Investor Relations/Research Reports

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Research Study - Update November 2006
Analyst: Rating: BUY	Martin Decot (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: +49 (0) 69 971 490-46 Fax: +49 (0) 69 971 490-90 E-Mail: info@irffm.de www.irffm.de
Date:	10 November 2006
Research Report as PDF:	English version Deutsche Version

Research Study - Update November 2006
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	02 November 2006
Research Report as PDF:	English version Deutsche Version

Research Study - Update August 2006
Analyst: Rating: BUY	Martin Decot (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: +49 (0) 69 971 490-46 Fax: +49 (0) 69 971 490-90 E-Mail: info@irffm.de www.irffm.de
Date:	15 August 2006
Research Report as PDF:	English version Deutsche Version

Full Research Study
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	03 August 2006
Research Report as PDF:	English version (102 kb) Deutsche Version (111 kb)

Research Study - Update May 2006
Analyst: Rating: BUY	Martin Decot (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: +49 (0) 69 971 490-46 Fax: +49 (0) 69 971 490-90 E-Mail: info@irffm.de www.irffm.de
Date:	15 May 2006
Research Report as PDF:	English version (117 kb) Deutsche Version (117 kb)

Full Research Study
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	19 February 2006
Research Report as PDF:	English version (102 kb) Deutsche Version (111 kb)

Full Research Study
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	19 February 2006
Research Report as PDF:	English version (102 kb) Deutsche Version (111 kb)

Research Study - Update December 2005
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	20 December 2005
Research Report as PDF:	English version (102 kb) Deutsche Version (111 kb)

Research Study - Update December 2005
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	04 December 2005
Research Report as PDF:	English version (2 Mb) Deutsche Version (2 Mb)

Research Study - Update August 2005
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	15 August 2005
Research Report as PDF:	English version (249 kb) Deutsche Version (254 kb)

Research Study - Update August 2005
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	15 August 2005
Research Report as PDF:	English version (102 kb) Deutsche Version (111 kb)

Research Study - Update May 2005
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	29 May 2005
Research Report as PDF:	English version (218 kb) Deutsche Version (225 kb)

Research Study - Update May 2005
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	18 May 2005
Research Report as PDF:	English version (104 kb) Deutsche Version (108 kb)

Full Research Study
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	22 March 2005
Research Report as PDF:	English version (146 kb) Deutsche Version (149 kb)

Full Research Study
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	21 March 2005
Research Report as PDF:	English version (391 kb) Deutsche Version (402 kb)

Research Study - Update December 2004
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	16 December 2004
Research Report as PDF:	Deutsche Version (94 kb)

Research Study - Update December 2004
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	02 December 2004
Research Report as PDF:	English version (97 kb) Deutsche Version (93 kb)

Research Study - Update September 2004
Analyst: Rating: BUY	Norbert Kretlow (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	01 September 2004
Research Report as PDF:	English version (94 kb) Deutsche Version (90 kb)

Research Study - Update August 2004
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	10 August 2004
Research Report as PDF:	English version (97 kb) Deutsche Version (93 kb)

Research Study - Update June 2004
Analyst: Rating: BUY	Ronald Reepel (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	14 June 2004
Research Report as PDF:	English Verision (130 kb) Deutsche Version (100 kb)

Full Research Study
Analyst: Rating: BUY	Dr. Norbert Kalliwoda (Senior Analyst) Dipl.-Kaufmann; DVFA-Analyst; CEFA Dr. Kalliwoda Research Unterlindau 22 60323 Frankfurt am Main Tel.: (+49) 069/97205853 Mobile: (+49) 0172-6190796 Fax: (+49) 69 1330 3852 262 E-Mail: research@kalliwoda.com
Date:	02 June 2004
Research Report as PDF:	English version (97 kb) Deutsche Version (93 kb)

Full Research Study
Analyst: Rating: BUY	Ronald Reepel (Senior Analyst) Independent Research GmbH Staufenstraße 46 60323 Frankfurt am Main Tel.: 069/971490-0 Fax: 069/971490-90 E-Mail: info@irffm.de www.irffm.de
Date:	08 April 2004
Research Report as PDF:	English version (200 kb) Deutsche Version (200 kb)

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