Republic of Germany ("Germany"). Each Class of the Notes will be initially represented by a temporary global note in bearer form (each, a "Temporary Global Note") without interest coupons attached. The Temporary Global Note will be exchangeable, as described herein for a permanent global note in bearer form (each, a "Permanent Global Note", and together with the Temporary Global Notes, the "Global Notes" and each a "Global Note") without interest coupons attached. The Temporary Global Notes will be exchangeable not earlier than 40 days and not later than 180 days after the Issue Date, upon certification of non-U.S. beneficial ownership, for interests in the Permanent Global Notes. The Notes will be deposited with JPMorgan Chase Bank, N.A. (London Branch), as common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear Systems and Clearstream Banking, société anonyme. The Notes represented by Global Notes may be transferred in book-entry form only. The Notes will be issued in denominations of EUR 100,000. The Global Notes will not be exchangeable for definitive securities. See "TERMS AND CONDITIONS OF THE NOTES – Denomination and Form". In this Prospectus, references to "euro", "€" or "EUR" are to the single currency which was introduced in Germany as of 1st January 1999. THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") AND INCLUDE NOTES IN BEARER FORM THAT ARE SUBJECT TO U.S. TAX LAW REQUIREMENTS. SUBJECT TO CERTAIN EXCEPTIONS, THE NOTES MAY NOT BE OFFERED, SOLD OR DELIVERED, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S OF THE SECURITIES ACT). The Jersey Financial Services Commission (the "Commission") has given and has not withdrawn its consent under Article 10 of the Control of Borrowing (Jersey) Order 1958 to the creation by the Issuer of the limited partnership interests in the Issuer. The Commission is protected by the Control of Borrowing (Jersey) Law 1947, as amended, against liability arising from the discharge of its functions under that Law. Nothing in this Prospectus or anything communicated to holders of, or investors in, the Notes (or any such potential holders or investors) is intended to constitute, or should be construed as, advice on the merits of the purchase of, or subscription for, the Notes or the exercise of any rights attached thereto

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for the purposes of the Financial Services (Jersey) Law 1998, as amended. An investment in the Notes is only suitable for financially sophisticated investors who are capable of evaluating the merits and risks of such investment and who have sufficient resources to be able to bear any losses which may result from such investment. If you are in any doubt about the contents of this document, you should consult your stockbroker, bank manager, solicitor, accountant or other financial advisor. It should be remembered that the price of securities and the income from them can go down as well as up. See "RISK FACTORS". The investments described in this Prospectus do not constitute a collective investment fund for the purpose of the Collective Investment Funds (Jersey) Law 1988, as amended, on the basis that they are investment products designed for financially sophisticated investors with specialist knowledge of, and experience of investing in, such investments, who are capable of fully evaluating the risks involved in making such investments and who have an asset base sufficiently substantial as to enable them to sustain any loss that they might suffer as a result of making such investments. These investments are not regarded by the Commission as suitable investments for any other type of investor. No person has been authorised to give any information or to make any representation other than as contained in this Prospectus and, in connection with the issue and sale of the Notes, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Trustee, the Lead Manager or the Arranger. Neither the delivery of this Prospectus nor any offering, sale or delivery of any Notes shall, under any circumstances, create any implication (i) that the information in this Prospectus is correct as of any time subsequent to the date hereof or, as the case may be, subsequent to the date on which this Prospectus has been most recently amended or supplemented, or (ii) that there has been no adverse change in the financial situation of the Issuer since the date of this Prospectus or, as the case may be, the date on which this Prospectus has been most recently amended or supplemented, or the date of the most recent financial information which is contained in this Prospectus by reference or (iii) that any other information supplied in connection with the issue of the Notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. No action has been taken by the Issuer other than as set out in this Prospectus that would permit a public offering of the Notes, or possession or distribution of this Prospectus or any other offering material in any country or jurisdiction where action for that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Prospectus (nor any part thereof) nor any Prospectus, prospectus, form of application, advertisement or other offering materials may be issued, distributed or published in any country or jurisdiction except in compliance with applicable laws, orders, rules and regulations, and the Issuer has represented that all offers and sales by it have been made on such terms. This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities to which it relates or an offer to sell or the solicitation of an offer to buy any of the securities offered hereby in any circumstances in which such offer or solicitation is unlawful. The distribution of this Prospectus (or of any part thereof) and the offering and sale of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus (or any part thereof) comes are required by the Issuer to inform themselves about and to observe any such restrictions. This Prospectus does not constitute, and may not be used for, or in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. For a further description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) see "SUBSCRIPTION AND SALE". In connection with the issue of the Notes, the Lead Manager (or persons acting on its behalf) may overallot or effect transactions with a view to supporting the price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the Lead Manager (or persons acting on its behalf) will undertake stabilisation action. Any stabilisation

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action may begin at any time after the adequate public disclosure of the final terms of the offer of the Notes and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date and 60 days after the date of the allotment of the Notes.

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TABLE OF CONTENTS SECTION

PAGE

TRANSACTION STRUCTURE.........................................................................................................8 OUTLINE OF THE TRANSACTION ................................................................................................9 RISK FACTORS ..............................................................................................................................29 TERMS AND CONDITIONS OF THE NOTES ...............................................................................42 TRUST AGREEMENT ....................................................................................................................59 PARTICIPATION RIGHT AGREEMENTS.....................................................................................74 TAX LIQUIDITY FACILITY AGREEMENT................................................................................ 121 CERTAIN OTHER TRANSACTION AGREEMENTS .................................................................. 136 1. Financial Advisory Agreement................................................................................................... 136 2. Recovery Advisory Agreement .................................................................................................. 139 3. Transaction Monitoring Agreement............................................................................................ 143 4. Investment Advisory Agreement ................................................................................................ 147 5. Tax Reimbursement Agreement ................................................................................................. 151 6. Cash Administration Agreement ................................................................................................ 152 7. Hedging Arrangements .............................................................................................................. 159 THE COMPANIES ........................................................................................................................ 161 THE ISSUER ................................................................................................................................. 189 THE GENERAL PARTNER .......................................................................................................... 192 THE TRUSTEE.............................................................................................................................. 194 THE CASH ADMINISTRATOR AND THE ACCOUNT BANK ................................................... 195 THE SWAP COUNTERPARTY .................................................................................................... 196 THE RECOVERY ADVISOR ........................................................................................................ 197 THE FINANCIAL ADVISOR ........................................................................................................ 198 THE TRANSACTION MONITOR................................................................................................. 199 THE TAX LIQUIDITY FACILITY PROVIDER............................................................................ 200 RATINGS ...................................................................................................................................... 201 TAXATION ................................................................................................................................... 202 SUBSCRIPTION AND SALE ........................................................................................................ 210 USE OF PROCEEDS ..................................................................................................................... 215 GENERAL INFORMATION ......................................................................................................... 216 INDEX OF DEFINED TERMS ...................................................................................................... 218

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TRANSACTION STRUCTURE

Diagrammatic Overview of Parties and Transaction (as of the close of business on the Issue Date) The following diagrammatic overview of the parties and the transaction structure appears for convenience only. It is necessarily incomplete and is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Prospectus. Investors may therefore not solely rely on the following diagrammatic overview and are urged to carefully review the entire Prospectus.

Jersey Charitable Trust

Jersey Charitable Trust

100%

100%

CB Mezz CAP Limited (General Partner)

CB MezzCAP VerwaltungsGesellschaft mbH (Limited Partner) 99.9999%

Company 1

Investment Board

Company 2

Class A Notes Class B Notes

Tax contributions

Company 3

Participation Rights

Company 4

Funding Payments

Company 5

Trustee

0.0001%

Interest + Principal

Class C Notes

Interest + Principal

Class D Notes

(Issuer)

Interest + Principal

Company 6

Issue proceeds

CB MezzCAP Limited Partnership

Class E Notes Fixed

Liquidity

Floating

(Cash Collateralised subject to Rating Trigger )

Company ...

Liquidity Facility Provider

Swap Counterparty

Cash Administrator

Financial Advisor

Class F Notes

Transaction Monitor

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Recovery Advisor

Disposal Advisor

OUTLINE OF THE TRANSACTION The following outline of the transaction appears for convenience only. It is necessarily incomplete and is qualified in its entirety by reference to the more detailed information appearing elsewhere in this Prospectus. Investors may therefore not solely rely on the following outline of the transaction and are urged to carefully review the entire Prospectus. 1. Parties Issuer

CB MezzCAP Limited Partnership, a limited partnership organised under the laws of Jersey with registration number LP 688 and having its registered office at 26 New Street, St. Helier, Jersey, Channel Islands.

Limited Partner

The sole limited partner of the Issuer is CB MezzCAP Verwaltungsgesellschaft mbH, a limited liability company organised under the laws of Germany with registration number HRB 75531 and having its registered office at Neue Mainzer Straße 75, 60311 Frankfurt am Main.

General Partner

The sole general partner of the Issuer is CB MezzCAP Limited, a limited liability company organised under the laws of Jersey with registration number 90779 and having its registered office at 26 New Street, St. Helier, Jersey, Channel Islands.

Companies

35 corporations and partnerships which are organised under German law and have granted the Participation Rights to the Issuer in the period from December 2005 to February 2006.

Investment Board

The initial members of the Investment Board are Stephanie Gaubatz, James Fairrie and Cord Rodewald.

Financial Advisor

CBG Commerz Beteiligungsgesellschaft Holding mbH, Frankfurt am Main

Recovery Advisor

Ernst & Young AG Wirtschaftsprüfungsgesellschaft, Frankfurt am Main

Disposal Advisor

Ernst & Young Corporate Finance Beratung GmbH, München

Transaction Monitor

Commerzbank Aktiengesellschaft, London Branch

Liquidity Facility Provider

Commerzbank Aktiengesellschaft

Trustee

J.P. Morgan Corporate Trustee Services Limited, London

Swap Counterparty

AIG Financial Products Corp.

Cash Administrator

JPMorgan Chase Bank, N.A. (London Branch)

Account Bank

JPMorgan Chase Bank, N.A. (London Branch)

Principal Paying Agent

JPMorgan Chase Bank, N.A. (London Branch)

Corporate Administrator

Bedell Trust Company Limited, Jersey

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Irish Listing Agent and Irish J.P. Morgan Bank (Ireland) Plc Paying Agent Arranger

Commerzbank Aktiengesellschaft, London Branch

Lead Manager

Commerzbank Aktiengesellschaft, London Branch

Co-Manager

Fortis Bank nv-sa.

2. Notes Issue

EUR 137,800,000 Class A Notes EUR 20,000,000 Class B Notes EUR 10,500,000 Class C Notes EUR 14,500,000 Class D Notes EUR 7,700,000 Class E Notes EUR 9,000,000 Class F Notes

Issue Price

Class A: 100 per cent. Class B: 100 per cent. Class C: 100 per cent. Class D: 100 per cent. Class E: 100 per cent. Class F: 100 per cent.

Denomination

The Notes will be issued in denominations of EUR 100,000.

Status

The Notes constitute direct and unsubordinated obligations of the Issuer ranking pari passu amongst themselves and at least pari passu with all current and future obligations of the Issuer (subject to the Priority of Payments). The Notes are unsecured (provided that the Noteholders will benefit from certain security interests granted by the Issuer to the Trustee) and constitute limited recourse obligations of the Issuer.

Form and Clearing

The Notes will initially be represented by the Temporary Global Notes which will be exchangeable for the Permanent Global Notes as described in the terms and conditions of the Notes. Definitive notes and coupons will not be issued. The Global Notes will be kept in custody by JPMorgan Chase Bank, N.A. (London Branch) as common depositary for Euroclear Bank S.A./N.V., as operator of the Euroclear Systems and Clearstream Banking, société anonyme.

Interest

Class A: Class B: Class C: Class D: Class E: Class F:

EURIBOR + 0.28% p.a. EURIBOR + 0.50% p.a. EURIBOR + 0.70% p.a. EURIBOR + 1.75% p.a. EURIBOR + 3.90% p.a. 17% p.a.

Interest will be payable quarterly in arrear on each Payment Date.

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Payment Dates

Each 25th of January, April, July and October of each year, beginning in July 2006, or if any such day is not a Business Day, the next succeeding day which is a Business Day unless the payment would thereby fall into the next calendar month, in which case the payment shall be made on the immediately preceding Business Day.

Determination Dates

The first Business Day preceding 15 January, 15 April, 15 July and 15 October of each year, beginning in July 2006. On each Determination Date, the Cash Administrator shall establish, based upon the funds credited to the Issuer Accounts as of such Determination Date, the amounts to be paid under the Priority of Payments on the next following Payment Date.

Scheduled Maturity Date

On 25 January 2013 (subject to adjustment for non-Business Days and unless previously redeemed), the Notes shall be redeemed in full at their Note Principal Amount plus accrued interest. In the event of insufficient funds pursuant to the Priority of Payments, certain Notes will remain outstanding thereafter and will amortise according to the Priority of Payments on the subsequent Payment Dates until the Legal Maturity Date. No event of default shall occur under the Notes as a consequence of such deferral of redemption. See "TERMS AND CONDITIONS OF THE NOTES – Scheduled Maturity Date". Two Participation Rights in the aggregate initial nominal amount of EUR 11,500,000 are scheduled to mature on 20 February 2013. The amortisation of the Class F Notes and partially of the Class E Notes is therefore expected to be deferred accordingly to the next following Payment Date.

Legal Maturity Date

On 25 October 2036 (subject to adjustment for non-Business Days and unless previously redeemed), the Notes shall be redeemed in full at their Note Principal Amount plus accrued interest. See "TERMS AND CONDITIONS OF THE NOTES – Legal Maturity Date".

Early Redemption

If the Transaction Monitor notifies a debit balance of the Principal Deficiency Ledger (as defined below) to the Issuer on or prior to a Determination Date, the Class A, Class B, Class C, Class D and Class E Notes (in that order) shall be redeemed on the next following Payment Date in a total amount equal to the lesser of the amount necessary to reduce the Principal Deficiency Ledger to zero and the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D and Class E Notes (see Section 7.3 of the Terms and Conditions). "Principal Deficiency Ledger" means a ledger account maintained by or on behalf of the Issuer, in which shall be debited each Principal Deficiency Amount and credited (i) the amount of each early redemption payment pursuant to Section 7.3(a) of the Terms and Conditions and (ii) each Principal Deficiency Reversal Amount. "Principal Deficiency Amount" means each amount notified as a

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"principal deficiency amount" by the Transaction Monitor to the Issuer, such amounts notified by the Transaction Monitor as being equal to (i) the nominal amount of each Participation Right the related Participation Right Agreement of which has been terminated (a "Principal Deficiency Event") or (ii) the nominal amount of each Participation Right Type A in respect of which a remuneration amount has accrued but the related payment claim of the Issuer has not come into existence under the related Participation Right Agreement Type A due to the lack of sufficient free assets of the relevant Company. "Principal Deficiency Reversal Amount" means the nominal amount of each Participation Right Type A notified by the Transaction Monitor to the Issuer in respect of which (aa) a Principal Deficiency Amount pursuant to Section 7.3(c) first para. (ii) of the Terms and Conditions had previously been debited to the Principal Deficiency Ledger and (bb) all payment claims in respect of remuneration which had previously not come into existence due to the lack of free assets of the relevant Company have at the time of such notice come into existence pursuant to the terms of the related Participation Right Agreement Type A. See "TERMS AND CONDITIONS OF THE NOTES – Early Redemption". Priority of Payments

On each Payment Date, all available Issuer Receipts as determined on the immediately preceding Determination Date will be distributed towards the discharge of the due and payable claims of the Noteholders and the other creditors of the Issuer in the following order of priority (the "Priority of Payments"): (1) to pay pari passu with each other on a pro rata basis any obligation of the Issuer in respect of Maintenance Expenses; (2) to pay pari passu with each other on a pro rata basis all Agent Fees, provided that total amount paid under this paragraph (2) on any Payment Date shall not exceed the Agent Fees Cap Amount; (3) to pay pari passu with each other on a pro rata basis all Administrative Expenses, provided that total amount paid under this paragraph (3) on any Payment Date shall not exceed the Administrative Expenses Cap Amount; (4) to pay to the Liquidity Facility Provider any interest, principal, commitment fee and other due amounts pursuant to the Tax Liquidity Facility Agreement; (5) to pay to the Swap Counterparty any payment under the Hedging Agreement other than termination payments arising by virtue of the Swap Counterparty being (aa) the Defaulting Party (as defined in the Hedging Agreement) or (bb) the sole Affected Party (as defined in the Hedging Agreement) under an Additional Termination Event (as defined in the Hedging Agreement) set out in Part 5(h)(v) (Consequences of Rating Events) of the Schedule to the Hedging Agreement; (6) to pay pari passu with each other on a pro rata basis all Service Provider Fees, provided that total amount paid under this paragraph (6) on any Payment Date shall not exceed the

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Service Provider Cap Amount; (7) to pay any claims of the Companies arising pursuant to the terms of the Participation Rights Type A due to the netting of the yearly remuneration claim of the Issuer and the advance payments received in respect thereto by the Issuer; (8) to pay due and payable Class A Notes Interest; (9) to repay the principal of the Class A Notes until all Class A Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amount paid under this paragraph (9) shall not exceed the Principal Available as of the relevant Determination Date; (10) to pay due and payable Class B Notes Interest; (11) to repay the principal of the Class B Notes until all Class B Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (11) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraph (9) above; (12) to pay due and payable Class C Notes Interest; (13) to repay the principal of the Class C Notes until all Class C Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (13) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9) and (11) above; (14) to pay due and payable Class D Notes Interest; (15) to repay the principal of the Class D Notes until all Class D Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (15) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11) and (13) above; (16) to pay due and payable Class E Notes Interest; (17) to repay the principal of the Class E Notes until all Class E Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (17) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11), (13) and (15) above; (18) on any Payment Date on which the Principal Deficiency Ledger shows a debit balance, to pay to the holders of the Class A Notes until all Class A Notes have been redeemed in full, then of the Class B Notes until all Class B Notes have been redeemed in full, then of the Class C Notes until all Class C Notes have been redeemed in full, then of the Class D Notes until all Class D Notes have been redeemed in full and then of the Class E Notes as early redemption on the Class A, Class B, Class C, Class D and Class E Notes (and in that order) an aggregate amount equal to the lesser of the amount necessary to reduce the Principal Deficiency Ledger to zero and the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D and Class E Notes; (19) to pay to the Swap Counterparty termination payments under the Hedging Agreements arising by virtue of the Swap

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Counterparty being (aa) the Defaulting Party (as defined in the Hedging Agreement) or (bb) the sole Affected Party (as defined in the Hedging Agreement) under an Additional Termination Event (as defined in the Hedging Agreement) set out in Part 5(h)(v) (Consequences of Rating Events) of the Schedule to the Hedging Agreement; (20) to pay to the Reserve Account the funds necessary to provide or maintain, together with the funds standing to the credit of the Reserve Account, the respective Reserve Account Required Amount relating to such Payment Date; (21) to pay pari passu with each other on a pro rata basis all Agent Fees exceeding the Agent Fees Cap Amount; (22) to pay pari passu with each other on a pro rata basis all Administrative Expenses exceeding the Administrative Expenses Cap Amount; (23) to pay due and payable Class F Notes Interest; (24) to repay the principal of the Class F Notes until all Class F Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (24) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11), (13), (15) and (17) above; (25) to pay pari passu with each other on a pro rata basis the Transaction Management Performance Fee (arising under the Financial Advisory Agreement) to the Financial Advisor and the Monitoring Performance Fee (arising under the Transaction Monitoring Agreement) to the Transaction Monitor; (26) to pay pari passu with each other on a pro rata basis all Service Provider Fees exceeding the Service Provider Cap Amount; (27) to the extent not covered in (1) through (26) above, to pay all other due and payable obligations of the Issuer (other than pursuant to paragraphs (28) and (29) below), including indemnifications and replacement costs payable by the Issuer to third parties; (28) of any remaining amount, to distribute 99.9% thereof as a "Junior Performance Premium" first (i) to the holders of the Class F Notes, however not exceeding 3% of the Note Principal Amount of the Class F Notes outstanding on the Issue Date in respect of the first Payment Date, and on the immediately preceding Payment Date in respect of any subsequent Payment Date, in each case after the full discharge of any principal repayments of such Notes, and second (ii) any remainder amount pari passu with each other on a pro rata basis to the Financial Advisor and the Transaction Monitor; (29) to pay out any remainder amount to the General Partner and to the Limited Partner of the Issuer in accordance with the Issuer's partnership agreement. The Issuer shall make payments only on the Payment Dates in accordance with the Priority of Payments, provided, however, that payments may be made on 25 April 2006 and irrespective of the Priority of Payments in respect of the payment of outstanding interest amounts under the Bridge Facility, provided that the aggregate amount of such payments shall not exceed

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EUR 4,000,000. "Administrative Expenses" means fees, costs and expenses of, and any other amounts due by the Issuer to, the directors of the General Partner, the Rating Agencies, the stock exchange, the auditors and legal counsel of the Issuer, the Limited Partner pursuant to the Tax Reimbursement Agreement, the Corporate Administrator pursuant to the Corporate Services Agreement as well as annual payments of EUR 1,000 to the General Partner and EUR 5,000 to the Limited Partner. "Administrative Expenses Cap Amount" means EUR 30,000 with respect to each Payment Date. "Agent Fees" means the fees, costs and expenses of, and any other amounts due by the Issuer to, the Cash Administrator and the Account Bank pursuant to the Cash Administration Agreement and the Paying Agents pursuant to the Agency Agreement. "Agent Fees Cap Amount" means EUR 10,000 with respect to each Payment Date. "Determination Date" means the first Business Day preceding 15 January, 15 April, 15 July and 15 October of each year, beginning in July 2006. "Issuer Receipts" means on any date, all amounts credited to the Issuer Accounts on such date on account of receipts and collections of the Issuer, including Interest Available and Principal Available, and all other amounts received by the Issuer pursuant to the Transaction Agreements and credited to the Issuer Accounts (other than an amount equal to the aggregate Swap Collateral). "Interest Available" means the sum of (i) the receipts under the Participation Right Agreements other than principal repayments, (ii) the balance of the Reserve Account and proceeds from permitted investments made by the Cash Administrator pursuant to the terms of the Cash Administration Agreement, (iii) the liquidity advances provided under the Tax Liquidity Facility Agreement, (iv) any amount paid (other than collateral) by the Swap Counterparty to the Issuer under the Hedging Agreement and (v) any interest portion of Recoveries Available. "Maintenance Expenses" means (i) the Issuer's and the General Partner's tax liabilities (if any) and (ii) the fees, costs and expenses of and any other amounts due to the Trustee under or in relation to the Trust Agreement (other than the Trustee Claim as such). "Monitoring Performance Fee" means (i) 0.25% per annum plus (ii) a premium of 0.05% per annum if and as long as there are not more than 4 Companies having received a credit appraisal of the category of "Ba2.edf" or below from Moody's KMV or an equivalent credit appraisal from another credit appraisal agency, each such amounts to be calculated in respect of each Payment Date on the basis of the principal amount of all Notes outstanding on the

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immediately preceding Payment Date. "Participation Rights Type A" means the Participation Rights granted to the Issuer pursuant to the Participation Right Agreements entitled "Genussrechtsvereinbarung Variante A HGB-Eigenkapitalinstrument". "Principal Available" means on any date, all amounts credited to the Issuer Accounts on such date on account of the principal amounts received by the Issuer from the Companies as repayment of Participation Rights and of any principal portion of Recoveries Available, however excluding any payments in respect of Participation Rights in respect of which a Principal Deficiency Event has occurred. "Reserve Account Required Amount" means (i) EUR 0 in relation to the initial Payment Date, (ii) in relation to each subsequent Payment Date prior to the Scheduled Maturity Date, the sum of (A) the funds standing to the credit of the Reserve Account on the immediately preceding Payment Date following any payments pursuant to Section 2.3 paragraph (20) of the Terms and Conditions and (B) EUR 500,000, provided that such sum shall under no circumstance exceed EUR 4 million, and (iii) EUR 0 in relation to the Scheduled Maturity Date and any subsequent Payment Date. "Recoveries Available" means the net proceeds realised by the Issuer on the disposal of Participation Right Agreements by way of an assumption of contract of a third party or an assignment of claims arising thereunder. "Service Provider Cap Amount" means EUR 200,000 with respect to each Payment Date. "Service Provider Fees" means the fees, costs and expenses of, and any other amounts due to, the Financial Advisor pursuant to the Financial Advisory Agreement (excluding the Transaction Management Performance Fee), the Transaction Monitor pursuant to the Transaction Monitoring Agreement (excluding the Monitoring Performance Fee), the Recovery Advisor and the Disposal Advisor pursuant to the Recovery Advisory Agreement and the members of the Investment Board pursuant to the Investment Advisory Agreement. "Swap Collateral" means any collateral transferred by the Swap Counterparty to the Issuer pursuant to the Hedging Agreement and any interest or distributions in respect thereof. "Transaction Management Performance Fee" means (i) 0.25% per annum plus (ii) a premium of 0.05% per annum if and as long as there are not more than 4 Companies having received a credit appraisal of the category of "Ba2.edf" or below from Moody's KMV or an equivalent credit appraisal from another credit appraisal agency, each such amounts to be calculated in respect of each Payment Date on the basis of the principal amount of all Notes

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outstanding on the immediately preceding Payment Date. The aggregate fees of the Trustee, the Cash Administrator, the Account Bank, the Paying Agents, the Financial Advisor, the Transaction Monitor and the Investment Board (to the extent ranking senior to the Notes) will amount to not more than 0.50% per annum, calculated in respect of each Payment Date on the basis of the principal amount of all Notes outstanding on the immediately preceding Payment Date. Events of Default

Any of the following events will constitute an Event of Default which will, if continuing, entitle each Noteholder to accelerate all the Notes held by it and demand immediate repayment, upon which the Issuer will redeem all of the Notes: (i)

certain insolvency-related events with respect to the Issuer or its liquidation;

(ii) payment default of the Issuer continuing for a period of 5 Business Days or longer; (iii) invalidity of Trustee Collateral in whole or in part. For the avoidance of doubt, no Issuer Event of Default shall occur with respect to any accrued claims which do not become due, and payment is deferred accordingly, by operation of Section 2.4 of the Terms and Conditions of the Notes (Limited Recourse). On or after the Legal Maturity Date, any payment obligations under the Notes shall be determined for the purposes of (ii) above as if Section 2.4 (Limited Recourse) would not apply. See "TERMS AND CONDITIONS OF THE NOTES – Early Redemption for Default". Taxation; no Gross-up

Payments in respect of the Notes will only be made after withholding or deduction for or on account of any present or future taxes, duties or governmental charges which are imposed, levied or collected under any applicable system of law. The Issuer shall be under no obligation to pay any additional amounts as compensation for any such withholdings or deductions, and such withholdings or deductions shall not constitute an Issuer Event of Default. For a discussion of certain Jersey and German tax consequences of purchasing, owning and disposing of the Notes, see "TAXATION".

Governing Law

The Notes will be governed by the laws of the Federal Republic of Germany.

Trustee Collateral

Pursuant to the Trust Agreement, the Issuer has granted a security interest in respect of its claims under the Participation Right Agreements and under certain of the other Transaction Agreements to which it is a party to the Trustee for the benefit of the Noteholders and certain other secured creditors of the Issuer.

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See "TRUST AGREEMENT". Pursuant to the English Security Deed, the Issuer has granted a security interest in respect of the Transaction Account and the Reserve Account (and any other accounts which may replace such accounts from time to time in accordance with the Cash Administration Agreement), and pursuant to the Jersey Security Agreement, the Issuer has granted a security interest in respect of its claims under the Corporate Services Agreement, in each case to the Trustee for the benefit of the Noteholders and certain other secured creditors of the Issuer. Subscription

The Managers will, subject to certain conditions, subscribe for the Notes and will offer the Notes, subject to certain exceptions, only outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act pursuant to the terms and conditions of the Subscription Agreement. The Notes will not be registered under the Securities Act. See "SUBSCRIPTION AND SALE".

Use of Proceeds

The Issuer will apply the net proceeds from the issue of the Notes to redeem the Bridge Facility pursuant to which the Issuer has received certain term loans in order to finance the investment in the portfolio of Participation Rights.

3. Rating

It is expected that on the Issue Date, the Class A Notes will be assigned ratings of "Aaa" by Moody's and "AAA" by S&P, the Class B Notes will be assigned ratings of "Aa2" by Moody's and "AA" by S&P, the Class C Notes will be assigned ratings of "A2" by Moody's and "A" by S&P, the Class D Notes will be assigned ratings of "Baa2" by Moody's and "BBB" by S&P and the Class E Notes will be assigned ratings of "Ba1" by Moody's and "BB" by S&P. The Class F Notes will not be rated. A rating is not a recommendation to buy, hold or sell securities, and may be subject to revision, suspension or withdrawal at any time by the rating agency.

4. Main Transaction Agreements Trust Agreement

Pursuant to the Trust Agreement entered into between the Issuer, the Limited Partner, the General Partner and the Trustee on 1 December 2005 (as amended and restated on 11 April 2006), the Issuer has granted certain collateral as security for its obligations under the Notes and towards the other secured creditors of the Issuer to the Trustee, acting in a fiduciary capacity for the Noteholders and the other secured creditors of the Issuer. The Trustee will hold, and subject to certain circumstances, realise the Trustee Collateral and perform certain other functions as a trustee for the benefit of the Noteholders and the other creditors of the Issuer under the Transaction Documents. See "THE TRUST AGREEMENT".

Financial Advisory Agreement

Pursuant to the Financial Advisory Agreement entered into between the Issuer and the Financial Advisor on 26 October 2005 (as

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amended and restated on 11 April 2006), the Financial Advisor has provided to the Issuer (with a copy to the Investment Board) a selection of such companies which it considered suitable to form part of the portfolio of Participation Rights exclusively based on Moody's KMV industry classification and a rating classification on the basis of Moody's KMV credit assessment as well as a rating by Commerzbank Aktiengesellschaft. The Financial Advisor will provide information and make proposals to the Issuer (with a copy to the Investment Board), based upon the advice of the Recovery Advisor, in relation to the termination of any Participation Right Agreements and the disposal of Participation Rights. The Financial Advisor will monitor the performance of the Recovery Advisor as well as the performance of the Portfolio and the Companies. It will inform certain transaction parties of any trigger breaches under the Participation Right Agreements; in this case, it will furthermore provide information and make proposals to the Issuer (with a copy to the Investment Board) in relation to the exercise or non-exercise of the Issuer's additional information rights under the Participation Right Agreements, and if the Issuer exercises any of its additional information rights under the Participation Right Agreements such as the activation of the Recovery Advisor, it will advise the Issuer in relation thereto. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Financial Advisory Agreement". Recovery Advisory Agreement

Pursuant to the Recovery Advisory Agreement entered into between the Issuer and the Recovery Advisor on 1 December 2005 (as amended and restated on 11 April 2006), the Recovery Advisor will upon instruction of the Issuer in case of certain trigger events under the Participation Right Agreements carry out an analysis of the economic condition of the relevant Companies, prepare a written evaluation of potential courses of action and prepare a recommendation to the Issuer on the preferred course of action. In the case of a decision of the Issuer to dispose of Participation Rights, the Disposal Advisor will advise in respect of and organise the disposal process. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Recovery Advisory Agreement".

Transaction Monitoring Agreement

Pursuant to the Transaction Monitoring Agreement entered into between the Issuer and the Transaction Monitor on 1 December 2005 (as amended and restated on 11 April 2006), the Transaction Monitor will monitor the performance of the Portfolio and of the parties to the Transaction. The Transaction Monitor will also perform and implement the annual calculation of default probabilities for Moody's KMV RiskCalc, carry out transaction reporting as provided for in the Transaction Documents, give instructions to the Cash Administrator to invest amounts credited to the accounts of the Issuer (other than an amount equal to the aggregate Swap Collateral) in specified Permitted Investments (as defined in the Cash Administration Agreement) or to dispose of specified Permitted Investments and render certain other services to the Issuer. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Transaction Monitoring Agreement".

Investment Advisory Agreement

Pursuant to the Investment Advisory Agreement entered into between the Issuer and the members of the Investment Board on

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26 October 2005 (as amended and restated on 11 April 2006), the Investment Board has made proposals to the board of directors of the Issuer with respect to the selection of the Companies and will make proposals regarding the exercise of certain rights under the Participation Right Agreements and the potential disposal of Participation Rights. The Investment Advisory Agreement will contain procedural rules for the Investment Board and will govern the substitution of its members. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Investment Advisory Agreement". Cash Administration Agreement

Pursuant to the Cash Administration Agreement entered into between the Issuer, the Cash Administrator and the Account Bank on 1 December 2005 (as amended and restated on 11 April 2006), the Cash Administrator will, among other things, record the payments of the Companies under the Participation Right Agreements, manage the payments of the Issuer and make cash investments upon the instruction of the Transaction Monitor. Funds standing to the credit of the accounts of the Issuer (other than an amount equal to the aggregate Swap Collateral) will be invested by the Cash Administrator upon instruction of the Transaction Monitor in specified Permitted Investments. "Permitted Investments" means (i)

any bank account or deposit (including, for the avoidance of doubt, time deposits) held or made with any financial institution, the short-term unsecured and unsubordinated debt obligations of which are rated at least "P-1" by Moody's and "A-1+" by S&P, and, with respect to bank accounts, the long-term unsecured and unsubordinated debt obligations of which are rated at least "A1" by Moody's and "AA-" by S&P, provided that each such bank account or deposit shall (i) have a predetermined fixed euro amount of principal due at maturity that cannot change or vary, (ii) not have an "r" suffix attached to its rating, (iii) if such bank account or deposit has a variable interest rate, have an interest rate tied to a single interest rate index plus a single fixed spread (if any) and move proportionately with that index, (iv) not be subject to liquidation prior to its maturity and (v) mature on the next following Payment Date; or

(ii) money market funds which are rated at least "Aaa" and "MR1+" by Moody's and "AAAm" by S&P and permit daily liquidation of investments; provided in each case that the relevant debtor is not required to deduct or withhold any amounts for or on account of any withholding tax or similar tax, unless such debtor is required to make "gross up" payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such debtor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding

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been required. All receipts from Permitted Investments acquired with amounts from the Transaction Account will be credited to the Transaction Account, all receipts from Permitted Investments acquired with amounts from the Reserve Account will be credited to the Reserve Account, all receipts from Permitted Investments acquired with amounts from the Collateral Account shall be paid to the Transaction Account and all receipts from Permitted Investments acquired with amounts from any other account of the Issuer shall be credited to such account. The Cash Administration Agreement will set out the duties and obligations of the Account Bank. In the event that the rating of the short-term unsecured debt obligations of the Account Bank by any of the Rating Agencies is downgraded below P-1 or A-1+, respectively, the Issuer shall within 30 calendar days following such event appoint a substitute Account Bank. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Cash Administration Agreement". Tax Liquidity Facility Agreement

Pursuant to the Tax Liquidity Facility Agreement entered into between the Issuer and the Liquidity Facility Provider on 1 December 2005 (as amended and restated on 11 April 2006), the Liquidity Facility Provider is required, subject to certain exceptions, to make advances to the Issuer in amounts requested by the Issuer in respect of the withholdings made by the Companies on account of German withholding tax on the payments to the Issuer under the Participation Right Agreements. The aggregate advances outstanding at any time shall not exceed the Commitment. "Commitment" means initially EUR 9 million, as may be reduced from time to time in accordance with the terms of the Tax Liquidity Facility Agreement. The Liquidity Facility Provider will provide security to the Issuer by depositing an amount equal to the Commitment to the Collateral Account (as defined in the Tax Liquidity Facility Agreement). The Liquidity Facility Provider shall be entitled to request the Issuer to repay such deposit (in parts or in full) if and when (i) the Liquidity Facility Provider gains or regains a certain rating required by the Rating Agencies, (ii) the Legal Maturity Date occurs, (iii) the Class A, Class B, Class C, Class D and Class E Notes are redeemed in full, (iv) the Liquidity Facility Provider is replaced in this liquidity facility by another liquidity facility provider with the required rating or (v) certain events of default specified in the Tax Liquidity Facility Agreement occur. A first ranking charge on the Collateral Account will be granted to the Trustee in order to secure the claims of the Liquidity Facility Provider to repayment of the deposit made to the Collateral Account and a second ranking charge will be granted in order to secure the Secured Obligations of the Issuer. The Issuer will pay interest to the Liquidity Facility Provider on each Payment Date, subject to the Priority of Payments. The interest rate applicable on any amounts drawn under the Tax Liquidity Facility Agreement will be the three-month EURIBOR

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plus a margin of 0.50% per annum. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Tax Liquidity Facility Agreement". Hedging Agreement

The Issuer will enter into the Hedging Agreement with the Swap Counterparty in order to reduce the potential impact of certain fixed/floating rate mismatches between payments under the Participation Right Agreements and the floating rate interest payments under the Notes. See "CERTAIN OTHER TRANSACTION AGREEMENTS – Hedging Arrangements".

Subscription Agreement

Pursuant to the Subscription Agreement entered into between the Lead Manager, the Co-Manager (together, the "Managers") and the Issuer on or before the Issue Date, the Managers will agree, subject to certain conditions, to subscribe for the Notes. The Subscription Agreement will contain certain representations and indemnities for the benefit of the Managers.

Tax Reimbursement Agreement

Pursuant to the Tax Reimbursement Agreement entered into between the Issuer and the Limited Partner on 1 December 2005 (as amended and restated on 11 April 2006), the Limited Partner will from time to time file its claims against the German tax authorities for each tax year (each such annual claim, a "Tax Refund Claim") in a timely manner and on-pay to the Issuer (i) upon receipt all amounts it receives from the German tax authorities on account of each Tax Refund Claim and (ii) all amounts, if any, equal to the difference (but only to the extent such difference arises as a result of profits realised by the Limited Partner subject to German Income Tax) between 99.9999 per cent. of each actual withholding made by the Companies on account of German Withholding Tax and the amount received by the Limited Partner from the German tax authorities on account of each corresponding Tax Refund Claim. See "CERTAIN OTHER TRANSACTION AGREEMENTS – The Tax Reimbursement Agreement".

Agency Agreement

Pursuant to the Agency Agreement entered into between the Principal Paying Agent, the Irish Paying Agent (together, the "Paying Agents") and the Issuer on or before the Issue Date, the Paying Agents will undertake to act as paying agents with respect to the Notes. In the event that the Principal Paying Agent no longer has a short-term debt rating by Moody's of at least "P-1" or a shortterm debt rating by S&P of at least "A-1+", the Issuer shall without undue delay terminate the appointment of the Principal Paying Agent by giving not less than 30 calendar days' prior notice to the Principal Paying Agent and shall, within 30 business days following such event, appoint a replacement Principal Paying Agent, which must be a bank or financial institution capable of assuming such functions and whose ratings satisfy the ratings set out above. Such termination of appointment shall only become effective if such replacement Principal Paying Agent has been appointed.

Corporate Services Agreement

Pursuant to the Corporate Services Agreement entered into between the Issuer, the General Partner and the Corporate Administrator on 19 October 2005, the Corporate Administrator will be responsible

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for the day-to-day administrative activities of the Issuer and the General Partner, including (but not limited to) providing secretarial, clerical, administrative and related services to the Issuer and the General Partner in accordance with applicable laws and regulations in Jersey. Governing Law

The Transaction Agreements (other than the English Security Deed, the Corporate Services Agreement and the Jersey Security Agreement) will be governed by German law. The English Security Deed will be governed by English law, and the Corporate Services Agreement and the Jersey Security Agreement will be governed by Jersey law.

5. Reserve Account General

On each Payment Date, any credit of the Reserve Account (determined as of the immediately preceding Determination Date) will be available for application pursuant to the Priority of Payments. On each Payment Date, the Issuer will be required to deposit the funds necessary to provide or maintain, together with the funds standing to the credit of the Reserve Account, the respective Reserve Account Required Amount relating to such Payment Date.

Reserve Account Required Amount

6. Participation Right Agreements

Reserve Account Required Amount means EUR 0 in relation to the initial Payment Date, (ii) in relation to each subsequent Payment Date prior to the Scheduled Maturity Date, the sum of (A) the funds standing to the credit of the Reserve Account on the immediately preceding Payment Date following any payments pursuant to Section 2.3 paragraph (20) of the Terms and Conditions and (B) EUR 500,000, provided that such sum shall under no circumstance exceed EUR 4 million, and (iii) EUR 0 in relation to the Scheduled Maturity Date and any subsequent Payment Date. Each Company has granted participation rights (Genussrechte) to the Issuer either in the form of participation rights which are designed to allow for the recognition as equity capital pursuant to the provisions of the German Commercial Code (Handelsgesetzbuch) (each, a "Participation Right Type A") pursuant to participation right agreements entitled "Genussrechtsvereinbarung Variante A HGB-Eigenkapitalinstrument" (the "Participation Right Agreements Type A") or in the form of participation rights which are designed to allow a special treatment as economic capital recognised as debt pursuant to the provisions of the German Commercial Code (each, a "Participation Right Type B") pursuant to participation right agreements entitled "Genussrechtsvereinbarung Variante B" (the "Participation Right Agreements Type B"), as set out in more detail in the respective Participation Right Agreements. The initial aggregate nominal amount of all Participation Rights, on the respective dates on which they were granted to the Issuer, amounted to EUR 199,500,000. See "PARTICIPATION RIGHT AGREEMENTS".

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The following sets out a description of certain material terms of the Participation Rights Type A and Type B, the full text of which appears under "PARTICIPATION RIGHT AGREEMENTS". Only the German text of the Participation Right Agreements is legally binding. The English language translation and summary is provided for convenience only. Participation Right Type A

Under each Participation Right Agreement Type A, the relevant Company is obliged to pay an annual remuneration to the Issuer equal to a certain percentage rate p.a. of the nominal amount of the Participation Right. A remuneration claim for a given financial year will arise only if and to the extent a balance sheet profit which is available for distribution is reported for such financial year in the Company's audited financial statements or could be reported by releasing equity components which are not legally protected against distribution (free reserves) or tax-free reserves. The Companies are obliged to make quarterly advance payments on the annual remuneration. Remuneration claims for each financial year will be netted with the corresponding advance payments. Any balance resulting for the benefit of one party will be compensated by the respective other party, subject to the terms of the Participation Right Agreement. No payment claim of the Issuer will arise under a Participation Right Agreement if such claim could only be paid out of protected equity capital of the respective Company. Protected equity capital means such equity components of the relevant Company especially protected against distributions to the shareholders by law. Payment claims not coming into existence pursuant to the foregoing will arise on the next following payment dates if and to the extent the relevant Company disposes of sufficient funds in order to make the required payments which do not constitute protected equity capital. In the case of any such delay of payment claims arising under the Participation Right Agreement, the relevant Company will be obliged to pay an increased remuneration for the resulting extended payment period. If a Company defaults on a payment claim which has become due and payable, it will be obliged to pay to the Issuer an additional remuneration of 4% p.a. of the nominal amount of the Participation Right calculated pro rata temporis for the period of default. The repayment amount of the Participation Right will be decreased by an annual deficit reported in the audited financial statements of the relevant Company (loss participation), if and to the extent such annual deficit would otherwise have to be absorbed by protected equity capital of such Company. Future annual surpluses will, after recovery of the protected equity capital, be used preferentially to increase the repayment amount. The Participation Right will be due for repayment after a scheduled term of approximately seven years. In case of an extraordinary termination, the Participation Right will be due for repayment on the day on which the termination notice takes effect. If repayment claims have not partially or fully come into existence on the

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repayment date for lack of sufficient funds which do not constitute protected equity capital, or the repayment amount of the Participation Right has been decreased due to loss allocation, the term of the Participation Right will be extended until the discharge in full of all claims. The maximum aggregate extended term of the Participation Right amounts to approximately 29 years. Either party of the Participation Right Agreement may terminate the agreement for good cause. Good cause for an extraordinary termination by the Issuer includes, among other things, certain events of non-payment by the Company, the breach of certain of its obligations, certain distributions or withdrawals, the occurrence of a change of control with respect to the Company, or the liquidation or insolvency of the Company. The Issuer is obliged to give written notice of any extraordinary termination to certain senior lenders of the relevant Company. With exception of the liquidation or the insolvency of the relevant Company, any termination notice by the Issuer will only take effect following the lapse of a waiting period of 30 days (in the case of certain non-payment events) or 90 days (in all other cases stipulated in the Participation Right Agreement). The Issuer may not enforce its payment claims against the relevant Company during such waiting period. The Issuer has been granted certain regular information rights (in particular, the right to receive financial statements) as well as certain additional information rights in case the relevant Company's creditworthiness deteriorates, certain non-payment events occur or the repayment amount of the Participation Right is reduced due to loss participation. The claims of the Issuer are subordinated such that in case of insolvency proceedings with respect to the assets of a Company, its liquidation or a company crisis, the claims under the relevant Participation Right will be satisfied only after the full discharge of all claims of the creditors of the relevant Company and pari passu with the claims of the shareholders of such Company to restitution of contributions (§ 199 Insolvency Act) or to distribution of the liquidation proceedings. A company crisis will occur if, when accounting for the claims under the Participation Right, any illiquidity or over-indebtedness (§§ 17, 19 Insolvency Act) of the relevant Company were to occur. The company crisis will terminate if such circumstances no longer exist. The Issuer is not entitled to participate in the distribution of the liquidation proceedings with respect to any Company following the discharge in full of its claims under the relevant Participation Right Agreement. The Company will be obliged to make gross-up payments to the Issuer in respect of any retentions or deductions of taxes from payments, with the exception of amounts withheld on account of German withholding tax (Kapitalertragsteuer) plus the solidarity surcharge (Solidaritätszuschlag) thereon, in respect of which a gross-up obligation of the Company arises only subject to certain limited circumstances.

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The Issuer is entitled to transfer the Participation Right Agreement to a third party only subject to the condition that certain extended information rights of the Issuer arise or that the term of the Participation Right is extended beyond the scheduled term of approximately seven years. The Participation Right Agreement is governed by German law. Participation Right Type B

Under each Participation Right Agreement Type B, the relevant Company is obliged to pay a remuneration to the Issuer consisting of a fixed component and a floating component. The fixed remuneration will be determined on the basis of a certain percentage rate p.a. of the nominal amount of the Participation Right and will be payable quarterly in arrear. The fixed remuneration will be payable independently from the earnings situation of the Company. The floating remuneration will accrue in the amount of a certain percentage rate p.a. of the nominal amount of the participation right, such rate to depend on the return on sales of the relevant Company for each financial year. Return on sales will be equal to the result of the ordinary business operations divided by the net sales, as determined on the basis of the consolidated financial statements, or if the relevant Company is not required to prepare consolidated financial statements pursuant to the terms of the Participation Right Agreement, the unconsolidated financial statements. The floating remuneration will become due on the 15th calendar day following the delivery of the financial statements by the relevant Company to the Issuer. If a Company defaults on a due remuneration claim, it will be obliged to pay to the Issuer an additional remuneration of 4% p.a. of the nominal amount of the Participation Right calculated pro rata temporis for the period of default. The Participation Right will not participate in any losses of the relevant Companies. The Participation Right will be due for repayment after a term of approximately seven years. In case of an extraordinary termination, the Participation Right will be due for repayment on the day on which the termination notice takes effect. If a Company should not fully repay the nominal amount to the Issuer on the repayment date, the respective amount in arrears will accrue interest at a rate of 12% p.a. for the period between the repayment date and the actual complete payment of the amount owed. Either party of the Participation Right Agreement may terminate the agreement for good cause. Good cause for an extraordinary termination by the Issuer includes, among other things, certain events of non-payment by the Company, the breach of certain of its obligations, certain distributions or withdrawals, the occurrence of a change of control with respect to the Company, or the liquidation or insolvency of the Company. The Issuer is obliged to give written

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notice of any extraordinary termination to certain senior lenders of the relevant Company. With exception of the liquidation or the insolvency of the relevant Company, any termination notice by the Issuer will only take effect following the lapse of a waiting period of 30 days (in the case of certain non-payment events) or 90 days (in all other cases stipulated in the Participation Right Agreement). The Issuer may not enforce its payment claims against the relevant Company during such waiting period. The Issuer has been granted certain regular information rights (in particular, the right to receive financial statements) as well as certain additional information rights in case the relevant Company's creditworthiness deteriorates or certain non-payment events occur. The claims of the Issuer are subordinated such that in case of insolvency proceedings with respect to the assets of a Company, its liquidation or a company crisis, the claims under the Participation Right will be satisfied only after the full discharge of all claims of the creditors of the relevant Company and pari passu with the claims of the shareholders of such Company to restitution of contributions (§ 199 Insolvency Act) or to distribution of the liquidation proceedings. A company crisis will occur if, when accounting for the claims under the Participation Right, any illiquidity or over-indebtedness (§§ 17, 19 Insolvency Act) of the relevant Company were to occur. The company crisis will terminate if such circumstances no longer exist. The Issuer is not entitled to participate in the distribution of the liquidation proceedings with respect to the Company following the discharge in full of its claims under the Participation Right Agreement. The Company will be obliged to make gross-up payments to the Issuer in respect of any retentions or deductions of taxes from payments, with the exception of amounts withheld on account of German withholding tax (Kapitalertragsteuer) plus the solidarity surcharge (Solidaritätszuschlag) thereon, in respect of which a gross-up obligation of the Company arises only subject to certain limited circumstances. The Issuer is entitled to transfer the Participation Right Agreement to a third party only subject to the condition that certain extended information rights of the Issuer arise or that the term of the Participation Right is extended beyond the scheduled term of approximately seven years. The Participation Right Agreement is governed by German law.

7. Listing

Application has been made to the Irish Financial Services Regulatory Authority, as competent authority under Directive 2003/71/EC, for the Prospectus to be approved. Application has been made to the Irish Stock Exchange for the Notes to be admitted to the Official List and trading on its regulated market.

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8. Bridge Facility

Pursuant to the Bridge Facility Agreement dated 1 December 2005, the Issuer has been granted a committed term loan facility (the "Bridge Facility") by Commerzbank Aktiengesellschaft in order to finance the investment in the Portfolio. The Issuer will redeem the Bridge Facility by applying the proceeds from the issue of the Notes. Interest accrued under the Bridge Facility up to the Issue Date will be paid by the Issuer on 25 April 2006, provided that the aggregate amount of interest to be so paid shall not exceed EUR 4,000,000.

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RISK FACTORS The following is a summary of certain aspects of the issue of the Notes and the related transactions which prospective investors should consider before deciding to purchase the Notes. The following statements are not exhaustive and prospective investors should consider all of the information provided in this Prospectus and reach their own views prior to making any investment decision.

The Notes General Investment in the Notes is only suitable for purchasers who are highly sophisticated investors, who understand the nature of such Notes and the extent of their exposure to risk and have sufficient knowledge, experience and access to professional advisors to make their own legal, tax, accounting and financial evaluation of the merits and risks of the investment in such Notes. Subordination of the Notes Payments of interest on and principal of Notes of a Class rank pari passu amongst themselves. In relation to each other, payments of principal and interest in respect of the respective Classes of Notes rank in accordance with the Priority of Payments. In addition, each of the Classes of Notes are subordinated to the payment of certain other senior amounts payable by the Issuer, as set out under the Priority of Payments. The subordination levels of each Class of Notes have been established to reflect certain expected deficiencies in payment caused by defaults on the portfolio of Participation Right Agreements. If, however, actual payment deficiencies exceed such expected levels, the ability of the Issuer to make payments on the Notes would be adversely affected. Whether and by how much defaults on the Participation Right Agreements adversely affect each Class of Notes will be directly related to the level of subordination thereof pursuant to the Priority of Payment. Limited Liquidity Application has been made to list the Notes on the regulated market of the Irish Stock Exchange. However, there is currently no market for the Notes. There can be no assurances that a secondary market for any of the Notes will develop, or if a secondary market does develop, that it will provide the holders of such Notes with liquidity of investment or that it will continue. In addition, the Notes are subject to certain transfer restrictions as described under "Transfer Restrictions" below. Consequently, an investor in the Notes must be prepared to hold the Notes until maturity. Transfer Restrictions The Notes have not been registered under the Securities Act, under any U.S. state securities or "Blue Sky" laws or under the securities laws of any other jurisdiction and are being issued and sold in reliance upon exemptions from registration provided by such laws. No Note may be sold or transferred unless such sale or transfer is exempt from the registration requirements of the Securities Act or applicable securities laws. Liability and Limited Recourse Obligations The Notes represent obligations of the Issuer only, and do not represent obligations of the Trustee, the Lead Manager and Arranger, the Co-Manager, the Cash Administrator, the Account Bank, the Principal Paying Agent, the Investment Board, the Financial Advisor, the Recovery Advisor, the Transaction Monitor, the Swap Counterparty or any of their respective affiliates or any affiliate of the

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Issuer or any other third person or entity (subject to any liability of the General Partner pursuant to Jersey companies law). The Notes will not be insured or guaranteed by any governmental agency or instrumentality or by the Trustee, the Lead Manager and Arranger, the Cash Administrator, the Principal Paying Agent, the Investment Board, the Financial Advisor, the Recovery Advisor, the Transaction Monitor, the Swap Counterparty or any of their respective affiliates or by any other person or entity except as described herein. The Notes are limited recourse debt obligations of the Issuer. The Notes are payable solely from the Participation Right Agreements and other Collateral Assets in respect of which the Issuer has granted a security interest to the Trustee in order to secure the obligations under the Notes and the other secured obligations of the Issuer. No other person or entity will guarantee or be obligated to make payments on the Notes (subject to any liability of the General Partner of the Issuer under Jersey companies law, provided that the General Partner does not dispose of any substantial assets other than its participation in the Issuer). There can be no assurance that the receipts from the Participation Right Agreements and other Collateral Assets will be sufficient to satisfy all obligations of the Issuer. Two Participation Rights in the aggregate initial nominal amount of EUR 11,500,000 are scheduled to mature on 20 February 2013. It is therefore to be expected that the Issuer will not have sufficient funds to amortise the Class F Notes and probably also parts of the Class E Notes on the Scheduled Maturity Date, and amortisation is therefore expected to be deferred in an amount up to such nominal amount to the next following Payment Date. The Issuer shall have no assets available for payment of its obligations hereunder other than the Participation Right Agreements and other Collateral Assets. Noteholders must rely solely on amounts received in respect of the Participation Right Agreements and other Collateral Assets for the payment of principal and interest thereon. If such receipts are insufficient to make payments on the Notes, no other assets will be available for payment of the deficiency and, following liquidation of all the Collateral Assets, the obligations of the Issuer to pay such deficiencies will be extinguished. Early Redemption of the Notes A ledger account will be maintained by or on behalf of the Issuer, in which will be debited (i) the nominal amount of each Participation Right the related Participation Right Agreement of which has been terminated or (ii) the nominal amount of each Participation Right Type A in respect of which a remuneration amount has accrued but the related payment claim of the Issuer has not come into existence under the related Participation Right Agreement Type A due to the lack of sufficient free assets of the relevant Company, and credited (i) the amount of each early redemption payment (as described in the following sentence) and (ii) each Principal Deficiency Reversal Amount (as defined in Section 7.3 of the Terms and Conditions of the Notes). On any Payment Date on which such ledger shows a debit balance, the Class A, Class B, Class C, Class D and Class E Notes (in that order) shall be redeemed on the next following Payment Date in a total amount equal to the lesser of the amount necessary to reduce the ledger to zero and the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D and Class E Notes, as described under the Terms and Conditions of the Notes – Section 7.3. Early redemption of any Class of Notes presents reinvestment risk to investors in such Class of Notes. Event of Default Following an Issuer Event of Default, each Noteholder will be entitled to accelerate the Notes held by it. In this case, the Issuer will redeem all of the Notes (but not some only) at the then current Note Principal Amount plus accrued but unpaid interest. In such an event it is likely that the net sums either derived from, or realised on enforcement of the Collateral will be insufficient to meet all amounts due to the Noteholders under the Notes. Rating of the Notes It is a condition of the issue and sale of the Notes that the Class A, Class B, Class C, Class D and

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Class E Notes be assigned the ratings indicated above. The ratings by S&P address timely payment of interest and ultimate repayment of principal according to the Terms and Conditions of the Notes. The ratings by Moody's address the expected loss posed to investors by the Legal Maturity Date. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. A rating is not a recommendation to buy, sell or hold any Notes, in as much as such rating does not comment as to market price or suitability for a particular investor. There is no assurance that a rating will remain for any given period of time or that a rating will not be lowered or withdrawn entirely by the relevant Rating Agency if, in its judgment, circumstances in the future so warrant. In the event that a rating initially assigned to any Class of Notes is subsequently lowered or withdrawn for any reason, no person or entity is obliged to provide any additional support or credit enhancement with respect to such Notes and the market value of such Notes is likely to be adversely affected. There can be no assurance as to whether any other rating agency will rate the Notes or, if it does, what rating would be assigned by such other rating agency. The rating assigned to the Notes by such other rating agency could be lower than the respective ratings assigned by the Rating Agencies. No Gross-Up in Respect of Notes Although no withholding tax is currently imposed on the payments of interest on the Notes, there can be no assurance that, as a result of any change in any applicable law, treaty, rule, regulation, or interpretation thereof, the payments on the Notes would not in the future become subject to withholding taxes. In the event that any withholding tax is imposed on payments on any Class of Notes, the Issuer will not "gross-up" payments to compensate the Noteholders and no Event of Default shall occur as a result of any such withholding tax. The Issuer The Issuer is a newly formed limited partnership and has no significant operating history. The Issuer will not engage in any business activity other than the acquisition and (to a limited extent) management of the Participation Right Agreements as described herein, the refinancing of the portfolio of Participation Right Agreements initially by entering into a bridge facility with Commerzbank Aktiengesellschaft and subsequently through the issue of the Notes, and other activities incidental or related to the foregoing. Income derived from the Participation Right Agreements and the other Collateral Assets will be the Issuer's principal source of income. A description of the Issuer is set out under the heading "THE ISSUER" below. The activities of the Issuer, the General Partner and the Limited Partner are contractually limited to performing their respective roles in the Transaction. There can be no assurance that the Issuer, the General Partner or the Limited Partner will restrict their respective business activities to the Transaction. Any additional liabilities incurred by any of the Issuer, the General Partner or the Limited Partner could adversely affect their respective ability to perform their obligations in connection with the Transaction. Any such effect would materially adversely affect the Issuer's ability to perform its obligations under the Notes. Dependence on the Performance of third Parties The Issuer has no employees and is dependent on the Trustee, the Investment Board, the Financial Advisor, the Recovery Advisor, the Transaction Monitor, the Cash Administrator, the Account Bank and other third parties to render advice and perform other services as set out in the relevant Transaction Documents. In particular, the Issuer's decision to enter into the Participation Right Agreements and potential future decisions to dispose of any of such agreements or the exercise of its rights thereunder, and certain other material decisions on matters relating to the Issuer's business will be taken by the Issuer upon recommendation of the Investment Board on the basis of recommendations and information provided to the Issuer by the Financial Advisor and/or the Recovery Advisor. In the context of giving

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recommendations, such advisors will have broad discretion. If any of the assumptions, projections, estimates and judgements made by such advisors in connection with the provision of their services to the Issuer would be incorrect, the value of the Participation Rights could be materially adversely affected and consequently, the Noteholders might suffer material loss. As a result, the income of the Issuer and its ability to perform its obligations under the Notes is highly dependent on the experience and ability of such parties to perform their respective obligations. Furthermore, the liability of any such party in the event of inadequate performance or nonperformance may be limited by the provisions of the relevant contract (such as to wilful default or gross negligence). In such case, the ability of the Issuer to recover damages incurred may be reduced, which would adversely affect the amount available to make payments under the Notes. Security Interest in the Collateral Assets; Trustee Claim In addition to certain security interests granted by the Issuer to the Trustee pursuant to the English Security Deed and the Jersey Security Agreement, the Issuer has granted a pledge (Pfandrecht) to the Trustee under the Trust Agreement with respect to (i) all its present and future, actual and contingent rights and claims against the Companies arising from the Participation Right Agreements, and (ii) all its present and future, actual and contingent rights and claims arising under the Trust Agreement and the other Transaction Agreements (excluding the Corporate Services Agreement, the English Security Deed and the Jersey Security Agreement) in order to secure the Trustee Claim (Treuhänderanspruch) granted under the Trust Agreement for the benefit of the Noteholders. The Trustee Claim entitles the Trustee to demand that all present and future obligations of the Issuer towards the Bridge Lender (prior to the issue of the Notes) and to the Noteholders (following the issue of the Notes) as well as towards certain other secured creditors be fulfilled. There is no authority to the effect that the Trustee Claim of the Trustee against the Issuer established by the Trust Agreement may not be validly created as to enable the Trustee to demand payment from the Issuer in respect of changing creditors and claims from time to time, and be validly secured by a pledge of the Issuer's claims as set forth in the Trust Agreement. However, as there is no specific authority confirming the validity of such pledge either, the validity of such pledge is subject to some degree of legal uncertainty. Floating charges It is of the essence of a fixed charge that the person creating the charge does not have liberty to deal with the assets which are the subject matter of the security in the sense of disposing of such assets or expending or appropriating the moneys or claims constituting such assets and accordingly, if and to the extent that such liberty is given to the Issuer, any pledge or charge constituted by the Trust Agreement or the English Security Deed may operate as a floating, rather than a fixed charge. Under English law, whilst the English Security Assets are expressed to be subject to a fixed charge pursuant to the English Security Deed, whether this charge will be upheld as a fixed charge rather than a floating charge will depend, among other things, on whether an English court were to determine that the Trustee has (under the English Security Deed or the Trust Agreement) the requisite degree of control over the Issuer's ability to deal in the relevant assets and, if so, whether such control is exercised by the Trustee in practice. In the event that an English court were to recategorise the charge as a floating charge, the claims of the Trustee would be subject to matters which are given priority over a floating charge by law, including prior charges, lien holders, any expenses of any winding-up and the claims of preferential creditors and unsecured creditors up to certain prescribed amounts.

Conflict of Interest of Transaction Creditors Pursuant to the Trust Agreement, the Trustee shall, as regards all of its duties, obligations and

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discretions hereunder or under the Notes or the other Transaction Documents, except where expressly provided otherwise, solely have regard to the interests of the Noteholders (and not the other Transaction Creditors) and the interests of the Noteholders shall prevail in the event of any conflict of interest between the Noteholders and any other Transaction Creditor. In the event of a conflict between the interests of Noteholders of different Classes, the Trustee shall give priority to the Class ranking senior in respect of the payment of interest pursuant to the Priority of Payments. In the event of a conflict between the interests of Transaction Creditors other than the Noteholders, the Trustee shall give priority to the Transaction Creditors ranking senior pursuant to the Priority of Payments. Other Commercial Relationships of the Parties Involved The Companies, the Liquidity Facility Provider, the Financial Advisor, the Investment Board Members, the Transaction Monitor, the Cash Administrator, the Account Bank, the Recovery Advisor, the Swap Counterparty, the Lead Manager and/or any of their affiliates, as well as the other parties to the Transaction acting in their respective capacities, shall not, by virtue of acting in any such capacity, be deemed to have other duties or responsibilities other than as expressly provided in the relevant Transaction Documents with respect to each such capacity. Any such party may enter into business dealings from which they may derive revenues and profits in addition to any fees stated in the various documents, without any duty to account therefor and may from time to time be in possession of certain information (confidential or otherwise) and/or opinions (including with regard to any Company) which information and/or opinions might, if known by other parties (or individuals responsible for monitoring or advising the Issuer) or any Noteholder, affect decisions made by it (or them), including with respect to an investment in the Notes. Notwithstanding this, none of the parties to the Transaction nor any of their affiliates shall have any duty or obligation to notify the Issuer, the Trustee, any Noteholder or any other person thereof (save as expressly provided in the Transaction Documents). The parties to the Transaction and their affiliates may also have ongoing relationships with the Companies and may own notes or other obligations issued by them or deal in any obligation of a Company and may accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking, investment management or other business transactions with, any Company or with each other and may act with respect to such transactions in the same manner as if the Transaction Documents, the Transaction contemplated therein and the Notes did not exist. Participation Right Agreements Operating Performance and Debt Service Capabilities of the Companies The ability of the Issuer to meet its obligations under the Notes depends upon the general operating performance and debt service capabilities of the Companies. There can be no assurance that the Companies will be able to generate the funds necessary to meet their respective payment obligations under the Participation Right Agreements. If any Companies should become unable to meet their payment obligations under the Participation Right Agreements, the Issuer's ability to pay interest and/or principal under the Notes would be adversely affected. Contingent Payment Obligations The obligations of Companies under Participation Right Agreements Type A to pay remuneration will arise only if and to the extent that a balance sheet profit which is available for distribution is reported for the relevant preceding financial year in the relevant Company's audited financial statements or could be reported by releasing equity components which are not legally protected against distribution (free reserves) or tax-free reserves. If and to the extent that a remuneration claim for a financial year does not arise due to the foregoing condition, advance payments on remuneration which have been made by the relevant Company to the Issuer will have to be repaid by the Issuer. The Companies may claim repayment of such amounts irrespective of the order set forth in the Priority of Payments. However, such claims would be subject to the limited recourse and non-petition provisions. Any

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payment claim for principal or remuneration under the Participation Right Agreements Type A shall not come into existence if and to the extent the relevant Company demonstrates that on the date on which such payment claim would otherwise arise (or during the preceding period of fifteen days) such payment could only be made out of protected equity capital of the relevant Company (as defined in § 8 of the Participation Right Agreements Type A). Pursuant to the terms of the Participation Right Agreements Type B, the obligation of the relevant Companies to pay floating remuneration shall only arise if and to the extent that their respective return on sales (as defined in § 2.3 of the Participation Right Agreements Type B) exceeds certain thresholds. There can be no assurance that the Companies will generate sufficient balance sheet profits, dispose of sufficient free equity capital and generate sufficient return on sales in order that the conditions for the relevant payment claims under the Participation Right Agreements will arise as described in the preceding paragraphs, and the Issuer's ability to make payments under the Notes will be adversely affected if such conditions are not satisfied. Loss Participation The repayment amount under the Participation Right Agreements Type A shall be decreased by an annual deficit report in the audited financial statements of the relevant Companies, if and to the extent such deficit would otherwise have to be covered by protected equity capital and cannot be absorbed by other financing instruments subject to loss participation ranking junior to the relevant Participation Right Agreements. Any such loss participation, unless recovered out of future annual surpluses, would reduce the obligations of the relevant Companies to repay the nominal amount of the respective Participation Right and consequently, the ability of the Issuer to meet its obligations under the Notes would be adversely affected. Subordination of Claims under the respective Participation Right Agreements The payment obligations of the Companies under the Participation Right Agreements constitute unsecured obligations which are subordinated in the Company's liquidation or insolvency or in case of a company crisis to all existing and future indebtedness of the Companies in such manner that such claims will rank junior to (and shall therefore only be satisfied after full satisfaction of) all present and future claims of creditors of the relevant Company and pari passu with the claims of the shareholders of such Company to restitution of contributions (§ 199 Insolvency Act) or to distribution of the liquidation proceedings. A company crisis is defined to occur if, when accounting for the claims under the relevant Participation Right, any illiquidity or over-indebtedness (§§ 17, 19 of the Insolvency Act) of the relevant Company were to occur. The company crisis will terminate if such circumstances no longer exist. By virtue of such subordination, the investments of the Issuer in the Companies bear a higher credit risk compared to senior lenders. In a liquidation, insolvency or a company crisis, investors should therefore expect that the Issuer will suffer a significant or total loss of the funds invested in the relevant Company, and its ability to meet its obligations under the Notes would be adversely affected accordingly. Limitation of Issuer’s Right to terminate Participation Right Agreements The Issuer will be entitled to an early termination of the Participation Right Agreements for good cause (aus wichtigem Grund) only. Good cause for an extraordinary termination by the Issuer includes, among other things, certain events of non-payment by the Company, the breach of certain of its obligations, certain distributions or withdrawals, the occurrence of a change of control with respect to the Company, or the liquidation or insolvency of the Company. However, other than in connection with such extraordinary circumstances, a material impairment of the economic condition of the relevant Company will not entitle the Issuer to terminate the Participation Right Agreement. In such case, the Issuer will therefore remain fully exposed to a deterioration of the Companies' financial condition for the term of the Participation Right Agreement.

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The Issuer is obliged to give written notice of any extraordinary termination to certain senior lenders of the relevant Company. With exception of the liquidation or the insolvency of the relevant Company, any termination notice by the Issuer will only take effect following the lapse of a waiting period of 30 days (in the case of certain non-payment events) or 90 days (in all other cases stipulated in the Participation Right Agreement). The Issuer may not enforce its payment claims against the relevant Company during such waiting period. These provisions are designed to protect senior bank lenders against the withdrawal of the subordinated funds provided by the Issuer to the Companies. Limited Restrictions on the Incurrence of Additional Debt The Companies have agreed in the Participation Right Agreements not to issue further financing instruments with profit-linked or profit-oriented remuneration and financing instruments which would be subordinated in the insolvency of the respective Company without the Issuer's prior written approval, provided that such financing instruments would pursuant to their terms rank senior to the relevant Participation Right Agreement. The Companies have not entered into any other restrictive covenants in connection with the Participation Right Agreements regarding their ability to incur additional indebtedness, and any such additional indebtedness could adversely affect the ability of the relevant Company to meet its payments obligations under the Participation Right Agreement to which it is a party. Companies' Covenants The Companies have agreed to certain other covenants such as dealing with certain affiliated parties on arm's length terms only, maintaining adequate insurance cover and procuring distributions or withdrawals from subsidiaries in order to meet liquidity requirements. The non-compliance with such covenants could materially affect the relevant Companies' ability to meet their respective payment obligations under the Participation Right Agreements. Probability of Default Credit Ratings The Companies with which the Issuer enters into Participation Right Agreements have been proposed by the Financial Advisor and the Investment Board, and selected by the Issuer solely based on the "probability of default credit ratings" assigned to such Companies using the Moody's KMV RiskCalc ™ Model and a rating by Commerzbank Aktiengesellschaft with a view to achieving a certain target average credit quality and diversification of the portfolio of companies as indicated by the "probability of default credit ratings". The Issuer has not undertaken to make any other investigation into the matters of the Companies, and none of the parties involved in the Transaction has undertaken to make any such investigations, including into matters that would be considered relevant in connection with the assessment of a qualitative credit rating. Accordingly, none of the Issuer and the other parties to the Transaction will assume any liability in connection with the potential inability of Companies to meet their payment obligations under the Participation Right Agreements. The basis on which the "probability of default credit ratings" have been assigned to the Companies is Moody's KMV Company's RiskCalc™ tool. The assessment of the risk that a debtor will, within the next five years, be unable to meet any of its payment obligations within 90 days after such obligation falls due ("probability of default") generated by the Moody's KMV RiskCalc™ tool is limited to a statistical analyses of the audited financial statements provided by the Companies. It does not include any qualitative assessment of the Companies such as the market position of its products and services, its competitive position and the quality of its management. Furthermore, it does not take into account, on an individual debtor basis, particular risk-enhancing circumstances, such as the relevant Company forming part of a group of companies, a Company's participation in group-wide cash pooling arrangements as a creditor to its affiliate, or the existence of domination and/or profit and loss absorption agreements under which the Company may be dominated party (that is, effectively managed by and/or financially integrated with an affiliate). The statistical analysis involves only a

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comparison of the financial data provided by a company against benchmark financial ratios generated by Moody's KMV on the basis of a database of historical financial information of a large number of companies. The probability of default credit ratings assigned by Moody's KMV to the Companies using the RiskCalc™ tool as set out in this Prospectus are therefore not comparable to public ratings assigned by Moody's Investors Services Inc. The probability of default credit ratings assigned using the Moody's KMV RiskCalc™ tool rely on the accuracy of the financial statement data provided by the Companies. The audited financial statement data provided by the Companies has not been and will not be independently reviewed or verified by Moody's KMV, Moody's or any other party involved in the Transaction. Neither Moody's KMV, Moody's nor any other party to the Transaction gives any statement as to the accuracy of such audited financial statement data. Moreover, there can be no assurance that the actual probability of some or all of the Companies becoming unable to meet their payment obligations prior to the full repayment of the Notes is not higher than is implied by the probability of default ratings set forth in this Prospectus. It is intended that the probability of default ratings of each of the Companies will be updated on an annual basis prior to the Scheduled Maturity Date using the Moody's KMV RiskCalc ™ tool. The probability of default ratings set forth in this document are therefore subject to change depending on the future financial information available for the Companies. The financial information upon which the probability of default ratings assigned to the Companies under Moody's KMV RiskCalc™ Model are based and which are reflected in the tables and descriptions in "THE COMPANIES" are derived from the audited financial statements provided by the Companies for their respective fiscal year ended 2004/2005, as the case may be. Audited financial results for the Companies as of any later date were not completed or not available at the time of preparation of this Prospectus. As a result, the current financial status of each Company, including its recent income and assets, may vary from its financial status as portrayed in this Prospectus. Any deterioration of a Company’s financial condition may adversely affect its ability to meet its payment obligations under the relevant Participation Right Agreement to the Issuer. Sale of Participation Right Agreements In the event that the rights and obligations of the Issuer in relation to a Participation Right Agreement are sold by the Issuer in accordance with the terms and conditions of such Participation Right Agreement, it is highly unlikely that the full nominal value of the Repayment Amount under such Participation Right Agreement can be realised upon such sale. The extent of the proceeds that may be realised upon such sale will necessarily depend upon the existence of a secondary market for the distressed Participation Right Agreements and on the prevailing market conditions at such time and the performance of the Recovery Advisor who will be responsible for managing such recovery process. Moreover, since Participation Right Agreements will only become subject to sale upon the occurrence of certain credit events, it is likely that the Issuer will experience a significant discount against the Repayment Amount upon the sale of Participation Right Agreements. In addition, a sale of a Participation Right Agreement is subject to certain transfer restrictions and conditions, including to potential rights of objection as well as notice requirements, which may delay or prevent the sale and possibly reduce the value of the Participation Right Agreement. To the extent that the Issuer is unable to realise the full nominal value of a Participation Right Agreement upon a sale, its ability to make payments due under the Notes will be materially and adversely affected. Investment Risks Resulting from Permitted Investments The Cash Administrator will on behalf of the Issuer invest certain funds in Permitted Investments. Funds of the Issuer not invested in Permitted Investments will be held in a cash account maintained with the Account Bank. In an event of default due to the insolvency or other reasons of any obligor under the Permitted Investments or of the Account Bank, the Issuer will suffer a loss and its ability to meet its obligations under the Notes will be adversely affected. None of the other parties to the Transaction will be responsible for any such loss.

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Liquidity Facility In respect of each Payment Date, the Issuer will borrow funds from the Liquidity Facility Provider under the Tax Liquidity Facility Agreement in order to cover liquidity shortfalls arising from German Withholding Tax amounts withheld by the Companies from payments under the Participation Right Agreements made to the Issuer. However, the total amount of funds available for borrowing by the Issuer under the Tax Liquidity Facility Agreement is equal to the total Commitment amount of EUR 9 million. If the liquidity shortfall caused by the amounts withheld by the Companies on account of German Withholding Tax should exceed the Commitment, the amounts the Issuer could borrow under the Tax Liquidity Facility Agreement would not be sufficient to cover the total amount of such liquidity shortfall. As a result, the Issuer would have fewer funds available to make payments on the Notes. The amount of the Commitment is calculated to compensate the expected Withholding to be made by the Companies on all payments to the Issuer for a period covering 27 months. Were the German tax authorities to take longer than expected to pay on or deny the refund, the amount withheld but not refunded or reimbursed could be greater than the Commitment and the Issuer would, to the extent of the excess, have fewer funds available for payments on the Notes. The Commitment could also prove to be insufficient if the Limited Partner does not make Reimbursement Payments as envisaged. In the event of the insolvency of the Limited Partner, the insolvency administrator could refuse to honour the terms of the Tax Reimbursement Agreement. Although in such case the Issuer's partnership agreement provides that the Limited Partner be replaced, any Tax Refund Claims of the insolvent Limited Partner having remained unrefunded by the German tax authorities, or refund payments on such claims received by the Limited Partner but not onpaid to the Issuer, at that point would fall into the insolvency estate and would be unavailable to the Issuer. The Issuer has recourse to the Companies only for refunds denied by the German tax authorities. If the refunds were granted and lost to the insolvency estate, then the amounts borrowed on the basis of these refunds would need to be repaid by the Issuer from its assets, and the amount available for making payments on the Notes would be reduced accordingly. Each Liquidity Advance made pursuant to the Tax Liquidity Facility Agreement shall become repayable on the Payment Date following the relevant Drawdown Date. The amounts available on each Payment Date to the Issuer under the Tax Liquidity Facility in order to re-borrow such repayment amounts and finance additional Withholding amounts are limited to the aggregate amount of Withholdings at such time in respect of which the Issuer certifies that it has not received notice that the credit or refund of such Withholdings has been finally denied by the tax authorities or the competent courts (as applicable), less the aggregate of the Reimbursement Payments previously received by the Issuer from the Limited Partner pursuant to the Tax Reimbursement Agreement. The Liquidity Facility Provider shall have no obligation to make further Liquidity Advances in respect of Withholdings the credit or refund of which has been finally denied by the tax authorities or the competent courts (as applicable). Although the Companies have committed under the Participation Right Agreements to make additional payments if and to the extent that the German tax authorities have determined that the Limited Partner is not entitled to a tax refund on account of a Tax Refund Claim, there can be no assurance that the Companies will be willing to make, or are capable of making, such payments upon demand by the Issuer. In such case, the ability of the Issuer to make the full scheduled payments under the Notes will depend on the ability and willingness of the Companies to pay the additional amounts owed under the Participation Right Agreements. Any Company having become obliged to make such gross-up payments shall be entitled to terminate the relevant Participation Right Agreement for good cause. As a consequence of such termination, the Notes might become subject to a (partial) early redemption. Moreover, as regards the Participation Right Agreements Type B the relevant Companies would, instead of exercising their right to an extraordinary termination, also be entitled to declare the conversion of the related Participation Right into a fixed-rate subordinated loan. In this case, the obligation of the relevant Companies to pay the floating component of the remuneration would

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terminate and the revenues of the Issuer would therefore be decreased accordingly. Projections, Forecasts and Estimates Any projections, forecasts and estimates contained herein are not purely historical in nature, but are forward looking statements and are based upon information furnished by third parties to the Issuer and certain assumptions that the Issuer considers reasonable, subject to uncertainties as to circumstances and events that have not yet taken place. Hence, any such projections, forecasts and estimates are subject to material variation. Moreover, projections are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. Accordingly, there can be no assurance that any projected or forecasted results will be attained and the actual results may materially vary from the projections. None of the Issuer, the Trustee, the Financial Advisor, the Investment Board, the Transaction Monitor, the Cash Administrator, the Account Bank, the Swap Counterparty, the Liquidity Facility Provider, the Lead Manager, the Recovery Advisor, the Disposal Advisor and their respective affiliates has any obligation to update or otherwise revise any projections, including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events, even if the underlying assumptions are incorrect. Taxation Application of Thin Capitalisation Rules The German tax authorities might take the position that the thin capitalisation rules set forth in § 8a of the German Corporate Income Tax Act (Körperschaftsteuergesetz) would apply to purchasers of the Notes who are holding an equity interest in a Company or are a party related to such equityholder within the meaning of § 1 para. 2 of the German Foreign Tax Act. The tax authorities could argue that, in this case, the money paid by the relevant purchaser of a Note has to be treated as a loan granted by such purchaser to the Company in which the purchaser (or a related person of the purchaser) is an equityholder. However, since the Issuer has entered into Participation Right Agreements with a number of Companies, it should be impossible for the tax authorities to allocate the money paid by a certain purchaser of a Note to a specific Company and, consequently, to subject such purchase of a Note to the German thin capitalisation rules. An application of the German thin capitalisation rules could have adverse effects on the Companies in which such equity interests are held. In addition, the income derived under Notes held by equity holders of a Company or by persons who are related to such equityholders might be reclassified as dividend income. Prospective purchasers of Notes who are equityholders of a Company or persons who are related to such equityholders are advised to consult their tax advisors as regards this risk. Liability of the Issuer to German taxes on profits The Issuer is treated as tax transparent for German corporate income tax purposes and would therefore not be subject to such tax in respect of business profits derived by it. However, business profits derived by the Issuer would be subject to German corporate income tax (plus solidarity surcharge thereon) at the level of the Limited Partner, which is domiciled and tax resident in Germany, in proportion to its respective participation in the profits of the Issuer. The business profits derived by the Issuer would also be subject to German corporate income tax (plus solidarity surcharge thereon) at the level of the General Partner (in proportion of its respective participation), if the General Partner had its place of effective management and control in Germany, or otherwise maintained a permanent establishment (Geschäftsleitung or Betriebsstätte), or appointed a permanent representative (ständiger Vertreter), for its business in Germany. In calculating the corporate income tax base based on the income derived by the Issuer and attributable to the Limited Partner (and, if applicable, the General Partner), the Limited Partner (and, if applicable,

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the General Partner) would, however, be entitled (subject to the preceding subsection entitled "Thin Capitalisation Rules") to deduct all expenses accrued or provisioned for in a given tax year, including the interest payable on the Notes during such year. Depending on the profit to be allocated to the respective Partner, the Partner could be expected to have a relatively small if not a flat corporate income tax base. The Limited Partner is subject to corporate income tax (plus solidarity surcharge thereon) and trade tax in Germany, but the income derived from the participation in the Issuer would be exempted from trade tax. However, if the activities performed by the Issuer or by third parties on the Issuer's behalf were not regarded as trade or business, but as a non commercial asset management (Vermögensverwaltung), the assets and liabilities of the Issuer would, in proportion to the Limited Partner's participation in the Issuer, be directly allocated for trade tax purposes to the Limited Partner, and the Limited Partner would be liable for trade tax on the income derived from the participation in the Issuer. In calculating the net income which would be subject to trade tax, the Limited Partner would also have to include half of the interest payments made by the Issuer under the Notes. There is a large number of court decisions and rulings issued by the tax authorities on the distinction of a trade or business and a non commercial activity. According to these decisions and rulings, in particular the following characteristics may be indications for a trade or business: the use of debt financing, the maintaining of an office or an organisation to carry out business, the exploitation of a market using professional expertise and experience, and the offering of services to a broad public. Based on such court decisions and guidance given by the tax authorities, the Issuer believes that the activities performed by it should be regarded as trade or business: Although the Issuer maintains only a small organisation for its activities, it has employed the services and professional expertise of several service providers (like the Financial Advisor, the Transaction Monitor and the Cash Administrator) which perform various administrative functions on behalf of the Issuer. The Issuer almost exclusively operates with debt financing. By entering into the Participation Right Agreements and by publicly offering the Notes to investors, the Issuer offers its services to a broad public. And finally, the number and the volume of the Participation Right Agreements concluded by the Issuer, by itself, argue for a trade or business. However, since there is no specific guidance available on the activities carried out by the Issuer, there can be no assurance that the tax authorities or a German tax court would agree with this assessment. Although the Issuer is treated as transparent for German corporate income tax purposes, the Issuer is not treated as tax transparent for the purposes of German trade tax. Consequently, the Issuer would be subject to such tax in respect of its business profits if it had its place of effective management and control in Germany or otherwise maintained a permanent establishment for its business in Germany. In such a case, only the net income derived by the Issuer which is attributable to such permanent establishment would be subject to German trade tax. In calculating the net income which would be subject to trade tax, the Issuer would also have to include half of the interest payments made by the Issuer under the Notes if the tax authorities took the position that the long-term indebtedness incurred by the Issuer under the Notes could not be attributed to any non-German permanent establishment of the Issuer. For German tax purposes, the place of effective management and control of an entity is defined as the place where the preponderance of managerial decisions is taken that are relevant in conducting the day-to-day business of such entity. The place of effective management and control constitutes a permanent establishment. A permanent establishment is otherwise constituted by any fixed place of business or facility which serves the purposes of the relevant entity and over which the entity's management has effective power of disposal (Verfügungsmacht), such as an office or a branch. Furthermore, an entity would be deemed to have a permanent establishment in Germany, if it had appointed a permanent representative for its business in Germany. A permanent representative of an entity is defined as a person who habitually acts in an agency capacity and subject to the instructions of the relevant entity in respect of business dealings of such entity, in particular concludes contracts in the name of such entity or acts as an intermediary with respect to contracts concluded by such entity. Of the activities performed in Germany, the only activity which might, for tax purposes, be attributed to the Issuer could be the functions performed by the Financial Advisor, the Recovery Advisor and the

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Disposal Advisor. Although these functions are economically significant for the business operations of the Issuer, the Financial Advisor, the Recovery Advisor and the Disposal Advisor will merely act in an advisory capacity and will only perform certain administrative functions. In particular, neither the Financial Advisor nor the Recovery Advisor nor the Disposal Advisor will enter into contracts in the name of and with a binding effect on the Issuer. All management decisions regarding the acquisition and, if applicable, the termination of the Participation Rights advised and proposed by the Financial Advisor will be taken outside of Germany by the Issuer based on a proposal made outside of Germany of the Investment Board the majority of whose members are non-German resident with a qualified professional background (meaning not less than five years' experience either in the banking industry including experience in credit decisions, or from a career as a chartered accountant) that enables them to make investment recommendations and are not employed by, and independent from, the Financial Advisor. The same applies with respect to all material decisions concerning the administration of the Participation Right Agreements (including the exercise of additional information rights under the Participation Right Agreements, in particular the instruction of the Recovery Advisor), which are prepared by the Financial Advisor by submitting information and making proposals. The same also applies with respect to all agreements the Issuer may enter into regarding any disposals of Participation Rights (as far as permitted under the relevant agreements) which are based on a proposal made by the Investment Board on the basis of the data and information received from the Recovery Advisor and/or Disposal Advisor. Based upon these considerations, the Issuer believes that its core management functions would not be performed in Germany, it would not have the power to dispose of business premises in Germany, it would not engage in the activities of a person having the power to bind it contractually and consequently, the Issuer would not be treated as being effectively managed and controlled or otherwise maintaining a permanent establishment, or as having appointed a permanent representative, in Germany. Investors should note however, that there are no precedents available on whether activities such as performed by the Financial Advisor, the Recovery Advisor and/or the Disposal Advisor in Germany would constitute a permanent establishment at the place of effective management and control of the Issuer in Germany and consequently, there can be no assurance that the German tax authorities or courts would agree with the above assessment. If the Issuer were viewed as maintaining a permanent establishment at its place of effective management and control, or otherwise, in Germany, trade tax would arise with respect to the net income derived by the Issuer which is attributable to its German permanent establishment. In particular, if the tax authorities took the position that the long-term indebtedness incurred by the Issuer under the Notes could not be attributed to any non-German permanent establishment of the Issuer, in calculating the net income subject to trade tax the Issuer would also have to include half of the interest payments made by the Issuer under the Notes. Application of the German Investment Tax Act The Issuer will be acquiring and (subject to certain conditions) disposing of a diversified portfolio consisting of the Participation Rights. Due to this fact and to further circumstances, a German resident Noteholder could be viewed as having acquired in substance units of a foreign investment fund, i.e. an asset that represents units in respect of a portfolio of assets within the meaning of the German Investment Act (Investmentgesetz; "IA"), which portfolio consists of securities or other eligible assets falling within the scope of the IA and is invested according to the principle of risk diversification as required by §§ 1, 2nd sentence, 2 para. 8 IA. There are good and valid reasons why the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes should not be treated as falling under the IA. First of all, it is doubtful whether the underlying Participation Right Agreements can be regarded as eligible assets falling within the scope of the IA. As the Participation Rights are granted by way of a contract, they do in the view of the Issuer not qualify as "securities" within the meaning of § 2 para 4

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no. 1 IA. There is, however, a risk that they might be viewed as "participations in business ventures having an appraisable market value" within the meaning of § 2 para 4 no. 8 IA. Moreover, Permitted Investments may include assets which qualify as "securities" within the meaning of the IA. At least the holders of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes will not, in the ordinary course of the transaction, effectively participate in the Issuer's profits or losses. According to a Federal Ministry of Finance circular dated 2 June 2005, CDOs (as defined therein and, according to such definition, including the Notes to be issued by the Issuer) do not constitute investment units if the investors do not effectively participate in the issuer's profits or losses. However, there is some risk that the relevant tax authorities would view the Class F Notes differently. Based on the said circular, the Class F Notes would nevertheless not qualify as foreign investment units if, apart from the substitution of securities (Schuldtitel) for the purpose of ensuring the size, the maturity and the risk structure, only up to 20% p.a. of the assets (Vermögen) of the Issuer may, pursuant to the contractual terms, be traded on a discretionary basis. As the Issuer is not allowed to trade the portfolio comprised of the Participation Rights (i.e. to sell and acquire such assets), but may merely dispose of the Participation Rights previously acquired (subject to certain conditions being met), and given that the Transaction Monitor has undertaken to give instructions to the Cash Administrator to invest amounts credited to the accounts of the Issuer in Permitted Investments (as defined in the Cash Administration Agreement) or dispose of Permitted Investments provided that the aggregate amount per annum of such investments shall not exceed 20% of the assets (Vermögen) of the Issuer, the Notes should not qualify as foreign investment units. Moreover, given that the Issuer qualifies as a foreign partnership, the assets held by the Issuer should not fall under the scope of the ITA, as the said Federal Ministry of Finance circular specifically excludes the assets of non-German partnerships from the application of the ITA. It may be expected that the tax authorities follow the interpretation of the IA and ITA as laid down in the Federal Ministry of Finance circular dated 2 June 2005 and that, if they decide to adopt a different position, they would – although this cannot be ruled out entirely – not do this with retroactive or retrospective effect. The tax authorities may, however, change their position with effect for the future. In addition, it needs to be noted that the circular has no binding effect on tax courts and that it cannot be ruled out that a tax court would take a different position and characterise the Notes as investment units. If this were the case or if, to some extent contrary to expectations, the tax authorities changed their position with respect to a characterisation of CDOs as investment funds, it cannot be ruled out that the entire issue of Notes could be qualified as investment units as a consequence. If one or more Classes of Notes were to be qualified as investment units within the IA, the tax rules of the ITA would apply. If the Notes were to be characterised as investment units under the IA, a German Noteholder would, in principle, be taxed annually based on the distributions, interim earnings (Zwischengewinn) and, in addition, 70% of the excess of the last determined redemption price, market price or stock exchange price of the underlying units for the calendar year over the first determined redemption price, market price or stock exchange price of the underlying units for the calendar year; in any case a minimum of 6% of the redemption price, market price or stock exchange price last determined for the calendar year is taken into account in accordance with § 6 ITA.

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TERMS AND CONDITIONS OF THE NOTES The Terms and Conditions of the Notes are set out below. In case of any overlap or inconsistency in the definition of a term or expression in the Terms and Conditions and elsewhere in this Prospectus, the definition in the Terms and Conditions will prevail.

1.

DENOMINATION AND FORM; DEFINITIONS

1.1

Principal Amounts CB MezzCAP Limited Partnership (acting through its general partner CB MezzCAP Limited) (the "Issuer") issues the following classes of notes in bearer form (each, a "Class" and collectively, the "Notes") pursuant to these terms and conditions (the "Terms and Conditions"): (i)

Class A Floating Rate Notes due 25 October 2036 ("Class A Notes") which are issued in the aggregate principal amount of EUR 137,800,000 and divided into 1,378 Notes, each having a principal amount of EUR 100,000;

(ii)

Class B Floating Rate Notes due 25 October 2036 ("Class B Notes") which are issued in the aggregate principal amount of EUR 20,000,000 and divided into 200 Notes, each having a principal amount of EUR 100,000;

(iii)

Class C Floating Rate Notes due 25 October 2036 ("Class C Notes") which are issued in the aggregate principal amount of EUR 10,500,000 and divided into 105 Notes, each having a principal amount of EUR 100,000;

(iv)

Class D Floating Rate Notes due 25 October 2036 ("Class D Notes") which are issued in the aggregate principal amount of EUR 14,500,000 and divided into 145 Notes, each having a principal amount of EUR 100,000;

(v)

Class E Floating Rate Notes due 25 October 2036 ("Class E Notes") which are issued in the aggregate principal amount of EUR 7,700,000 and divided into 77 Notes, each having a principal amount of EUR 100,000;

(vi)

Class F 17% Notes due 25 October 2036 ("Class F Notes") which are issued in the aggregate principal amount of EUR 9,000,000 and divided into 90 Notes, each having a principal amount of EUR 100,000.

The Notes will be issued on 11 April 2006 (the "Issue Date"). The holders of the Notes are referred to as the "Noteholders". 1.2

Global Notes Each Class of Notes issued will be initially represented by a temporary global note in bearer form (each, a "Temporary Global Note") without coupons. The Temporary Global Notes shall be exchangeable (in whole or in part), as provided in Section 1.3 below, for permanent global notes in bearer form (each, a "Permanent Global Note") without coupons. Definitive Notes and interest coupons will not be issued. Each Temporary Global Note and each Permanent Global Note is also referred to herein as a "Global Note" and, together, as "Global Notes". Each Permanent Global Note shall be kept in custody by JP Morgan Chase Bank, N.A. (London Branch), as common depositary (the "Common Depositary") for Euroclear Bank S.A./N.V., as

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operator of the Euroclear Systems ("Euroclear"), and Clearstream Banking, société anonyme, Luxembourg ("Clearstream Luxembourg"), until all obligations of the Issuer under the Notes represented by it have been satisfied. 1.3

Exchange of Temporary Global Notes The Temporary Global Notes shall be exchanged for the Permanent Global Notes on a date (the "Exchange Date") not earlier than 40 days and not later than 180 days after the Issue Date of the Temporary Global Notes upon delivery by the relevant participants (each a "Euroclear Participant" or a "Clearstream Luxembourg Participant") to Euroclear and Clearstream Luxembourg, as relevant, and by Euroclear or Clearstream Luxembourg, as relevant, to the Principal Paying Agent, of certificates in the form which forms part of the Temporary Global Notes and are available from the Principal Paying Agent for such purpose, to the effect that the beneficial owner or owners of the Notes represented by the relevant Temporary Global Note is not a U.S. person or are not U.S. persons other than certain financial institutions or certain persons holding through such financial institutions. Each Permanent Global Note delivered in exchange for the relevant Temporary Global Note shall be delivered only outside of the United States. "United States" means, for the purposes of this Section 1.3, the United States of America (including the States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). Any exchange of a Temporary Global Note pursuant to this Section 1.3 shall be made free of charge to the Noteholders.

1.4

Execution Each Global Note is manually signed on behalf of the Issuer and authenticated on behalf of the Principal Paying Agent.

1.5

Definitions Defined terms used but not defined herein shall have the same meaning as in Appendix A hereto (The Trust Agreement).

2.

RIGHTS AND OBLIGATIONS UNDER THE NOTES

2.1

Status of the Notes The Notes constitute direct and unsubordinated obligations of the Issuer ranking pari passu amongst themselves and at least pari passu with all current and future obligations of the Issuer (subject to the Priority of Payments). The Notes are unsecured (provided that the Noteholders will benefit from certain security interests granted by the Issuer to the Trustee) and constitute limited recourse obligations of the Issuer.

2.2

Obligations under the Notes The Notes represent obligations of the Issuer only, and do not represent obligations of the Trustee, the Lead Manager and Arranger, the Co-Manager, the Cash Administrator, the Account Bank, the Paying Agents, the Investment Board, the Financial Advisor, the Recovery Advisor, the Transaction Monitor or any of their respective affiliates or any affiliate of the Issuer or any other third person or entity (subject to any liability of the General Partner pursuant to Jersey companies law). The Notes will not be insured or guaranteed by any governmental agency or instrumentality or by the Trustee, the Lead Manager and Arranger, the Cash Administrator, the Principal Paying Agent, the Investment Board, the Financial Advisor, the Recovery Advisor, the Transaction Monitor or any of their respective affiliates or by any other person or entity except

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as described herein. 2.3

Priority of Payments On each Payment Date, all available Issuer Receipts as determined on the immediately preceding Determination Date will be distributed towards the discharge of the due and payable claims of the Noteholders and the other creditors of the Issuer in the following order of priority (the "Priority of Payments"): (1)

to pay pari passu with each other on a pro rata basis any obligation of the Issuer in respect of Maintenance Expenses;

(2)

to pay pari passu with each other on a pro rata basis all Agent Fees, provided that total amount paid under this paragraph (2) on any Payment Date shall not exceed the Agent Fees Cap Amount;

(3)

to pay pari passu with each other on a pro rata basis all Administrative Expenses, provided that total amount paid under this paragraph (3) on any Payment Date shall not exceed the Administrative Expenses Cap Amount;

(4)

to pay to the Liquidity Facility Provider any interest, principal, commitment fee and other due amounts pursuant to the Tax Liquidity Facility Agreement;

(5)

to pay to the Swap Counterparty any payment under the Hedging Agreement other than termination payments arising by virtue of the Swap Counterparty being (aa) the Defaulting Party (as defined in the Hedging Agreement) or (bb) the sole Affected Party (as defined in the Hedging Agreement) under an Additional Termination Event (as defined in the Hedging Agreement) set out in Part 5(h)(v) (Consequences of Rating Events) of the Schedule to the Hedging Agreement;

(6)

to pay pari passu with each other on a pro rata basis all Service Provider Fees, provided that total amount paid under this paragraph (6) on any Payment Date shall not exceed the Service Provider Cap Amount;

(7)

to pay any claims of the Companies arising pursuant to the terms of the Participation Rights Type A due to the netting of the yearly remuneration claim of the Issuer and the advance payments received in respect thereto by the Issuer;

(8)

to pay due and payable Class A Notes Interest;

(9)

to repay the principal of the Class A Notes until all Class A Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amount paid under this paragraph (9) shall not exceed the Principal Available as of the relevant Determination Date;

(10) to pay due and payable Class B Notes Interest; (11) to repay the principal of the Class B Notes until all Class B Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (11) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraph (9) above; (12) to pay due and payable Class C Notes Interest; (13) to repay the principal of the Class C Notes until all Class C Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (13) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9) and (11) above;

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(14) to pay due and payable Class D Notes Interest; (15) to repay the principal of the Class D Notes until all Class D Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (15) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11) and (13) above; (16) to pay due and payable Class E Notes Interest; (17) to repay the principal of the Class E Notes until all Class E Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (17) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11), (13) and (15) above; (18) on any Payment Date on which the Principal Deficiency Ledger shows a debit balance, to pay to the holders of the Class A Notes until all Class A Notes have been redeemed in full, then of the Class B Notes until all Class B Notes have been redeemed in full, then of the Class C Notes until all Class C Notes have been redeemed in full, then of the Class D Notes until all Class D Notes have been redeemed in full and then of the Class E Notes as early redemption on the Class A, Class B, Class C, Class D and Class E Notes (and in that order) an aggregate amount equal to the lesser of the amount necessary to reduce the Principal Deficiency Ledger to zero and the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D and Class E Notes; (19) to pay to the Swap Counterparty termination payments under the Hedging Agreements arising by virtue of the Swap Counterparty being (aa) the Defaulting Party (as defined in the Hedging Agreement) or (bb) the sole Affected Party (as defined in the Hedging Agreement) under an Additional Termination Event (as defined in the Hedging Agreement) set out in Part 5(h)(v) (Consequences of Rating Events) of the Schedule to the Hedging Agreement; (20) to pay to the Reserve Account the funds necessary to provide or maintain, together with the funds standing to the credit of the Reserve Account, the respective Reserve Account Required Amount relating to such Payment Date; (21) to pay pari passu with each other on a pro rata basis all Agent Fees exceeding the Agent Fees Cap Amount; (22) to pay pari passu with each other on a pro rata basis all Administrative Expenses exceeding the Administrative Expenses Cap Amount; (23) to pay due and payable Class F Notes Interest; (24) to repay the principal of the Class F Notes until all Class F Notes have been redeemed in full, provided that prior to the Scheduled Maturity Date the total amounts paid under this paragraph (24) shall not exceed the Principal Available as of the relevant Determination Date as reduced by the amounts determined pursuant to paragraphs (9), (11), (13), (15) and (17) above; (25) to pay pari passu with each other on a pro rata basis the Transaction Management Performance Fee (arising under the Financial Advisory Agreement) to the Financial Advisor and the Monitoring Performance Fee (arising under the Transaction Monitoring Agreement) to the Transaction Monitor; (26) to pay pari passu with each other on a pro rata basis all Service Provider Fees exceeding the Service Provider Cap Amount; (27) to the extent not covered in (1) through (26) above, to pay all other due and payable obligations of the Issuer (other than pursuant to paragraphs (28) and (29)

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below), including indemnifications and replacement costs payable by the Issuer to third parties; (28) of any remaining amount, to distribute 99.9% thereof as a "Junior Performance Premium" first (i) to the holders of the Class F Notes, however not exceeding 3% of the Note Principal Amount of the Class F Notes outstanding on the Issue Date in respect of the first Payment Date, and on the immediately preceding Payment Date in respect of any subsequent Payment Date, in each case after the full discharge of any principal repayments of such Notes, and second (ii) any remainder amount pari passu with each other on a pro rata basis to the Financial Advisor and the Transaction Monitor; (29) to pay out any remainder amount to the General Partner and to the Limited Partner of the Issuer in accordance with the Issuer's partnership agreement. The Issuer shall make payments only on the Payment Dates in accordance with the Priority of Payments, provided, however, that payments may be made on 25 April 2006 and irrespective of the Priority of Payments in respect of the payment of outstanding interest amounts under the Bridge Facility, provided that the aggregate amount of such payments shall not exceed EUR 4,000,000. "Administrative Expenses " means fees, costs and expenses of, and any other amounts due by the Issuer to, the directors of the General Partner, the Rating Agencies, the stock exchange, the auditors and legal counsel of the Issuer, the Limited Partner pursuant to the Tax Reimbursement Agreement, the Corporate Administrator pursuant to the Corporate Services Agreement as well as annual payments of EUR 1,000 to the General Partner and EUR 5,000 to the Limited Partner. "Administrative Expenses Cap Amount" means EUR 30,000 with respect to each Payment Date. "Agent Fees" means the fees, costs and expenses of, and any other amounts due by the Issuer to, the Cash Administrator and the Account Bank pursuant to the Cash Administration Agreement and the Paying Agents pursuant to the Agency Agreement. "Agent Fees Cap Amount" means EUR 10,000 with respect to each Payment Date. "Determination Date" means the first Business Day preceding 15 January, 15 April, 15 July and 15 October of each year, beginning in July 2006. "Issuer Receipts" means on any date, all amounts credited to the Issuer Accounts on such date on account of receipts and collections of the Issuer, including Interest Available and Principal Available, and all other amounts received by the Issuer pursuant to the Transaction Agreements and credited to the Issuer Accounts (other than an amount equal to the aggregate Swap Collateral). "Interest Available" means the sum of (i) the receipts under the Participation Right Agreements other than principal repayments, (ii) the balance of the Reserve Account and proceeds from permitted investments made by the Cash Administrator pursuant to the terms of the Cash Administration Agreement, (iii) the liquidity advances provided under the Tax Liquidity Facility Agreement, (iv) any amount paid (other than collateral) by the Swap Counterparty to the Issuer under the Hedging Agreement and (v) any interest portion of Recoveries Available. "Maintenance Expenses" means (i) the Issuer's and the General Partner's tax liabilities (if any) and (ii) the fees, costs and expenses of and any other amounts due to the Trustee under or in relation to the Trust Agreement (other than the Trustee Claim as such).

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"Monitoring Performance Fee" means (i) 0.25% per annum plus (ii) a premium of 0.05% per annum if and as long as there are not more than 4 Companies having received a credit appraisal of the category of "Ba2.edf" or below from Moody's KMV or an equivalent credit appraisal from another credit appraisal agency, each such amounts to be calculated in respect of each Payment Date on the basis of the principal amount of all Notes outstanding on the immediately preceding Payment Date. "Participation Rights Type A" means the Participation Rights granted to the Issuer pursuant to the Participation Right Agreements entitled "Genussrechtsvereinbarung Variante A HGBEigenkapitalinstrument". "Principal Available" means on any date, all amounts credited to the Issuer Accounts on such date on account of the principal amounts received by the Issuer from the Companies as repayment of Participation Rights and of any principal portion of Recoveries Available, however excluding any payments in respect of Participation Rights in respect of which a Principal Deficiency Event has occurred. "Reserve Account Required Amount" means (i) EUR 0 in relation to the initial Payment Date, (ii) in relation to each subsequent Payment Date prior to the Scheduled Maturity Date, the sum of (A) the funds standing to the credit of the Reserve Account on the immediately preceding Payment Date following any payments pursuant to Section 2.3 paragraph (20) of the Terms and Conditions and (B) EUR 500,000, provided that such sum shall under no circumstance exceed EUR 4 million, and (iii) EUR 0 in relation to the Scheduled Maturity Date and any subsequent Payment Date. "Recoveries Available" means the net proceeds realised by the Issuer on the disposal of Participation Right Agreements by way of an assumption of contract of a third party or an assignment of claims arising thereunder. "Service Provider Cap Amount" means EUR 200,000 with respect to each Payment Date. "Service Provider Fees" means the fees, costs and expenses of, and any other amounts due to, the Financial Advisor pursuant to the Financial Advisory Agreement (excluding the Transaction Management Performance Fee), the Transaction Monitor pursuant to the Transaction Monitoring Agreement (excluding the Monitoring Performance Fee), the Recovery Advisor and the Disposal Advisor pursuant to the Recovery Advisory Agreement and the members of the Investment Board pursuant to the Investment Advisory Agreement. "Swap Collateral" means any collateral transferred by the Swap Counterparty to the Issuer pursuant to the Hedging Agreement and any interest or distributions in respect thereof. "Transaction Management Performance Fee" means (i) 0.25% per annum plus (ii) a premium of 0.05% per annum if and as long as there are not more than 4 Companies having received a credit appraisal of the category of "Ba2.edf" or below from Moody's KMV or an equivalent credit appraisal from another credit appraisal agency, each such amounts to be calculated in respect of each Payment Date on the basis of the principal amount of all Notes outstanding on the immediately preceding Payment Date. 2.4

Limited Recourse All payment obligations of the Issuer under the Notes constitute obligations exclusively to make payments in an amount limited to any credit on the Issuer Accounts and proceeds from the Trustee Collateral received by the Trustee pursuant to the Trust Agreement and the other Transaction Documents, in each case in accordance with and subject to the

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Priority of Payments. The Notes shall not give rise to any payment obligation in excess of the foregoing and any accrued claims shall not become due, and recourse shall be limited, accordingly. To the extent that such assets, or the proceeds from the realisation thereof, after payment of all claims ranking in priority to the Notes, prove ultimately insufficient to satisfy the claims of all Noteholders in full, then any shortfall arising shall be extinguished and neither Noteholders nor the Trustee shall have any further claims against the Issuer, its officers or directors, provided that the foregoing shall be without prejudice to any early redemption rights. Such assets and proceeds shall be deemed to be "ultimately insufficient" at such time when, in the reasonable opinion of the Trustee, no further assets are available and no further proceeds can be realised therefrom to satisfy any outstanding claim of the Noteholders, and neither assets nor proceeds will be so available thereafter.

3.

COLLATERAL Under the Trust Agreement, the Issuer will grant a security interest to the Trustee for the benefit of the Noteholders and the other secured creditors of the Issuer under the Transaction Documents to which it is a party with respect to its present and future, actual and contingent rights and claims arising under the participation right agreements (Genussrechtsvereinbarungen), each entered into between the Issuer and each of certain small and mediumsized companies located in Germany ("Companies") (the "Participation Right Agreements", as defined in the Trust Agreement) pursuant to which certain participation rights (Genussrechte) are granted to the Issuer (the "Participation Rights"), the Trust Agreement, the financial advisory agreement entered into between the Issuer and CBG Commerz Beteiligungsgesellschaft Holding mbH (the "Financial Advisor"), dated 26 October 2005 (as amended and restated on 11 April 2006) (the "Financial Advisory Agreement"), the recovery advisory agreement entered into between the Issuer and Ernst & Young AG Wirtschaftsprüfungsgesellschaft (the "Recovery Advisor") and Ernst & Young Corporate Finance Beratung GmbH (the "Disposal Advisor"), dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Recovery Advisory Agreement"), the transaction monitoring agreement entered into between the Issuer and Commerzbank Aktiengesellschaft, London Branch (in its capacity as the "Transaction Monitor"), dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Transaction Monitoring Agreement"), the investment advisory agreement entered into between the Issuer and the initial members of the investment board (the members of the investment board from time to time, the "Investment Board"), dated 26 October 2005 (as amended and restated on 11 April 2006) (the "Investment Advisory Agreement"), the cash administration agreement entered into between the Issuer and JPMorgan Chase Bank, N.A. (London Branch) (in its capacity as the "Cash Administrator" and the "Account Bank"), dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Cash Administration Agreement"), the tax liquidity facility agreement entered into between the Issuer and Commerzbank Aktiengesellschaft (the "Liquidity Facility Provider", dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Tax Liquidity Facility Agreement", the subscription agreement entered into between the Issuer, Commerzbank Aktiengesellschaft, London Branch (in its capacity as the "Lead Manager") and Fortis Bank nv-sa. (the "Co-Manager", and together with the Lead Manager, the "Managers"), dated 11 April 2006 (the "Subscription Agreement"), the tax reimbursement agreement entered into between the Issuer and CB MezzCAP Verwaltungsgesellschaft mbH (the "Limited Partner"), dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Tax Reimbursement Agreement"), the process agent appointment agreement entered into between the Issuer and FIDEUROP Treuhandgesellschaft für den gemeinsamen Markt mbH, dated 1 December 2005 (the "Process Agent Appointment Agreement"), the agency agreement between the Issuer, JPMorgan Chase Bank, N.A. (London Branch) (in its capacity as the "Principal Paying Agent") and J.P. Morgan Bank (Ireland) Plc (in its capacity as the "Irish Paying Agent"), dated

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11 April 2006 (the "Agency Agreement") and the hedging agreement entered into between the Issuer and Commerzbank Aktiengesellschaft dated 24 November 2005, which has subsequently been replaced by the hedging agreement entered into between the Issuer and AIG Financial Products Corp. (the "Swap Counterparty"), dated 11 April 2006) (the "Hedging Agreement") (together with certain other collateral as referred to in Clause 3.2 of the Trust Agreement, the "Trustee Collateral").

4.

TRUSTEE

4.1

Trust Agreement For the benefit of the Noteholders and certain other secured creditors of the Issuer under the Transaction Agreements to which it is a party, the Issuer has entered into a trust agreement with J.P. Morgan Corporate Trustee Services Limited (the "Trustee"), dated 1 December 2005 (as amended and restated on 11 April 2006) (the "Trust Agreement"). The text of the Trust Agreement is attached as Appendix A to the Terms and Conditions and constitutes an integral part thereof. "Transaction Documents" means the Notes (including the Terms and Conditions) and the Transaction Agreements. "Transaction Agreements" means the Trust Agreement, the Financial Advisory Agreement, the Recovery Advisory Agreement, the Transaction Monitoring Agreement, the Investment Advisory Agreement, the Cash Administration Agreement, the Tax Liquidity Facility Agreement, the Agency Agreement, the Hedging Agreement, the Subscription Agreement, the Tax Reimbursement Agreement, the Process Agent Appointment Agreement, the corporate services agreement entered into between the Issuer, CB MezzCAP Limited (the "General Partner") and Bedell Trust Company Limited (the "Corporate Administrator"), dated 19 October 2005 (the "Corporate Services Agreement"), the English security deed entered into between the Issuer, the Trustee and the Account Bank dated 15 December 2005 (as amended and restated on 11 April 2006) (the "English Security Deed") and the Jersey security agreement entered into between the Issuer and the Trustee dated 22 December 2005 (the "Jersey Security Agreement"). The transaction contemplated in the Transaction Documents is referred to as the transaction (the "Transaction").

4.2

Obligation to Maintain a Trustee As long as any Notes are outstanding the Issuer shall ensure that a trustee is appointed at all times who has undertaken substantially the same functions and obligations as the Trustee pursuant to the Notes, including the Terms and Conditions, and the Trust Agreement.

5.

PAYMENTS

5.1

General Payments of principal and interest in respect of the Notes shall be made by wire transfer of the same day funds to, or to the order of, Euroclear and Clearstream Luxembourg, as relevant, for credit to the accounts held by the relevant Euroclear Participants and Clearstream Luxembourg Participants for subsequent transfer to the Noteholders.

5.2

Payments of Interest on Temporary Global Notes Payments of interest on the Notes represented by a Temporary Global Note will be made only after delivery by the relevant Euroclear Participants and Clearstream Luxembourg Participants to Euroclear and Clearstream Luxembourg, as relevant, of the certifications described in Section 1.3 above.

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5.3

Discharge All payments made by the Issuer to, or to the order of, Euroclear and Clearstream Luxembourg shall discharge the liability of the Issuer under the relevant Notes to the extent of the sums so paid.

5.4

Payment Dates "Payment Date" means each 25th of January, April, July and October of each year, commencing in July 2006, or if any such day is not a Business Day, the next succeeding day which is a Business Day unless it would thereby fall into the next calendar month, in which case the payment shall be made on the immediately preceding Business Day. "Business Day" means a day on which all relevant parts of the Trans-European Automated Real-time Gross settlement Express Transfer system ("TARGET") are operational to effect the relevant payment and commercial banks are open for general business in Frankfurt am Main, Dublin and London.

6.

PAYMENTS OF INTEREST

6.1

Interest Calculation Subject to the limitations set forth in Section 2.4 (Limited Recourse), each Note shall bear interest at the applicable Interest Rate on its Note Principal Amount from the Issue Date until the close of the day preceding the day on which such Note has been redeemed in full (both days inclusive). The amount of interest payable by the Issuer in respect of each Note on any Payment Date (the "Interest Amount") shall be calculated by applying the relevant Interest Rate for the Relevant Interest Accrual Period to its Note Principal Amount outstanding as of the immediately preceding Payment Date or the Issue Date (in the case of the first Payment Date) and multiplying the result by (i) in the case of the Class A, Class B, Class C, Class D and Class E Notes, the actual number of days in the Relevant Interest Accrual Period divided by 360 and (ii) in the case of the Class F Notes, the number of days in the Relevant Interest Accrual Period calculated on the basis of a year of 360 days with twelve 30-day months divided by 360, in each case rounding the result to the nearest EUR 0.01 (with EUR 0.005 being rounded upwards). "Class A Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class A Notes on any date. "Class B Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class B Notes on any date. "Class C Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class C Notes on any date. "Class D Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class D Notes on any date. "Class E Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class E Notes on any date. "Class F Notes Interest" means the aggregate Interest Amount payable (including any Interest Shortfall) in respect of all Class F Notes on any date.

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"Note Principal Amount" of any Note as of any date shall equal the initial note principal amount of EUR 100,000, as reduced by all amounts paid prior to such date on such Note in respect of principal. 6.2

Interest Accrual Period "Interest Accrual Period" means (i) in relation to the Class A, Class B, Class C, Class D and Class E Notes, in respect of the first Payment Date, the period commencing on (and including) the Issue Date and ending on (but excluding) the first Payment Date, and in respect of any subsequent Payment Date, the period commencing on (and including) a Payment Date and ending on (but excluding) the immediately following Payment Date and (ii) in relation to the Class F Notes, in respect of the first Payment Date, the period commencing on (and including) the Issue Date and ending on (but excluding) 25 July 2006, and in respect of any subsequent Payment Date, the three-month period commencing on (and including) the 25th day of the calendar month three months before the month in which the relevant Payment Date occurs and ending on (but excluding) the 25th day of the month in which such Payment Date occurs. "Relevant Interest Accrual Period" means in respect of any Payment Date the Interest Accrual Period immediately preceding such Payment Date.

6.3

Interest Rate (a)

(b)

The interest rate payable on the Notes for each Interest Accrual Period (each, an "Interest Rate") shall be (i)

in the case of the Class A Notes, EURIBOR plus 0.28% per annum,

(ii)

in the case of the Class B Notes, EURIBOR plus 0.50% per annum,

(iii)

in the case of the Class C Notes, EURIBOR plus 0.70% per annum,

(iv)

in the case of the Class D Notes, EURIBOR plus 1.75% per annum,

(v)

in the case of the Class E Notes, EURIBOR plus 3.90% per annum, and

(vi)

in the case of the Class F Notes, 17% per annum.

"EURIBOR" for each Interest Accrual Period means the rate for deposits in euro for a period of three months (with respect to the first Interest Accrual Period the linear interpolation between three and four months) which appears on Moneyline Telerate Page 248 of the Associated Press-Dow Jones Telerate Service (or such other page as may replace such page on that service for the purpose of displaying Brussels inter-bank offered rate quotations of major banks) as of 11:00 a.m. (Brussels time) on the second Target Settlement Day immediately preceding the commencement of such Interest Accrual Period (each, a "EURIBOR Determination Date"), all as determined by the Principal Paying Agent. If Moneyline Telerate Page 248 is not available or if no such quotation appears thereon, in each case as at such time, the Principal Paying Agent shall request the principal Eurozone office of the Reference Banks selected by it to provide the Principal Paying Agent with its offered quotation (expressed as a percentage rate per annum) for three-month deposits in euro at approximately 11:00 a.m. (Brussels time) on the relevant EURIBOR Determination Date to prime banks in the Euro-zone inter-bank market for the relevant Interest Accrual Period and in an amount that is representative for a single transaction in

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that market at that time. If two or more of the selected Reference Banks provide the Principal Paying Agent with such offered quotations, EURIBOR for such Interest Accrual Period shall be the arithmetic mean of such offered quotations (rounded if necessary to the nearest one thousandth of a percentage point, with 0.000005 being rounded upwards). If on the relevant EURIBOR Determination Date fewer than two of the selected Reference Banks provide the Principal Paying Agent with such offered quotations, EURIBOR for such Interest Accrual Period shall be the rate per annum which the Principal Paying Agent determines as being the arithmetic mean (rounded if necessary to the nearest one thousandth of a percentage point, with 0.000005 being rounded upwards) of the rates communicated to (and at the request of) the Principal Paying Agent by major banks in the Euro-zone, selected by the Principal Paying Agent, at approximately 11:00 a.m. (Brussels time) on such EURIBOR Determination Date for loans in euro to leading European banks for such Interest Accrual Period and in an amount that is representative for a single transaction in that market at that time. "TARGET Settlement Day" means a day on which TARGET is open. "Reference Banks" means four major banks in the Euro-zone inter-bank market. "Euro-zone" means the region comprising member states of the European Union that have adopted the single currency, the euro, in accordance with the EC Treaty. "EC Treaty" means the Treaty establishing the European Community signed in Rome on 25 March 1957, as amended from time to time, including by the Treaty on European Union signed in Maastricht on 7 February 1992. In the event that the Principal Paying Agent is on any EURIBOR Determination Date required but unable to determine EURIBOR for the relevant Interest Accrual Period in accordance with the above, EURIBOR for such Interest Accrual Period shall be EURIBOR as determined on the previous EURIBOR Determination Date. 6.4

Notifications The Principal Paying Agent shall, as soon as practicable on or after each EURIBOR Determination Date, determine and notify the Issuer and the Trustee of the relevant Interest Accrual Period, Interest Rate, Interest Amount and Payment Date with respect to each Note.

6.5

Interest Shortfall Accrued interest not distributed on any Payment Date related to the Interest Accrual Period in which it accrued, will be an "Interest Shortfall" with respect to the relevant Note. An Interest Shortfall shall become due and payable on the next Payment Date and on any following Payment Date (subject to Section 2.4 (Limited Recourse)) until it is reduced to zero. Interest shall not accrue on Interest Shortfalls at any time.

6.6

Junior Performance Premium On each Payment Date, the Issuer shall pay a portion of the Junior Performance Premium (if any) determined in respect of the relevant Payment Date pursuant to Section 2.3 paragraph (28)(i) to the holders of the Class F Notes.

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7.

REDEMPTION; EARLY REDEMPTION

7.1

Scheduled Maturity Date Unless previously redeemed in accordance with these Terms and Conditions, the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes (in this order) shall be redeemed in full at their Note Principal Amount plus accrued interest on 25 January 2013 (subject to adjustment for non-Business Days pursuant to Section 5.4, the "Scheduled Maturity Date"), subject to the availability of funds pursuant to the Priority of Payments. In the event of insufficient funds pursuant to the Priority of Payments, any outstanding Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes (in this order) will be redeemed on the subsequent Payment Dates, subject to the availability of funds pursuant to the Priority of Payments.

7.2

Legal Maturity Date Unless previously redeemed in accordance with these Terms and Conditions, all Notes shall be redeemed in full at their Note Principal Amount plus accrued interest on 25 October 2036 (subject to adjustment for non-Business Days pursuant to Section 5.4, the "Legal Maturity Date").

7.3

Early Redemption (a)

If the Transaction Monitor notifies a debit balance of the Principal Deficiency Ledger (as defined below) to the Issuer on or prior to a Determination Date, the Class A, Class B, Class C, Class D and Class E Notes (in that order) shall be redeemed on the next following Payment Date in the amounts determined pursuant to Section 2.3 paragraph (18).

(b)

"Principal Deficiency Ledger" means a ledger account maintained by or on behalf of the Issuer, in which shall be debited each Principal Deficiency Amount and credited (i) the amount of each early redemption payment pursuant to Section 7.3(a) and (ii) each Principal Deficiency Reversal Amount.

(c)

"Principal Deficiency Amount" means each amount notified as a "principal deficiency amount" by the Transaction Monitor to the Issuer, such amounts notified by the Transaction Monitor as being equal to (i) the nominal amount of each Participation Right the related Participation Right Agreement of which has been terminated (a "Principal Deficiency Event") or (ii) the nominal amount of each Participation Right Type A in respect of which a remuneration amount has accrued but the related payment claim of the Issuer has not come into existence under the related Participation Right Agreement Type A due to the lack of sufficient free assets of the relevant Company. "Principal Deficiency Reversal Amount" means the nominal amount of each

Participation Right Type A notified by the Transaction Monitor to the Issuer in respect of which (aa) a Principal Deficiency Amount pursuant to Section 7.3(c) first para. (ii) had previously been debited to the Principal Deficiency Ledger and (bb) all payment claims in respect of remuneration which had previously not come into existence due to the lack of free assets of the relevant Company have at the time of such notice come into existence pursuant to the terms of the related Participation Right Agreement Type A. (d)

On each Payment Date prior to the Scheduled Maturity Date, the Class A Notes shall be redeemed in an amount (if any) determined pursuant to Section 2.3 paragraph (9), the Class B Notes shall be redeemed in an amount (if any) determined pursuant to Section 2.3 paragraph (11), the Class C Notes shall be redeemed in an amount (if any) determined

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pursuant to Section 2.3 paragraph (13), the Class D Notes shall be redeemed in an amount (if any) determined pursuant to Section 2.3 paragraph (15), the Class E Notes shall be redeemed in an amount (if any) determined pursuant to Section 2.3 paragraph (17), and the Class F Notes shall be redeemed in an amount (if any) determined pursuant to Section 2.3 paragraph (24).

8.

EARLY REDEMPTION FOR DEFAULT

8.1

Default Event If an Issuer Event of Default occurs and is continuing, each Noteholder may accelerate the Notes held by it and demand immediate repayment of each such Notes at the then current Note Principal Amount plus accrued but unpaid interest by delivery of a written notice to the Issuer with a copy to the Trustee. In the event that any Noteholder exercises its right pursuant to the preceding sentence, all of the Notes shall become immediately due for redemption and the Issuer shall redeem all of the Notes (but not some only) at the then current Note Principal Amount plus accrued but unpaid interest. "Issuer Event of Default" means any of the following events: (i)

the Issuer or its assets become subject to bankruptcy, examinership, insolvency, moratorium or similar proceedings, which affect or prejudice the performance of obligations under the Notes, or there is a refusal to institute such proceedings for lack of assets;

(ii)

the Issuer fails to make any payment of any interest or principal due and payable in respect of any Note and such default continues for a period of five Business Days or longer; or

(iii)

the Trustee Collateral is or becomes invalid in whole or in part.

For the avoidance of doubt, no Issuer Event of Default shall occur with respect to any accrued claims hereunder which do not become due, and payment is deferred accordingly, by operation of Section 2.4 (Limited Recourse). On or after the Legal Maturity Date, any payment obligations under the Notes shall be determined for the purposes of (ii) above as if Section 2.4 (Limited Recourse) would not apply. 8.2

Notice Any notice for the purposes of Section 8.1 shall be made in writing and delivered to the Issuer with a copy to the Trustee and shall include an evidence by means of a certificate of a Note Custodian that such Noteholder, at the time of giving the notice, is a holder of the relevant Notes. "Note Custodian" means any bank or other financial institution of recognised standing authorised to engage in securities custody business with which the Noteholder maintains a security account in respect of its Notes and includes Euroclear and Clearstream Luxembourg.

9.

AGENTS

9.1

Appointment of Paying Agents The Issuer has appointed JPMorgan Chase Bank, N.A. (London Branch) as principal paying

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agent and calculation agent (in such capacity, the "Principal Paying Agent") and J.P. Morgan Bank (Ireland) plc as the Irish paying agent (in such capacity, the "Irish Paying Agent", and together with the Principal Paying Agent, the "Paying Agents"). "Prospectus" means the prospectus dated 20 April 2006 and published in relation to the issue of the Notes. The Paying Agents shall act solely as agents for the Issuer and shall not have any agency or trustee relationship with the Noteholders. 9.2

Replacement The Issuer shall procure that (i) for as long as any Notes are outstanding there shall always be a Principal Paying Agent appointed to perform the functions assigned to it in these Terms and Conditions and (ii) for as long as any Notes are listed on the Irish Stock Exchange there shall always be an Irish Paying Agent appointed. The Issuer may at any time, by giving not less than 30 days' notice by publication in accordance with Section 12, replace the Principal Paying Agent or the Irish Paying Agent by one or more other banks or other financial institutions which assume such functions.

9.3

Determinations Binding All Interest Rates and Interest Amounts determined and other calculations and determinations made by the Principal Paying Agent for the purposes of the Transaction Documents shall, in the absence of manifest error, be final and binding.

10.

TAXES Payments in respect of the Notes shall only be made after deduction and withholding of current or future taxes, levies or governmental charges, regardless of their nature, which are imposed, levied or collected (collectively, "taxes") under any applicable system of law or in any country which claims fiscal jurisdiction by, or for the account of, any political subdivision thereof or government agency therein authorised to levy taxes, to the extent that such deduction or withholding is required by law. The Issuer shall account for the deducted or withheld taxes with the competent government agencies. Neither the Issuer nor any other party is obliged to pay any amounts as compensation for deduction or withholding of taxes in respect of payments on the Notes, and such deduction or withholding of taxes shall not constitute an Issuer Event of Default.

11.

SUBSTITUTION OF THE ISSUER

11.1 General If, in the determination of the Issuer, as a result of any enactment of or supplement or amendment to, or change in, the laws of any relevant jurisdiction or as a result of an official communication of previously not existing or not publicly available official interpretation, or a change in the official interpretation, implementation or application of such laws that becomes effective on or after the Issue Date: (i)

the Issuer would, for reasons outside its control, and after taking reasonable measures (such measures not involving any material additional payment or other expenses), be

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materially restricted from performing any of its obligations under the Notes or the other Transaction Documents to which it is a party; or (ii)

the Issuer would, for reasons outside its control, and after taking reasonable measures (such measures not involving any material additional payment or other expenses), (x) be required to make any tax withholding or deduction in respect of any payments on the Notes and/or the Transaction Documents to which it is a party or (y) would not be entitled to relief for tax purposes for any amount which it is obliged to pay, or would be treated as receiving for tax purposes an amount which it is not entitled to receive, in each case under the Notes or the other Transaction Documents;

then the Issuer shall inform the Trustee accordingly and shall, in order to avoid the relevant event described in paragraph (i) or (ii) above, use its reasonable endeavours to arrange the substitution of the Issuer with a company incorporated in another jurisdiction in accordance with Section 11.2. 11.2 The New Issuer The Issuer is entitled to substitute in its place another company (the "New Issuer") as debtor for all obligations arising under and in connection with the Notes only subject to the provisions of Section 11.1 and the following conditions: (i)

the New Issuer assumes all rights and duties of the Issuer under or pursuant to the Notes and the other Transaction Documents by means of an agreement with the Issuer and the other parties to the other Transaction Documents, and the Trustee Collateral is, upon the Issuer's substitution, held by the Trustee for the purpose of securing the obligations of the New Issuer;

(ii)

no additional expenses or legal disadvantages of any kind arise for the Noteholders from such assumption of debt and the Issuer has obtained a legal opinion to this effect from a reputable law firm in the relevant jurisdiction;

(iii)

the New Issuer provides proof satisfactory to the Trustee (whereby the Trustee shall be entitled to request a legal opinion from a reputable law firm as such proof) that it has obtained all of the necessary governmental approvals in the jurisdiction in which it has its registered office and that it is permitted to fulfil all of the obligations arising under or in connection with the Notes and the other Transaction Documents to which it will become a party;

(iv)

the Issuer and the New Issuer enter into such agreements and execute such documents as the Trustee considers necessary for the effectiveness of the substitution;

(v)

each of the Rating Agencies has confirmed that such substitution will not adversely affect the then current rating of the Notes; and

(vi)

the Trustee has given its consent.

"Rating Agencies" means Moody's Investors Service, Inc. and Standard and Poor's Rating Services, a division of The McGraw Hill Companies, Inc. Upon fulfilment of the aforementioned conditions, the New Issuer shall in every respect substitute the Issuer and the Issuer shall, vis-à-vis the Noteholders, be released from all obligations relating to the function of issuer under or in connection with the Notes.

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11.3 Notice of Substitution Notice of such substitution of the Issuer shall be given in accordance with Section 12 to the Noteholders with a copy to the Irish Stock Exchange if any Notes are listed on the Irish Stock Exchange. 11.4 Effects of Substitution Upon the substitution, each reference to the Issuer in the Terms and Conditions shall from then on be deemed to be a reference to the New Issuer and any reference to the country in which the Issuer has its registered office, domicile or residency for tax purposes, as relevant, shall from then on be deemed to be a reference to the country in which the New Issuer has its registered office, domicile or residency for tax purposes, as relevant.

12.

FORM OF NOTICES All notices to the Noteholders shall be either (i) delivered to Clearstream Luxembourg and Euroclear for communication by them to the Noteholders, or (ii) made available for a period of not less than 30 calendar days on the following web site: www.ise.ie.

13.

MISCELLANEOUS

13.1 Presentation Period The presentation period for the Global Notes provided in § 801 para. 1, sentence 1 of the German Civil Code (Bürgerliches Gesetzbuch) shall end ten years after the date on which the last payment in respect of the Notes represented by such Global Note was due. 13.2 Replacement of Global Notes If any of the Global Notes is lost, stolen, damaged or destroyed, it may be replaced by the Issuer upon payment by the claimant of the costs arising in connection therewith. As a condition of replacement, the Issuer may require the fulfilment of certain conditions, the provision of proof regarding the existence of indemnification and/or the provision of adequate collateral. In the event of any of the Global Notes being damaged, such Global Note shall be surrendered before a replacement is issued. In the event of any of the Global Notes being lost or destroyed, the foregoing shall not limit any right to file a petition for the annulment of such Note pursuant to the provisions of German law. 13.3 Place of Performance Place of performance of the Notes shall be Frankfurt am Main. 13.4 Severability Should any of the provisions hereof be or become invalid in whole or in part, the other provisions shall remain in force.

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14.

GOVERNING LAW AND PLACE OF JURISDICTION

14.1 Governing Law The form and content of the Notes and all of the rights and obligations of the Noteholders and the Issuer under the Notes shall be governed in all respects by the laws of the Federal Republic of Germany. 14.2 Jurisdiction The non-exclusive place of jurisdiction for any action or other legal proceedings ("Proceedings") arising out of or in connection with the Notes shall be the District Court (Landgericht) in Frankfurt am Main. The Issuer hereby submits to the jurisdiction of such court. The German courts shall have exclusive jurisdiction over the annulment of the Global Notes in the event of their loss or destruction. 14.3 Process Agent With regard to any Proceedings in connection with the Notes brought against the Issuer in a court of the Federal Republic of Germany, the Issuer appoints FIDEUROP Treuhandgesellschaft für den Gemeinsamen Markt mbH, Wirtschaftsprüfungsgesellschaft, with its current seat at Bockenheimer Anlage 15, Mozartplatz, 60322 Frankfurt am Main, Federal Republic of Germany, as its agent for service of process. The Issuer shall maintain an agent for service of process in the Federal Republic of Germany as long as any Notes are outstanding.

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TRUST AGREEMENT The following are the main provisions of the Trust Agreement dated 1 December 2005 (as amended and restated on 11 April 2006) between the Issuer, the Limited Partner, the General Partner and the Trustee (excluding the Schedules thereto). The Trust Agreement is attached as Appendix A to the Terms and Conditions and constitutes an integral part thereof. In case of any overlap or inconsistency in the definition of a term or expression in the Trust Agreement and elsewhere in this Prospectus, the definition in the Trust Agreement will prevail.

1.

DEFINITIONS

1.1

Defined terms used but not defined herein shall have the same meaning as in the Terms and Conditions of the Notes (attached as Schedule 1 hereto).

1.2

Words denoting the singular shall include the plural and vice versa.

1.3

Any reference to any agreement or document shall be construed as a reference to the agreement or document (in each case including any separate fee arrangement referred to therein) as the same may have been, or may from time to time be, renewed, extended, amended, varied, novated, supplemented or superseded.

1.4

Save where the contrary is indicated, any reference herein to a time of day shall be construed as a reference to the time in Frankfurt am Main.

1.5

Where a German legal term has been used herein, such German legal term (and not the English legal term or concept to which it relates) shall be authoritative for the purpose of construction. Where an English legal term has been used herein, the related German legal term or concept shall be authoritative for the purpose of construction, provided that legal terms shall be construed in accordance with English law or any other law if specifically so provided or the context so requires.

1.6

Reference herein to any party in a certain capacity shall be construed to also refer to any of its successors in such capacity.

2.

POSITION OF THE TRUSTEE

2.1

The Trustee shall carry out the duties hereunder and shall perform the tasks and functions set out in the Terms and Conditions and this Trust Agreement (together, the "Trustee Duties") in accordance with this Trust Agreement and as a trustee for the benefit, and with particular regard to the interests, of the Noteholders and the other creditors of the Issuer under the Transaction Documents (collectively, together with the Trustee, and any successors in such capacities appointed pursuant to the relevant provisions of the Transaction Documents, the "Transaction Creditors").

2.2

This Trust Agreement grants the Transaction Creditors the right to demand that the Trustee perform the Trustee Duties (contract for the benefit of a third party (echter Vertrag zugunsten Dritter) pursuant to § 328 subsection 1 of the German Civil Code (Bürgerliches Gesetzbuch)). The obligations of the Trustee under this Trust Agreement are owed exclusively to the Transaction Creditors, unless otherwise specified or the context requires otherwise.

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2.3

The Issuer hereby grants the Trustee a separate claim (the "Trustee Claim"), entitling the Trustee to demand from the Issuer: (i)

that any present or future, actual or contingent obligations of the Issuer towards the Noteholders and the other Transaction Creditors arising under the Transaction Documents to which it is a party (together, the "Secured Obligations") be fulfilled, and

(ii)

if an Issuer Event of Default has occurred or, the occurrence thereof is, in the professional judgment of the Trustee, imminent, and insolvency proceedings have not been instituted against the assets of the Trustee, that any payment owed to the Transaction Creditors will be made to, and at all times prior to the on-payment to the Transaction Creditors held in, a trust account (Treuhandkonto) of the Trustee for on-payment to the relevant Transaction Creditors. The Trustee shall on-pay any amount so received to the Transaction Creditors without undue delay in accordance with the Priority of Payments (as defined in the Terms and Conditions). The obligations of the Issuer to make payments to the relevant Transaction Creditors shall remain unaffected. The Trustee Claim may be enforced separately from the relevant Transaction Creditors' claims in respect of the same payment obligation of the Issuer. In the case of a payment pursuant to paragraph (ii) above, the Issuer and each Transaction Creditor (excluding the Trustee) shall have a claim against the Trustee for on-payment to the relevant Transaction Creditors in accordance with the Priority of Payments. The relevant obligation of the Issuer under the Secured Obligations shall only be fulfilled once the on-payment to the relevant Transaction Creditors by the Trustee has occurred. For the avoidance of doubt, upon on-payment by the Trustee to the Transaction Creditors the liability of the Issuer under the Secured Obligations in respect of the same payment obligation shall be discharged to the extent of the sums so on-paid, and if the Trustee makes such on-payment in respect of the Notes through Euroclear Bank S.A./N.V., as operator of the Euroclear Systems and Clearstream Banking, société anonyme, Luxembourg, Section 5.3 of the Terms and Conditions shall apply in respect of such onpayment and the discharge of the Issuer in respect of the related payment obligation under the Notes. Similarly, upon payment by the Issuer to the Transaction Creditors, the right of the Trustee to request a payment pursuant to paragraph (ii) above in respect of the same payment obligation of the Issuer shall cease to exist to the extent of the sums so paid by the Issuer. For the avoidance of doubt, the obligation of the Trustee to on-pay any amounts received under paragraph (ii) above without undue delay to the Transaction Creditors in accordance with the Priority of Payments shall not be affected by the Trustee's resignation or other termination of its appointment as a trustee hereunder to the extent that the Trustee has not paid such amounts to any successor trustee. In particular, on or promptly after a resignation of the Trustee has become effective, the Trustee shall on-pay to the Transaction Creditors any amounts standing to the credit of any trust account pursuant to paragraph (ii) above.

3.

TRUSTEE COLLATERAL

3.1

The Issuer hereby grants a pledge (Pfandrecht) pursuant to §§ 1204 et seq. of the German Civil Code (Bürgerliches Gesetzbuch) to the Trustee with regard to: (i)

all its present and future, contingent and unconditional rights and claims against the Companies arising under the participation right agreements referred to in Schedule 2 hereto and forms of which are attached as Schedule 3 hereto (the "Participation Right Agreements");

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(ii)

all its present and future, contingent and unconditional rights and claims against the Trustee arising under the Trust Agreement; and

(iii)

all its present and future, contingent and unconditional rights and claims arising under the other Transaction Agreements (excluding the Hedging Agreement, the Corporate Services Agreement, the English Security Deed and the Jersey Security Agreement).

The Trustee hereby accepts each such pledge. The Issuer hereby gives notice to the Trustee of the pledge pursuant to (ii) above and the Trustee confirms receipt of such pledge. The Issuer shall give notice to the Companies of the pledge pursuant to (i) above and to the respective counterparties of the pledge pursuant to (iii) above, in each case on the date hereof. 3.2

The parties hereby acknowledge that: (i)

the Issuer has pursuant to the Jersey Security Agreement granted to the Trustee a Jersey law security interest in respect of all its present and future claims, right, title and interest in and to the Corporate Services Agreement (the "Jersey Collateral");

(ii)

the Issuer has pursuant to the English Security Deed granted to the Trustee an English law security interest in respect of its cash account no. 32617301, named the "CB MezzCAP Limited Partnership EUR Transaction Account" (the "Transaction Account"), and cash account no. 32617302, named the "CB MezzCAP Limited Partnership EUR Reserve Account" (the "Reserve Account") with JPMorgan Chase Bank, N.A. (London Branch) (together, including any replacement accounts of the Issuer, the "Issuer Accounts") as well as in respect of all rights, title and interest of the Issuer in relation to the Hedging Agreement, as amended from time to time and the transactions entered into thereunder.

The security interests granted pursuant to Clauses 3.1 and referred to in Clause 3.2 shall together constitute the "Trustee Collateral" and the assets being the subject of the Trustee Collateral shall be referred to as the "Collateral Assets". The agreements referred to in this Clause 3.2 together with the Trust Agreement shall constitute the "Security Documents". 3.3

The pledges pursuant to Clause 3.1 are granted for the purpose of securing the Trustee Claim.

3.4

The Issuer hereby represents and warrants that it has (and will have, insofar as future rights and claims are concerned) full and unaffected title to the rights and claims and any related security thereto which are pledged hereby and that such rights and claims and such related security are (and will be, insofar as future rights and claims are concerned) free and clear from any encumbrances and adverse rights and claims of any third parties (other than the rights of the Trustee hereunder).

3.5

The Trustee hereby authorises the Issuer pursuant to § 185 para. 1 of the German Civil Code (Bürgerliches Gesetzbuch) to collect, in the Issuer's own name, all payments on account of the payment claims pledged to the Trustee pursuant to Clause 3.1 from the debtors of the pledged claims for payment onto the Transaction Account. As long as the authority has not terminated or been revoked, the Issuer shall take all reasonable actions as may be necessary to enforce and collect in full such payment claims.

3.6

The authority granted to the Issuer by the Trustee pursuant to Clause 3.5 above may be revoked by the Trustee at any time if in the reasonable discretion (billiges Ermessen) of the Trustee such revocation is necessary in order to protect the interests of the Transaction Creditors.

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3.7

The authority granted to the Issuer by the Trustee pursuant to Clause 3.5 above shall automatically terminate upon the occurrence of any Issuer Event of Default.

3.8

The Trustee shall release and shall be entitled to release without further research and enquiries its security interest in respect of any Participation Right Agreements or claims thereunder in respect of which the Issuer notifies to the Trustee that a disposal has been made in accordance with the Transaction Documents.

4.

REALISATION OF THE TRUSTEE COLLATERAL

4.1

The Trustee may enforce (verwerten) the Trustee Collateral granted to it hereunder upon the occurrence of an Issuer Event of Default and the acceleration of the obligations under the Notes pursuant to Section 8.1 of the Terms and Conditions in a manner determined at its reasonable discretion and in accordance with this Clause 4.

4.2

The Trustee shall promptly upon becoming aware of the occurrence of an Issuer Event of Default, give notice thereof (unless such Issuer Event of Default shall have been cured) to the Noteholders, the Issuer, the Transaction Monitor, the Financial Advisor, each of the Rating Agencies and the Cash Administrator.

4.3

Upon becoming aware of the occurrence of an Issuer Event of Default, the Trustee shall retain the Trustee Collateral intact and collect payments made on the Collateral Assets. The Trustee shall determine in its reasonable discretion whether the continued administration of the Collateral Assets (other than the Jersey Collateral) or the disposal of the Collateral Assets, the enforcement of the Trustee Collateral or any other course of action (other than in relation to the Jersey Collateral) is preferable in order to protect the interests of the Transaction Creditors, subject to Clause 4.4 below, and take action accordingly.

4.4

As soon as practicable after the Trustee has become aware of the occurrence of an Issuer Event of Default, the Trustee shall give notice to the Noteholders specifying the manner in which it intends to proceed with respect to the Collateral Assets (in particular, whether it intends to administer or dispose of the Collateral Assets). If, within 30 calendar days of the publication of such notice, the Trustee receives notice from a Majority of the Noteholders objecting to the action proposed in the Trustee's notice, the Trustee shall not undertake such action. In the event that the Trustee has not received a proposal from a Majority of the Noteholders (either together with such objection or within 30 calendar days thereafter) regarding an alternative action or if an action proposed is unduly burdensome for the Trustee, the Trustee shall be free to decide in its reasonable discretion the action to take (and at which time) provided that such action has not previously been objected to as herein contemplated. The Trustee shall be entitled to request instructions from the Majority of the Noteholders on all matters relating to the administration or disposal of the Collateral Assets or the enforcement of the Trustee Collateral and act accordingly. If the Trustee at any time receives an instruction from the Majority of the Noteholders proposing a specific course of action with respect to the Trustee Collateral or the Collateral Assets, the Trustee shall undertake such action, unless such action is unduly burdensome for the Trustee. "Majority of the Noteholders" means at any time, Noteholders representing more than 66 2/3% of the aggregate Note Principal Amount of all Notes outstanding at such time.

4.5

Following an Issuer Event of Default and the acceleration of the Notes pursuant to Section 8.1 of the Terms and Conditions, any proceeds from the Trustee Collateral, including from an enforcement or any sale (net of costs, taxes (including, without limitation, any VAT), charges and expenses) shall be applied by the Trustee pursuant to the Priority of Payments (as defined in the Terms and Conditions).

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5.

REPRESENTATIONS OF THE TRUSTEE AND OF THE ISSUER

5.1

Each of the Trustee and the General Partner (in its capacity as general partner of the Issuer) represents and warrants that as of the date hereof: (i)

it is validly existing and has the legal capacity to perform the duties ascribed to it in the Transaction Documents to which it is a party;

(ii)

this Trust Agreement has been duly authorised, executed and delivered by it; and

(iii)

a reason for terminating this Trust Agreement pursuant to Clause 11.1 has neither occurred nor to its best knowledge is foreseeable.

5.2

The Issuer represents and warrants that as of the date hereof (i) it is duly established as a Jersey limited partnership under the Limited Partnership (Jersey) Law 1994 and (ii) this Trust Agreement and the other Transaction Documents to which it is a party have been duly executed and delivered by it, and constitute legal, valid, and binding obligations of the Issuer.

6.

DUTIES AND RESPONSIBILITIES OF THE TRUSTEE

6.1

The Trustee shall be liable for breach of its obligations under this Trust Agreement only if and to the extent that it fails to meet the standard of care of a prudent merchant (Sorgfaltspflicht eines ordentlichen Kaufmanns).

6.2

Without prejudice to the provisions of Clause 6.1, the Trustee shall not be liable for: (i)

any action of the Issuer or any Transaction Creditor, other than the Trustee, or any failure to act by the Issuer or any Transaction Creditor, other than the Trustee, and

(ii)

the Notes or the Trustee Collateral being legal, valid, binding or enforceable, or for the fairness of the provisions of the Terms and Conditions.

6.3

Money held by the Trustee in connection with its capacity as Trustee shall be held in trust (treuhänderisch) for the benefit of the Transaction Creditors and shall be segregated from other property held by the Trustee. The Trustee shall be under no liability for interest on any money received by it in such capacity except as otherwise agreed upon with the Issuer.

6.4

The Trustee shall take delivery of and keep in custody the documents which are delivered to it under the Transaction Documents (if any) and shall

6.5

(i)

keep such documents until one year after the termination of this Trust Agreement, or

(ii)

deliver such documents to the new Trustee if the Trustee is replaced in accordance with Clause 11 hereof.

(a)

If the Issuer requests that the Trustee grants its consent or approval in any matter hereunder, or in case of any other consent or approval requested pursuant to the Transaction Documents, the Trustee may grant or withhold the requested consent or approval in its reasonable discretion taking into account what the Trustee reasonably believes to be the interests of the Transaction Creditors.

(b)

The Trustee undertakes to give its consent to the Issuer pursuant to Clause 7.3 only if all the rights, claims and/or assets arising from the action in respect of which the consent is

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sought are pledged or assigned to the Trustee or, as applicable, an equivalent security interest of the Trustee in such rights, claims and/or assets is created. 6.6

If the Trustee in the course of its activities obtains knowledge that the existence or the value of the Trustee Collateral is at risk due to any failure of the Issuer to properly discharge its obligations under this Trust Agreement or the other Transaction Documents to which it is a party, the Trustee shall, at its reasonable discretion, take or initiate all actions which in the opinion of the Trustee are desirable or expedient to avert such risk. The Trustee shall be authorised to instruct the Issuer to properly discharge such obligations and perform the Issuer's obligations under the Transaction Documents if the Issuer fails to do so.

6.7

The Trustee shall, as regards all of its duties, obligations and discretions hereunder or under the Notes or the other Transaction Documents, except where expressly provided otherwise, solely have regard to the interests of the Noteholders (and not the other Transaction Creditors), and the interests of the Noteholders shall prevail in the event of any conflict of interest between the Noteholders and any other Transaction Creditor. In the event of a conflict between the interests of Noteholders of different Classes, the Trustee shall give priority to the Class ranking senior in respect of the payment of interest pursuant to the Priority of Payments. In the event of a conflict between the interests of Transaction Creditors other than the Noteholders, the Trustee shall give priority to the Transaction Creditors ranking senior pursuant to the Priority of Payments.

6.8

The Trustee undertakes neither to assign or transfer, in whole or in part, the Trustee Claim and the Trustee Collateral, except in connection with a replacement of the Trustee pursuant to Clause 11, nor to give its consent to any transfer of the assets being the subject of the Trustee Collateral by the Issuer, except in connection with a substitution of the Issuer pursuant to Section 11 of the Terms and Conditions or as otherwise provided herein or in the Transaction Documents.

6.9

The Trustee shall only be obliged to perform the Trustee Duties if, and to the extent that: (i)

it is convinced (on reasonable grounds) that its fees and costs and disbursements, and expenses and other amounts pursuant to Clause 9.1 and 9.2 hereunder will be paid and it will be indemnified to its satisfaction (either by reimbursement of costs or in any other way it deems appropriate) against all losses, liabilities, obligations, actions in and out of court, costs, expenses and disbursements (including those of Advisors) and other amounts pursuant to Clause 9.3 or under applicable law; or

(ii)

the Issuer has, upon the Trustee's request, paid an adequate advance for the Trustee's claims pursuant to (i) above.

6.10 The Trustee may: (i)

assume unless it has, in its capacity as Trustee, actual knowledge or actual notice to the contrary, that (aa) any representation made by the Issuer is true and (bb) no Issuer Event of Default has occurred;

(ii)

rely upon, and shall not incur any liability for relying upon, (aa) any notice, direction, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person, and (bb) any statement made to it orally or by telephone and believed by it to be made by the proper person;

(iii)

refrain from acting in accordance with an enforcement notice or any other instruction until it shall have received such security as it may require for itself (whether by way of payment in advance or otherwise) for all costs, claims, expenses (including legal fees)

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and liabilities which it will or may expend or incur in complying with such instructions pursuant to Clause 9; (iv)

do any act or thing in the exercise of any of the Trustee Duties which in its reasonable discretion (in the absence of any instructions of the Majority of the Noteholders as to the doing of such act or thing) it deems advisable for the protection and benefit of the Noteholders.

6.11 The Trustee shall not be liable to the Noteholders for: (i)

any action taken or not taken by it under or in connection with this Agreement or the Transaction Documents; or

(ii)

the adequacy, accuracy, completeness or reasonableness of any representation, warranty, statement, projection, assumption or information pursuant to or in connection with this Agreement or the Transaction Documents or any other notice or document delivered under or in connection herewith or therewith;

unless caused by an act or omission for which it is liable pursuant to Clause 6.1 hereof. 6.12 The Noteholders have not relied, will not rely and cannot rely on the Trustee and the Trustee shall not be responsible for (unless provided otherwise herein or in the other Transaction Documents): (i)

checking or enquiring into the calculation of the payment obligations of the Companies under the Participation Right Agreements with respect to principal, interest or otherwise or the due and punctual payment thereof;

(ii)

checking or enquiring into the due execution, delivery, validity, legality, adequacy, suitability, performance, enforceability or admissibility in evidence of any guarantee, indemnity, security or other right given or created by the agreements or documents creating or constituting the Trustee Collateral (in particular, but without limitation, the Participation Right Agreements) or any obligations imposed thereby or assumed thereunder;

(iii)

checking or enquiring into the ownership, value or sufficiency of any property the subject of any of the Trustee Collateral, any priority interests in the Trustee Collateral, the right or title of any person in or to any property comprised therein or the existence of any encumbrance affecting the same;

(iv)

assessing or keeping under review on the Noteholders' behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Issuer or any Company or any other debtor of the rights constituting the Trustee Collateral; or

(v)

contributing to any of the Companies additional debt or equity or other capital.

6.13 The Trustee: (i)

shall not be liable for any failure, omission, or defect in perfecting the Trustee Collateral including without limitation, any failure (aa) to make or effect or have the Issuer make or effect any notification of the pledges or any other notification, (bb) to make any recordings or filings or rerecording or refiling in connection therewith, or (cc) to give notice to any person of the execution of any of the relevant documents;

(ii)

shall not, unless otherwise provided in this Agreement or the Security Documents, be

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under any obligation to hold any title deeds or any other documents in connection with the Trustee Collateral or take any steps to protect or preserve the same. The Trustee will use all reasonable care to ensure the safe custody of all such title deeds and other documents in its possession but shall not be liable for the damage or destruction of any such deeds or documents save where caused by an act of the Trustee, any of its employees, servants or agents for which it would be liable pursuant to Clause 6.1 hereof; (iii)

may accept without enquiry, requisition or objection such right and title as the Issuer or any other person may have to the property belonging to the Issuer or such other person (or any part thereof) which is the subject matter of any of the Trustee Collateral, and the Trustee shall not be bound or concerned to investigate or make any enquiry into the right or title of the Issuer or such other person to such property (or any part thereof) or, without prejudice to the foregoing, to require the Issuer or such other person to remedy any defect in its right or title as aforesaid; and

(iv)

may refrain from doing anything which would or might in its reasonable opinion be contrary to any relevant law, directive or regulation of any jurisdiction, and the Trustee may do anything which is, in its reasonable opinion, necessary to comply with any such law, directive or regulation.

6.14 The Trustee shall not be under any obligation to insure any Trustee Collateral, to insure any property covered by the Trustee Collateral or to require any other person to maintain any such insurance and shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy or insufficiency of any such insurance. 6.15 Nothing in this Agreement restricts the Trustee with respect to offering to third parties services similar to those rendered under this Agreement. In particular, but without limitation, the Trustee and any of its Affiliates may perform any service for, or enter into or be directly or indirectly interested in any contract or financial or other transaction or arrangement, with the Issuer, the Trustee or an Affiliate of either of them and may retain for their own benefit any profit, remuneration, commission or other benefit received in connection with the provision of such services or any such contract, transaction or arrangement. "Affiliate" means, for the purpose of this Clause 6.15, in relation to a company, another company in the same group of companies formed by a Holding Company and its Subsidiaries; and "Holding Company", in relation to another company (its Subsidiary) and "Subsidiary", in relation to another company (its Holding Company) have the meanings given in section 736 of the Companies Act 1985. 6.16 The Trustee shall (i) accept delivery of all notices given to it in accordance with the Transaction Documents and (ii) exercise its reasonable discretion on all matters in respect of which its approval, consent, determination or other decision is requested by any party to the Transaction pursuant to the Transaction Documents, and give notice to the relevant party thereof.

7.

UNDERTAKINGS OF THE ISSUER AND ITS PARTNERS

7.1

The Issuer will comply in all material respects with applicable laws, rules, regulations, judgments, awards and orders with respect to it, its business and its properties.

7.2

(a)

The Issuer shall take all reasonable steps to maintain its legal existence and shall keep in full force and effect its rights as a limited partnership established under the laws of Jersey, comply with the provisions of its constitutional documents, and obtain and preserve its qualification to do business in each jurisdiction in which such qualifications are or will be necessary to protect the validity and enforceability of the Transaction Documents and the Trustee Collateral.

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(b)

(c)

7.3

The Issuer shall, except as contemplated in the Transaction Documents: (i)

conduct its own business in its own name,

(ii)

pay all of its liabilities out of the limited partnership property, and

(iii)

observe all applicable legal formalities and other formalities required by its constitutional documents.

The Issuer shall upon reasonable request grant access to the Trustee, the Financial Advisor and the Transaction Monitor to all documents and information in its possession relating to the Trustee Collateral, and shall procure copies thereof upon request at the Issuer's cost.

For so long as any of the Notes are outstanding and unless permitted in the Transaction Documents, the Issuer shall not, without the prior written consent of the Trustee: (i)

engage in any business or activity other than issuing and selling the Notes, entering into, and performing its obligations under, the Transaction Documents, enforcing its rights and such other activities which are necessary or desirable having regard to the interests of the Transaction Creditors, including, without limitation, entering into the agreements contemplated hereby, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith;

(ii)

have any subsidiaries (except if the Issuer is substituted in accordance with the Terms and Conditions) or employees;

(iii)

transfer, assign, pledge or otherwise encumber (or permit such to occur), any part of the assets being the subject of the Trustee Collateral, or enter into or engage in any business with respect to any part of such assets, except as expressly permitted by this Trust Agreement or the other Transaction Documents;

(iv)

alienate, create or permit to subsist any pledge or other security interest in, any assets or any part thereof or interest therein, unless permitted under (iii) above;

(v)

incur, assume or guarantee or become directly or indirectly liable with respect to any indebtedness or any contingent obligations, other than pursuant to the Transaction Documents and the other agreements and transactions expressly contemplated hereby;

(vi)

amend any of the Transaction Documents or its constitutional documents except as required by applicable law;

(vii) engage in any transaction with any shareholder that would constitute a conflict of interest; it being understood and agreed that the entry by the Issuer into the Corporate Services Agreement with the Corporate Administrator shall not be deemed to constitute a conflict of interest; (viii) dissolve or liquidate in whole or in part, except as permitted hereunder or consolidate or merge with any other person or convey or transfer its properties or assets substantially as an entirety to any other person; (ix)

save as provided for in the Issuer's partnership agreement, make any other distributions of any kind whatsoever;

(x)

maintain any bank accounts other than the Issuer Accounts, the capital account of the

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Issuer or any other account permitted in the Transaction Documents, provided that, for the avoidance of doubt, if any such account is closed the Issuer is entitled to open a replacement account; (xi)

lease or otherwise acquire any real property (including office premises or like facilities), unless otherwise provided in the accommodation services agreement entered into between the Issuer and Bedell Trust Company Limited on 19 October 2005 or in the Corporate Services Agreement;

(xii) consolidate or merge with any other person or convey or transfer its properties or assets substantially as an entirety to any other person; (xiii) make any loans or advances to any entity; and (xiv) when exercising its information rights under the Participation Right Agreements and otherwise, exercise any influence on the management of the Companies. 7.4

The Issuer shall execute such additional documents and take such further action as the Trustee may reasonably consider necessary or appropriate to give effect to this Trust Agreement and to ensure the validity, binding effect and enforceability of the Terms and Conditions and the Trustee Collateral.

7.5

Promptly upon becoming aware thereof, the Issuer shall notify the Trustee of (i) the occurrence of an Issuer Event of Default under the Terms and Conditions, (ii) any termination event under the other Transaction Documents and (iii) the exercise of any termination right arising thereunder.

7.6

The Issuer shall procure that unless otherwise provided herein or instructed by the Trustee pursuant to the Trust Agreement, all payments made to the Issuer be made by way of a bank transfer to or deposit in the Issuer Accounts. Should any amounts payable to the Issuer be paid in any way other than by deposit or bank transfer to the Issuer Accounts, the Issuer shall promptly credit such amounts to the Issuer Accounts.

7.7

Clauses 7.1, 7.3, 7.4 and 7.5 shall apply mutatis mutandis to the Limited Partner, provided that any reference to the Trustee Collateral shall be deemed to refer to the Tax Refund Claims (as defined in the Tax Reimbursement Agreement) and to the partnership share of the Limited Partner in the Issuer.

7.8

Clauses 7.1, 7.3, 7.4 and 7.5 shall apply mutatis mutandis to the General Partner, provided that any reference to the Trustee Collateral shall be deemed to refer to the partnership share of the General Partner in the Issuer.

7.9

The General Partner shall maintain its status as exempt company under Jersey law (as long as such status is available).

7.10 The Limited Partner and the General Partner shall not amend the partnership agreement constituting the Issuer without the prior written consent of the Trustee.

8.

RETAINING OF AGENTS

8.1

The Trustee may delegate the performance of its Trustee Duties, in whole or in part, only with the consent of the Issuer and the approval of the Transaction Monitor, neither of which shall be unreasonably withheld.

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8.2

(a)

The Trustee is authorised, in connection with the performance of the Trustee Duties, at its own discretion, to engage and seek information and advice from legal counsel, financial consultants, banks and other experts (each an "Advisor") at market prices (if appropriate, after obtaining several offers), provided that the Trustee shall remain obliged (but without prejudice to Clause 8.2(b) below) to fulfil its duties hereunder notwithstanding any such advice.

(b)

The Trustee may rely on such written information and advice without having to make its own investigations. The Trustee shall not be liable for any damages or losses caused by its acting reasonably in reliance on information or advice of the Advisors. The Trustee shall not be liable for any negligence of the Advisors. The Trustee shall only be liable for the exercise of due care in the selection of any Advisor.

9.

FEES; INDEMNIFICATION

9.1

The Issuer will pay the Trustee a fee which shall be separately agreed between the Issuer and the Trustee.

9.2

The Issuer shall bear and reimburse all reasonable costs and disbursements (including those of Advisors) incurred (including in each case all applicable taxes), and pay all reasonable advances requested, by the Trustee in connection with the performance of the Trustee Duties, in particular, but without any limitation, any payments made or to be made to Advisors.

9.3

The Issuer shall indemnify the Trustee and its officers, directors, shareholders, employees, attorneys, agents, administrators or other persons appointed by it under or with respect to any of the Security Documents against all losses, claims, demands, liabilities, obligations (including any taxes other than taxes on the Trustee's overall income or gains, which are imposed in the future on the services under this Trust Agreement), actions in and out of court and costs, fees, charges, expenses and disbursements incurred by the Trustee or by any of them in relation to or arising out of the taking or holding of any of the Trustee Collateral, the exercise or purported exercise of any of the rights, trusts, powers and discretion vested in any of them or any other matter or thing done or omitted to be done in connection with this Trust Agreement or any other Transaction Document or pursuant to any law or regulation (otherwise than as a result of a breach of the standard of care provided for in Clause 6.1 by the Trustee).

10.

TAXES

10.1 The Issuer shall pay all stamp duties, registration or other taxes to which the Trust Agreement or any action connected therewith may at any time be subject. 10.2 All payments of fees and reimbursements of expenses to the Trustee shall be increased by the amount of any turnover taxes, value added taxes or similar taxes, other than taxes on the Trustee's overall income or gains, which are imposed in the future on the services under this Trust Agreement.

11.

TERMINATION; REPLACEMENT OF THE TRUSTEE

11.1 Subject to Clause 11.2, the Issuer shall be authorised to revoke the appointment of the Trustee as trustee under this Trust Agreement (i) for good cause (aus wichtigem Grund), or (ii) after having been so instructed in writing by Noteholders representing at least 25% of the aggregate Note Principal Amount of all the Notes upon the occurrence of good cause (aus wichtigem Grund), and the Issuer shall be obliged to revoke the appointment of the Trustee as trustee under

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this Trust Agreement in the case of (ii). 11.2 In the case of insolvency, bankruptcy, receivership, examinership, winding-up or liquidation of the Issuer, the Trustee shall be obliged to resign if so instructed in writing by Noteholders representing at least 25% of the aggregate Note Principal Amount of all the Notes upon the occurrence of good cause (aus wichtigem Grund). 11.3 The Issuer (in the case of Clause 11.1) or the Trustee (in the case of Clause 11.2) shall promptly appoint a successor Trustee, which must be a bank, financial services institution, auditing firm or law firm with respect to which each of the Rating Agencies that had assigned ratings to the Notes prior to such resignation or replacement confirms that the appointment of such successor trustee will not result in a withdrawal or downgrading of such ratings. 11.4 No resignation or removal of the Trustee (unless due to good cause (aus wichtigem Grund) on the part of the Trustee) shall become effective until the acceptance of appointment by the successor Trustee in accordance with Clause 11.6. As long as any Notes are outstanding, the Issuer shall ensure that a trustee is appointed at all times which has undertaken substantially the same functions and obligations as the Trustee hereunder. 11.5 The Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to each Rating Agency and to the Noteholders pursuant to Section 12 of the Terms and Conditions. Each notice shall include the name of the successor Trustee and the address of its principal office. If the Issuer fails to mail or provide such notice within 10 days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Issuer. 11.6 In the case of a replacement of the Trustee pursuant to this Clause 11:

12.

(i)

the Trustee shall forthwith transfer the Trustee Collateral and all assets, powers and authorities under any Transaction Document, as well as its Trustee Claim and the pledges granted to it to the successor Trustee. Without prejudice to this obligation, the Issuer shall hereby be irrevocably authorised to effect such transfer on behalf of the Trustee as set out in the first sentence and is for that purpose exempted from the restrictions under § 181 of the German Civil Code (Bürgerliches Gesetzbuch) and any similar provisions contained in the laws of any other country;

(ii)

the successor Trustee shall assume the Trustee's rights and obligations under each Transaction Document to which it is a party; and

(iii)

any costs associated with the replacement of the Trustee shall be borne by the Issuer. If a replacement of the Trustee is the result of the Trustee's breach of its obligations hereunder, the Issuer shall be entitled to demand reimbursement from the Trustee in the amount of such costs.

CONFIDENTIALITY The Trustee shall keep confidential any information obtained in connection with the performance of its duties under this Trust Agreement. The Trustee shall only disclose such information (i) to its auditors, an Advisor or a third party retained in accordance with Clause 8 above, in each case to the extent that disclosure of such information is necessary for the performance of their duties for the purposes of this Trust Agreement and the Trustee ensures that the recipient shall keep such information confidential, (ii) if such information is or becomes generally known in a manner not attributable to the Trustee, (iii) if the Trustee is legally required to disclose such information or requested to do so by a competent public authority or

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(iv) if the disclosure of such information by the Trustee is legally permitted and necessary to enforce any rights arising from the Notes or the other Transaction Documents or its own rights as Trustee hereunder (including its right to receive payment of fees, costs, expenses and any other amounts) or such disclosure is otherwise required in connection with the performance of the Trustee's obligations under the Transaction Documents.

13.

LIMITED RECOURSE AND NON-PETITION

13.1 All payment obligations of the Issuer and the General Partner hereunder constitute obligations exclusively to make payments in an amount limited to any credit on the Issuer Accounts and proceeds from the Trustee Collateral received by the Trustee pursuant to the Trust Agreement and the other Transaction Documents, in each case in accordance with and subject to the Priority of Payments. This Agreement shall not give rise to any payment obligation in excess of the foregoing and recourse shall be limited accordingly. 13.2 To the extent that such assets, or the proceeds from the realisation thereof, prove ultimately insufficient to satisfy the claims of the Trustee in full, then any shortfall arising shall be extinguished and the Trustee shall have no further claims against the Issuer, the General Partner and the Limited Partner and their respective officers or directors, provided that the foregoing shall be without prejudice to any termination or early redemption rights. Such assets and proceeds shall be deemed to be "ultimately insufficient" at such time when, in the reasonable opinion of the Trustee, no further assets are available and no further proceeds can be realised therefrom to satisfy any outstanding claims of the Trustee, and neither assets nor proceeds will be so available thereafter. 13.3 Each of the parties hereto shall not petition or take any other step or action for the winding up, examinership, liquidation or dissolution of the Issuer, the General Partner or the Limited Partner, nor for the appointment of a liquidator, examiner, receiver or other person in respect of the Issuer, the General Partner or the Limited Partner, or their assets until after the expiry of a period of one year and one day following the payment of all amounts payable under the Notes. 13.4 No recourse under any obligation, covenant, or agreement of any party contained in this Agreement shall be had against any shareholder, member, officer or director of the Issuer, the General Partner and the Limited Partner as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate or limited liability obligation of the Issuer, the General Partner and the Limited Partner and no personal liability shall attach to or be incurred by the shareholders, members, officers, agents or directors of the Issuer, the General Partner and the Limited Partner as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Issuer, the General Partner and the Limited Partner of any of such obligations, covenants or agreements, either at law or by statute or constitution (whether in contract, tort or otherwise), of every such shareholder, member, officer, agent or director is hereby expressly waived (to the extent permitted by applicable law) by the other party to this Agreement as a condition of and consideration for the execution of this Agreement.

14.

COMMUNICATIONS; NOTEHOLDER NOTICES

14.1 All communications to the Noteholders under this Trust Agreement shall be given in accordance with Section 12 of the Terms and Conditions. All other communications under this Trust Agreement shall be made by e-mail, mail or fax, provided that notices regarding termination of this Trust Agreement and other notices hereunder or the replacement of the Trustee shall be given by mail or by fax confirmed by mail.

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14.2 All communications under this Trust Agreement shall be made in English. 14.3 Subject to written notification of any change of address, all communications under this Trust Agreement to the parties set out below shall be directed to the following addresses: [intentionally omitted] 14.4 Any instructions, consents and other notices which may be given by the Noteholders to the Trustee pursuant to this Trust Agreement shall be valid if made as follows: (i)

if given by one or more Noteholders concurrently together with proof (as determined by the Trustee) of the Notes held at the time the relevant notice is given, provided that such Notes meet the relevant requirements as to the minimum aggregate Note Principal Amount stipulated herein to the satisfaction of the Trustee; or

(ii)

if the Trustee receives notices from Noteholders which do not satisfy the requirements set out in (i) above but represent at least 25% of the aggregate Note Principal Amount of all Notes, or the Trustee wishes to request instructions from Noteholders pursuant to the provisions of this Agreement, the Trustee shall invite all Noteholders to give notices on the relevant matter. The Trustee shall give notice to the Noteholders in accordance with Clause 14.1 of such invitation together with a one month period during which notices may be given by the Noteholders as well as of the form of such notices and other applicable procedures, as determined by the Trustee (in particular, with the view to avoiding multiple notices given in respect of any Note) in its reasonable discretion. Following the termination of the notice period, a Noteholder notice on the relevant matter shall have been validly made if the Trustee determines that the Noteholder notices duly made in respect of such matter satisfy the relevant requirements as to the minimum aggregate Note Principal Amounts stipulated herein.

For the avoidance of doubt, Clause 9.2 shall also apply to this Clause 14.4. The Trustee shall notify the Noteholders in accordance with Clause 14.1 of any instruction, consent or other notice validly given pursuant to (i) or (ii) above.

15.

AMENDMENTS

15.1 This Trust Agreement (including this Clause 15.1) may only be amended by agreement of the parties hereto in writing. The Trustee when giving its consent to any amendments under this Agreement is entitled to request the consent of the Majority of Noteholders if it considers appropriate. 15.2 The parties hereto shall only agree to any amendment hereto with the prior confirmation by each Rating Agency that such amendment will not adversely affect the then current rating of any Class of Notes.

16.

STANDARD BUSINESS TERMS OF THE TRUSTEE For the avoidance of doubt standard business terms and conditions of the Trustee shall not apply with respect to this Trust Agreement.

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17.

SEVERABILITY If any provision of this Trust Agreement is or becomes invalid in whole or in part, the remaining provisions shall remain unaffected thereby.

18.

GOVERNING LAW; JURISDICTION

18.1 This Trust Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Germany. 18.2 The non-exclusive place of jurisdiction for any action or other legal proceedings arising out of or in connection with this Trust Agreement shall be the District Court (Landgericht) in Frankfurt am Main. Each of the Issuer and the Trustee hereby submits to the jurisdiction of such court. Each of the Issuer and the Trustee has appointed FIDEUROP Treuhandgesellschaft für den Gemeinsamen Markt mbH, Wirtschaftsprüfungsgesellschaft, with its seat on the Issue Date at Bockenheimer Anlage 15, Mozartplatz, 60322 Frankfurt am Main, Federal Republic of Germany, as its agent who is authorised to receive service of process in relation to any legal proceedings initiated before a German court. Each of the Issuer and the Trustee undertakes to maintain an agent for service of process in the Federal Republic of Germany until all of its obligations under this Agreement have been fulfilled.

19.

CONDITION PRECEDENT The amendment and restatement of this Agreement dated 11 April 2006 shall take effect subject to the condition precedent (aufschiebende Bedingung) that the Notes will be issued and that the Issuer's claim for the payment of the subscription moneys for the Notes will be satisfied pursuant to the Subscription Agreement.

20.

COUNTERPARTS This Trust Agreement may be executed in one or more counterparts. Each signed counterpart shall constitute an original, but all of which together shall constitute one and the same agreement.

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PARTICIPATION RIGHT AGREEMENTS The following is the text of the form of the Participation Right Agreements Type A and Type B. In case of any overlap or inconsistency in the definition of a term or expression in the Participation Right Agreements and elsewhere in this Prospectus, the definition in the Participation Right Agreements will prevail. Only the German text of the Participation Right Agreements is legally binding; the English translation appears for convenience only.

I.

Participation Right Agreement Type A

- Non-binding convenience translation Offer for Conclusion of a

Angebot auf Abschluss einer GENUSSRECHTSVEREINBARUNG Variante A HGB-Eigenkapitalinstrument

PARTICIPATION RIGHT AGREEMENT Type A HGB Equity Instrument

abzuschließen zwischen to be entered into between [Name] [Adresse] (UNTERNEHMEN)

[Name] [Address] (COMPANY)

und and CB MezzCAP Limited Partnership 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands (GLÄUBIGER).

CB MezzCAP Limited Partnership 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands (CREDITOR).

§1 Genussrecht; Nennbetrag; Anfangstermin

§1 Participation Right; Nominal Amount; Start Date

1.1 Das UNTERNEHMEN gibt hiermit gegenüber dem GLÄUBIGER das unwiderrufliche Angebot ab, ihm nach Maßgabe der nachfolgenden Bedingungen ein Genussrecht (das GENUSSRECHT) im Nennbetrag von EUR [________] (der NENNBETRAG) einzuräumen. Dieses Vertragsangebot erlischt am 31. Dezember 2005.

1.1 The COMPANY hereby irrevocably offers to grant to the CREDITOR, subject to the terms specified below, a participation right (Genussrecht, the PARTICIPATION RIGHT) in the nominal amount of EUR [________] (the NOMINAL AMOUNT). This offer shall expire on December 31, 2005.

1.2 Der GLÄUBIGER kann dieses Vertragsangebot bis zu dem in § 1.1 Satz 2 genannten Datum durch Überweisung des NENNBETRAGS (abzüglich des gemäß gesonderter Vereinbarung von dem G LÄUBIGER in Abzug zu bringenden Abschlags in Höhe von [__]% für Drittansprüche) auf das Konto des U NTERNEHMENS bei der [Bank], Bankleitzahl [__________], Kontonummer [__________] (oder ein anderes vom UNTERNEHMEN gemäß § 13.1 benanntes Konto) annehmen. Mit der Gutschrift des durch den Abschlag verminderten NENNBETRAGS auf das Konto des UNTERNEHMENS gemäß § 1.2 Satz 1 wird das GENUSSRECHT zugunsten des GLÄUBIGERS begründet. Der Tag dieser Kontogutschrift wird nachfolgend als ANFANGSTERMIN bezeichnet.

1.2 The CREDITOR may accept this offer until the date specified in § 1.1 sentence 2 by transfer of the NOMINAL AMOUNT (less a discount in the amount of [__]% for third party claims to be deducted by the CREDITOR in accordance with a separate agreement) to the COMPANY 'S bank account with the [Name of Bank], bank code [__________], account number [__________] (or to a different bank account specified by the COMPANY in accordance with § 13.1). The PARTICIPATION RIGHT shall be constituted for the benefit of the CREDITOR at the time the NOMINAL AMOUNT as reduced by the discount is credited to the COMPANY 'S bank account according to § 1.2 sentence 1. The date of this credit entry shall be referred to below as the START DATE.

1.3 Der GLÄUBIGER wird dem UNTERNEHMEN den voraussichtlichen ANFANGSTERMIN spätestens eine

1.3 The CREDITOR shall give at least one week's advance notice in writing to the COMPANY of the prospective

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Woche vorher schriftlich mitteilen.

START DATE.

§2 Vergütung; Vorauszahlung 2.1 (a)

§2 Remuneration; Advance Payment

Das UNTERNEHMEN hat dem GLÄUBIGER eine Vergütung für den Zeitraum vom ANFANGSTERMIN bis zum Tag der vollständigen Rückzahlung des NENNBETRAGS zu zahlen (die VERGÜTUNG). Die VERGÜTUNG berechnet sich als Prozentsatz p.a. des NENNBETRAGS des GENUSSRECHTS, der gemäß nachstehendem Absatz (b) festgelegt wird. Sie erhöht sich unter den in den § 2.5 genannten Voraussetzungen.

(b) Der Prozentsatz p.a. für die Berechnung der VERGÜTUNG wird vom GLÄUBIGER oder einem von ihm beauftragen Dritten spätestens eine Woche vor dem voraussichtlichen ANFANGSTERMIN nach billigem Ermessen (§ 317 Abs. 1 BGB) verbindlich festgelegt und unverzüglich nach Festlegung gemeinsam mit den Angaben nach § 1.3 dem UNTERNEHMEN mitgeteilt. Wird ein höherer Prozentsatz als [__]% p.a. mitgeteilt, so ist das UNTERNEHMEN an sein Vertragsangebot gemäß § 1.1 nicht mehr gebunden. Es kann in diesem Fall bis zum dritten GESCHÄFTSTAG nach Zugang der Mitteilung dem GLÄUBIGER ein erneutes Angebot unterbreiten, diese Genussrechtsvereinbarung mit dem mitgeteilten Prozentsatz abzuschließen. Der GLÄUBIGER kann dieses Angebot binnen 3 Wochen nach Ablauf dieser Angebotsfrist in entsprechender Anwendung des § 1.2 durch Überweisung des NENNBETRAGS an das UNTERNEHMEN annehmen.

The COMPANY shall pay to the CREDITOR a remuneration for the period from the S TART DATE to the day on which the NOMINAL AMOUNT is repaid in full (the REMUNERATION). The REMUNERATION shall be calculated as a percentage rate p.a. of the N OMINAL AMOUNT of the PARTICIPATION RIGHT, which shall be determined in accordance with the following para. (b). It shall increase subject to the conditions stated in § 2.5.

(b) The percentage rate p.a. for the calculation of the REMUNERATION shall be determined with binding effect by the CREDITOR or a third party appointed by it at least one week in advance of the prospective START DATE in its reasonable discretion (§ 317 para. 1 of the German Civil Code, Bürgerliches Gesetzbuch) and shall be notified to the COMPANY without undue delay following its determination and together with the information pursuant to § 1.3. If a percentage rate exceeding [__]% p.a. is notified, the COMPANY shall be no longer bound by its offer according to § 1.1. In this case, it may submit a new offer to the CREDITOR until the third business day following the day of receipt of the notification to conclude the participation right agreement on the basis of the notified percentage rate. The CREDITOR may accept this offer within three weeks following the expiration of this deadline for submission of offers by transferring the NOMINAL AMOUNT to the COMPANY ; § 1.2 shall apply mutatis mutandis. 2.2 Advance Payments on the Remuneration

2.2 Vorauszahlungen auf die Vergütung (a)

2.1 (a)

Auf die VERGÜTUNG sind jeweils am 15. Januar, 15. April, 15. Juli und 15. Oktober eines jeden Jahres (QUARTALSSTICHTAGE) VORAUSZAHLUNGEN zu leisten. Erster QUARTALSSTICHTAG ist der 15. Januar 2006. Falls der betreffende QUARTALSSTICHTAG kein GESCHÄFTSTAG ist, so ist die VORAUSZAHLUNG am nächstfrüheren GESCHÄFTSTAG zu leisten. GESCHÄFTSTAG ist jeder Tag, an dem in Frankfurt am Main Geschäftsbanken für den allgemeinen Geschäftsverkehr geöffnet sind. Der gemäß vorstehenden Sätzen bestimmte Zahlungstermin für die VORAUSZAHLUNGEN wird jeweils als VORAUSZAHLUNGSTERMIN bezeichnet.

(a) The COMPANY shall make ADVANCE PAYMENTS on the REMUNERATION on January 15, April 15, July 15, and October 15 of each year (QUARTERLY RECORD DATES). The first QUARTERLY RECORD DATE shall be January 15, 2006. If the respective QUARTERLY RECORD DATE is not a BUSINESS DAY, the ADVANCE PAYMENT shall be made on the next preceding BUSINESS DAY. BUSINESS DAY means each day on which commercial banks in Frankfurt am Main are open for general business. The payment date for ADVANCE PAYMENTS as provided above is referred to as the respective ADVANCE PAYMENT DATE.

(b) Die VORAUSZAHLUNG berechnet sich jeweils aus dem gemäß § 2.1 bestimmten, gegebenenfalls gemäß § 2.5 erhöhten Prozentsatz auf den NENNBETRAG zeitanteilig für die BERECHNUNGSPERIODE des betreffenden VORAUSZAHLUNGSTER MINS.

(b) The ADVANCE PAYMENT shall be calculated in each case pro rata temporis for the C ALCULATION PERIOD of the relevant ADVANCE PAYMENT DATE by applying the percentage rate as determined pursuant to § 2.1 and, if applicable, increased according to § 2.5, on the NOMINAL AMOUNT.

BERECHNUNGSPERIODE für den ersten VORAUSZAHLUNGSTERMIN ist der Zeitraum vom

CALCULATION PERIOD for the first ADVANCE PAYMENT DATE means the period from (and

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ANFANGSTERMIN (einschließlich) bis zum ersten QUARTALSSTICHTAG (ausschließlich). Die BERECHNUNGSPERIODE für jeden späteren VORAUSZAHLUNGSTERMIN ist der Zeitraum vom unmittelbar vorausgegangenen QUARTALSSTICHTAG (einschließlich) bis zum nächstfolgenden QUARTALSSTICHTAG (ausschließlich). 2.3 Vergütung (a)

including) the START DATE to (and excluding) the first QUARTERLY RECORD DATE. The CALCULATION PERIOD for each subsequent ADVANCE PAYMENT DATE means the period from (and including) the immediately preceding QUARTERLY RECORD DATE to (and excluding) the next following QUARTERLY RECORD DATE. 2.3 Remuneration

Ein Anspruch auf die VERGÜTUNG für ein Geschäftsjahr entsteht am darauffolgenden ABRECHNUNGSTERMIN, wenn und soweit ein ausschüttungsfähiger Bilanzgewinn für das vorausgegangene Geschäftsjahr im testierten Jahresabschluss des UNTERNEHMENS ausgewiesen wird oder durch Auflösung von nicht gesetzlich gegen Ausschüttung geschützten Eigenkapitalbestandteilen (freie Rücklagen) oder steuerfreien Rücklagen ausgewiesen werden könnte.

(a)

The REMUNERATION claim for a financial year shall come into existence on the next SETTLEMENT DATE, if and to the extent that a balance sheet profit which is available for distribution is reported for the preceding financial year in the COMPANY 'S audited financial statements or could be reported by releasing equity components which are not legally protected against distribution (free reserves) or tax-free reserves.

Für die Zwecke dieser Regelung ermittelt sich der Bilanzgewinn nach möglichen Verlustaufholungen gemäß § 3.2 und ohne Berücksichtigung von Ansprüchen nach diesen Genussrechtsbedingungen und Ansprüchen von Gläubigern von Finanzierungsinstrumenten, die gleichrangig mit oder nachrangig zu diesem GENUSSRECHT sind. Falls ein Gewinnabführungsvertrag mit einem Gesellschafter des UNTERNEHMENS besteht, erfolgt die Ermittlung vor Ergebnisabführung. Wird in dem Jahresabschluss des UNTERNEHMENS der Posten "Bilanzgewinn/-verlust" nicht ausgewiesen, so ermittelt sich der Bilanzgewinn im Wege einer Nebenrechnung unter Berücksichtigung der vorstehenden Regelungen.

For the purposes of this provision, the balance sheet profit shall be determined after possible loss recoveries according to § 3.2 and disregarding claims arising under the terms of this participation right agreement as well as claims of creditors of financing instruments which rank pari passu with or junior to this P ARTICIPATION RIGHT. In case of a profit transfer agreement with a shareholder of the C OMPANY, this determination shall be made pre-profit transfer. If the item "balance sheet profit/loss" is not reported in the financial statements of the COMPANY, the balance sheet profit shall be determined by way of an auxiliary calculation having regard to the preceding provisions.

ABRECHNUNGSTERMIN ist jeweils der GESCHÄFTSTAG, der auf den 7. Kalendertag nach der Vorlage des testierten Jahresabschlusses an den GLÄUBIGER folgt.

SETTLEMENT DATE means the respective BUSINESS DAY following the seventh calendar day after submission of the audited financial statements to the CREDITOR.

Reicht der so ermittelte Bilanzgewinn nicht aus, um die Ansprüche aus dem GENUSSRECHT sowie aus gleichrangigen Finanzierungsinstrumenten vollständig zu befriedigen, die dem GLÄUBIGER bis spätestens zum ANFANGSTERMIN angezeigt worden sind, so steht der Bilanzgewinn zur Bedienung des GENUSSRECHTS nur im Verhältnis des NENNBETRAGS des GENUSSRECHTS zur Summe aus dem NENNBETRAG des Genussrechts und den Nennbeträgen anderer, gleichrangiger Finanzierungsinstrumente zur Verfügung. Für die Zwecke dieser Vereinbarung gelten Finanzierungsinstrumente als gleichrangig mit oder nachrangig zum GENUSSRECHT, wenn diese in der Liquidation oder in einem Insolvenzverfahren des UNTERNEHMENS gleichrangig mit oder nachrangig zum GENUSSRECHT zu bedienen sind.

If the balance sheet profit determined as provided above is not sufficient to completely discharge all claims arising under the PARTICIPATION RIGHT and other financing instruments ranking pari passu thereto which have been notified to the CREDITOR by the START DATE at the latest, the balance sheet profit shall be available for the PARTICIPATION RIGHT only in the proportion of the NOMINAL AMOUNT of the PARTICIPATION RIGHT to the sum of the NOMINAL AMOUNT of the PARTICIPATION RIGHT and the nominal amounts of other financing instruments ranking pari passu thereto. For the purposes of this agreement, financing instruments are considered as ranking pari passu with or junior to the PARTICIPATION RIGHT if they are to be discharged pari passu with or junior to the PARTICIPATION RIGHT in case of liquidation or insolvency of the COMPANY.

(b) Wenn und soweit die Voraussetzungen des vorstehenden Absatzes (a) für die Entstehung eines Anspruchs auf VERGÜTUNG nicht vorliegen,

(b) If and to the extent that the requirements of the preceding para. (a) for the R EMUNERATION claim to come into existence are not met, the claim

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entsteht dieser an den nächstfolgenden ABRECHNUNGSTERMINEN, wenn und soweit diese Voraussetzungen dann vorliegen. Mehrere Ansprüche auf VERGÜTUNG entstehen an einem ABRECHNUNGSTERMIN nach Maßgabe des vorangegangenen Absatzes (a) in der zeitlichen Reihenfolge der ihnen zugeordneten Geschäftsjahre. Die Regelung des § 6.2(a) bleibt unberührt. (c)

Unverzüglich nach der Vorlage des testierten Jahresabschlusses wird das U NTERNEHMEN die Höhe der VERGÜTUNG ermitteln und dem GLÄUBIGER mitteilen. Im Falle von irgendwelchen Meinungsverschiedenheiten in Bezug auf die VERGÜTUNG kann der GLÄUBIGER einen unabhängigen Wirtschaftsprüfer mit deren Bestimmung und hierzu gegebenenfalls der Wahrnehmung von Prüfungsrechten nach § 10.2 beauftragen. Die Feststellungen des Wirtschaftsprüfers sind für den GLÄUBIGER und das UNTERNEHMEN verbindlich, sofern diese nicht offensichtlich unrichtig sind.

(c)

Immediately upon submission of the audited financial statements, the COMPANY shall determine the amount of the REMUNERATION and report it to the CREDITOR. In case of any disputes regarding the REMUNERATION, the CREDITOR may appoint an independent auditor in order to determine the REMUNERATION and, where appropriate, to exercise the audit rights pursuant to § 10.2. The findings of the auditor shall be binding on the CREDITOR and the COMPANY unless manifestly incorrect.

2.4 Netting of Advance Payment and Remuneration

2.4 Verrechnung von Vorauszahlung und Vergütung (a)

shall come into existence on the next following SETTLEMENT DATES if and to the extent these requirements are met on these dates. Multiple claims to REMUNERATION shall come into existence on a specific SETTLEMENT DATE in accordance with the preceding para. (a) in the chronological order of the related financial years. The provision of § 6.2(a) remains unaffected.

Ein nach § 2.3 entstandener Anspruch auf VERGÜTUNG für ein Geschäftsjahr wird mit den geleisteten VORAUSZAHLUNGEN verrechnet, die sich auf BERECHNUNGSPERIODEN beziehen, welche in das Geschäftsjahr fallen. Erstreckt sich eine BERECHNUNGSPERIODE über zwei Geschäftsjahre des UNTERNEHMENS, so entfällt auf das frühere dieser Geschäftsjahre der zeitanteilige Betrag der VORAUSZAHLUNG berechnet für den Zeitraum vom ersten Tag der BERECHNUNGSPERIODE bis zum ersten Tag des darauffolgenden Geschäftsjahres; auf das spätere dieser Geschäftsjahre entfällt der zeitanteilige Betrag der VORAUSZAHLUNG berechnet für den Zeitraum vom ersten Tag dieses Geschäftsjahres bis zum letzten Tag dieser BERECHNUNGSPERIODE.

(a)

A REMUNERATION claim for a financial year which has come into existence pursuant to § 2.3 shall be netted with the ADVANCE PAYMENTS corresponding to CALCULATION PERIODS falling in the respective financial year. If a CALCULATION PERIOD extends across two financial years of the COMPANY, the amount of ADVANCE PAYMENTS for the antecedent financial year shall be calculated pro rata temporis for the period from the first day of the C ALCULATION PERIOD to the first day of the next financial year; the amount of ADVANCE PAYMENTS for the subsequent financial year shall be calculated pro rata temporis for the period from the first day of such financial year to the last day of the CALCULATION PERIOD.

(b) Ein im Rahmen der Verrechnung nach Absatz (a) zugunsten einer Partei entstehender Saldo ist von der jeweils anderen Partei auszugleichen. Zahlungen des UNTERNEHMENS und (vorbehaltlich der Regelungen der § 15.1 und § 15.2) des GLÄUBIGERS sind am darauffolgenden VORAUSZAHLUNGSTERMIN zur Zahlung fällig.

(b) Any balance resulting from the netting pursuant to para. (a) for the benefit of one party shall be compensated by the respective other party. Payments to be made by the COMPANY or (subject to the provisions in § 15.1 and § 15.2) the CREDITOR shall become due on the next following ADVANCE PAYMENT DATE.

2.5 Erhöhung der Vergütung bei verlängerten Zahlungsperioden

2.5 Increase of Remuneration in Case of Extended Payment Periods

Die VERGÜTUNG in Höhe des gemäß § 2.1 bestimmten Prozentsatzes ist auf der Basis vierteljährlicher VORAUSZAHLUNGEN ohne Rückerstattung nach § 2.4 kalkuliert. Sofern mangels ausreichender F REIER MITTEL (§ 8.2) eine VORAUSZAHLUNG nicht am betreffenden VORAUSZAHLUNGSTERMIN geleistet wird oder eine Rückerstattung gemäß § 2.4 erfolgt, so erhöht sich aufgrund der sich hieraus ergebenden verlängerten Zahlungsperioden der auf die betreffende BERECHNUNGSPERIODE anwendbare Prozentsatz der VERGÜTUNG. Die Erhöhung dieses Prozentsatzes erfolgt auf der Grundlage einer Staffel gemäß Anlage 1 zu dieser Genussrechtsvereinbarung.

The REMUNERATION in the amount of the percentage rate as determined pursuant to § 2.1 is calculated on the basis of quarterly ADVANCE PAYMENTS without any refund according to § 2.4. If, due to a lack of sufficient FREE ASSETS (§ 8.2), an ADVANCE PAYMENT is not made on the relevant ADVANCE PAYMENT DATE, or if a refund according to § 2.4 is made, the percentage rate of the REMUNERATION applicable to the relevant CALCULATION PERIOD shall be increased due to the extended payment periods resulting from such nonpayment. The increase of the percentage rate shall be subject to the interest table according to Annex 1 of this participation right agreement.

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§3 Verlustteilnahme; Verlustaufholung

§3 Loss Participation; Loss Recovery

3.1 Der RÜCKZAHLUNGSBETRAG des GENUSSRECHTS vermindert sich um einen im testierten Jahresabschluss des UNTERNEHMENS ausgewiesenen Jahresfehlbetrag. Die Verlustteilnahme tritt jedoch nur ein, wenn und soweit ein Jahresfehlbetrag andernfalls durch GESCHÜTZTES EIGENKAPITAL (§ 8.1) gedeckt werden müsste und keine gegenüber dem G ENUSSRECHT nachrangigen Finanzierungsinstrumente mit Verlustbeteiligung für die Verlustdeckung zur Verfügung stehen. Eine Verlustteilnahme führt nicht zu einer Herabsetzung des NENNBETRAGS des GENUSSRECHTS insbesondere für die Zwecke der Berechnung der VERGÜTUNG.

3.1 The REPAYMENT AMOUNT of the PARTICIPATION RIGHT shall be decreased by an annual deficit reported in the audited financial statements of the C OMPANY. However, the loss participation shall occur only if and to the extent an annual deficit would otherwise have to be covered by PROTECTED EQUITY CAPITAL (§ 8.1) and if and to the extent no financing instruments subject to loss participation ranking junior to the P ARTICIPATION RIGHT are available for loss recovery. A loss participation shall not decrease the NOMINAL AMOUNT of the PARTICIPATION RIGHT, in particular for the purpose of calculating the REMUNERATION.

Der RÜCKZAHLUNGSBETRAG entspricht am ANFANGSTERMIN dem NENNBETRAG des GENUSSRECHTS. Danach wird der RÜCKZAHLUNGSBETRAG durch Verlustteilnahmen vermindert (nicht jedoch unter den Betrag von Null) und erhöht sich durch Verlustaufholungen.

At the START DATE, the REPAYMENT AMOUNT corresponds to the NOMINAL AMOUNT of the PARTICIPATION RIGHT. Thereafter, the REPAYMENT AMOUNT shall be decreased by loss participations (however not below zero) and shall be increased by loss recoveries.

3.2 Zukünftige Jahresüberschüsse sind nach Wiederherstellung des GESCHÜTZTEN EIGENKAPITALS vorrangig zur Heraufsetzung des R ÜCKZAHLUNGSBETRAGS bis maximal zum NENNBETRAG des GENUSSRECHTS zu verwenden.

3.2 Future annual surpluses shall, after recovery of the PROTECTED EQUITY CAPITAL, be used preferentially to increase the REPAYMENT AMOUNT up to the NOMINAL AMOUNT of the PARTICIPATION RIGHT.

3.3 Falls das UNTERNEHMEN mit dem GENUSSRECHT gleichrangige Finanzierungsinstrumente mit Verlustbeteiligung ausgegeben hat, die dem GLÄUBIGER bis spätestens zum ANFANGSTERMIN angezeigt worden sind, erfolgt die Verlustteilnahme bzw. die Verlustaufholung im Verhältnis des RÜCKZAHLUNGSBETRAGS des GENUSSRECHTS und der jeweiligen Nennbeträge dieser Finanzierungsinstrumente.

3.3 If the COMPANY has issued financing instruments with a loss participation ranking pari passu with the PARTICIPATION RIGHT which have been notified to the CREDITOR by the START DATE at the latest, the loss participation or, as the case may be, the loss recovery shall be effected in the proportion of the R EPAYMENT AMOUNT of the PARTICIPATION RIGHT to the respective nominal amounts of these financing instruments.

§4 Laufzeit des Genussrechts

§4 Term of the Participation Right

4.1 Das GENUSSRECHT wird an dem VORAUSZAHLUNGSTERMIN zur Rückzahlung gemäß § 6 fällig, der auf den Ablauf des siebten Jahres gerechnet ab dem ANFANGSTERMIN folgt (der VORGESEHENE ENDFÄLLIGKEITSTERMIN).

4.1 The PARTICIPATION RIGHT shall be due for repayment pursuant to § 6 on the ADVANCE PAYMENT DATE following the expiration of the seventh year calculated from the START DATE (the SCHEDULED FINAL MATURITY DATE).

4.2 Die Laufzeit des GENUSSRECHTS verlängert sich unter den Voraussetzungen und nach Maßgabe des § 6.3(a).

4.2 The term of the PARTICIPATION RIGHT shall be extended subject to the conditions specified in and according to § 6.3(a).

§5 Kündigung

§5 Termination

5.1 Das UNTERNEHMEN und der GLÄUBIGER sind berechtigt, diese Vereinbarung aus wichtigem Grund jederzeit und (vorbehaltlich § 5.5) mit sofortiger Wirkung zu kündigen (AUßERORDENTLICHE KÜNDIGUNG).

5.1 Both the COMPANY and the CREDITOR shall be entitled to terminate this agreement for good cause (aus wichtigem Grund) at any time and (subject to § 5.5) with immediate effect (EXTRAORDINARY TERMINATION).

5.2 Wichtige Gründe für die AUßERORDENTLICHE KÜNDIGUNG des GLÄUBIGERS stellen insbesondere dar:

5.2 Good cause for an EXTRAORDINARY TERMINATION by the CREDITOR shall be in particular:

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(i)

die nicht vollständige Erfüllung der Zahlungsverpflichtungen des UNTERNEHMENS gemäß dieser Genussrechtsvereinbarung an zwei aufeinander folgenden Zahlungsterminen;

(i)

the incomplete performance of the payment obligations of the COMPANY under this participation right agreement on two consecutive payment dates;

(ii) der Verzug des UNTERNEHMENS in Bezug auf seine Zahlungsverpflichtungen gemäß dieser Genussrechtsvereinbarung in einem Gesamtbetrag von mindestens der halben jährlichen VERGÜTUNG (ohne Erhöhung nach § 2.5);

(ii) the default of the COMPANY with respect to its payment obligations under this participation right agreement in an aggregate amount of at least half of the annual REMUNERATION (exclusive of an increase according to § 2.5);

(iii) die fehlende Autorisierung zur Begründung des GENUSSRECHTS durch die zuständigen Organe des UNTERNEHMENS;

(iii) lack of authorisation by the competent bodies of the COMPANY to constitute the PARTICIPATION RIGHT;

(iv) eine oder mehrere Zusicherungen des UNTERNEHMENS in § 9 sind unzutreffend, es sei denn, dieser Umstand ist UNWESENTLICH.

(iv) one or more of the undertakings made by the COMPANY in § 9 are incorrect, unless this fact is IMMATERIAL.

Ein Umstand ist UNWESENTLICH, wenn (aa) die von der BONITÄTSBEURTEILUNGSAGENTUR (§ 12.4) vorgenommene BONITÄTSBEURTEILUNG (§ 12.4) aufgrund dieses Umstands nicht herabgestuft wird und (bb) die Rechtsstellung und die wirtschaftlichen Interessen des GLÄUBIGERS durch diesen Umstand nicht wesentlich und nachhaltig beeinträchtigt werden;

A circumstance is IMMATERIAL if (aa) the CREDIT APPRAISAL (§ 12.4) prepared by the CREDIT APPRAISAL AGENCY (§ 12.4) is not downgraded for reason of this circumstance and (bb) the legal position as well as the economic interests of the CREDITOR are not materially and permanently affected by this circumstance;

(v)

die Verletzung einer Verpflichtung des UNTERNEHMENS aus den §§ 10-12. Im Falle einer Verletzung von § 10.1 ist eine Kündigung nur dann zulässig, wenn das UNTERNEHMEN der betreffenden Verpflichtung auch innerhalb von zwei Wochen nach Aufforderung durch den GLÄUBIGER nicht nachgekommen ist. In den übrigen Fällen ist eine Kündigung nur dann zulässig, wenn das UNTERNEHMEN der Verletzung innerhalb einer Woche nach Aufforderung durch den GLÄUBIGER nicht abgeholfen hat, es sei denn, dieser Umstand ist UNWESENTLICH;

(v)

the breach of an obligation of the C OMPANY pursuant to §§ 10-12. In case of a breach of § 10.1, termination shall be permissible only if the COMPANY continues not to fulfill the respective obligation within two weeks upon demand by the CREDITOR. In all other cases, a termination shall be permissible only if the COMPANY has not remedied the breach within one week upon demand by the CREDITOR, unless this fact is IMMATERIAL;

(vi) der Eintritt eines K ONTROLLWECHSELS oder eine Maßnahme des UNTERNEHMENS, die außerhalb seines ordentlichen und üblichen Geschäftsbetriebs liegt (wie insbesondere die vollständige oder teilweise Einstellung des von dem UNTERNEHMEN betriebenen Geschäftsbetriebs, die Übertragung des operativen Geschäfts des UNTERNEHMENS auf verbundene Unternehmen oder Dritte), oder der Abschluss eines Beherrschungs- und/oder Gewinnabführungsvertrags als beherrschtes Unternehmen ohne vorherige schriftliche Zustimmung des GLÄUBIGERS, es sei denn, dieser Umstand ist UNWESENTLICH.

(vi) the occurrence of a C HANGE OF CONTROL or an action taken by the COMPANY outside of its ordinary and usual business operations (such as, in particular, the complete or partial discontinuance of the COMPANY's operations, the transfer of the operational business of the C OMPANY to affiliated companies or to third parties), or conclusion of a domination agreement and/or profit transfer agreement with the COMPANY being the dominated party, without the prior written consent of the CREDITOR, unless this fact is IMMATERIAL.

Ein KONTROLLWECHSEL liegt vor, wenn eine Partei erstmalig direkt oder indirekt eine Mehrheitsbeteiligung (§ 16 AktienG) an dem UNTERNEHMEN erwirbt oder durch Veräußerung bzw. Belastung der Geschäftsanteile an dem UNTERNEHMEN oder durch Umwandlung (§ 1 Abs. 1 UmwG) eine vergleichbare Rechtstellung erlangt. Die erstmalige Zulassung von Anteilen am UNTERNEHMEN zum Börsenhandel gilt nicht als KONTROLLWECHSEL;

A CHANGE OF CONTROL means that a party acquires, for the first time, either directly or indirectly, a majority interest (§ 16 of the German Stock Corporation Act, Aktiengesetz) in the COMPANY or obtains a comparable legal status by disposition of shares in the C OMPANY or by sale or encumbrance of shares in the C OMPANY or by a transformation (Umwandlung) of the COMPANY (§ 1 para. 1 of the German Transformation Act, Umwandlungsgesetz). The initial admission of shares in the C OMPANY to trading

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on a stock exchange shall not be deemed to constitute a CHANGE OF CONTROL; (vii) (aa) Ausschüttungen an oder Entnahmen durch die Gesellschafter des U NTERNEHMENS, solange fällige Zahlungsansprüche des GLÄUBIGERS nicht vollständig bedient worden sind, oder (bb) Ausschüttungen für das laufende oder das vorausgegangene Geschäftsjahr oder Entnahmen während dieses Zeitraums, sofern aus diesem Grund Zahlungsansprüche des GLÄUBIGERS mangels FREIER MITTEL (§ 8) nicht entstanden sind. Ist das UNTERNEHMEN eine Personengesellschaft, sind Entnahmen zur Bedienung von Steuerverbindlichkeiten der Gesellschafter zulässig, die sich im Zusammenhang mit Einkünften gemäß § 15 Abs. 1 Nr. 2 EStG aus ihrer Beteiligung an dem UNTERNEHMEN für Veranlagungszeiträume nach dem ANFANGSTERMIN ergeben;

(vii) (aa) distributions to or withdrawals by the shareholders of the COMPANY for as long as due payment claims of the CREDITOR are not discharged in full, or (bb) distributions for the current or the previous financial year or withdrawals during this period, if this causes payment claims of the CREDITOR not to come into existence due to a lack of FREE ASSETS (§ 8). If the COMPANY has the legal form of a partnership, withdrawals made for the purpose of discharging the partners' tax liabilities in connection with income according to § 15 para. 1 no. 2 of the German Income Tax Act (Einkommensteuergesetz) resulting from a participation in the COMPANY during assessment periods subsequent to the START DATE shall be permissible;

(viii) Maßnahmen mit der Folge der Erhöhung des GESCHÜTZTEN EIGENKAPITALS ohne gleichzeitigen Zufluss von Vermögensgegenständen in betragsmäßig gleichem Umfang, insbesondere Kapitalerhöhung aus Gesellschaftsmitteln sowie Rückkauf oder Einziehung eigener Geschäftsanteile bzw. Aktien; die Vornahme von Gewinnausschüttungen wird durch diesen Satz nicht berührt;

(viii) arrangements effecting an increase in P ROTECTED EQUITY CAPITAL without simultaneous inflow of assets of equal value, in particular a nominal capital increase out of own assets and the repurchase or redemption of shares; profit distributions shall not be affected by this sentence;

(ix) die Liquidation des UNTERNEHMENS; oder

(ix) the liquidation of the COMPANY ; or

(x) die Eröffnung eines Insolvenzverfahrens über das Vermögen des UNTERNEHMENS oder die Abweisung der Eröffnung eines derartigen Verfahrens mangels Masse.

(x) the opening of insolvency proceedings with respect to the assets of the COMPANY or the dismissal of the opening of such proceedings for lack of assets.

5.3 Eine AUßERORDENTLICHE KÜNDIGUNG gemäß § 5.2 (i) oder (ii) kann von dem GLÄUBIGER während der Dauer einer UNTERNEHMENSKRISE nicht ausgesprochen werden. Endet die UNTERNEHMENSKRISE , so ist das Kündigungsrecht bei Vorliegen der Voraussetzungen des § 5.2(i) oder (ii) wieder ausübbar. Die Parteien dieser Vereinbarung sind sich darüber einig, dass der Eintritt einer wesentlichen Verschlechterung in den Vermögensverhältnissen des UNTERNEHMENS den GLÄUBIGER nicht zur AUßERORDENTLICHEN KÜNDIGUNG berechtigt, wenn nicht zugleich einer der in § 5.2 genannten oder sonstige wichtige Gründe vorliegen.

5.3 The right to an EXTRAORDINARY TERMINATION according to § 5.2 (i) or (ii) may not be exercised by the CREDITOR during a COMPANY CRISIS. If the COMPANY CRISIS ceases, the right to termination may be exercised again subject to the requirements of § 5.2(i) or (ii). The parties to this agreement acknowledge that a material deterioration of the economic condition of the COMPANY shall not entitle the CREDITOR to an EXTRAORDINARY TERMINATION, unless there are concurrently circumstances constituting good cause either with the meaning of § 5.2 or in general.

5.4 Sollte sich herausstellen, dass das G ENUSSRECHT nicht die Anforderungen des Handelsgesetzbuchs für den Ausweis als Eigenkapital erfüllt oder Zahlungen auf das GENUSSRECHT nicht steuerlich als Betriebsausgaben abzugsfähig sind, hat das UNTERNEHMEN kein außerordentliches Kündigungsrecht.

5.4 The COMPANY shall not be entitled to an EXTRAORDINARY TERMINATION if the PARTICIPATION RIGHT would not satisfy the requirements stipulated in the German Commercial Code (Handelsgesetzbuch) for the accounting as equity capital or if payments made on the PARTICIPATION RIGHT were not tax-deductible as business expenses.

5.5 (a)

5.5 (a)

Der GLÄUBIGER hat die VORRANGIGEN KREDITGEBER binnen einer Woche nach Ablauf der in Absatz (b) genannten Wochenfrist schriftlich von einer AUßERORDENTLICHEN KÜNDIGUNG zu unterrichten. Hierzu hat er vom UNTERNEHMEN die Mitteilung der VORRANGIGEN KREDITGEBER gemäß Absatz (c) zu verlangen.

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The CREDITOR shall give written notice of an EXTRAORDINARY TERMINATION to the SENIOR LENDERS within one week after expiration of the one week period provided for in para. (b). For this purpose, it shall require the C OMPANY to notify the SENIOR LENDERS in accordance with para. (c).

(b) VORRANGIGER KREDITGEBER ist jeder Bankgläubiger des UNTERNEHMENS mit Darlehensforderungen gegen das UNTERNEHMEN in Höhe von insgesamt mindestens 10% des NENNBETRAGS. Hierbei sind lediglich Darlehensforderungen zu berücksichtigen, die gegenüber dem GENUSSRECHT vorrangig sind. Als VORRANGIGE KREDITGEBER gelten nur die Bankgläubiger, die entweder (aa) das UNTERNEHMEN auf Verlangen des GLÄUBIGERS binnen einer Woche gemäß nachstehendem Absatz (c) offen gelegt hat oder (bb) die dem GLÄUBIGER die Angaben gemäß nachstehendem Absatz (c) bis zum Ablauf dieser Wochenfrist selbst mitgeteilt haben.

(b) SENIOR LENDER means each bank creditor of the COMPANY with loan claims against the COMPANY in the aggregate amount of at least 10% of the NOMINAL AMOUNT. For this purpose, loan claims shall only be taken into account if they are senior to the PARTICIPATION RIGHT. Only bank creditors (aa) which the COMPANY has disclosed within one week upon demand of the CREDITOR in accordance with the following para. (c) or (bb) which have given notice of the information set out in the following para. (c) to the CREDITOR until the expiration of this one week period, shall be deemed to constitute SENIOR LENDERS.

(c)

(c)

Das UNTERNEHMEN hat dem GLÄUBIGER nach Zugang einer Kündigungserklärung oder auf dessen Verlangen in der in Absatz (b) genannten Wochenfrist die Namen und Adressen aller VORRANGIGEN KREDITGEBER sowie die für die Beurteilung der Anforderungen des Absatzes (b) Sätze 1-2 relevanten Umstände schriftlich mitzuteilen.

Upon receipt of a termination notice or upon request of the CREDITOR, the COMPANY shall within the one week period according to para. (b) notify to the CREDITOR in writing the names and addresses of all S ENIOR LENDERS as well as the information relevant for the assessment of the requirements set out in para. (b) sentences 1-2.

(d) Die Kündigungserklärung des G LÄUBIGERS wird in den Fällen der § 5.2(i) - (viii) wirksam, wenn die WARTEFRIST verstrichen ist. Die WARTEFRIST beginnt an dem Tag, an dem sämtliche VORRANGIGEN KREDITGEBER von der AUßERORDENTLICHEN KÜNDIGUNG unterrichtet worden sind. Der GLÄUBIGER hat dem UNTERNEHMEN den Beginn und das Ende der WARTEFRIST unverzüglich mitzuteilen.

(d) Any termination notice by the CREDITOR pursuant to § 5.2(i) - (viii) shall take effect upon the expiration of the WAITING PERIOD. The WAITING PERIOD starts on the day on which all SENIOR LENDERS have been informed of the EXTRAORDINARY TERMINATION. The CREDITOR shall give notice to the COMPANY of the beginning and of the end of the WAITING PERIOD without undue delay.

Die WARTEFRIST beträgt 90 Kalendertage. Im Fall einer Kündigung gemäß § 5.2(i) oder (ii) beträgt die WARTEFRIST 30 Kalendertage.

The WAITING PERIOD amounts to 90 calendar days. In case of a termination pursuant to § 5.2(i) or (ii), the WAITING PERIOD amounts to 30 calendar days.

In den Fällen des § 5.2 (ix) und (x) wird die Kündigungserklärung mit Zugang beim UNTERNEHMEN wirksam.

In the cases of § 5.2 (ix) and (x), the termination notice shall take effect upon receipt by the COMPANY.

(e)

Der GLÄUBIGER darf nach Abgabe der Kündigungserklärung während einer etwaigen WARTEFRIST Zahlungsansprüche gegen das UNTERNEHMEN nicht durch Zwangsvollstreckungsmaßnahmen oder durch die Einleitung eines Insolvenzverfahrens durchsetzen.

(e)

After having given a termination notice, the CREDITOR shall not enforce its payment claims against the COMPANY during the WAITING PERIOD (if any) by virtue of compulsory enforcement or the filing for insolvency proceedings.

5.6 Ein ordentliches Kündigungsrecht der Vertragsparteien ist ausgeschlossen.

5.6 The parties shall have no right to an ordinary termination of this agreement.

§6 Rückzahlung

§6 Repayment

6.1 Das GENUSSRECHT wird am VORGESEHENEN ENDFÄLLIGKEITSTERMIN , im Falle einer AUßERORDENTLICHEN KÜNDIGUNG am Wirksamkeitstag der Kündigungserklärung zur Rückzahlung fällig (der RÜCKZAHLUNGSTERMIN). Eine vollständige oder teilweise Rückzahlung des GENUSSRECHTS vor dem RÜCKZAHLUNGSTERMIN ist ausgeschlossen.

6.1 The PARTICIPATION RIGHT shall be due for repayment on the SCHEDULED FINAL MATURITY DATE; in case of an EXTRAORDINARY TERMINATION it shall be due for repayment on the day on which the termination notice takes effect (the REPAYMENT DATE). A complete or partial repayment of the P ARTICIPATION RIGHT prior to the REPAYMENT DATE shall be excluded.

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6.2 (a)

Das GENUSSRECHT ist am RÜCKZAHLUNGSTERMIN in Höhe des RÜCKZAHLUNGSBETRAGS zuzüglich entstandener Ansprüche auf VERGÜTUNG und sonstiger geschuldeter Beträge zu tilgen. Darüber hinaus entstehen vorbehaltlich § 8 am RÜCKZAHLUNGSTERMIN Ansprüche auf die bis zu diesem Termin aufgelaufene VERGÜTUNG, bezüglich derer die Entstehensvoraussetzungen bislang noch nicht eingetreten waren.

(b) Tritt der RÜCKZAHLUNGSTERMIN vor dem VORGESEHENEN ENDFÄLLIGKEITSTERMIN ein (mit Ausnahme im Falle einer AUßERORDENTLICHEN KÜNDIGUNG des UNTERNEHMENS aufgrund eines Verschuldens des GLÄUBIGERS), hat das UNTERNEHMEN zusätzlich den ZUSÄTZLICHEN RÜCKZAHLUNGSBETRAG zu entrichten; dieser berechnet sich auf der Grundlage der abgezinsten Differenz zwischen der VERGÜTUNG bis zum VORGESEHENEN ENDFÄLLIGKEITSTERMIN und den Zinsen einer laufzeitkongruenten Wiederanlage des RÜCKZAHLUNGSBETRAGS in Hypothekenpfandbriefen sowie in entsprechender Anwendung der höchstrichterlichen Grundsätze zur Vorfälligkeitsentschädigung. Der Z USÄTZLICHE RÜCKZAHLUNGSBETRAG wird vom GLÄUBIGER berechnet und dem UNTERNEHMEN mitgeteilt. Ist gemäß § 8 der RÜCKZAHLUNGSBETRAG nur teilweise zu zahlen, so ist der ZUSÄTZLICHE RÜCKZAHLUNGSBETRAG nur bezogen auf diesen Teilbetrag zu entrichten. 6.3 (a)

Wenn am RÜCKZAHLUNGSTERMIN Rückzahlungsansprüche gemäß § 6.2 aufgrund § 8 ganz oder teilweise nicht entstanden sind oder falls ein von Null verschiedener Differenzbetrag zwischen NENNBETRAG und RÜCKZAHLUNGSBETRAG (der VERLUSTAUFHOLUNGSBETRAG) bestand, so verlängert sich die Laufzeit des G ENUSSRECHTS. Die Laufzeit endet mit vollständiger Bedienung sämtlicher Zahlungsansprüche aus der Genussrechtsvereinbarung (einschließlich der vollständigen Zahlung des VERLUSTAUFHOLUNGSBETRAGS), jedoch spätestens zum Ablauf des 29. Jahres gerechnet ab dem ANFANGSTERMIN. Während dieser verlängerten Laufzeit gelten diese Genussrechtsbedingungen nach Maßgabe der Regelungen dieses § 6.3 fort.

6.2 (a)

The PARTICIPATION RIGHT shall be redeemed on the REPAYMENT DATE in the REPAYMENT AMOUNT plus existing REMUNERATION claims and other amounts due. In addition, claims to REMUNERATION which has accrued up to the REPAYMENT DATE and in respect of which the conditions for a claim to come into existence have not yet been met shall come into existence on this date subject to § 8.

(b) If the REPAYMENT DATE occurs prior to the SCHEDULED FINAL M ATURITY DATE (except for the case of an EXTRAORDINARY TERMINATION by the COMPANY due to fault of the CREDITOR), the COMPANY shall, in addition, be obliged to pay the ADDITIONAL REPAYMENT AMOUNT. This amount shall be calculated based on the discounted difference between the REMUNERATION accrued up to the SCHEDULED FINAL M ATURITY DATE and the interest amount of a reinvestment of the REPAYMENT AMOUNT in mortgage bonds at matching maturities as well as in analogous application of the principles of prepayment penalties as established by the German Federal Supreme Court. The ADDITIONAL REPAYMENT AMOUNT shall be calculated by the CREDITOR and notified to the COMPANY. If the REPAYMENT AMOUNT has to be paid only partially according to § 8, the ADDITIONAL REPAYMENT AMOUNT shall only be due with respect to this partial amount. 6.3 (a)

If repayment claims pursuant to § 6.2 have not partially or fully come into existence on the REPAYMENT DATE due to the provisions of § 8, or in case of a difference amount between the NOMINAL AMOUNT and the REPAYMENT AMOUNT other than zero on this day (the LOSS RECOVERY AMOUNT), the term of the P ARTICIPATION RIGHT shall be extended. The term shall expire with the complete settlement of all payment claims under the participation right agreement (including the complete payment of the LOSS RECOVERY AMOUNT), however by the end of the 29 th year calculated from the START DATE at the latest. During this extended term, the provisions of the PARTICIPATION RIGHT shall remain in force subject to the provisions of this § 6.3.

(b) Auf die VORAUSZAHLUNG, die für den VORAUSZAHLUNGSTERMIN nach dem RÜCKZAHLUNGSTERMIN ermittelt wird, ist die nach § 6.2(a) ermittelte zeitanteilige VERGÜTUNG anzurechnen, soweit diese an den GLÄUBIGER gezahlt wurde.

(b) To the extent it has been paid to the CREDITOR, the REMUNERATION pro rata temporis as determined in accordance with § 6.2(a) shall be netted with the ADVANCE PAYMENT determined for the ADVANCE PAYMENT DATE following the REPAYMENT DATE.

(c)

(c)

Der RÜCKZAHLUNGSBETRAG ist jeweils an den ABRECHNUNGSTERMINEN ganz oder teilweise zu zahlen, an denen die Voraussetzungen des § 2.3 (nach Berücksichtigung sämtlicher aufgelaufener VERGÜTUNGEN) vorliegen. Der jeweils maßgebliche RÜCKZAHLUNGSBETRAG vermindert sich um Zahlungen auf diesen gemäß § 6.2(a) und spätere Kapitalrückzahlungen und erhöht sich um Ver-

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The REPAYMENT AMOUNT shall be fully or partially payable on each SETTLEMENT DATE on which the requirements of § 2.3 (taking into consideration all accrued R EMUNERATIONS) are met. The respectively relevant R EPAYMENT AMOUNT shall be decreased by any payments made on it in accordance with § 6.2(a) and by subsequent capital repayments and shall be increased by any

lustaufholung gemäß § 3.2. Die maximale gesamte Verlustaufholung des RÜCKZAHLUNGSBETRAGS nach dem RÜCKZAHLUNGSTERMIN ist auf den VERLUSTAUFHOLUNGSBETRAG begrenzt. Eine Herabsetzung des RÜCKZAHLUNGSBETRAGS nach dem RÜCKZAHLUNGSTERMIN im Wege der Verlustteilnahme findet nicht mehr statt; § 3.1 findet keine Anwendung.

loss recovery pursuant to § 3.2. After the REPAYMENT DATE, the maximum aggregate loss recovery of the REPAYMENT AMOUNT shall be limited to the LOSS RECOVERY AMOUNT. A reduction of the REPAYMENT AMOUNT by way of loss participation shall be excluded after the REPAYMENT DATE; § 3.1 shall not apply.

(d) Zahlungen auf den RÜCKZAHLUNGSBETRAG vermindern den für die Ermittlung der VERGÜTUNGEN und der VORAUSZAHLUNGEN zugrunde zu legenden NENNBETRAG des GENUSSRECHTS. Stichtag für die Ermittlung des jeweils für eine bestimmte BERECHNUNGSPERIODE maßgeblichen NENNBETRAGS ist der erste Tag der betreffenden B ERECHNUNGSPERIODE.

(d) Payments made on the REPAYMENT AMOUNT shall reduce the NOMINAL AMOUNT of the PARTICIPATION RIGHT which is taken as a basis for determination of REMUNERATIONS and ADVANCE PAYMENTS. The record date for the determination of the respective N OMINAL AMOUNT relevant for a given CALCULATION PERIOD shall be the first day of such CALCULATION PERIOD.

6.4 Mit Ablauf der verlängerten Laufzeit des GENUSSRECHTS gemäß § 6.3(a) erlöschen bis dahin nicht entstandene Zahlungsansprüche.

6.4 Upon expiration of the extended term of the P ARTICIPATION RIGHT according to § 6.3(a), all payment claims which have not previously come into existence shall be extinguished.

§7 Rechtsnatur des Genussrechts; aufschiebend bedingter Rangrücktritt

§7 Legal Nature of the Participation Right; Subordination Subject to a Condition Precedent

7.1 Das GENUSSRECHT gewährt ausschließlich schuldrechtliche Ansprüche gegenüber dem U NTERNEHMEN . Es begründet kein Gesellschaftsverhältnis zwischen dem UNTERNEHMEN und dem GLÄUBIGER welcher Art auch immer und keine Gesellschafterrechte an dem UNTERNEHMEN , insbesondere keine Teilnahme-, Mitwirkungs- und Stimmrechte in den Gesellschafterversammlungen oder Bezugsrechte auf neue Anteile. Dem GLÄUBIGER steht kein Weisungsrecht gegenüber der Geschäftsleitung zu.

7.1 The PARTICIPATION RIGHT shall only grant obligatory claims (schuldrechtliche Ansprüche) against the COMPANY. It shall neither establish a company relationship (Gesellschaftsverhältnis) of any kind whatsoever between the COMPANY and the CREDITOR nor shareholders' rights in the COMPANY, in particular no rights to attend, to participate or to vote in the shareholders' meetings and subscription rights to new shares. The CREDITOR shall have no right to instruct the management of the company.

7.2 (a)

7.2 (a)

Der GLÄUBIGER und das UNTERNEHMEN vereinbaren unter der aufschiebenden Bedingung, dass das Insolvenzverfahren über das Vermögen des UNTERNEHMENS, die Liquidation des UNTERNEHMENS bzw. die UNTERNEHMENSKRISE tatsächlich eingetreten ist, dass der G LÄUBIGER in der Weise im Rang zurücktritt, dass im Falle eines Insolvenzverfahrens über das Vermögen oder der Liquidation des UNTERNEHMENS sowie für die Dauer einer UNTERNEHMENSKRISE die Forderungen aus dem GENUSSRECHT nur nach Befriedigung aller Gesellschaftsgläubiger und zugleich mit den Einlagenrückgewähransprüchen der Gesellschafter des UNTERNEHMENS (§ 199 InsO) oder Ansprüchen der Gesellschafter auf Auskehrung des Liquidationsüberschusses befriedigt werden.

(b) Eine UNTERNEHMENSKRISE liegt dann vor, wenn (i) bei Ansatz der Forderungen aus dem GENUSSRECHT eine Zahlungsunfähigkeit oder Überschuldung (§§ 17, 19 InsO) des UNTERNEHMENS bestünde und (ii) das UNTERNEHMEN dies durch die Vorlage einer Bescheinigung seines Abschlussprüfers nachweist. Die UNTERNEHMENSKRISE endet, wenn die in (i)

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Subject to the condition precedent that insolvency proceedings with respect to the assets of the COMPANY, the liquidation of the COMPANY or a COMPANY CRISIS shall have actually commenced, the CREDITOR and the COMPANY hereby agree that the CREDITOR 'S rights shall be subordinated in such a way that, in case of insolvency proceedings with respect to the assets of the COMPANY or its liquidation as well as during a COMPANY CRISIS, the claims under the PARTICIPATION RIGHT shall be satisfied only after the discharge of all claims of the C OMPANY 'S creditors and pari passu with the claims of the shareholders of the C OMPANY to restitution of contributions (§ 199 of the German Insolvency Act, Insolvenzordnung) or to distribution of the liquidation proceedings.

(b) A COMPANY CRISIS shall occur if, (i) when accounting for the claims under the P ARTICIPATION RIGHT, an illiquidity or over-indebtedness (§§ 17, 19 of the German Insolvency Act) of the COMPANY were to occur and (ii) the C OMPANY provides proof thereof by furnishing a certificate of its auditor. The COMPANY CRISIS shall terminate if the requirements provided for in (i) do no

genannten Voraussetzungen nicht mehr vorliegen. Das UNTERNEHMEN hat nach dem Beginn einer UNTERNEHMENSKRISE deren Fortbestehen jeweils gemäß Satz 1(ii) dieses Absatzes (b) zum ersten GESCHÄFTSTAG eines Kalenderquartals nachzuweisen. (c)

Dem UNTERNEHMEN wird die Option eingeräumt, durch einseitige schriftliche Erklärung gegenüber dem GLÄUBIGER auf die Wirkungen des in Absatz (a) vereinbarten qualifizierten Rangrücktritts zu verzichten. Mit Ausübung dieser Option tritt der GLÄUBIGER in der Weise im Rang zurück, dass im Falle eines Insolvenzverfahrens über das Vermögen oder der Liquidation des UNTERNEHMENS sowie für die Dauer einer UNTERNEHMENSKRISE die Forderungen aus dem GENUSSRECHT nur nach Befriedigung aller Gesellschaftsgläubiger aber vorrangig vor den Einlagenrückgewähransprüchen der Gesellschafter des UNTERNEHMENS (§ 199 InsO) oder Ansprüchen der Gesellschafter auf Auskehrung des Liquidationsüberschusses befriedigt werden.

longer exist. Following the commencement of a COMPANY CRISIS, the COMPANY shall prove its continuation in accordance with sentence 1(ii) of this para. (b) on the first BUSINESS DAY of each calendar quarter.

(c)

The COMPANY shall have the option to waive the effects of the qualified subordination agreed upon in para. (a) by means of an unilateral written declaration towards the C REDITOR. Upon exercising this option, the CREDITOR shall be subordinated in such a way that, in case of insolvency proceedings relating to the assets of the COMPANY or its liquidation as well as during a COMPANY CRISIS, the claims under the PARTICIPATION RIGHT shall be satisfied only after the discharge of all claims of the C OMPANY 'S creditors but prior to the discharge of the claims of the shareholders of the C OMPANY to restitution of contributions (§ 199 of the German Insolvency Act) or to distribution of the liquidation proceedings.

7.3 Das GENUSSRECHT gewährt keinen Anteil an einem nach Begleichung der Ansprüche aus dem G ENUSSRECHT verbleibenden Liquidationsüberschuss.

7.3 The PARTICIPATION RIGHT shall not grant a claim to any liquidation surplus which may remain after settlement of the claims under the P ARTICIPATION RIGHT.

§8 Geschütztes Eigenkapital

§8 Protected Equity Capital

8.1 Zahlungsansprüche gemäß dieser Genussrechtsvereinbarung entstehen nicht, wenn und soweit diese am BERECHNUNGSSTICHTAG nur aus GESCHÜTZTEM EIGENKAPITAL bedient werden könnten und das UNTERNEHMEN dies durch Vorlage einer schriftlichen Bestätigung seines Abschlussprüfers nachweist. BERECHNUNGSSTICHTAG für die Feststellung des GESCHÜTZTEN EIGENKAPITALS ist jeweils der betreffende Zahlungstermin oder nach Wahl des UNTERNEHMENS ein anderer, maximal 15 Tage vor diesem Termin liegender Tag.

8.1 Payment claims under this participation right agreement shall not come into existence if and to the extent, on the CALCULATION DATE, such claims could only be paid out of PROTECTED EQUITY CAPITAL and the COMPANY provides proof thereof by presenting a written confirmation of its auditor. The CALCULATION DATE for the determination of the P ROTECTED EQUITY CAPITAL shall be the relevant payment date or, at the COMPANY 'S option, any other day preceding this date by a maximum of 15 days.

GESCHÜTZTES EIGENKAPITAL sind Eigenkapitalbestandteile des UNTERNEHMENS, die gesetzlich (nicht jedoch lediglich satzungsmäßig) besonders gegen Ausschüttungen an die Gesellschafter geschützt sind, insbesondere das gezeichnete Kapital (Grund- bzw. Stammkapital), gesetzlich zu bildende Rücklagen und Ausschüttungssperrbeträge, nicht jedoch Kommanditeinlagen.

PROTECTED EQUITY CAPITAL means such equity components of the COMPANY specially protected against distributions to the shareholders by law (however not merely by the articles of association), in particular the subscribed capital (Grund- or Stammkapital), statutory reserves and amounts blocked against distribution by law, however excluding the equity contributions of the limited partners.

8.2 An dem betreffenden Zahlungstermin sind die F REIEN MITTEL zur Bedienung von Ansprüchen des GLÄUBIGERS wie folgt zu verwenden: (aa) zunächst für sonstige Ansprüche aus der Genussrechtsvereinbarung, (bb) dann für Ansprüche auf V ORAUSZAHLUNG und VERGÜTUNG sowie (cc) schließlich für Ansprüche auf Zahlung des RÜCKZAHLUNGSBETRAGS. Mehrere Zahlungsansprüche nach (aa) oder (bb) sind in der zeitlichen Reihenfolge der Termine zu bedienen, an denen sie ungeachtet der Regelung des § 8.1 ursprünglich entstanden wären. Soweit hiernach eine Zahlung erfolgt, entstehen die betreffenden Ansprüche ganz oder teilweise. FREIE MITTEL bezeichnet den

8.2 On the respective payment date, FREE FUNDS shall be applied towards the discharge of the claims of the CREDITOR as follows: (aa) first, for other claims under the participation right agreement, (bb) then, for claims to ADVANCE PAYMENT and REMUNERATION and (cc) finally, for claims to payment of the REPAYMENT AMOUNT. Multiple payment claims pursuant to (aa) or (bb) shall be paid in the chronological order of the dates on which they originally would have come into existence disregarding the provision of § 8.1. To the extent a payment is made pursuant hereto, the respective claims shall come into existence fully or partially. FREE FUNDS means the amount by which the balance

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Betrag, um den das bilanzielle Eigenkapital des UNTERNEHMENS das GESCHÜTZTE EIGENKAPITAL übersteigt.

sheet equity capital of the COMPANY exceeds the PROTECTED EQUITY CAPITAL.

8.3 Soweit ein Zahlungsanspruch (einschließlich Ansprüche auf VORAUSZAHLUNG, jedoch mit Ausnahme eines Anspruchs auf den RÜCKZAHLUNGSBETRAG) aufgrund der Regelung der §§ 8.1-8.2 ganz oder teilweise nicht entsteht, entsteht dieser an dem jeweils nächstfolgenden VORAUSZAHLUNGSTERMIN , wenn und soweit an diesem Termin nicht wiederum die Voraussetzung für die Nichtentstehung des Anspruchs gemäß diesen Regelungen vorliegen.

8.3 To the extend a payment claim (including claims to ADVANCE PAYMENTS, but excluding a claim to the REPAYMENT AMOUNT) does not come into existence fully or partially by virtue of the provisions stipulated in §§ 8.1-8.2, it shall come into existence on the respective next following ADVANCE PAYMENT DATE, unless and to the extent the requirements for such claim not to come into existence are again met on this date.

8.4 Das UNTERNEHMEN ist jederzeit berechtigt, freiwillig auf VORAUSZAHLUNGEN, VERGÜTUNGEN oder andere Beträge zu leisten, bezüglich derer nach diesem § 8 keine Zahlungsansprüche entstanden sind. In diesem Fall entstehen die betreffenden Zahlungsansprüche im Umfang und am Tag der Zahlung. Freiwillig geleistete Zahlungen werden nicht an das UNTERNEHMEN zurückerstattet.

8.4 The COMPANY shall have the right at any time to voluntarily make ADVANCE PAYMENTS, or pay REMUNERATIONS or other amounts in respect of which no payment claims have come into existence pursuant to this § 8. In this case, the respective payment claims shall come into existence to the extent and on the day of payment. Voluntary payments shall not be refunded to the COMPANY.

§9 Zusicherungen des Unternehmens

§9 Representations of the Company

Das UNTERNEHMEN gibt hiermit dem GLÄUBIGER per ANFANGSTERMIN die in Anlage 2 aufgeführten Zusicherungen in Form eines selbstständigen Garantieversprechens gemäß § 311 BGB ab.

The COMPANY hereby makes the representations and warranties to the CREDITOR set out in Annex 2 as at the START DATE in the form of an independent guarantee (selbstständiges Garantieversprechen) pursuant to § 311 of the German Civil Code (Bürgerliches Gesetzbuch).

§ 10 Informationsrechte; Vertraulichkeit

§ 10 Information Rights; Confidentiality

10.1 Das UNTERNEHMEN hat dem GLÄUBIGER bis zur Beendigung dieser Vereinbarung die testierten Jahres- und Konzernabschlüsse des UNTERNEHMENS nebst Lageund Konzernlagebericht sowie den Berichten des Abschlussprüfers unverzüglich nach der Feststellung der Abschlüsse, spätestens jedoch sechs Monate nach Ablauf des betreffenden Geschäftsjahres jeweils in Kopie auf seine Kosten zu übersenden.

10.1 The COMPANY shall, until the expiration of this agreement and at its own expense, deliver to the C REDITOR a copy of the certified unconsolidated and consolidated financial statements of the C OMPANY together with management reports and group management reports and the auditor's reports immediately upon approval of the financial statements, but in no event later than six months after the end of the respective financial year.

10.2 Falls der Bestätigungsvermerk des Abschlussprüfers zum Jahres- oder Konzernabschluss lediglich eingeschränkt erteilt oder versagt wird oder aus anderen Gründen Zweifel an der Ordnungsmäßigkeit des Jahres- oder Konzernabschlusses bestehen, so ist der GLÄUBIGER berechtigt, den betreffenden Abschluss auf Kosten des UNTERNEHMENS von einem unabhängigen Wirtschaftsprüfer prüfen zu lassen. Das U NTERNEHMEN ist in diesem Fall verpflichtet, sämtliche hierfür erforderlichen Informationen und Unterlagen zur Verfügung zu stellen. Ergibt sich als Ergebnis der Prüfung ein höherer Bilanzgewinn, so schuldet das UNTERNEHMEN die unverzügliche Zahlung einer entsprechend erhöhten VERGÜTUNG.

10.2 If the auditor's certificate for the unconsolidated or consolidated financial statements is issued with restrictions only or if it is denied or if there are doubts in respect of the accuracy of the unconsolidated or consolidated financial statements for other reasons, the CREDITOR shall be entitled to arrange for an examination of the relevant financial statements by an independent auditor at the expense of the COMPANY. In this case, the COMPANY shall make available all information and documents necessary for this purpose. If a higher balance sheet profit is determined as a result of the examination, the COMPANY shall owe the payment of an accordingly increased R EMUNERATION without undue delay.

10.3 Das UNTERNEHMEN hat nach Kenntniserlangung den GLÄUBIGER unverzüglich (aa) über einen bevorstehenden oder eingetretenen KONTROLLWECHSEL sowie (bb)

10.3 The COMPANY shall inform the CREDITOR promptly upon becoming aware thereof (aa) of a forthcoming or implemented CHANGE OF CONTROL and (bb) of all

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über alle Vorfälle zu informieren, die eine schwächere BONITÄTSBEURTEILUNG des UNTERNEHMENS durch die BONITÄTSBEURTEILUNGSAGENTUR bewirken oder von wesentlicher Bedeutung für die Rechtsstellung oder das wirtschaftliche Interesse des G LÄUBIGERS sein könnten.

events which may lead to a lower CREDIT APPRAISAL of the COMPANY by the CREDIT APPRAISAL AGENCY or could be of material importance for the legal position or the economic interest of the CREDITOR.

10.4 Der GLÄUBIGER ist hinsichtlich sämtlicher ihm vom UNTERNEHMEN oder auf dessen Veranlassung im Zusammenhang mit dem GENUSSRECHT überlassener Informationen zur Verschwiegenheit verpflichtet, mit Ausnahme von Informationen, die öffentlich bekannt sind, über die er bereits vor dem Beginn der Gespräche über den Abschluss dieser Genussrechtsvereinbarung verfügte, die ihm von Dritten ohne Verletzung von Vertraulichkeitspflichten zugänglich gemacht werden, die er zur Verfolgung seiner Ansprüche aus der Genussrechtsvereinbarung offenlegt oder die aufgrund gesetzlicher, behördlicher oder gerichtlicher Anforderungen offenzulegen oder mitzuteilen sind. Der GLÄUBIGER ist berechtigt, vertraulich zu behandelnde Informationen an seine Vertragspartner (einschließlich BONITÄTSBEURTEILUNGSAGENTUREN ) im Zusammenhang mit der Verwaltung der Genussrechtsvereinbarung oder einer zur Refinanzierung des GENUSSRECHTS begebenen Anleihe bzw. einer sonstigen Refinanzierung der Genussrechtsvereinbarung weiterzugeben, sofern er die Vertraulichkeit in angemessener Weise sicherstellt. Der G LÄUBIGER ist berechtigt, anonymisierte Informationen über die Erfüllung der Zahlungs- und sonstigen Vertragspflichten durch das UNTERNEHMEN und die sich aus der Genussrechtsvereinbarung ergebenden Folgen zur Erstellung von Investoreninformationen für die Anleihegläubiger zu verwenden und zu veröffentlichen. Das UNTERNEHMEN wird dem GLÄUBIGER folgende Informationen zur Veröffentlichung in dem Emissionsprospekt der Anleihe bereitstellen: (i) eine Selbstdarstellung des U NTERNEHMENS und (ii) das Logo des UNTERNEHMENS . Ferner stimmt das UNTERNEHMEN einer Veröffentlichung der Kennzahlen, die auf Anlage 3 basieren, nach Moody's KMV Risc Calc in anonymisierter Form zu. Die Veröffentlichung in dem Emissionsprospekt wird voraussichtlich die Kennzahlen in Relation zu Vergleichsziffern darstellen.

10.4 The CREDITOR shall maintain confidential all information provided or caused to be provided to him by the COMPANY in connection with the PARTICIPATION RIGHT, unless the information is publicly known, has already been known to the CREDITOR before the commencement of negotiations in respect of the conclusion of this participation right agreement, is disclosed to him by third parties without breach of any confidentiality obligations, is disclosed by the CREDITOR in pursuance of its claims under the participation right agreement or is to be disclosed or communicated due to statutory, public authorities' or judicial requirements. The CREDITOR shall be entitled to furnish information which is to be maintained confidential to its contract counterparties (including CREDIT APPRAISAL AGENCIES) in connection with the administration of the participation right agreement or notes issued for the purpose of refinancing the P ARTICIPATION RIGHT or, as the case may be, another refinancing of the participation right agreement, provided that it ensures confidentiality in an adequate manner. The CREDITOR shall be entitled to use anonymised information relating to the performance of payment obligations and other contractual obligations by the COMPANY and the consequences arising therefrom under the participation right agreement for the preparation and publication of investor reports to the noteholders. The C OMPANY shall make available to the CREDITOR the following information to be published in the issue prospectus of the notes: (i) a profile of the C OMPANY and (ii) the logo of the COMPANY. Furthermore, the COMPANY agrees to the publication of the key ratios based on Annex 3 according to Moody's KMV Risc Calc in an anonymous form. The publication in the issue prospectus is expected to display the key ratios in relation to comparison numbers.

§ 11 Zusätzliche Informationsrechte

§ 11 Additional Information Rights Bonitätsver-

11.1 Additional Information Rights in Case of Deterioration of Creditworthiness

Wenn und solange das UNTERNEHMEN von Moody's KMV eine BONITÄTSBEURTEILUNG in oder unterhalb der Kategorie "Ba2.edf" oder eine entsprechende BONITÄTSBEURTEILUNG einer anderen BONITÄTSBEURTEILUNGSAGENTUR erhält, kann der GLÄUBIGER die nachfolgenden zusätzlichen Informationsrechte ausüben:

If and as long as the COMPANY receives a CREDIT APPRAISAL of the category of "Ba2.edf" or below from Moody's KMV or an equivalent C REDIT APPRAISAL from another CREDIT APPRAISAL AGENCY, the CREDITOR shall have the following additional information rights:

(i)

(i)

11.1 Zusätzliche Informationsrechte schlechterung

bei

Einsichtnahme (sowie auf Wunsch des GLÄUBIGERS die kostenfreie Übermittlung von Kopien) in:

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Inspection (as well as the delivery of copies free of charge upon the request of the C REDITOR) of:

(aa) interne Finanzberichte (einschließlich der Liquiditätsplanung) des UNTERNEHMENS jeweils unverzüglich nach Aufforderung;

(aa) internal financial reports (including liquidity planning) of the C OMPANY immediately upon demand;

(bb) Protokolle und Beschlüsse der Geschäftsführung der letzten zwölf Monate sowie sämtliche Protokolle und Beschlüsse des Aufsichtsrats, des Beirats sowie der Gesellschafter- bzw. Hauptversammlung (jeweils soweit einschlägig und rechtlich zulässig), jeweils binnen zwei Wochen nach Aufforderung.

(bb) minutes and resolutions of the management board of the last twelve months and all minutes and resolutions of the supervisory board, the advisory council and the shareholders' meeting (in each case to the extent applicable and permissible by law), in each case within two weeks upon demand.

(ii) Auf Verlangen des GLÄUBIGERS wird das UNTERNEHMEN binnen zwei Wochen Gespräche ermöglichen mit:

(ii) Within two weeks upon demand by the CREDITOR, the Company shall provide the opportunity for discussions with:

(aa) der Geschäftsführung des U NTERNEHMENS in bis zu sechs Fällen pro Kalenderjahr;

(aa) the management board of the C OMPANY up to six times per calendar year;

(bb) den Beratern des UNTERNEHMENS (insbesondere Rechts-, Unternehmens- und Steuerberater). Das UNTERNEHMEN wird die betreffenden Berater hierzu soweit erforderlich von ihrer Schweigepflicht entbinden.

(bb) the advisors of the C OMPANY (in particular legal advisors, management consultants and tax advisors). To the extent necessary, the COMPANY shall release the respective advisors from their confidentiality obligations.

(iii) Beauftragung eines sog. Recovery Advisor (voraussichtlich Ernst & Young AG Wirtschaftsprüfungsgesellschaft), um die Interessen des GLÄUBIGERS wahrzunehmen, insbesondere um Empfehlungen bezüglich der weiteren Vorgehensweise im Hinblick auf die Genussrechtsvereinbarung zu erstellen.

(iii) Engagement of a so-called Recovery Advisor (expected to be Ernst & Young AG Wirtschaftsprüfungsgesellschaft) in order to protect the interests of the CREDITOR, in particular to prepare recommendations regarding the course of action in respect of the participation right agreement.

11.2 Erweiterte zusätzliche Informationsrechte (a)

11.2

Unter den Voraussetzungen des nachstehenden Absatzes (b) kann der GLÄUBIGER die Informationsrechte gemäß § 11.1 sowie die nachfolgenden zusätzlichen Informationsrechte ausüben: (i)

Einsichtnahme in alle wesentlichen Verträge und Unterlagen sowie Zugang zu Informationen über alle wesentlichen Geschäfte des UNTERNEHMENS unverzüglich auf Verlangen des GLÄUBIGERS.

Extended Additional Information Rights (a)

Subject to the requirements specified in para. (b) below, the CREDITOR may exercise the information rights pursuant to § 11.1 as well as the following additional information rights:

(i)

Inspection of all material contracts and documents, as well as access to information on all material transactions of the COMPANY without undue delay upon demand by the CREDITOR.

(ii) Monatliche Berichte der Geschäftsführung des UNTERNEHMENS , die alle wesentlichen Entwicklungen des Geschäftsbetriebs darstellen, sowie Zugang zu den Unterlagen des UNTERNEHMENS für die Zwecke der Prüfung der monatlichen Berichte.

(ii) Monthly reports by the management board of the COMPANY describing all material developments of the business operations, as well as access to the files of the C OMPANY for the purpose of verifying the monthly reports.

(iii) Sanierungsgespräche mit der Geschäftsführung des UNTERNEHMENS. Das UNTERNEHMEN wird dem GLÄUBIGER hierzu Gelegenheit geben, bevor es derartige Gespräche mit Dritten führt, die zu diesem Zeitpunkt keine Eigen- oder Fremdkapitalgeber des UNTERNEHMENS sind.

(iii) Restructuring discussions with the management board of the COMPANY. The COMPANY shall give the CREDITOR the opportunity to have such discussions prior to conducting such discussions with third parties which are not equity or debt capital investors of the COMPANY at that time.

(b) Dem GLÄUBIGER stehen die in vorstehendem Ab-

(b) The C REDITOR shall have the additional informa-

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satz (a) genannten zusätzlichen Informationsrechte zu, wenn:

tion rights stated in the preceding para. (a), if:

(i)

(i)

das UNTERNEHMEN seinen Zahlungsverpflichtungen aus dieser Genussrechtsvereinbarung an zwei aufeinander folgenden Zahlungsterminen nicht vollständig nachgekommen ist oder diese Zahlungsverpflichtungen ganz oder teilweise nicht entstanden sind, da sie nur aus GESCHÜTZTEM EIGENKAPITAL hätten bedient werden können (§ 8);

the COMPANY does not fully discharge its payment obligations under this participation right agreement on two consecutive payment dates or such payment obligations did not come into existence in full or in parts because they could have been paid only out of PROTECTED EQUITY CAPITAL (§ 8);

(ii) der Gesamtbetrag der Zahlungsverpflichtungen aus dieser Genussrechtsvereinbarung, mit der sich das UNTERNEHMEN in Verzug befindet, den Betrag der halben jährlichen VERGÜTUNG (ohne Erhöhung nach § 2.5) erreicht oder übersteigt. Zu diesem Gesamtbetrag sind die Zahlungsverpflichtungen hinzuzurechnen, die ganz oder teilweise deshalb nicht entstanden sind, weil sie nur aus GESCHÜTZTEM EIGENKAPITAL hätten bedient werden können (§ 8);

(ii) the aggregate amount of the payment obligations under this participation right agreement on which the COMPANY defaulted equals or exceeds the amount of half of the annual REMUNERATION (excluding an increase pursuant to § 2.5). This aggregate amount shall be increased by the payment obligations which did not come into existence in full or in parts because they could have been paid only out of PROTECTED EQUITY CAPITAL (§ 8);

(iii) das UNTERNEHMEN von Moody's KMV eine BONITÄTSBEURTEILUNG in oder unterhalb der Kategorie "B2.edf" oder eine entsprechende BONITÄTSBEURTEILUNG einer anderen BONITÄTSBEURTEILUNGSAGENTUR erhält; oder

(iii) the COMPANY receives a CREDIT APPRAISAL of the category of "B2.edf" or below from Moody's KMV or an equivalent C REDIT APPRAISAL from another CREDIT APPRAISAL AGENCY; or

(iv) der RÜCKZAHLUNGSBETRAG wegen Verlustteilnahme herabgesetzt wurde.

(iv) the REPAYMENT AMOUNT has been reduced due to loss participation.

Dem GLÄUBIGER stehen diese zusätzlichen Informationsrechte zu, solange in den Fällen von (i) und (ii) der Zahlungsverzug nicht vollständig beendet ist bzw. die betreffenden Zahlungsverpflichtungen nicht entstanden oder nicht vollständig bedient worden sind, oder im Falle von (iii) eine BONITÄTSBEURTEILUNG des UNTERNEHMENS in den genannten Kategorien fortbesteht, oder im Falle von (iv) der RÜCKZAHLUNGSBETRAG nicht durch Verlustaufholung den NENNBETRAG des GENUSSRECHTS wieder erreicht hat.

The CREDITOR shall have these additional information rights in the cases of (i) or (ii), for as long as the default in payment is not completely remedied or, as the case may be, the respective payment obligations have not come into existence or been fully paid or, in the case of (iii), for as long as the CREDIT APPRAISAL of the COMPANY continues to remain in the aforementioned categories or, in case of (iv), for as long as the REPAYMENT AMOUNT has not been increased up to the NOMINAL AMOUNT of the PARTICIPATION RIGHT by virtue of loss recovery.

11.3 Das UNTERNEHMEN hat die angemessenen Kosten des GLÄUBIGERS und von ihm eingesetzter Dritter (einschließlich des Recovery Advisor) im Zusammenhang mit der Ausübung seiner Informationsrechte gemäß diesem § 11 zu erstatten. Der maximale Erstattungsbetrag für die Ausübung der Informationsrechte gemäß § 11.1(iii) beträgt EUR 30.000 pro Kalenderjahr zuzüglich MWSt und üblicher Auslagen. Ist ein Recovery Advisor beauftragt und wird in einem Kalenderjahr der maximale Erstattungsbetrag nicht ausgeschöpft, erhöht der verbleibende Betrag den in den Folgejahren zur Verfügung stehenden Maximalbetrag.

11.3 The COMPANY shall reimburse the reasonable expenses of the CREDITOR and of third parties appointed by it (including the Recovery Advisor) in connection with the exercise of its information rights according to this § 11. The maximum reimbursement amount for the exercise of information rights pursuant to § 11.1(iii) shall be EUR 30,000 per calendar year plus valueadded tax and customary expenses. If a Recovery Advisor is engaged and the maximum reimbursement amount is not exhausted in a certain calendar year, the remaining amount shall be added to the maximum amount available in the following years.

11.4 Die Informationsrechte nach Maßgabe des § 11.1 und § 11.2 bestehen im Rahmen ihrer jeweiligen Voraus-

11.4 The information rights pursuant to § 11.1 and § 11.2 shall be available, subject to their respective require-

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setzungen kumulativ und zusätzlich zu den Informationsrechten aus § 10.

ments, cumulatively and in addition to the information rights provided for in § 10.

§ 12 Sonstige Verpflichtungen des Unternehmens

§ 12 Other Covenants of the Company

12.1 Das UNTERNEHMEN hat im gesetzlich zulässigen Umfang Ausschüttungen oder Entnahmen von seinen Tochterunternehmen und deren nachgelagerten verbundenen Gesellschaften zu veranlassen, wenn und soweit dies erforderlich ist, um über hinreichende FREIE MITTEL zur vollständigen und pünktlichen Bedienung seiner Zahlungsverbindlichkeiten nach diesen Genussrechtsbedingungen zu verfügen. Soweit erforderlich, hat es hierzu im gesetzlich zulässigen Umfang Rücklagen aufzulösen und die Herstellung der satzungs- oder gesellschaftsvertraglichen Voraussetzungen für die Ausschüttungen oder Entnahmen zu veranlassen.

12.1 The COMPANY shall to the extent legally permissible procure distributions by or withdrawals from its subsidiaries and their downstream affiliated companies, if and to the extent necessary to dispose of sufficient FREE FUNDS to fully and timely discharge of its payment obligations under this participation right agreement. To the extent necessary for this purpose, it shall to the extent legally permissible dissolve reserves and procure the implementation of the prerequisites necessary for distributions or withdrawals as stipulated by the respective articles of association or partnership agreements.

12.2 Das UNTERNEHMEN wird zukünftige Jahres- und Konzernabschlüsse sowie Lageberichte und Konzernlageberichte in Übereinstimmung mit den anwendbaren gesetzlichen Bestimmungen und den allgemein anerkannten Buchführungs- und Bilanzierungsgrundsätzen unter Wahrung der formellen und materiellen Bilanzkontinuität (einschließlich in Bezug auf Bilanzierungsund Bewertungswahlrechte) aufstellen, so dass diese unter Beachtung der Grundsätze ordnungsgemäßer Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage zu dem jeweiligen Bilanzstichtag vermitteln.

12.2 The COMPANY shall prepare future unconsolidated and consolidated annual financial statements as well as management reports and group management reports in accordance with the applicable legal provisions and the generally accepted bookkeeping and accounting principles observing formal and material continuity of accounting treatment (formelle und materielle Bilanzkontinuität) (also with regard to discretionary accounting and valuation) in order for these financial statements to reflect the accurate assets, financial and earnings situation on the respective date of the financial statements in compliance with sound accounting principles.

12.3 Das UNTERNEHMEN wird Vereinbarungen und Geschäfte mit Unternehmen, die nicht in Mehrheitsbesitz (§ 16 AktienG) stehen, den Mitgliedern der Geschäftsführung oder Gesellschaftern sowie diesen nahestehenden Personen nur zu Bedingungen schließen oder tätigen, die einem Drittvergleich standhalten (arm's length-Konditionen).

12.3 The COMPANY shall enter into agreements and transactions with companies which are not majority held (§ 16 of the German Stock Corporation Act), members of the management or shareholders as well as related persons at arm's length terms only.

12.4 Der GLÄUBIGER beabsichtigt, Moody's KMV oder eine andere von ihm bestimmte Bonitätsbeurteilungsagentur mit der jährlichen nicht-öffentlichen Beurteilung der Bonität des UNTERNEHMENS zu beauftragen. Die Bonitätsbeurteilung erfolgt hierbei auf der Grundlage des Konzernabschlusses (§ 16.2), oder falls ein solcher gemäß § 16.2 nicht zu erstellen ist, des Jahresabschlusses des UNTERNEHMENS. Die von Zeit zu Zeit jeweils beauftragte Bonitätsbeurteilungsagentur wird als BONITÄTSBEURTEILUNGSAGENTUR bezeichnet. Das UNTERNEHMEN wird dem GLÄUBIGER die hierzu erforderlichen Unterlagen und Informationen zur Verfügung stellen und die entstandenen Kosten erstatten.

12.4 The CREDITOR intends to appoint Moody's KMV or a different credit appraisal agency determined by it with an annual and non-public assessment of the creditworthiness of the COMPANY. In this connection, the credit appraisal shall be conducted on the basis of the consolidated financial statements (§ 16.2) or, if such consolidated financial statements are not to be prepared pursuant to § 16.2, the unconsolidated financial statements. The respective credit appraisal agency appointed from time to time shall be referred to as the CREDIT APPRAISAL AGENCY. The COMPANY shall make the documents and information necessary for this purpose available to the C REDITOR and shall reimburse its incurred expenses.

12.5 Das UNTERNEHMEN hat branchenüblichen Versicherungsschutz in angemessenem Umfang zu unterhalten und dies auf Verlangen dem GLÄUBIGER nachzuweisen.

12.5 The COMPANY shall maintain insurance cover in accordance with industry practice and in an adequate scope, and shall provide proof thereof to the C REDITOR upon request.

12.6 Das UNTERNEHMEN wird gegenüber dem GLÄUBIGER keine Sicherungs- und Zurückbehaltungsrechte oder ähnliche Rechte geltend machen oder eine Aufrech-

12.6 The COMPANY waives the right to assert against the CREDITOR any security interest, right of retention or similar rights or to claim any set-off, unless its as-

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nung vornehmen, es sei denn, das geltend gemachte Recht bzw. die Forderung, mit der aufgerechnet wird ist unbestritten oder rechtskräftig festgestellt, oder das UNTERNEHMEN hat wegen eines in der Person des GLÄUBIGERS liegenden Kündigungsgrundes eine wirksame AUßERORDENTLICHE KÜNDIGUNG erklärt.

serted right or its set-off claim is not disputed or has been confirmed by a non-appealable court decision or the COMPANY has given a valid notice of EXTRAORDINARY TERMINATION by virtue of a termination cause originating from the CREDITOR.

12.7 Das UNTERNEHMEN wird ausschließlich nach vorheriger schriftlicher Zustimmung des G LÄUBIGERS weitere in der Insolvenz des UNTERNEHMENS nachrangige Finanzierungsinstrumente (§ 39 InsO) oder Finanzierungsinstrumente mit gewinnabhängiger oder gewinnorientierter Vergütung ausgeben. Zu letztgenannten Finanzierungsinstrumenten zählen beispielsweise Genussrechte, stille Beteiligungen oder partiarische Darlehen, nicht jedoch Einzahlungen in die Kapitalrücklage oder auf Anteile oder bei Personengesellschaften Einzahlung auf die Kapitalanteile oder in die Rücklagen. Dieses Zustimmungserfordernis besteht nicht in Bezug auf Finanzierungsinstrumente, die gleichrangig mit oder nachrangig zum GENUSSRECHT sind.

12.7 The COMPANY may not issue further financing instruments which would be subordinated in the insolvency of the Company (§ 39 of the German Insolvency Act) or financing instruments with profit-related or profitoriented remuneration without the prior written approval of the CREDITOR. The last-mentioned financing instruments include, for example, participation rights (Genussrechte), silent participations, profit participating loans, but not contributions made to the capital reserves or the payment of the subscription price for shares or, in the case of partnerships, contributions made to the capital shares or reserves. This requirement of prior approval shall not apply to financing instruments ranking pari passu with or junior to this PARTICIPATION RIGHT.

§ 13 Zahlungen; Steuern; Vergütung bei Verzug

§ 13 Payments; Taxes; Remuneration in Case of Default

13.1 Zahlungen des UNTERNEHMENS an den GLÄUBIGER sind auf das Konto des GLÄUBIGERS zu leisten, das dieser dem UNTERNEHMEN mitteilen wird, Zahlungen des GLÄUBIGERS an das UNTERNEHMEN auf das Konto gemäß § 1.2 Satz 1 zu leisten. Kontoänderungen sind der jeweils anderen Vertragspartei spätestens am 5. GESCHÄFTSTAG vor dem betreffenden Fälligkeitstermin schriftlich mitzuteilen.

13.1 Payments by the COMPANY to the CREDITOR shall be made to the account of the CREDITOR notified to the COMPANY by the CREDITOR, payments by the CREDITOR to the COMPANY shall be made to the account stated in § 1.2 sentence 1. Changes of accounts shall be communicated to the other party in writing not later than the 5th BUSINESS DAY before the relevant due date.

13.2 Der GLÄUBIGER wird dem UNTERNEHMEN spätestens am 2. GESCHÄFTSTAG vor jedem VORAUSZAHLUNGSTERMIN und jedem ABRECHNUNGSTERMIN die an diesem Tag (vorbehaltlich der Regelungen des § 8) von dem UNTERNEHMEN zu zahlenden Beträge mitteilen.

13.2 The CREDITOR shall report to the COMPANY not later than on the 2nd BUSINESS DAY before each ADVANCE PAYMENT DATE and each SETTLEMENT DATE the amount payable by the COMPANY on this day (subject to the provisions in § 8).

13.3 Alle Zahlungen des UNTERNEHMENS nach dieser Genussrechtsvereinbarung sind an den G LÄUBIGER netto ohne jeglichen Einbehalt oder Abzug von Steuern, Abgaben und hoheitlichen Gebühren jedweder Art zu leisten, es sei denn, das UNTERNEHMEN ist gesetzlich verpflichtet, solche Einbehalte oder Abzüge vorzunehmen. Ist das UNTERNEHMEN gesetzlich verpflichtet, solche Einbehalte oder Abzüge vorzunehmen, so hat es an den GLÄUBIGER die zusätzlichen Beträge zu zahlen, die notwendig sind, damit der nach dem Einbehalt bzw. Abzug verbleibende Nettobetrag den Beträgen entspricht, die ohne den Einbehalt bzw. Abzug an den GLÄUBIGER zu zahlen gewesen wären.

13.3 All payments by the COMPANY under this participation right agreement shall be made to the C REDITOR on a net basis and without any retentions or deductions of taxes, levies and sovereign charges whatsoever, unless the COMPANY is required by law to make such retentions or deductions. If the COMPANY is required by law to make such retentions or deductions, it shall pay to the CREDITOR the additional amounts necessary for the net amount remaining after the retention or deduction to equal the amount which would have had to be paid to the CREDITOR without the retention or deduction.

13.4 (a)

13.4 (a)

Die Regelung des § 13.3 findet keine Anwendung auf die zum Zeitpunkt des Abschlusses dieser Genussrechtsvereinbarung für Rechnung des GLÄUBIGERS gesetzlich geschuldete Steuer vom Kapitalertrag zuzüglich Solidaritätszuschlag (gemeinsam nachfolgend als KAPITALERTRAGSTEUER bezeichnet). Sollte die zuständige Finanzbehörde im Wege eines Einspruchsbescheids die Anrechnung oder Rückerstattung der

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The provisions in § 13.3 shall not apply to the statutory withholding tax (Kapitalertragsteuer) plus the solidarity surcharge (Solidaritätszuschlag) owed for the account of the CREDITOR at the signing of this participation right agreement (hereinafter referred to jointly as WITHHOLDING TAX). The CREDITOR shall notify the COMPANY if the competent tax authorities were to refuse on appeal (Einspruchsbescheid) giving credit for or

KAPITALERTRAGSTEUER ablehnen, wird der GLÄUBIGER das UNTERNEHMEN hiervon in Kenntnis setzen. Das UNTERNEHMEN wird in diesem Fall auf Verlangen des GLÄUBIGERS binnen zehn GESCHÄFTSTAGEN die zusätzlichen Beträge zahlen, die notwendig sind, damit der nach dem Einbehalt bzw. Abzug aufgrund der KAPITALERTRAGSTEUER verbleibende Nettobetrag den Beträgen entspricht, die ohne den Einbehalt bzw. Abzug an den GLÄUBIGER zu zahlen gewesen wären. Der GLÄUBIGER wird dem UNTERNEHMEN binnen weiteren zehn GESCHÄFTSTAGEN den Einspruchsbescheid der Finanzbehörde in Kopie übermitteln. Der GLÄUBIGER ist berechtigt, seine Ansprüche auf Zahlung zusätzlicher Beträge nach diesem § 13.4(a) an Dritte abzutreten.

refunding the WITHHOLDING TAX. In this case, the COMPANY shall on demand of the CREDITOR pay, within ten B USINESS DAYS, the additional amounts necessary for the net amount remaining after the retention or the deduction of the WITHHOLDING TAX to equal the amount which would have had to be paid to the CREDITOR without the retention or deduction. Within additional ten BUSINESS DAYS, the CREDITOR shall deliver to the COMPANY a copy of the decision on appeal issued by the tax authorities. The CREDITOR shall be entitled to assign its payment claims to additional amounts under this § 13.4(a) to third parties.

(b) Der GLÄUBIGER wird im Falle einer ablehnenden Entscheidung der Finanzverwaltung (Absatz (a)) Klage vor den Finanzgerichten erheben, soweit eine solche Klage zumutbar ist und der GLÄUBIGER einen angemessenen Vorschuss für die Verfahrenskosten erhält.

(b) In case of a negative decision by the tax authorities (para. (a)), the CREDITOR shall bring an action in the Finance Courts if such action is reasonable and if the Creditor receives an adequate advance to cover the costs of the proceedings.

(c)

(c)

Die angemessenen Kosten des G LÄUBIGERS im Zusammenhang mit Einspruchs- und Klageverfahren sind ihm durch das UNTERNEHMEN (im Falle mehrerer Erstattungsansprüche anteilig) zu erstatten.

The reasonable costs incurred by the C REDITOR in connection with the administrative appeal and court proceedings shall be refunded by the COMPANY (in case of multiple refund claims, the refund shall be pro rata).

(d) Wird die zunächst abgelehnte Anrechnung oder Rückerstattung der KAPITALERTRAGSTEUER zu einem späteren Zeitpunkt vorgenommen, so wird der GLÄUBIGER dem UNTERNEHMEN die gemäß vorstehendem Absatz (a) gezahlten zusätzlichen Beträge zurückerstatten. Diese Rückerstattungsverpflichtung ist auf die Höhe der Anrechnung bzw. Erstattung beschränkt.

(d) If the tax credit for or refund of the W ITHHOLDING TAX, which was refused initially, is granted at a later date, the CREDITOR shall refund to the COMPANY the additional amounts paid in accordance with the preceding para. (a). This obligation to refund is limited to the amount of tax credit or refund.

(e)

(e)

Das UNTERNEHMEN wird dem GLÄUBIGER die einbehaltene KAPITALERTRAGSTEUER unverzüglich gemäß § 45a Abs. 2 EStG bescheinigen.

The COMPANY shall certify the retained WITHHOLDING TAX in accordance with § 45a para. 2 of the German Income Tax Act (Einkommensteuergesetz) to the CREDITOR without undue delay.

13.5 Alle Steuern, Gebühren, Abgaben und sonstigen Kosten, die im Zusammenhang mit dieser Genussrechtsvereinbarung, insbesondere ihrem Abschluss und ihrer Durchführung oder einer V ERTRAGSÜBERNAHME entstehen, werden von dem UNTERNEHMEN getragen.

13.5 All taxes, fees, levies and other expenses, which accrue in connection with this participation right agreement, in particular with its conclusion and its performance or with an ASSUMPTION OF AGREEMENT, shall be paid by the COMPANY.

13.6 Zahlungen des GLÄUBIGERS an das UNTERNEHMEN erfolgen nach etwaigen Abzügen oder Einbehalten, zu denen der GLÄUBIGER durch oder aufgrund gesetzlicher Vorschriften verpflichtet ist. Der G LÄUBIGER ist in diesem Fall zu keinen weiteren Zahlungen zum Ausgleich dieser Einbehalte oder Abzüge verpflichtet.

13.6 Payments by the CREDITOR to the COMPANY shall be made net of any deductions or retentions required by or due to law to be made by the CREDITOR (if any). In this case, the CREDITOR shall not owe any additional payments to compensate for these retentions or deductions.

13.7 Sollte das UNTERNEHMEN zur Zahlung zusätzlicher Beträge nach § 13.4(a) verpflichtet werden, ist es zur AUßERORDENTLICHEN KÜNDIGUNG dieser Vereinbarung berechtigt. Auf die Rückzahlung nach Kündigung findet § 6 (insbesondere einschließlich der Regelung zur Zahlung des ZUSÄTZLICHEN RÜCKZAHLUNGSBETRAGS) Anwendung. Die Parteien vereinbaren, dass

13.7 If the COMPANY were obliged to pay additional amounts pursuant to § 13.4(a), it shall be entitled to an EXTRAORDINARY TERMINATION of this agreement. § 6 shall apply to the repayment after termination (in particular including the provisions on payment of the ADDITIONAL REPAYMENT AMOUNT). The parties agree that a duty of the C OMPANY to pay other additional

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eine Verpflichtung des UNTERNEHMENS zur Zahlung sonstiger zusätzlicher Beträge oder Abzüge, oder Einbehalte des GLÄUBIGERS nach Maßgabe dieses § 13 keinen wichtigen Grund für eine AUßERORDENTLICHE KÜNDIGUNG durch das UNTERNEHMEN darstellen.

amounts, or deductions and retentions by the CREDITOR according to this § 13 shall not constitute good cause for an EXTRAORDINARY TERMINATION by the COMPANY.

13.8 Für den Fall, dass das UNTERNEHMEN einen fälligen Zahlungsanspruch verspätet bedient, ist an den GLÄUBIGER jeweils eine zusätzliche Vergütung zu entrichten. Diese beträgt 4% p.a. des N ENNBETRAGS des GENUSSRECHTS zeitanteilig für den Zeitraum der Säumnis.

13.8 If the COMPANY defaults on a due payment claim, it shall in each case pay to the CREDITOR an additional remuneration. This remuneration shall amount to 4% p.a. of the NOMINAL AMOUNT of the PARTICIPATION RIGHT, calculated pro rata temporis for the period of default.

13.9 Alle Beträge, die zeitanteilig zu berechnen sind, werden auf der Grundlage der tatsächlich vergangenen Tage im betreffenden Zeitraum dividiert durch 360 ermittelt. Bei der Berechnung ist jeweils der erste, nicht aber der letzte Tag des betreffenden Zeitraums mitzuzählen.

13.9 All amounts to be calculated pro rata temporis shall be determined on the basis of the days actually elapsed in the relevant period divided by 360. For the purpose of this calculation, the first, but not the last day of the relevant period shall be included.

§ 14 Abtretung von Rechten; Vertragsübernahme

§ 14 Assignment of Rights; Assumption of Agreement

14.1 Das UNTERNEHMEN ist nicht berechtigt, seine Forderungen oder sonstige Rechte aus dieser Genussrechtsvereinbarung ohne vorherige schriftliche Zustimmung des GLÄUBIGERS an Dritte zu übertragen oder zu belasten.

14.1 The COMPANY shall not be entitled to assign its claims or other rights under this participation right agreement to third parties or to encumber these rights without the prior written consent of the CREDITOR.

14.2 Der GLÄUBIGER ist berechtigt, zum Zwecke der Refinanzierung des GENUSSRECHTS oder zu Sicherungszwecken seine aus dieser Genussrechtsvereinbarung resultierenden Forderungen und Rechte abzutreten oder zu belasten.

14.2 For the purpose of refinancing the P ARTICIPATION RIGHT or the creation of security interests, the C REDITOR shall be entitled to assign or encumber its claims or rights under this participation right agreement.

14.3 Für den Fall, dass (i) dem G LÄUBIGER die Rechte nach § 11.2 (b) (iii) zustehen oder (ii) sich die Laufzeit des GENUSSRECHTS gemäß § 6.3 verlängert, ist der G LÄUBIGER jederzeit berechtigt, seine Rechtsstellung aus dieser Genussrechtsvereinbarung mit allen Rechten und Pflichten insgesamt auf einen Dritten zu übertragen (VERTRAGSÜBERNAHME). Das UNTERNEHMEN erklärt bereits jetzt für diesen Fall unwiderruflich seine Zustimmung zu einer VERTRAGSÜBERNAHME durch einen von dem GLÄUBIGER bestimmten Dritten. Die Übertragungsabsicht ist dem UNTERNEHMEN anzuzeigen. Dieses ist berechtigt, binnen zwei Wochen nach Zugang der Anzeige der VERTRAGSÜBERNAHME zu widersprechen, wenn in der Person des Vertragsübernehmers ein wichtiger Grund vorliegt, der eine VERTRAGSÜBERNAHME auch unter Abwägung der Interessen des GLÄUBIGERS an einer Liquidierung seiner Investition unzumutbar erscheinen lässt, und das UNTERNEHMEN diesen wichtigen Grund in seinem Widerspruch nachvollziehbar darlegt.

14.3 If (i) the CREDITOR 'S rights pursuant to § 11.2 (b) (iii) arise or (ii) the term of the P ARTICIPATION RIGHT is extended pursuant to § 6.3, the CREDITOR shall be entitled, at any time, to transfer its entire legal position under this participation right agreement with all its rights and duties to a third party (ASSUMPTION OF AGREEMENT). The COMPANY herewith gives its anticipated irrevocable consent to an ASSUMPTION OF AGREEMENT by a third party determined by the CREDITOR. The intention to transfer shall be notified to the COMPANY. The COMPANY shall be entitled to object to the ASSUMPTION OF AGREEMENT within two weeks from receipt of notice for good cause with respect to the person assuming the agreement, if the ASSUMPTION OF AGREEMENT thereby appears unacceptable even in consideration of the interests of the CREDITOR in the liquidation of its investment, provided that the COMPANY comprehensively demonstrates such good cause in its objection.

14.4 Mit einer VERTRAGSÜBERNAHME stehen dem Dritten sämtliche Rechte und Pflichten zu, die sich nach den Bedingungen dieser Vereinbarung aus der Stellung als GLÄUBIGER ergeben. Dem UNTERNEHMEN gegenüber wird eine VERTRAGSÜBERNAHME nur dann wirksam, wenn sie diesem angezeigt wurde und es keinen wirksamen Widerspruch eingelegt hat.

14.4 Following an ASSUMPTION OF AGREEMENT, the third party shall have all rights and duties of the CREDITOR pursuant to the terms and conditions of this agreement. An ASSUMPTION OF AGREEMENT shall take effect towards the COMPANY only after it has been notified to the COMPANY and if the COMPANY did not file an effective objection.

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§ 15 Beschränkung von Ansprüchen und Rechtsverfolgung; Rechte Dritter

§ 15 Limitation of Claims and Assertion of Rights; Rights of Third Parties

15.1 Bei dem GLÄUBIGER handelt es sich um eine Zweckgesellschaft, die für die Zwecke der Refinanzierung eines Portfolios von Genussrechten im Wege der Begebung einer Anleihe am Kapitalmarkt und/oder die Durchführung einer sonstigen Refinanzierung gegründet wurde. Für die Platzierung und die Bonitätsbeurteilung derartiger Anleihen durch einen Ratingdienstleister ist es erforderlich und marktüblich, dass zwischen sämtlichen Vertragsgläubigern der Zweckgesellschaft eine Rangfolge zur Verteilung des vorhandenen Vermögens vereinbart und durch die Beschränkung der Rechtsverfolgung abgesichert wird.

15.1 The CREDITOR constitutes a special purpose vehicle, which has been established for the purpose of refinancing a portfolio of participation rights (Genussrechte) by way of issuing notes on the capital markets and/or the realisation of another refinancing. For the purposes of placement and rating of such notes by a rating agency, it is necessary and market practice to agree on an order of priority amongst all contractual creditors of the special purpose vehicle with respect to the distribution of the available assets and to protect such order of priorities by limiting the assertion of rights.

Ansprüche des UNTERNEHMENS gegen den GLÄUBIoder dessen Gesellschafter, welche sich auf die Zahlung von Geld richten, sind daher auf das tatsächlich vorhandene Vermögen des GLÄUBIGERS beschränkt. Sie sind ausschließlich nach vollständiger und endgültiger Rückführung sämtlicher Verbindlichkeiten, die die G LÄUBIGERIN im Rahmen der Refinanzierung dieser Genussrechtsvereinbarung durch eine Anleihe und/oder eine sonstige Refinanzierung eingeht, zu bedienen; von dieser Rangabrede ausgenommen sind etwaige Verrechnungsansprüche des UNTERNEHMENS nach Maßgabe des § 2.4. Das UNTERNEHMEN stimmt ausdrücklich zu, dass keine über die Beschränkungen des § 15.1 Sätze 3-4 hinausgehenden Zahlungsverpflichtungen des GLÄUBIGERS oder dessen Gesellschafter begründet werden und der Rückgriff auf das Vermögen des GLÄUBIGERS oder dessen Gesellschafter entsprechend beschränkt ist.

Therefore, payment claims of the C OMPANY against the CREDITOR or its shareholders are limited to the available assets of the CREDITOR. They are to be satisfied exclusively after the full and definite discharge of all obligations assumed by the CREDITOR within the framework of the refinancing of this participation right agreement by notes and/or another refinancing; netting claims of the COMPANY pursuant to § 2.4 (if any) shall be excluded from this priority agreement. The COMPANY herewith explicitly agrees that the CREDITOR or its shareholders shall have no payment obligations exceeding the limitations provided for in § 15.1 sentences 3-4 and that the recourse to the assets of the CREDITOR or its shareholders shall be limited accordingly.

15.2 Das UNTERNEHMEN stimmt ferner ausdrücklich zu, dass es wegen ihm zustehender Forderungen und Rechte gegen den GLÄUBIGER oder dessen Gesellschafter vor Ablauf eines Jahres und eines Tages nach der vollständigen Bedienung sämtlicher Verbindlichkeiten unter der in § 15.1 genannten Anleihe keinen Antrag auf Eröffnung eines Insolvenzverfahrens über das Vermögen des G LÄUBIGERS oder seiner Gesellschafter stellen wird.

15.2 In addition, the COMPANY explicitly agrees that before the expiration of the period of one year and one day after the complete discharge of all obligations under the notes referred to in § 15.1, it shall not file an application for the opening of insolvency proceedings with respect to the assets of the C REDITOR or its shareholders based on its claims against the C REDITOR or its shareholders.

15.3 Jedwede Forderungen und Rechte Dritter gegen den GLÄUBIGER aus oder im Zusammenhang mit dieser Genussrechtsvereinbarung sind ausdrücklich ausgeschlossen.

15.3 Any claims and rights of third parties against the C REDITOR under or in connection with this participation right agreement are explicitly excluded.

§ 16 Allgemeine Bestimmungen

§ 16 General Provisions

16.1 Begriffe, die in dieser Genussrechtsvereinbarung definiert werden, haben in der gesamten Genussrechtsvereinbarung die übereinstimmende Bedeutung. Die Anlagen bilden einen integralen Bestandteil dieser Genussrechtsvereinbarung.

16.1 Terms which are defined in this participation right agreement shall have the same meaning in the entire participation right agreement. The annexes hereto constitute an integral part of this participation right agreement.

16.2 Handelt es sich bei dem UNTERNEHMEN um eine Konzern- oder Teilkonzernobergesellschaft, so wird dieses

16.2 If the COMPANY is an ultimate holding company of a group or sub-group, it shall, for the duration of this

GER

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während der Laufzeit dieser Vereinbarung (unabhängig von einer entsprechenden gesetzlichen Verpflichtung) einen Konzernabschluss erstellen. Auf diesen beziehen sich sämtliche Bezugnahmen in dieser Vereinbarung auf einen Konzernabschluss. Wurde dem GLÄUBIGER vor Abschluss dieser Genussrechtsvereinbarung ein "Als-ob-Konzernabschluss" vorgelegt, der neben dem UNTERNEHMEN auch andere, im weitesten Sinne nahestehende Unternehmen mit einbezieht, so ist das UNTERNEHMEN auch zukünftig verpflichtet, während der Laufzeit dieser Vereinbarung einen vergleichbaren "Als-ob-Konzernabschluss" zu erstellen. Sämtliche Bezugnahmen in dieser Vereinbarung auf einen Konzernabschluss beziehen sich in diesem Fall auf diese "Als-ob-Konzernabschlüsse". Solange die Voraussetzungen der vorausgegangenen Sätze dieses § 16.2 nicht vorliegen, gelten Bezugnahmen in dieser Vereinbarung auf Konzernabschlüsse als nicht vorhanden und begründen insoweit keinerlei Verpflichtungen des UNTERNEHMENS.

agreement, prepare consolidated financial statements (regardless of a corresponding legal obligation). All references to consolidated financial statements in this agreement shall refer to these financial statements. If the CREDITOR has received before the conclusion of this participation right agreement "as-if consolidated financial statements" comprising, apart from the COMPANY, also other closely related companies in the broadest sense, the COMPANY shall remain obliged to prepare comparable "as-if consolidated financial statements" during the term of this agreement. All references made to consolidated financial statements in this agreement shall in this case refer to these "as-if consolidated financial statements". As long as the conditions of the preceding sentences of this § 16.2 are not fulfilled, references made to consolidated financial statements in this agreement do not apply and do not constitute any obligations of the COMPANY in this respect.

16.3 Der GLÄUBIGER ist berechtigt, seine im Rahmen dieser Genussrechtsvereinbarung begründeten Forderungen und Rechte durch von ihm beauftragte Dritte einzuziehen oder ausüben zu lassen. Die Vertraulichkeitspflichten des GLÄUBIGERS (§ 10.4) bleiben unberührt.

16.3 The CREDITOR shall be entitled to have its claims and rights arising under this participation right agreement collected or exercised by third parties appointed by it. The CREDITOR 'S confidentiality obligation (§ 10.4) remains unaffected.

16.4 Insiderrechtliche Vorschriften bleiben unberührt.

16.4 Insider trading provisions remain unaffected.

16.5 Soweit Bestimmungen dieser Genussrechtsvereinbarung die Zahlung pauschalierten Schadensersatzes vorsehen, wird der jeweils zur Zahlung dieses Schadensersatzes verpflichteten Partei der Nachweis eines niedrigeren und der jeweils zu Schadensersatz berechtigten Partei der Nachweis eines höheren Schadens nicht abgeschnitten. Bei der Berechnung eines Schadens des GLÄUBIGERS ist dessen Charakter einer Zweckgesellschaft Rechnung zu tragen und daher im Wege der Drittschadensliquidation auf den Schaden seiner Anleihegläubiger abzustellen.

16.5 To the extent that provisions of this participation right agreement provide for the payment of lump sum damages, the party obliged to pay such damages shall not be precluded from proving a lower amount of damages and the party entitled to such damages shall not be precluded from proving a higher amount of damages. The calculation of the amount of damages incurred by the CREDITOR shall take into account its nature as a special purpose vehicle and shall therefore be based on the damages incurred by its noteholders by way of a liquidation of third party damages (Drittschadensliquidation).

16.6 Die Genussrechtsvereinbarung begründet keine Verpflichtungen der Gesellschafter des U NTERNEHMENS sowie diesen nahestehende Personen im Sinne des § 1 Abs. 2 AStG und/oder Angehörige im Sinne von § 15 AO (einschließlich deren Rechtsnachfolger). Diese sind weder rechtlich noch tatsächlich verpflichtet, für die Zahlungsverpflichtungen des U NTERNEHMENS aus dieser Genussrechtsvereinbarung einzustehen.

16.6 The participation right agreement does not create any obligations of the shareholders of the C OMPANY or of parties with a close relationship within the meaning of § 1 para. 2 of the German Foreign Tax Act (Außensteuergesetz) and/or of relatives within the meaning of § 15 of the German Tax Code (Abgabenordnung) (including their legal successors). These persons have no liability, neither de jure nor de facto, with respect to the payment obligations of the COMPANY under this participation right agreement.

16.7 (a)

16.7 (a)

Mitteilungen an das UNTERNEHMEN im Zusammenhang mit dieser Vereinbarung sind zu richten an:

Notifications to the COMPANY in connection with this agreement shall be made to:

Herrn/Frau ____

Mr./Ms. ____

Telefon: Telefax: E-Mail:

Telephone: [__] Telefax: [__] E-mail: [__]

[__] [__] [__]

(b) Mitteilungen an den GLÄUBIGER im Zusammenhang mit dieser Vereinbarung sind zu richten an:

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(b) Notifications to the CREDITOR in connection with this agreement shall be made to:

(c)

CB MezzCAP Limited Partnership c/o Bedell Trust Company Limited The Directors 26 New Street St. Helier Jersey JE2 3RA Channel Islands

CB MezzCAP Limited Partnership c/o Bedell Trust Company Limited The Directors 26 New Street St. Helier Jersey JE2 3RA Channel Islands

Telefax:

Telefax:

+44 1534 814 815

+44 1534 814 815

cc: Commerzbank AG, London Branch als Transaction Monitor 60 Gracechurch Street London EC3V 0HR

cc: Commerzbank AG, London Branch in its capacity as Transaction Monitor 60 Gracechurch Street London EC3V 0HR

Telefax: E-Mail:

Telefax: E-mail:

+44 20 7469 3218 [email protected]

Die Vertragsparteien können Änderungen ihrer vorgenannten Ansprechpartner und Anschriften der jeweils anderen Vertragspartei jederzeit schriftlich mitteilen. Bis zu dieser Mitteilung gelten die bisherigen Angaben als wirksam.

(c)

+44 20 7469 3218 [email protected]

The parties to this agreement may at any time give notice in writing to the respective other party of changes regarding the aforementioned contact persons and contact addresses. Until receipt of such notice, the previous information is deemed to be effective.

16.8 Sollten einzelne Bestimmungen dieser Genussrechtsvereinbarung unwirksam oder undurchführbar sein, bleibt die Genussrechtsvereinbarung im übrigen wirksam.

16.8 Should any provision of this participation right agreement be void or unenforceable, the remainder of the participation right agreement shall remain unaffected.

16.9 Änderungen dieser Genussrechtsvereinbarung, einschließlich dieser Schriftformklausel, bedürfen der Schriftform.

16.9 Modifications of this participation right agreement, including this requirement of writing, shall be made in writing only.

16.10 Diese Genussrechtsvereinbarung und deren Auslegung unterliegt ausschließlich deutschem Recht.

16.10 This participation right agreement and its interpretation is subject to German law only.

16.11 Nicht-ausschließlicher Gerichtstand für alle aus und im Zusammenhang mit dieser Genussrechtsvereinbarung entstehenden Streitigkeiten ist das Landgericht in Frankfurt am Main.

16.11 The non-exclusive place of jurisdiction for all legal disputes arising under or in connection with this participation right agreement shall be the District Court (Landgericht) in Frankfurt am Main.

ANLAGE 1 ZUR GENUSSRECHTSVEREINBARUNG ZAHLUNGSTERMINBEZOGENE ERHÖHUNG DER VERGÜTUNG

ANNEX 1 TO THE PARTICIPATION RIGHT AGREEMENT PAYMENT DATE-RELATED INCREASE OF REMUNERATION

Wird die für eine BERECHNUNGSPERIODE nach § 2.2(b) ermittelte VORAUSZAHLUNG am VORAUSZAHLUNGSTERMIN für diese BERECHNUNGSPERIODE mangels ausreichender F REIER MITTEL (§ 8.2) nicht fällig oder erfolgt eine Rückerstattung gemäß § 2.4, so erhöht sich der nach § 2.1 für die Ermittlung der VORAUSZAHLUNG und VERGÜTUNG maßgebliche Prozentsatz für die betreffende BERECHNUNGSPERIODE nach Maßgabe der nachfolgenden Bestimmungen und dem Anhang zu dieser Anlage 1 (AUFSCHLAG).

If the ADVANCE PAYMENT calculated for a CALCULATION PERIOD in accordance with § 2.2(b) does not become due on the ADVANCE PAYMENT DAY of this CALCULATION PERIOD due to a lack of sufficient FREE FUNDS (§ 8.2) or if a refund according to § 2.4 is made, the percentage rate relevant for determining the ADVANCE PAYMENT and the REMUNERATION in accordance with § 2.1 shall be increased for the respective CALCULATION PERIOD subject to the following provisions and to the addendum to this Annex 1 (PREMIUM).

1.

1.

Der AUFSCHLAG (ausgedrückt in Prozentpunkten) für eine bestimmte BERECHNUNGSPERIODE ermittelt sich aus dem Anhang zu dieser Anlage 1 anhand der Anzahl der QUARTALSSTICHTAGE im Zeitraum von dem Ablauf der betreffenden BERECHNUNGSPERIODE bis zu

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The PREMIUM (expressed in percentage points) for a certain CALCULATION PERIOD shall be determined by virtue of the addendum to this Annex 1 on the basis of the number of QUARTERLY RECORD DATES in the period from the expiration of the respective C ALCU-

dem Tag (ausschließlich), an dem die VORAUSfür diese BERECHNUNGSPERIODE geleistet wird.

PERIOD to (and excluding) the day on which the ADVANCE PAYMENT for this CALCULATION PERIOD is made.

LATION

ZAHLUNG

2.

Im Falle der Rückzahlung der VORAUSZAHLUNG gemäß § 2.4 ist für die Ermittlung des AUFSCHLAGS gemäß dem Anhang zu dieser Anlage 1 auf die Anzahl der QUARTALSSTICHTAGE im Zeitraum von dem Ablauf der BERECHNUNGSPERIODE unmittelbar vor dem Rückzahlungstermin bis zu dem Tag (ausschließlich) abzustellen, an dem die betreffende V ORAUSZAHLUNG erneut geleistet wird.

2.

In case the ADVANCE PAYMENT is repaid according to § 2.4, the PREMIUM shall be determined pursuant to the addendum to this Annex 1 on the basis of the number of QUARTERLY RECORD DATES in the period from the expiration of the CALCULATION PERIOD immediately preceding the repayment date to (and excluding) the day on which the respective ADVANCE PAYMENT is made again.

3.

Im Falle mehrfacher Rückzahlung der VORAUSZAHLUNG gemäß § 2.4 ist für die Ermittlung des AUFSCHLAGS gemäß dem Anhang zu dieser Anlage 1 auf die Summe der Anzahl der QUARTALSSTICHTAGE jeweils in den Zeiträumen von dem Ablauf der BERECHNUNGSPERIODE unmittelbar vor dem jeweiligen Rückzahlungstermin bis zu jeweils dem Tag (ausschließlich), an dem die betreffende VORAUSZAHLUNG erneut geleistet wird, abzustellen.

3.

In case of multiple repayment of the ADVANCE PAYMENT pursuant to § 2.4, the PREMIUM shall be determined pursuant to the addendum to this Annex 1 on the basis of the sum of the number of ADVANCE PAYMENT DATES in the respective periods from the expiration of the CALCULATION PERIOD immediately preceding the respective repayment date to (and excluding) the day on which the respective ADVANCE PAYMENT is made again.

4.

Für die Zwecke der vorstehenden Ziffern 1.-3. gilt als Zahlungstermin der VORAUSZAHLUNG für eine BERECHNUNGSPERIODE der Tag der Leistung der VORAUSZAHLUNG für diese BERECHUNGSPERIODE oder wenn früher der Tag der Leistung der auf diese BERECHNUNGSPERIODE entfallenden VERGÜTUNG. Eine Verrechnung nach § 2.4 gilt nicht als Zahlungstermin der VORAUSZAHLUNG.

4.

For the purposes of the preceding items 1.-3., the payment date of the ADVANCE PAYMENT for a CALCULATION PERIOD shall be deemed to be the day of performance of the ADVANCE PAYMENT for this CALCULATION PERIOD or, if earlier, the day of payment of the REMUNERATION allocated to this CALCULATION PERIOD. A set-off pursuant to § 2.4 shall not be deemed to be the payment date of the ADVANCE PAYMENT.

5.

Zahlungen des UNTERNEHMENS gelten vorbehaltlich einer ausdrücklichen abweichenden Zweckbestimmung zunächst als Leistung bislang nicht gezahlter VORAUSZAHLUNGEN in der zeitlichen Reihenfolge der betreffenden BERECHNUNGSPERIODEN.

5.

Unless otherwise explicitly designated, payments by the COMPANY shall be deemed to first constitute discharge of unpaid ADVANCE PAYMENTS in the chronological order of the respective C ALCULATION PERIODS.

6.

Wird eine VORAUSZAHLUNG am VORAUSZAHLUNGSTERMIN nur teilweise nicht geleistet oder eine nicht geleistete VORAUSZAHLUNG in der Folge teilweise nachgeholt, so berechnet sich der AUFSCHLAG verhältnismäßig unter Zugrundelegung der jeweiligen Teilzahlungen.

6.

In the event of partial non-payment of an ADVANCE PAYMENT on the ADVANCE PAYMENT DATE or subsequent partial payments of unpaid ADVANCE PAYMENTS, the PREMIUM shall be calculated proportionally on the basis of the respective partial payments.

Anhang zu Anlage 1

Addendum to Annex 1

Die Anwendung der Tabelle erläutert folgendes Beispiel: Angenommen das Unternehmen zahlt keine Vergütung für die ersten 3 Berechnungsperioden. Bei Wiederaufnahme der Zahlung von Vergütungen in Berechnungsperiode 4 berechnet sich diese wie folgt:

The application of the table may be illustrated by the following example: Assume that the company does not pay any remuneration for the first 3 calculation periods. When resuming payment of the remuneration in calculation period 4, the remuneration shall be calculated as follows:

V: Vergütung, B: Berechnungsperiode, N: Nennbetrag

R: remuneration, C: calculation period, N: nominal amount

Für B1: (V + 0,48%) * B1 * N Für B2: (V + 0,32%) * B2 * N Für B3: (V + 0,16%) * B3 * N Für B4: V * B4 * N

For C1: (R + 0.48%) * C1 * N For C2: (R + 0.32%) * C2 * N For C3: (R + 0.16%) * C3 * N For C4: R * C4 * N

- 96 -

B1/C1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 1 2

Aufschlag2/ premium2 0.16% 0.32% 0.48% 0.64% 0.80% 0.96% 1.12% 1.28% 1.44% 1.60% 1.76% 1.92% 2.08% 2.24% 2.40% 2.56% 2.72% 2.88% 3.04% 3.20% 3.36% 3.52% 3.68% 3.84% 4.00% 4.16% 4.32% 4.48% 4.64%

B/C 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58

Aufschlag/ premium 4.80% 4.96% 5.12% 5.28% 5.44% 5.60% 5.76% 5.92% 6.08% 6.24% 6.40% 6.56% 6.72% 6.88% 7.04% 7.20% 7.36% 7.52% 7.68% 7.84% 8.00% 8.16% 8.32% 8.48% 8.64% 8.80% 8.96% 9.12% 9.28%

B/C 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87

Aufschlag/ premium 9.44% 9.60% 9.76% 9.92% 10.08% 10.24% 10.40% 10.56% 10.72% 10.88% 11.04% 11.20% 11.36% 11.52% 11.68% 11.84% 12.00% 12.16% 12.32% 12.48% 12.64% 12.80% 12.96% 13.12% 13.28% 13.44% 13.60% 13.76% 13.92%

B/C 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116

Aufschlag/ premium 14.08% 14.24% 14.40% 14.56% 14.72% 14.88% 15.04% 15.20% 15.36% 15.52% 15.68% 15.84% 16.00% 16.16% 16.32% 16.48% 16.64% 16.80% 16.96% 17.12% 17.28% 17.44% 17.60% 17.76% 17.92% 18.08% 18.24% 18.40% 18.56%

Anzahl Berechnungsperioden/number of calculation periods Aufschlag in Prozentpunkten p.a./premium in percentage points p.a.

ANNEX 2 TO THE PARTICIPATION RIGHT AGREEMENT REPRESENTATIONS

ANLAGE 2 ZUR GENUSSRECHTSVEREINBARUNG ZUSICHERUNGEN

1.

Die Begründung des GENUSSRECHTS ist durch die zuständigen Organe des UNTERNEHMENS autorisiert. Insbesondere hat die Gesellschafter- bzw. Hauptversammlung einen wirksamen und unanfechtbaren Zustimmungsbeschluss zur Begebung des GENUSSRECHTS gefasst.

1.

The constitution of this PARTICIPATION RIGHT has been authorised by the competent bodies of the C OMPANY. In particular, the shareholders' meeting has taken a legally effective and incontestable resolution approving the granting of the PARTICIPATION RIGHT.

2.

Die Informationen, die das UNTERNEHMEN im Zusammenhang mit dieser Genussrechtsvereinbarung dem GLÄUBIGER zur Verfügung gestellt hat, sind zutreffend und erlauben eine zutreffende Beurteilung der Vermögens-, Finanz- und Ertragslage des UNTERNEHMENS .

2.

The information given to the CREDITOR by the COMPANY in connection with this participation right agreement is correct and allows for a correct assessment of the assets, financial and earnings situation of the COMPANY.

3.

Die dem GLÄUBIGER übergebenen Kopien des Handelsregisterauszugs und des Gesellschaftsvertrags bzw. der Satzung des UNTERNEHMENS sind vollständig und korrekt. Es bestehen keine beschlossenen, aber noch nicht eingetragenen Maßnahmen, die nicht dem GLÄUBIGER offengelegt worden sind.

3.

The copies of the commercial register extract and the partnership agreement or, as the case may be, the articles of association of the C OMPANY delivered to the CREDITOR are complete and correct. There are no resolved but not yet registered actions which have not been disclosed to the CREDITOR.

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4.

Die Jahresabschlüsse und soweit solche erstellt wurden, Konzernabschlüsse des UNTERNEHMENS der letzten drei Geschäftsjahre sind in Übereinstimmung mit den anwendbaren gesetzlichen Bestimmungen und den allgemein anerkannten Buchführungs- und Bilanzierungsgrundsätzen unter Wahrung der formellen und materiellen Bilanzkontinuität (einschließlich in Bezug auf Bilanzierungs- und Bewertungswahlrechte) aufgestellt worden, und vermitteln unter Beachtung der Grundsätze ordnungsgemäßer Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage zu dem jeweiligen Bilanzstichtag.

4.

The unconsolidated and, as far as drawn up, consolidated financial statements of the COMPANY for the last three financial years have been prepared in accordance with the applicable legal provisions and the generally accepted bookkeeping and accounting principles observing formal and material continuity of accounting treatment (formelle und materielle Bilanzkontinuität) (also with regard to discretionary accounting and valuation) and reflect, in compliance with sound accounting principles, the accurate assets, financial and earnings situation on the respective date of the financial statements.

5.

Seit dem Stichtag des letzten Jahresabschlusses des UNTERNEHMENS hat es bei dem UNTERNEHMEN und seinen Tochterunternehmen keine wesentlichen nachteiligen Veränderungen der allgemeinen geschäftlichen Situation, der Geschäftsführung, der Vermögens, Finanz- oder Ertragslage, des Eigenkapitals oder der Ergebnisse der Geschäftstätigkeit gegeben, und es sind dem UNTERNEHMEN nach sorgfältiger Prüfung keine Umstände bekannt, die eine derartige Änderung bewirken könnten.

5.

Since the record date of the last financial statements of the COMPANY, there have been no material adverse changes of the general business situation, the management board, the assets, financial and earnings situation, equity capital or the results of business activity of the COMPANY or its subsidiaries and the COMPANY, after careful investigation, is not aware of any circumstances which could effect such a change.

6.

Der Abschluss der Genussrechtsvereinbarung verstößt nicht gegen andere Verträge des UNTERNEHMENS und berührt deren Wirksamkeit und Durchsetzbarkeit nicht.

6.

The conclusion of this participation right agreement does not violate other agreements of the C OMPANY and does not affect their validity and enforceability.

7.

Das UNTERNEHMEN hat auf Grundlage von Gesprächen mit seinem Steuerberater und seinem Wirtschaftsprüfer eine unabhängige Beurteilung der steuerlichen und bilanziellen Auswirkungen vorgenommen, die sich aus dem Abschluss der Genussrechtsvereinbarung ergeben.

7.

The COMPANY has conducted an independent assessment of the fiscal and accounting effects resulting from the conclusion of this participation right agreement on the basis of discussions with its tax advisor and its auditor.

ANLAGE 3 ZUR GENUSSRECHTSVEREINBARUNG KENNZAHLEN NACH MOODY'S KMV RISC CALC

ANNEX 3 TO THE PARTICIPATION RIGHT AGREEMENT KEY RATIOS ACCORDING TO MOODY'S KMV RISC CALC

Die nachfolgenden Kennzahlen werden bei der Ermittlung einer Bonitätsbeurteilung nach Moody's KMV Risc Calc ermittelt. Der GLÄUBIGER ist befugt, die Kennzahlen auf anonymisierter Basis zu veröffentlichen; nicht veröffentlicht werden die jeweiligen Berechnungsbestandteile der Kennzahlen.

The following key ratios will be calculated in connection with the determination of a credit appraisal according to Moody's KMV Risc Calc. The Creditor shall be entitled to publish such key ratios on an anonymous basis; the respective calculation components of such key ratios shall not be published.

TCR: Trade Creditor Ratio =

TCR: Trade Creditor Ratio =

(trade

(trade

payables + notes payables ) ∗ 360 sales

payables + notes payables ) ∗ 360 sales

LS: Liabilities Structure =

LS: Liabilities Structure =

trade payables + notes payables + bank liabilities provisions + total liabilities + 50% special item with equity character − advances form customers

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trade payables + notes payables + bank liabilities provisions + total liabilities + 50 % special item with equity character − advances form customers

NI: Net Indebtedness =

NI: Net Indebtedness = total current liabilities − cash and equivalents − short term sec urities total assets

ER: Equity Ratio =

total current liabilities − cash and equivalents − short term sec urities total assets

ER: Equity Ratio =

total equity + 50% special item with equity character − int angible assets total assets − int angible assets − cash & equivalent s − short term sec urities − land & builings

total equity + 50% special item with equity character − int angible assets total assets − int angible assets − cash & equivalent s − short term sec urities − land & builings

DC: Debt Coverage =

DC: Debt Coverage =

cash flow − other taxes provisions + total liabilities + 50% special item with equity character − advances from customers

cash flow − other taxes provisions + total liabilities + 50% special item with equity character − advances from customers

EBITDR: EBITD-ROI =

EBITDR: EBITD-ROI = net income + int erest and similar exp enses

net income + int erest and similar exp enses

+ taxes on income + depreciati on total assets

+ taxes on income + depreciati on total assets

POS: Profit on Sales =

POS: Profit on Sales = ordinary profit & loss − other taxes * sales

ordinary profit & loss − other taxes * sales

SG: Sales Growth =

SG: Sales Growth = sales sales (previous year )

sales sales (previous year )

PEOS: Personnel Expenses on Sales =

PEOS: Personnel Expenses on Sales =

personnel exp enses sales

personnel exp enses sales

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II.

Participation Right Agreement Type B

Angebot auf Abschluss einer

Non-binding convenience translation Offer for Conclusion of a

GENUSSRECHTSVEREINBARUNG Variante B

PARTICIPATION RIGHT AGREEMENT Type B

abzuschließen zwischen

to be entered into between

[Name] [Adresse] (UNTERNEHMEN)

[Name] [Address] (COMPANY)

und

and

CB MezzCAP Limited Partnership 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands (GLÄUBIGER).

CB MezzCAP Limited Partnership 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands (CREDITOR).

§1 Genussrecht; Nennbetrag; Anfangstermin

§1 Participation Right; Nominal Amount; Start Date

1.1 Das UNTERNEHMEN gibt hiermit gegenüber dem GLÄUBIGER das unwiderrufliche Angebot ab, ihm nach Maßgabe der nachfolgenden Bedingungen ein Genussrecht (das GENUSSRECHT) im Nennbetrag von EUR [________] (der NENNBETRAG) einzuräumen. Dieses Vertragsangebot erlischt am 31. Dezember 2005.

1.1 The COMPANY hereby irrevocably offers to grant to the CREDITOR, subject to the terms specified below, a participation right (Genussrecht, the PARTICIPATION RIGHT) in the nominal amount of EUR [________] (the NOMINAL AMOUNT). This offer shall expire on December 31, 2005.

1.2 Der GLÄUBIGER kann dieses Vertragsangebot bis zu dem in § 1.1 Satz 2 genannten Datum durch Überweisung des NENNBETRAGS (abzüglich des gemäß gesonderter Vereinbarung von dem G LÄUBIGER in Abzug zu bringenden Abschlags in Höhe von [__]% für Drittansprüche) auf das Konto des UNTERNEHMENS bei der [Bank], Bankleitzahl [__________], Kontonummer [__________] (oder ein anderes vom UNTERNEHMEN gemäß § 11.1 benanntes Konto) annehmen. Mit der Gutschrift des durch den Abschlag verminderten NENNBETRAGS auf das Konto des UNTERNEHMENS gemäß § 1.2 Satz 1 wird das GENUSSRECHT zugunsten des GLÄUBIGERS begründet. Der Tag dieser Kontogutschrift wird nachfolgend als ANFANGSTERMIN bezeichnet.

1.2 The CREDITOR may accept this offer until the date specified in § 1.1 sentence 2 by transfer of the NOMINAL AMOUNT (less a discount in the amount of [__]% for third party claims to be deducted by the CREDITOR in accordance with a separate agreement) to the COMPANY 'S bank account with the [Name of Bank], bank code [__________], account number [__________] (or to a different bank account specified by the COMPANY in accordance with § 11.1). The PARTICIPATION RIGHT shall be constituted for the benefit of the CREDITOR at the time the NOMINAL AMOUNT as reduced by the discount is credited to the COMPANY 'S bank account according to § 1.2 sentence 1. The date of this credit entry shall be referred to below as the START DATE.

1.3 Der GLÄUBIGER wird dem UNTERNEHMEN den voraussichtlichen ANFANGSTERMIN spätestens eine Woche vorher schriftlich mitteilen.

1.3 The CREDITOR shall give at least one week's advance notice in writing to the COMPANY of the prospective START DATE.

§2 Vergütung

§2 Remuneration

2.1 Vergütung

2.1 Remuneration

Das UNTERNEHMEN hat dem GLÄUBIGER eine Vergütung für den Zeitraum vom ANFANGSTERMIN bis zum ENDFÄLLIGKEITSTERMIN (§ 3) zu zahlen (die VERGÜTUNG). Die VERGÜTUNG setzt sich aus einer

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The COMPANY shall pay a remuneration to the CREDITOR for the period from the S TART DATE to the FINAL M ATURITY DATE (§ 3) (the REMUNERATION). The REMUNERATION shall consist of a fixed compo-

fixen Komponente nach Maßgabe des § 2.2 (FIXE VERGÜTUNG) und einer variablen Komponente nach Maßgabe des § 2.3 (VARIABLE VERGÜTUNG) zusammen. 2.2 Fixe Vergütung (a)

nent pursuant to § 2.2 (FIXED REMUNERATION) and a floating component pursuant to § 2.3 (FLOATING REMUNERATION).

2.2 Fixed Remuneration

Die FIXE VERGÜTUNG berechnet sich als Prozentsatz p.a. des NENNBETRAGS des GENUSSRECHTS. Der Prozentsatz wird gemäß nachstehendem Absatz (b) festgelegt. Die F IXE VERGÜTUNG ist nachträglich am 15. Januar, 15. April, 15. Juli und 15. Oktober eines jeden Jahres (QUARTALSSTICHTAGE) für die betreffende BERECHNUNGSPERIODE zu zahlen. Erster QUARTALSSTICHTAG ist der 15. Januar 2006. Falls der betreffende QUARTALSSTICHTAG kein GESCHÄFTSTAG ist, so ist die FIXE VERGÜTUNG am nächstfrüheren GESCHÄFTSTAG zu zahlen. GESCHÄFTSTAG ist jeder Tag, an dem in Frankfurt am Main Geschäftsbanken für den allgemeinen Geschäftsverkehr geöffnet sind. Der gemäß den vorstehenden Sätzen bestimmte Zahlungstermin wird jeweils als ZAHLUNGSTERMIN bezeichnet.

(a) The FIXED REMUNERATION shall be calculated as a percentage rate p.a. of the NOMINAL AMOUNT of the PARTICIPATION RIGHT. The percentage rate shall be determined in accordance with the following para. (b). The FIXED REMUNERATION shall be paid in arrear on January 15, April 15, July 15 and October 15 of each year (QUARTERLY RECORD DATES). The first QUARTERLY RECORD DATE shall be January 15, 2006. If the relevant QUARTERLY RECORD DATE is not a BUSINESS DAY, the FIXED REMUNERATION shall be paid on the next preceding BUSINESS DAY. BUSINESS DAY means every day on which commercial banks in Frankfurt am Main are open for general business. The payment date as determined in accordance with the preceding provisions is referred to as the respective PAYMENT DATE.

BERECHNUNGSPERIODE für den ersten ZAHLUNGSTERMIN ist der Zeitraum vom ANFANGSTERMIN (einschließlich) bis zum ersten QUARTALSSTICHTAG (ausschließlich). Die BERECHNUNGSPERIODE für jeden späteren ZAHLUNGSTERMIN ist der Zeitraum vom unmittelbar vorausgegangenen Q UARTALS STICHTAG (einschließlich) bis zum nächstfolgenden QUARTALSSTICHTAG (ausschließlich).

CALCULATION PERIOD for the first PAYMENT DATE means the period from (and including) the START DATE to (and excluding) the first QUARTERLY RECORD DATE. The CALCULATION PERIOD for each subsequent P AYMENT DATE means the period from (and including) the immediately preceding QUARTERLY RECORD DATE to (and excluding) the next following QUARTERLY RECORD DATE.

(b) Der Prozentsatz p.a. für die Berechnung der FIXEN VERGÜTUNG wird vom GLÄUBIGER oder einem von ihm beauftragen Dritten spätestens eine Woche vor dem voraussichtlichen ANFANGSTERMIN nach billigem Ermessen (§ 317 Abs. 1 BGB) verbindlich festgelegt und unverzüglich nach Festlegung gemeinsam mit den Angaben nach § 1.3 dem UNTERNEHMEN mitgeteilt. Wird ein höherer Prozentsatz als [__]% p.a. mitgeteilt, so ist das UNTERNEHMEN an sein Vertragsangebot gemäß § 1.1 nicht mehr gebunden. Es kann in diesem Fall bis zum dritten GESCHÄFTSTAG nach Zugang der Mitteilung dem GLÄUBIGER ein erneutes Angebot unterbreiten, diese Genussrechtsvereinbarung mit dem mitgeteilten Prozentsatz abzuschließen. Der GLÄUBIGER kann dieses Angebot binnen 3 Wochen nach Ablauf dieser Angebotsfrist in entsprechender Anwendung des § 1.2 durch Überweisung des NENNBETRAGS an das UNTERNEHMEN annehmen.

(b) The percentage rate p.a. for the calculation of the FIXED REMUNERATION shall be determined with binding effect by the CREDITOR or a third party appointed by it at least one week in advance of the anticipated START DATE in its reasonable discretion (§ 317 para. 1 of the German Civil Code, Bürgerliches Gesetzbuch) and shall be notified to the COMPANY without undue delay following its determination together with the information pursuant to § 1.3. If a percentage rate exceeding [__]% p.a. is notified, the COMPANY shall be no longer bound by its offer according to § 1.1. In this case, it may submit a new offer to the CREDITOR until the third business day following the day of receipt of the notification to conclude the participation right agreement on the basis of the notified percentage rate. The CREDITOR may accept this offer within three weeks following the expiration of this deadline for submission of offers by transferring the NOMINAL AMOUNT to the COMPANY ; § 1.2 shall apply mutatis mutandis.

(c)

c)

Die FIXE VERGÜTUNG ist garantiert und unabhängig von der Ertragslage des UNTERNEHMENS nach Maßgabe dieses § 2.2 zu zahlen.

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The FIXED REMUNERATION shall be guaranteed and paid pursuant to this § 2.2 independently of the earnings situation of the COMPANY.

2.3 Variable Vergütung (a)

2.3 Floating Remuneration

Die VARIABLE VERGÜTUNG für jedes Geschäftsjahr des UNTERNEHMENS beträgt: (i)

(a)

[…]% p.a. des NENNBETRAGS des GENUSSRECHTS bei einer UMSATZRENDITE von mindestens […]; oder

The FLOATING REMUNERATION for each financial year of the COMPANY shall amount to: (i)

[…]% p.a. of the NOMINAL AMOUNT of the PARTICIPATION RIGHT, if the RETURN ON S ALES amounts to at least […]; or

(ii) […]% p.a. des NENNBETRAGS des GENUSSRECHTS bei einer UMSATZRENDITE von mindestens […].

(ii) […]% p.a. of the NOMINAL AMOUNT of the PARTICIPATION RIGHT, if the RETURN ON S ALES amounts to at least […].

(b) Die UMSATZRENDITE entspricht dem Ergebnis der gewöhnlichen Geschäftstätigkeit (§ 275 Abs. 2 Nr. 14 oder Abs. 3 Nr. 13 HGB) dividiert durch die Umsatzerlöse (§ 275 Abs. 2 Nr. 1 oder Abs. 3 Nr. 1 HGB). Für die Zwecke dieser Regelung ermittelt sich das Ergebnis der gewöhnlichen Geschäftstätigkeit ohne Berücksichtigung von Ansprüchen nach diesen Genussrechtsbedingungen und Ansprüchen von Gläubigern sonstiger Finanzierungsinstrumente, die für den Fall eines Insolvenzverfahrens und der Liquidation des UNTERNEHMENS mit einem Rangrücktritt ausgestattet sind. Falls das Unternehmen am ANFANGSTERMIN nicht nach den Grundsätzen des Handelsgesetzbuchs, sondern z.B. nach Internationalen Rechnungslegungsstandards (IFRS) bilanziert, erfolgt eine gleichwertige Berechnung (im Falle der Bilanzierung nach IFRS, soweit nicht eine abweichende Regelung mit dem GLÄUBIGER getroffen wurde: Verhältnis des Ergebnisses vor Ertragsteuern, außerordentlichen Aufwendungen und Erträgen und dem anderen Gesellschaftern zustehenden Ergebnis zu den Umsatzerlösen). Stellt das UNTERNEHMEN während der Laufzeit dieser Regelungen die Rechnungslegung auf von den Grundsätzen des Handelsgesetzbuches abweichende Regelungen um, erfolgt mit Zustimmung des GLÄUBIGERS auf der Grundlage der anwendbaren Bilanzierungsgrundsätze eine Überleitung auf die dann von dem UNTERNEHMEN angewandten Grundsätze mit dem Ziel der Festlegung einer gleichwertigen Berechnungsmethode. Die UMSATZRENDITE berechnet sich jeweils auf der Grundlage des gemäß § 8.1 übermittelten Konzernabschlusses (§ 14.2) des UNTERNEHMENS oder, soweit ein solcher gemäß § 14.2 nicht zu erstellen ist, auf der Grundlage des gemäß § 8.1 übermittelten Jahresabschlusses des UNTERNEHMENS.

(b) The RETURN ON SALES corresponds to the result of the ordinary business operations (§ 275 para. 2 no. 14 or para. 3 no. 13 of the German Commercial Code, Handelsgesetzbuch) divided by the net sales (§ 275 para. 2 no. 1 or para. 3 no. 1 of the German Commercial Code). For the purposes of this provision, the result of the ordinary business operations shall be determined disregarding the claims arising under the terms of these participation right conditions and claims of creditors of other financing instruments which are subordinated in case of insolvency proceedings and a liquidation of the COMPANY. If the COMPANY does not prepare its financial statements on the START DATE in accordance with the principles of the German Commercial Code, but e.g. the International Financial Reporting Standards (IFRS), an equivalent calculation shall be effected (in case IFRS is applicable, unless otherwise agreed with the CREDITOR : ratio of the results before income taxes, extraordinary expenses and income and the result to which other shareholders are entitled to the net sales). If the C OMPANY changes its accounting principles to principles deviating from the principles of the German Commercial Code during the term of these provisions, a reconciliation shall be effected with the consent of the CREDITOR to the principles then applied by the COMPANY on the basis of the applicable accounting principles and with the objective of establishing an equivalent calculation method. The RETURN ON SALES shall in each case be calculated on the basis of the consolidated financial statements (§ 14.2) of the COMPANY delivered pursuant to § 8.1 or, if such consolidated financial statements are not to be prepared pursuant to § 14.2, on the basis of the consolidated financial statements of the COMPANY delivered pursuant to § 8.1.

(c)

(c)

Die VARIABLE VERGÜTUNG ist jeweils am 15. Kalendertag nach der Übersendung des Jahresund Konzernabschlusses nach Maßgabe des § 8.1 durch das UNTERNEHMEN zur Zahlung fällig. Ist dieser Tag kein GESCHÄFTSTAG, so ist die VARIABLE VERGÜTUNG am darauffolgenden GESCHÄFTSTAG zur Zahlung fällig.

(d) Im Falle von Meinungsverschiedenheiten über die Höhe der UMSATZRENDITE kann der GLÄUBIGER einen unabhängigen Wirtschaftsprüfer mit deren Bestimmung und hierzu gege-

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The FLOATING REMUNERATION shall in each case become due on the 15 th calendar day following the delivery of the unconsolidated and consolidated financial statements by the COMPANY pursuant to § 8.1. If this day is not a BUSINESS DAY, the FLOATING REMUNERATION shall become due on the next following BUSINESS DAY.

(d) In case of any disputes concerning the amount of the RETURN ON SALES, the CREDITOR may appoint an independent auditor in order to determine this amount and, where appropriate, to

benenfalls der Wahrnehmung von Prüfungsrechten nach § 8.2 beauftragen. Die Feststellungen des Wirtschaftsprüfers sind für den GLÄUBIGER und das UNTERNEHMEN verbindlich, sofern diese nicht offensichtlich unrichtig sind. (e)

exercise the audit rights pursuant to § 8.2. The findings of the auditor shall be binding on the CREDITOR and the COMPANY unless manifestly incorrect.

Fällt der ANFANGSTERMIN nicht auf einen Tag, zu dem das Geschäftsjahr des UNTERNEHMENS beginnt, so steht dem GLÄUBIGER die VARIABLE VERGÜTUNG für dieses Geschäftsjahr zeitanteilig für den Zeitraum vom ANFANGSTERMIN bis zum Ultimo dieses Geschäftsjahres zu. Für das Geschäftsjahr des UNTERNEHMENS, in den der ENDFÄLLIGKEITSTERMIN (§ 3) fällt, erhält der GLÄUBIGER zeitanteilig die für das vorausgegangene Geschäftsjahr ermittelte V ARIABLE VERGÜTUNG für den Zeitraum vom ersten Tag dieses Geschäftsjahres bis zum ENDFÄLLIGKEITSTERMIN .

2.4 Zusätzliche Vergütung bei Verzug

(e)

If the START DATE does not coincide with the day on which the financial year of the COMPANY commences, the CREDITOR shall be entitled to the FLOATING REMUNERATION for this financial year pro rata temporis for the period from the START DATE to the end of this financial year. As regards the financial year of the COMPANY in which the FINAL M ATURITY DATE (§ 3) falls, the CREDITOR shall receive the FLOATING REMUNERATION determined for the preceding financial year pro rata temporis for the period from the first day of this financial year to the FINAL M ATURITY DATE.

2.4 Additional Remuneration in Case of Default

Für den Fall, dass das UNTERNEHMEN einen fälligen Anspruch auf VERGÜTUNG verspätet bedient, ist an den GLÄUBIGER jeweils eine zusätzliche Vergütung zu entrichten. Diese beträgt 4% p.a. berechnet auf den NENNBETRAG des GENUSSRECHTS zeitanteilig für den Zeitraum der Säumnis.

If the COMPANY defaults on a due REMUNERATION claim, it shall in each case pay to the CREDITOR an additional remuneration. The additional remuneration amounts to 4% p.a. of the NOMINAL AMOUNT of the PARTICIPATION RIGHT calculated pro rata temporis for the period of default. 2.5 Calculation of the Remuneration

2.5 Berechnung der Vergütung

Claims to FIXED or FLOATING REMUNERATION shall be determined on the basis of the actually elapsed days in the respective calculation period divided by 360. With respect to this calculation, the first, but not the last day of the respective period shall be included.

Ansprüche auf FIXE oder VARIABLE VERGÜTUNG werden auf der Grundlage der tatsächlich vergangenen Tage im betreffenden Berechnungszeitraum dividiert durch 360 ermittelt. Bei der Berechnung ist jeweils der erste, nicht aber der letzte Tag des betreffenden Zeitraums mitzuzählen.

§3 Term of the Participation Right

§3 Laufzeit des Genussrechts Das GENUSSRECHT wird an dem ZAHLUNGSTERMIN zur Rückzahlung gemäß § 5 fällig, der auf den Ablauf des siebten Jahres gerechnet ab dem ANFANGSTERMIN folgt (der ENDFÄLLIGKEITSTERMIN).

The Participation RIGHT shall become due for repayment pursuant to § 5 on the PAYMENT DATE following the expiration of the seventh year calculated from the START DATE (the FINAL MATURITY DATE).

§4 Kündigung

§4 Termination

4.1 Das UNTERNEHMEN und der GLÄUBIGER sind berechtigt, diese Vereinbarung aus wichtigem Grund jederzeit und (vorbehaltlich § 4.4) mit sofortiger Wirkung zu kündigen (AUßERORDENTLICHE KÜNDIGUNG).

4.1 The COMPANY and the CREDITOR shall be entitled to terminate this agreement for good cause at any time and (subject to § 4.4) with immediate effect (EXTRAORDINARY TERMINATION).

4.2 Wichtige Gründe für die AUßERORDENTLICHE KÜNDIGUNG des GLÄUBIGERS stellen insbesondere dar:

4.2 Good cause for an EXTRAORDINARY TERMINATION by the CREDITOR shall be in particular:

(i)

die nicht vollständige Erfüllung der Zahlungsverpflichtungen des UNTERNEHMENS gemäß dieser Genussrechtsvereinbarung an zwei aufeinander folgenden ZAHLUNGS-

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(i)

the incomplete performance of the payment obligations of the COMPANY under this participation right agreement on two consecutive payment dates;

TERMINEN ;

(ii) der Verzug des UNTERNEHMENS in Bezug auf seine Zahlungsverpflichtungen gemäß dieser Genussrechtsvereinbarung in einem Gesamtbetrag von mindestens der halben jährlichen FIXEN VERGÜTUNG;

(ii) the default of the COMPANY with respect to its payment obligations under this participation right agreement in an aggregate amount of at least half of the annual FIXED REMUNERATION (without any increase pursuant to § 2.5);

(iii) die fehlende Autorisierung zur Begründung des GENUSSRECHTS durch die zuständigen Organe des UNTERNEHMENS;

(iii) lack of authorisation by the competent bodies of the COMPANY to constitute the PARTICIPATION RIGHT;

(iv) eine oder mehrere Zusicherungen des UNTERNEHMENS in § 7 sind unzutreffend, es sei denn, dieser Umstand ist UNWESENTLICH.

(iv) one or more of the representations made by the COMPANY in § 7 are incorrect, unless this fact is IMMATERIAL.

Ein Umstand ist UNWESENTLICH, wenn (aa) die von der BONITÄTSBEURTEILUNGSAGENTUR (§ 10.4) vorgenommene BONITÄTSBEUR TEILUNG (§ 10.4) aufgrund dieses Umstands nicht herabgestuft wird und (bb) die Rechtsstellung und die wirtschaftlichen Interessen des GLÄUBIGERS durch diesen Umstand nicht wesentlich und nachhaltig beeinträchtigt werden;

A circumstance is IMMATERIAL if (aa) the CREDIT APPRAISAL (§ 10.4) prepared by the CREDIT APPRAISAL AGENCY (§ 10.4) is not downgraded for reason of this circumstance and (bb) the legal position as well as the economic interests of the CREDITOR are not materially and permanently affected by this circumstance;

(v)

die Verletzung einer Verpflichtung des UNTERNEHMENS aus den §§ 8-10. Im Falle einer Verletzung von § 8.1 ist eine Kündigung nur dann zulässig, wenn das UNTERNEHMEN der betreffenden Verpflichtung auch innerhalb von zwei Wochen nach Aufforderung durch den GLÄUBIGER nicht nachgekommen ist. In den übrigen Fällen ist eine Kündigung nur dann zulässig, wenn das UNTERNEHMEN der Verletzung innerhalb einer Woche nach Aufforderung durch den GLÄUBIGER nicht abgeholfen hat, es sei denn, dieser Umstand ist UNWESENTLICH;

(v)

the breach of an obligation of the C OMPANY pursuant to §§ 8-10. In case of a breach of § 8.1, termination shall be permissible only if the COMPANY continues not to fulfill the respective obligation within two weeks upon demand by the CREDITOR. In all other cases, a termination shall be permissible only if the COMPANY has not remedied the breach within one week upon demand by the CREDITOR, unless this fact is IMMATERIAL;

(vi) der Eintritt eines KONTROLLWECHSELS (wie nachstehend definiert) oder die Vornahme einer Maßnahme des UNTERNEHMENS, die außerhalb seines ordentlichen und üblichen Geschäftsbetriebs liegt (wie insbesondere die vollständige oder teilweise Einstellung des von dem UNTERNEHMEN betriebenen Geschäftsbetriebs, die Übertragung des operativen Geschäfts des UNTERNEHMENS auf verbundene Unternehmen oder Dritte), oder der Abschluss eines Beherrschungs- und/oder Gewinnabführungsvertrags als beherrschtes Unternehmen ohne vorherige schriftliche Zustimmung des GLÄUBIGERS, es sei denn, dieser Umstand ist UNWESENTLICH.

(vi) the occurrence of a C HANGE OF CONTROL (as defined below) or an action taken by the COMPANY outside of its ordinary and usual business operations (such as, in particular, the complete or partial discontinuance of the COMPANY 's operations, the transfer of the operational business of the COMPANY to affiliated companies or to third parties), or conclusion of a domination agreement and/or profit transfer agreement with the COMPANY being the dominated party, without the prior written consent of the CREDITOR, unless this fact is IMMATERIAL.

Ein KONTROLLWECHSEL liegt vor, wenn eine Partei erstmalig direkt oder indirekt eine Mehrheitsbeteiligung (§ 16 AktienG) an dem UNTERNEHMEN erwirbt oder durch Veräußerung bzw. Belastung der Geschäftsanteile an dem UNTERNEHMEN oder durch Umwandlung (§ 1 Abs. 1 UmwG) eine vergleichbare Rechtstellung erlangt. Die erstmalige Zulassung von Anteilen am UNTERNEHMEN zum Börsenhandel gilt nicht als KONTROLLWECHSEL;

A CHANGE OF CONTROL means that a party acquires, for the first time, either directly or indirectly, a majority interest (§ 16 of the German Stock Companies Act, Aktiengesetz) in the COMPANY or obtains a comparable legal position by sale or encumbrance of shares in the COMPANY or by a transformation (Umwandlung, § 1 para. 1 of the German Transformation Act, Umwandlungsgesetz). The initial admission of shares in the C OMPANY to trading on a stock exchange shall not be deemed to constitute a CHANGE OF CONTROL;

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(vii) (aa) Ausschüttungen an oder Entnahmen durch die Gesellschafter des U NTERNEHMENS , solange fällige Zahlungsansprüche des GLÄUBIGERS nicht vollständig bedient worden sind, oder (bb) Ausschüttungen für das laufende oder das vorausgegangene Geschäftsjahr oder Entnahmen während dieses Zeitraums, sofern aus diesem Grund spätere Zahlungsansprüche des G LÄUBIGERS nicht bedient wurden. Ist das UNTERNEHMEN eine Personengesellschaft, sind Entnahmen zur Bedienung von Steuerverbindlichkeiten der Gesellschafter zulässig, die sich im Zusammenhang mit Einkünften gemäß § 15 Abs. 1 Nr. 2 EStG aus ihrer Beteiligung an dem UNTERNEHMEN für Veranlagungszeiträume nach dem ANFANGSTERMIN ergeben;

(vii) (aa) distributions to or withdrawals by the shareholders of the COMPANY for as long as due payment claims of the CREDITOR are not discharged in full, or (bb) distributions for the current or the previous financial year or withdrawals during this period, if this causes payment claims of the Creditor not to be discharged. If the COMPANY has the legal form of a partnership, withdrawals made for the purpose of discharging the partners' tax liabilities in connection with income according to § 15 para. 1 no. 2 of the German Income Tax Act (Einkommensteuergesetz) resulting from a participation in the COMPANY during assessment periods subsequent to the START DATE shall be permissible;

(viii) die Liquidation des UNTERNEHMENS; oder

(viii) the liquidation of the COMPANY ; or

(ix) die Eröffnung eines Insolvenzverfahrens über das Vermögen des UNTERNEHMENS oder die Abweisung der Eröffnung eines derartigen Verfahrens mangels Masse.

(ix) the opening of insolvency proceedings with respect to the assets of the C OMPANY or the dismissal of the opening of such proceedings for lack of assets.

4.3 Eine AUßERORDENTLICHE KÜNDIGUNG nach § 4.2 (i) oder (ii) kann von dem GLÄUBIGER während der Dauer einer UNTERNEHMENSKRISE nicht ausgesprochen werden. Endet die UNTERNEHMENSKRISE , so ist das Kündigungsrecht bei Vorliegen der Voraussetzungen des § 4.2(i) oder (ii) wieder ausübbar. Die Parteien dieser Vereinbarung sind sich darüber einig, dass der Eintritt einer wesentlichen Verschlechterung in den Vermögensverhältnissen des U NTERNEHMENS den GLÄUBIGER nicht zur AUßERORDENTLICHEN KÜNDIGUNG berechtigt, wenn nicht zugleich einer der in § 4.2 genannten oder sonstige wichtige Gründe vorliegen. Sollte sich herausstellen, dass die Zahlungen auf das GENUSSRECHT nicht steuerlich als Betriebsausgaben abzugsfähig sind, hat das UNTERNEHMEN kein außerordentliches Kündigungsrecht.

4.3 The right to an EXTRAORDINARY TERMINATION according to § 4.2 (i) or (ii) may not be exercised by the CREDITOR during a COMPANY CRISIS. If the COMPANY CRISIS terminates, the right to termination may be exercised again subject to the requirements of § 4.2(i) or (ii). The parties to this agreement acknowledge that a material deterioration of the economic condition of the COMPANY does not entitle the CREDITOR to an EXTRAORDINARY TERMINATION, unless there are concurrently circumstances constituting good cause either with the meaning of § 4.2 or in general. The COMPANY shall not be entitled to an EXTRAORDINARY TERMINATION if payments made on the PARTICIPATION RIGHT are not tax-deductible as business expenses.

4.4 (a)

4.4 (a)

Der GLÄUBIGER hat die VORRANGIGEN KREDITGEBER binnen einer Woche nach Ablauf der in Absatz (b) genannten Wochenfrist schriftlich von einer AUßERORDENTLICHEN KÜNDIGUNG zu unterrichten. Hierzu hat er vom UNTERNEHMEN die Mitteilung der VORRANGIGEN KREDITGEBER gemäß Absatz (c) zu verlangen.

(b) VORRANGIGER KREDITGEBER ist jeder Bankgläubiger des UNTERNEHMENS mit Darlehensforderungen gegen das UNTERNEHMEN in Höhe von insgesamt mindestens 10% des NENNBETRAGS. Hierbei sind lediglich Darlehensforderungen zu berücksichtigen, die gegenüber dem GENUSSRECHT vorrangig sind. Als VORRANGIGE KREDITGEBER gelten nur die Bankgläubiger, die entweder (aa) das UNTERNEHMEN auf Verlangen des GLÄUBIGERS binnen einer Woche gemäß nachstehendem Absatz (c) offen gelegt hat oder (bb) die dem GLÄUBIGER die Angaben gemäß nachstehendem Absatz (c) bis zum Ablauf dieser Wochenfrist selbst mitgeteilt haben.

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The CREDITOR shall give written notice of an Extraordinary TERMINATION to the SENIOR LENDERS within one week after expiration of the one week period provided for in para. (b). For this purpose, it shall require the C OMPANY to notify the SENIOR LENDERS in accordance with para. (c).

(b) SENIOR LENDER means each bank creditor of the COMPANY with loan claims against the COMPANY in the aggregate amount of at least 10% of the NOMINAL AMOUNT. For this purpose, loan claims shall only be taken into account if they are senior to the P ARTICIPATION RIGHT. Only bank creditors (aa) which the COMPANY has disclosed within one week upon demand of the CREDITOR in accordance with the following para. (c) or (bb) which have given notice of the information set out in the following para. (c) to the CREDITOR until the expiration of this one week period, shall be deemed to constitute SENIOR LENDERS.

(c)

Das UNTERNEHMEN hat dem GLÄUBIGER nach Zugang einer Kündigungserklärung oder auf dessen Verlangen in der in Absatz (b) genannten Wochenfrist die Namen und Adressen aller VORRANGIGEN KREDITGEBER sowie die für die Beurteilung der Anforderungen des Absatzes (b) Sätze 1-2 relevanten Umstände schriftlich mitzuteilen.

(c)

Upon receipt of a termination notice or upon request of the CREDITOR, the Company shall within the one week period according to para. (b) notify to the CREDITOR in writing the names and addresses of all S ENIOR LENDERS as well as the information relevant for the assessment of the requirements set out in para. (b) sentences 1-2.

(d) Die Kündigungserklärung des G LÄUBIGERS wird in den Fällen der § 4.2(i) bis (vii) wirksam, wenn die WARTEFRIST verstrichen ist. Die WARTEFRIST beginnt an dem Tag, an dem sämtliche VORRANGIGEN KREDITGEBER von der AUßERORDENTLICHEN KÜNDIGUNG unterrichtet worden sind. Der GLÄUBIGER hat dem UNTERNEHMEN den Beginn und das Ende der WARTEFRIST unverzüglich mitzuteilen.

(d) Any termination notice by the CREDITOR pursuant to § 4.2(i) to (vii) shall take effect upon the expiration of the WAITING PERIOD. The WAITING PERIOD starts on the day on which all SENIOR LENDERS have been informed of the EXTRAORDINARY TERMINATION . The CREDITOR shall give notice to the COMPANY of the beginning and of the end of the WAITING PERIOD without undue delay.

Die WARTEFRIST beträgt 90 Kalendertage. Im Fall einer Kündigung gemäß § 4.2(i) oder (ii) beträgt die WARTEFRIST 30 Kalendertage.

The WAITING PERIOD amounts to 90 calendar days. In case of a termination pursuant to § 4.2(i) or (ii), the WAITING PERIOD amounts to 30 calendar days.

In den Fällen des § 4.2(viii) und (ix) wird die Kündigungserklärung mit Zugang beim UNTERNEHMEN wirksam.

In the cases of § 4.2 (viii) and (ix), the termination notice shall take effect upon receipt by the COMPANY.

(e)

(e)

Der GLÄUBIGER darf nach Abgabe der Kündigungserklärung während einer etwaigen WARTEFRIST Zahlungsansprüche gegen das UNTERNEHMEN nicht durch Zwangsvollstreckungsmaßnahmen oder durch die Einleitung eines Insolvenzverfahrens durchsetzen.

After having given a termination notice, the Creditor shall not enforce its payment claims against the COMPANY during WAITING PERIOD (if any) by virtue of compulsory enforcement or the filing for insolvency proceedings.

4.5 Ein ordentliches Kündigungsrecht der Vertragsparteien ist ausgeschlossen.

4.5 The parties shall have no right to an ordinary termination of this agreement.

§5 Rückzahlung

§5 Repayment

5.1 Das GENUSSRECHT wird am ENDFÄLLIGKEITSTERMIN , im Falle einer AUßERORDENTLICHEN KÜNDIGUNG am Wirksamkeitstag der Kündigungserklärung zur Rückzahlung fällig (RÜCKZAHLUNGSTERMIN). Eine vollständige oder teilweise Rückzahlung des GENUSSRECHTS vor dem RÜCKZAHLUNGSTERMIN ist ausgeschlossen.

5.1 The PARTICIPATION RIGHT shall be due for repayment on the FINAL MATURITY DATE and, in case of an EXTRAORDINARY TERMINATION, on the day on which the termination notice takes effect (REPAYMENT DATE). A complete or partial repayment of the PARTICIPATION RIGHT prior to the REPAYMENT DATE shall be excluded.

5.2 Das GENUSSRECHT ist am RÜCKZAHLUNGSTERMIN in Höhe des NENNBETRAGS zuzüglich der bis zu diesem Datum aufgelaufenen Ansprüche auf VERGÜTUNG sowie sonstiger geschuldeter Beträge aus dieser Genussrechtsvereinbarung zu tilgen.

5.2 The PARTICIPATION RIGHT shall be redeemed on the REPAYMENT DATE in the REPAYMENT AMOUNT plus REMUNERATION claims accrued up to this date and other amounts due under this participation right agreement.

5.3 Tritt der RÜCKZAHLUNGSTERMIN vor dem ENDFÄLLIGKEITSTERMIN ein, hat das UNTERNEHMEN (mit Ausnahme im Falle einer AUßERORDENTLICHEN KÜNDIGUNG des UNTERNEHMENS aufgrund eines Verschuldens des GLÄUBIGERS) zusätzlich den ZUSÄTZLICHEN RÜCKZAHLUNGSBETRAG zu entrichten; dieser berechnet sich auf der Grundlage der abgezinsten Differenz zwischen der Fixen VERGÜTUNG bis zum ENDFÄLLIGKEITSTERMIN und

5.3 If the REPAYMENT DATE occurs prior to the F INAL MATURITY DATE, the COMPANY (except in the case of an EXTRAORDINARY TERMINATION by the COMPANY due to fault of the CREDITOR) shall, in addition, be obliged to pay the ADDITIONAL REPAYMENT AMOUNT. This amount shall be calculated based on the discounted difference between the FIXED REMUNERATION accruing until the FINAL MATURITY DATE and the interest amount of a rein-

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den Zinsen einer laufzeitkongruenten Wiederanlage des NENNBETRAGS in Hypothekenpfandbriefen sowie in entsprechender Anwendung der höchstrichterlichen Grundsätze zur Vorfälligkeitsentschädigung. Der ZUSÄTZLICHE RÜCKZAHLUNGSBETRAG wird vom GLÄUBIGER berechnet und dem UNTERNEHMEN mitgeteilt.

vestment of the NOMINAL AMOUNT in mortgage bonds at matching maturities as well as in analogous application of the principles of prepayment penalties as established by the German Federal Supreme Court. The ADDITIONAL REPAYMENT AMOUNT shall be calculated by the CREDITOR and notified to the COMPANY.

5.4 Für den Fall, dass das UNTERNEHMEN den NENNBETRAG am RÜCKZAHLUNGSTERMIN nicht vollständig an den GLÄUBIGER zahlt, ist der jeweils rückständige Teil des geschuldeten Betrags für den Zeitraum vom RÜCKZAHLUNGSTERMIN bis zum Zeitpunkt der tatsächlichen vollständigen Zahlung des geschuldeten Betrages in Höhe von 12% p.a. zu verzinsen.

5.4 If the COMPANY does not pay the NOMINAL AMOUNT completely to the CREDITOR at the REPAYMENT DATE, the respective amount in arrears shall accrue interest at a rate of 12% p.a. for the period between the REPAYMENT DATE and the actual complete payment of the amount owed.

§6 Rechtsnatur des Genussrechts; aufschiebend bedingter Rangrücktritt

§6 Legal Nature of the Participation Right; Subordination Subject to a Condition Precedent

6.1 Das GENUSSRECHT gewährt ausschließlich schuldrechtliche Ansprüche gegenüber dem UNTERNEHMEN . Es begründet kein Gesellschaftsverhältnis zwischen dem UNTERNEHMEN und dem GLÄUBIGER welcher Art auch immer und keine Gesellschafterrechte an dem U NTERNEHMEN , insbesondere keine Teilnahme-, Mitwirkungs- und Stimmrechte in den Gesellschafterversammlungen oder Bezugsrechte auf neue Anteile. Dem GLÄUBIGER steht kein Weisungsrecht gegenüber der Geschäftsleitung zu.

6.1 The PARTICIPATION RIGHT shall only grant obligatory claims (schuldrechtliche Ansprüche) against the COMPANY. It shall neither establish a company relationship (Gesellschaftsverhältnis) of any kind whatsoever between the COMPANY and the CREDITOR nor shareholders' rights in the C OMPANY, in particular no rights to attend, to participate or to vote in the shareholders' meetings and subscription rights to new shares. The CREDITOR shall have no right to instruct the management of the COMPANY.

6.2 (a)

6.2 (a)

Der GLÄUBIGER und das UNTERNEHMEN vereinbaren unter der aufschiebenden Bedingung, dass das Insolvenzverfahren über das Vermögen des UNTERNEHMENS, die Liquidation des UNTERNEHMENS bzw. die UNTERNEHMENSKRISE tatsächlich eingetreten ist, dass der GLÄUBIGER in der Weise im Rang zurücktritt, dass im Falle eines Insolvenzverfahrens über das Vermögen oder der Liquidation des UNTERNEHMENS sowie für die Dauer einer UNTERNEHMENSKRISE die Forderungen aus dem GENUSSRECHT nur nach Befriedigung aller Gesellschaftsgläubiger und zugleich mit den Einlagenrückgewähransprüchen der Gesellschafter des U NTERNEHMENS (§ 199 InsO) oder Ansprüchen der Gesellschafter auf Auskehrung des Liquidationsüberschusses befriedigt werden.

Subject to the condition precedent that insolvency proceedings with respect to the assets of the COMPANY, the liquidation of the COMPANY or a COMPANY CRISIS shall have actually commenced, the CREDITOR and the COMPANY hereby agree that the CREDITOR 'S rights shall be subordinated in such a way that, in case of insolvency proceedings with respect to the assets of the COMPANY or its liquidation as well as during a COMPANY CRISIS, the claims under the PARTICIPATION RIGHT shall be satisfied only after the discharge of all claims of the COMPANY 'S creditors and pari passu with the claims of the shareholders of the C OMPANY to restitution of contributions (§ 199 of the German Insolvency Act, Insolvenzordnung) or to distribution of the liquidation proceedings.

(b) Eine UNTERNEHMENSKRISE liegt dann vor, wenn (i) bei Ansatz der Forderungen aus dem GENUSSRECHT eine Zahlungsunfähigkeit oder Überschuldung (§§ 17, 19 InsO) des U NTERNEHMENS bestünde und (ii) das UNTERNEHMEN dies durch die Vorlage einer Bescheinigung seines Abschlussprüfers nachweist. Die UNTERNEHMENSKRISE endet, wenn die in (i) genannten Voraussetzungen nicht mehr vorliegen. Das UNTERNEHMEN hat nach Beginn einer UNTERNEHMENSKRISE deren Fortbestehen jeweils gemäß Satz 1(ii) dieses Absatzes (b) zum ersten GESCHÄFTSTAG eines Kalenderquartals nachzuweisen.

(b) A COMPANY CRISIS shall occur if, (i) when accounting for the claims under the PARTICIPATION RIGHT, an illiquidity or overindebtedness (§§ 17, 19 of the German Insolvency Act) of the COMPANY were to occur and (ii) the COMPANY provides proof thereof by furnishing a certificate of its auditor. The COMPANY CRISIS shall terminate if the requirements provided for in (i) no longer exist. Following the commencement of a COMPANY CRISIS, the COMPANY shall prove its continuation in accordance with sentence 1(ii) of this para. (b) on the first B USINESS DAY of each calendar quarter.

(c)

(c)

Dem UNTERNEHMEN wird die Option eingeräumt, durch einseitige schriftliche Erklärung

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The COMPANY shall have the option to waive the effects of the qualified subordination agreed

gegenüber dem GLÄUBIGER auf die Wirkungen des in Absatz (a) vereinbarten qualifizierten Rangrücktritts zu verzichten. Mit Ausübung dieser Option tritt der GLÄUBIGER in der Weise im Rang zurück, dass im Falle eines Insolvenzverfahrens über das Vermögen oder der Liquidation des UNTERNEHMENS sowie für die Dauer einer UNTERNEHMENSKRISE die Forderungen aus dem GENUSSRECHT nur nach Befriedigung aller Gesellschaftsgläubiger aber vorrangig vor den Einlagenrückgewähransprüchen der Gesellschafter des UNTERNEHMENS (§ 199 InsO) oder Ansprüchen der Gesellschafter auf Auskehrung des Liquidationsüberschusses befriedigt werden.

upon in para. (a) by means of an unilateral written declaration towards the C REDITOR. Upon exercising this option, the CREDITOR shall be subordinated in such a way that, in case of insolvency proceedings relating to the assets of the COMPANY or its liquidation as well as during a COMPANY CRISIS, the claims under the PARTICIPATION RIGHT shall be satisfied only after the discharge of all claims of the COMPANY 'S creditors but prior to the discharge of the claims of the shareholders of the COMPANY to restitution of contributions (§ 199 of the German Insolvency Act) or to distribution of the liquidation proceedings.

6.3 Das GENUSSRECHT gewährt keinen Anteil an einem nach Begleichung der Ansprüche aus dem GENUSSRECHT verbleibenden Liquidationsüberschuss.

6.3 The PARTICIPATION RIGHT shall not grant a claim to any liquidation surplus which may remain after settlement of the claims under the P ARTICIPATION RIGHT.

§7 Zusicherungen des Unternehmens

§7 Representations of the Company The COMPANY hereby makes the representations and warranties to the CREDITOR set out in Annex 2 as at the START DATE in the form of an independent guarantee (selbstständiges Garantieversprechen) pursuant to § 311 of the German Civil Code.

Das UNTERNEHMEN gibt hiermit dem GLÄUBIGER per ANFANGSTERMIN die in Anlage 1 aufgeführten Zusicherungen in Form eines selbstständigen Garantieversprechens gemäß § 311 BGB ab.

§8 Informationsrechte; Vertraulichkeit

§8 Information Rights; Confidentiality

8.1 Das UNTERNEHMEN hat dem GLÄUBIGER bis zur Beendigung dieser Vereinbarung die testierten Jahres- und Konzernabschlüsse des U NTERNEHMENS nebst Lage- und Konzernlagebericht sowie den Berichten des Abschlussprüfers unverzüglich nach der Feststellung der Abschlüsse, spätestens jedoch sechs Monate nach Ablauf des betreffenden Geschäftsjahres jeweils in Kopie auf seine Kosten zu übersenden.

8.1 The COMPANY shall, until the expiration of this agreement and at its own expense, deliver to the CREDITOR a copy of the certified unconsolidated and consolidated financial statements of the C OMPANY together with management reports and management reports for the group and the auditor's reports immediately upon approval of the financial statements, but in no event later than six months after the end of the respective financial year.

8.2 Falls der Bestätigungsvermerk des Abschlussprüfers zum Jahres- oder Konzernabschluss lediglich eingeschränkt erteilt oder versagt wird oder aus anderen Gründen Zweifel an der Ordnungsmäßigkeit des Jahres- oder Konzernabschlusses bestehen, so ist der GLÄUBIGER berechtigt, den betreffenden Abschluss auf Kosten des UNTERNEHMENS von einem unabhängigen Wirtschaftsprüfer prüfen zu lassen. Das UNTERNEHMEN ist in diesem Fall verpflichtet, sämtliche hierfür erforderlichen Informationen und Unterlagen zur Verfügung zu stellen. Ergibt sich als Ergebnis der Prüfung eine höhere UMSATZRENDITE , so schuldet das UNTERNEHMEN die unverzügliche Zahlung einer entsprechend erhöhten VARIABLEN VERGÜTUNG.

8.2 If the auditor's certificate for the unconsolidated or consolidated financial statements is issued with restrictions only or if it is denied or if there are doubts in respect of the accuracy of the unconsolidated or consolidated financial statements for other reasons, the CREDITOR shall be entitled to arrange for an examination of the relevant financial statements by an independent auditor at the expense of the C OMPANY. In this case, the COMPANY shall make available all information and documents necessary for this purpose. If a higher balance sheet profit is determined as a result of the examination, the C OMPANY shall be obliged to pay an accordingly increased F LOATING REMUNERATION without undue delay.

8.3 Das UNTERNEHMEN hat nach Kenntniserlangung den GLÄUBIGER unverzüglich (aa) über einen bevorstehenden oder eingetretenen KONTROLLWECHSEL sowie (bb) über alle Vorfälle zu informieren, die eine schwächere BONITÄTSBEURTEILUNG des UNTERNEHMENS durch die BONITÄTSBEURTEILUNGS-

8.3 The COMPANY shall inform the CREDITOR promptly upon becoming aware thereof (aa) of a forthcoming or implemented CHANGE OF CONTROL and (bb) of all events which may lead to a lower CREDIT APPRAISAL of the COMPANY by the CREDIT APPRAISAL AGENCY or could be of material importance for the legal

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bewirken oder von wesentlicher Bedeutung für die Rechtsstellung oder das wirtschaftliche Interesse des GLÄUBIGERS sein könnten.

position or the economic interest of the CREDITOR.

AGENTUR

8.4 Der GLÄUBIGER ist hinsichtlich sämtlicher ihm vom UNTERNEHMEN oder auf dessen Veranlassung im Zusammenhang mit dem GENUSSRECHT überlassener Informationen zur Verschwiegenheit verpflichtet, mit Ausnahme von Informationen, die öffentlich bekannt sind, über die er bereits vor dem Beginn der Gespräche über den Abschluss dieser Genussrechtsvereinbarung verfügte, die ihm von Dritten ohne Verletzung von Vertraulichkeitspflichten zugänglich gemacht werden, die er zur Verfolgung seiner Ansprüche aus der Genussrechtsvereinbarung offenlegt oder die aufgrund gesetzlicher, behördlicher oder gerichtlicher Anforderungen offenzulegen oder mitzuteilen sind. Der GLÄUBIGER ist berechtigt, vertraulich zu behandelnde Informationen an seine Vertragspartner (einschließlich BONITÄTSBEURTEILUNGSAGENTUREN ) im Zusammenhang mit der Verwaltung der Genussrechtsvereinbarung oder einer zur Refinanzierung des GENUSSRECHTS begebenen Anleihe bzw. einer sonstigen Refinanzierung der Genussrechtsvereinbarung weiterzugeben, sofern er die Vertraulichkeit in angemessener Weise sicherstellt. Der G LÄUBIGER ist berechtigt, anonymisierte Informationen über die Erfüllung der Zahlungsund sonstigen Vertragspflichten durch das U NTERNEHMEN und die sich aus der Genussrechtsvereinbarung ergebenden Folgen zur Erstellung von Investoreninformationen für die Anleihegläubiger zu verwenden und zu veröffentlichen. Das UNTERNEHMEN wird dem GLÄUBIGER folgende Informationen zur Veröffentlichung in dem Emissionsprospekt der Anleihe bereitstellen: (i) eine Selbstdarstellung des U NTERNEHMENS und (ii) das Logo des UNTERNEHMENS . Ferner stimmt das UNTERNEHMEN einer Veröffentlichung der Kennzahlen, die auf Anlage 2 basieren, nach Moody's KMV Risc Calc in anonymisierter Form zu. Die Veröffentlichung in dem Emissionsprospekt wird voraussichtlich die Kennzahlen in Relation zu Vergleichsziffern darstellen.

8.4 The CREDITOR shall maintain confidential all information provided or caused to be provided to him by the COMPANY in connection with the PARTICIPATION RIGHT, unless the information is publicly known, has already been known to the CREDITOR before the commencement of negotiations in respect of the conclusion of this participation right agreement, is disclosed to him by third parties without breach of any confidentiality obligations, is disclosed by the CREDITOR in pursuance of its claims under the participation right agreement or is to be disclosed or communicated due to statutory, public authorities' or judicial requirements. The CREDITOR shall be entitled to furnish information which is to be maintained confidential to its contract counterparties (including CREDIT APPRAISAL AGENCIES) in connection with the administration of the participation right agreement or notes issued for the purpose of refinancing the P ARTICIPATION RIGHT or, as the case may be, another refinancing of the participation right agreement, provided that it ensures confidentiality in an adequate manner. The CREDITOR shall be entitled to use anonymous information relating to the performance of payment obligations and other contractual obligations by the COMPANY and the consequences arising therefrom under the participation right agreement for the preparation and publication of investor reports to the noteholders. The COMPANY shall make available to the CREDITOR the following information to be published in the issue prospectus of the notes: (i) a profile of the COMPANY and (ii) the logo of the COMPANY. Furthermore, the COMPANY agrees to the publication of the key ratios based on Annex 2 according to Moody's KMV Risc Calc in an anonymous form. The publication in the issue prospectus is expected to display the key ratios in relation to comparison numbers.

§9 Zusätzliche Informationsrechte

§9 Additional Information Rights Bonitätsver-

9.1 Additional Information Rights in Case of Deterioration of Creditworthiness

Wenn und solange das UNTERNEHMEN von Moody's KMV eine BONITÄTSBEURTEILUNG in oder unterhalb der Kategorie "Ba2.edf" oder eine entsprechende BONITÄTSBEURTEILUNG einer anderen BONITÄTSBEURTEILUNGSAGENTUR erhält, kann der GLÄUBIGER die nachfolgenden zusätzlichen Informationsrechte ausüben:

If and as long as the COMPANY receives a CREDIT APPRAISAL of the category of "Ba2.edf" or below from Moody's KMV or an equivalent C REDIT APPRAISAL from another CREDIT APPRAISAL AGENCY, the CREDITOR shall have the following additional information rights:

(i)

(i)

9.1 Zusätzliche Informationsrechte bei schlechterung

Einsichtnahme (sowie auf Wunsch des GLÄUBIGERS die kostenfreie Übermittlung von Kopien) in: (aa) interne Finanzberichte (einschließlich der Liquiditätsplanung) des UNTERNEHMENS jeweils unverzüglich nach Aufforderung;

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Inspection (as well as the delivery of copies free of charge upon the request of the CREDITOR) of: (aa) internal financial reports (including liquidity planning) of the COMPANY immediately upon demand;

(bb) Protokolle und Beschlüsse der Geschäftsführung der letzten zwölf Monate sowie sämtliche Protokolle und Beschlüsse des Aufsichtsrats, des Beirats sowie der Gesellschafter- bzw. Hauptversammlung (jeweils soweit einschlägig und rechtlich zulässig) jeweils binnen zwei Wochen nach Aufforderung.

(bb) minutes and resolutions of the management board of the last twelve months and all minutes and resolutions of the supervisory board, the advisory council and the shareholders' meeting (in each case to the extent applicable and permissible by law), in each case within two weeks upon demand.

(ii) Auf Verlangen des GLÄUBIGERS wird das UNTERNEHMEN binnen zwei Wochen Gespräche ermöglichen mit:

(ii) Within two weeks upon demand by the CREDITOR, the Company shall provide the opportunity for discussions with:

(aa) der Geschäftsführung des U NTERNEHMENS in bis zu sechs Fällen pro Kalenderjahr;

(aa) the management board of the C OMPANY up to six times per calendar year;

(bb) den Beratern des UNTERNEHMENS (insbesondere Rechts-, Unternehmens- und Steuerberater). Das U NTERNEHMEN wird die betreffenden Berater hierzu soweit erforderlich von ihrer Schweigepflicht entbinden.

(bb) the advisors of the C OMPANY (in particular legal advisors, management consultants and tax advisors). To the extent necessary, the COMPANY shall release the respective advisors from their confidentiality obligations.

(iii) Beauftragung eines sog. Recovery Advisor (voraussichtlich Ernst & Young AG Wirtschaftsprüfungsgesellschaft), um die Interessen des GLÄUBIGERS wahrzunehmen, insbesondere um Empfehlungen bezüglich der weiteren Vorgehensweise im Hinblick auf die Genussrechtsvereinbarung zu erstellen.

(iii) Engagement of a so-called Recovery Advisor (expected to be Ernst & Young AG Wirtschaftsprüfungsgesellschaft) in order to protect the interests of the C REDITOR, in particular to prepare recommendations regarding the course of action in respect of the participation right agreement. 9.2 Extended Additional Information Rights

9.2 Erweiterte zusätzliche Informationsrechte (a)

Unter den Voraussetzungen Absatzes (b) kann der Informationsrechte gemäß nachfolgenden zusätzlichen ausüben: (i)

des nachstehenden G LÄUBIGER die § 9.1 sowie die Informationsrechte

Einsichtnahme in alle wesentlichen Verträge und Unterlagen sowie Zugang zu Informationen über alle wesentlichen Geschäfte des UNTERNEHMENS unverzüglich auf Verlangen des GLÄUBIGERS.

(a)

Subject to the requirements specified in para. (b) below, the CREDITOR may exercise the information rights pursuant to § 9.1 as well as the following additional information rights: (i)

Inspection of all material contracts and documents, as well as access to information on all material transactions of the COMPANY without undue delay upon demand by the CREDITOR.

(ii) Monatliche Berichte der Geschäftsführung des UNTERNEHMENS, die alle wesentlichen Entwicklungen des Geschäftsbetriebs darstellen, sowie Zugang zu den Unterlagen des UNTERNEHMENS für die Zwecke der Prüfung der monatlichen Berichte.

(ii) Monthly reports by the management board of the COMPANY describing all material developments of the business operations, as well as access to the files of the COMPANY for the purpose of verifying the monthly reports.

(iii) Sanierungsgespräche mit der Geschäftsführung des UNTERNEHMENS. Das UNTERNEHMEN wird dem GLÄUBIGER hierzu Gelegenheit geben, bevor es derartige Gespräche mit Dritten führt, die zu diesem Zeitpunkt keine Eigen- oder Fremdkapitalgeber des UNTERNEHMENS sind.

(iii) Restructuring discussions with the management board of the COMPANY. The COMPANY shall give the CREDITOR the opportunity to have such discussions prior to conducting such discussions with third parties which are not equity or debt capital investors of the COMPANY at that time.

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(b) Dem GLÄUBIGER stehen die in vorstehendem Absatz (a) genannten zusätzlichen Informationsrechte zu, wenn: (i)

(b) The CREDITOR shall have the additional information rights stated in the preceding para. (a), if:

das UNTERNEHMEN seine Zahlungsverpflichtungen aus dieser Genussrechtsvereinbarung an zwei aufeinander folgenden Fälligkeitsterminen nicht vollständig erfüllt,

(i)

the COMPANY does not fully discharge its payment obligations under this participation right agreement on two consecutive due dates;

(ii) der Gesamtbetrag der Zahlungsverpflichtungen aus dieser Genussrechtsvereinbarung, mit der sich das UNTERNEHMEN in Verzug befindet, den Gesamtbetrag der halben jährlichen FIXEN VERGÜTUNG erreicht oder übersteigt, oder

(ii) the aggregate amount of payment obligations under this participation right agreement on which the COMPANY defaulted equals or exceeds the aggregate amount of half of the annual FIXED REMUNERATION ; or

(iii) das UNTERNEHMEN von Moody's KMV eine BONITÄTSBEURTEILUNG in oder unterhalb der Kategorie "B1.edf" oder eine entsprechende BONITÄTSBEURTEILUNG einer anderen BONITÄTSBEURTEILUNGS AGENTUR erhält.

(iii) the COMPANY receives a CREDIT APPRAISAL of the category of "B1.edf" or below from Moody's KMV or an equivalent CREDIT APPRAISAL from another CREDIT APPRAISAL AGENCY.

Dem GLÄUBIGER stehen diese zusätzlichen Informationsrechte zu, solange in den Fällen von (i) und (ii) der Zahlungsverzug nicht vollständig beendet ist oder im Falle von (iii) eine BONITÄTSBEURTEILUNG des UNTERNEHMENS in den genannten Kategorien fortbesteht.

The CREDITOR shall have these additional information rights in the cases of (i) or (ii), for as long as the default in payment is not completely remedied, or in the case of (iii), for as long as the C REDIT APPRAISAL of the COMPANY continues to remain in the aforementioned categories.

9.3 Das UNTERNEHMEN hat die angemessenen Kosten des GLÄUBIGERS und von ihm eingesetzter Dritter (einschließlich des Recovery Advisor) im Zusammenhang mit der Ausübung seiner Informationsrechte gemäß diesem § 9 zu erstatten. Der maximale Erstattungsbetrag für die Ausübung der Informationsrechte gemäß § 9.1(iii) beträgt EUR 30.000 pro Kalenderjahr zuzüglich MWSt und üblicher Auslagen. Ist ein Recovery Advisor beauftragt und wird in einem Kalenderjahr der maximale Erstattungsbetrag nicht ausgeschöpft, erhöht der verbleibende Betrag den in den Folgejahren zur Verfügung stehenden Maximalbetrag.

9.3 The COMPANY shall reimburse the reasonable expenses of the CREDITOR and of third parties appointed by it (including the Recovery Advisor) in connection with the exercise of its information rights according to this § 9. The maximum reimbursement amount for the exercise of information rights pursuant to § 9.1(iii) shall be EUR 30,000 per calendar year plus value-added tax and customary expenses. If a Recovery Advisor is engaged and the maximum reimbursement amount is not exhausted in a certain calendar year, the remaining amount shall be added to the maximum amount available in the following years.

9.4 Die Informationsrechte nach Maßgabe des § 9.1 und § 9.2 bestehen im Rahmen ihrer jeweiligen Voraussetzungen kumulativ und zusätzlich zu den Informationsrechten aus § 8.

9.4 The information rights pursuant to § 9.1 and § 9.2 shall be available, subject to their respective requirements, cumulatively and in addition to the information rights provided for in § 8.

§ 10 Sonstige Verpflichtungen des Unternehmens

§ 10 Other Covenants of the Company

10.1 Das UNTERNEHMEN hat im gesetzlich zulässigen Umfang Ausschüttungen oder Entnahmen von seinen Tochterunternehmen und deren nachgelagerten verbundenen Gesellschaften zu veranlassen, wenn und soweit dies erforderlich ist, um über hinreichende liquide Mittel zur vollständigen und pünktlichen Bedienung seiner Zahlungsverbindlichkeiten nach diesen Genussrechtsbedingungen zu verfügen. Soweit erforderlich, hat es hierzu im gesetzlich zulässigen Umfang Rücklagen aufzulösen und die Herstellung der satzungs- oder gesellschaftsvertraglichen Voraussetzungen für die Ausschüttungen oder Entnahmen zu veranlassen.

10.1 The COMPANY shall to the extent legally permissible procure distributions by or withdrawals from its subsidiaries and their downstream affiliated companies, if and to the extent necessary to dispose of sufficient liquid funds to fully and timely discharge its payment obligations under this participation right agreement. To the extent necessary for this purpose, it shall to the extent legally permissible dissolve reserves and procure the implementation of the prerequisites necessary for distributions or withdrawals as stipulated by the respective articles of association or partnership agreement.

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10.2 Das UNTERNEHMEN wird zukünftige Jahres- und Konzernabschlüsse sowie Lageberichte und Konzernlageberichte in Übereinstimmung mit den anwendbaren gesetzlichen Bestimmungen und den allgemein anerkannten Buchführungs- und Bilanzierungsgrundsätzen unter Wahrung der formellen und materiellen Bilanzkontinuität (einschließlich in Bezug auf Bilanzierungs- und Bewertungswahlrechte) aufstellen, so dass diese unter Beachtung der Grundsätze ordnungsgemäßer Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage zu dem jeweiligen Bilanzstichtag vermitteln.

10.2 The COMPANY shall prepare future unconsolidated and consolidated financial statements as well as management reports and management reports for the group in accordance with the applicable legal provisions and the generally accepted bookkeeping and accounting principles observing formal and material continuity of accounting treatment (formelle und materielle Bilanzkontinuität) (also with regard to discretionary accounting and valuation) in order for these financial statements to reflect the accurate assets, financial and earnings situation on the respective date of the financial statements in compliance with sound accounting principles.

10.3 Das UNTERNEHMEN wird Vereinbarungen und Geschäfte mit Unternehmen, die nicht in Mehrheitsbesitz (§ 16 AktienG) stehen, den Mitgliedern der Geschäftsführung oder Gesellschaftern sowie diesen nahestehenden Personen nur zu Bedingungen schließen oder tätigen, die einem Drittvergleich standhalten (arm's length-Konditionen).

10.3 The COMPANY shall enter into agreements and transactions with companies which are not majority held (§ 16 of the German Stock Corporation Act), members of the management or shareholders as well as related persons at arm's length terms only.

10.4 Der GLÄUBIGER beabsichtigt, Moody's KMV oder eine andere von ihm bestimmte BONITÄTSBEURTEILUNGSAGENTUR mit der jährlichen nicht-öffentlichen Beurteilung der Bonität des UNTERNEHMENS zu beauftragen. Die Bonitätsbeurteilung erfolgt hierbei auf der Grundlage des Konzernabschlusses (§ 14.2), oder falls ein solcher gemäß § 14.2 nicht zu erstellen ist, des Jahresabschlusses des Unternehmens. Die von Zeit zu Zeit jeweils beauftragte Bonitätsbeurteilungsagentur wird als BONITÄTSBEURTEILUNGSAGENTUR bezeichnet. Das UNTERNEHMEN wird dem Gläubiger die hierzu erforderlichen Unterlagen und Informationen zur Verfügung stellen und die entstandenen Kosten erstatten.

10.4 The CREDITOR intends to appoint Moody's KMV or a different CREDIT APPRAISAL AGENCY determined by it with an annual and non-public assessment of the creditworthiness of the C OMPANY. In this connection, the credit appraisal shall be conducted on the basis of the consolidated financial statements (§ 16.2) or, if such consolidated financial statements are not to be prepared pursuant to § 16.2, the unconsolidated financial statements. The respective credit appraisal agency appointed from time to time shall be referred to as the CREDIT APPRAISAL AGENCY. The COMPANY shall make the documents and information necessary for this purpose available to the C REDITOR and shall reimburse its incurred expenses.

10.5 Das UNTERNEHMEN hat branchenüblichen Versicherungsschutz in angemessenem Umfang zu unterhalten und dies auf Verlangen dem GLÄUBIGER nachzuweisen.

10.5 The COMPANY shall maintain insurance cover in accordance with industry practice and in an adequate scope, and shall provide proof thereof to the CREDITOR upon request.

10.6 Das UNTERNEHMEN wird gegenüber dem GLÄUBIGER keine Sicherungs- und Zurückbehaltungsrechte oder ähnliche Rechte geltend machen oder eine Aufrechnung vornehmen, es sei denn, das geltend gemachte Recht bzw. die Forderung, mit der aufgerechnet wird ist unbestritten oder rechtskräftig festgestellt, oder das UNTERNEHMEN hat wegen eines in der Person des GLÄUBIGERS liegenden Kündigungsgrundes eine wirksame AUßERORDENTLICHE KÜNDIGUNG erklärt.

10.6 The COMPANY waives the right to assert against the CREDITOR any security interest, right of retention or similar rights or to claim any set-off, unless its asserted right or its set-off claim is not disputed or has been confirmed by a non-appealable court decision or the COMPANY has given a valid notice of EXTRAORDINARY TERMINATION by virtue of a termination cause originating from the CREDITOR.

10.7 Das UNTERNEHMEN wird ausschließlich nach vorheriger schriftlicher Zustimmung des GLÄUBIGERS Weitere in der Insolvenz des UNTERNEHMENS nachrangige Finanzierungsinstrumente (§ 39 InsO) oder Finanzierungsinstrumente mit gewinnabhängiger oder gewinnorientierter Vergütung ausgeben. Zu letztgenannten Finanzierungsinstrumenten zählen beispielsweise Genussrechte, stille Beteiligungen oder partiarische Darlehen, nicht jedoch Einzahlungen in die Kapitalrücklage oder auf Anteile oder bei Personengesellschaften Einzahlung auf die Kapitalanteile oder in die Rücklagen. Dieses Zustimmungserfordernis besteht nicht in Bezug auf Finanzierungsinstrumente, die gleichrangig mit oder

10.7 The COMPANY may not issue further financing instruments which would be subordinated in the insolvency of the Company (§ 39 of the German Insolvency Act) or financing instruments with profit-related or profit-oriented remuneration without the prior written approval of the C REDITOR. The lastmentioned financing instruments include, for example, participation rights (Genussrechte), silent participations, profit participating loans, but not contributions made to the capital reserves or the payment of the subscription price for shares or, in the case of partnerships, contributions made to the capital shares or reserves. This requirement of prior approval shall not apply to financing instruments ranking pari passu

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nachrangig zum GENUSSRECHT sind.

or junior to this PARTICIPATION RIGHT.

§ 11 Zahlungen; Steuern

§ 11 Payments; Taxes

11.1 Zahlungen des UNTERNEHMENS an den GLÄUBIGER sind auf das Konto des GLÄUBIGERS zu leisten, das dieser dem UNTERNEHMEN mitteilen wird, Zahlungen des GLÄUBIGERS an das UNTERNEHMEN auf das Konto gemäß § 1.2 Satz 1 zu leisten. Kontoänderungen sind der jeweils anderen Vertragspartei spätestens am 5. G ESCHÄFTSTAG vor dem betreffenden Fälligkeitstermin schriftlich mitzuteilen.

11.1 Payments by the COMPANY to the CREDITOR shall be made to the account of the CREDITOR notified to the COMPANY by the CREDITOR, payments by the CREDITOR to the COMPANY shall be made to the account stated in § 1.2 sentence 1. Changes of accounts shall be communicated to the other party in writing not later than the 5th BUSINESS DAY before the relevant due date.

11.2 Der GLÄUBIGER wird dem UNTERNEHMEN spätestens am 2. GESCHÄFTSTAG vor jedem ZAHLUNGSTERMIN (§ 2.2(a)) den an diesem Tag von dem UNTERNEHMEN zu zahlenden Betrag mitteilen.

11.2 The CREDITOR shall report to the COMPANY not later than on the 2nd BUSINESS DAY before each PAYMENT DATE (§ 2.2(a)) the amount payable by the C OMPANY on this day.

11.3 Alle Zahlungen des UNTERNEHMENS nach dieser Genussrechtsvereinbarung sind an den G LÄUBIGER netto ohne jeglichen Einbehalt oder Abzug von Steuern, Abgaben und hoheitlichen Gebühren jedweder Art zu leisten, es sei denn, das UNTERNEHMEN ist gesetzlich verpflichtet, solche Einbehalte oder Abzüge vorzunehmen. Ist das UNTERNEHMEN gesetzlich verpflichtet, solche Einbehalte oder Abzüge vorzunehmen, so hat es an den GLÄUBIGER die zusätzlichen Beträge zu zahlen, die notwendig sind, damit der nach dem Einbehalt bzw. Abzug verbleibende Nettobetrag den Beträgen entspricht, die ohne den Einbehalt bzw. Abzug an den GLÄUBIGER zu zahlen gewesen wären.

11.3 All payments by the COMPANY under this participation right agreement shall be made to the C REDITOR on a net basis and without any retentions or deductions of taxes, levies and sovereign charges whatsoever, unless the COMPANY is required by law to make such retentions or deductions. If the COMPANY is required by law to make such retentions or deductions, it shall pay to the CREDITOR the additional amounts necessary for the net amount remaining after the retention or, deduction to equal the amount which would have had to be paid to the CREDITOR without the retention or deduction.

11.4 (a)

11.4 (a)

Die Regelung des § 11.3 findet keine Anwendung auf die zum Zeitpunkt des Abschlusses dieser Genussrechtsvereinbarung für Rechnung des GLÄUBIGERS gesetzlich geschuldete Steuer vom Kapitalertrag zuzüglich Solidaritätszuschlag (gemeinsam nachfolgend als KAPITALERTRAGSTEUER bezeichnet). Sollte die zuständige Finanzbehörde im Wege eines Einspruchsbescheids die Anrechnung oder Rückerstattung der KAPITALERTRAGSTEUER ablehnen, wird der GLÄUBIGER das UNTERNEHMEN hiervon in Kenntnis setzen. Das UNTERNEHMEN wird in diesem Fall auf Verlangen des GLÄUBIGERS binnen zehn GESCHÄFTSTAGEN die zusätzlichen Beträge zahlen, die notwendig sind, damit der nach dem Einbehalt bzw. Abzug aufgrund der KAPITALERTRAGSTEUER verbleibende Nettobetrag den Beträgen entspricht, die ohne den Einbehalt bzw. Abzug an den GLÄUBIGER zu zahlen gewesen wären. Der GLÄUBIGER wird dem UNTERNEHMEN binnen weiteren zehn GESCHÄFTSTAGEN den Einspruchsbescheid der Finanzbehörde in Kopie übermitteln. Der GLÄUBIGER ist berechtigt, seine Ansprüche auf Zahlung zusätzlicher Beträge nach diesem § 11.4(a) an Dritte abzutreten.

(b) Der GLÄUBIGER wird im Falle einer ablehnenden Entscheidung der Finanzverwaltung (Absatz (a)) Klage vor den Finanzgerichten erhe-

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The provisions in § 11.3 shall not apply to the statutory withholding tax (Kapitalertragsteuer) plus the solidarity surcharge (Solidaritätszuschlag) owed for the account of the CREDITOR at the signing of this participation right agreement (hereinafter referred to jointly as WITHHOLDING TAX). The CREDITOR shall notify the COMPANY if the competent tax authorities were to refuse on appeal (Einspruchsbescheid) giving credit for or refunding the WITHHOLDING TAX. In this case, the COMPANY shall on demand of the CREDITOR pay, within ten BUSINESS DAYS, the additional amounts necessary for the net amount remaining after the retention or the deduction of the WITHHOLDING TAX to equal the amount which would have had to be paid to the CREDITOR without the retention or deduction. Within additional ten BUSINESS DAYS, the CREDITOR shall deliver to the COMPANY a copy of the decision on appeal issued by the tax authorities. The CREDITOR shall be entitled to assign its payment claims to additional amounts under this § 11.4(a) to third parties.

(b) In case of a negative decision by the tax authorities (para. (a)), the C REDITOR shall bring an action in the Finance Courts if such action is

ben, soweit eine solche Klage zumutbar ist und der GLÄUBIGER einen angemessenen Vorschuss für die Verfahrenskosten erhält. (c)

reasonable and if the CREDITOR receives an adequate advance to cover the costs of the proceedings.

Die angemessenen Kosten des G LÄUBIGERS im Zusammenhang mit Einspruchs- und Klageverfahren sind ihm durch das UNTERNEHMEN (im Falle mehrerer Erstattungsansprüche anteilig) zu erstatten.

(c)

The reasonable costs incurred by the C REDITOR in connection with the administrative appeal and court proceedings shall be refunded by the COMPANY (in case of multiple refund claims, the refund shall be pro rata).

(d) Wird die zunächst abgelehnte Anrechnung oder Rückerstattung der KAPITALERTRAGSTEUER zu einem späteren Zeitpunkt vorgenommen, so wird der GLÄUBIGER dem UNTERNEHMEN die gemäß vorstehendem Absatz (a) gezahlten zusätzlichen Beträge zurückerstatten. Diese Rückerstattungsverpflichtung ist auf die Höhe der Anrechnung bzw. Erstattung beschränkt.

(d) If the tax credit for or refund of the WITHHOLDING TAX, which was refused initially, is granted at a later date, the C REDITOR shall refund to the COMPANY the additional amounts paid in accordance with the preceding para. (a). This obligation to refund is limited to the amount of tax credit or refund.

(e)

(e)

Das UNTERNEHMEN wird dem GLÄUBIGER die einbehaltene KAPITALERTRAGSTEUER unverzüglich gemäß § 45a Abs. 2 EStG bescheinigen.

The COMPANY shall certify the retained WITHHOLDING TAX in accordance with § 45a para. 2 of the German Income Tax Act (Einkommensteuergesetz) to the CREDITOR without undue delay.

11.5 Alle Steuern, Gebühren, Abgaben und sonstigen Kosten, die im Zusammenhang mit dieser Genussrechtsvereinbarung, insbesondere ihrem Abschluss und ihrer Durchführung oder einer VERTRAGSÜBERNAHME entstehen, werden von dem UNTERNEHMEN getragen.

11.5 All taxes, fees, levies and other expenses, which accrue in connection with this participation right agreement, in particular with its conclusion and its performance or with an ASSUMPTION OF AGREEMENT, shall be paid by the COMPANY.

11.6 Zahlungen des GLÄUBIGERS an das UNTERNEHMEN erfolgen nach etwaigen Abzügen oder Einbehalten, zu denen der GLÄUBIGER durch oder aufgrund gesetzlicher Vorschriften verpflichtet ist. Der GLÄUBIGER ist in diesem Fall zu keinen weiteren Zahlungen zum Ausgleich dieser Einbehalte oder Abzüge verpflichtet.

11.6 Payments by the CREDITOR to the COMPANY shall be made net of any deductions or retentions required by or due to law to be made by the CREDITOR (if any). In this case, the CREDITOR shall not owe any additional payments to compensate for these retentions or deductions.

11.7 (a)

11.7 (a)

Sollte das UNTERNEHMEN zur Zahlung zusätzlicher Beträge nach § 11.3 oder § 11.4(a) verpflichtet werden, so ist es berechtigt, durch Erklärung gegenüber dem GLÄUBIGER die Wandlung des GENUSSRECHTS in ein Darlehen zu erklären. Diese Erklärung kann nur binnen einer Frist von drei Monaten nach der Aufforderung des GLÄUBIGERS abgegeben werden, zusätzliche Beträge nach § 11.3 oder § 11.4(a) zu zahlen.

(b) Mit Zugang einer fristgerechten Wandlungserklärung gemäß vorstehendem Absatz (a) beim GLÄUBIGER wird diese Genussrechtsvereinbarung als Vereinbarung über ein festverzinsliches Nachrangdarlehen fortgeführt. Zu diesem Zeitpunkt entfällt die Verpflichtung des Unternehmens zur Zahlung der VARIABLEN VERGÜTUNG; § 2.1 Satz 2 2. Halbsatz, § 2.3, § 8.2 Satz 3 und § 14.2 letzter Satz sind nicht mehr anwendbar. Im übrigen gelten die Bestimmungen dieser Vereinbarung unverändert fort. Das UNTERNEHMEN ist ferner verpflichtet, im Hinblick auf die KAPITALERTRAGSTEUER , die für den bei Wandlung in das Nachrangdarlehen laufenden Dreimonatszeitraum bis zum nächsten QUARTALSSTICHTAG einzubehalten ist,

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If the COMPANY were obliged to pay additional amounts pursuant to § 11.3 or 11.4(a), it shall be entitled to declare the conversion of the PARTICIPATION RIGHT into a loan by way of a declaration to the CREDITOR. This declaration can only be made within the three month period following the request of the CREDITOR to pay additional amounts pursuant to § 11.3 or § 11.4(a).

(b) Upon receipt of a timely conversion declaration pursuant to the preceding para. (a) by the CREDITOR, this participation right agreement shall be continued as an agreement on a fixedrate subordinated loan. The obligation of the COMPANY to pay the FLOATING REMUNERATION shall terminate at that time; § 2.1 sentence 2 half-sentence 2, § 2.3, § 8.2 sentence 3 and § 14.2 last sentence shall no longer apply. The other terms of this agreement shall continue to apply unmodified. Furthermore, the COMPANY shall be obliged to pay to the CREDITOR additional amounts pursuant to § 11.4(a) with respect to the WITHHOLDING TAX which has to be withheld for the current three month period at the time of conversion into a

zusätzliche Beträge gemäß § 11.4(a) an den GLÄUBIGER zu zahlen.

subordinated loan until the next QUARTERLY RECORD DATE.

11.8 Sollte das UNTERNEHMEN vor einer Wandlung in ein Nachrangdarlehen gemäß § 11.7 zur Zahlung zusätzlicher Beträge nach § 11.4(a) verpflichtet werden, ist es zur AUßERORDENTLICHEN KÜNDIGUNG dieser Vereinbarung berechtigt. Auf die Rückzahlung nach Kündigung findet § 5 (insbesondere einschließlich der Regelung zur Zahlung des ZUSÄTZLICHEN RÜCKZAHLUNGSBETRAGS) Anwendung. Die Parteien vereinbaren, dass eine Verpflichtung des UNTERNEHMENS zur Zahlung sonstiger zusätzlicher Beträge oder Abzüge (einschließlich von Beträgen gemäß § 11.4(a) nach einer Wandlung in ein Nachrangdarlehen gemäß § 11.7), oder Einbehalte des GLÄUBIGERS nach Maßgabe dieses § 11 keinen wichtigen Grund für eine AUßERORDENTLICHE KÜNDIGUNG durch das UNTERNEHMEN darstellen.

11.8 If the COMPANY is obliged to pay additional amounts pursuant to § 11.4(a) before the conversion into a subordinated loan according to § 11.7, it shall be entitled to an EXTRAORDINARY TERMINATION of this agreement. § 5 (in particular including the provisions on the payment of the ADDITIONAL REPAYMENT AMOUNT) shall apply to the repayment upon termination. The parties agree that an obligation of the COMPANY to pay other additional amounts or deductions (including amounts pursuant to § 11.4(a) following a conversion into a subordinated loan pursuant to § 11.7), or retentions of the C REDITOR pursuant to this § 11 shall not constitute good cause for an EXTRAORDINARY TERMINATION by the COMPANY.

§ 12 Abtretung von Rechten; Vertragsübernahme

§ 12 Assignment of Rights; Assumption of Agreement

12.1 Das UNTERNEHMEN ist nicht berechtigt, seine Forderungen oder sonstige Rechte aus dieser Genussrechtsvereinbarung ohne vorherige schriftliche Zustimmung des GLÄUBIGERS an Dritte zu übertragen oder zu belasten.

12.1 The COMPANY shall not be entitled to assign its claims or other rights under this participation right agreement to third parties or to encumber these rights without the prior written consent of the C REDITOR.

12.2 Der GLÄUBIGER ist berechtigt, zum Zwecke der Refinanzierung des GENUSSRECHTS oder zu Sicherungszwecken seine aus dieser Genussrechtsvereinbarung resultierenden Forderungen und Rechte abzutreten oder zu belasten.

12.2 For the purpose of refinancing the P ARTICIPATION RIGHT or the creation of security interests, the CREDITOR shall be entitled to assign or encumber its claims or rights under this participation right agreement.

12.3 Für den Fall, dass (i) dem GLÄUBIGER die Rechte nach § 9.2 zustehen oder (ii) das U NTERNEHMEN die nach § 5.2 oder § 5.3 ermittelten Beträge nicht vollständig am RÜCKZAHLUNGSTERMIN an den GLÄUBIGER zahlt, ist der GLÄUBIGER jederzeit berechtigt, seine Rechtsstellung aus dieser Genussrechtsvereinbarung mit allen Rechten und Pflichten insgesamt auf einen Dritten zu übertragen (VERTRAGSÜBERNAHME). Das UNTERNEHMEN erklärt bereits jetzt für diesen Fall unwiderruflich seine Zustimmung zu einer VERTRAGSÜBERNAHME durch einen von dem GLÄUBIGER bestimmten Dritten. Die Übertragungsabsicht ist dem UNTERNEHMEN anzuzeigen. Dieses ist berechtigt, binnen zwei Wochen nach Zugang der Anzeige der VERTRAGSÜBERNAHME zu widersprechen, wenn in der Person des Vertragsübernehmers ein wichtiger Grund vorliegt, der eine VERTRAGSÜBERNAHME auch unter Abwägung der Interessen des GLÄUBIGERS an einer Liquidierung seiner Investition unzumutbar erscheinen lässt, und das UNTERNEHMEN diesen wichtigen Grund in seinem Widerspruch nachvollziehbar darlegt.

12.3 If (i) the CREDITOR 's rights in accordance with § 9.2 arise or (ii) the Company does not pay the amounts determined pursuant to § 5.2 or § 5.3 to the Creditor on the REPAYMENT DATE, the CREDITOR shall be entitled, at any time, to transfer its entire legal position under this participation right agreement with all rights and duties to a third party (ASSUMPTION OF AGREEMENT). The COMPANY herewith gives its anticipated irrevocable consent to an ASSUMPTION OF AGREEMENT by a third party determined by the CREDITOR. The intention to transfer shall be notified to the COMPANY. The COMPANY shall be entitled to object to the ASSUMPTION OF AGREEMENT within two weeks from receipt of notice for good cause with respect to the person assuming the agreement, if the ASSUMPTION OF AGREEMENT thereby appears unacceptable even in consideration of the interests of the CREDITOR in the liquidation of its investment, provided that the COMPANY comprehensively demonstrates such good cause in its objection.

12.4 Mit einer VERTRAGSÜBERNAHME stehen dem Dritten sämtliche Rechte und Pflichten zu, die sich nach den Bedingungen dieser Vereinbarung aus der Stellung als GLÄUBIGER ergeben. Dem UNTERNEHMEN gegenüber wird eine VERTRAGSÜBERNAHME nur dann wirksam, wenn sie diesem angezeigt wurde und es keinen wirksamen Widerspruch eingelegt hat.

12.4 Following an ASSUMPTION OF AGREEMENT, the third party shall have all rights and duties of the C REDITOR pursuant to the terms and conditions of this agreement. An ASSUMPTION OF AGREEMENT shall take effect towards the COMPANY only after it has been notified to the COMPANY and if the COMPANY did not file an effective objection.

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§ 13 Beschränkung von Ansprüchen und Rechtsverfolgung; Rechte Dritter

§ 13 Limitation of Claims and Assertion of Rights; Rights of Third Parties

13.1 Bei dem GLÄUBIGER handelt es sich um eine Zweckgesellschaft, die für die Zwecke der Refinanzierung eines Portfolios von Genussrechten im Wege der Begebung einer Anleihe am Kapitalmarkt und/oder die Durchführung einer sonstigen Refinanzierung gegründet wurde. Für die Platzierung und die Bonitätsbeurteilung derartiger Anleihen durch einen Ratingdienstleister ist es erforderlich und marktüblich, dass zwischen sämtlichen Vertragsgläubigern der Zweckgesellschaft eine Rangfolge zur Verteilung des vorhandenen Vermögens vereinbart und durch die Beschränkung der Rechtsverfolgung abgesichert wird.

13.1 The CREDITOR constitutes a special purpose vehicle which has been established for the purpose of refinancing a portfolio of participation rights (Genussrechte) by way of issuing notes on the capital markets and/or the realisation of another refinancing. For the purposes of placement and rating of such notes by a rating agency, it is necessary and market practice to agree on an order of priority amongst all contractual creditors of the special purpose vehicle with respect to the distribution of the available assets and to protect such order of priorities by limiting the assertion of rights.

Ansprüche des UNTERNEHMENS gegen den GLÄUBIGER oder dessen Gesellschafter, welche sich auf die Zahlung von Geld richten, sind daher auf das tatsächlich vorhandene Vermögen des GLÄUBIGERS beschränkt. Sie sind ausschließlich nach vollständiger und endgültiger Rückführung sämtlicher Verbindlichkeiten, die die GLÄUBIGERIN im Rahmen der Refinanzierung dieser Genussrechtsvereinbarung durch eine Anleihe und/oder eine sonstige Refinanzierung eingeht, zu bedienen. Das UNTERNEHMEN stimmt ausdrücklich zu, dass keine über die Beschränkungen des § 13.1 Sätze 3-4 hinausgehenden Zahlungsverpflichtungen des GLÄUBIGERS oder dessen Gesellschafter begründet werden und der Rückgriff auf das Vermögen des GLÄUBIGERS oder dessen Gesellschafter entsprechend beschränkt ist.

Therefore, payment claims of the C OMPANY against the CREDITOR or its shareholders are limited to the available assets of the C REDITOR. They are to be satisfied exclusively after the full and definite discharge of all obligations assumed by the CREDITOR within the framework of the refinancing of this participation right agreement by notes and/or another refinancing. The COMPANY herewith explicitly agrees that the CREDITOR or its shareholders shall have no payment obligations exceeding the limitations provided for in § 13.1 sentences 3-4 and that the recourse to the assets of the CREDITOR or its shareholders shall be limited accordingly.

13.2 Das UNTERNEHMEN stimmt ferner ausdrücklich zu, dass es wegen ihm zustehender Forderungen und Rechte gegen den GLÄUBIGER oder dessen Gesellschafter vor Ablauf eines Jahres und eines Tages nach der vollständigen Bedienung sämtlicher Verbindlichkeiten unter der in § 13.1 genannten Anleihe keinen Antrag auf Eröffnung eines Insolvenzverfahrens über das Vermögen des GLÄUBIGERS oder seiner Gesellschafter stellen wird.

13.2 In addition, the COMPANY explicitly agrees that before the expiration of the period of one year and one day after the complete discharge of all obligations under the notes referred to in § 13.1, it shall not file an application for the opening of insolvency proceedings with respect to the assets of the CREDITOR or its shareholders based on its claims against the CREDITOR or its shareholders.

13.3 Jedwede Forderungen und Rechte Dritter gegen den GLÄUBIGER aus oder im Zusammenhang mit dieser Genussrechtsvereinbarung sind ausdrücklich ausgeschlossen.

13.3 Any claims and rights of third parties against the Creditor under or in connection with this participation right agreement are explicitly excluded.

§ 14 Allgemeine Bestimmungen

§ 14 General Provisions

14.1 Begriffe, die in dieser Genussrechtsvereinbarung definiert werden, haben in der gesamten Genussrechtsvereinbarung die übereinstimmende Bedeutung. Die Anlagen bilden einen integralen Bestandteil dieser Genussrechtsvereinbarung.

14.1 Terms which are defined in this participation right agreement shall have the same meaning in the entire participation right agreement. The annexes hereto constitute an integral part of this participation right agreement.

14.2 Handelt es sich bei dem UNTERNEHMEN um eine Konzern- oder Teilkonzernobergesellschaft, so wird dieses während der Laufzeit dieser Vereinbarung (unabhängig von einer entsprechenden gesetzlichen Verpflichtung) einen Konzernabschluss erstellen. Auf diesen beziehen sich sämtliche Bezugnahmen in

14.2 If the COMPANY is an ultimate holding company of a group or sub-group, it shall, for the duration of this agreement, prepare consolidated financial statements (regardless of a corresponding legal obligation). All references to consolidated financial statements in this agreement shall refer to these financial statements. If

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dieser Vereinbarung auf einen Konzernabschluss. Wurde dem GLÄUBIGER vor Abschluss dieser Genussrechtsvereinbarung ein "Als-ob-Konzernabschluss" vorgelegt, der neben dem U NTERNEHMEN auch andere, im weitesten Sinne nahestehende Unternehmen mit einbezieht, so ist das U NTERNEHMEN auch zukünftig verpflichtet, während der Laufzeit dieser Vereinbarung einen vergleichbaren "Als-obKonzernabschluss" zu erstellen. Sämtliche Bezugnahmen in dieser Vereinbarung auf einen Konzernabschluss beziehen sich in diesem Fall auf diese "Als-ob-Konzernabschlüsse". Solange die Voraussetzungen der vorausgegangenen Sätze dieses § 14.2 nicht vorliegen, gelten Bezugnahmen in dieser Vereinbarung auf Konzernabschlüsse als nicht vorhanden und begründen insoweit keinerlei Verpflichtungen des UNTERNEHMENS. In diesem Fall berechnet sich die VARIABLE VERGÜTUNG ausschließlich auf der Grundlage des Jahresabschlusses des U NTERNEHMENS.

the CREDITOR has received before the conclusion of this participation right agreement "as-if consolidated financial statements" comprising, apart from the COMPANY, also other closely related companies in the broadest sense, the COMPANY shall remain obliged to prepare comparable "as-if consolidated financial statements" during the term of this agreement. All references made to consolidated financial statements in this agreement shall in this case refer to these "as-if consolidated financial statements". As long as the conditions of the preceding sentences of this § 14.2 are not fulfilled, references made to consolidated financial statements in this agreement do not apply and do not constitute any obligations of the COMPANY in this respect. In this case, the F LOATING REMUNERATION shall be calculated exclusively on the basis of the financial statements of the C OMPANY.

14.3 Der GLÄUBIGER ist berechtigt, seine im Rahmen dieser Genussrechtsvereinbarung begründeten Forderungen und Rechte durch von ihm beauftragte Dritte einzuziehen oder ausüben zu lassen. Die Vertraulichkeitspflichten des GLÄUBIGERS (§ 8.4) bleiben unberührt.

14.3 The CREDITOR shall be entitled to have its claims and rights arising under this participation right agreement collected or exercised by third parties appointed by it. The CREDITOR 'S confidentiality obligation (§ 8.4) remains unaffected.

14.4 Insiderrechtliche Vorschriften bleiben unberührt.

14.4 Insider trading provisions remain unaffected.

14.5 Soweit Bestimmungen dieser Genussrechtsvereinbarung die Zahlung pauschalierten Schadensersatzes vorsehen, wird der jeweils zur Zahlung dieses Schadensersatzes verpflichteten Partei der Nachweis eines niedrigeren und der jeweils zu Schadensersatz berechtigten Partei der Nachweis eines höheren Schadens nicht abgeschnitten. Bei der Berechnung eines Schadens des GLÄUBIGERS ist dessen Charakter einer Zweckgesellschaft Rechnung zu tragen und daher im Wege der Drittschadensliquidation auf den Schaden seiner Anleihegläubiger abzustellen.

14.5 To the extent that provisions of this participation right agreement provide for the payment of lump sum damages, the party obliged to pay such damages shall not be precluded from proving a lower amount of damages and the party entitled to such damages shall not be precluded from proving a higher amount of damages. The calculation of the amount of damages incurred by the CREDITOR shall take into account its nature as a special purpose vehicle and shall therefore be based on the damages incurred by its noteholders by way of a liquidation of third party damages (Drittschadensliquidation).

14.6 Die Genussrechtsvereinbarung begründet keine Verpflichtungen der Gesellschafter des U NTERNEHMENS sowie diesen nahestehende Personen im Sinne des § 1 Abs. 2 AStG und/oder Angehörige im Sinne von § 15 AO (einschließlich deren Rechtsnachfolger). Diese sind weder rechtlich noch tatsächlich verpflichtet, für die Zahlungsverpflichtungen des UNTERNEHMENS aus dieser Genussrechtsvereinbarung einzustehen.

14.6 The participation right agreement does not create any obligations of the shareholders of the C OMPANY or of parties with a close relationship within the meaning of § 1 para. 2 of the German Foreign Tax Act (Außensteuergesetz) and/or of relatives within the meaning of § 15 of the German Tax Code (Abgabenordnung) (including their legal successors). These persons have no liability, neither de jure nor de facto, with respect to the payment obligations of the COMPANY under this participation right agreement.

14.7 (a)

14.7 (a)

Mitteilungen an das UNTERNEHMEN im Zusammenhang mit dieser Vereinbarung sind zu richten an:

Notifications to the COMPANY in connection with this agreement shall be made to:

Herrn/Frau ____

Mr./Ms. ____

Telefon: Telefax: E-Mail:

Telephone: [__] Telefax: [__] E-mail: [__]

[__] [__] [__]

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(b) Mitteilungen an den GLÄUBIGER im Zusammenhang mit dieser Vereinbarung sind zu richten an:

(c)

(b) Notifications to the CREDITOR in connection with this agreement shall be made to:

CB MezzCAP Limited Partnership c/o Bedell Trust Company Limited The Directors 26 New Street St. Helier Jersey JE2 3RA Channel Islands

CB MezzCAP Limited Partnership c/o Bedell Trust Company Limited The Directors 26 New Street St. Helier Jersey JE2 3RA Channel Islands

Telefax:

Telefax:

+44 1534 814 815

+44 1534 814 815

cc: Commerzbank AG, London Branch als Transaction Monitor 60 Gracechurch Street London EC3V 0HR

cc: Commerzbank AG, London Branch in its capacity as Transaction Monitor 60 Gracechurch Street London EC3V 0HR

Telefax: E-Mail:

Telefax: E-mail:

+44 20 7469 3218 [email protected]

Die Vertragsparteien können Änderungen ihrer vorgenannten Ansprechpartner und Anschriften der jeweils anderen Vertragspartei jederzeit schriftlich mitteilen. Bis zu dieser Mitteilung gelten die bisherigen Angaben als wirksam.

(c)

+44 20 7469 3218 [email protected]

The parties to this agreement may at any time give notice in writing to the respective other party of changes regarding the aforementioned contact persons and contact addresses. Until receipt of such notice, the previous information is deemed to be effective.

14.8 Sollten einzelne Bestimmungen dieser Genussrechtsvereinbarung unwirksam oder undurchführbar sein, bleibt die Genussrechtsvereinbarung im übrigen wirksam.

14.8 Should any provision of this participation right agreement be void or unenforceable, the remainder of the participation right agreement shall remain unaffected.

14.9 Änderungen dieser Genussrechtsvereinbarung, einschließlich dieser Schriftformklausel, bedürfen der Schriftform.

14.9 Modifications of this participation right agreement, including this requirement of writing, shall be made in writing only.

14.10 Diese Genussrechtsvereinbarung und deren Auslegung unterliegt ausschließlich deutschem Recht.

14.10 This participation right agreement and its interpretation is subject to German law only.

14.11 Nicht-ausschließlicher Gerichtstand für alle aus und im Zusammenhang mit dieser Genussrechtsvereinbarung entstehenden Streitigkeiten ist das Landgericht in Frankfurt am Main.

14.11 The non-exclusive place of jurisdiction for all legal disputes arising under or in connection with this participation right agreement shall be the District Court (Landgericht) in Frankfurt am Main.

ANLAGE 1 ZUR GENUSSRECHTSVEREINBARUNG ZUSICHERUNGEN

ANNEX 1 TO THE PARTICIPATION RIGHT AGREEMENT REPRESENTATIONS

1.

Die Begründung des GENUSSRECHTS ist durch die zuständigen Organe des UNTERNEHMENS autorisiert. Insbesondere hat die Gesellschafter- bzw. Hauptversammlung einen wirksamen und unanfechtbaren Zustimmungsbeschluss zur Begebung des GENUSSRECHTS gefasst.

1.

The constitution of this PARTICIPATION RIGHT has been authorised by the competent bodies of the Company. In particular, the shareholders' meeting has taken a legally effective and incontestable resolution approving the granting of the P ARTICIPATION RIGHT.

2.

Die Informationen, die das UNTERNEHMEN im Zusammenhang mit dieser Genussrechtsvereinbarung dem GLÄUBIGER zur Verfügung gestellt hat, sind zutreffend und erlauben eine zutreffende Beurteilung der Vermögens-, Finanz- und Ertragslage des

2.

The information given to the CREDITOR by the COMPANY in connection with this participation right agreement is correct and allows for a correct assessment of the assets, financial and earnings situation of the COMPANY.

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UNTERNEHMENS. 3.

Die dem GLÄUBIGER übergebenen Kopien des Handelsregisterauszugs und des Gesellschaftsvertrags bzw. der Satzung des UNTERNEHMENS sind vollständig und korrekt. Es bestehen keine beschlossenen, aber noch nicht eingetragenen Maßnahmen, die nicht dem GLÄUBIGER offengelegt worden sind.

3.

The copies of the commercial register extract and the partnership agreement or, as the case may be, the articles of association of the C OMPANY delivered to the CREDITOR are complete and correct. There are no resolved but not yet registered actions which have not been disclosed to the CREDITOR.

4.

Die Jahresabschlüsse des U NTERNEHMENS und soweit solche erstellt wurden, Konzernabschlüsse der letzten drei Geschäftsjahre sind in Übereinstimmung mit den anwendbaren gesetzlichen Bestimmungen und den allgemein anerkannten Buchführungs- und Bilanzierungsgrundsätzen unter Wahrung der formellen und materiellen Bilanzkontinuität (einschließlich in Bezug auf Bilanzierungs- und Bewertungswahlrechte) aufgestellt worden, und vermitteln unter Beachtung der Grundsätze ordnungsgemäßer Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage zu dem jeweiligen Bilanzstichtag.

4.

The unconsolidated and, as far as drawn up, consolidated financial statements of the C OMPANY for the last three financial years have been prepared in accordance with the applicable legal provisions and the generally accepted bookkeeping and accounting principles observing formal and material continuity of accounting treatment (formelle und materielle Bilanzkontinuität) (also with regard to discretionary accounting and valuation) and reflect, in compliance with sound accounting principles, the accurate assets, financial and earnings situation on the respective date of the financial statements.

5.

Seit dem Stichtag des letzten Jahresabschlusses des UNTERNEHMENS hat es bei dem UNTERNEHMEN und seinen Tochterunternehmen keine wesentlichen nachteiligen Veränderungen der allgemeinen geschäftlichen Situation, der Geschäftsführung, der Vermögens-, Finanz- oder Ertragslage, des Eigenkapitals oder der Ergebnisse der Geschäftstätigkeit gegeben, und es sind dem UNTERNEHMEN nach sorgfältiger Prüfung keine Umstände bekannt, die eine derartige Änderung bewirken könnten.

5.

Since the record date of the last financial statements of the COMPANY, there have been no material adverse changes of the general business situation, the management board, the assets, financial and earnings situation, equity capital or the results of business activity of the COMPANY or its subsidiaries and the COMPANY, after careful investigation, is not aware of any circumstances which could effect such a change.

6.

Der Abschluss der Genussrechtsvereinbarung verstößt nicht gegen andere Verträge des UNTERNEHMENS und berührt deren Wirksamkeit und Durchsetzbarkeit nicht.

6.

The conclusion of this participation right agreement does not violate other agreements of the C OMPANY and does not affect their validity and enforceability.

7.

Das Unternehmen hat auf Grundlage von Gesprächen mit seinem Steuerberater und seinem Wirtschaftsprüfer eine unabhängige Beurteilung der steuerlichen und bilanziellen Auswirkungen vorgenommen, die sich aus dem Abschluss der Genussrechtsvereinbarung ergeben.

7.

The COMPANY has conducted an independent assessment of the fiscal and accounting effects resulting from the conclusion of this participation right agreement on the basis of discussions with its tax adviser and its auditor.

ANLAGE 2 ZUR GENUSSRECHTSVEREINBARUNG KENNZAHLEN NACH MOODY'S KMV RISC CALC

ANNEX 2 TO THE PARTICIPATION RIGHT AGREEMENT KEY RATIOS ACCORDING TO MOODY'S KMV RISC CALC

Die nachfolgenden Kennzahlen werden bei der Ermittlung einer Bonitätsbeurteilung nach Moody's KMV Risc Calc ermittelt. Der Gläubiger ist befugt, die Kennzahlen auf anonymisierter Basis zu veröffentlichen; nicht veröffentlicht werden die jeweiligen Berechnungsbestandteile der Kennzahlen.

The following key ratios will be calculated in connection with the determination of a credit appraisal according to Moody's KMV Risc Calc. The Creditor shall be entitled to publish such key ratios on an anonymous basis; the respective calculation components of such key ratios shall not be published.

TCR: Trade Creditor Ratio =

TCR: Trade Creditor Ratio =

(trade

(trade

payables + notes payables ) ∗ 360 sales

payables + notes payables ) ∗ 360 sales

LS: Liabilities Structure =

LS: Liabilities Structure =

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trade payables + notes payables + bank liabilities provisions + total liabilities + 50% special item with equity character

trade payables + notes payables + bank liabilities provisions + total liabilities + 50% special item with equity character

− advances form customers

− advances form customers

NI: Net Indebtedness =

NI: Net Indebtedness =

total current liabilities − cash and equivalents − short term sec urities total assets

total current liabilities − cash and equivalents − short term sec urities total assets

ER: Equity Ratio =

ER: Equity Ratio =

total equity + 50 % special item with equity character − int angible assets total assets − int angible assets − cash & equivalent s − short term sec urities − land & builings

total equity + 50 % special item with equity character − int angible assets total assets − int angible assets − cash & equivalent s − short term sec urities − land & builings

DC: Debt Coverage =

DC: Debt Coverage =

cash flow − other taxes provisions + total liabilities + 50% special item with equity character − advances from customers

cash flow − other taxes provisions + total liabilities + 50% special item with equity character − advances from customers

EBITDR: EBITD-ROI =

EBITDR: EBITD-ROI =

net income + int erest and similar exp enses + taxes on income + depreciati on total assets

net income + int erest and similar exp enses + taxes on income + depreciati on total assets

POS: Profit on Sales =

POS: Profit on Sales =

ordinary profit & loss − other taxes * sales

ordinary profit & loss − other taxes * sales

SG: Sales Growth =

SG: Sales Growth =

sales sales (previous year )

sales sales (previous year )

PEOS: Personnel Expenses on Sales =

PEOS: Personnel Expenses on Sales =

personnel exp enses sales

personnel exp enses sales

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TAX LIQUIDITY FACILITY AGREEMENT

The following are the main provisions of the Tax Liquidity Facility Agreement dated 1 December 2005 (as amended and restated on 11 April 2006) between the Issuer and the Liquidity Facility Provider (excluding the Schedules thereto). In case of any overlap or inconsistency in the definition of a term or expression in the Tax Liquidity Facility Agreement and elsewhere in this Prospectus, the definition in the Tax Liquidity Facility Agreement will prevail.

1.

DEFINITIONS AND CONSTRUCTION

1.1

Defined terms used but not defined herein shall have the same meaning as in the terms and conditions of the Notes (including the schedules thereto) attached as Schedule 5 hereto (the "Terms and Conditions").

1.2

Words denoting the singular shall include the plural and vice versa.

1.3

Any reference to any agreement or document shall be construed as a reference to the relevant agreement or document (in each case including any separate fee arrangement referred to therein) as the same may have been, or may from time to time be, renewed, extended, amended, varied, novated, supplemented or superseded.

1.4

Save where the contrary is indicated, any reference herein to a time of day shall be construed as a reference to the time in Frankfurt am Main.

1.5

Where a German legal term has been used herein, such German legal term (and not the English legal term or concept to which it relates) shall be authoritative for the purpose of construction. Where an English legal term has been used herein, the related German legal term or concept shall be authoritative for the purpose of construction, provided that legal terms shall be construed in accordance with English law or any other law if specifically so provided or the context so requires.

1.6

Reference herein to any party in a certain capacity shall be construed to also refer to any of its successors in such capacity.

2.

THE LIQUIDITY FACILITY

2.1

The Liquidity Facility Provider grants to the Issuer, upon the terms and subject to the conditions hereof, a committed euro revolving liquidity facility (the "Liquidity Facility") pursuant to which the Liquidity Facility Provider shall grant term loans requested by the Issuer in the amounts specified in each Drawdown Request, subject in each case to the satisfaction of all drawdown conditions stipulated in Clause 3, provided that the aggregate of the liquidity advances made in respect of such term loans (the "Liquidity Advances", and together with any Stand-by Advances, the "Advances") which are outstanding shall at no time exceed the Commitment. The Issuer shall be entitled to cancel the Commitment or any integral multiple of EUR 1 million thereof on any Payment Date by giving 5 Business Days' prior written notice to the Liquidity Facility Provider. "Commitment" means initially EUR 9 million, as may be reduced from time to time by cancellation notices made in accordance with the preceding sentence.

2.2

As security for, inter alia, the Issuer's obligations hereunder, the Issuer will grant the Trustee Collateral to the Trustee in accordance with the Trust Agreement. Any proceeds arising from a

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foreclosure by the Trustee of the Trustee Collateral will be distributed to the Liquidity Facility Provider and the other secured creditors of the Issuer in accordance with the Priority of Payments (as defined in Clause 20.1). 2.3

The Liquidity Facility shall expire upon the lapse of the 364th day immediately following 11 April 2006, and in respect of a new Liquidity Facility granted pursuant to Clauses 2.6 and 2.7, the 364th day immediately following the commencement of such new Liquidity Facility, or such earlier date as may be agreed between the Issuer and the Liquidity Facility Provider (the "Liquidity Facility Termination Date"). Notwithstanding the foregoing, no Liquidity Facility Termination Date shall occur later than the earlier of (i) the Legal Maturity Date and (ii) the redemption in full of the Class A, Class B, Class C, Class D and Class E Notes, and any extension of the Liquidity Facility which may be made prior to such date shall expire at the latest on such date.

2.4

The Issuer may, by giving written notice to the Liquidity Facility Provider until the 30th Business Day immediately preceding the Liquidity Facility Termination Date (the "Extension Notice Period") in the form of Schedule 3 hereto, request the Liquidity Facility Provider to grant a new committed revolving liquidity facility which shall be on substantially the same terms as this Liquidity Facility (subject to such amendments as may be agreed between the Issuer and the Liquidity Facility Provider, which amendments shall be notified to the Rating Agencies) and which shall commence on the date specified in such notice. The Liquidity Facility Provider commitment under such new Liquidity Facility shall be equal to the sum of (i) the Available Commitment and (ii) any amount which has been drawn under the Liquidity Facility and which remains outstanding (each such amount determined as of the last day of the Extension Notice Period).

2.5

Following a request pursuant to Clause 2.4, the Liquidity Facility Provider shall notify the Issuer (with a copy to the Cash Administrator, the Trustee and the Transaction Monitor) within 10 Business Days whether or not it agrees to such request.

2.6

If the Liquidity Facility Provider within such aforementioned time agrees to such request it shall notify the Issuer upon a letter of consent (the "Liquidity Facility Provider Consent Letter") in the form of Schedule 4 hereto, for receipt by the Issuer not later than within 10 Business Days after the date of such notification. As of the aforementioned notification of the Liquidity Facility Provider Consent Letter, the Liquidity Facility Provider shall be obliged to grant a new committed revolving liquidity facility to the Issuer and the Issuer shall be obliged to cancel this Liquidity Facility at the close of business on the Business Day falling immediately prior to the commencement of the new liquidity facility.

2.7

If the Liquidity Facility Provider does not agree to a request made pursuant to Clause 2.4 or fails to notify the Issuer in accordance with Clause 2.6 that it agrees to such request, then the terms and conditions set forth herein shall remain in force until the Liquidity Facility Termination Date, unless otherwise expressly agreed by the parties hereto. In this case, the Issuer is entitled to require (by notice in writing) the Liquidity Facility Provider to make an Advance in an amount equal to the Available Commitment immediately prior to making such Advance (a "Stand-by Advance"). Such Stand-by Advance shall be made available to the Issuer as a loan on the date specified in the aforementioned notice from the Issuer, which date shall not fall earlier than the 5th Business Day following the Issuer's notice to the Liquidity Facility Provider, and shall be made by way of crediting the Collateral Account (as defined in Clause 8.3) for the purpose of the Issuer making drawings thereunder mutatis mutandis in accordance with the provisions set out herein in respect of Liquidity Advances. Each Stand-by Advance, unless repaid earlier, shall be repaid by the Issuer on earlier of (i) the Legal Maturity Date, (ii) the redemption in full of the Class A, Class B, Class C, Class D and Class E Notes and (iii) pursuant to Clause 13.1 upon the occurrence of an Event of Default and the Liquidity Facility Provider having declared that the Liquidity Facility shall be cancelled.

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3.

DRAWDOWN CONDITIONS

3.1

The Issuer may not deliver any drawdown request (the "Drawdown Request") hereunder, and the Liquidity Facility Provider shall be under no obligation to make any advances hereunder, unless: (i)

the Liquidity Facility Provider has received copies of all the documents listed in Schedule 1 hereto and each is, in form and substance, satisfactory to it (for the avoidance of doubt, such copies to be delivered to the Liquidity Facility Provider only once);

(ii)

the Liquidity Facility Provider has received a Drawdown Request (as defined in Clause 4.1) made in accordance with this Agreement and duly executed on behalf of the Issuer; and

(iii)

the amount of the requested Liquidity Advance does not exceed, on the date of the relevant Drawdown Request, (i) the aggregate amount of the Withholdings in respect of which the Issuer certifies that is has not received notice that the credit or refund of such Withholdings has been finally (rechtskräftig) denied by the tax authorities or the competent courts (as applicable) less (ii) the aggregate of the Reimbursement Payments previously received by the Issuer.

3.2

The Liquidity Facility Provider shall, upon receipt of copies of the documents listed in Schedule 1 hereto, each in form and substance satisfactory to it, promptly notify the Issuer, the Cash Administrator and the Trustee accordingly.

3.3

Prior to making a Liquidity Advance, the Liquidity Facility Provider may request from the Issuer (acting through the Cash Administrator) a copy of the payment records maintained by the Cash Administrator pursuant to the Cash Administration Agreement in order to verify the satisfaction of the drawdown condition set out in Clause 3.1(ii) above.

4.

REQUESTS FOR LIQUIDITY ADVANCES

4.1

Save as otherwise provided herein, the Issuer (acting through the Cash Administrator) may request the making of a Liquidity Advance on any Business Day by the delivery to the Liquidity Facility Provider no later than 10 a.m. Frankfurt time on the requested drawdown date (herein referred to as a "Drawdown Date") for such Liquidity Advance of a facsimile drawdown request materially in accordance with Schedule 2 hereto (a "Drawdown Request") (which shall be irrevocable) to that effect specifying in relation to each Liquidity Advance: (i)

the proposed Drawdown Date, which shall be any Payment Date falling before the Liquidity Facility Termination Date; and

(ii)

the total amount of the proposed Liquidity Advance, provided that each such portion drawn shall not exceed the Available Commitment;

and the making of such request shall constitute a confirmation by the Issuer that, on such day, no Event of Default has occurred hereunder and is continuing. "Available Commitment" means at any date, an amount equal to (i) the Commitment less (ii) any amount that has been drawn and which has not been repaid on or prior to such date less (iii) the amount of any Stand-by Advance pursuant to Clause 2.7.

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4.2

The term ("Term") for each Liquidity Advance to be made hereunder shall extend from the Drawdown Date to the immediately succeeding Payment Date, however not later than the Liquidity Facility Termination Date.

5.

MAKING OF ADVANCES

5.1

If the Issuer (acting through the Cash Administrator) submits the Drawdown Request to the Liquidity Facility Provider in accordance with Clause 4 and, on the proposed Drawdown Date for such Liquidity Advance: (i)

such Liquidity Advance does not exceed the amount of the Available Commitment;

(ii)

the Liquidity Facility Termination Date has not then occurred; and

(iii)

no Event of Default has occurred and is continuing,

then, on such Drawdown Date and subject as provided above, the Liquidity Facility Provider shall, no later than 1 p.m. Frankfurt time, make available to the Issuer in euro, through its Frankfurt branch (the "Liquidity Facility Office") in accordance with the provisions of Clause 15, such Liquidity Advance requested pursuant to Clause 4.1 provided that if the amount of such Liquidity Advance exceeds the Available Commitment, then such Advance shall be equal to the Available Commitment. 5.2

Nothing in this Agreement shall oblige the Liquidity Facility Provider to make a Liquidity Advance if this would result in the aggregate of the Liquidity Advances made to the Issuer to exceed the Available Commitment.

6.

INTEREST

6.1

(a)

The Issuer shall on each Payment Date during the Term of each outstanding Liquidity Advance pay accrued interest on any principal amounts then outstanding in respect of such Liquidity Advance (prior to any repayment of a principal amount on such Payment Date) in an amount calculated pursuant to Clauses 6.2 through 6.4 below, but only if and to the extent that there are funds available to the Issuer which the Issuer is entitled to apply in accordance with the Priority of Payments for such purpose.

(b)

If interest is not paid in accordance with the provisions hereof, the Issuer shall pay such accrued interest on the next Payment Date on which sufficient funds are available to the Issuer for application for such purpose in accordance with the Priority of Payments.

(c)

If and to the extent that accrued interest is not paid by the Issuer on any Payment Date, the Issuer shall pay liquidated damages calculated on the basis of EURIBOR plus a margin of 5% per annum mutatis mutandis in accordance with this Clause 6 (any such amount of damages, a "Default Interest").

6.2

The rate of interest applicable to any principal amount outstanding in respect of each Liquidity Advance made hereunder shall, in respect of an Interest Period, be EURIBOR plus a margin of 0.50% per annum. "EURIBOR", with respect to each Interest Period, means the rate determined by the Liquidity Facility Provider for deposits in euro for a period of three months which appears on

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Moneyline Telerate Page 248 of the Associated Press Dow Jones Telerate Service (or such other page as may replace such page or that service for the purpose of displaying Brussels inter-bank offered rate quotations of major banks) as of 11:00 a.m. (Brussels time) on the second TARGET settlement day immediately preceding the commencement of such Interest Period. If Moneyline Telerate Page 248 is not available or if no such quotation appears thereon, in each case as at such time, the Liquidity Facility Provider shall request the principal Euro-zone office of the Reference Banks selected by it to provide their offered quotation (expressed as a percentage rate per annum) for three-month deposits in euro at approximately 11:00 a.m. (Brussels time) on the Quotation Date to prime banks in the Euro-zone inter-bank market in an amount that is representative for a single transaction in that market at that time. If two or more of the selected Reference Banks provide the Liquidity Facility Provider with such offered quotations, EURIBOR shall be the arithmetic mean of such offered quotations (rounded if necessary to the nearest one thousandth of a percentage point, with 0.000005 being rounded upwards). If on Quotation Date fewer than two of the selected Reference Banks provide the Liquidity Facility Provider with such offered quotations, EURIBOR shall be the rate per annum which the Liquidity Facility Provider determines as being the arithmetic mean (rounded if necessary to the nearest one thousandth of a percentage point, with 0.000005 being rounded upwards) of the rates communicated to (and at the request of) the Liquidity Facility Provider by the Reference Banks selected by the Liquidity Facility Provider, at approximately 11:00 a.m. (Brussels time) on the Quotation Date for loans in euro to leading European banks at that time and in an amount that is representative for a single transaction in that market at that time. "Reference Banks" for the purpose of this definition means four major banks in the Eurozone inter-bank market. "Euro-zone" means the region comprising member states of the European Union that have adopted the single currency, the euro, in accordance with the EC Treaty. "EC Treaty" means the Treaty establishing the European Community signed in Rome on 25 March 1957, as amended from time to time, including by the Treaty on European Union signed in Maastricht on 7 February 1992. "Quotation Date" in relation to any period for which an interest rate is to be determined under the Liquidity Facility Agreement means the day on which quotations would ordinarily be given by prime banks in the interbank market for deposits in euro for delivery on the first day of that period. "Interest Period" means in respect of each Payment Date, the period commencing on the immediately preceding Payment Date (excluding) and ending on such Payment Date (including). 6.3

The rate of interest applicable to any principal amount outstanding in respect of each Stand-by Advance credited to the Collateral Account pursuant to Clause 2.7 or Clause 8.1 shall be, in respect of any Interest Period, (i) in relation to any amounts drawn from each such Stand-by Advance, the relevant EURIBOR plus a margin of 0.50% per annum, and (ii) in relation to the remainder amount credited to the Collateral Account, the rate per annum which corresponds to the interest rate earned by the Issuer on the Collateral Account (as defined in Clause 8.3) during such period.

6.4

The interest amount payable on a Payment Date in respect of each Advance made hereunder shall be calculated by applying the relevant rate of interest applicable to such Advance to the principal amount of such Advance as of the first day of the relevant Interest Period and

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multiplying the result by the actual number of days in the relevant Interest Period divided by 360.

7.

REPAYMENT

7.1.

Subject to the provisions hereof, the Issuer shall repay any amount outstanding in respect of each Liquidity Advance made to it to the Liquidity Facility Provider on the Final Repayment Date relating to such Liquidity Advance. To the extent that a Liquidity Advance is not repaid in full on the Final Repayment Date because insufficient funds are available to the Issuer for application for such purpose in accordance with the Priority of Payments, such unpaid sum shall become due and payable on the immediately following Payment Date or, if there is no Payment Date occurring after the Final Repayment Date, the Final Repayment Date. "Final Repayment Date" means in relation to each Liquidity Advance under the Liquidity Facility Agreement the last day of the Term of such Liquidity Advance.

7.2

Notwithstanding Clause 7.1, the Issuer shall be entitled to repay (in part or in full) any principal amount outstanding under any Liquidity Advance on any Payment Date falling prior to the Final Repayment Date relating to such Liquidity Advance. For the avoidance of doubt, no prepayment fee shall be payable when the Issuer exercises its right to repay a Liquidity Advance (in part or in full) prior to its Final Repayment Date.

7.3

The Issuer shall not repay all or any part of any Liquidity Advance outstanding hereunder except at the times and in manner expressly provided herein and subject to the terms and conditions hereof, the Issuer shall be entitled to re-borrow any amount repaid.

8.

REQUIRED RATING OF LIQUIDITY FACILITY PROVIDER

8.1

(a)

As of the date hereof and as long as the short-term unsecured, unsubordinated and unguaranteed debt obligations of the Liquidity Facility Provider are not rated at least P-1 by Moody's and A-1+ by Standard and Poor's ("Required Rating"), the Liquidity Facility Provider shall at its option (provided that such option may be re-exercised at any time at the choice of the Liquidity Facility Provider) either (i) appoint a replacement liquidity facility provider with the Required Rating (upon consultation with the Transaction Monitor), provided that such replacement liquidity facility provider may not be appointed unless it has agreed in writing to assume all duties and obligations materially in accordance with the duties and obligations of the Liquidity Facility Provider under this Agreement or (ii) deposit an amount equal to the Commitment to the Collateral Account by way of a Stand-by Advance to the Issuer (which shall be repayable as provided in Clause 8.2) or (iii) take any measures in order to provide security for the Available Commitment which have been confirmed by each of the Rating Agencies.

(b)

In the case that the short-term unsecured, unsubordinated and unguaranteed debt obligations of the Liquidity Facility Provider have been assigned the Required Rating and subsequently cease to be assigned such rating, the Liquidity Facility Provider shall during a period of 30 business days following such event at its option take any of the measures set out in Clause 8.1(a)(i) through (iii). If the Liquidity Facility Provider fails to do so, the Issuer shall, upon the expiration of the 30 business days' period set out in the preceding sentence, be entitled to fully and immediately draw the Stand-by Advance.

8.2

In case the Liquidity Facility Provider makes a deposit pursuant to Clause 8.1(a)(ii) or Clause 8.1(b) in connection with Clause 8.1(a)(ii), or provides security pursuant to Clause 8.1(a)(iii) or Clause 8.1(b) in connection with Clause 8.1(a)(iii), it shall be entitled to request the Issuer to

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repay such deposit (in parts or in full) or, as the case may be, retransfer the security, on any Payment Date if and when (i) the Liquidity Facility Provider gains or regains the Required Rating, (ii) the Legal Maturity Date occurs, (iii) the Class A, Class B, Class C, Class D and Class E Notes are redeemed in full, (iv) the Liquidity Facility Provider is replaced in this Liquidity Facility by another liquidity facility provider with the Required Rating or (v) an Event of Default occurs and the Liquidity Facility Provider has declared that the Liquidity Facility shall be cancelled. 8.3

Any deposit provided pursuant to Clause 8.1 shall be paid to the cash account of the Issuer no. 32617303, named the "CB MezzCAP Limited Partnership EUR Collateral Account" to be held with the Account Bank (the "Collateral Account").

9.

CANCELLATION On the Liquidity Facility Termination Date, the Available Commitment shall be cancelled and reduced to zero.

10.

REPRESENTATIONS The Issuer represents that: (i)

it is a limited partnership duly formed under the laws of Jersey with power to enter into each of the Transaction Agreements to which it is expressed to be a party and to exercise its rights and perform its obligations thereunder and all corporate and other action required to authorise the execution of and the performance by the Issuer of its obligations hereunder have been duly taken;

(ii)

under the laws of Jersey which are in force at the date hereof, it will not be required to make any deduction or withholding from any payment it may make under any of the Transaction Agreements;

(iii)

in any proceedings taken in Jersey in relation to any of the Transaction Agreements the choice of German law, and any judgement obtained in the Federal Republic of Germany, will be recognised and enforced;

(iv)

no Event of Default has occurred and is continuing.

11.

FINANCIAL INFORMATION

11.1

The Issuer shall as soon as the same become available, but in any event within 120 days after the end of each of its financial years, deliver to the Liquidity Facility Provider upon request a copy of its audited financial statements for such financial year.

11.2

The Issuer shall ensure that each set of financial statements delivered by it pursuant to Clause 11.1 (i) is prepared in accordance with accounting principles generally accepted in Jersey and consistently applied, (ii) is certified by a duly authorised officer of it as giving a true and fair view of its financial condition as at the end of the period to which those financial statements relate and of the results of its operations during such period, and (iii) has been audited by an internationally recognised firm of independent auditors licensed to practise in Jersey.

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12.

COVENANTS

12.1

Positive Covenants The Issuer shall:

12.2

(i)

obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or by the laws and regulations of Jersey and any other applicable law to enable it lawfully to enter into and perform its obligations under each of the Transaction Agreements or to ensure the legality, validity, enforceability or admissibility in evidence in Jersey in all material respects of each of them;

(ii)

promptly inform the Liquidity Facility Provider of the occurrence of any event which is or may become (with the passage of time, the giving of notice, the making of any determination or any combination thereof) an Event of Default and, upon receipt of a written request to that effect from the Liquidity Facility Provider, confirm to the Liquidity Facility Provider that, save as previously notified to the Liquidity Facility Provider or as notified in such confirmation, no such event has occurred;

(iii)

ensure that no utilisation of the Liquidity Facility occurs which would cause a breach of any restriction on borrowings or the raising of finance contained in its constitutional documents;

(iv)

draw any amounts from, and otherwise dispose of, the Collateral Account only in accordance with the terms of this Agreement; and

(v)

comply with the terms of the Transaction Agreements.

Negative Covenants The Issuer shall not, without the prior consent of the Liquidity Facility Provider (such consent not to be unreasonably withheld or delayed provided that each of the Rating Agencies has confirmed that the giving of such consent does not have any adverse effect on the rating of the Notes) take any action in contravention of Clause 7.3 of the Trust Agreement.

13.

EVENTS OF DEFAULT; ILLEGALITY; MITIGATION

13.1

Events of Default If: (i)

the Issuer fails to pay when due any amount outstanding hereunder in respect of interest (which is due pursuant to Clause 6.1), principal (which is due pursuant to Clause 7.1) or Liquidity Facility Commitment Fee (which is due pursuant to Clause 16) and such failure is not remedied within thirty Business Days after the Liquidity Facility Provider has given notice thereof to the Issuer, provided, for the avoidance of doubt, that no Event of Default shall occur in a case where the Issuer makes a drawing hereunder in order to repay principal amounts due hereunder; or

(ii)

the Issuer is unable to pay its debts as they fall due and the Issuer, being insolvent, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of all or any of its indebtedness, declares a moratorium in respect of all or any of its indebtedness; or

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(iii)

the Issuer is wound up or dissolved or a receiver, bankruptcy administrator, administrative receiver, trustee (other than the Trustee), liquidator or sequestrator is appointed of it or of any or all of its revenues and assets or legal proceedings are commenced for any of the aforesaid and not discontinued within 30 days, or a declaration of en désastre is made in respect of its property; or

(iv)

an encumbrancer takes possession or a receiver is appointed, or if any public officer shall take charge or control of the whole or any substantial part of the undertaking or assets of the Issuer; or

(v)

a distress, execution, attachment or other similar legal process is levied or enforced upon or sued out against all or any substantial part of the assets of the Issuer and is not discharged within thirty days of being levied, enforced or sued out, provided that this paragraph (v) shall not apply to any action taken by the Trustee; or

(vi)

the Trustee ceases to have a valid and enforceable security interest in the Trustee Collateral (each event listed in paragraphs (i) through (vi), an "Event of Default");

then, and in any such case and at any time thereafter, the Liquidity Facility Provider may declare that the Liquidity Facility shall be cancelled whereupon all outstanding Advances shall be immediately repayable and the Available Commitment shall be reduced to zero. 13.2

Illegality If at any time it shall become unlawful for the Liquidity Facility Provider to maintain, make, fund or allow to remain outstanding its Liquidity Facility, then the Liquidity Facility Provider shall, promptly after becoming aware of the same, deliver to the Issuer, through the Issuer’s Cash Administrator a certificate to that effect, and unless such illegality is avoided in accordance with Clause 13.3:

13.3

(i)

the Liquidity Facility Provider shall not thereafter be obliged to make further Liquidity Advances and the amount of the Available Commitment shall be reduced to zero; and

(ii)

if the Liquidity Facility Provider so requires, the Issuer shall, on such Payment Date as the Liquidity Facility Provider shall have specified, repay the Liquidity Facility Provider of any outstanding Advances together with accrued interest thereon and all amounts owing to the Liquidity Facility Provider hereunder.

Mitigation If, with respect to the Liquidity Facility Provider, circumstances arise which would, or would upon the giving of notice, result in the reduction of the Available Commitment to zero then, without in any way limiting, reducing or otherwise qualifying the obligations of the Issuer under Clause 13.2 above, the Liquidity Facility Provider shall promptly upon becoming aware of the same notify the Issuer through the Cash Administrator thereof and, in consultation with the Issuer and the Rating Agencies, take such steps as are in its opinion reasonable and as may be open to it to mitigate the effects of such circumstances including (without limitation) the change of Liquidity Facility Office.

14.

INDEMNITY

14.1

If the Liquidity Facility Provider receives or recovers from the Issuer all or part of a Liquidity Advance otherwise than on the relevant Payment Date, the Issuer shall pay to the Liquidity

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Facility Provider on demand an amount equal to the amount (if any) by which (i) the additional interest which would have been payable on the amount so received or recovered had it been received or recovered on the relevant Payment Date exceeds (ii) the amount of interest which in the opinion of the Liquidity Facility Provider would have been payable to the Liquidity Facility Provider on the relevant Payment Date in respect of the amount so received or recovered if deposited by it with a leading bank accepting such deposits in Frankfurt am Main for a period starting on the third Business Day following the date of such receipt or recovery and ending on the relevant Payment Date. 14.2

The Issuer undertakes to indemnify the Liquidity Facility Provider on demand against any cost, loss or expense, including legal fees, which it may sustain or incur as a consequence of any default by the Issuer in the performance of any of the obligations expressed to be assumed by it under this Agreement.

14.3

The Issuer shall not be obliged to indemnify the Liquidity Facility Provider for any cost, loss or expense incurred under this Agreement which is attributable to the negligence or wilful misconduct of the Liquidity Facility Provider.

15.

PAYMENTS

15.1

On each date upon which this Agreement requires an amount to be paid by the Issuer or the Liquidity Facility Provider hereunder, the Issuer or the Liquidity Facility Provider, as the case may be, shall make the amount available by payment in euro in cleared funds to such account as the relevant payee may have specified for this purpose, provided that if and to the extent that any amounts are credited to the Collateral Account, (i) any Liquidity Advances shall be drawn by the Issuer (acting through the Cash Administrator and subject to the confirmation of the Transaction Monitor that all conditions for the making of such Liquidity Advance have been met) by debiting the relevant amount from the Collateral Account and (ii) any repayments by the Issuer of principal amounts outstanding under any Liquidity Advance shall be made to the Collateral Account.

15.2

All payments to be made by the Issuer to the Liquidity Facility Provider hereunder shall be made free and clear of and without deduction for or on account of tax unless the Issuer is required to make a payment subject to the deduction or withholding of tax imposed subsequent to the date of this Agreement, in which case the sum payable by the Issuer in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Liquidity Facility Provider receives and retains a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be made.

15.3

Without prejudice to the provisions of Clause 15.2, if the Liquidity Facility Provider is required to make any payment on account of tax imposed subsequent to the date of this Agreement (not being a tax imposed on the net income of its Liquidity Facility Office by the jurisdiction in which it is incorporated or in which its Liquidity Facility Office is located) on or in relation to any sum received or receivable hereunder by the Liquidity Facility Provider (including, without limitation, any sum received or receivable under this Clause) or any liability in respect of any such payment is asserted, imposed, levied or assessed against the Liquidity Facility Provider, the Issuer shall, upon demand of the Liquidity Facility Provider promptly indemnify it against such payment or liability, together with any interest, penalties and expenses payable or incurred in connection therewith.

15.4

If, by reason of any change in, or compliance with, any law, regulation, treaty or official directive and/or any request or requirement (whether or not having the force of law) relating to the maintenance of capital, reserves, fees and/or special deposits or any other request from or

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requirement of any central bank or other fiscal, monetary or other authority (including, without limitation, a request or requirement which affects the manner in which the Liquidity Facility Provider allocates capital resources to its obligations hereunder) including any change in the interpretation or administration of any of the same: (i)

the Liquidity Facility Provider determines in its reasonable commercial opinion that it (or any holding company of the Liquidity Facility Provider) is unable to obtain the rate of return on its overall capital which it would have been able to obtain but for the Liquidity Facility Provider's entering into or assuming or maintaining a commitment or performing its obligations under this Agreement;

(ii)

the Liquidity Facility Provider determines in its reasonable commercial opinion that it (or any holding company of the Liquidity Facility Provider) will incur or has incurred a cost or has suffered or will suffer a reduction in the rate of return on its overall capital as a result of the Liquidity Facility Provider's entering into or having entered into or assuming or maintaining a commitment or performing its obligations under this Agreement or making one or more payments hereunder;

(iii)

there is any increase in the cost to, or reduction in the rate of return on its overall capital for, the Liquidity Facility Provider or any holding company of the Liquidity Facility Provider (as determined by the Liquidity Facility Provider in its reasonable commercial opinion) of assuming or maintaining a commitment or performing its obligations under this Agreement or making one or more payments hereunder or of funding or maintaining the Liquidity Facility Provider of the Liquidity Advances or any unpaid sum; or

(iv)

the Liquidity Facility Provider determines that the amount of principal, interest or other amount payable to it (or any holding company of the Liquidity Facility Provider) hereunder is reduced or that it (or any holding company of the Liquidity Facility Provider) has become or will become liable to make any payment for or on account of tax or otherwise (not being a tax imposed on its net income by the jurisdiction in which it is incorporated or the branch through which it has made such payment) on or calculated by reference to the amount of payments made or to be made by it hereunder and/or by reference to any sum received or receivable by it hereunder,

then the Issuer shall, on the Payment Date immediately following receipt of a request from the Liquidity Facility Provider, pay to the Liquidity Facility Provider amounts sufficient to indemnify the Liquidity Facility Provider from and against, as the case may be, (aa) such reduction in the rate of return of capital (or such proportion of such reduction as is, in the reasonable opinion of the Liquidity Facility Provider, attributable to its obligations hereunder), (bb) such cost, (cc) such increased cost (or such proportion of such increased cost as is, in the opinion of the Liquidity Facility Provider, attributable to its funding or maintaining payments made hereunder), or (dd) such liability.

16.

LIQUIDITY FACILITY COMMITMENT FEE On each Payment Date, the Issuer shall pay to the Liquidity Facility Provider a commitment fee (the "Liquidity Facility Commitment Fee") in an amount equal to 0.0025% of the Available Commitment as of the immediately preceding Payment Date and subject to that there are funds available to the Issuer which the Issuer is entitled to apply in accordance with the Priority of Payments for such purpose.

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17.

STAMP DUTIES The Issuer shall pay all stamp, registration and other similar taxes to which this Agreement or any judgement given in connection herewith may at any time become subject subsequent to the date of this Agreement and shall from time to time on demand of the Liquidity Facility Provider indemnify the Liquidity Facility Provider against any liabilities, reasonable costs, claims and expenses resulting from any failure to pay or any delay in paying any such tax.

18.

EVIDENCE OF DEBT

18.1

The Liquidity Facility Provider shall maintain in accordance with its usual practice accounts evidencing the amounts from time to time lent by and/or owing to it hereunder.

18.2

In any legal action or proceeding arising out of or in connection with this Agreement, the entries made in the accounts maintained pursuant to Clauses 18.1 shall be prima facie evidence of the existence and amounts of the obligations of the Issuer therein recorded and, in the case of any inconsistency, the Liquidity Facility Provider’s records will take precedence.

19.

CONFIDENTIALITY The Liquidity Facility Provider shall maintain confidential all information provided or caused to be provided to it by the Issuer in connection with this Agreement, unless the information is publicly known, has already been known to it before the commencement of negotiations in respect of the conclusion of this Agreement, is disclosed to it by third parties without breach of any confidentiality obligations, constitutes information which is disclosed in pursuance of the Liquidity Facility Provider's claims hereunder, or is to be disclosed or communicated due to statutory, public authorities’ or judicial requirements. The Liquidity Facility Provider shall be entitled to furnish information which is to be maintained confidential to the other parties to the Transaction Agreements in connection with the performance of its obligations hereunder and to third parties to the extent so permitted herein, but always subject to the applicable statutory rules of data secrecy.

20.

LIMITED RECOURSE AND NON-PETITION; DEFERRAL OF PAYMENTS

20.1

All payment obligations of the Issuer hereunder constitute exclusively obligations to make payments in an amount limited to any credit on the Issuer Accounts (as defined in the Trust Agreement) and proceeds from the assets being the subject of the Trustee Collateral (as defined in the Trust Agreement) pursuant to the Trust Agreement and the other Transaction Documents, in each case in accordance with and subject to the Priority of Payments (as defined below). Funds available for such payments will be generated by, and limited to, notably payments received in respect of the Participation Rights. This Agreement shall not give rise to any payment obligation in excess of the foregoing and recourse shall be limited accordingly. To the extent that such assets, or the proceeds from the realisation thereof, prove ultimately insufficient to satisfy the claims of the Liquidity Facility Provider in full, then any shortfall arising shall be extinguished and the Liquidity Facility Provider shall have no further claims against the Issuer, provided that the foregoing shall be without prejudice to any termination rights. Such assets and proceeds shall be deemed to be "ultimately insufficient" at such time when, in the reasonable opinion of the Trustee, no further assets are available and no further proceeds can be realised therefrom to satisfy any outstanding claim of the Liquidity Facility Provider, and neither assets nor proceeds will be so available thereafter.

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The Liquidity Facility Provider shall not take steps against the Issuer, the General Partner or the Limited Partner to recover any sum so unpaid and, in particular, the Liquidity Facility Provider shall not petition or take any other step or action for the winding up, examinership, liquidation or dissolution of the Issuer, the General Partner or the Limited Partner, nor for the appointment of a liquidator, examiner, receiver or other person in respect of the Issuer, the General Partner or the Limited Partner, or the assets of the aforementioned, until after the expiry of a period of one year and one day following the payment of all amounts payable under the Terms and Conditions of the Notes. No recourse under any obligation, covenant, or agreement of any party contained in this Agreement shall be had against any shareholder, member, officer or director of the Issuer, its General Partner and its Limited Partner as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement constitutes limited liability obligations of the Issuer, and no personal liability shall attach to or be incurred by the shareholders, members, officers, agents or directors of the Issuer, its General Partner and its Limited Partner as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Issuer of any of such obligations, covenants or agreements, either at law or by statute or constitution (whether in contract, tort or otherwise), of every such shareholder, member, officer, agent or director is hereby expressly waived (to the extent permitted by applicable law) by the other party to this Agreement as a condition of and consideration for the execution of this Agreement. "Priority of Payments" has the meaning given to it in Section 2.3 of the Terms and Conditions. 20.2

Payment of all amounts accrued hereunder shall be deferred until the first Payment Date (without any interest thereon or any additional payments to be made by the Issuer in respect of such deferred amounts), and shall become due and payable (but only if and to the extent that there are funds available to the Issuer in accordance with the Priority of Payments) on such Payment Date. If and to the extent any deferred amounts do not become due and payable on such Payment Date because insufficient funds are available to the Issuer in accordance with the Priority of Payments, the Issuer shall pay such amounts on the next Payment Date on which it has funds available therefor in accordance with the Priority of Payments.

21.

COMMUNICATIONS All communications hereunder shall be made in English by mail or by fax, provided that notices regarding the termination of this Agreement given by fax shall be confirmed by mail. Subject to written notification of any change of address, all communications hereunder shall be directed to the following addresses: (i)

if to the Liquidity Facility Provider: Commerzbank Aktiengesellschaft Kaiserstr. 30 60261 Frankfurt am Main Germany Attention:

Klaus Wilhelm Walter

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(ii)

if to the Issuer: CB MezzCAP Limited Partnership 26 New Street St. Helier Jersey JE2 3RA Channel Islands Attention: Telephone: Telefax:

The Directors +44 1534 824 121 +44 1534 814 815

cc: Commerzbank AG, London Branch acting in its capacity as Transaction Monitor 60 Gracechurch Street London EC3V 0HR United Kingdom Attention: Telephone: Telefax:

CB MezzCAP +44 20 7469 3206 +44 20 7469 3218

22.

AMENDMENTS; ASSIGNMENT

22.1

This Agreement (including this Clause 22.1) may only be amended by agreement of all parties hereto in writing. The parties hereto shall only agree to any amendment hereto subject to the prior written consent of the Trustee.

22.2

The Liquidity Facility Provider may, at any time, assign all or any of its rights and benefits hereunder or transfer all or any of its rights, benefits and obligations hereunder (i) to any subsidiary or holding company, or any subsidiary of any holding company, of the Liquidity Facility Provider provided that such assignee's or transferee's obligations hereunder are unconditionally and irrevocably guaranteed in all respects by the Liquidity Facility Provider during the term hereof or (ii) to another financial institution, provided in each case that such assignment or transfer may only be made subject to the prior confirmation of each of the Rating Agencies that the then current ratings of the Notes would not be downgraded or withdrawn due to the proposed assignment or transfer.

22.3

The Issuer hereby gives notice to the Liquidity Facility Provider that it has pursuant to the Trust Agreement pledged to the Trustee all its present and future, actual and contingent claims and rights arising hereunder for the due discharge of the Trustee Claim as defined in the Trust Agreement. The Liquidity Facility Provider thereby acknowledges the receipt of the above notice of, and agrees to, such pledge and confirms that it has knowledge of the provisions of the Trust Agreement relating thereto. The Liquidity Facility Provider thereby waives any security interest relating to the claims being the subject of the pledge, and confirms that it is not aware of any rights of third parties in respect of such claims.

22.4

Neither party may assign, encumber or otherwise deal with all or a portion of its rights or obligations hereunder except as permitted herein or in the other Transaction Documents.

23.

SEVERABILITY

23.1

If any provision of this Agreement is or becomes invalid in whole or in part, the remaining

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provisions shall remain unaffected thereby. Invalid provisions shall be replaced by such valid provisions which taking into consideration the purpose and intent of this Agreement have to the extent legally possible the same economic effect as the invalid provisions. The foregoing provisions shall apply mutatis mutandis with regard to any lacunae (Vertragslücken) in this Agreement. 23.2

Each party to this Agreement undertakes vis-à-vis the respective other party to take all actions that become necessary pursuant to Clause 23.1 or for other reasons to implement this Agreement.

24.

GOVERNING LAW; JURISDICTION

24.1

This Agreement shall be governed by, and construed in accordance with, the laws of the Federal Republic of Germany.

24.2

The non-exclusive place of jurisdiction for any action or other legal proceedings arising out of or in connection with this Agreement shall be the District Court (Landgericht) in Frankfurt am Main. The Issuer hereby submits to the jurisdiction of such court. The Issuer has appointed FIDEUROP Treuhandgesellschaft für den Gemeinsamen Markt mbH, Wirtschaftsprüfungsgesellschaft, with its current seat at Bockenheimer Anlage 15, Mozartplatz, 60322 Frankfurt am Main, Federal Republic of Germany, as its agent who is authorised to receive service of process in relation to any legal proceedings initiated before a German court. The Issuer shall maintain an agent for service of process in the Federal Republic of Germany during the term of this Agreement.

25.

CONDITION PRECEDENT The amendment and restatement of this Agreement dated 11 April 2006 shall take effect subject to the condition precedent (aufschiebende Bedingung) that the Notes will be issued and that the Issuer's claim for the payment of the subscription moneys for the Notes will be satisfied pursuant to the Subscription Agreement.

26.

COUNTERPARTS This Agreement may be executed in one or more counterparts. Each signed counterpart shall constitute an original, but all of which together shall constitute one and the same agreement.

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CERTAIN OTHER TRANSACTION AGREEMENTS

The following is a summary of certain Transaction Agreements which is necessarily incomplete. Prospective investors are advised to review the full text of all Transaction Agreements which are available at the specified offices of the Lead Manager.

1.

FINANCIAL ADVISORY AGREEMENT Obligations of the Financial Advisor Pursuant to the Financial Advisory Agreement entered into between the Issuer and the Financial Advisor, the Financial Advisor shall perform the following obligations: Prior to the closing date of the Bridge Facility, the Financial Advisor shall (i) provide information to and support the Issuer (with a copy to the Investment Board) with the selection of such companies which it considers suitable to form part of the portfolio of Participation Rights exclusively based on Moody's KMV industry classification and a rating classification on the basis of Moody's KMV credit assessment as well as a rating by Commerzbank Aktiengesellschaft and (ii), upon instructions of the Issuer, arrange for the necessary steps in relation to the execution of the Participation Right Agreements. Subsequent to the closing date of the Bridge Facility, the Financial Advisor shall (i) monitor the performance of the Companies, in particular by checking the year-end figures and other information with regard to the transaction and in connection with the Companies, (ii) inform the Issuer, the Trustee, the Investment Board and the Transaction Monitor of any events which trigger additional information rights of the Issuer under the Participation Right Agreements, (iii) in the case of (ii) above, provide information and make proposals to the Issuer (with a copy to the Investment Board) in relation to the exercise or non-exercise of the Issuer's additional information rights under the Participation Right Agreements, and if the Issuer exercises any of its additional information rights under the Participation Right Agreements such as the activation of the Recovery Advisor, advise the Issuer in relation thereto, (iv) monitor the performance of the Recovery Advisor, (v) based upon the advice of the Recovery Advisor, provide information and make proposals to the Issuer (with a copy to the Investment Board) in relation to the termination of any Participation Right Agreements and the disposal of Participation Rights, and (vi) provide information and make proposals to the Issuer (with a copy to the Investment Board) in relation to any other material matters relating to the administration of the portfolio of Participation Right Agreements. General Terms of Appointment The Financial Advisor shall perform its obligations under the Financial Advisory Agreement with the standard of care of a prudent merchant (Sorgfalt eines ordentlichen Kaufmanns). The Financial Advisor shall have no obligation or authority under the Financial Advisory Agreement to perform any duties other than those referred to or as specified therein. The Financial Advisor undertakes not to engage itself in any activities for the benefit of the Issuer other than rendering the advisory services specified in the Financial Advisory Agreement and in particular, shall not take any business or management decisions on behalf of the Issuer. The Financial Advisor shall have no power of attorney to make any declarations binding on the Issuer or to act as any form of branch, agency or representation of the Issuer nor to direct, administer or manage any part of the business of the Issuer.

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The Financial Advisor shall be entitled to rely upon, and shall not incur any liability for relying upon, (i) any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person, and (ii) any statement made to it orally or by telephone and believed by it to be made by the proper person. The Financial Advisor may consult with legal counsel, accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in respect of its obligations under the Financial Advisory Agreement in good faith in accordance with the advice of any such counsel, accountants or other experts, provided that is has exercised due care in the selection of the relevant expert. The Financial Advisor may at its own cost delegate the performance of its obligations under the Financial Advisory Agreement, in whole or in part, to vicarious agents (Erfüllungsgehilfen, § 278 of the German Civil Code (Bürgerliches Gesetzbuch)). A more extensive delegation of its duties is not permitted. The exculpatory provisions contemplated in this subsection entitled "General Terms of Appointment" shall apply to any such agent. The services of the Financial Advisor to be rendered under the Financial Advisory Agreement are non-exclusive. Nothing in the Financial Advisory Agreement shall prevent the Financial Advisor or any of its affiliates from engaging in other businesses, as principal or in an advisory or other capacity with, or have any economic interests in or other relationships with any other person. In particular, the Financial Advisor or its affiliates may (i) render services similar to the services to be rendered under the Financial Advisory Agreement to any person, (ii) engage in negotiations leading to the restructuring of investments held for their own account or for the account of others in obligors under the Participation Right Agreements, without any duty to act in any way which is favourable to the interests of the Issuer or the Noteholders, (iii) acquire or provide advisory or other services in respect of investments ranking pari passu, senior or junior to an investment held by the Issuer, or have any other economic interests in or other relationships with the relevant obligor. Each of the foregoing may give rise to conflicts of interest. In such instances, the Financial Advisor and its affiliates may in their discretion make investment proposals, take decisions or otherwise act in a way that may be the same as or different from actions under the Financial Advisory Agreement with respect to the Issuer's investments. The Financial Advisor may refrain from any action under the Financial Advisory Agreement which, in the sole discretion of the Financial Advisor, would give rise to a conflict of interest. The Financial Advisor shall comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under the Financial Advisory Agreement. Unless otherwise specifically required in the Financial Advisory Agreement or by applicable law, the Financial Advisor shall use reasonable efforts not to take any action that it knows (i) is not permitted under the Issuer's partnership agreement, (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer the violation of which has or could reasonably be expected to have a material adverse effect on the Issuer, any Participation Right Agreement or the Noteholders, or (iii) would result in the Issuer violating the Terms and Conditions or the terms of any agreement to which it is a party. Fees and Expenses On each Payment Date, the Issuer shall pay to the Financial Advisor a fee, and shall reimburse any costs and expenses, as separately agreed between the Issuer and the Financial Advisor. Limitation of responsibility; Indemnity The Financial Advisor shall be liable for its acts or omissions under or in connection with the

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Financial Advisory Agreement only if and to the extent that such acts or omissions constitute an intentional or negligent (vorsätzliche oder fahrlässige) breach of its obligations thereunder. The Financial Advisor shall not be liable for indirect damages (mittelbare Schäden) of any kind whatsoever (including but not limited to lost profits), unless the Financial Advisor has acted intentionally. The Financial Advisor has not made any investigation into the matters of the Companies, including into matters which could be considered in connection with the assessment of a qualitative credit rating. Accordingly, the Financial Advisor will not assume any liability in connection with the potential inability of the Companies to meet their payment obligations under the Participation Right Agreements. The Financial Advisor shall not be liable to the Issuer for any error of judgement in connection with the performance of the Financial Advisor's services under the Financial Advisory Agreement. Subject to the provisions of the Financial Advisory Agreement, the Issuer shall indemnify the Financial Advisor and its affiliates against all losses, liabilities, obligations (including any taxes other than taxes on the Financial Advisor's and its affiliates' overall income or gains which are imposed in the future on the services under the Financial Advisory Agreement), actions in and out of court and costs and disbursements in connection with the foregoing incurred by the Financial Advisor or its affiliates in connection with the Financial Advisory Agreement, unless such losses, liabilities, obligations, actions, costs and disbursements are incurred due to the Financial Advisor's intentional or negligent breach of its obligations thereunder. The obligations of the Issuer set out in this paragraph shall survive the termination of the Financial Advisory Agreement. Termination The Financial Advisory Agreement shall automatically terminate upon the redemption in full of the Notes. The Financial Advisory Agreement may be terminated without cause by the Financial Advisor by giving at least 30 calendar days' prior written notice to the Issuer. The Financial Advisory Agreement may be terminated by the Issuer for cause by giving at least 10 Business Days' prior written notice to the Financial Advisor upon the occurrence of any of the following events: (i) a breach by the Financial Advisor of any of its obligations under the Financial Advisory Agreement which is materially prejudicial to the interest of the Noteholders, if such breach remains uncured for 30 calendar days after written notice thereof is given; (ii) the Financial Advisor is unable to pay its debts as they fall due (zahlungsunfähig) or is overindebted (überschuldet), becomes subject to insolvency proceedings, a motion to institute such proceedings is filed and not discharged within 90 days, or such proceedings are not instituted for lack of assets; (iii) any representation made by the Financial Advisor under the Financial Advisory Agreement proves to have been materially incorrect or materially misleading when made; (iv) the Financial Advisor is no longer legally authorised to carry out its duties under the Financial Advisory Agreement; (v) an action by the Financial Advisor in connection with its business which constitutes fraud or criminal activity or any of its principal decision makers in connection with the Financial Advisory Agreement has been indicted for a criminal offence materially related to its business of providing financial advisory services. Any termination notice shall become effective on the day a replacement financial advisor is appointed. In the case of any termination notice given under the Financial Advisory Agreement, the Issuer shall use its best efforts to appoint a replacement financial advisor. The Issuer, after consultation with the Transaction Monitor, shall procure that the replacement financial advisor be a person which (i) has demonstrated an ability to perform professionally and competently duties similar to those imposed upon the Financial Advisor under this Agreement and has a substantially similar (or higher) level of expertise, (ii) is legally qualified and has the capacity to act as financial advisor under this Agreement, as successor to the Financial Advisor hereunder

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in the assumption of all the duties, responsibilities and obligations of the Financial Advisor hereunder and under the other Transaction Documents to which the Financial Advisor is a party, and (iii) will perform its duties as financial advisor under this Agreement without causing the Issuer or any Noteholder to become subject to tax in any jurisdiction where such replacement financial advisor is established or doing business. No such replacement financial advisor may be appointed unless (i) it has agreed in writing to assume all of the Financial Advisor's duties and obligations under the Financial Advisory Agreement, (ii) the Trustee has given its prior written consent and (iii) if Notes have been issued, the Rating Agencies have confirmed that the then current rating of the Notes would not be downgraded or withdrawn as a consequence of such appointment. The Financial Advisor shall take such action consistent with the Financial Advisory Agreement and reasonably required by the Trustee as shall be necessary to effect any such replacement. Nothing in the Financial Advisory Agreement shall prejudice any right of a party thereto to terminate such Agreement for good cause (aus wichtigem Grund) as a matter of mandatory law.

2.

RECOVERY ADVISORY AGREEMENT Obligations of the Recovery Advisor Pursuant to the Recovery Advisory Agreement entered into between the Issuer, the Recovery Advisor and the Disposal Advisor (together, the "Advisors"), the Recovery Advisor shall perform the following obligations: Following each request of the Issuer to render recovery advice in respect of a specified Company and the related Participation Right Agreement, and subject to the Issuer's specific instructions, the Recovery Advisor shall (i) procure all information it deems relevant in its reasonable discretion for a recovery analysis of the relevant Company, in particular (aa) provide a detailed requirement list to the management board of the relevant Company; this list may in particular include annual reports, management reports, auditor's and other consultant's reports, shareholder overviews as well as minutes of board meetings and other committees; the Recovery Advisor shall require the management board of the relevant Company to confirm the completeness of the submitted information; (bb) conduct discussions with the management board and the advisors of the relevant Company (e.g. legal advisors, management consultants and tax advisors); (cc) inspect the internal financial reports (including liquidity planning), minutes and resolutions of the management board and the minutes and resolutions of the supervisory board, the advisory council and the shareholders' meeting (in each case to the extent applicable and permissible by law); and/or (dd) inspect the material contracts and documents and review the material transactions of the relevant Company; (ii) based on the information obtained pursuant to (i) above and together with any information which may be supplied by or on behalf of the Issuer, prepare a presentation on the relevant Company's economic condition; (iii) based on the analysis and evaluation on the relevant Company's economic condition, prepare a written evaluation of potential courses of action; (iv) prepare a written recommendation regarding the preferred course of action, in particular (aa) possible restructuring alternatives in respect of the relevant Company, (bb) a potential disposal of the relevant Participation Right Agreement or (cc) a possible termination of the relevant Participation Right Agreement. The Recovery Advisor shall submit the presentations, evaluations and recommendations referred to in the preceding paragraph to the Issuer with a copy to the Investment Board, the Financial Advisor and the Transaction Monitor. For the purpose of performing such services, the Recovery Advisor shall be authorised to exercise the Issuer's information rights under the relevant Participation Right Agreements. The

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Recovery Advisor's interaction with the Companies shall be limited to the exercise of such information rights, and under no circumstances shall the Recovery Advisor exercise any influence on the management of the Companies. The Issuer acknowledges that the quality of the Recovery Advisor's analysis strongly correlates to the quality and timeliness of the information provided by the relevant Companies. Obligations of the Disposal Advisor Pursuant to the Recovery Advisory Agreement, the Disposal Advisor shall perform the following obligations: Following each decision of the Issuer to dispose of a Participation Right Agreement and request of the Issuer to render disposal advice, and subject to the Issuer's specific instructions, the Disposal Advisor shall (i) organise and coordinate the disposal process; (ii) prepare an information memorandum; (iii) select, contact and liaise with suitable national and/or international potential acquirers; (iv) promptly answer questions of potential acquirers and provide support to the Issuer, its agents and advisors in connection with the disposal process; (v) procure binding offers and evaluate such offers, (v) negotiate the terms of disposal and (iv) following the decision of the Issuer on the preferred acquirer and the terms of disposal, advise the Issuer with respect to the preparation, execution and closing of the disposal of the relevant Participation Right Agreement. If the Issuer is or shall become aware of potential acquirers independently of the Disposal Advisor's services, it shall notify such potential acquirers to the Disposal Advisor for the purpose of inclusion in a co-ordinated disposal process. During the term of the Recovery Advisory Agreement, the Issuer shall refrain from conducting disposal activities independent from and competing with the disposal advisory services rendered by the Disposal Advisor. Auction Call Upon the decision and request of the Issuer on or subsequent to the Payment Date falling in April 2013 to effect an auction call in accordance with the following sentences (the "Auction Call"), and subject to the Issuer's specific instructions, the Disposal Advisor shall organise a disposal process for the entire remaining portfolio of Participation Right Agreements of the Issuer. The provisions of the Recovery Advisory Agreement governing the obligations of the Disposal Advisor (as described above) shall apply mutatis mutandis. The Disposal Advisor shall use its best efforts in order to achieve the satisfaction of the conditions for closing an Auction Call stipulated in the following paragraph. The Issuer may only close an Auction Call and dispose of its Participation Right Agreements subject to each of the following conditions precedent being satisfied: (i) the occurrence of the Payment Date falling in April 2013; (ii) the Issuer has received a binding offer for the entire acquisition of each Participation Right Agreement to which it is then a party, such price to be paid in immediately available funds on the Business Day immediately preceding the proposed redemption date of the Notes; (iii) the aggregate purchase price of such binding offers (net of any fees, costs and taxes payable in connection with such disposal) (the "Expected Purchase Price") exceeds the sum of (aa) the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D and Class E Notes and (bb) any accrued but unpaid interest amounts thereon at the proposed redemption date of such Notes pursuant to the Terms and Conditions following the closing of the Auction Call and (cc) all expected payments to be made by the Issuer on such date which rank senior to the Class A Notes pursuant to Section 2.3 of the Terms and Conditions of the Notes; (iv) each of the persons making a binding offer referred to in (ii) above has a credit rating of its short-term unsecured debt obligations of at least "P-1" by Moody's and

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"A-1+" by Standard & Poor's or its obligations arising under the relevant binding offer (when accepted by the Issuer) are irrevocably and unconditionally guaranteed by a party with such rating; and (v) unless the Expected Purchase Price exceeds the sum of (aa) the aggregate Note Principal Amount of the Class A, Class B, Class C, Class D, Class E and Class F Notes and (bb) any accrued but unpaid interest amounts thereon at the proposed redemption date of such Notes pursuant to the Terms and Conditions following the closing of the Auction Call and (cc) all expected payments to be made by the Issuer on such date which rank senior to the Class A Notes pursuant to Section 2.3 of the Terms and Conditions of the Notes, each of the Class F Noteholders has given its irrevocable consent to the Auction Call. The Issuer shall apply the net proceeds from the Auction Call and the realisation of Permitted Investments (as defined in the Cash Administration Agreement) disposed of by the Cash Administrator pursuant to the Cash Administration Agreement and all other available funds of the Issuer in accordance with Section 2.3 of the Terms and Conditions of the Notes towards the redemption of the Notes. The Issuer shall not dispose of any Participation Right Agreement other than set forth in the preceding paragraphs unless the Issuer is entitled to additional information rights under the relevant Participation Right Agreement pursuant to Clause 11.2(b)(iii) thereunder (in the case of Participation Right Agreements Type A) or Clause 9.2(b)(iii) thereunder (in the case of Participation Right Agreements Type B). General Terms of Appointment Each Advisor shall perform its obligations under the Recovery Advisory Agreement with the standard of care of a prudent merchant (Sorgfalt eines ordentlichen Kaufmanns). Each Advisor undertakes not to engage itself in any activities for the benefit of the Issuer other than rendering the advisory services specified in the Recovery Advisory Agreement and in particular, shall not take any business or management decisions on behalf of the Issuer. Each Advisor shall have no power of attorney to make any declarations binding on the Issuer or to act as any form of branch, agency or representation of the Issuer nor to direct, administer or manage any part of the business of the Issuer. The Advisors will not provide any legal advisory services. In the event that any of the Advisors should be prevented from performing its obligations under the Recovery Advisory Agreement due to a conflict of interests determined pursuant to the standards of its internal risk management or applicable law (e.g. in connection with its appointment as the auditor of a Company), the relevant Advisor may at its own cost delegate the performance of its obligations thereunder, to the extent required to avoid such conflict of interests, to a suitable third party approved by the Issuer and the Trustee (such approval not to be unreasonably withheld). In the case of any delegation made in accordance with the preceding sentence, the delegating Advisor shall only be liable for the diligent selection of the delegee. Any other delegation of the Advisors' duties under the Recovery Advisory Agreement is not permitted. The services of each Advisor to be rendered under the Recovery Advisory Agreement are nonexclusive. Nothing in the Recovery Advisory Agreement shall prevent each Advisor or any of its affiliates from providing similar services as the services to be rendered thereunder, or engaging in other businesses, as principal or in an advisory or other capacity with other persons. Each Advisor shall comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under the Recovery Advisory Agreement.

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Unless otherwise specifically required in the Recovery Advisory Agreement or by applicable law, each Advisor shall use reasonable efforts not to take any action that it knows (i) is not permitted under the Issuer's partnership agreement, (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer the violation of which has or could reasonably be expected to have a material adverse effect on the Issuer, any Participation Right Agreement or the Noteholders, or (iii) would result in the Issuer violating the Terms and Conditions or the terms of any other Transaction Document to which it is a party. The standard terms and conditions of the Recovery Advisor shall apply in respect of the appointment of the Recovery Advisor under the Recovery Advisory Agreement and the standard terms and conditions of the Disposal Advisor shall apply in respect of the appointment of the Disposal Advisor under the Recovery Advisory Agreement, provided that in the case of conflicting provisions, the provisions of the Recovery Advisory Agreement shall take precedence. Fees and Expenses On each Payment Date, the Issuer shall pay to each Advisor a fee, and shall reimburse any costs and expenses, as separately agreed between the Issuer and each Advisor. Limitation of Responsibility; Indemnity Each Advisor shall be liable for its acts or omissions under or in connection with the Recovery Advisory Agreement only if and to the extent that such acts or omissions constitute an intentional or negligent (vorsätzliche oder fahrlässige) breach of its obligations thereunder, provided that the Advisors shall not be liable for simple negligence (einfache Fahrlässigkeit) to the extent that core contractual obligations (wesentliche Vertragspflichten) are not affected. The Advisors shall not be liable for (i) atypical (vertragsuntypische) and unpredictable (unvorhersehbare) damages and (ii) the correctness and completeness of any information provided to them by the Issuer or third parties. The Advisors shall be liable for oral advice only to the extent confirmed in writing. The Advisors shall have no duties and consequently, no liability towards the Financial Advisor, the Investment Board and the Transaction Monitor. The liability for intentional actions (vorsätzliche Handlungen) shall be unprejudiced by the provisions set out in this paragraph. To the extent permitted by law, the aggregate liability of the Disposal Advisor under the Recovery Advisory Agreement for negligence (Fahrlässigkeit) shall be limited to EUR 500,000. The liability of the Advisors under the Recovery Advisory Agreement shall be limited as stipulated in their respective terms and conditions attached thereto. The Issuer shall indemnify each Advisor against all losses, liabilities, obligations (including any taxes other than taxes on the relevant Advisor's overall income or gains which are imposed in the future on the services under the Recovery Advisory Agreement), actions in and out of court and costs and disbursements in connection with the foregoing incurred by the relevant Advisor in connection with the Recovery Advisory Agreement, if and to the extent that the relevant Advisor is not liable for the cause of such losses, liabilities, obligations, actions, costs and disbursements pursuant to the provision of the Recovery Advisory Agreement. The obligations of the Issuer described in this paragraph shall survive the termination of the Recovery Advisory Agreement

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Termination The Recovery Advisory Agreement shall automatically terminate upon the redemption in full of the Notes. Without prejudice to the preceding paragraph, the Recovery Advisory Agreement may be terminated by each party thereto for good cause (aus wichtigem Grund) only by giving 30 business days' notice thereof to the respective other party. Good cause for the termination by the Issuer of an appointment of an Advisor under the Recovery Advisory Agreement shall be constituted, in particular and without limitation, upon the occurrence of any of the following events: (i) a breach by the relevant Advisor of any of its obligations under the Recovery Advisory Agreement which is materially prejudicial to the interest of the Issuer or the Noteholders, if such breach remains uncured for 30 calendar days after written notice thereof is given; (ii) the relevant Advisor is unable to pay its debts as they fall due (zahlungsunfähig) or is overindebted (überschuldet), becomes subject to insolvency proceedings, a motion to institute such proceedings is filed and not discharged within 90 days, or such proceedings are not instituted for lack of assets; (iii) any representation made by the relevant Advisor under the Recovery Advisory Agreement proves to have been materially incorrect or materially misleading when made; (iv) the relevant Advisor is no longer legally authorised to carry out its duties under the Recovery Advisory Agreement; or (v) an action by any of the Advisors' in connection with its business which constitutes fraud or criminal activity of any of the Advisors or any of the Advisors' principal decision makers in connection with the Recovery Advisory Agreement have been indicted for a criminal offence materially related to its business of providing recovery or, as the case may be, disposal advisory services. Any termination notice shall become effective on the day a replacement Advisor is appointed. In the case of any termination notice given under the Recovery Advisory Agreement or the termination of the appointment of an Advisor thereunder for other reasons, the Issuer shall use its best efforts to appoint a replacement Advisor. The Issuer, after consultation with the Transaction Monitor, shall procure that the replacement advisor be a person which (i) has demonstrated an ability to perform professionally and competently duties similar to those imposed upon the terminated Advisor under this Agreement and has a substantially similar (or higher) level of expertise, (ii) is legally qualified and has the capacity to act as advisor under this Agreement, as successor to any of the Advisors hereunder in the assumption of all the duties, responsibilities and obligations of such Advisor hereunder and under the other Transaction Documents to which the Advisor is a party, and (iii) will perform its duties as advisor under this Agreement without causing the Issuer or any Noteholder to become subject to tax in any jurisdiction where such replacement advisor is established or doing business. No such replacement Advisor may be appointed unless (i) it has agreed in writing to assume duties and obligations materially corresponding to those of the terminated Advisor under the Recovery Advisory Agreement and (ii) the Trustee has given its prior written consent. The terminated Advisor shall take such action consistent with the Recovery Advisory Agreement and reasonably required by the Trustee as shall be necessary to effect any such replacement. Nothing in the Recovery Advisory Agreement shall prejudice any right of a party thereto to terminate such Agreement for good cause (aus wichtigem Grund) as a matter of mandatory law.

3.

TRANSACTION MONITORING AGREEMENT Obligations of the Transaction Monitor Pursuant to the Transaction Monitoring Agreement entered into between the Issuer and the Transaction Monitor, the Transaction Monitor shall perform the following services: (i) monitor the performance of the parties to the Transaction; (ii) perform the annual calculation of default

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probabilities for Moody’s KMV RiskCalc (such calculation to be verified by Moody's KMV) and Standard and Poor's Credit Risk Tracker (CRT) in respect of each Company after the respective current annual report is available and provide a summary annual report containing such information when available to the Issuer, the Financial Advisor, the Recovery Advisor, the Disposal Advisor and the Trustee; (iii) inform the Issuer, the Trustee, the Recovery Advisor, the Disposal Advisor and the Financial Advisor if it becomes aware of (aa) rating trigger breaches under the Participation Right Agreements or (bb) payment obligations of Companies not having come into existence under the Participation Right Agreements Type A due to a lack of sufficient free assets; (iv) carry out transaction reporting in a format separately agreed with the Issuer; (v) reasonably co-operate with, and provide assistance to, the Cash Administrator in the fulfillment of its duties under the Cash Administration Agreement; (vi) if the Transaction Monitor becomes aware that the Issuer is entitled to terminate the appointment of the Financial Advisor, Trustee, Cash Administrator, Account Bank, Recovery Advisor, Disposal Advisor or any of the Paying Agents, or any such appointment has terminated, or upon the request of the Issuer, the Transaction Monitor shall search and recommend a successor in such capacity to the Issuer, and upon the decision of the Issuer to appoint a certain successor party, effect such appointment on behalf of the Issuer; (vii) calculate the amounts available to the Issuer to be drawn, and instruct the Cash Administrator to effect such drawdowns on behalf of the Issuer under the Tax Liquidity Facility Agreement; (viii) maintain the Principal Deficiency Ledger on behalf of the Issuer in accordance with the provisions of Section 7.3 of the Terms and Conditions; (ix) give instructions to the Cash Administrator to invest amounts (other than an amount equal to the aggregate Swap Collateral) credited to the accounts of the Issuer in specified Permitted Investments or dispose of specified Permitted Investments in accordance with the provisions of the Cash Administration Agreement, provided that the aggregate amount per annum of such investments shall not exceed 20% of the assets (Vermögen) of the Issuer; and (x) provide the Issuer with the fair values of (a) the Participation Rights on the basis of the verified calculations based on the Moody’s KMV RiskCalc model and (b) the swap to be entered into by the Issuer from its own credit risk department and to procure the provision of the fair value of the swap determined by the swap counterparty as of each 31 December, provided that such services are subject to the requirements of Standard and Poor's in respect of mark-tomarket procedures and external verifications as set out in the Hedging Agreement. The Transaction Monitor shall perform its services pursuant to the Transaction Monitoring Agreement exclusively out of London and any delegation set out in the following subsection entitled "General Terms of Appointment" shall be made exclusively to an agent which performs its services outside of Germany. General Terms of Appointment The Transaction Monitor shall perform its obligations under the Transaction Monitoring Agreement with the standard of care of a prudent merchant (Sorgfalt eines ordentlichen Kaufmanns). The Transaction Monitor shall have no obligation or authority under the Transaction Monitoring Agreement to perform any duties other than those referred to or as specified therein. The Transaction Monitor undertakes not to engage itself in any activities for the benefit of the Issuer other than rendering the advisory services specified in the Transaction Monitoring Agreement. The Transaction Monitor shall have no power of attorney to make any declarations binding on the Issuer or to act as any form of branch, agency or representation of the Issuer nor to direct, administer or manage any part of the business of the Issuer. The Transaction Monitor shall be entitled to rely upon, and shall not incur any liability for relying upon, (i) any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person, and (ii) any statement made to it orally or by telephone and believed by it to be made by the

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proper person. The Transaction Monitor may consult with legal counsel, accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in respect of its obligations under the Transaction Monitoring Agreement in good faith in accordance with the advice of any such counsel, accountants or other experts, provided that is has exercised due care in the selection of the relevant expert. The Transaction Monitor may at its own cost delegate the performance of its obligations under the Transaction Monitoring Agreement, in whole or in part, to vicarious agents (Erfüllungsgehilfen, § 278 of the German Civil Code (Bürgerliches Gesetzbuch)). A more extensive delegation of its duties is not permitted. The exculpatory provisions contemplated in this subsection entitled "General Terms of Appointment" shall apply to any such agent. Services Non-exclusive; Conflicts of Interest The services of the Transaction Monitor to be rendered under the Transaction Monitoring Agreement are non-exclusive. Nothing therein shall prevent the Transaction Monitor or any of its affiliates from engaging in other businesses, as principal or in an advisory or other capacity with, or have any economic interests in or other relationships with, the parties to the Transaction Documents, any affiliate of the foregoing or any other person. In particular, the Transaction Monitor or its affiliates may (i) render services similar to the services to be rendered under the Transaction Monitoring Agreement to any person; (ii) engage in negotiations leading to the restructuring of investments held for their own account or for the account of others in obligors under the Participation Right Agreements, without any duty to act in any way which is favourable to the interests of the Issuer or the Noteholders; (iii) acquire or provide advisory or other services in respect of investments ranking pari passu, senior or junior to an investment held by the Issuer, or have any other economic interests in or other relationships with the relevant obligor. Each of the foregoing may give rise to conflicts of interest. In such instances, the Transaction Monitor and its affiliates may in their discretion act in a way that may be the same as or different from actions under the Transaction Monitoring Agreement with respect to the Issuer's investments. The Transaction Monitor may refrain from any action under the Transaction Monitoring Agreement which, in the sole discretion of the Transaction Monitor, would give rise to a conflict of interest. The Transaction Monitor shall comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under the Transaction Monitoring Agreement. Unless otherwise specifically required in the Transaction Monitoring Agreement or by applicable law, the Transaction Monitor shall use reasonable efforts not to take any action that it knows (i) is not permitted under the Issuer's partnership agreement, (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer the violation of which has or could reasonably be expected to have a material adverse effect on the Issuer, any Participation Right Agreement or the Noteholders, or (iii) would result in the Issuer violating the Terms and Conditions or the terms of any other Transaction Documents to which it is a party. Fees and Expenses On each Payment Date, the Issuer shall pay to the Transaction Monitor a fee, and shall reimburse any costs and expenses, as separately agreed between the Issuer and the Transaction Monitor.

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Limitation of Responsibility; Indemnity The Transaction Monitor shall be liable for its acts or omissions under or in connection with the Transaction Monitoring Agreement only if and to the extent that such acts or omissions constitute an intentional or negligent (vorsätzliche oder fahrlässige) breach of its obligations thereunder. Notwithstanding anything in the Transaction Documents to the contrary, the Transaction Monitor shall not be liable for indirect damages (mittelbare Schäden) of any kind whatsoever (including but not limited to lost profits), unless the Transaction Monitor has acted intentionally. The Transaction Monitor will not assume any liability in connection with the potential inability of the Companies to meet their payment obligations under the Participation Right Agreements. The Transaction Monitor shall not be liable to the Issuer for any error of judgement in connection with the performance of the Transaction Monitor's services under the Transaction Monitoring Agreement. The Issuer shall indemnify the Transaction Monitor and its affiliates against all losses, liabilities, obligations (including any taxes other than taxes on the Transaction Monitor's and its affiliates' overall income or gains which are imposed in the future on the services under the Transaction Monitoring Agreement), actions in and out of court and costs and disbursements in connection with the foregoing incurred by the Transaction Monitor or its affiliates in connection with the Transaction Monitoring Agreement, unless such losses, liabilities, obligations, actions, costs and disbursements are incurred due to the Transaction Monitor's intentional or negligent breach of its obligations under the Transaction Monitoring Agreement. The obligations of the Issuer described in this paragraph shall survive the termination of the Transaction Monitoring Agreement. Termination The Transaction Monitoring Agreement shall automatically terminate upon the redemption in full of the Notes. The Transaction Monitoring Agreement may be terminated without cause by the Transaction Monitor by giving at least 30 calendar days' prior written notice to the Issuer. The Transaction Monitoring Agreement may be terminated by the Issuer for cause by giving at least 10 Business Days' prior written notice to the Transaction Monitor upon the occurrence of any of the following events: (i) a breach by the Transaction Monitor of any of its obligations under the Transaction Monitoring Agreement which is materially prejudicial to the interest of the Noteholders, if such breach remains uncured for 30 calendar days after written notice thereof is given; (ii) the Transaction Monitor is unable to pay its debts as they fall due (zahlungsunfähig) or is overindebted (überschuldet), becomes subject to insolvency proceedings, a motion to institute such proceedings is filed and not discharged within 90 days, or such proceedings are not instituted for lack of assets; (iii) any representation made by the Transaction Monitor under the Transaction Monitoring Agreement proves to have been materially incorrect or materially misleading when made; (iv) the Transaction Monitor is no longer legally authorised to carry out its duties under the Transaction Monitoring Agreement; (v) an action by the Transaction Monitor in connection with its business which constitutes fraud or criminal activity or any of its principal decision makers in connection with the Transaction Monitoring Agreement have been indicted for a criminal offence materially related to its business of providing transaction monitoring services. Any termination notice shall become effective on the day a replacement Transaction Monitor is appointed. In the case of any termination notice given under the Transaction Monitoring Agreement or the termination of the appointment of the Transaction Monitor thereunder for other reasons, the Issuer shall use its best efforts to appoint a replacement transaction monitor. The Issuer shall procure that the replacement transaction monitor be a person which (i) has demonstrated an ability to perform professionally and competently duties similar to those imposed upon the Transaction Monitor under this Agreement and has a substantially similar (or

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higher) level of expertise, (ii) is legally qualified and has the capacity to act as transaction monitor under this Agreement, as successor to the Transaction Monitor hereunder in the assumption of all the duties, responsibilities and obligations of the Transaction Monitor hereunder and under the other Transaction Documents to which the Transaction Monitor is a party, and (iii) will perform its duties as advisor under this Agreement without causing the Issuer or any holder of the Notes to become subject to tax in any jurisdiction where such replacement transaction monitor is established or doing business. No such replacement transaction monitor may be appointed unless (i) it has agreed in writing to assume duties and obligations materially in accordance with the Transaction Monitor's duties and obligations under the Transaction Monitoring Agreement, (ii) the Trustee has given its prior written consent and (iii) the Rating Agencies have confirmed that the then current rating of the Notes would not be downgraded or withdrawn as a consequence of such appointment. The Transaction Monitor shall take such action consistent with the Transaction Monitoring Agreement and reasonably required by the Trustee as shall be necessary to effect any such replacement.

4.

INVESTMENT ADVISORY AGREEMENT The Investment Board The "Investment Board" shall be composed of the persons appointed as Investment Board Members under the Investment Advisory Agreement (entered into between the Issuer and the Investment Board Members) from time to time. "Investment Board Members" means on the date of the Agreement, the original board members, and thereafter, any person appointed in accordance with the applicable provision of the Investment Advisory Agreement but excluding any person the appointment of which under the Investment Advisory Agreement has terminated. The Investment Board Members shall perform the tasks and obligations expressed to be performed by the Investment Board under the Investment Advisory Agreement. The Issuer shall procure that at all times until the termination of the Investment Advisory Agreement (aa) there will be three persons appointed as Investment Board Members, (bb) each of the Investment Board Members has a qualified professional background that enables it to make investment recommendations, such qualified professional background being constituted by not less than five years' experience either in the banking industry including experience in credit decisions, or from a career as a chartered accountant, (cc) the majority of the Investment Board Members are not resident in Germany, (dd) the majority of the Investment Board Members are not employed by, and independent from, the Financial Advisor and the Transaction Monitor and (ee) at least one Investment Board Member is a director of the General Partner of the Issuer. The Issuer shall only select and appoint additional Investment Board Members which meet the qualifications set out in the preceding paragraph, following consultations with the Financial Advisor, the Transaction Monitor and the then existing Investment Board Members, and with the approval of the Trustee. Any additional Investment Board Members shall be appointed by execution of an amendment agreement to the Investment Advisory Agreement. Each party to the Investment Advisory Agreement shall take all actions reasonably requested by the Issuer in order to implement such appointment. The term of appointment of any Investment Board Member shall end (i) upon giving one months' prior written notice of termination by the Issuer to the relevant Investment Board Member, however not before a substitute Investment Board Member has been appointed in accordance with the procedure described in the preceding paragraph, (ii) upon giving one months' prior written notice of retirement by the relevant Investment Board Member to the Issuer, however not before a substitute Investment Board Member has been appointed in accordance with the procedure described in the preceding paragraph, (iii) with immediate effect

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if the relevant Investment Board Member dies, becomes subject to insolvency proceedings or is otherwise incapacitated; (iv) with immediate effect if the relevant Investment Board Member has been indicted for a criminal offence materially related to its professional activities; or (v) with immediate effect upon notice of termination for good cause (aus wichtigem Grund) given by the Issuer to the relevant Investment Board Member. Nothing in the Investment Advisory Agreement shall prejudice any right of an Investment Board Member to terminate its appointment thereunder for good cause (wichtiger Grund) as a matter of mandatory law. Upon the termination of appointment of an Investment Board Member for any reason, it shall cease to be a party to the Investment Advisory Agreement and be released from its obligations thereunder, provided that all its claims and liabilities having become due thereunder before the relevant termination date shall remain unprejudiced. The appointment of the remaining Investment Board Members and the validity of the Investment Advisory Agreement shall remain unaffected by any such termination. Each Investment Board Member may from time to time appoint and terminate the appointment of an alternate Investment Board Member which shall satisfy the requirements described in (bb) above, provided that requirements described in (cc) and (dd) above would be complied with if such alternate member were an Investment Board Member. Any such appointment and its termination shall be promptly notified to the Issuer. Each alternate Investment Board Member shall be entitled to perform the tasks of the relevant appointing Investment Board Member on its behalf. For the avoidance of doubt, the relevant Investment Board Member shall be liable for the negligence or default of the alternate Investment Board Member appointed by it to the same extent as for its own negligence (Section 278 of the German Civil Code (Bürgerliches Gesetzbuch)). The Issuer shall promptly notify each change in the appointment of Investment Board Members, as well as the appointment of an alternate Investment Board Member and the termination thereof to the Transaction Monitor. Tasks of the Investment Board The Investment Board shall consider the merits of all proposals prepared by the Financial Advisor pursuant to the Financial Advisory Agreement and provided to the Investment Board relating to (i) the conclusion and termination of Participation Right Agreements; (ii) the disposal of investments in Participation Rights by transferring Participation Right Agreements or claims arising thereunder; (iii) the exercise of additional information rights under the Participation Right Agreements, in particular the instruction of the Recovery Advisor; and (iv) other material matters relating to the administration of the portfolio of Participation Right Agreements and shall without undue delay advise the Issuer whether it recommends such proposals of the Financial Advisor in order to assist the Issuer's decision on the related issues. The Investment Board shall provide any information reasonably requested by the Issuer in respect of recommendations of the Investment Board or the performance of its obligations under the Investment Advisory Agreement, to the extent such information is available to the Investment Board. The Investment Board shall perform its tasks and obligations under the Investment Advisory Agreement in accordance with the reasonable instructions of the Issuer. General Terms of Appointment The Investment Board Members shall perform their obligations under the Investment Advisory Agreement with the standard of care of a prudent merchant (Sorgfalt eines ordentlichen Kaufmanns).

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Each of the Investment Board Members shall have no obligation or authority under the Investment Advisory Agreement to perform any duties other than those referred to or as specified therein. Each of the Investment Board Members undertakes not to engage itself (in such capacity) in any activities for the benefit of the Issuer other than rendering the advisory services specified in the Investment Advisory Agreement. The Investment Board Members shall have no power of attorney to make any declarations binding on the Issuer or to act as any form of branch, agency or representation of the Issuer nor to direct, administer or manage any part of the business of the Issuer. Each of the Investment Board Members shall be entitled to rely upon, and shall not incur any liability for relying upon, (i) any notice, request, certificate, consent, statement, instrument, document or other writing reasonably believed by it to be genuine and to have been signed or sent by a person having the proper authority, and (ii) any statement made to it orally or by telephone and believed by it to be made by the proper person. Each of the Investment Board Members may consult with legal counsel, accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in respect of its obligations under the Investment Advisory Agreement in good faith in accordance with the advice of any such counsel, accountants or other experts, provided that is has exercised due care in the selection of the relevant expert. The Issuer shall reimburse any reasonable costs incurred in connection with the appointment of such experts in accordance with the provisions set out in the subsection entitled "Fees and Expenses" below. The appointment of the Investment Board Members under the Investment Advisory Agreement is non-exclusive. Nothing in the Investment Advisory Agreement shall prevent each of the Investment Board Members from engaging in other businesses, as principal or in an advisory or other capacity with, or have any economic interests in or other relationships with, the parties to the Transaction Documents, any affiliate of the foregoing or any other person. In particular, each of the Investment Board Members may render services similar to the services to be rendered under the Investment Advisory Agreement to any person. Each of the Investment Board Members shall comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under the Investment Advisory Agreement. Unless otherwise specifically required in the Investment Advisory Agreement or by applicable law, each of the Investment Board Members shall use reasonable efforts not to take any action that it knows (i) is not permitted under the Issuer's partnership agreement, (ii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer the violation of which has or could reasonably be expected to have a material adverse effect on the Issuer, any Participation Right Agreement or the Noteholders, or (iii) would result in the Issuer violating the Terms and Conditions or the terms of any other Transaction Documents to which it is a party. Procedure of the Investment Board Ordinary meetings of the Investment Board shall be held once in each calendar half year. Upon the request of the Issuer or any Investment Board Member, an extraordinary meeting of the Board shall be held within 5 Business Days following such request. Any decision by the Investment Board shall require a quorum of three members and the simple majority of its members. The decisions of the Investment Board shall generally be taken in a meeting held in the offices of Wilmington Trust SP Services (London) Limited, Tower 42, Level 11, 25 Old Broad Street,

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London, EC2N 1HQ, or held in any other place outside the Federal Republic of Germany. If no Investment Board Member objects, decisions may be taken by any means of telecommunication such as by telephone, videoconference, e-mail or telefax, and audio conferences in lieu of meetings may be held by means of telephone or videoconference, provided in each case that such communication shall be initiated, controlled and documented from outside of Germany. Each decision of the Investment Board shall be documented in a written resolution signed by the Investment Board Members, provided that decisions taken outside of a physical meeting may be documented by telefax. Each recommendation of the Investment Board regarding the acquisition of Participation Right Agreements shall be made materially in accordance with a schedule attached to the Investment Advisory Agreement. Without prejudice to the procedural provisions described in the preceding paragraphs, the Investment Board may adopt rules of procedure provided that they are in accordance with the Investment Advisory Agreement. Fees and Expenses On each Payment Date, the Issuer shall pay to each Investment Board Member a fee, and shall reimburse any costs and expenses, as separately agreed between the Issuer and each Investment Board Member. Limitation of Responsibility; Indemnity Each of the Investment Board Members shall be liable for its acts or omissions under or in connection with the Investment Advisory Agreement only if and to the extent that such acts or omissions constitute an intentional or negligent (vorsätzliche oder fahrlässige) breach of its obligations thereunder. Notwithstanding anything in the Transaction Documents to the contrary, each of the Investment Board Members shall not be liable for indirect damages (mittelbare Schäden) of any kind whatsoever (including but not limited to lost profits), unless the relevant Investment Board Member has acted intentionally. The Investment Board Members have not made any investigation into the matters of the Companies and accordingly, the Investment Board Members will not assume any liability in connection with the potential inability of the Companies to meet their payment obligations under the Participation Right Agreements. The Investment Board Members shall not be liable to the Issuer for any error of judgement in connection with the performance of their obligations under the Investment Advisory Agreement. Subject to the provisions of the Investment Advisory Agreement, the Issuer shall indemnify each of the Investment Board Members against all losses, liabilities, obligations (including any taxes other than taxes on the Investment Board Members' overall income or gains which are imposed in the future on the services under the Investment Advisory Agreement), actions in and out of court and costs and disbursements in connection with the foregoing incurred by the relevant Investment Board Member in connection with the Investment Advisory Agreement, unless such losses, liabilities, obligations, actions, costs and disbursements are incurred due to the relevant Investment Board Member's intentional or negligent breach of its obligations thereunder. The obligations of the Issuer described in this paragraph shall survive the termination of the Investment Advisory Agreement. Termination The Investment Advisory Agreement shall automatically terminate upon the payment and redemption in full of the Notes. Such termination shall be without prejudice to any accrued rights, remedies or liabilities at the time of such termination.

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5.

TAX REIMBURSEMENT AGREEMENT Obligations of the Limited Partner Payments made to the Issuer by the Companies under the Participation Right Agreements are subject to German Withholding Tax (Kapitalertragsteuer and Solidaritätszuschlag) to be withheld and transferred by the Companies in accordance with § 43 of the German Income Tax Act (Einkommensteuergesetz) to the German tax authorities. These withholdings (each, a "Withholding"), to the extent attributable to the Limited Partner under German tax laws, will be counted as a prepayment towards the German income tax owed by the Limited Partner. The Tax Reimbursement Agreement entered into between the Issuer and the Limited Partner sets out the following obligations of the Limited Partner: The Limited Partner agrees, in its capacity as the limited partner of the Issuer, to file from time to time its claims against the German tax authorities for each tax year (each such annual claim, a "Tax Refund Claim") in a timely manner. The Limited Partner agrees with the Issuer to on-pay to the Issuer (i) upon receipt all amounts it receives from the German tax authorities on account of each Tax Refund Claim and (ii) all amounts, if any, equal to the difference (but only to the extent such difference arises as a result of profits realised by the Limited Partner subject to German Income Tax) between 99.9999 per cent. of each actual Withholding made and the amount received by the Limited Partner from the German tax authorities on account of each corresponding Tax Refund Claim (each such amount, a "Reimbursement Payment"). Upon receipt of each Tax Refund Claim, the Limited Partner shall without undue delay send a notice to the Issuer, the Transaction Monitor and the Trustee in the form attached as Schedule 2 to the Tax Reimbursement Agreement in order to identify the relevant Withholdings to which a Reimbursement Payment corresponds. Each Reimbursement Payment shall become due and payable in the amount and on the day the Limited Partner receives payment on the relevant Tax Refund Claim from the German tax authorities. The obligations of the Limited Partner to make Reimbursement Payments under the Tax Reimbursement Agreement shall at all times be limited to the amounts actually received by it on account of the Tax Refund Claims and any amounts of the kind described in the preceding paragraph sub (ii). Any Reimbursement Payments made by the Limited Partner to the Issuer shall be final and irrevocable and shall not be reversed in the event of any subsequent decision by the German tax authorities requiring the Limited Partner to repay any payments on Tax Refund Claims received by the Limited Partner. Reimbursement Payments shall be payable in euro. Remuneration of the Limited Partner The Issuer shall bear and reimburse all reasonable costs and disbursements (including fees, costs and disbursements of tax advisors, legal advisors and any other advisors appointed by the Limited Partner as well as any administrative or court fees) incurred by the Limited Partner in connection with collecting the Tax Refund Claims, including in each case all applicable taxes, and pay all reasonable advances in relation thereto requested by the Limited Partner. Termination The Issuer shall have the right to terminate the Tax Reimbursement Agreement by written notice to the Limited Partner in the event that the Limited Partner becomes subject to an

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Insolvency Event. "Insolvency Event", with respect to the Limited Partner, means any of the following: (i) the Limited Partner is unable to pay its debts as they fall due (§ 17 Insolvency Code, Insolvenzordnung) or is overindebted (§ 19 Insolvency Code); (ii) insolvency proceedings regarding the Limited Partner or its assets are applied for or are opened in Germany, or the opening of such proceedings is dismissed due to the lack of assets; or (iii) the Limited Partner takes any action or any legal proceedings are commenced in a jurisdiction other than Germany or other steps taken for (aa) the Limited Partner to be adjudicated or found bankrupt, declared en désastre or insolvent, (bb) the winding-up (other than a winding-up for the purpose of reconstruction or amalgamation not arising out of insolvency) or dissolution of the Limited Partner, (cc) the appointment of a liquidator, trustee, receiver, administrator, administrative receiver or similar officer over the Limited Partner or the whole or any part of its assets or (dd) any event occurs or circumstance arises with respect to the Limited Partner in any jurisdiction to which the Limited Partner is subject which has a legal and economic effect equivalent or similar to any of the events mentioned in (i) or (ii) above. Such termination with respect to the Limited Partner shall become effective upon (i) a replacement limited partner having been nominated by the General Partner to join the Issuer as replacement for the Limited Partner and who accedes to all rights and obligations of the Limited Partner following an Insolvency Event and (ii) such replacement Limited Partner having acceded to all documents relating to the Transaction Documents to which the Limited Partner is a party in lieu of the Limited Partner.

6.

CASH ADMINISTRATION AGREEMENT Obligations of the Cash Administrator Pursuant to the Cash Administration Agreement entered into between the Issuer, the Cash Administrator and the Account Bank, the Cash Administrator shall have the following duties and obligations: The Cash Administrator shall (i) record the actual payments of the Companies under the Participation Right Agreements and the payments of the other Issuer Receipts to the Transaction Account; (ii) arrange for all payments due and payable by the Issuer in accordance with the Priority of Payments and the Agency Agreement to be made from the amounts standing to the credit on each of the Issuer Accounts; (iii) give payment instructions to the Account Bank (in each case with a copy to the Issuer) in respect of the transfers and payments to be arranged by it pursuant to its obligations under the Cash Administration Agreement in order to ensure that the same may be made in a timely manner; (iv) provide the notifications pursuant to Clause 4.2 of the Agency Agreement (in each case with a copy to the Issuer); (v) upon instructions from the Transaction Monitor, invest amounts credited to the Issuer Accounts and/or the Collateral Account (together, the "Accounts") (other than an amount equal to the aggregate Swap Collateral) in specified Permitted Investments or dispose of specified Permitted Investments; (vi) prepare and maintain all books, ledgers, records and other documentation necessary for the proper performance of its duties under the Cash Administration Agreement, which includes the full and transparent documentation of all movements of funds on each of the Accounts as evidenced by the account statement reports prepared by the Account Bank, and, subject to applicable law, provide access to such documents during normal business hours to the Issuer (its auditors or accountants, if necessary), the Trustee, the Financial Advisor, the Investment Board and the Transaction Monitor at any time upon reasonable written notice given a reasonable time prior to such access, as well as any competent tax, regulatory or other authority; (vii) upon instructions of the Transaction Monitor, draw amounts under the Liquidity Facility (as defined in the Tax Liquidity Facility Agreement) in accordance with the

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instructions of the Transaction Monitor; (viii) in respect of each Distribution Date, provide a report showing all calculations of payments made in accordance with the Priority of Payments, all invoices received for payment in accordance with the Priority of Payments, all payments invested in Permitted Investments and the respective returns per investment type as well as a statement of all payments received from the Companies under the respective Participation Right Agreements; (ix) promptly forward copies of any account statements received from the Account Bank to the Transaction Monitor and the Trustee, and from time to time upon the request of the Issuer, the Trustee or the Transaction Monitor, promptly forward requests to the Account Bank for account statements showing all debits and credits on each of the Accounts during specified periods; and (x) reasonably co-operate with, and provide assistance to, the Transaction Monitor in the fulfillment of its duties under the Transaction Monitoring Agreement. "Permitted Investments" means: (aa) any bank account or deposit (including, for the avoidance of doubt, time deposits) held or made with any financial institution, the short-term unsecured and unsubordinated debt obligations of which are rated at least "P-1" by Moody's and "A-1+" by Standard and Poor's, and, with respect to bank accounts, the long-term unsecured and unsubordinated debt obligations of which are rated at least "A1" by Moody's and "AA-" by Standard and Poor's, provided that each such bank account or deposit shall (i) have a predetermined fixed euro amount of principal due at maturity that cannot change or vary, (ii) not have an "r" suffix attached to its rating, (iii) if such bank account or deposit has a variable interest rate, have an interest rate tied to a single interest rate index plus a single fixed spread (if any) and move proportionately with that index, (iv) not be subject to liquidation prior to its maturity and (v) mature on the next following Payment Date; or (bb) money market funds which are rated at least "Aaa" and "MR1+" by Moody's and "AAAm" by Standard and Poor’s and permit daily liquidation of investments; provided in each case that the relevant debtor is not required to deduct or withhold any amounts for or on account of any withholding tax or similar tax, unless such debtor is required to make "gross up" payments that ensure that the net amount actually received by the Issuer (free and clear of taxes, whether assessed against such debtor or the Issuer) will equal the full amount that the Issuer would have received had no such deduction or withholding been required. All receipts from Permitted Investments acquired with amounts from the Transaction Account shall be credited to the Transaction Account, all receipts from Permitted Investments acquired with amounts from the Reserve Account shall be credited to the Reserve Account and all receipts from Permitted Investments acquired with amounts from the Collateral Account shall be paid to the Transaction Account and all receipts from Permitted Investments acquired with amounts from any other Account shall be credited to such Account. If the Cash Administrator receives any amounts on behalf of the Issuer, the Cash Administrator shall without undue delay (unverzüglich) transfer such amounts to the Transaction Account with the exception of any receipts from Permitted Investments which shall be on-paid in accordance with Clause 4.2(v), last paragraph. The Cash Administrator may, after consultations with the Issuer and the Transaction Monitor, engage and pay for proper and reasonable costs of any lawyers, accountants or other experts (the "Advisors") whose advice or service may to it seem reasonably necessary, expedient or desirable in connection with the Cash Administration Agreement (even if the liability of such advisers is limited to an amount in accordance with market practice). The Issuer shall bear and reimburse all reasonable costs, expenses and disbursements (in each case including all applicable taxes) of such Advisors incurred, and pay all advances requested by the Cash Administrator in connection therewith. The Cash Administrator may rely on such information and advice received from any Advisor without having to make its own investigations. The Cash Administrator shall not be liable to the parties hereto or other parties for any damages or losses caused by its acting in reliance on information or advice of such Advisors nor for any negligence of such Advisors. The Cash Administrator shall only be liable for the exercise of due care in the selection of any such Advisors.

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The Cash Administrator, absent actual knowledge to the contrary, may rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Issuer, the Account Bank, the Financial Advisor, the Investment Board and/or the Transaction Monitor as may be set forth in a certificate or other paper signed by or on behalf of the Issuer, the Account Bank, the Financial Advisor, the Investment Board and/or the Transaction Monitor. The Cash Administrator may, in the absence of actual knowledge to the contrary, rely upon any communication or document reasonably believed by it to be genuine. The Cash Administrator is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any applicable law, breach of the Transaction Documents or a breach of any applicable fiduciary duty or duty of confidentiality. The Cash Administrator may assume unless it has actual knowledge or actual notice to the contrary, that (i) any representation, notification or declaration made by the Issuer, the Account Bank, the Financial Advisor, the Investment Board and/or the Transaction Monitor is true and correct; (ii) no Issuer Event of Default or event of default with respect to the Account Bank has occurred; (iii) any person listed in a signature list delivered to the Cash Administrator by the Issuer or the Transaction Monitor is duly authorised to act in the capacity ascribed to it and by or on behalf of the person provided in such signature list. For the avoidance of doubt, this paragraph shall not be construed as to require the Cash Administrator to disclose any confidential information. The Cash Administrator, absent manifest error, may rely upon the genuineness of any communication or document believed by it to be genuine. The Cash Administrator shall not be bound to enquire as to the occurrence of any Issuer Event of Default or event of default relating to the Account Bank. The Cash Administrator shall not be bound to enquire as to whether or not any representation made by the Issuer, the Account Bank, the Financial Advisor, the Investment Board and/or the Transaction Monitor under the Cash Administration Agreement or under or in connection with any of the Transaction Documents is true. The Cash Administrator shall not be bound to account to the Issuer or any other person for any sum or the profit element of any sum received by it for its own account whether in connection with the Cash Administration Agreement or otherwise. The Cash Administrator shall not be bound to disclose to any other person any information relating to the Issuer if such disclosure would or might in its opinion constitute a breach of any law or regulation or be otherwise actionable at the suit of any person or is prohibited under the Transaction Documents. The Cash Administrator shall not be responsible for checking or enquiring into the due execution, delivery, validity, legality, adequacy, suitability, performance, enforceability or admissibility in evidence of any indemnity, security or other right given or created by the agreements or documents creating or constituting the Accounts, the Trustee Collateral (in particular, but without limitation, the Participation Right Agreements) or any obligations imposed thereby or assumed thereunder. The Cash Administrator shall not be liable for any failure, omission, or defect in perfecting the opening of the Accounts. The Cash Administrator shall not be responsible for checking or enquiring into the ownership,

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value or sufficiency of any credit on the Accounts or the Trustee Collateral, any priority interests in the Accounts or the Trustee Collateral, the right or title of any person in or to any property comprised therein or the existence of any encumbrance affecting the same. In connection with instructions to buy or sell Permitted Investments as described above: (aa) all transactions in Permitted Investments may be effected by the Cash Administrator through one of its Affiliates on such terms as it thinks fit; (bb) the Cash Administrator and any of its Affiliates may without accounting to any person for any resultant profit act as banker, broker, investment adviser or in any other capacity and perform any services on behalf of the Issuer on the same terms as would be made with an independent customer; (cc) in effecting transactions on behalf of the Issuer, the Cash Administrator (A) may combine the Issuer's orders with orders for other customers or for its own account or the accounts of persons connected with it, (B) shall, if the Issuer so requests in writing, on completion of any transaction in Permitted Investments send to the Issuer a statement of transaction details (and no additional charge shall be made for sending such statements) and (C) shall provide monthly statements to the Issuer detailing all transactions in Permitted Investments executed on the Issuer's behalf; (dd) neither the Cash Administrator nor any of its Affiliates shall be responsible for any loss in any way connected with its acquisition, retention or sale of Permitted Investments or with the effecting of transactions in Permitted Investments hereunder unless such loss arises from the Cash Administrator's or the Affiliate's breach of the standard of care set out below under the heading "General Terms of Appointment"; (ee) in this paragraph: "Affiliate", in relation to a company, means another company in the same group of companies formed by a Holding Company and its Subsidiaries, including, for the avoidance of doubt, J P Morgan Fleming Asset Management; "Holding Company", in relation to another company (its Subsidiary) has the meaning given in section 736 of the Companies Act 1985; "Subsidiary", in relation to another company (its Holding Company) has the meaning given in section 736 of the Companies Act 1985. Obligations of the Account Bank The Account Bank shall comply with any direction of the Cash Administrator to effect a payment by debit from any of the Accounts, if such direction is in writing, does not cause any of the Accounts to be overdrawn and certifies that the payment specified therein is permitted to be made pursuant to the Transaction Documents. The Account Bank agrees that if directed pursuant to the preceding paragraph to make any payment it will do so prior to the close of business on the Business Day specified in such direction and for value on such Business Day provided that, if any direction is received by the Account Bank later than 11:00 a.m. (London time) on any Business Day for payment on such Business Day, the Account Bank shall make such payment at the commencement of business on the following Business Day for value on that Business Day. The Account Bank shall provide confirmations of the irrevocable payment instructions received by the Issuer (or the Cash Administrator on its behalf) relating to payments in respect of the Notes (in each case with a copy to the Issuer and the Cash Administrator). The Account Bank shall transfer all amounts which are to be transferred into the Transaction Account pursuant to the applicable provisions of the Cash Administration Agreement into the Transaction Account immediately upon (and, to the extent practicable, on the same Business Day or, if the day on which such amounts are received is not a Business Day, on the following Business Day) receipt by the Account Bank of the amount in question. Prior to the Trustee Collateral having become enforceable in accordance with Clause 4.1 of the Trust Agreement and the Trustee having notified the Cash Administrator and the Account Bank thereof, amounts shall be drawn from any of the Issuer Accounts only for the purposes and only in the order of priorities as set forth under Clause 2.3 of the Terms and Conditions. Upon the

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Trustee Collateral having become enforceable in accordance with Clause 4.1 of the Trust Agreement and the Trustee having notified the Cash Administrator and the Account Bank thereof, amounts shall be drawn from any of the Issuer Accounts only for the purposes and only in the order of priorities as provided for in Clause 4.5 of the Trust Agreement. No amount may be transferred to or withdrawn from any of the Accounts otherwise than in accordance with the applicable provisions of the Cash Administration Agreement unless with the prior written consent of the Trustee. The Accounts will accrue and be credited interest at the rate payable by the Account Bank in accordance with arrangements agreed from time to time with the Issuer. The Issuer covenants with the Cash Administrator and the Account Bank that it will not create, or participate in the creation of, or permit to exist, any security interest in relation to any of the Accounts other than pursuant to the Transaction Documents and that none of the Accounts will be terminated other than pursuant to the Transaction Documents or applicable provisions of law. Acknowledgement by the Account Bank The Account Bank (i) waives any right it has or may hereafter acquire to combine, consolidate or merge the Accounts with each other or any of the Accounts with any other account of the Issuer or any other person or set-off any liabilities of the Issuer or any other person to the Account Bank and agrees that it shall not set-off or transfer any sum standing to the credit of or to be credited to any of the Accounts in or towards satisfaction of any liabilities to the Account Bank, the Issuer or any other person; (ii) agrees, upon receipt of a notice from the Cash Administrator to the effect that the Cash Administrator will resign as cash administrator in accordance with the applicable provisions of the Cash Administration Agreement, to comply with any direction of the Cash Administrator expressed to be given by the Cash Administrator in respect of the operation of any of the Accounts prior to the retirement of the Cash Administrator and continue with such compliance after the retirement of the Cash Administrator until directed otherwise by the new Cash Administrator, such Cash Administrator appointed in accordance with the terms of a Cash Administration Agreement on substantially the same terms of the Cash Administration Agreement; (iii) agrees to notify the Trustee, the Issuer, the Financial Advisor, the Transaction Monitor and the Cash Administrator and any other person agreed with the Cash Administrator if the Account Bank determines that any of the Accounts has or will at any time have a negative balance; such notification to be given on the same Business Day as the Account Bank makes such determination; (iv) acknowledges that the Issuer has pursuant to the English Security Deed granted to the Trustee an English law security interest in respect of each of the Issuer Accounts and any amounts from time to time credited thereto; and (v) agrees to follow any instructions of the Cash Administrator made in accordance with the Cash Administration Agreement. Maintenance of the Accounts The Account Bank shall at all times be a bank whose short-term unsecured, unguaranteed and unsubordinated debt obligations are rated P-1 and A-1+, respectively, by the Rating Agencies. If the short term unsecured, unguaranteed and unsubordinated debt obligations of such bank cease to be so rated by any of the Rating Agencies, the Cash Administrator shall immediately give notice of such event to the Trustee, the Financial Advisor, the Investment Board, the Rating Agencies and the Transaction Monitor and the Issuer shall, within 30 calendar days following such event, procure the transfer of each of the Accounts to another bank the unsecured, unguaranteed and unsubordinated debt obligations of which are rated as aforesaid by the Rating Agencies. If, other than in the circumstances specified in the preceding paragraph, the Cash Administrator wishes the bank or branch with which the Accounts are maintained to be changed, the Cash

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Administrator shall obtain the prior written consent of the Issuer (which shall give its consent only upon the prior written consent of the Trustee) and the transfer of the Accounts shall be subject to the same directions and arrangements mutatis mutandis as are provided for in the preceding paragraph. The Account Bank (i) may rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Issuer as may be set forth in a certificate or other paper signed by or on behalf of the Issuer or the Cash Administrator; (ii) may, in the absence of actual knowledge to the contrary rely upon any communication or document reasonably believed by it to be genuine; and (iii) is not obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any applicable law, breach of the Transaction Documents or a breach of any applicable fiduciary duty or duty of confidentiality. General Terms of Appointment Each of the Cash Administrator and the Account Bank covenants with the Issuer that it shall give such time and attention and shall exercise such skill, care and diligence in the performance of the duties and obligations which are contemplated to be provided by it under the Cash Administration Agreement as is required to meet the standard of care of a prudent merchant (Sorgfaltspflicht eines ordentlichen Kaufmanns). Each of the Cash Administrator and the Account Bank may delegate the performance of their respective duties under the Cash Administration Agreement, in whole or in part, only with the consent of the Issuer and the approval of the Transaction Monitor, neither of which shall be unreasonably withheld. Indemnity and Limitation of Liability Each of the Cash Administrator and the Account Bank, respectively, shall severally indemnify the Issuer and its officers and agents against all liabilities, losses, damages, actions, proceedings and claims (and reasonable costs, demands and expenses including legal expenses incidental thereto) which may be brought against, suffered or incurred by the Issuer or its officers and agents and which are attributable to any negligent (fahrlässig) or intentional (vorsätzlich) breach of the standard of care set out above of the Account Bank or the Cash Administrator (as the case may be). The Issuer shall indemnify the Cash Administrator or the Account Bank, respectively, and their directors, officers, employees or agents against all liabilities, losses, damages, actions, proceedings and claims (and reasonable costs, demands and expenses including legal expenses incidental thereto) which may be brought against, suffered or incurred by the Cash Administrator or the Account Bank, respectively, or its respective directors, officers, employees or agents, unless any such liabilities, losses, damages, actions, proceedings, claims and costs are attributable to any negligent (fahrlässig) or intentional (vorsätzlich) breach of the standard of care set out above of the Account Bank or the Cash Administrator (as applicable) in the performance of their respective duties hereunder. The provisions set out in this subsection "Indemnity and Limitation of Liability" shall survive the termination of the Cash Administration Agreement. Fees and Reimbursement For the performance of its duties under the Cash Administration Agreement, the Issuer will pay the Cash Administrator a fee which shall be separately agreed between the Issuer and the Cash Administrator, plus any value-added or other similar tax imposed by applicable law on the

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performance of such duties. The fees of the Account Bank for the operation of the Accounts shall be separately agreed between the Account Bank and the Issuer and shall be payable by the Issuer and charged by the Account Bank to the Issuer in the same manner and as is generally applicable to its business customers. The Issuer shall pay all stamp or other documentary taxes or duties, if any, to which the Cash Administration Agreement may be subject in any jurisdiction. Termination At any time by giving at least 60 calendar days' prior written notice to the other parties to the Cash Administration Agreement, (i) the Cash Administrator may resign as cash administrator, (ii) the Account Bank may resign as account bank or (iii) the Issuer may terminate the appointment of the Cash Administrator or the Account Bank under the Cash Administration Agreement, provided that at all times there shall be a replacement cash administrator and a replacement account bank to perform the functions assigned to it thereunder. Neither such termination shall affect any claim of the Cash Administrator to receive fees, expenses or reimbursements under the Cash Administration Agreement (in each case pro rata temporis until the termination date). Any resignation or termination of the appointment of the Cash Administrator in accordance with the preceding paragraph shall become effective only upon the appointment, with the prior written consent of the Trustee, by the Issuer of a successor cash administrator (which must be a bank, financial services institution, auditing firm or trust company of recognised standing), the grant to such successor cash administrator of all authorities and powers granted to the Cash Administrator under the Cash Administration Agreement and on the basis of an agreement the terms of which shall not materially differ from the terms of the Cash Administration Agreement, and the acceptance by such successor cash administrator of such appointment, rights and obligations. If the Issuer fails to appoint a new cash administrator within 40 calendar days after receipt of the resignation notice given by the Cash Administrator in accordance with the provisions set out in the preceding paragraph, then the resigning Cash Administrator may appoint (but is not obliged to appoint) such new cash administrator in the name and for the account of the Issuer by giving at least 15 calendar days' prior notice of such appointment to the Issuer and the Trustee in accordance with the Cash Administration Agreement. The provisions of this paragraph shall not affect the right of the Cash Administrator to retire from its appointment under the Cash Administration Agreement at any time with immediate effect for good cause (aus wichtigem Grund) in which case the Cash Administrator shall use all reasonable efforts to ensure that a new cash administrator satisfying the requirements set out in this paragraph is appointed as replacement for itself and that such new cash administrator agrees to act as Cash Administrator for the purposes of the Cash Administration Agreement. Any resignation or termination of the appointment of the Account Bank in accordance with the first paragraph of this subsection "Termination" shall become effective only upon the appointment, with the prior written consent of the Trustee, by the Issuer of a successor account bank (which must be a bank satisfying the requirements set out in the subsection "Maintenance of the Accounts" above), the grant to such successor account bank of all authorities and powers granted to the Account Bank under the Cash Administration Agreement and on the basis of an agreement the terms of which shall not materially differ from the terms of this Agreement, the acceptance by such successor account bank of such appointment, rights and obligations and the creation of a security interest satisfactory to the Trustee in respect of the accounts of the Issuer maintained with the successor account bank. If the Issuer fails to appoint a new account bank within 40 calendar days after receipt of the

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resignation notice given by the Account Bank in accordance with the first paragraph of this subsection "Termination", then the resigning Account Bank may appoint such new account bank in the name and for the account of the Issuer by giving at least 15 calendar days' prior notice of such appointment to the Issuer and the Trustee in accordance with the Cash Administration Agreement. The provisions of this paragraph shall not affect the right of the Account Bank to retire from its appointment under the Cash Administration Agreement at any time with immediate effect for good cause (aus wichtigem Grund) in which case the Account Bank shall use all reasonable efforts to ensure that a new account bank satisfying the requirements set out in this paragraph and in the subsection "Maintenance of the Accounts" above is appointed as replacement for itself and that such new account bank agrees to act as Account Bank for the purposes of the Cash Administration Agreement. The Trustee shall promptly notify the other parties to the Transaction Documents and the Rating Agencies of any replacement of the Cash Administrator or the Account Bank, as applicable, pursuant to the preceding paragraphs. Upon the termination of its appointment pursuant to the first paragraph of this subsection "Termination", the Cash Administrator or Account Bank (as relevant) shall promptly provide any successor cash administrator or account bank (as relevant) with the information reasonably requested by it relating to the performance of its duties under the Cash Administration Agreement and shall deliver to such successor all books and records in its possession and created pursuant to the Cash Administration Agreement and provide, at the cost of the Issuer, such further reasonable co-operation as necessary to facilitate the transfer of the duties of the Cash Administrator or Account Bank (as relevant) under the Cash Administration Agreement to the successor cash administrator or account bank (as relevant). Upon the effectiveness of any replacement of the Cash Administrator or the Account Bank, as applicable, pursuant to the provisions described in this subsection "Termination" and compliance of the Cash Administrator or the Account Bank, as applicable, with the obligation contained in the preceding paragraph, the Cash Administrator or the Account Bank, as applicable, shall be released from their respective duties under the Cash Administration Agreement but shall continue to be entitled to any payments owed to them thereunder. The costs incurred in connection with the replacement of the Cash Administrator and the Account Bank shall be borne by the Issuer. If a replacement of the Cash Administrator or the Account Bank is the result of the Cash Administrator's or, as the case may be, Account Bank's breach of its obligations under the Cash Administration Agreement and the standard of care set out above, the Issuer shall be entitled to demand reimbursement from the Cash Administrator or, as the case may be, Account Bank in the amount of such costs in accordance with the terms of the Cash Administration Agreement. Unless terminated earlier, the Cash Administration Agreement shall terminate upon the redemption in full of all Notes, provided that the Cash Administrator and the Account Bank shall continue to be entitled to any payments owed to them with respect to the Cash Administration Agreement.

7.

HEDGING ARRANGEMENTS Pursuant to the Hedging Agreement, the Issuer has entered into a fixed-to-floating interest rate swap with the Swap Counterparty. Under this agreement, the Issuer will pay the Swap Counterparty a fixed rate of 3.93% for the life of the transaction. In return, the Issuer will receive three-month EURIBOR calculated on the swap notional. The original swap notional amount is EUR 186.07 million. This swap notional therefore reflects the balance of the portfolio assets equal to the total issuance volume of Notes minus the original nominal amount of the

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Class F Notes minus EUR 4.43 million. The interest rate hedge is structured as an amortising swap, where the notional reduces according to a pre-determined schedule to account for a possible amortisation of the portfolio assets. Should the portfolio assets amortise to a lesser extent than according to this schedule, the Issuer is hedged for the amounts exceeding the amount under the amortised swap notional up to the original swap notional amount. Should the portfolio assets amortise to a larger extent than according to this schedule, the Issuer is "overhedged" (not hedged) for the amounts falling below the amount under the amortised swap notional. This "Flexi-Swap" structure intends to mimic a fully balance guaranteed swap as long as the actual notional lies between the amortising notional and the original swap notional amount and offers the potential of additional excess cash in a situation of stable interest rates.

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THE COMPANIES The information contained in this section concerning the Companies has been provided by or is based on information provided by the Companies. Neither the Issuer, the Lead Manager nor any of the other transaction parties has undertaken to make any investigation into the matters of, or to independently verify the information provided by, the Companies, including into matters or information that would be considered in connection with the assessment of a qualitative credit rating. Accordingly, none of the Issuer, the Lead Manager or other transaction parties makes any representation as to the accuracy or completeness of the information contained herein or assumes any liability or responsibility for any potential inability of Companies to meet their payment obligations under the Participation Right Agreements. Potential investors should conduct their own investigation concerning the Companies.

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Aco Severin Ahlmann GmbH & Co. KG Address: Am Ahlmannkai 24782 Büdelsdorf

Management: Hans-Julius Ahlmann Hans-Peter Meyer Fernando Rodriguez Gonzalez Founded: Industry: Buildings and Real Estate 1946

Website: www.aco-online.de (in '000 EUR)

2004

2003

2002

4 2 0,0 0 0

21,000

Revenues

414,000

383,000

392,000

3 1 5,0 0 0

15,750

Total Assets

249,000

232,000

217,000

2 1 0,0 0 0

10,500

EBITDA

30,000

29,000

32,000

1 0 5,0 0 0

5,250

EBIT

15,000

14,000

17,000

0

Net Income

8,000

20,000

7,000

Employees

3,215

3,050

3,033

0

2 00 4

2 0 03

R e ve n ue s

200 4

2 0 02

20 03 EBIT

To ta l As s e ts

20 02

Net Inc ome

ACO was founded in 1946 by Josef-Severin Ahlmann in Büdelsdorf (Schleswig-Holstein). Starting as a local producer of concrete parts for building construction, ACO developed to a globally known brand in the 70s due to it’s material expertise (stated by the company). According to Aco, they became one of the leading companies in line drainage by producing drainage systems made of polymer concrete and established new production sites in Switzerland, France, the USA and the UK. In 2004 civil engineering contributed approx. 40% to ACO’s total turnover, building material made about 27% and building drainage about 17%. ACO states to be one of the three globally operating companies in the agricultural construction market for pig production. This division contributed approx. 8% of the firm’s total turnover in 2004. ACO also provides individual construction solutions made of cast iron and stainless steel. In 2004 a share of 65% of the total sales was generated outside of Germany. The main products of the different divisions are Civil Engineering (drainage channels, manhole covers and special covers), Building Material (light shafts, windows, rain gutters, roof products), Building Drainage (stainless steel channels, pipes, separators, pumps, gullies) and Agriculture (feeding equipment, ventilation, wall systems, floor systems, turnkey stables). ACO works very closely with local dealers for building material, which play an important role in the different markets. More than 90% of the total turnover is generated by this dealer structure.

Auditor:

BDO Deutsche Warentreuhand AG

ante-holz GmbH Address: Im Inkerfeld 1 59969 Bromskirchen-Somplar

Management: Acting Partner: Juergen Ante

Website: www.ante-holz.de

Founded:

(in '000 EUR)

2004

2003

2002

100,000

Revenues

89,749

72,088

65,180

75,000

Total Assets

45,645

37,287

43,342

50,000

EBITDA

7,074

6,872

7,330

25,000

EBIT

3,614

2,999

3,043

0

Net Income

1,819

1,106

1,243

Employees

532

446

467

Industry: Buildings and Real Estate

1927

4,000 3,000 2,000 1,000 0 2004

2003 Revenues

2002

Total A ss ets

2004

2003 EBIT

2002

Net Income

Ante-holz GmbH is a traditional German family business, run in the third generation by Juergen Ante. The current CEO joined the company in 1974, following his father, uncle and grandfather into the management of the company. The grandfather, Josef Ante, initially founded a sawmill in 1927 in Zueschen, close to Winterberg. In 1980 the production site of ante-holz GmbH was built in Somplar. The company is divided into five business divisions, which are represented by the five colours in the company logo. Lumber: The lumber division offers standard products, including slats, planks, squared timber, planed lumber and special required dimensions. Efficient organisational structures and optimised logistics ensure an on-time order execution. Upon request all products can be delivered pressure impregnated or dipped, technical-dried, planed and sorted based on the firmness of the wood. In 2004 the lumber division contributed approx. 46% to total revenue. Laminated wood: The ante-leimholz GmbH & Co. KG offers a broad range of commercially available dimensions of gluelam beams (BSH and KVH®). The high-class building materials, which are highly-stressable under static and quality aspects, are distributed in Europe through own sales representatives, and within the US and Asia through specialised retailers. The laminated wood division contributed approx. 30% to total revenue in 2004. Precision Trimming: In Winterberg-Zueschen the ante-holz Group manufactures trusses and wood building constructions on two CNC-controlled manufacturing lines at the precision rimming centre. All customers are provided with detailed assembly schedules. A high degree of prefabrication in combination with qualified employees guarantee a minimum of construction time on site. Required lumber and laminated wood are obtained from the production site in Bromskirchen-Somplar. The precision trimming division contributed approx. 2% to total revenue in 2004. House and Garden: ante Haus und Garten GmbH & Co. KG manufactures and sells a broad range of individual wood products for gardens, balconies and terraces. The range of articles includes picket and panel fences, construction lumber, round timber, playing equipment, garden furniture, carports and garden accessories. The house and garden division contributed app. 21% to total revenue in 2004. Energy: With ‘energies’ ante-holz produces wood pellets out of dried wood shavings. Therefore, a production site in Bromskirchen-Somplar was established in November 2001. The energies division had a share of total revenue of approx. 2% in 2004. Auditor:

W U P Treuhand GmbH, Hagen, Germany

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Arnold Knipping Holding GmbH Address: Hammerwiese 3 51647 Gummersbach

Management: Managing Directors: Dieter Knipping Ulrich Wellhäuser Founded: Industry: Chemicals, Plastics and Rubber 1988

Website: www.knipping.de (in '000 EUR)

2004

2003

2002

55,000

4,4 00

Revenues

52,113

39,586

40,959

41,250

3,3 00

Total Assets

41,428

34,286

31,494

27,500

2,2 00

EBITDA

8,213

5,848

7,231

13,750

1,1 00

EBIT

4,234

2,387

3,878

0

Net Income

2,805

1,132

2,524

Employees

421

262

247

0 2004

2003 Revenues

2002

Total A s s ets

2 00 4

20 03 EB IT

2 00 2

Net In c o me

Arnold Knipping Holding GmbH was founded in 1988. Since 1998 the business activities are concentrated exclusively on the development and manufacturing of components of plastic materials combined with metal. The revenue of the group grew from EUR 23m in 1998 to EUR 52m in 2004.

Auditor:

WTG Wirtschaftstreuhand KG Dr. Grüber & Co., Wuppertal

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Biotest AG Address: Landsteinerstrasse 5 63303 Dreieich

Management: CEO: Prof. Dr. Gregor Schulz CFO: Dr. Michael Ramroth

Website: www.biotest.de

Founded:

(in '000 EUR)

1946

Industry: Chemicals, Plastics and Rubber

2004

2003

2002

380,000

20,000

Revenues

217,900

221,900

257,900

285,000

10,000

Total Assets

358,300

350,000

372,000

190,000

31,500

18,700

12,800

95,000

EBITDA

18,600

7,700

-6,800

Net Income

5,000

-5,700

-20,000

Employees

1009

1037

1263

EBIT

0 2004

2003

2002

-10,000 0 2004

2003 Rev enues

2002

-20,000 EBIT

Total A s s ets

Net Inc ome

The history of Biotest began in 1946, with the foundation of the Biotest Seruminstitut GmbH by Dr. Hans Schleussner and his father, Dr. C. A. Schleussner. At that time, the company developed blood grouping test serums, which, in the company's view, established its world-wide reputation. The company has been listed on the German stock exchange since 1987. Biotest AG is divided into two major segments: The pharmaceutical division developing and producing new pharmaceuticals and the diagnostics division manufacturing diagnostic systems. The company headquarters at the Dreieich location include the administration, research and development, production, quality assurance and the sales and marketing departments. Shortly after the incorporation of Biotest, the company developed the first therapeutic preparations based on research findings from the diagnostics business. Today, Biotest offers an extensive range of biological products using state-of-the-art biotechnology processes. These often life-saving medical products are manufactured from human blood plasma and are subsequently developed into: Immunoglobulin preparations (antibody preparations) to combat bacterial or viral infections; Factor preparations (blood clotting factors) for the treatment of haemophilia patients; Human albumin, which is used as a fluid replacement after severe burns or in shock therapy;Serum proteins for protein and antibody substitution in the event of deficiency diseases. The product portfolio includes a wide range of biological preparations. Plasma replacement preparations complete the product portfolio of Biotest. Aggregate sales of the pharmaceutical division totalled EUR 142m in 2004. Diagnostics: The timely detection of health risks is only possible by using conclusive and reliable diagnostics. As a manufacturer of diagnostic systems, the company aims to transform complex diagnostic processes into simple, safe and proven test systems for routine application. Group companies engaged in diagnostics include: 1. Diagnostics division of Biotest with blood group diagnosis, transplantation diagnosis, diagnosis of infectious diseases and hygiene monitoring products. 2. Heipha Dr. Müller GmbH with an extensive portfolio of ready-to-use culture media 3. Viro-Immun Labor-Diagnostik GmbH with immunological testing for infection- and auto-immune diagnosis Manufacturing is carried out in Germany and the USA. Research and development is located in Germany. The company’s products are manufactured using state-of-the-art technology and in accordance with international quality standards. This is documented amongst other things by ISO certification. Aggregate sales of the diagnostics division totalled EUR 76m in 2004. Auditor:

KPMG Deutsche Treuhand-Gesellschaft AG

Böhm Fertigungstechnik Suhl GmbH Address: Böhmstr. 1 98544 Zella-Mehlis/Suhl

Management: CEO: Wolfgang Sobolewski

Website: www.boehm-fertigungstechnik.de

Founded:

(in '000 EUR) Revenues

2005

2004

37,914

33,473

1991

Industry: Machinery

4 5,0 00 3 0,0 00

Total Assets 1 5,0 00

EBITDA EBIT

0 20 05

Net Income Employees

233

2 00 4 R e ve nu e s

In 1991 Böhm was founded through a management-buy-out of the ZEISS-Jena Group, initiated by the private investor Hans-Dieter Böhm. 70 qualified employees were adopted to the new organisation. The initial main focus of business was in the commissioned production and the manufacturing of assortments within the area of engineering and plant construction. Starting in the mid 90´s, Böhm consequently pushed the development from a supplier to a proactive developer and producer of complex solutions. By using the latest manufacturing methods, permanent innovation and by outsourcing labour-intensive production to Slovakia, Böhm strives for the innovation- and price-leadership within the market segment. With the acquisition of MATEC in January 2004 a pure mechanical-engineer was integrated into the group. All activities of the Böhm group are bundled in the Böhm AG, which was founded in 2005. According to its manufacturing capabilities, Böhm group is divided into 4 business divisions: Mechanical manufacturing, Electronic manufacturing, Installation and Thin sheet machining. Böhm´s customers are situated mainly in Germany or Western Europe but operate in international markets. This means that Böhm´s products are used world-wide and if required delivered globally. Currently the most important markets are Germany, Switzerland, Austria, Spain and South Africa. Future expansions to Asia and the new member states of the EU are planned. Auditor:

WestAudit AG

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Bröer Holding GmbH Address: Karlstrasse 8 58135 Hagen-Haspe

Management:

CEO: Hans Peter Bröer

Website: www.ebro-armaturen.de

Founded:

1972

(in '000 EUR)

2004

2003

Revenues

72,900

67,600

Total Assets

46,000

40,300

EBITDA

8,200

5,600

EBIT

6,900

4,100

Net Income

4,800

2,300

Employees

421

391

Industry: Mining, Steel, Iron and Nonprecious Metals

80,000

7,000

60,000

5,250

40,000

3,500

20,000

1,750 0

0 2004

2004

2003

Revenues

2003 EBIT

Total A ssets

Net Income

Ebro Armaturen Gebr. Bröer GmbH was founded in 1972 and is still an owner-managed, consistently growing and internationally successful company of the German Mittelstand. On a global basis it has more than 30 years of experience in developing, producing and selling valves and actuator technology for industrial users and building service engineering (air-conditioning, heating and ventilation systems), as well as the requisite engines. Bröer Holding was founded to own 100% of Ebro Armaturen Gebr. Bröer GmbH’s shares. Bröer Holding also acquired 100% of Stafsjö Valves AB in June 2005. While Bröer Holding manages the centralised staff functions, the two subsidiaries are primarily focused on manufacturing and distribution. The company operates in ten different business segments, each providing almost equally sized revenue contributions. The main market for Ebro products is the global engineering and building services engineering market, with emphasis on bulk material facilities, drinking and sewage water installations, building services engineering and ship and swimming pool construction. Stafsjö products are primarily used in the global engineering market for paper manufacturing plants. As these business segments have different investment cycles, the company structure reduces business risk significantly. Its broad geographical diversification also stabilises the company, according to the company. Valve and actuator technologies are essential key functions in pipe systems, whether they transport fluids, gases or bulk materials. The company offers important valve technologies (hatches, sliders and taps) in manifold models, using a variety of materials and numerous body calibres (25mm to 1,800mm) within both its Ebro and Stafsjö product portfolios. Additionally, the company also provides the engines required powering these systems. According to the company, the diversification of the Ebro and Stafsjö product portfolio is aimed to offset market developments in different business segments, by reducing the effects of cyclical demand trends in a particular area. Markets with growing importance are China, Australia, Eastern Europe and the Middle East, while product markets like the chemical industry and the brewery industry are also likely new target markets for the company in the years ahead. Auditor:

Felicitas Treuhand GmbH, Wirtschaftsprüfungsgesellschaft Köln

BUG Verkehrsbau AG Address: Bergedorfer Strasse 13 12596 Berlin

Management:

Website: www.bug-ag.de (in '000 EUR)

Founded:

2004

2003

2002

Revenues

29,269

30,006

23,086

Total Assets

10,972

9,679

EBITDA

2,401

EBIT

CEO: Martin Thomas CFO: Jens Weber COO: Henry Lademann Industry: Buildings and Real Estate 1990

30,000

2,400

22,500

1,800

8,557

15,000

1,200

1,584

993

7,500

600

2,306

1,486

948

0

Net Income

1,511

891

617

Employees

193

191

167

0

2004

2003 Revenues

2002

Total Ass ets

2004

2003 EBIT

2002

Net Inc ome

BUG Verkehrsbau AG was founded in 1990. The company employed almost 200 people in 2005. The main business segments are the new building and reconstruction of railtrack and underground engineering as well as the installation and modernisation of cable constructions and level crossings. Professional competence and logistics support these services. The experience in these segments and the know-how in communications technology and electrical engineering are the foundation for offering perfect solutions. BUG AG consists of three different divisions: Constructing railtracks including trading with and conditioning of the track superstructure (54,4%), the railtrack underground engineering (36,9%) and the division for communications technology and electrical engineering (6,7%). Each division acts independently with its own management, which are centralised under the leadership of the COO. The railtrack construction division constructs and reconstructs railtracks. It is specialised in the sector of replacing rails and turnouts as well as the methodical inspection of railtracks and turnouts. According to these services BUG AG provides changing single railroad sleepers and renovation of railroad sleeper anchors and the after-insulation of tracks. Furthermore the railtrack construction division offers services for constructing level crossings and black top works. The underground engineering division renders constructing services especially for earthmoving in conjunction with the erection of track systems, improvement of the bottom, construction of conduit systems, cable funnel systems and train platform constructions. In the company's point of view BUG Verkehrsbau AG possesses high professional competence in the construction of railtrack crossways, canal streets built of concrete and conduit systems built on stilts. The realisation of a research and development project concerning the construction of steep stone slopes next to traffic facilities completes the range of services of the underground engineering division. The communications technology and electrical engineering section plans and realises projects concerning telecommunication LWL and electrical engineering. In addition it installs, programs and services process controlled video systems. High-skilled experts execute switching operations during ongoing business of the transmission systems. Modern equipment for the technique of passing cables allows high quality passing and installing of cable carry systems at problematic installation locations. With Deutsche Bahn AG as main client, BUG Verkehrsbau AG sees itself having an assured market position in the market of public clients. According to the company, BUG Verkehrsbau AG possesses very good customer relations with regional and private railway operators. Especially in the sector of communications technology and electrical engineering the company was able to acquire new private clients which – according to BUG – complete the company's well balanced customer structure. As a result of its experiences in relevant projects, BUG Verkehrsbau AG is able to recognise and to capitalise on the full potential of tenders. Its high flexibility allows the company to realise prompt strategically important (sub-) projects meeting high quality standards. Consequently sustainable customer relationships have been established. Auditor:

Dipl.-Kaufm. Bernd Neuendorf, Wirtschaftsprüfer und Steuerberater

- 165 -

Colloseum Handels und Beteiligungs GmbH Address: Lessingstrasse 15 46149 Oberhausen

Management: CEO: Uwe Drzeniek CFO: Klaus Hofmann COO: Susanne Repschläger Founded: Industry: Retail Stores 1996

Website: www.colloseum.de (in '000 EUR)

2004

2003

2002

150,000

4 ,0 00

145,493

73,738

71,186

112,500

3 ,0 00

11,318

14,966

9,371

75,000

2 ,0 00

EBITDA

6,403

3,998

4,317

37,500

1 ,0 00

EBIT

3,431

1,855

1,911

0

Net Income

1,314

1,872

1,107

Employees

557

302

258

Revenues Total Assets

0

2004

2003

Revenues

20 04

2002

200 3 EBIT

Total As s ets

200 2

Net Inc ome

Founded in 1996, with one single women's apparel store in Berlin, Germany, COLLOSEUM has established more than 170 stores and three retail brands including COLLOSEUM, FOREVER 18 and TACK. According to COLLOSEUM, the company sees itself as a leading German speciality retailer, offering clothing, accessories, personal care products and shoes for women, men and children under the COLLOSEUM, FOREVER18 and TACK brand names. As of September 2005, COLLOSEUM operates more than 170 stores. Customers can shop at COLLOSEUM stores in Germany and Poland, whereas FOREVER18 and TACK only exist in Germany. Colloseum Handels- und Beteiligungs GmbH (the "Company") was a subsidiary of Glaus Holding AG (to be renamed: Multistore Holding AG), Switzerland. In 2005, the Company was sold by Glaus Holding AG to Colloseum Holding AG, Switzerland. Sole shareholder of Glaus Holding AG as well as of Colloseum Holding AG was, at the time of the transaction, Peter Glaus who sold his shares in Glaus Holding AG thereafter to a third party. From a legal perspective, it may not be excluded that the transfer of the shares may be voidable under Swiss law so that the shares in Colloseum Handels- und Beteiligungs GmbH would still be in the ownership of Glaus Holding AG. It should be noted that these facts are related to and may effect only the shareholders of Colloseum Handels- und Beteiligungs GmbH but not the Company itself. Auditor:

RWP ROTTHEGE WASSERMANN GMBH, Düsseldorf, Essen, Bochum, Warzawa.

Combase AG Betriebs- und Beteiligungsgesellschaft Address: Seligenstaedter Strasse 100 63791 Karlstein am Main Website: www.com-base.de

Management:

CEO/CFO: Mr. Sack CSO: Mr. Trunk

Founded:

2000

2004

2003

2002

8 0,0 00

Revenues

72,538

48,997

35,004

6 0,0 00

Total Assets

(in '000 EUR)

Industry: Electronics 5,000 4,000 3,000

31,466

23,078

21,033

4 0,0 00

EBITDA

6,519

2,676

1,061

2 0,0 00

EBIT

4,641

696

-926

0

Net Income

2,973

231

169

Employees

654

606

478

2,000 1,000 0 2004

20 03 Re v enues

2 002

To tal A s s ets

-1,000

2004

2003 EBIT

2002

Net Incom e

In the ComBase Group's view, it has developed a leading service providers for logistics, repair and customer care services in Europe and is further expanding in order to become one of the leading service providers in EMEA since 2000. ComBase AG was founded in 2000 as a holding for the subsidiaries All in 1 GmbH, CS GmbH, EPC GmbH, ComPeople GmbH and Cosmo Consult GmbH. In 2002, EPC GmbH took over m+s EDV Service GmbH & Co. KG. In 2004, ComBase Germany began to co-operate with SCR ComBase in Switzerland. In January 2005, ComBase Austria was founded in Schwechat near Vienna to serve the Austrian market. Since March 2005, ComBase is able to offer its services also in Africa by co-operating with CSL ComBase in South Africa. The logistics division contributes approx. 37% of the total revenue. Customer care Services make up approx. 3% and Repair Services for IT, Telecommunication, Multimedia and Entertainment (Times-Markets) approx.. 60%. The divisions are legally independent companies with their own operational management. The sales/marketing, finance, controlling, accounting, IT, human resources and administration functions are bundled within ComBase AG Holding. All in 1 GmbH, founded in 1998 offers Logistics and Customer Care Services which include warehousing, customising, order management, distribution and reverse logistics such as a customer service centre and trade-in. Euro Point Communication GmbH, founded in 1994, is a service provider for the IT, Multimedia, Entertainment and Security sectors and offers repair service logistics, refurbishing and recycling. IT-repair-know-how and competence on board level was bought by the acquisition of m+s electronics in 2002. Within the following years the competence was enhanced to IT, Multimedia and Entertainment-repair-know-how. CS Communications Service GmbH, founded in 1994, offers repair services to the telecommunication market. ComBase Austria GesmbH, founded in 2005, provides both, logistics and repair services for the TIMES segments in Austria. ComBase Austria is expected to develop into a hub for Central and Eastern Europe in the near future. The subsidiaries ComPeople GmbH and Cosmo Consult GmbH act as internal service roviders. ComPeople acts as a temporary employment agency for the operations division. Cosmo Consult is a Navision Solution Centre, which provides licences and IT-services for the group. ComBase offers complete service solutions along the supply chain. Thus, ComBase can serve the customer with a variety of services throughout the life of electronic and electro technical products. Each service part can be selected separately and can function independently. Logistics services cover the entire supply chain process and include Warehousing, Customising, Order Management, Distribution and Reverse Logistics. In the field of Customer Care Services, the company offers multi-lingual call centre services via telephone, email or internet, which include inbound and outbound calls as well as e-commerce solutions, letter shops and trade-in. Repair Services range from the logistics of an arranging pick-up, desk to desk and SWAP services to error reporting, chip/product repair, refurbishing and recycling. Auditor:

Günther Rhode, chartered accountant, Welzheimer Strasse 35, 63791 Karlstein

- 166 -

Erich Rohde KG Schuhfabriken Address: Erich-Rohde-Strasse 22 34613 Schwalmstadt

Management:

Website: www.rohde-schuhe.de

Founded:

(in '000 EUR)

2004

2003

2002

Revenues

168,924

163,460

177,387

Total Assets

183,766

160,515

14,105

EBIT

General Partner: Friedrich Wilhelm Schmitt Limited Partner: Christoph Schmitt CFO: Gerhard Dickel Industry: Textiles and Leather 1947

190,000

9,000

142,500

6,750

166,893

95,000

4,500

16,361

16,380

47,500

2,250

6,918

8,623

8,220

0

Net income

2,231

3,061

2,722

Employees

2,653

2,787

3,073

EBITDA

0 2004

2003

Revenues

2004

2002

2003 EBIT

Total Assets

2002

Net income

Erich Rohde KG was founded in 1947 and started its business by producing shoes from used materials. After the establishment of a production facility in 1954 and the opening of the first subsidiaries in Hallein (Austria), Immichenhain, Schrecksbach and Borken in 1960, the ownership and management transferred to general partner Friedrich W. Schmitt; this was upon the death of the founder Erich Rohde (1965). Since F. W. Schmitt has expanded the production to Santa Maria de Feira and Pinhel (Portugal), robotised production (1988) and software driven designing (1989) has been introduced and a completely automated high rack warehouse system (1995) has been established. In 1996, the company signed an exclusive OEM contract with Daniel Hechter, Paris. During the last couple of years, Erich Rohde KG has founded a new creative design centre, reorganised the production process at the Schwalmstadt plant and implemented an active market development strategy in Central and Eastern Europe. In 2005, the company took over the exclusive distribution rights for the West-Coast brand in order to expand the product portfolio into the young fashion sector. All overhead units, such as human resources, finance, accounting, purchasing, distribution, export and business development are controlled and directed by authorised officers. The R&D department works closely with the sales and distribution department in order to identify fashion trends, satisfy current customer needs and motivate the sales teams. All new products are discussed with members of the sales and distribution department at the beginning of every selling season. Erich Rohde KG’s product portfolio extends to nature form sandals, stylish comfort sandals, sports styled outdoor shoes, all-weather boots equipped with Sympatex-technology, fashionable Daniel Hechter shoes for women and men and young men’s West-Coast shoes. The company’s main customers include small and medium sized retailers and department stores in Germany and foreign markets. The German market is covered by 54 employed sales representatives. Auditor:

UWP Unitreu GmbH, Frankfurter Strasse 10 – 14, 65760 Eschborn

Europart Holding GmbH Address: Martinstrasse 13 58135 Hagen-Haspe

Management:

Bernd Pederzani, Peter Viefhues Horst Markus, Klaus Niemeier

Website: www.europart.net

Founded:

1948

(in '000 EUR)

Industry: Automobile

2004

2003

2002

260,000

6,000

259,900

243,100

225,700

195,000

4,500

36,600

30,600

32,800

130,000

3,000

EBITDA

6,600

8,600

7,400

65,000

1,500

EBIT

4,200

5,900

3,600

0

Net Income

3,300

3,100

1,700

Employees

1,020

1,001

1,007

Revenues Total Assets

0 2004

2003

Revenues

2002

Total A s sets

2004

2003 EBIT

2002

Net Income

The Company was founded in 1948 as a spring trading company under the name Westdeutsche Federnzentrale Wachenfeld GmbH & Co. KG. In 1990 the shareholding family Pederzani decided to focus their financial commitment on the dealer business only. In their view, the company developed to a leading commercial vehicle parts dealer in Germany during the last ten years. This position was consolidated in 2001 by acquiring Schomäcker Handel. In 1998 aqnd 2000 the company entered the screws- and tools markets in 1998 and 2000. Additionally, the foreign market business enhanced after successfully consolidating the Danish and British subsidiaries. Experiences in managing foreign market subsidiaries, gained through that process, also served as basis for the rapid development in Eastern and South Eastern Europe and in all Baltic and Scandinavian Sea markets. In 2000, the company was transformed into Europart Holding GmbH. On December 31st 2004, the Europart group consisted of six German entities and 18 subsidiaries in other European countries. The Europart Holding GmbH bundles overhead functions including warehousing and logistics and holds shares in the distribution subsidiaries Technical Trade and Industry Service Domestic and in all foreign market subsidiaries via Europart International Beteiligungs-GmbH. The Europart Holding acts as service provider for the operative units and is responsible for all central overhead functions. The three distribution unit managers direct their businesses according to strategic guidelines of Europart Holding and are individually responsible for their sales and income results. The company focuses on two main business segments: vehicle spare parts and garage supply for handcraft and industry businesses. The sales generated in the core business segment commercial vehicle parts account for approximately 78% and the segment automobile parts for approximately 5% of total sales. The young and still developing segments of the business unit garage supply for handcraft and industry businesses already contributes approximately 17% of total sales. The company’s strategic focus lies on garage supply for handcraft and industry businesses, where it expects the largest future growth. Moreover, the further development of business activities in foreign markets represents an important perspective in terms of stable future development. The company is determined to enter new markets due to the limited perspectives of the German spare parts market, which is – according to the company - about to reach its growth limits and will be dominated by extensive competition in the future. According to the company’s strategy, growth shall, on the one hand, be realised through promoting the new assortments and gaining further markets via crowding out and the new distribution channel mail order selling. On the other hand, this shall be reached through the further expansion of the branch network in other European markets and by exploiting new market potentials. Auditor:

BDO Deutsche Warentreuhand Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft

- 167 -

Fritz Blanke GmbH & Co. KG Address: Industriestrasse 6-12 32108 Bad Salzuflen

Management:

Website: www.blanke-textil.de

Founded:

(in '000 EUR)

CEO: Andreas Blanke CFO: Rüdiger Mersch COO: Manfred Schneider Industry: Textiles and Leather 1948

2004

2003

2002

35,000

1,600

Revenues

33,066

33,614

33,316

26,250

1,200

Total Assets

10,350

11,008

12,225

17,500

800

EBITDA

2,420

2,724

2,510

8,750

400

EBIT

1,306

1,559

1,343

0

Net Income

1,038

1,188

1,019

Employees

236

258

275

0 2004

2003 Revenues

2002

2004

Total A s sets

2003 EBIT

2002

Net Income

Fritz Blanke GmbH & Co. KG was founded by Fritz Blanke in 1948 and is in third generation family owned. Limited partners of the company are Andreas Blanke and Ernst-August Blanke with shares of 55% and 45%, respectively. Since 2004, Andreas Blanke manages the company as CEO. It exclusively acts as commission refiner and is specialised on textile refining, lamination, coating and imprinting. Employing 250 people and producing on 30,000 sqm, the company is able to produce a maximum of 17 million meters of refined textiles per annum. The company’s total sales are generated in three major business segments: Fashion textiles (e.g. soft furnishings, sport clothes and bodice products) contributing 20%, technical textiles for the automobile industry (vehicle interior carpeting, airbags, clipboards) accounting for 65% and other technical textiles adding around 15%. Moreover, the foreign market portion of total sales in 2004 was around 16.9%. These were generated in France (12.3%), Poland (1.6%), Slovakia (1.3%) and other European countries (1.7% being the Netherlands, Belgium and Denmark). The company’s domestic customers carried out additional foreign shipping. The basic textile refining process consists of treating the raw materials with self-developed washing, bleaching, coating and finishing technologies. These processes result in textiles with altered or modified characteristics, for example all kinds of protective clothing (protective gloves, vests), fireproofed materials and water-repellent (vehicle interior carpeting) or anti-bacteriostatic textiles. Textile lamination produces coatings or laminations between different kinds of materials. For example this is used in the automobile industry (interior design), the shoe or helmet manufacturing (motorcycle helmets) or the clothing industry. Auditor:

INTECON GmbH, Bielefeld

Gebrüder Trox GmbH Address: Heinrich-Trox-Platz 47504 Neukirchen-Vluyn

Management: CEO: Dr. Helmut Franzen CFO: Dr. Elmar Ewen CTO: Bernd Huber Founded: Industry: Mining, Steel, Iron and Nonprecious Metals 1951

Website: www.trox.de (in '000 EUR)

2004

2003

2002

Revenues

242,000

244,100

264,400

Total Assets

131,000

134,400

149,700

12,700

13,800

12,400

EBITDA

5,800

EBIT

5,800

3,500

Net income

1,100

-200

-1,900

Employees

2,544

2,592

2,732

270,000

6,000

202,500

4,000

135,000 67,500

2,000 0

0 2004

2003 Revenues

2002

-2,000

Total A s s ets

2004

2003

EBIT

2002

Net income

Gebrüder Trox GmbH was founded by Heinrich and Friedrich Trox in 1951. In 1970, the brothers Heinz and Klaus Trox took over the company’s management. Today, Heinz Trox is still member of the supervisory board of the company. According to Gebrüder Trox GmbH, it developed into a leading provider for components, devices and systems for air conditioning during the last 50 years. Besides organic growth, the company also acquired Hesco Schweiz AG, market leader in Switzerland (according to Gebrüder Trox GmbH), in 1998 and Auranor Gruppen AS, market leader in ventilation and air conditioning systems in Norway (according to Gebrüder Trox GmbH), in 2005. By purchasing Fenster System Lüftung GmbH in 2002, Gebrüder Trox GmbH entered the market for decentralised ventilation. Gebrüder Trox GmbH generates sales in eight different product segments (in % of total sales): Air distribution (39%), fire protection (16%), air flow control (16%), filters (11%), acoustics (6%), air-water systems (6%), air handling units, fans and expansion joints (5%) and decentralised ventilation (1%). All staff departments are centralised in the German headquarters and all foreign market subsidiaries are supervised and supported from there, as well. Today, the company manufactures and offers fire and smoke dampers, decentralised ventilation, air-water systems, air diffusers, air filters, volume flow control units, sound attenuators and system technology. In general, each regional market and its structure is depending on the public and commercial construction business. Currently, there is an increasing importance of air conditioning renovation. In terms of tunnel dampers (part of the fire protection segment), the company emphasises on infrastructure projects (civil engineering, road, metro and railroad tunnels) in South East Asia. Due to the company’s broad and internationally diversified business model, variations in economic cycles in different regions can be balanced quite well. Energy saving regulations and the rising demand for safety (tighter standards) will increasingly require specific and technically challenging products and solutions. Gebrüder Trox GmbH states to be able to capitalise on this trend due to its engineering know-how and its experience in numerous different markets. Auditor:

PwC Deutsche Revision Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft Düsseldorf

- 168 -

Geiger technik GmbH Address: Breitenauerstrasse 1a 82467 Garmisch-Partenkirchen Website: www.geigertechnik.de (in '000 EUR ) Revenues

Management: CEO: Dr. Albert Michael Geiger CFO: Werner Bildner COO: Ernst Friedrich Hahn Founded: Industry: Automobile 1960

2004

2003

2002

115,000

110,100

105,239

106,526

86,250

Total A ssets

57,500

EBITD A

28,750

EBIT

0

Net Incom e Em ployees

2004

862

878

2003

2002

925 Revenues

GEIGER technikGmbH was founded by Dr. Albert Michael Geiger’s grandfather Albert Geiger in 1960. The company then produced plastic water tanks for Volkswagen, which substituted former used metal water tanks for the cooling unit of the engine. GEIGER technik GmbH states to be the first producer of welded break-fluid-reservoirs, expansion tanks and produced mould fuel tanks for BASF. In the eighties, GEIGER technik GmbH enlarged their production by newly invented products for European car engines. Two new production plants in Murnau (Bavaria) and Tambach-Dietharz (Thuringia) were built. Beginning with the mid nineties, changes within the automobile industry were speeding up dramatically. Suppliers were forced to position themselves globally while at the same time costs had to be reduced – a fact that is still present today. In 2004 GEIGER technik GmbH established GEIGER technik Polska in Sosnowiec/Katowice Poland and furthermore is testing market possibilities in China, USA and Brazil. Engineering constitutes about 15% of total revenues. As an engineering partner of the automobile industry, it is responsible for “black box” engineering projects. In most cases GEIGER technik GmbH is liable for product design and guarantees functionality. Operations contribute about 85% of total revenue. As a mass producer GEIGER technik GmbH has to guarantee the high quality demands of customers and assure state-of-the-art efficient production processes. Currently nearly all GEIGER technik GmbH customers are within the automobile industry. Nevertheless, GEIGEReco² is not focused on a certain sector. Every industry with a focus on the combination of ecological and economic challenges to be achieved through the use of sophisticated product and process innovations with novo materials are target markets. Auditor:

Treuhand Union GmbH, Sonnenstrasse 20, 80331 München

Gustav Hensel GmbH & Co. KG Address: Gustav-Hensel-Strasse 6 57368 Lennestadt

Management: CEO: Felix Hensel CFO & COO: Sigurd Siebel

Website: www.hensel-electric.de

Founded:

(in '000 EUR)

Industry: Electronics

1931

2004

2003

2002

62,000

Revenues

61,200

60,100

61,800

46,500

3,000

Total Assets

18,500

18,000

18,600

31,000

2,000

EBITDA

4,100

4,500

6,500

15,500

1,000

EBIT

1,600

1,500

3,600

Net Income

600

400

2,400

Employees

538

553

579

4,000

0

0 2004

2003 Revenues

2002

Total Ass ets

2004

2003 EBIT

2002

Net Inc ome

Gustav Hensel GmbH & Co. KG was founded in 1931 in Radevormwald by Gustav Hensel and Ernst Bisterfeld. In 1947, the company moved to Lennestadt-Altenhundem. Three years later, the company employed 70 people and owned a 3,500 sqm property. In 2005 app. 550 employees worked for Gustav Hensel GmbH & Co. KG and its subsidiaries in Kirchhundem, Siegen and Grimma. Additionally, seven foreign entities employed another 190 employees. The company is divided into two major business units. The first unit focuses on standardised products such as DK cable offsetting units, KT cable sustaining devices and KV-, Mi- and MC-distributors. The second business segment is engaged in the projecting and manufacturing of customer specific, low voltage range switch gears. Gustav Hensel GmbH & Co. KG is a German Mittelstand company offering a premium range of products and services for the electrical building equipment industry. The company especially covers non-residential real estates like hospitals, schools, sports centres, industrial, administration and traffic infrastructure buildings. Its customers are electric wholesalers, which serve electric handcraft companies, industrial firms and building companies with a focus on electric installations. Auditor:

Wirtschaftsprüfungsgesellschaft Bachem, Fervers und Partner, Solingen

- 169 -

Hackforth Holding GmbH & Co. KG Address: Heerstrasse 66 44635 Herne

Management:

CEO: Bernd Hackforth COO: Peter Roth

Website: www.vulkan24.com

Founded:

1990

(in '000 EUR)

Industry: Machinery

2004

2003

2002

115,000

25,000

112,456

100,124

100,157

86,250

18,750

Total Assets

86,633

80,929

102,015

57,500

12,500

EBITDA

13,975

14,112

26,163

28,750

6,250

EBIT

10,358

10,418

22,378

0

Net Income

5,726

4,758

16,139

Employees

868

708

693

Revenues

0 2004

2003

Revenues

2004

2002

2003 EBIT

Total Assets

2002

Net Income

Hackforth GmbH & Co. KG, a transmission technology company, started its business in 1945 in Herne, today’s head office. The engineer Bernhard Hackforth (born in 1914) managed the former small engineering company after his father assigned him with the responsibility at the age of 35. The company produced clutches and piston rings that were mainly applied to the new railways. In 1977, Bernhard Hackforth’s son, Bernd Hackforth, born in 1949 and holding a degree in business administration, became legal partner of the company. The corporate group – managed as a single entity – was transformed into a limited partnership company, operating under the name VULKAN Kupplungs- und Getriebebau B. Hackforth GmbH & Co. KG. The Vulkan Hackforth-Group grew and soon achieved a global presence in Europe, South- and North America and Asia. In 1990, Hackforth Holding GmbH & Co. KG was created in order to establish business standards for the whole group such as managing strategic decisions and money flows. Hackforth Holding consists of two major business divisions. Vulkan Kupplungs- und Getriebebau B. Hackforth GmbH & Co. KG, former Maschinenfabrik Hackforth, manufactures couplings and transmission systems and is managed by Dr. Andreas Böhme. The second division, Vulkan Lokring Rohrverbindungen GmbH & Co. KG, was founded in 1979 and produces a proven tube connection technology. This division is managed by Dieter Schwalm. In addition, the group owns 14 foreign subsidiaries that generate 40% of the total sales. 49% of all sales are contributed by Vulkan Kupplungs- und Getriebebau B. Hackforth GmbH & Co. KG, while Vulkan Lokring Rohrverbindungen GmbH & Co. KG generated an additional 11% of the total sales in the year 2004. Vulkan Kupplungs- und Getriebebau B. Hackforth GmbH & Co. KG manufactures couplings in its head office in Herne, Germany as well as in Brazil, the USA, China and India. The products are applied to engines of ships, boats, generators and general industrial machines with a performance spectrum ranging from 0.1 to 2,400 kNm. With over 110 years of experience in the area of motive engineering, the company guarantees the highest quality standards across their product range. Customer-centred innovations, quick delivery times and world-wide services make Vulkan Hackforth a reliable business partner that is competent and experienced in applications and approved coupling programmes. Vulkan Lokring Rohrverbindungen GmbH & Co. KG offers a proven tube connection technology for producing hermetically sealed metal-to-metal tube joints. This tube connection has many advantages, one of the most significant being that damage to the connection associated with soldering, brazing, welding or screw cutting is eliminated. Furthermore, Vulkan Lokring offers products used for the installation and repair of air conditioning systems for households, offices and automobiles. The tube connection technology is designed for the use in air conditioning and refrigeration systems, refrigerators and deep freezers or automotive air conditioning systems. Auditor:

KPMG Deutsche Treuhand-Gesellschaft Wirtschaftsprüfungsgesellschaft Aktiengesellschaft, Essen, Germany

Hans Warner GmbH Address: Raiffeisenstrasse 12-14 40764 Langenfeld

Management:

CEO: Rosmarie Warner CEO: Hans Michael Warner

Website: www.hans-warner.de

Founded:

1950

(in '000 EUR)

2004

2003

65,000

Revenues

62,343

64,330

48,750

Total Assets

41,931

46,318

32,500

EBITDA

Industry: Automobile 4,5 00 3,0 00 1,5 00

14,255

10,557

16,250

EBIT

4,459

1,948

0

Net Income

1,032

-1,066

Employees

236

252

0

2004

2003

Revenues

Total As sets

2004

2003

-1,5 00 EBIT

Net Inc ome

Hans Warner GmbH was established in 1950 by entrepreneur Hans Warner as a sales company for machines and equipment in the construction business. In 1955 Hans Warner became the general representative of Hünnebeck GmbH, a company selling construction equipment for formworks and scaffolding. In 1957 Hans Warner became a factory salesman for tower cranes of Liebherr-Werk Biberach GmbH. Due to the early death of the company founder and his wife in 1978, the company was managed by the second generation, Hans Warner’s children Rosemarie and Hans-Michael Warner. With a wide range of construction equipment and machines, Hans Warner GmbH has become a retail and servicing specialist, that concentrates on three business segments: 1. Sales and leasing of construction equipment for formworks and scaffolding of the Hünnebeck GmbH, Ratingen, accompanied by comprehensive service offerings. Services range from counselling, planning and development of special constructions to the complete supervision of construction sites. As claimed by the company Hünnebeck GmbH is counted among the most outstanding suppliers of formworks and scaffolding and is known for its high quality standards, optimal flexibility and a maximum of efficiency. 2. Sales and leasing of tower cranes of the Liebherr-Werk Biberach GmbH. According to Liebherr, it is a world leader in the field of spinning tower cranes and is known for its leading technical, quality and economical standards. Whether buying or leasing, Warner is a complete solution provider for tower cranes. The company’s services include the counselling on construction sites, the comprehensive analysis of the requirements, transportation, installations, reparations and maintenance. 3. The goal of Warner’s distribution program is to offer complete servicing solutions for construction and trade businesses. Warner provides all products that are required for construction sites, including tools, supplies, protection equipment and consumable articles. In this division a lot of equipment and machines are also offered for leasing. Auditor:

Treuhandgesellschaft: Rödl & Partner , Nürnberg

- 170 -

Härterei und Qualitätsmanagement GmbH Address: Fraunhoferstrasse 2-4 04178 Leipzig

Management:

CEO: Dr. Siegfried Krüger CFO: Heidi Jakob

Website: www.hqm-gmbh.de

Founded:

1993

(in '000 E U R ) Re ven ue s

2 004

20 03

20 02

57,107

73,5 28

18,8 80

To tal A sse ts

Industry: Automobile

75,000 56,250 37,500

E B IT D A

18,750

E B IT 0

Ne t In c om e E m ploye es

2004

192

1 33

2003

2002

1 29 Rev enues

Härterei und Qualitätsmanagement GmbH (HQM) was founded in 1993 by Dr. Siegfried Krüger. In addition to the foundation segment hardening and surfacing techniques, the following business units amended the original product portfolio: - Measuring and inspection equipment management (1994; Chemnitz) - Engine component manufacturing (1998; Chemnitz) - Container cleaning and purification (2002; Chemnitz) - Construction, programming and quality planning (2003; HQM Systemhaus GmbH) - Heat treatment technology (2004; Wuppertal) - Mould construction for pour models and jigmaking (2004) - Chemical and physical material analysis (2005, Chemnitz) - Body measurement (2005; Bratislava) - Container cleaning and purification (2005; Leipzig) HQM Group is divided into four major business units. The first unit, hardening and surfacing techniques, is located in Leipzig and Wuppertal and provides all established heat treatment techniques including resistance rays. Additionally, this unit develops new heat treatment procedures. Capacities are allocated towards engineering and automobile manufacturing with approx. 50% each. The second unit operates as a direct automobile supplier and manufactures engine and body components. Measuring, testing and material techniques form the third unit, which is located in Leipzig, Chemnitz and Bratislava. This unit focuses on quality planning, CAD construction and programming of measuring devices. Finally, the fourth unit, mechanical production, is engaged in manufacturing mechanical engine and gearing components. HQM defines the German car manufacturing industry as its major target market and sets a peculiar focus on central Germany. Additionally, international markets are for example targeted by the initiated development of the Bratislava (Slovakia) site. Auditor:

CT Commerzial Treuhand Wirtschaftsprüfer und Steuerberater GmbH, Germany

Industriebau Wernigerode GmbH Address: Dornbergsweg 22 38855 Wernigerode

Management:

Website: www.industriebau-wernigerode.de

Founded:

(in '000 EUR)

CEO: Christian Klose CFO: Eckmut Meinhold COO: Peter Schmidt Industry: Buildings and Real Estate 1990

2004

2003

2002

65,000

2,800

Revenues

62,824

56,836

55,333

48,750

2,100

Total Assets

44,884

43,773

53,419

32,500

1,400

EBITDA

2,679

2,429

3,129

16,250

700

EBIT

1,929

1,781

2,669

0

Net Income

452

444

167

Employees

209

230

231

0 2004

2003 Revenues

2002

Total As sets

2004

2003 EBIT

2002

Net Inc ome

Industriebau Wernigerode GmbH was established in 1990 through a management-buy-out of the former construction firm Magdeburg. The company employed 1,600 people at that time and the business areas were fragmented into various segments like steel construction and window production. To meet market needs and to create more efficient and flexible processes, a reorganisation of the business was necessary. In 1996 the first subsidiary, the Wernigeroder Baumaschinen GmbH was founded, followed by the IW Bauwert-Consult & Verwaltungsgesellschaft GmbH in 1998. This step was necessary to be able to offer additional services like architectural planning, construction management and administrative services including facility management to their customers. According to the company, Industriebau Wernigerode’s competitive advantage lies in the broad servicing spectrum as well as in the specialisation of specific segments. About 45% of total revenue is generated with industrial clients and 35% within the commercial building sector. The performance of residential building constructions is app. 20%. Due to market developments, the business in residential buildings was reduced by 60% in 2004 and caused a shift of activities to other segments. Projects in the industry sector include industrial facilities and office buildings, mainly for the auto supplier, steal industry, foundries, and so on. Commercial buildings include retail buildings, schools, social institutions, sports fields and swimming pools. Among domestic buildings, multi-story buildings and individual private homes were built. Industriebau Wernigerode GmbH focuses on an expansion of all three market segments. Construction projects in the industrial, commercial and residential segment provide project development, construction, administration and management services. Construction business in the federal state of Saxony-Anhalt were extended to nation-wide engagement in the last few years. According to the company this process will be pursued and will guarantee constant growth. Last year the first foreign project, a recreational facility in Austria with a spa and swimming pools, was realised by Industriebau Wernigerode GmbH. Auditor:

Financial statements are audited by PricewaterhouseCoopers AG, Magdeburg, based on HGB standards.

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Jacobi Ton- und Ziegeleibeteiligungs-KG Address: Osteroder Strasse 2 37434 Bilshausen

Management:

Helmuth Jacobi Klaus Jacobi

Website: www.jacobi-tonwerke.de

Founded:

1860

(in '000 EUR)

Industry: Building and Real Estate

2004

2003

2002

70,000

8,000

Revenues

45,063

48,585

46,661

52,500

6,000

Total Assets

59,908

60,466

67,974

35,000

4,000

EBITDA

11,769

11,598

15,179

17,500

2,000

EBIT

5,534

4,026

7,423

0

Net Income

1,958

628

3,206

Employees

345

337

342

0 2004

2003

Revenues

2002

2004

2003 EBIT

Total Assets

2002

Net Income

Jacobi Ton- und Ziegeleibeteiligungs-KG is a family owned holding vompany of Jacobi Group. Jacobi has been producing high quality clay rooftiles for more than 140 years. During the last twelve years, five new plants have been established and equipped with the latest manufacturing facilities. The operative business of Jacobi is managed by Jacobi Tonwerke GmbH. Further members of the Jacobi Group are the clay pit operator Tongrube Rotenberg GmbH and the Jacobi & Schulte KG. Jacobi produces an estimated number of 50 million rooftile units per year and is currently offering 17 different models, including substantial equipment from ridge to eaves. Some product examples are glazed rooftiles, noble engobed rooftiles, standard rooftiles, plain tiles and ceramic equipment. The largest customers are Melle GmbH, Dachdecker-Einkauf Koblenz eG, Dachdecker-Einkauf Hamm eG, Raiffeisenwarenzentrale Kassel eG and Raab Karcher Baustoffe GmbH, which account for 25% of total revenue. Wholesalers, such as Hagebau, Interbaustoff and IDF contribute to another 25% of total revenue. Auditor:

Hindenburg Revision GmbH, Wirtschaftsprüfungsgesellschaft

Kaefer Isoliertechnik GmbH & Co. KG Address: Bürgermeister-Smidt-Str. 70 29195 Bremen Website: www.kaefer.com (in '000 E UR )

Management: CEO: Norbert Schmelzle Domestic markets: Jörn Fetköter Foreign markets: Peter Hoedemaker Founded: Industry: Mining, Steel, Iron and Nonprecious Metals 1918

2004

2003

2002

580,000

Revenues

575,600

546,800

505,500

435,000

Total Assets

248,400

239,100

232,400

21,800

18,200

16,500

5,650

5,820

5,230

EB ITDA Em ployees

290,000 145,000 0 2004

2003 Rev enues

2002

Total Assets

The company was founded under the name of Carl Kaefer & Co. in 1918 and focused on ship insulation. In the mid 60´s, the company started to establish international subsidiaries. Kaefer enhanced this internationalisation process during the last seven years. Meanwhile, more than 50% of total sales are generated abroad. Nowadays, the company is engaged in the divisions industry, shipbuilding and construction, which employ around 7,000 people and generate total sales of more than EUR 600 million. The division “industry insulation” generates around 60% of sales. Core businesses in this segment are heat and cold insulation of power plants, chemical and petrochemical facilities. The construction segment contributes another 20% to total sales. It comprehends interior finishing of administration buildings for assurances or public authorities and facade renovation and interior finishing of old buildings. Another 18% of total sales are added by the shipbuilding segment, which summarises ship insulation and the interior finishing for cruise vessels, ferryboats, tanker ships and navy vessels. Finally, core business related products such as fire protection window systems or Lolamat platters account for the remaining 2% of total sales. Starting from segments which Kaefer identified as its core competencies, the company will enter additional markets where these competencies are of importance. Auditor: Rödl & Partner GmbH, Wirtschaftsprüfungsgesellschaft, Nürnberg

- 172 -

Kemmer Technology AG Address: Hangendeinbacherstrasse 4 73527 Schwäbisch Gmünd

Management:

CEO: Martin Kemmer CFO: Mr. Sachse

Website: www.kemmer-ag.de

Founded:

2000

(in '000 EUR)

2004

2003

2002

Revenues

33,894

23,814

24,573

Total Assets

19,144

22,375

18,796

EBITDA

2,900

1,739

409

EBIT

1,886

644

-859

Net Income

400

-120

-1,412

Employees

207

194

198

Industry: Mining, Steel, Iron and Nonprecious Metals

35,000 26,250 17,500 8,750 0 2004

2003 Rev e nues

2002

Total A s s ets

2 ,0 00 1 ,5 00 1 ,0 00 5 00 0 -500 -1 ,0 00 -1 ,5 00

2 0 04

2 00 3

EBIT

20 02

Ne t Inc ome

In the early 1950s Mr. Paul Kemmer founded Kemmer Präzision GmbH located in Lorch, Germany. Main business was the production of tungsten carbide tools with special focus on drills and routers for the printed circuit board (PCB) industry. Mr. Martin Kemmer, who had joined the family company in 1982, left in 1991 and initiated the spin-off of the general special tools division in 1994 and established the MPK Kemmer GmbH. Since 1994, where MPK Kemmer GmbH generated EUR 4 million in sales, the company’s revenue has grown to approximately EUR 34 million in 2004. In addition to organic growth, Mr. Kemmer acquired two insolvent companies, today’s KMS Kemmer Automation GmbH and KMS Vision Systems GmbH and founded MPK Kemmer GmbH Swiss. In 2000, the group was established by founding the Kemmer Technology AG. One year later, Hannover Finanz GmbH, a German private equity manager, acquired a minority stake in the company. In the same year, Kemmer Technology AG took a minority stake in Kontech-Kemmer China Ltd. to access the Chinese market. In 2003, all R&D activities of the Kemmer group were centralised in KMS Kemmer Technology Center GmbH. The company is divided into four business divisions: 1) Tungsten carbide tools (except electronics) generated 14.7% of total sales in 2004 and is specialised in manufacturing high-precision customised tools. 2) Electronics and multi-layer ceramics (MLC) with tungsten carbide tools and automation machinery contributed 20.4% of total sales in 2004. This division includes the whole value chain for the production of MLC chips. 3) The electronics and printed circuit boards (PCB) with tungsten carbide tools and automation machinery division added 24.8% in sales and focuses on the production and global distribution of drill and router bits. 4) The automation and assembling machinery (except electronics) division contributed 40.1% of 2004 sales and designs and assembles machinery for business process automation and mainly assembly and fixtures. Tungsten carbide tools specialises in manufacturing high-precision customised tools. Next to quality and adherence to delivery dates, the competitive advantage of this division is in the company’s opinion its ability to produce small lots economically. These tools are used in all industrial production processes. Main customers are multinationals of the automotive industry like Bosch, Mahle or TRW. MLC includes the whole value chain for the production of MLC chips. Kemmer Technology Group is in the company’s view the only global supplier offering punch pins and bushings, complete tooling and the punch and lamination machinery out of one hand. As a result of high production costs, the MTL market is small with only a few companies using this technology. According to Kemmer Technology they are a leading supplier, e.g. the global single system supplier of the Bosch Group. PCB focuses on the production and global distribution of drill and router bits. In addition to global technological leadership, the unique selling proposition of this division is the after sales service offered, according to Kemmer Technology. As a result of this, the company sees itself as the single or largest supplier for many big European PCB manufacturers like AT&S, Würth Group or Schweizer Electronics. With its small size drills, Kemmer Technology is in its opinion the only Non-Japanese drill bit producer serving the Japanese market, which is the global technology driver in this field. The automation and assembling machinery division designs and assembles machinery for business process automation and mainly assembly and fixtures. The company sees its special expertise in the area of handling die cast aluminium in the automotive industry or dosage and packaging technology for the pharmaceutical industry. Auditor: PricewaterhouseCoopers, Friedrichstrasse 14, 70174 Stuttgart

- 173 -

Leistritz AG Address: Markgrafenstrasse 29 90459 Nürnberg

Management: Chairman of the supervisory board: H. Schaak Member of the board: Dr. E. Rothstein Member of the board: U. Oehm Founded: Industry: Machinery 1905

Website: www.leistritz.de (in '000 EUR)

2004

2003

2002

160,000

7,500

158,787

157,792

152,284

120,000

5,625

Total Assets

73,178

74,291

78,903

80,000

3,750

EBITDA

11,118

11,414

10,225

40,000

1,875

EBIT

7,374

7,238

6,597

0

Net Income

2,622

2,881

2,855

Employees

1502

1517

1470

Revenues

0 2004

2003 Revenues

2002

Total A ssets

2004

2003 EBIT

2002

Net Income

Maschinenfabrik Paul Leistritz was founded in 1905 in Nürnberg and started with the production of blades for steam turbines. In 1924 and 1925, manufacturing of screw pumps, a new development at that time, and mufflers for motorcycles, automotive and stationary engines extended the product range. 35 years later, in 1960, a plant in Fuerth/Stadeln was acquired in order to expand production. Additionally, the company started to produce hydraulic systems for lifts in 1965. In 1973, the American Leistritz Corporation was founded to organise sales and service in the USA. Another expansion was the construction of another plant in Pleystein (1975) which produces mufflers, pipe components and machine tools. After becoming a public limited company in 1986, Leistritz AG was restructured in 2001 and four independent subsidiaries were formed: Leistritz Turbomaschinen Technik GmbH, Leistritz Pumpen GmbH, Leistritz Extrusionstechnik GmbH and Leistritz Produktionstechnik GmbH. In addition, Leistritz Thommen GmbH, which produces profile rolling machines and rolling tools, was founded in 2004. Today Leistritz AG consists of seven legally independent companies: Leistritz Turbomaschinen Technik GmbH, Leistritz Pumpen GmbH, Leistritz Extrusionstechnik GmbH, Leistritz Produktionstechnik GmbH, Leistritz Thommen GmbH, Leistritz Corporation and American Leistritz Extruder Corporation. All of these companies are 100% subsidiaries of Leistritz AG. Today's aero-engines and turbines need precision custom designed blades. Leistritz offers cost effective manufacturing techniques by using precision forging. Based on customer data, the design of the blade is made by using 3-D CAD techniques. This system also guides the production and quality control process. Therefore, the company states, all customers’ standard and quality demands can be guaranteed and documented by the company. Screw pumps can pump fluids with lubricating and/or abrasive characteristics. Typical applications are found in oil fields, refineries, power plants, chemical plants and ocean crossing vessels. The company’s extensive product range includes 2, 3 and 5 rotor screw pumps. The typical characteristics of Leistritz screw pumps are quiet running, long service life and high efficiency. According to the company, the quality assurance measures meet the highest international standards. Leistritz AG sees itself as a pioneer in the area of plastic extrusion technology. Today's extrusion installations prepare and modify plastic raw materials and are used in the development of new plastic formulas, which provide the plastic industry with new materials. The equipment is also used in the chemical, pharmaceutical and food production sectors. The manufacturing focus is on twin screw extruders for compounding applications, lab extruders for research and development and installations for plastics recycling. Leistritz AG develops and manufactures complex production lines for cost-effective fabrication of internal and external helical profiles. Keyseating and end finishing machines complete this product segment. The carbide tool programme adds to the development of these highprecision processes. The tubing technology/metal stamping product range includes tubing and complete tubing assemblies for the car industry, agricultural engineering and the energy sector. Auditor:

Ernst & Young AG Wirtschaftsprüfungsgesellschaft

- 174 -

Lisega AG Address: Hochkamp 5 27404 Zeven

Management: CEO: Hans-Herlof Hardtke Vice President & CFO: Hans-Heiner Eddelbüttel Vice President & Sales & Marketing: Rolf Münnich Founded: Industry: Mining, Steel, Iron and Nonprecious Metals 1964

Website: www.lisega.de (in '000 EU R)

2004

2003

2002

Revenues

50,176

50,173

57,411

Total Assets

46,689

37,979

39,195

E BITD A E BIT

2,117

2,864

2,984

Net Income

1,030

751

1,640

E mp loyees

556

520

519

60,000

3,000

45,000

2,250

30,000

1,500

15,000

750

0

0 2004

2003 Rev enues

2002

2004

Total A s s e ts

2003 EBIT

2002

Net Income

The company was founded in 1964 under the name LISEGA Rohrleitungszubehör GmbH by pipe-constructing engineer Gerhard Liesegang in Hamburg. Five years later, Hans-Herlof Hardtke entered the company. In 1971, LISEGA moved headquarters to its current location in Zeven. In 1992 Hans-Herlof Hardtke acquired all shares and changed the company’s legal form from GmbH to AG in 2002. The functions of the advisory and management board ensure ongoing continuity to shareholders and staff. At the same time, management was strengthened and adjusted to a more complex company structure. The company’s total product portfolio amounts to 8,000 catalogued standard components. These components are special parts for installations of pipelines in industry facilities with focus on thermal power plants, petrochemical and chemical facilities. Project oriented planning and execution is often part of the company’s provided solutions. LISEGA’s planning tools, LICAD and EASYSTEEL, offer a high degree of time and cost efficiency for planning and designing proper solutions. According to the company, the increasing usage of 3D models greatly enhances the demand for LISEGA´s products In particular. Besides the European domestic market, the company also has distribution networks in the USA and Asia, especially the Chinese market, where the manufacturing and distribution is carried out by the Shanghai-based LISEGA PST. Auditor:

PricewaterhouseCoopers AG, Wirtschaftsprüfungsgesellschaft, Bremen

Mäc Geiz Non Food Vertriebsgesellschaft mbH Address: Brehnaer Strasse 12 06188 Landsberg

Management: CEO: Mr. Rill Authorized Representative/ Purchasing: Mrs. Thieroff Management: Mrs. Schopf Founded: Industry: Personal Food and Miscellaneous Services 1999

Website: www.mac-geiz.de (in '000 EUR)

2004

2003

2002

Revenues

63,729

53,079

41,857

Total Assets

33,622

23,327

12,309

EBITDA

5,068

4,079

2,761

EBIT

3,506

3,192

2,014

Net Income

1,545

1,725

1,060

Employees

530

490

395

65,000

3,600

48,750

2,700

32,500

1,800

16,250

900

0

0 2004

2003 Rev enues

2002

Total A s s ets

2004

2003 EBIT

2002

Net Inc ome

In 1993 the Company was originally founded as PaKo Non Food Warenhandelsgesellschaft mbH (PaKo). With its logistics system, PaKo unified its wholesale and retail activities. In 1999 Mäc Geiz Non Food Vertriebsgesellschaft mbH (Mäc Geiz) was founded by Dirk Bolmerg as a legally independent entity for branch distribution. Mäc Geiz generates 100% of its turnover in the German retail market. The company’s typical products are articles of the following sectors: housewares, drugstore and stationery goods, toys, technology, Do-ItYourself, pet food and animal care articles, gifts, food and beverages. Auditor:

M&P Morzynski & Partner GmbH, Wirtschaftsprüfungsgesellschaft

- 175 -

Max Becker GmbH & Co. KG Address: Widdersdorfer Strasse 194 50825 Köln-Ehrenfeld

Management: CEO: Klaus A. Becker

Website: www.maxbecker.de

Founded:

(in '000 EUR) Revenues

2004

2003

2002

147,305

104,561

91,265

Total Assets EBITDA

9,786

6,923

6,599

EBIT

9,102

4,840

3,935

Net Income

6,514

3,392

2,372

Employees

60

55

56

Industry: Oil and Gas

1935

150,000

1 0 ,0 0 0

112,500

7 ,5 0 0

75,000

5 ,0 0 0

37,500

2 ,5 0 0 0

0 2004

2003

2002

2004

2003 E B IT

Rev enues

2002

N e t In co m e

Max Becker founded the Max Becker GmbH & Co. KG in 1935 in Cologne/Germany and was very successful until he died in 1959. His son Klaus A. Becker took over the leadership of the company and still manages Max Becker GmbH & Co. KG today. The company moved to a larger site in 1986 and expanded its property in 2002. Today Max Becker’s area totals 70,000 sqm. The company has reported a tenfold increase in revenue over the past 18 years. In its centre of distribution in Cologne Max Becker GmbH markets nearly 80% of the industrial scrap of the Rhine region, including companies like Bayer, Ford Motor Corp., RWE Power and mining companies of the Rhenish brown coal surface mining industry. Therefore Max Becker GmbH collects the material at different sites and combines these into large bundles, which are afterwards industrially recycled, temporally stored and finally distributed to large steelworks. Max Becker GmbH supplies steelworks like Accelor/Luxemburg, HKM (Hüttenwerke Krupp Mannesmann) and Thyssen. According to the company, many other steelworks around the world are provided with scrap iron via the Köln-Niel harbour and the Europort Rotterdam.Thanks to its logistics location in Cologne, Max Becker GmbH is able to access an optimal infrastructure. The business site is directly connected to the railway system and possesses its own transportation wagons and several dump trucks. With Max Becker Trading, the company owns a modern 20,000 sqm harbour site and is able to guarantee on schedule disposal and supply on the sea way. Auditor:

Kaufmann, Rosenbaum Sozietät für Wirtschaft und Steuerberatung

MoellerGroup GmbH & Co. KG Address: Kupferhammer 33649 Bielefeld

Management: CEO: Felix von Moeller CFO: Dr. Axel Mueller

Website: www.moellergroup.com (in '000 EUR)

Founded:

Industry: Chemicals, Plastics and Rubber

1730

2004

2003

2002

50 0 ,0 00

1 0,500

Revenues

471,000

464,000

467,000

37 5 ,0 00

7,875

Total Assets

246,547

263,962

235,764

25 0 ,0 00

5,250

33,700

41,100

35,358

12 5 ,0 00

2,625

EBIT

7,400

10,200

8,800

0

Net Income

5,384

8,500

6,606

Employees

3,400

3,500

3,600

EBITDA

0

2004

20 0 3

R eve n ue s

2002

Tota l As s e ts

20 04

2 003 EB IT

20 02

Net Inc o me

MoellerGroup was founded in 1730 by Friedrich Moeller who was a manufacturer and trader of copper products in Warstein (Germany). In 1763 the family bought a production facility in Brackwede near Bielefeld, where they could work with a water driven hammer. The available water rights provided the basis for the founder’s son to open a tannery that was in use until the middle of 2005. With rubber and different innovative types of plastics the Moeller Company started to supply the automotive industry with interior and exterior parts in 1949. Parallel to the automotive business they developed a strong business in plastic parts for non-automotive customers. Today – as stated by the company – you can find Moeller products in most European and Japanese cars, in the leading vacuum cleaners, in trucks, in machinery and in a variety of other equipments. Today MoellerGroup as the head of several subsidiaries employs more than 3,400 people all over the world. After 275 years in business, the entire company is still 100% owned by the Moeller family. The automotive division accounts for more than 80% of total sales of the MoellerGroup. Therefore 86% are 1st tier supplements and engineering work that go directly to the original equipment manufacture. 14% are products sold to other 1st or 2nd tier suppliers and the non-automotive sector is responsible for a sales figure of 16% of the total group sales. The automotive sector is consolidated in the MoellerTech International GmbH, located in Bielefeld. The main products in the automotive industry are plastic interior parts like pillars, centre consoles, instrument panels, glove boxes, seat parts, doorframes, trunks, storage systems and other visible parts. Moeller concentrates on producing items that contribute only a small portion to a single car’s value but are needed in most automobiles. The company targets selected preferred projects. Its strategic customers for the future are DaimlerChrysler (DC), Peugeot (PSA), Renault, BMW, Honda and Toyota and some selected 1st tier car manufacturers. Auditor:

HLB Dr. Stückmann & Partner, Bielefeld

- 176 -

Nici AG Address: Langheimer Strasse 94 96264 Altenkunstadt

Management: CEO & CFO: Ottmar Pfaff

Website: www.nici.de

Founded:

(in '000 EUR) Revenues Total Assets

2004

2003

2002

129,500

85,400

80,002

77,800

Industry: Retail Stores

1986

130,000 97,500 65,000

EBITDA

32,500

EBIT

0 2004

Net Income Employees

591

362

348

2003 Revenues

2002

Total A ssets

NICI GmbH was founded in 1986 and was changed into NICI AG in 1999. Over the last 18 years, NICI AG developed to a world-wide operating group in the gift item sector. In 2003, the company founded NICI Asia Ltd., a 100% owned subsidiary in Hong Kong with the purpose to cover the Asian markets and suppliers. The company is structured into three major divisions: design and development, product management and sales and marketing. Each division is represented by one board member. As soft, cuddly and cute plush animals, NICI characters take an especial place in the product portfolio. Highly figured out collections, completed by a wide range of trendy and decorative accessories, bring enthusiasm to all age groups in the world. The main target group for NICI products are young people aged between 10 to 25 years. As stated by the company, the name recognition of the brand NICI is very high and the distinctive hand writing design assures high brand recognition. Continuous developments of new product ideas and concepts always guarantee an interesting and changing product range. The younger target group of 4 to 10 years is covered successfully by the brand Lillebi, a subsidiary of the NICI group. Auditor:

Rödl and Partner GmbH, Nürnberg

Obst- & Gemüseverarbeitung Spreewaldkonserve Golssen GmbH Address: Bahnhofsstrasse 1 15938 Golssen

Management: CEO: Dipl. Ing. Konrad Linkenheil Sales and Marketing: Karin Seidel

Website: www.spreewaldhof.de

Founded:

(in '000 EUR)

2004

2003

Revenues

77,988

72,795

Total Assets

78,918

74,456

EBITDA

9,397

EBIT

Industry: Beverage, Food and Tobacco

1991

80,000

6,000

60,000

4,500

40,000

3,000

7,156

20,000

1,500

5,090

3,777

0

Net Income

1,963

1,543

Employees

280

272

0 2004

2003

Revenues

Total A ssets

2004

2003 EBIT

Net Inc ome

The Obst- and Gemüseverarbeitung Spreewaldkonserve Golssen GmbH, originally VEB Spreewaldkonserve Golssen, was newly founded in 1990. In 1991 the company was taken-over by Karin Seidel and Konrad Linkenheil in 1991. Spreewaldhof produces over 80 different pickled and fruit preserves on six production lines, currently unique in Europe’s cultivated area. The gherkin, available in more than 30 different flavours and sizes, is the most important Spreewaldhof product. However, since pickles are not a year-round product, the Spreewaldkonserve Golssen also concentrates on the processing of all kinds of fruits, which utilise production capacities year round. The Spreewaldkonserve Golssen fruit preserve range includes ‘Linkenheil’ brand apple compote, apple puree and apple mix products, raspberries, mirabelles plums, red or dark sweet cherries, morello sour cherries, plums, gooseberries, cranberries and wild blackberries. Further specialities of the ‘Spreewaldhof’ brand among a range of fruit and vegetable products are ‘Rote Grütze’, ‘Blaue Grütze’ and ‘Letcho’. The product concept ‘DIÄTINI’, especially developed for diabetic and figure conscious customers, is part of a new product range. Consolidating its reputation as an innovative processor of pickled and fruit preserves in Germany, the Spreewaldkonserve Golssen GmbH expands its established range with a variety of twenty-one newly developed DIÄTINI products. Besides its traditional consumers of ‘Spreewald’ gherkins, the Spreewaldkonserve Golssen expands its target group to a younger customer base by providing an innovation in the pickled preserves market, the ‘Get One’ range. Available in different tastes, the ring-pull tin with one gherkin inside picks up the prevalent convenience trend. Auditor:

Wirtz, Walter, Schmitz GmbH, Wirtschaftsprüfungsgesellschaft

- 177 -

ODS Optical Disc Service GmbH Address: Werkstrasse 2-22 23942 Dassow

Management: CEO: Wilhelm F. Mittrich CFO: Kai Nitzsche COO: Andreas Osthoff Founded: Industry: Chemicals, Plastics and Rubber 1988

Website: www.opticaldiscservice.com (in '000 EUR)

2004

2003

Revenues

124,477

76,756

Total Assets

170,232

123,060

EBITDA

31,489

24,969

4 3 ,7 5 0

EBIT

17,285

10,750

0

Net Incom e

9,633

6,971

Employees

801

622

1 7 5 ,0 0 0

1 8,0 00 1 3,5 00 9,0 00 4,5 00 0

1 3 1 ,2 5 0 8 7 ,5 0 0

2004

2004

2003

Re v e n u e s

To ta l A s s e ts

EB IT

2 00 3 Ne t In c o me

In 1988, Mr. Wilhelm Mittrich founded Intermusic Medienvertrieb GmbH (“Intermusic”) located in Hamburg as a wholesale business for sound and image storage medium devices. In 1996, Intermusic became Point Classics Medienvertrieb GmbH and was renamed to ODS Optical Disc Service GmbH in 1997. At the same time, the Company moved to its current location Dassow (Mecklenburg-Western Pomerania). Thus, ODS acquired assets of the insolvent ICP Compact Disc Fertigungsgesellschaft mbH at the end of 1997. Besides offering the complete production of discs, ODS offers the complete spectrum of services, including management services, packaging design and constancy, pre-mastering and DVD authoring, glassmastering and electroforming, replication, label printing in screen and offsettechnology, packaging in standard and special formats, warehousing and in-house just-in-time delivery. ODS has a production capacity of approx. 1bn discs per annum. Finished products are directly distributed to customers via the company’s own truck fleet which consists of 33 heavy trucks and 5 Mercedes Sprinters. In 2004, approx. 75.3% of all discs manufactured in Dassow were exported. ODS has specialised in manufacturing of pre-recorded CDs and DVDs in different formats. Following specific customer requirements, contents, labels and packaging of discs differ from customer to customer. Within the CD segment, ODS replicates the two most popular formats CD-Audio (music) and CD-Rom (data). Within the DVD segment, the Company produces three different DVD formats DVD-5, DVD-9 and DVD-10, as well as Dual Disc / DVD plus and 80mm DVDs. Since October 2004, ODS acts as a distributor for CD-R and DVD-R. Its own brand “Gigatain”, is sold to large wholesalers and online-shop retailers. ODS produces, distributes and markets its products mainly in the EU. Auditor:

PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Hamburg

PVG Presse-Vertriebs-Gesellschaft KG Address: Am Martinszehnten 13 60347 Frankfurt

Management: CEO: Thomas Kirschner

Website: www.pvg.de (in '000 EUR) Revenues

Founded:

2004

2003

2002

135,000

128,726

130,360

134,364

101,250

Total Assets

67,500

EBITDA

33,750

EBIT

1946

Industry: Div. Natural Res., Precious Metals and Minerals

0 2004

Net Income Em ployees

299

301

320

2003

2002

Rev e nues

In 1946, PVG was founded by Alfons Geubels in Frankfurt/Main, Germany. In 1999, Thomas Kirschner became the majority partner and CEO. Within its marketing area, the company ensures that all press products have unrestricted access to the market and that magazines and newspapers with smaller circulation are available for interested parties as well. The line of business “Press Wholesaling” contributes about 89% of total revenues. PVG ABO supplies big companies with industry-relevant print products every day. It serves banks, industry companies, press agencies and public authorities world-wide. It takes over all search and procurement formalities and guarantees a supply in time. PVG ABO earns about 10% of all revenue. PVG Software develops, sells, implements and supports its press distribution software that is focused on requirements of press markets. It is used by 25 wholesalers in Germany, Austria and Switzerland and – according to the company – applies in Germany and in German-speaking countries as a standard for efficient and process orientated distribution and sales controlling. This division contributes about 1% of total revenue. As a press wholesaler in Germany, PVG`s market is strictly limited to a specific area of about 11,000 square kilometres in the state of Hesse. PVG provides 3 million inhabitants with newspapers and magazines. In addition, PVG expects a positive development within the “Non-Press”products. PVG Software is specialised in the development and maintenance of software solutions for the press wholesale business. Furthermore, PVG ABO will increase its efforts to take on procuring and distribution for subscriptions of big companies in Germany. Auditor:

Bacher & Partner GmbH, Wirtschaftsprüfungsgesellschaft – Steuerberatungsgesellschaft, 53117 Bonn

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Straub Holding GmbH Address: Freiburger Strasse 77 88400 Biberach

Management: CEO: Robert Straub

Website: www.autovermietung-straub.de

Founded:

(in '000 EUR ) R evenues

Industry: Personal Transportation

2004

2003

2002

101,000

100,505

86,495

82,161

75,750

4,35 0

50,500

2,90 0 1,45 0

Total Assets 1 7,655

13,789

11,134

25,250

EB IT

5,724

2,315

1,635

0

N et Incom e

2,541

766

15

Em ployees

361

344

360

EB ITD A

1954

5,80 0

0

2004

2003

2002

200 4

Rev enues

20 03 EB IT

20 02

Ne t Inc ome

In 1954, Eugen Straub, the father of today’s CEO Robert Straub, founded the company in Bad Schussenried. In the beginning, it was only offering “rental service for self drivers”. Later, taxi services and tire trading enlarged the company’s product portfolio. During the early 80s, Eugen Straub jun. took over the management. In order to expand the rental business, he sold the taxi segment in 1991, moved the company’s headquarters to Biberach and opened a third branch in Bad Saulgau. Nowadays, the company possesses more than 3,000 vehicles. 34 branches in southern Germany are engaged in traditional car rental business and offer cars of all kinds. The company believes in the future potential of mobility as a service. The company is divided into three main business units. First, the automobile and light truck division, counting as one of the largest brand independent trade entities in Germany. Second, the leasing division offers leasing solutions for half-year old and new cars, whereas the half-year old ones are taken over from the rental division. The third division focuses on heavy truck and trailer rental services. The company offers car and truck rental services and provides vehicles of all kinds. It is further engaged in the car leasing business to guarantee an up-to-date fleet. Straub Holding mainly covers Southern Germany but is planning to expand its branch network. Its product portfolio ranges from two door Smarts to 40 tons trucks. No matter if private or business travel or if fun or moving trip, the company covers all segments of every day and special event needs. Auditor:

SPK GmbH, Wirtschaftsprüfungsgesellschaft, 88250 Weingarten

Tectum Consulting für Innovationstechnologie GmbH & Co. KG Address: Leithestrasse 45 45886 Gelsenkirchen Website: www.tectum-ag.com (in '000 EUR) Revenues

Management: CEO: Hubertus Küpper CFO: Dr. Markus Hoppe COO: Christian Küpper Founded: Industry: Personal Food & Miscellaneous Services 2002

2004 20,903

2 2 , 00 0

2 ,500

1 6 , 50 0

Total Assets

6,202

1 1 , 00 0

EBITDA

2,975

5 ,5 0 0

EBIT

2,058

0

Net Income

1,369

Employees

619

1 ,250 0 2004

Re v en u e s

To ta l A s s e ts

2 00 4 EB IT

Net Inc ome

The TECTUM Group consists of four companies. The holding company called TECTUM Consulting für Innovationstechnologie GmbH & Co. KG and its subsidiaries called CTD Innovations-Technologie im Dialog GmbH, DELFON Kommunikationstechnologie GmbH and DATA CONTACT GmbH. First, in 1998, the CTD GmbH in Dortmund/Germany was founded as an independent enterprise by Mr. Hubertus Küpper and a company called “Comteam”. In 1999, CTD established DELFON in Gelsenkirchen/Germany, followed by DATA CONTACT (the IT company within the TECTUM Group) in 2001. Finally, in 2002, Hubertus Küpper established the TECTUM Consulting für Innovationstechnologie GmbH & Co KG as the holding company by inserting his own shares of CTD and buying the shares of the “Capital Group” (former “Comteam”). In a second step, the shares of DATA CONTACT were also bought by TECTUM. In the company’s view, the TECTUM Group has grown to one of the big players in the German Contact Center Business over the last 7 years. DELFON (the sales-oriented company) contributes about 52% of the external revenues, CTD (the service-oriented company) contributes approximately 47% and DATA CONTACT (the IT-oriented company) adds 1% of the external revenues. The divisions are operating as three independent organisations for which TECTUM provides the management services like HR, Legal, Finance and Sales and Marketing. CTD is providing (multilingual) service lines with a focus on IT and telecommunication services. Operating hours are 24/7 on 365 days per year. DELFON is the sales specialist of the TECTUM Group. Customers are German telecommunication- and media enterprises like T-Com, TOnline, Arcor and Premiere. DATA CONTACT is providing IT-solutions and support, mainly focused on the companies of the TECTUM Group, but there are also some external projects. For Computer Associates, DATA is providing the first level technical support for channel products (i.e. Brightstore ARCserve and Etrust Antivirus). CTD supplies services relating to customer contact centres. Here they care for their partners customers and their satisfaction. Their main targets are large companies with complex products in need of explanation rsp. often changing/modifying technologies. DELFON is (mostly by telephone) selling products in need of explanation to existing and prospective clients of their partners. The main focus here is on the telecommunication market due to the high competition among these customers. Additional markets in their focus are media, finance and health care. DATA CONTACT offers IT-services, develops solutions and supports IT-products. For IT-services, the main target groups are medium-sized companies. Regarding IT-support, the company focuses on large hard- and software enterprises. Auditor:

WIR Treuhand, Essen

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Weigl GmbH & Co. KG Address: Am Galgenfeld 1 86554 Pöttmes

Management: CEO: Franz Josef Weigl CFO: Jürgen Beck

Website: www.weigl-gruppe.de

Founded:

(in '000 EUR)

2004

2003

2002

Revenues

96,600

87,900

78,100

Total Assets

64,800

75,600

80,800

EBITDA

13,400

14,300

-2,800

25,000

EBIT

4,200

1,400

-14,500

0

Net Income

2,400

2,300

-7,200

Employees

739

715

622

Industry: Automobile

1994

100,000

5,500

75,000

500

50,000

-4,500

2004

2003

2002

-9,500 2004

2003 Rev enues

2002

-14,500 EBIT

Total As sets

Net Inc ome

Weigl Metalltechnik was founded in 1979. In addition, Weigl Metallguss and Weigl Antriebstechnik were acquired during the early and mid nineties. By founding Weigl Zerspannungstechnik and Weigl Präzionstechnik in 2001 and Weigl Aluminiumguss in 2004, the Weigl Group grew to an approved supplier for the automotive industry. The Weigl Group AG was founded in 2002 and acts as management holding for the entire group. The Weigl GmbH & Co. KG holds 98.5% of shares of the Weigl AG and acts as the organic controlling company. The Weigl Group is divided into five independent producing companies: Weigl Zerspannungstechnik GmbH, Weigl Antriebstechnik GmbH, Weigl Präzionstechnik GmbH, Weigl Metalltechnik GmbH, Weigl Metallguss GmbH. Moreover, Weigl Engineering GmbH acts as a development partner for customers and as an in-house consultant for the entire Weigl Group. The Weigl Group AG is responsible for all staff functions. In terms of revenues, products for automobiles contribute approximately 70% of total sales, while truck products add another 20%. The remaining 10% are contributed by railway techniques. Moreover, the different business divisions focus on different product segments. While Weigl Zerspannungstechnik Gmbh produces pump and gear housings, Weigl Antriebstechnik Gmbh is specialised in gearing and transmission technology. Additionally, Weigl Präzionstechnik GmbH’s core products are differentials and Weigl Metalltechnik GmbH manufactures oil pans for trucks and shafts. The fifth group company, Weigl Metallguss GmbH is a casting house, which produces oil pans and different casting products for the Weigl Group. Moreover, a new aluminium-low-pressure-casting plant is currently being built. Main customers for Weigl products are OEM`s and Tier-1 automotive companies. Auditor:

Gnann & Hauser Partnerschaftsgesellschaft

Wilh. Schulz GmbH Address: Kuhleshütte 85 47809 Krefeld

Management: Chairman/CEO: W. Schulz CFO/COO: R. Floeth

Website: www.wschulz.com (in '000 EUR)

Founded:

Industry: Mining, Steel, Iron and Nonprecious Metals

1946

2004

2003

2002

70 ,00 0

Revenues

68,678

49,662

48,623

52 ,50 0

5 ,0 0 0

Total Assets

48,351

47,365

58,087

35 ,00 0

3 ,5 0 0

EBITDA

7,754

3,032

5,110

17 ,50 0

2 ,0 0 0

EBIT

6,417

1,621

3,595

0

Net Income

2,410

2,513

-622

Employees

343

336

295

6 ,5 0 0

500

20 0 4

2 00 3

R eve nu es

2 00 2

- 1 ,0 0 0

Tota l As s e ts

2004

2003 EB IT

2002

Ne t In c o me

Wilh. Schulz GmbH (SCHULZ) was founded by Wilhelm Schulz in 1946 in Krefeld, Germany. Today the company is 100% owned by his son, Wolfgang Schulz. According to the company, SCHULZ developed from a small pipe fabricator, repairing piping installations after World War II, to an international brand in the pipefitting business for power generation and oil & gas. The core business of SCHULZ is the supply of pipe, fittings and flanges to the world-wide power generation and oil & gas industries. SCHULZ makes almost 90% of sales from the oil & gas division. The remaining 10% are generated by two smaller business divisions (independent from the oil & gas division), one is a pipe manufacturing division and the other is a special annealing plant, located in Krefeld. Due to the increasing need for investment in the world-wide oil & gas sector (upstream & downstream), SCHULZ is focussing on accepting only high profitable orders and avoiding utilisation of the production capacity with “normal profit margins”. SCHULZ’ clients are international oil corporations such as ExxonMobile, Shell, Statoil, Petrobras, Citgo, BP or engineering houses like Bechtel, Technip, Mitco, Halliburton, or distributors like Southwest Stainless, Dylan Steel, RFF or chemical corporations like BASF, DOW, Henkel, Bayer, Degussa. For Nuclear projects SCHULZ works either with the French group Framatome or the Shaw Group in the US. SCHULZ focuses on every independent market through its worldwide sales network. Based on current activities the most active markets are in South America and South East Asia. China’s long term plan to build 30 nuclear power plants has spurred SCHULZ’ top management to enter into discussions with a Chinese group to build a partnership to jointly supply the nuclear industry in China. Auditor:

Dr. Motzer – Scholz-Starke – Tolkamp, law, tax advisor and accounting office in Wesel, Germany

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Portfolio Overview as of 28 February 2006

1. Distribution by Participation Right Type Number of Companies 22 13 35

Participation Right Type A B Total

in % 62.9% 37.1% 100.0%

Amounts in EUR m 135.5 64.0 199.5

in % 67.9% 32.1% 100.0%

2. Distribution by Participation Right Nominal Amounts (EUR m) Nominal Amounts in EUR m 2.5 < x 750m EUR Commerzbank uses Rating Corporates Large Companies. The structure of the rating system is nearly similar to RC Germany. Exceptions are the financial analysis annual accounts (shadow rating model), several qualitative factors and warning indicators. For international medium sized businesses with an annual turnover up to 750m EUR Commerzbank uses Rating Corporates International. The structure of the rating system is nearly similar to RC Germany. Exceptions are the financial analysis annual accounts (rating models from Moody's RiskCalcTM), several qualitative factors and warning indicators.

- 185 -

All internal ratings are reviewed at least annually on receipt of the borrower's annual report and accounts are adjusted, if necessary. Internal credit ratings equal or worse than 4.6 for exposures greater than €50,000 are reviewed at least every six months. The branch relationship manager is responsible for preparing regular call reports on the client and an annual overview of the credit relationship.

- 186 -

Individual Company Information as of 28 February 2006 Company

1

2

3

4

5

Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in %

15,000,000 7.52% Baa2.edf 1.77%

10,000,000 5.01% A3.edf 0.72%

10,000,000 5.01% A3.edf 1.04%

10,000,000 5.01% Baa2.edf 2.04%

10,000,000 5.01% Baa3.edf 3.80%

8,000,000 4.01% Baa3.edf 2.35%

Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

51.90% 31.81% 67.81% 7.73% 1.91% 30.42% 13.79 days 9.61% 103.34%

34.72% 22.98% 64.55% 18.78% 6.67% 13.08% 9.28 days 21.46% 151.63%

50.38% 16.11% 33.81% 20.45% 7.24% 32.73% 11.29 days 22.03% 92.75%

38.75% 32.68% 57.19% 8.78% 3.97% 30.32% 27.41 Days 8.67% 98.18%

5.01% 44.79% 42.23% 8.99% 1.88% 37.18% 28.75 days 9.39% 101.84%

37.11% 39.92% 90.05% 17.82% 8.68% 15.49% 69.72 days 22.51% 107.95%

7

8

9

10

11

12

Company Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in %

7,500,000 3.76% Baa2.edf 1.62%

7,000,000 3.51% Baa1.edf 1.22%

18.45% 36.14% 27.20% 21.53% 2.76% 27.48% 42.77 days 22.19% 109.89%

13

6

6,500,000 3.26% Baa1.edf 1.13%

6,000,000 3.01% Baa2.edf 1.38%

6,000,000 3.01% Baa2.edf 1.59%

5,500,000 2.76% A3.edf 0.92%

41.09% 16.92% 40.91% 13.64% 3.59% 44.17% 14.41 days 20.01% 100.63%

35.22% 3.35% 63.41% 17.91% 8.40% 18.35% 19.46 days 21.48% 114.30%

44.64% 27.92% 78.90% 12.04% 2.84% 28.72% 23.69 days 16.38% 108.07%

30.55% 47.54% 30.15% 18.49% 10.26% 19.25% 51.45 days 22.06% 162.23%

52.56% 28.50% 59.59% 17.67% 8.14% 22.61% 23.96 days 29.24% 107.82%

14

15

16

17

18

Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

Company Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in % Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

5,000,000 2.51% A3.edf 0.90%

5,000,000 2.51% Baa1.edf 1.17%

52.56% 38.88% 57.98% 19.53% 5.11% 9.53% 27.01 days 29.70% 98.75%

28.21% 43.17% 38.31% 11.33% 1.83% 17.04% 19.31 days 15.37% 105.37%

- 187 -

5,000,000 2.51% Baa2.edf 1.48%

5,000,000 2.51% Baa2.edf 1.75%

5,000,000 2.51% Baa2.edf 1.75%

5,000,000 2.51% Baa2.edf 2.04%

34.79% 33.52% 83.32% 15.26% 4.36% 16.73% 49.24 days 16.57% 120.06%

33.32% 31.88% 59.70% 16.01% 5.50% 29.76% 31.63 days 15.69% 104.60%

43.78% 12.69% 61.36% 5.40% 1.37% 15.24% 23.62 days 4.99% 101.69%

39.54% 38.46% 78.91% 14.65% 2.70% 17.52% 29.56 days 18.62% 124.53%

Company Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in % Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

Company Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in %

19

20

5,000,000 2.51% Baa3.edf 3.00%

5,000,000 2.51% Baa3.edf 3.03%

20.25% 51.87% 64.30% 20.82% 5.74% 24.68% 42.54 days 24.79% 148.05%

25

21

22

23

24

5,000,000 2.51% Baa3.edf 3.39%

5,000,000 2.51% Baa3.edf 3.43%

5,000,000 2.51% Baa3.edf 3.65%

5,000,000 2.51% Baa3.edf 3.76%

30.78% 57.51% 84.46% 8.64% 1.12% 18.04% 29.88 days 8.91% 106.87%

25.49% 32.08% 74.66% 14.55% 1.40% 35.83% 32.77 days 15.38% 104.62%

45.27% 32.77% 61.16% 8.19% 2.78% 49.83% 17.15 days 10.85% 100.01%

31.49% 52.39% 89.76% 12.33% 3.22% 11.36% 20.52 days 10.85% 107.14%

19.37% 54.10% 60.13% 14.96% 1.64% 24.83% 40.91 days 15.46% 98.63%

26

27

28

29

30

4,500,000 2.26% Baa1.edf 1.27%

4,000,000 2.01% A3.edf 0.86%

4,000,000 2.01% Baa2.edf 1.80%

4,000,000 2.01% Baa3.edf 2.14%

4,000,000 2.01% Baa3.edf 2.75%

3,000,000 1.50% Baa1.edf 1.23%

33.88% 16.53% 50.08% 22.71% 4.99% 11.48% 18.57 days 28.27% 77.67%

2.03% 46.44% 70.38% 32.22% 5.61% 2.05% 37.12 days 29.54% 140.88%

11.83% 31.11% 56.77% 9.90% 7.68% 30.13% 14.40 days 35.50% 109.64%

8.56% 78.69% 87.62% 34.14% 4.08% 7.16% 30.53 days 34.11% 116.19%

12.94% 37.89% 68.34% 19.53% 5.39% 29.32% 15.36 days 18.11% 132.09%

29.09% 13.78% 63.76% 27.13% 3.46% 27.34% 10.86 days 33.07% 98.35%

31

32

33

34

35

Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

Company Advance in EUR Advance in % of total Portfolio KMV Company PD Rating 5 year KMV PD Company in % Individual Company Ratios Equity Ratio Net Indebtedness Ratio Liability Structure Ratio EBITD - ROI Profit on Sales Ratio Personnel Expenses on Sales Ratio Trade Creditor Ratio Debt Coverage Ratio Sales Growth Ratio

3,000,000 1.50% Baa2.edf 1.43% 18.70% 54.81% 83.63% 32.64% 2.87% 16.58% 33.93 days 31.39% 96.55%

3,000,000 1.50% Baa2.edf 2.05%

3,000,000 1.50% Baa3.edf 2.97%

3,000,000 1.50% Baa3.edf 3.03%

2,500,000 1.25% Baa1.edf 1.25%

-12.20% 24.48% 47.24% 24.93% 7.99% 70.90% 3.77 days 29.21% 100.00%

41.84% 27.08% 60.56% 9.83% 0.34% 42.31% 16.48 days 10.33% 102.72%

18.21% 36.98% 57.10% 14.82% 2.45% 33.88% 19.15 days 11.92% 141.72%

45.34% 10.11% 40.60% 9.95% 1.56% 41.73% 16.08 days 12.77% 99.17%

- 188 -

THE ISSUER Establishment, Domicile and Duration The Issuer was registered under the name CB MezzCAP Limited Partnership under the Limited Partnerships (Jersey) Law 1994, as amended, with the Registrar of Limited Partnerships under registration number LP 688 on 24 October 2005. The Issuer's registered office is at 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands, telephone +44 (1534) 824 121, telefax +44 (1534) 814 815. As of the date of this Prospectus, CB MezzCAP Limited Partnership has commenced operations but has not prepared any financial statements. Partners The General Partner, which holds a 0.0001 per cent. interest in the Issuer, is CB MezzCAP Limited, a limited liability company incorporated under Jersey law whose sole shareholder is Bedell Trustees Limited as trustee for the CB MezzCAP (Jersey) Charitable Trust, a Jersey general charitable trust. The Limited Partner, which holds a 99.9999 per cent. interest in the Issuer, is CB MezzCAP Verwaltungsgesellschaft mbH, a limited liability company incorporated under German law and domiciled in Frankfurt am Main, Germany. The sole shareholder of the Limited Partner is Bedell Trustees Limited as trustee for the CB MezzCAP (Germany) Charitable Trust, a Jersey general charitable trust. Despite its minority interest, the General Partner, by virtue of the partnership agreement between the General Partner and the Limited Partner and in accordance with the Limited Partnership (Jersey) Law 1994, as amended, has the sole power to manage the Issuer and the sole authority to legally represent the Issuer. It therefore controls the Issuer. Principal Activities The Issuer was established as a special purpose entity whose sole business purpose is, pursuant to the partnership agreement entered into by the General Partner and the Limited Partner on 13 October 2005 as amended and restated on 1 December 2005, to invest in various Participation Rights through the Participation Right Agreements with the Companies to be initially funded by the Bridge Facility, which is to be refinanced by the issuance of the Notes. Neither the Issuer nor the General Partner have any employees. Management The Issuer acts through the General Partner who has the sole power to represent the partnership. The General Partner may be contacted at the address of the Issuer, which is 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands, telephone +44 (1534) 824 121, telefax + 44 (1534) 814 815. The current directors of the General Partner, their respective business addresses and other principal activities at the date hereof are: Name

Nationality

Business Address

Occupation

Richard Charles Gerwat

British

26 New Street St. Helier Jersey

Advocate

Shane Michael Hollywood

British

26 New Street St. Helier Jersey

Advocate

- 189 -

The directors of the General Partner are partners of Bedell Group, which ultimately own (i) Bedell Trust Company Limited, which provides services to the Issuer and the General Partner under the Corporate Services Agreement, (ii) Bedell Secretaries Limited, which acts as secretary of the General Partner and (iii) Bedell Trustees Limited, which holds the issued share capital of the General Partner in its capacity as trustee of the CB MezzCAP (Jersey) Charitable Trust. The secretary of the General Partner is Bedell Secretaries Limited, whose registered office is at 26 New Street, St. Helier, Jersey, Channel Islands. Corporate Administration The Corporate Administrator of the General Partner and the CB MezzCAP Limited Partnership is Bedell Trust Company Limited having its registered office at 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands. The Corporate Services Agreement may be terminated by each party thereto by giving 90 days' prior notice, and shall be terminated immediately upon the occurrence of certain insolvency-related events, breach of agreement and unapproved changes to the Transaction Documents. Upon the termination of this Agreement howsoever occurring, the Corporate Administrator shall use its best endeavours to assist in the orderly transfer of the administration of the General Partner and the CB MezzCAP Limited Partnership. Fiscal Year The fiscal year of the Issuer corresponds to the calendar year. Auditor The auditor of the Issuer is PWC having its address at Twenty Two Colomberie, St Helier, Jersey JE1 4XA, Channel Islands. PWC is registered as a chartered accountant with the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Ireland and the Institute of Chartered Accountants in Scotland. The audited accounts of the Issuer may be obtained at the Issuer's office at 26 New Street, St. Helier, Jersey JE2 3RA, Channel Islands. Principal Banker The principal banker of the Issuer is JPMorgan Chase Bank, N.A. Financial Statements Since its date of formation, no financial statements of the Issuer have been prepared. The Issuer intends to publish its first financial statements in respect of the period ending on 31 December 2006. Any future published financial statements prepared by the Issuer (which will, in each case, be in respect of the period ending on 31 December) will be available from the registered office of the Issuer and the office of the Irish Paying Agent. The auditors of the Issuer, PWC, are chartered accountants qualified to practise in Jersey and shall prepare the aforementioned future financial statements in accordance with accounting principles generally accepted in Jersey. Litigation Since the date of its formation on 13 October 2005, the Issuer has not been and is not involved in any governmental, legal or arbitration proceedings that may have any material adverse effect on the financial position of the Issuer. The Issuer is not aware that any such proceedings are imminent or threatened, which could adversely affect the Issuer's business, results of operations or financial

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condition. Expense of the Admission to Trading The total expenses related to the admission of the Notes to trading on the Irish Stock Exchange amount to approx. EUR 14,000. Material Adverse Change Unless otherwise disclosed in this Prospectus, there has been no material adverse change in respect of the financial situation of the Issuer since the date of its formation on 13 October 2005. Capital Contributions Under the limited partnership agreement, each of the General Partner and the Limited Partner have agreed to make an initial capital contribution to the Issuer in the following amounts: EUR 1.00 and EUR 10.00, respectively. The liability of the Limited Partner for the debts or obligations of the Issuer will be limited to its initial capital contribution and any additional capital contribution it has made or agreed to make to the Issuer. Capitalisation on the Issue Date The Issuer's contributed capital on the date of its formation on 13 October 2005 was EUR 11.00 consisting of a general partnership interest in the amount of EUR 1 and a limited partnership interest in the amount of EUR 10.00. Since its formation and prior to the Issue Date, the Issuer has neither incurred any long-term debt or short-term debt other than under the Bridge Facility and has not issued any securities. The Issuer intends to issue on the Issue Date the Notes, in connection with which it will incur a long-term debt obligation of EUR 199,500,000 (see "Terms and Conditions of the Notes"). The Issuer has no authorised capital and there exists no agreement to issue additional capital interests. Opening balance sheet as of and for 13 October 2005 Set forth below is the opening balance sheet of the Issuer as of 13 October 2005, the date of its establishment.

Cash Total

Assets (in EUR) EUR 11.00 EUR 11.00

Liabilities (in EUR) Partnership capital EUR 11.00 Total EUR 11.00

There is no goodwill in the opening balance sheet of the Issuer, nor will any goodwill need to be written off upon the issue of the Notes.

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THE GENERAL PARTNER The General Partner, CB MezzCAP Limited, was incorporated in Jersey, Channel Islands on 27 July 2005. The General Partner was incorporated under the Companies (Jersey) Law 1991 as a private company of unlimited duration and with limited liability. Its registered number is 90779. The General Partner's registered office and principal place of business is at 26 New Street, St. Helier, Jersey, Channel Islands. The Memorandum and Articles of Association of the General Partner may be inspected at the registered office of the Issuer and as long as any of the Notes are listed on the Irish Stock Exchange, at the specified offices of the Irish Paying Agent. The General Partner is wholly owned by Bedell Trustees Limited (as trustee of the CB MezzCAP (Jersey) Charitable Trust), a trust company incorporated in Jersey and having its registered office at 26 New Street, St. Helier, Jersey, Channel Islands. The General Partner has no subsidiaries. Directors, Secretary and Corporate Services The Directors of the General Partner and their respective business addresses and other principal activities are: Name

Nationality

Business Address

Occupation

Richard Charles Gerwat

British

26 New Street St. Helier Jersey

Advocate

Shane Michael Hollywood

British

26 New Street St. Helier Jersey

Advocate

The Secretary of the General Partner is Bedell Secretaries Limited, whose registered office is at 26 New Street, St. Helier, Jersey, Channel Islands, telephone +44 (1534) 824 121. Bedell Trust Company Limited has agreed, pursuant to and on the terms of the Corporate Services Agreement dated 19 October 2005, to provide certain corporate services to the General Partner, including the provision of directors and the secretary. Fees are payable to Bedell Trust Company Limited thereunder. Bedell Trustees Limited and Bedell Secretaries Limited are both companies in the Bedell Group. Each of the directors is a partner in the Bedell Group the partners of which ultimately own Bedell Trust Company Limited, Bedell Secretaries Limited and Bedell Trustees Limited and is a partner in the law firm Bedell Cristin. Bedell Cristin is legal advisor to the Issuer and the General Partner as to Jersey law and fees will be payable to Bedell Cristin from time to time for acting in such capacity. Principal Activities The General Partner's activities will principally be acting as general partner of the Issuer and will include the execution and performance of all documents relating thereto to which the Issuer is expressed to be a party, the exercise of related rights and powers and other activities reasonably incidental thereto. Share Capital The authorised share capital of the General Partner is EUR 10,000 comprising 10,000 shares of EUR 1 each. The issued and paid up share capital of the General Partner is EUR 2 as at the date of this

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Prospectus. Capitalisation The unaudited capitalisation of the General Partner as at the date of this Prospectus is as follows: Total Share Capital: EUR 2 There are no outstanding securities, loans or subscriptions, allotments or options in respect of the General Partner. There is no goodwill in the balance sheet of the General Partner.

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THE TRUSTEE J.P. Morgan Corporate Trustee Services Limited was incorporated on 22 July 1991 as a limited company under English law. Its principal activity is to act as a corporate trustee on debt issuances in the domestic and international capital markets. As at 31 December 2004 J.P. Morgan Corporate Trustee Services Limited had capital of USD 1,000,004. It is owned by J.P. Morgan Europe Limited (which is authorised and regulated by the Financial Services Authority) and ultimately owned by JPMorgan Chase & Co. which is incorporated in the United States of America. JPMorgan Chase & Co. is a leading global financial services firm, and its shares are listed on the New York stock exchange. As at 30 June 2004 JPMorgan Chase & Co. had assets of USD 818 million and stockholders equity of USD 46 million.

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THE CASH ADMINISTRATOR AND THE ACCOUNT BANK JPMorgan Chase Bank, National Association ("JPMCB") is a wholly owned bank subsidiary of JPMorgan Chase & Co. ("JPMorgan Chase"), a Delaware corporation whose principal office is located in New York, New York. JPMCB is a commercial bank offering a wide range of banking services to its customers, both domestically and internationally. It is chartered and its business is subject to examination and regulation by the Office of the Comptroller of the Currency. As of 30 September 2005, JPMorgan Chase Bank, National Association, had total assets of USD 1,008.4 billion, total net loans of USD 386.9 billion, total deposits of USD 529.4 billion, and total stockholder's equity of USD 85.1 billion. These figures are extracted from JPMCB's unaudited Consolidated Reports of Condition and Income as at 30 September 2005, which are filed with the Federal Deposit Insurance Corporation. Additional information, including the most recent Form 10-K for the year ended 31 December 2004, of JPMorgan Chase & Co., the 2004 Annual Report of JPMorgan Chase & Co. and additional annual, quarterly and current reports filed or furnished with the Securities and Exchange Commission by JPMorgan Chase & Co., as they become available, may be obtained without charge by each person to whom this Official Statement is delivered upon the written request of any such person to the Office of the Secretary, JPMorgan Chase & Co., 270 Park Avenue, New York, New York 10017.

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THE SWAP COUNTERPARTY The Swap Counterparty, AIG Financial Products Corp. ("AIG-FP"), commenced its operations in 1987. AIG-FP and its subsidiaries conduct, primarily as principal, a financial derivative products business covering the fixed income, foreign exchange, credit, equity, energy and commodities markets. AIG-FP also enters into investment contracts and other structured transactions and invests in a diversified portfolio of securities. In the course of conducting its business, AIG-FP also engages in a variety of other related transactions. American International Group, Inc. ("AIG") is the guarantor of the payment obligations of its subsidiary, AIG-FP, with respect to the Hedging Agreement entered into between AIG-FP and the Issuer. AIG, a Delaware corporation, is a holding company that is primarily engaged, through its subsidiaries, in a broad range of insurance and insurance-related activities and financial services in the United States and abroad. AIG has filed a Form 10-Q for the quarterly period ended September 30, 2005, which can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Copies of such Form 10-Q can be obtained from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates. The SEC also maintains a web site at http://www.sec.gov which contains such Form 10-Q. Except for the information contained in the preceding two paragraphs, AIG and AIG-FP have not been involved in the preparation of, and do not accept responsibility for, this Prospectus as a whole.

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THE RECOVERY ADVISOR Ernst & Young Profile Ernst & Young is one of the largest professional services firms in Germany and is a member of the Ernst &Young Global network. Ernst & Young employs approximately 6,200 people in 22 business locations in Germany. With revenues of some EUR 927 million, Ernst & Young is one of the three largest players in the German auditing market and the leading tax advisor in Germany. Ernst & Young's services include assurance & advisory business services, tax, corporate finance/transactions and real estate. Luther Rechtsanwaltsgesellschaft mbH provides legal services. Ernst & Young is geared toward both large companies and small and medium-sized enterprises. Worldwide Ernst & Young has revenues in excess of USD 16.9 billion and more than 106,000 employees. History Ernst & Young Germany goes back to Schitag (Schwäbische Treuhand-Aktiengesellschaft) founded in 1919 and Datag (Deutsche Allgemeine Treuhand Aktiengesellschaft) founded in the same year, which joined the international networks of Arthur Young and Ernst & Whinney in the 1980s. In 1994 the two firms merged into Ernst & Young, and since 1999 both German member firms have also been operating under the same name Ernst & Young. In September 2002, Ernst & Young and Arthur Andersen in Germany combined to form Ernst & Young.

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THE FINANCIAL ADVISOR CBG Commerz Beteiligungsgesellschaft Holding mbH, Bad Homburg, a 100% subsidiary of Commerzbank AG, acts as controlling company of CBG Commerz Group. The members of this group serve Commerzbank as fund and management companies for equity capital and mezzanine investments in unlisted companies in Germany and other European countries. The origin of CBG Commerz Group, whose companies currently represent a portfolio volume of more than EUR 150m, dates back to 1987. The companies are structured as so-called "open-end funds" and have so far invested only Commerzbank AG's own funds. The investment range comprises minority holdings in the private equity sector as well as mezzanine financing of established medium-sized companies from Germany. With a volume of more than EUR 130 million in invested mezzanine capital for medium-sized companies, CBG Commerz Group is one of the leading bank-related providers of this form of financing in Germany. During its existence CBG Commerz Group has provided companies from the most diverse industries and size brackets with equity capital. The management of CBG Commerz Group, with cumulative experience of more than 40 years in the European private equity market, covers the various stages in the value chain of the participation process. The members of the team, who have been cooperating for several years, have placed an aggregate amount of several hundred million Euro in participation capital during their activity in the participation business.

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THE TRANSACTION MONITOR The role of the Transaction Monitor will be assumed by Commerzbank Aktiengesellschaft, London Branch. Commerzbank Aktiengesellschaft is a stock corporation under German law and was established as Commerz- und Disconto-Bank in Hamburg in 1870. The Bank owes its present form to the re-merger of the post-war successor institutions of 1952 on 1 July 1958. The Bank's registered office is located in Frankfurt am Main and its head office is at Kaiserplatz, 60261 Frankfurt am Main, Federal Republic of Germany. The Bank is registered in the commercial register of the lower regional court (Amtsgericht) of Frankfurt am Main under the number HRB 32 000. Commerzbank is a major German private-sector bank. Its products and services for retail and corporate customers extend to all aspects of banking. The Bank is also active in specialised fields − partly covered by its subsidiaries − such as mortgage banking and real-estate business, leasing and asset management. Its services are concentrated on managing customers' accounts and handling payments transactions, loan, savings and investments plans, and also on securities transactions. Additional financial services are offered within the framework of the Bank's bancassurance strategy of cooperating with leading companies in finance-related sectors, including home loan savings schemes and insurance products. The Commerzbank Group's operating activities are bundled into two divisions: Retail Banking and Asset Management, on the one hand, and Corporate and Investment Banking, on the other. Commerzbank's business activities are mainly concentrated on the German market. In corporate business, Western, Central and Eastern Europe and also the USA are considered core markets.

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THE TAX LIQUIDITY FACILITY PROVIDER Commerzbank Aktiengesellschaft is a stock corporation under German law and was established as Commerz- und Disconto-Bank in Hamburg in 1870. The Bank owes its present form to the re-merger of the post-war successor institutions of 1952 on 1 July 1958. The Bank's registered office is located in Frankfurt am Main and its head office is at Kaiserplatz, 60261 Frankfurt am Main, Federal Republic of Germany. The Bank is registered in the commercial register of the lower regional court (Amtsgericht) of Frankfurt am Main under the number HRB 32 000. Commerzbank is a major German private-sector bank. Its products and services for retail and corporate customers extend to all aspects of banking. The Bank is also active in specialised fields − partly covered by its subsidiaries − such as mortgage banking and real-estate business, leasing and asset management. Its services are concentrated on managing customers' accounts and handling payments transactions, loan, savings and investments plans, and also on securities transactions. Additional financial services are offered within the framework of the Bank's bancassurance strategy of cooperating with leading companies in finance-related sectors, including home loan savings schemes and insurance products. The Commerzbank Group's operating activities are bundled into two divisions: Retail Banking and Asset Management, on the one hand, and Corporate and Investment Banking, on the other. Commerzbank's business activities are mainly concentrated on the German market. In corporate business, Western, Central and Eastern Europe and also the USA are considered core markets.

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RATINGS

The Class A Notes are expected to be rated Aaa by Moody's and AAA by S&P. The Class B Notes are expected to be rated Aa2 by Moody's and AA by S&P. The Class C Notes are expected to be rated A2 by Moody's and A by S&P. The Class D Notes are expected to be rated Baa2 by Moody's and BBB by S&P. The Class E Notes are expected to be rated Ba1 by Moody's and BB by S&P. The Class F Notes will not be rated. It is a condition of the issue of the Notes that they receive the above indicated ratings. The ratings of the Notes address the likelihood that holders will receive timely payment of interest and ultimate repayment of principal on the Notes. The ratings take into consideration the characteristics of the Trustee Collateral and the structural, legal, tax and Issuer-related aspects associated with the Notes. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the rating organisation. The ratings assigned to the Notes should be evaluated independently from similar ratings on other types of securities. In the event that the ratings initially assigned to the Notes by the Rating Agencies are subsequently withdrawn or lowered for any reason, no person or entity is obliged to provide any additional support or credit enhancement with respect to such Notes. There can be no assurance as to whether any other rating agency will rate the Notes or, if it does, what rating would be assigned by such other rating agency. The rating assigned to the Notes by such other rating agency could be lower than the respective ratings assigned by the Rating Agencies.

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TAXATION The following is a general discussion of certain German and Jersey tax consequences of the acquisition and ownership of Notes. This discussion does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws of Germany and Jersey currently in force and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive or retrospective effect. PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES AND THE RECEIPT OF INTEREST THEREON, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER THE TAX LAWS OF THE JURISDICTIONS SET OUT BELOW AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS OR CITIZENS.

Tax Residents Payments of interest on the Notes, including interest having accrued up to the disposition of a Note and credited separately for such portion of the interest of the current interest payment period which is attributable to the period up to the disposition of the Note ("Accrued Interest"), if any, to persons who are tax residents of Germany (i.e., persons whose residence, habitual abode, statutory seat, or place of effective management and control is located in Germany) are subject to German personal or corporate income tax (plus solidarity surcharge (Solidaritätszuschlag) at a rate of 5.5% thereon). Such interest may also be subject to trade tax if the Notes form part of the property of a German trade or business. Accrued Interest paid upon the acquisition of the Notes may give rise to negative income if the Note is held as a non-business asset. If for the determination of the issue price of the Note the redemption amount is reduced by a discount or if the redemption amount is increased as compared with the issue price of the Note (as, for example, in the case of a discounted Note or a Note with accrued interest added), the difference between the redemption amount and the issue price of the Note ("Original Issue Discount") realised when a Note held as a non-business asset is redeemed to its initial subscriber will be taxable investment income, however, only if the Original Issue Discount exceeds certain thresholds; in such case, the Note is classified as a financial innovation (Finanzinnovation) under German tax law. Upon the disposition, assignment or redemption of a Note a holder holding the Note as a non-business asset will have to include in his taxable income further amounts if the Note can be classified as a financial innovation under German tax law (including, among other things, zero coupon notes, floating rate notes or discounted notes, provided the discount exceeds certain thresholds). In this case, generally the difference between the proceeds from the disposition, assignment or redemption and the issue or purchase price is deemed to constitute interest income subject to income tax (plus the solidarity surcharge) in the year of the disposition, assignment or maturity of the Note. Alternatively, the holder of the Note may show that such difference is greater than the excess of the redemption over the issue price of the Note to the extent this excess amount is attributable to the period over which the holder has held such Note (the "prorated excess amount"). In this case only such prorated excess amount is taxed as interest income, provided that the Note has an identifiable yield to maturity. Where a Note forms part of the property of a German trade or business, in each year the part of the difference between the issue price of the Note and its redemption price attributable to such year as well as interest accrued must be taken into account as income and may also be subject to trade tax. Capital gains from the disposition of Notes, other than income described in the preceding paragraph, are only taxable to a German tax-resident individual if the Notes are disposed of within one year after

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their acquisition or form part of the property of a German trade or business, in which case the capital gains may also be subject to trade tax. Capital gains derived by German-resident corporate holders of Notes will be subject to corporate income tax (plus solidarity surcharge at a rate of 5.5% thereon) and trade tax, even if the Notes cannot be classified as financial innovations. If the Notes are held in a custodial account which the Noteholder maintains with a German branch of a German or non-German bank or financial services institution (the "Disbursing Agent") a 30% withholding tax on interest payments (Zinsabschlag), plus 5.5% solidarity surcharge on such tax, will be levied, resulting in a total tax charge of 31.65% of the gross interest payment. Withholding tax is also imposed on Accrued Interest. If the Notes can be classified as financial innovations, as explained above, withholding tax at the aforementioned rate will also be withheld from the difference between the proceeds from the disposition, assignment or redemption and the issue or purchase price of the Notes if the Note has been kept in a custodial account with such Disbursing Agent since the time of issuance or acquisition, respectively. If the Notes have afterwards been transferred into the custodial account of the Disbursing Agent, withholding tax at the aforementioned rate will be levied on a lumpsum basis on 30% of the proceeds from the disposition, assignment or redemption of the Notes. In computing the tax to be withheld the Disbursing Agent may deduct from the basis of the withholding tax any Accrued Interest paid by the holder of a Note to the Disbursing Agent during the same calendar year. In general, no withholding tax will be levied if the holder of a Note is an individual (i) whose Note does not form part of the property of a German trade or business nor gives rise to income from the letting and leasing of property, and (ii) who filed a withholding exemption certificate (Freistellungsauftrag) with the Disbursing Agent but only to the extent the interest income derived from the Note together with other investment income does not exceed the maximum exemption amount shown on the withholding exemption certificate. Similarly, no withholding tax will be deducted if the holder of the Note has submitted to the Disbursing Agent a certificate of nonassessment (Nichtveranlagungsbescheinigung) issued by the relevant local tax office. Withholding tax and the solidarity surcharge thereon are credited as prepayments against the German personal or corporate income tax and the solidarity surcharge liability of the German resident. Amounts over withheld will entitle the holder of a Note to a refund, based on an assessment to tax. Nonresidents Interest, including Accrued Interest and (in the case of financial innovations) Original Issue Discount, and capital gains are not subject to German taxation, unless (i) the Notes form part of the business property of a permanent establishment, including a permanent representative, or a fixed base maintained or deemed to be maintained in Germany by the holder of a Note or (ii) the interest income otherwise constitutes German source income (such as income from the letting and leasing of certain German-situs property). If the nonresident of Germany is subject to German taxation with income from the Notes, in the latter case a tax regime similar to that explained above at "Tax Residents" applies; capital gains from the disposition of Notes are, however, only taxable in the case of (i). Nonresidents of Germany are, in general, exempt from German withholding tax on interest and the solidarity surcharge thereon. However, where the interest is subject to German taxation as set forth in the preceding paragraph and the Notes are held in a custodial account with a Disbursing Agent, withholding tax is levied as explained above at "Tax Residents". Inheritance and Gift Tax No inheritance or gift taxes with respect to any Note will arise under the laws of Germany, if, in the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither the donor nor the donee, is a resident of Germany and such Note is not attributable to a German trade or

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business for which a permanent establishment or fixed base is maintained or a permanent representative has been appointed by the Noteholder in Germany. Exceptions from this rule apply to certain German citizens who previously maintained a residence in Germany. Certain Other Taxes No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the issuance, delivery or execution of the Notes. Currently, net assets tax is not levied in Germany. EU Savings Tax Directive and its implementation in the member states On 3 June 2003, the Council of the European Union (the "EU") approved a directive (EC Directive 2003/48/EC) regarding the taxation of interest income (the "EU Savings Tax Directive"). Accordingly, each EU member state must require paying agents (within the meaning of the directive) established within its territory to provide to its competent authority details of the payment of interest made to any individual resident in another EU member state as the beneficial owner of such interest. The competent authority of the EU member state of the paying agent (within the meaning of the EU Savings Tax Directive) is then required to communicate this information to the competent authority of the EU member state of which the beneficial owner of the interest is a resident. For a transitional period, Austria, Belgium and Luxembourg may opt instead to withhold tax from interest payments within the meaning of the EU Savings Tax Directive at a rate of 15% for the first three years from application of the provisions of such directive, of 20% for the subsequent three years, and of 35% from the seventh year after application of the provisions of such directive. In conformity with the pre-requisites for the application of the EU Savings Tax Directive, Switzerland, Liechtenstein, San Marino, Monaco and Andorra have confirmed that from 1 July 2005 they will apply measures equivalent to those contained in such directive, in accordance with agreements entered into by them with the European Community. It has also been confirmed that certain dependent or associated territories (the Channel Islands, the Isle of Man and certain dependent or associated territories in the Caribbean) will apply from that same date an automatic exchange of information or, during the transitional period described above, a withholding tax in the described manner. Consequently, the Council of the European Union noted that the conditions have been met to enable the provisions of the EU Savings Tax Directive to enter into force as from 1 July 2005. By legislative regulations dated January 26, 2004 the Federal Government enacted the provisions for implementing the EU Savings Tax Directive into German law. These provisions apply as from July 1, 2005. Noteholders should note that the Issuer will not pay any additional amounts in respect of any withholding tax imposed as a result of this EU directive. Taxation of the Issuer Liability of the Issuer to German taxes on profits. The Issuer is treated as tax transparent for German corporate income tax purposes and would therefore not be subject to such tax in respect of business profits derived by it. However, business profits derived by the Issuer would be subject to German corporate income tax (plus solidarity surcharge thereon) at the level of the Limited Partner, which is domiciled and tax resident in Germany, in proportion to its respective participation in the profits of the Issuer. The business profits derived by the Issuer would also be subject to German corporate income tax (plus solidarity surcharge thereon) at the level of the General Partner (in proportion of its respective participation), if the General Partner had its place of effective management and control in Germany, or otherwise maintained a permanent establishment (Geschäftsleitung or Betriebsstätte), or appointed a permanent representative (ständiger Vertreter), for its business in Germany.

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In calculating the corporate income tax base based on the income derived by the Issuer and attributable to the Limited Partner (and, if applicable, the General Partner), the Limited Partner (and, if applicable, the General Partner) would, however, be entitled (subject to the subsection "Thin Capitalisation Rules" below) to deduct all expenses accrued or provisioned for in a given tax year, including the interest payable on the Notes during such year. Depending on the profit to be allocated to the respective Partner, the Partner could be expected to have a relatively small if not a flat corporate income tax base. The Limited Partner is subject to corporate income tax (plus solidarity surcharge thereon) and trade tax in Germany, but the income derived from the participation in the Issuer would be exempted from trade tax. However, if the activities performed by the Issuer or by third parties on the Issuer's behalf were not regarded as trade or business, but as a non commercial asset management (Vermögensverwaltung), the assets and liabilities of the Issuer would, in proportion to the Limited Partner's participation in the Issuer, be directly allocated for trade tax purposes to the Limited Partner, and the Limited Partner would be liable for trade tax on the income derived from the participation in the Issuer. In calculating the net income which would be subject to trade tax, the Limited Partner would also have to include half of the interest payments made by the Issuer under the Notes. There is a large number of court decisions and rulings issued by the tax authorities on the distinction of a trade or business and a non commercial activity. According to these decisions and rulings, in particular the following characteristics may be indications for a trade or business: the use of debt financing, the maintaining of an office or an organisation to carry out business, the exploitation of a market using professional expertise and experience, and the offering of services to a broad public. Based on such court decisions and guidance given by the tax authorities, the Issuer believes that the activities performed by it should be regarded as trade or business: Although the Issuer maintains only a small organisation for its activities, it has employed the services and professional expertise of several service providers (like the Financial Advisor, the Transaction Monitor and the Cash Administrator) which perform various administrative functions on behalf of the Issuer. The Issuer almost exclusively operates with debt financing. By entering into the Participation Right Agreements and by publicly offering the Notes to investors, the Issuer offers its services to a broad public. And finally, the number and the volume of the Participation Right Agreements concluded by the Issuer, by itself, argue for a trade or business. However, since there is no specific guidance available on the activities carried out by the Issuer, there can be no assurance that the tax authorities or a German tax court would agree with this assessment. Although the Issuer is treated as transparent for German corporate income tax purposes, the Issuer is not treated as tax transparent for the purposes of German trade tax. Consequently, the Issuer would be subject to such tax in respect of its business profits if it had its place of effective management and control in Germany or otherwise maintained a permanent establishment for its business in Germany. In such a case, only the net income derived by the Issuer which is attributable to such permanent establishment would be subject to German trade tax. In calculating the net income which would be subject to trade tax, the Issuer would also have to include half of the interest payments made by the Issuer under the Notes if the tax authorities took the position that the long-term indebtedness incurred by the Issuer under the Notes could not be attributed to any non-German permanent establishment of the Issuer. For German tax purposes, the place of effective management and control of an entity is defined as the place where the preponderance of managerial decisions is taken that are relevant in conducting the day-to-day business of such entity. The place of effective management and control constitutes a permanent establishment. A permanent establishment is otherwise constituted by any fixed place of business or facility which serves the purposes of the relevant entity and over which the entity's management has effective power of disposal (Verfügungsmacht), such as an office or a branch. Furthermore, an entity would be deemed to have a permanent establishment in Germany, if it had appointed a permanent representative for its business in Germany. A permanent representative of an entity is defined as a person who habitually acts in an agency capacity and subject to the instructions of the relevant entity in respect of business dealings of such entity, in particular concludes contracts in the name of such entity or acts as an intermediary with respect to contracts concluded by such entity.

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Of the activities performed in Germany, the only activity which might, for tax purposes, be attributed to the Issuer could be the functions performed by the Financial Advisor, the Recovery Advisor and the Disposal Advisor. Although these functions are economically significant for the business operations of the Issuer, the Financial Advisor, the Recovery Advisor and the Disposal Advisor will merely act in an advisory capacity and will only perform certain administrative functions. In particular, neither the Financial Advisor nor the Recovery Advisor nor the Disposal Advisor will enter into contracts in the name of and with a binding effect on the Issuer. All management decisions regarding the acquisition and, if applicable, the termination of the Participation Rights advised and proposed by the Financial Advisor will be taken outside of Germany by the Issuer based on a proposal made outside of Germany of the Investment Board the majority of whose members are non-German resident with a qualified professional background (meaning not less than five years' experience either in the banking industry including experience in credit decisions, or from a career as a chartered accountant) that enables them to make investment recommendations and are not employed by, and independent from, the Financial Advisor. The same applies with respect to all material decisions concerning the administration of the Participation Right Agreements (including the exercise of additional information rights under the Participation Right Agreements, in particular the instruction of the Recovery Advisor), which are prepared by the Financial Advisor by submitting information and making proposals. The same also applies with respect to all agreements the Issuer may enter into regarding any disposals of Participation Rights (as far as permitted under the relevant agreements) which are based on a proposal made by the Investment Board on the basis of the data and information received from the Recovery Advisor and/or Disposal Advisor. Based upon these considerations, the Issuer believes that its core management functions would not be performed in Germany, it would not have the power to dispose of business premises in Germany, it would not engage in the activities of a person having the power to bind it contractually and consequently, the Issuer would not be treated as being effectively managed and controlled or otherwise maintaining a permanent establishment, or as having appointed a permanent representative, in Germany. Investors should note however, that there are no precedents available on whether activities such as performed by the Financial Advisor, the Recovery Advisor and/or the Disposal Advisor in Germany would constitute a permanent establishment at the place of effective management and control of the Issuer in Germany and consequently, there can be no assurance that the German tax authorities or courts would agree with the above assessment. If the Issuer were viewed as maintaining a permanent establishment at its place of effective management and control, or otherwise, in Germany, trade tax would arise with respect to the net income derived by the Issuer which is attributable to its German permanent establishment. In particular, if the tax authorities took the position that the long-term indebtedness incurred by the Issuer under the Notes could not be attributed to any non-German permanent establishment of the Issuer, in calculating the net income subject to trade tax the Issuer would also have to include half of the interest payments made by the Issuer under the Notes. Thin Capitalisation Rules The German tax authorities might take the position that the thin capitalisation rules set forth in § 8a of the German Corporate Income Tax Act (Körperschaftsteuergesetz) would apply to purchasers of the Notes who are holding an equity interest in a Company or are a party related to such equityholder within the meaning of § 1 para. 2 of the German Foreign Tax Act. The tax authorities could argue that, in this case, the money paid by the relevant purchaser of a Note has to be treated as a loan granted by such purchaser to the Company in which the purchaser (or a related person of the purchaser) is an equityholder. However, since the Issuer has entered into Participation Right Agreements with a number of Companies, it should be impossible for the tax authorities to allocate the money paid by a certain purchaser of a Note to a specific Company and, consequently, to subject such purchase of a Note to the German thin capitalisation rules. An application of the German thin capitalisation rules could have adverse effects on the Companies in which such equity interests are held. In addition, the

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income derived under Notes held by equity holders of a Company or by persons who are related to such equityholders might be reclassified as dividend income. Prospective purchasers of Notes who are equityholders of a Company or persons who are related to such equityholders are advised to consult their tax advisors as regards this risk. Application of the German Investment Tax Act The Issuer will be acquiring and (subject to certain conditions) disposing of a diversified portfolio consisting of the Participation Rights. Due to this fact and to further circumstances, a German resident Noteholder could be viewed as having acquired in substance units of a foreign investment fund, i.e. an asset that represents units in respect of a portfolio of assets within the meaning of the German Investment Act (Investmentgesetz; "IA"), which portfolio consists of securities or other eligible assets falling within the scope of the IA and is invested according to the principle of risk diversification as required by §§ 1, 2nd sentence, 2 para. 8 IA. There are good and valid reasons why the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes should not be treated as falling under the IA. First of all, it is doubtful whether the underlying Participation Right Agreements can be regarded as eligible assets falling within the scope of the IA. As the Participation Rights are granted by way of a contract, they do in the view of the Issuer not qualify as "securities" within the meaning of § 2 para 4 no. 1 IA. There is, however, a risk that they might be viewed as "participations in business ventures having an appraisable market value" within the meaning of § 2 para 4 no. 8 IA. Moreover, Permitted Investments may include assets which qualify as "securities" within the meaning of the IA. At least the holders of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes will not, in the ordinary course of the transaction, effectively participate in the Issuer's profits or losses. According to a Federal Ministry of Finance circular dated 2 June 2005, CDOs (as defined therein and, according to such definition, including the Notes to be issued by the Issuer) do not constitute investment units if the investors do not effectively participate in the issuer's profits or losses. However, there is some risk that the relevant tax authorities would view the Class F Notes differently. Based on the said circular, the Class F Notes would nevertheless not qualify as foreign investment units if, apart from the substitution of securities (Schuldtitel) for the purpose of ensuring the size, the maturity and the risk structure, only up to 20% p.a. of the assets (Vermögen) of the Issuer may, pursuant to the contractual terms, be traded on a discretionary basis. As the Issuer is not allowed to trade the portfolio comprised of the Participation Rights (i.e. to sell and acquire such assets), but may merely dispose of the Participation Rights previously acquired (subject to certain conditions being met), and given that the Transaction Monitor has undertaken to give instructions to the Cash Administrator to invest amounts credited to the accounts of the Issuer in Permitted Investments (as defined in the Cash Administration Agreement or dispose of Permitted Investments provided that the aggregate amount per annum of such investments shall not exceed 20% of the assets (Vermögen) of the Issuer, the Notes should not qualify as foreign investment units. Moreover, given that the Issuer qualifies as a foreign partnership, the assets held by the Issuer should not fall under the scope of the ITA, as the said Federal Ministry of Finance circular specifically excludes the assets of non-German partnerships from the application of the ITA. It may be expected that the tax authorities follow the interpretation of the IA and ITA as laid down in the Federal Ministry of Finance circular dated 2 June 2005 and that, if they decide to adopt a different position, they would - although this cannot be ruled out entirely - not do this with retroactive or retrospective effect. The tax authorities may, however, change their position with effect for the future. In addition, it needs to be noted that the circular has no binding effect on tax courts and that it cannot be ruled out that a tax court would take a different position and characterise the Notes as investment units. If this were the case or if, to some extent contrary to expectations, the tax authorities changed their position with respect to a characterisation of CDOs as investment funds, it cannot be ruled out that the entire issue of Notes could be qualified as investment units as a consequence. If one or more Classes of Notes were to be qualified as investment units within the IA, the tax rules of the ITA would

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apply. If the Notes were to be characterised as investment units under the IA, a German Noteholder would, in principle, be taxed annually based on the distributions, interim earnings (Zwischengewinn) and, in addition, 70% of the excess of the last determined redemption price, market price or stock exchange price of the underlying units for the calendar year over the first determined redemption price, market price or stock exchange price of the underlying units for the calendar year; in any case a minimum of 6% of the redemption price, market price or stock exchange price last determined for the calendar year is taken into account in accordance with § 6 ITA. German Withholding Tax The Issuer believes that its Limited Partner having its registered office and management in Frankfurt am Main, Germany, would, in proportion to its share in the profit of the Issuer which amounts to 99.9999%, be entitled to credit any withholding tax (Kapitalertragsteuer) withheld by the Companies on remunerations owed to the Issuer in connection with the Participation Right Agreements pursuant to § 43 para. 1 no. 2 of the German Income Tax Act against its own corporate income tax liability and, to the extent the tax amounts withheld exceed the corporate income tax liability of the Limited Partner, to obtain a refund of the excess amount from the German tax authorities. Reference is made to the considerations as stated above in the subsection "Thin Capitalisation Rules". Based thereon the profits arising from the participation in the Issuer would be relatively small. Therefore, the amount of tax withheld is expected to exceed the amount of corporate income tax (plus solidarity surcharge) payable on such profits. According to a decision of the German Federal Tax Court dated 22 November 1995 (and published in the Federal Tax Gazette 1996 part II, p. 531 et seq.), the German limited partners of a German-situs partnership are, in proportion of their respective participation, entitled to obtain a tax credit (or, if applicable, a refund) for any taxes withheld on payments made towards such partnership. Since, for tax purposes, the same profit allocation rules apply irrespective of whether a German limited partner holds a participation in a German or a non-German partnership, the Issuer believes that the principle set out in the aforementioned court decision would also be applicable if and to the extent a German limited partner (like the Limited Partner) holds a participation in a non-German partnership (like the Issuer). However, as there is no published court decision exactly on point, there can be no assurance that a German tax court would agree with this assessment. If the Limited Partner should not be entitled to obtain a tax credit or a tax refund for the tax withheld on the payments made by the Companies to the Issuer, the Companies would be obliged to pay to the Issuer those additional amounts necessary for the net amount remaining after the retention or the deduction of the withholding tax to equal the amount which would have had to be paid to the Issuer without such retention or deduction. However, if and when becoming obliged to make such gross-up payments, the Companies would be entitled to an extraordinary termination of the respective Participation Right Agreements. As a consequence of such termination, the Notes might become subject to a (partial) early redemption. Moreover, as regards the Participation Right Agreements Type B the relevant Companies would, instead of exercising their right to an extraordinary termination, also be entitled to declare the conversion of the related Participation Right into a fixed-rate subordinated loan. In this case, the obligation of the relevant Companies to pay the floating component of the remuneration would terminate and the revenues of the Issuer would therefore be decreased accordingly.

JERSEY TAX CONSIDERATIONS The following summary of the anticipated tax treatment in Jersey of the Issuer is based on Jersey taxation law and practice in force at the date of this document and does not constitute legal or tax advice. Prospective investors should consult their professional advisers on the implications of

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subscribing for, buying, holding, selling, redeeming or disposing of Notes under the laws of the jurisdictions in which they may be liable to taxation. Prospective investors should be aware that tax rules and practice and their interpretation may change. The Issuer is not itself assessable to Jersey tax. The General Partner has been granted exempt company status within the meaning of Article 123A of the Income Tax (Jersey) Law 1961, as amended for the current calendar year. The effect of such special status is that the General Partner is treated as a nonresident company for the purposes of Jersey tax laws and is therefore exempt from Jersey income tax on its profits arising outside Jersey (and, by concession, on bank deposit interest arising in Jersey) by virtue of the performance of its function as general partner registered in Jersey. Such status is applied for on an annual basis (together with payment of the required charge, currently £ 600). The retention of exempt company status is conditional upon the Comptroller of Income Tax in Jersey being satisfied that no Jersey resident has a beneficial interest in the General Partner, except as permitted by concessions granted by the Comptroller of Income Tax. As at the date of this Prospectus, Jersey has no capital gains tax and no inheritance tax or gift tax. No stamp duty or similar taxes are payable in Jersey in connection with the issue, redemption or sale of the Notes. EU Savings Tax Directive Jersey is not subject to the EU Savings Tax Directive (described above). However, in keeping with Jersey’s policy of constructive international engagement, the States of Jersey has introduced a retention tax system in respect of payments of interest, or other similar income, made to an individual beneficial owner resident in an EU Member State by a paying agent situated in Jersey (the terms "beneficial owner" and "paying agent" are defined in the EU Savings Tax Directive). The retention tax system will apply for a transitional period prior to the implementation of a system of automatic communication to EU Member States of information regarding such payments. The transitional period will end only after all EU Member States apply automatic exchange of information and the EU Member States unanimously agree that the United States of America has committed to exchange of information upon request. During this transitional period, such an individual beneficial owner resident in an EU Member State will be entitled to request a paying agent not to retain tax from such payments but instead to apply a system by which the details of such payments are communicated to the tax authorities of the EU Member State in which the beneficial owner is resident. Under the implementation of the retention tax system in Jersey the Issuer will not be obliged to levy retention tax in respect of interest payments made by it to any of the Paying Agents. European Union Code of Conduct on Business Taxation On 3 June 2003, the European Union Council of Economic and Finance Ministers reached political agreement on the adoption of a Code of Conduct on Business Taxation (the "Code"). Jersey is not a member of the European Union, however, the Policy & Resources Committee of the States of Jersey has announced that, in keeping with Jersey’s policy of constructive international engagement, it intends to propose legislation to replace the Jersey exempt company regime by 1 January 2008 with a general zero rate of corporate tax.

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SUBSCRIPTION AND SALE Subscription of the Notes Pursuant to the Subscription Agreement, the Managers have agreed, subject to certain conditions, to subscribe, or to procure subscriptions, for the Notes. Neither of the Managers will receive any underwriting commission, selling concession or other remuneration from the Issuer thereunder. In the Subscription Agreement, the Issuer has made certain representations and warranties. The Subscription Agreement is subject to a number of conditions and entitles the Managers to terminate their obligations thereunder in certain circumstances prior to payment of the purchase price of the Notes. The Issuer has agreed to indemnify the Managers against certain liabilities in connection with the offer and sale of the Notes. Selling Restrictions United States of America and its Territories. (1) The Notes have not been and will not be registered under the Securities Act and may not be offered, or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act. Each of the Managers has represented and agreed that it has offered and sold the Notes, and will offer and sell the Notes (i) as part of its distribution at any time and (ii) otherwise until 40 days after the completion of the distribution of all the Notes only in accordance with Rule 903 of the Regulation S under the Securities Act. Neither any of the Managers, their affiliates nor any persons acting on their behalf have engaged or will engage in any directed selling efforts with respect to the Notes, and it and they have complied and will comply with the offering restrictions requirements of Regulation S under the Securities Act. At or prior to confirmation of sale of Notes, each of the Managers will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it during the restricted period a confirmation or notice to substantially the following effect: "The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the completion of the distribution of the Securities as determined and certified by any of the Managers, except in either case in accordance with Regulation S under the Securities Act. Terms used above have the meaning given to them in Regulation S under the Securities Act." Terms used in this clause have the meaning given to them by Regulation S under the Securities Act. (2) Further, each of the Managers has represented and agreed that: (a) except to the extent permitted under U.S. Treas. Reg. Section 1.163-5 (c)(2)(i)(D) (the "TEFRA D Rules"), (i) it has not offered or sold, and during the restricted period will not offer or sell, directly or indirectly, Notes in bearer form to a person who is within the United States or its possessions or to a United States person, and (ii) it has not delivered and will not deliver, directly or indirectly, within the United States or its possessions definitive Notes in bearer form that are sold during the restricted period; (b) it has and throughout the restricted period will have in effect procedures reasonably designed to ensure that its employees or agents who are directly engaged in selling Notes in bearer form are aware that such Notes may not be offered or sold during the restricted period to a person who is within the United States or its possessions or to a United States person, except as permitted by the TEFRA D Rules;

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(c) if it was considered a United States person, that it is acquiring the Notes for purposes of resale in connection with their original issuance and agrees that if it retains Notes in bearer form for its own account, it will only do so in accordance with the requirements of U.S. Treas. Reg. Section 1.63-5 (c)(2)(i)(D)(6); and (d) with respect to each affiliate that acquires from it Notes in bearer form for the purpose of offering or selling such Notes during the restricted period that it will either (i) repeat and confirm the representations and agreements contained in sub-clauses (a), (b) and (c); or (ii) obtain from such affiliate for the benefit of the Issuer the representations and agreements contained in sub-clauses (a), (b) and (c). Terms used in this clause (2) have the meanings given to them by the U.S. Internal Revenue Code and regulations thereunder, including the TEFRA D Rules. Japan. Each of the Managers has acknowledged that it is aware that the Notes have not been and will not be registered under the Securities and Exchange Law of Japan (Law No. 25 of 1948) (as amended) (the "Securities and Exchange Law") and are subject to the Special Taxation Measures Law of Japan (Law No. 26 of 1957) (as amended) (the "Special Taxation Measures Law"). Each of the Managers has represented and agreed that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell Notes in Japan or to any person resident in Japan for Japanese securities law purposes (including any corporation or other entity organised under the laws of Japan), except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Securities and Exchange Law of Japan. European Economic Area. In relation to each Member State of the European Economic Area (The EU plus Iceland, Norway and Liechtenstein) which has implemented the Prospectus Directive (each, a "Relevant Member State"), each of the Managers has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made and will not make an offer of Notes to the public in that Relevant Member State, except that it may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State: (a) in the period beginning on the date of publication of a prospectus in relation to those Notes which has been approved by the competent authority in that Relevant Member State in accordance with the Prospectus Directive or, where appropriate, published in another Member State and notified to the competent authority in that Relevant Member State in accordance with Article 18 of the Prospectus Directive and ending on the date which is 12 months after the date of such publication; (b) at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (c) at any time to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than EUR 43,000,000 and (3) an annual turnover of more than EUR 50,000,000, as shown in its last annual or consolidated accounts; or (d) at any time in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive. For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression "Prospectus

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Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State. United Kingdom. Each of the Managers has represented and agreed that: (a) (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell the Notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of Section 19 of the Financial Services and Markets Act 2000 (the "FSMA") by the Issuer; (b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; (c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom. As used herein, "United Kingdom" means the United Kingdom of Great Britain and Northern Ireland. The Netherlands. Each of the Managers has represented and agreed that it has not offered and will not offer any Notes in the Netherlands and that it has not announced and will not announce any such offer, other than: (a) if those Notes have been, or will likely shortly be, admitted to listing on the Official Segment of the stock market of Euronext Amsterdam N.V.; or (b) if (i) the Prospectus (the "Offer Document") (A) complies with Section 2 of the 1995 Decree on the Supervision of the Securities Trade (Besluit toezicht effectenverkeer 1995, the "Securities Decree"), (B) is submitted to the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the "AFM") before the offer is made, and (C) is generally available as of the time when the offer is made or the Offer Document (A) has been approved by the competent authority as referred to in Article 20 or Article 21 of EC Directive 89/298/EEC, (B) is recognised by the AFM and (C) is generally available as of the time when the offer is made and (ii) each announcement of the offer states where and when the Offer Document will be or has been made generally available, and each such announcement made before the offer is made, is submitted to the AFM before the Offer Document is published and (iii) if after the date of the Offer Document new relevant facts occur or are discovered, Section 6 of the Securities Decree is complied with, all provided that the offer is made within one year after the date of the Offer Document; or (c) to persons who trade or invest in securities in the conduct of their profession or trade (which includes banks, securities intermediaries (including dealers and brokers), insurance companies, pension funds, other institutional investors and commercial enterprises which as an ancillary activity regularly invest in securities) ("professional investors"), provided that the offer, the Offer Document and each announcement of the offer states that the offer is exclusively made to those persons; or (f) or

if those Notes have a denomination of at least EUR 50,000 (or its foreign currency equivalent);

(g) if (i) those Notes qualify as Euro-securities (Euro-effecten) (which they do if (A) they are subscribed for and placed by a syndicate of which at least two members are established according to

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their constitutional documents in different States party to the Agreement on the European Economic Area, (B) at least 60% of those Notes are offered in one or more states other than the state where the relevant Issuer is established according to its constitutional documents, and (C) the Notes may only be subscribed for or initially be purchased through a credit institution or another institution which in the conduct of its business or profession provides one or more of the services referred to under 7 and 8 of Annex 1 to EC Directive 2000/12/EC) and (ii) no general advertising or canvassing campaign is conducted in respect of the Notes anywhere in the world; or (h) otherwise in accordance with the Dutch 1995 Act on the Supervision of the Securities Trade (Wet toezicht effectenverkeer 1995). In addition, each of the Managers has represented and agreed that it has not transferred or accepted and will not transfer or accept any Bearer Zero Coupon Notes and other Notes which qualify as savings certificates as defined in the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) other than through the mediation of either the Issuer or a Member of Euronext Amsterdam N.V. with due observance of the Savings Certificates Act and its implementing regulations (including registration requirements), provided that no mediation is required in respect of (i) the initial issue of those Notes to the first holders thereof, (ii) any transfer and delivery by individuals who do not act in the conduct of a profession or trade, and (iii) the issue and trading of those Notes, if they are physically issued outside the Netherlands and are not distributed in the Netherlands in the course of primary trading or immediately thereafter. France. Each of the Managers has agreed that Notes in connection with their initial distribution, have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France, and that, in connection with their initial distribution, it has not distributed and will not distribute or cause to be distributed to the public in France the Prospectus or any other offering material relating to the Notes. Nevertheless, the Notes, in connection with their initial distribution, can be offered or sold and the Prospectus or any amendment, supplement or replacement thereto or any material relating to the Notes may be distributed or caused to be distributed to any French Qualified Investor (investisseur qualifié), or to a limited circle of investors (cercle restreint d’investisseurs), as defined by article L.411-2-II of the French Monetary and Financial Code (Code Monétaire et Financier) and by the French Decree no. 98-880 dated 1 October 1998 and in compliance with all relevant regulations issued from time to time by the French financial market authority (i.e. Autorité des Marchés Financiers). Investors in France are informed that: (i)

neither the offer and sale of the Notes nor the Prospectus have been submitted for clearance to the French financial market authority (Autorité des Marchés Financiers);

(ii)

investors or entities described in article L.411-2-II-4° of the French Monetary and Financial Code (Code Monétaire et Financier) can only acquire Notes for their own account and in accordance with the provisions of articles D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code (Code Monétaire et Financier); and

the direct and indirect distribution or sale to the public of the Notes acquired by them can only be made in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code (Code Monétaire et Financier). Italy. The offering of the Notes has not been cleared by CONSOB (the Italian Securities Exchange Commission) pursuant to Italian securities legislation and, accordingly, no Notes may be offered, sold or delivered, nor may copies of the Prospectus or of any other document relating to the Notes be distributed in the Republic of Italy, except: (A)

to professional investors ("operatori qualificati"), as defined in Article 31, second paragraph, of CONSOB Regulation No. 11522 of 1st July, 1998, as amended; or

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(B)

in circumstances which are exempted from the rules on solicitation of investments pursuant to Article 100 of Legislative Decree No. 58 of 24th February, 1998 (the "Financial Services Act") and Article 33, first paragraph, of CONSOB Regulation No. 11971 of 14th May, 1999, as amended.

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

made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act and Legislative Decree No. 385 of 1st September, 1993 (the "Banking Act"), as amended;

(ii)

in compliance with Article 129 of the Banking Act and the implementing guidelines of the Bank of Italy pursuant to which the issue or the offer of securities in the Republic of Italy may need to be preceded and followed by an appropriate notice to be filed with the Bank of Italy depending, inter alia, on the aggregate value of the securities issued or offered in the Republic of Italy and their characteristics; and

(iii)

in compliance with any other applicable laws and regulations.

Without prejudice to the above, the Class E Notes will not be offered on the primary market and sold on the secondary market in Italy to entities other than professional investors and in no event to physical persons. Jersey. No Notes may be offered to, sold to or purchased by persons resident for income tax purposes in Jersey other than financial institutions in the normal course of business. Ireland. Each of the Managers has confirmed and agreed that (i) it has not offered or sold, and will not offer or sell, the Notes to the public within Ireland except in circumstances which do not require the prior publication of a prospectus pursuant to Article 3(2) of Directive 2003/71/EC; and (ii) it has not and will not do anything in Ireland in connection with the Notes that might constitute a breach of Section 9(1), 23(1), 23(6) or 23(7) of the Investment Intermediaries Act 1995. General. Each of the Managers has agreed that it will not offer, sell or deliver any of the Notes, directly or indirectly, or distribute this Prospectus or any other offering material relating to the Notes, in or from any jurisdiction except under circumstances that will to its best knowledge and belief result in compliance with the applicable laws and regulations thereof.

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USE OF PROCEEDS The proceeds from the issue of the Notes will amount to EUR 199,500,000. The Issuer will use the proceeds from the issue of the Notes to redeem the Bridge Facility pursuant to which the Issuer has received certain term loans in order to finance the investment in the portfolio of Participation Rights.

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GENERAL INFORMATION Subject of this Prospectus This Prospectus relates to EUR 137,800,000 aggregate principal amount of the Class A Notes, EUR 20,000,000 aggregate principal amount of the Class B Notes, EUR 10,500,000 aggregate principal amount of the Class C Notes, EUR 14,500,000 aggregate principal amount of the Class D Notes, EUR 7,700,000 aggregate principal amount of the Class E Notes, and EUR 9,000,000 aggregate principal amount of the Class F Notes issued by CB MezzCAP Limited Partnership. Authorisation The Issuer has obtained all necessary consents, approvals and authorisations in connection with the issue of the Notes. The issue of the Notes was authorised by a resolution of the board of directors of the General Partner of the Issuer passed on 10 April 2006. Litigation Neither the Issuer is, nor has been since its formation, engaged in any litigation or arbitration proceedings which may have or have had during such period a significant effect on its respective financial position, and, as far as the Issuer is aware, no such litigation or arbitration proceedings are pending or threatened, respectively. Material Change Save as disclosed in this Prospectus, there has been (a) no material adverse change in the financial position or prospects of the Issuer since its formation and (b) no significant change in the trading or financial position of the Issuer since its formation. Payment Information Payments and transfers of the Notes will be settled through Clearstream Luxembourg and Euroclear, as described herein. The Notes have been accepted for clearance through Clearstream Luxembourg and Euroclear. All notices to the Noteholders shall be either (a) delivered to Clearstream Luxembourg and Euroclear for communication by them to the Noteholders, or (b) made available for a period of not less than 30 calendar days on the following web site: www.ise.ie. For the avoidance of doubt, such web site does not form part of this Prospectus. Listing; Availability of Documents Application has been made to the Irish Financial Services Regulatory Authority (the "IFSRA"), as competent authority under Directive 2003/71/EC, for the Prospectus to be approved. Application has been made to the Irish Stock Exchange for the Notes to be admitted to the Official List and trading on its regulated market. The Issuer has appointed J.P. Morgan Bank (Ireland) PLC as the initial listing agent for the Irish Stock Exchange and as its initial Irish Paying Agent. The following documents may be obtained in electronic form or will be available for inspection during customary business hours on any working day from the date hereof (or the date of publication of such document, as relevant) as long as any of the Notes remain outstanding at the registered office of the Issuer and the head office of the Irish Paying Agent: (i)

the partnership agreement of the Issuer;

(ii)

the Memorandum and Articles of Association of the General Partner;

(iii)

the resolutions of the board of directors of the General Partner of the Issuer approving the issue

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of the Notes and the Transaction; (iv)

the Trust Agreement dated 1 December 2005 (as amended and restated on 11 April 2006);

(v)

all future annual financial statements of the Issuer.

No post issuance transaction information will be provided to the Noteholders. Clearing Codes Class A ISIN XS0249999714 Common Code 24999971 WKN A0GQMU

Class D ISIN XS0250000998 Common Code 25000099 WKN A0GQMX

Class B ISIN XS0249999987 Common Code 24999998 WKN A0GQMV

Class E ISIN XS0250001293 Common Code 25000129 WKN A0GQMY

Class C ISIN XS0250000139 Common Code 25000013 WKN A0GQMW

Class F ISIN XS0250001707 Common Code 25000170 WKN A0GQMZ

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INDEX OF DEFINED TERMS € .........................................................................................................................................................4 Account Bank..................................................................................................................................48 Accounts........................................................................................................................................152 Accrued Interest ...........................................................................................................................201 Administrative Expenses ..........................................................................................................12, 46 Administrative Expenses Cap Amount ....................................................................................12, 46 Advisor ............................................................................................................................................69 Affiliate............................................................................................................................................66 AFM ..............................................................................................................................................211 Agency Agreement..........................................................................................................................49 Agent Fees .................................................................................................................................12, 46 Agent Fees Cap Amount ...........................................................................................................12, 46 Bridge Facility.............................................................................................................................1, 28 Bridge Facility Agreement................................................................................................................1 Business Day ...................................................................................................................................50 Cash Administration Agreement....................................................................................................48 Cash Administrator ........................................................................................................................48 Class ................................................................................................................................................42 Class A Notes ..................................................................................................................................42 Class A Notes Interest.....................................................................................................................50 Class B Notes...................................................................................................................................42 Class B Notes Interest .....................................................................................................................50 Class C Notes ..................................................................................................................................42 Class C Notes Interest.....................................................................................................................50 Class D Notes ..................................................................................................................................42 Class D Notes Interest.....................................................................................................................50 Class E Notes...................................................................................................................................42 Class E Notes Interest .....................................................................................................................50 Class F Notes...................................................................................................................................42 Class F Notes Interest .....................................................................................................................50 Clearstream Luxembourg ..............................................................................................................43 Clearstream Luxembourg Participant ...........................................................................................43 Collateral Assets .............................................................................................................................61 Co-Manager ....................................................................................................................................48 Commitment ...................................................................................................................................21 Common Depositary .......................................................................................................................42 Companies...................................................................................................................................1, 48 Corporate Administrator ...............................................................................................................49 Corporate Services Agreement.......................................................................................................49 Determination Date...................................................................................................................12, 46 Disbursing Agent ..........................................................................................................................202 EC Treaty........................................................................................................................................52 English Security Deed.....................................................................................................................49 EU Savings Tax Directive .............................................................................................................203 EUR...................................................................................................................................................4 EURIBOR .......................................................................................................................................51 EURIBOR Determination Date......................................................................................................51 euro ...................................................................................................................................................4 Euroclear.....................................................................................................................................4, 43 Euroclear Participant .....................................................................................................................43 Euro-zone........................................................................................................................................52 Exchange Date ................................................................................................................................43 Financial Advisor............................................................................................................................48

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Financial Advisory Agreement.......................................................................................................48 FSMA ............................................................................................................................................211 General Partner ..............................................................................................................................49 Germany ...........................................................................................................................................4 Global Note .................................................................................................................................4, 42 Global Notes................................................................................................................................4, 42 Hedging Agreement ........................................................................................................................49 Holding Company ...........................................................................................................................66 IA............................................................................................................................................. 40, 206 IFSRA .......................................................................................................................................1, 215 Interest Accrual Period ..................................................................................................................51 Interest Amount..............................................................................................................................50 Interest Available......................................................................................................................12, 46 Interest Rate....................................................................................................................................51 Interest Shortfall.............................................................................................................................52 Investment Advisory Agreement....................................................................................................48 Investment Board ...........................................................................................................................48 Irish Paying Agent ..........................................................................................................................55 Issue Date ....................................................................................................................................1, 42 Issuer ...........................................................................................................................................1, 42 Issuer Accounts ...............................................................................................................................61 Issuer Event of Default ...................................................................................................................54 Issuer Receipts ..........................................................................................................................12, 46 Junior Performance Premium..................................................................................................12, 46 Lead Manager.................................................................................................................................48 Legal Maturity Date .......................................................................................................................53 Limited Partner ..............................................................................................................................48 Liquidity Facility Provider .............................................................................................................48 Maintenance Expenses..............................................................................................................12, 46 Managers...................................................................................................................................22, 48 Monitoring Performance Fee ...................................................................................................12, 47 New Issuer.......................................................................................................................................56 Note Custodian................................................................................................................................54 Note Principal Amount ...................................................................................................................51 Noteholders .....................................................................................................................................42 Notes............................................................................................................................................1, 42 Offer Document ............................................................................................................................211 Original Issue Discount ................................................................................................................201 Participation Right Agreements........................................................................................... 1, 48, 60 Participation Right Agreements Type A........................................................................................23 Participation Right Agreements Type B ........................................................................................23 Participation Right Type A ............................................................................................................23 Participation Right Type B.............................................................................................................23 Participation Rights........................................................................................................................48 Participation Rights Type A .....................................................................................................12, 47 Paying Agents ...........................................................................................................................22, 55 Payment Date..............................................................................................................................1, 50 Permanent Global Note ..............................................................................................................4, 42 Permitted Investments....................................................................................................................20 Portfolio ............................................................................................................................................1 Principal Available ...................................................................................................................12, 47 Principal Deficiency Amount....................................................................................................11, 53 Principal Deficiency Event .............................................................................................................53 Principal Deficiency Ledger .....................................................................................................11, 53 Principal Deficiency Reversal Amount ....................................................................................11, 53

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Principal Paying Agent .............................................................................................................48, 55 Priority of Payments .................................................................................................................12, 44 Proceedings .....................................................................................................................................58 professional investors....................................................................................................................211 Prospectus .......................................................................................................................................55 Prospectus Directive .....................................................................................................................211 Rating Agencies ..............................................................................................................................56 Recoveries Available .................................................................................................................12, 47 Recovery Advisor............................................................................................................................48 Recovery Advisory Agreement.......................................................................................................48 Reference Banks .............................................................................................................................52 Relevant Implementation Date.....................................................................................................210 Relevant Interest Accrual Period ...................................................................................................51 Relevant Member State ................................................................................................................210 Reserve Account .............................................................................................................................61 Reserve Account Required Amount.........................................................................................12, 47 Scheduled Maturity Date................................................................................................................53 Secured Obligations ........................................................................................................................60 Securities Act ............................................................................................................................4, 209 Securities and Exchange Law .......................................................................................................210 Securities Decree...........................................................................................................................211 Security Documents ........................................................................................................................61 Service Provider Cap Amount..................................................................................................12, 47 Service Provider Fees ...............................................................................................................12, 47 Special Taxation Measures Law ...................................................................................................210 Subscription Agreement .................................................................................................................48 Subsidiary .......................................................................................................................................66 Swap Collateral.........................................................................................................................12, 47 Swap Counterparty.........................................................................................................................49 TARGET.........................................................................................................................................50 TARGET Settlement Day...............................................................................................................52 Tax Liquidity Facility Agreement ..................................................................................................48 Tax Refund Claim...........................................................................................................................22 Tax Reimbursement Agreement ....................................................................................................48 taxes.................................................................................................................................................55 TEFRA D Rules ............................................................................................................................209 Temporary Global Note..............................................................................................................4, 42 Terms and Conditions ....................................................................................................................42 Transaction .....................................................................................................................................49 Transaction Account.......................................................................................................................61 Transaction Agreements.................................................................................................................49 Transaction Creditors ....................................................................................................................59 Transaction Documents ..................................................................................................................49 Transaction Management Performance Fee ............................................................................12, 47 Transaction Monitor.......................................................................................................................48 Transaction Monitoring Agreement...............................................................................................48 Trust Agreement.........................................................................................................................1, 49 Trustee ........................................................................................................................................1, 49 Trustee Claim .................................................................................................................................60 Trustee Collateral .....................................................................................................................49, 61 Trustee Duties .................................................................................................................................59 United Kingdom............................................................................................................................211 United States ...................................................................................................................................43

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THE ISSUER CB MezzCAP Limited Partnership 26 New Street St. Helier Jersey Channel Islands THE CORPORATE ADMINISTRATOR Bedell Trust Company Limited 26 New Street St. Helier Jersey Channel Islands THE TRUSTEE J.P. Morgan Corporate Trustee Services Limited Trinity Tower 9 Thomas More Street London E1W1YT United Kingdom THE INVESTMENT BOARD Stephanie Gaubatz Am Tannenstumpf 72 63303 Dreieich Germany James Fairrie Wilmington Trust SP Services (London) Limited Tower 42 Level 11 25 Old Broad Street London, EC2N 1HQ United Kingdom Cord Rodewald CEFA COMINVEST Asset Management S.A. 25, rue Edward Steichen 2540 Luxembourg THE FINANCIAL ADVISOR CBG Commerz Beteiligungsgesellschaft Holding mbH Kaiserplatz, 60311 Frankfurt am Main Germany THE TRANSACTION MONITOR Commerzbank Aktiengesellschaft, London Branch 60 Gracechurch Street London EC3V 0HR United Kingdom

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THE RECOVERY ADVISOR Ernst & Young AG Wirtschaftsprüfungsgesellschaft Mergenthalerallee 10-12 65760 Eschborn/Frankfurt am Main Germany THE DISPOSAL ADVISOR Ernst & Young Corporate Finance Beratung GmbH Arnulfstraße 126 80636 München Germany THE LIQUIDITY FACILITY PROVIDER Commerzbank Aktiengesellschaft Kaiserstr. 30 60261 Frankfurt am Main THE SWAP COUNTERPARTY AIG Financial Products Corp. 50 Danbury Road Wilton, CT 06897-4444 United States of America THE CASH ADMINISTRATOR JPMorgan Chase Bank, N.A. (London Branch) Trinity Tower 9 Thomas More St London E1W 1YT United Kingdom THE PRINCIPAL PAYING AGENT JPMorgan Chase Bank, N.A. (London Branch) Trinity Tower 9 Thomas More St London E1W 1YT United Kingdom THE IRISH LISTING AGENT AND IRISH PAYING AGENT J.P. Morgan Bank (Ireland) Plc JPMorgan House International Financial Services Centre Dublin 1 Ireland THE LEAD MANAGER Commerzbank Aktiengesellschaft, London Branch 60 Gracechurch Street London EC3V 0HR United Kingdom

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THE CO-MANAGER Fortis Bank nv-sa. Montagne du Parc 3 B-1000 Brussels Belgium THE ARRANGER Commerzbank Aktiengesellschaft, London Branch 60 Gracechurch Street London EC3V 0HR United Kingdom

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