Bond SucroSud 4.125% ( XS0606202454 ) in EUR

Issuer SucroSud
Market price 100 %  ▼ 
Country  Germany
ISIN code  XS0606202454 ( in EUR )
Interest rate 4.125% per year ( payment 1 time a year)
Maturity 29/03/2018 - Bond has expired



Prospectus brochure of the bond Sudzucker XS0606202454 in EUR 4.125%, expired


Minimal amount 1 000 EUR
Total amount 400 000 000 EUR
Detailed description Südzucker is a German multinational corporation specializing in the production and distribution of sugar and related products.

The Bond issued by SucroSud ( Germany ) , in EUR, with the ISIN code XS0606202454, pays a coupon of 4.125% per year.
The coupons are paid 1 time per year and the Bond maturity is 29/03/2018








Prospectus
dated 21 March 2011

Südzucker International Finance B.V.
(incorporated with limited liability under the laws of The Netherlands,
having its corporate domicile in Oud-Beijerland, The Netherlands)
EUR [·] [·] per cent Notes due 2018
guaranteed by
Südzucker Aktiengesellschaft Mannheim/Ochsenfurt
(a stock corporation incorporated under the laws of the Federal Republic of Germany,
having its corporate domicile in Mannheim, Federal Republic of Germany)
Issue Price: [·] per cent
Südzucker International Finance B.V. (the "Issuer" or "Südzucker Finance") will issue on 29 March 2011 (the "Issue
Date") EUR [·] [·] per cent Notes due 2018 (the "Notes") under the unconditional and irrevocable guarantee (the "Guaran-
tee") of Südzucker Aktiengesellschaft Mannheim/Ochsenfurt (the "Guarantor" or "Südzucker AG"). The Notes will be
redeemed at par on 29 March 2018. The Notes will bear interest from and including 29 March 2011 to, but excluding,
29 March 2018 at a rate of [·] per cent per annum, payable annually in arrears on 29 March in each year, commencing on
29 March 2012.
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive 2003/71/EC of
the European Parliament and of the Council of 4 November, 2003 as amended from time to time (the "Prospectus Direc-
tive"). This Prospectus will be published in electronic form together with all documents incorporated by reference on the
website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus has been approved by the Commission de
Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF") in its capacity as competent authority
under the Luxembourg law relating to prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus pour valeurs
mobilières ­ the "Prospectus Law"), which implements the Prospectus Directive into Luxembourg law. The Issuer has re-
quested the CSSF to provide the competent authorities in the Federal Republic of Germany ("Germany"), the Republic of
Austria ("Austria") and The Netherlands and may request to provide competent authorities in additional host Member States
within the European Economic Area with a certificate of approval attesting that the Prospectus has been drawn up in accor-
dance with the Prospectus Law (the "Notification").
Application has been made for the Notes to be listed on the official list of the Luxembourg Stock Exchange and to be admit-
ted to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market for the purposes of
Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on Markets in Financial Instruments.
The Guarantor's long-term debt and short-term debt has been rated "BBB" and "A-2", respectively, by Standard & Poor's
Ratings Services, London ("Standard & Poor's") and "Baa2" and "P-2" by Moody's Investors Service Ltd., London. Stan-
dard & Poors has assigned a rating of BBB to the Notes. A rating is not a recommendation to buy, sell or hold securities and
may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.
The Notes are issued in bearer form with a denomination of EUR 1,000 each.
The Notes have been assigned the following securities codes: ISIN XS0606202454, Common Code 060620245,
WKN A1GNRQ.
The issue price, the aggregate principal amount of Notes to be issued, the interest rate, the issue proceeds, and the yield of the
issue will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES" below)
which will be filed with the CSSF and published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or
prior to the Issue Date of the Notes.
Sole Bookrunner
Deutsche Bank
Joint Lead Managers
Deutsche Bank
DZ BANK AG
Landesbank Baden-Württemberg
UniCredit Bank
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RESPONSIBILITY STATEMENT
Each of Südzucker International Finance B.V. with its corporate domicile in Oud-Beijerland, The Nether-
lands and Südzucker Aktiengesellschaft Mannheim/Ochsenfurt having its corporate domicile in Mann-
heim, Germany, accepts responsibility for the information contained in and incorporated by reference into
this Prospectus and hereby declares that, having taken all reasonable care to ensure that such is the case,
the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts
and does not omit anything likely to affect its import.
Each of the Issuer and the Guarantor further confirms that (i) this Prospectus contains all information with
respect to the Issuer as well as to the Guarantor and its subsidiaries and affiliates taken as a whole ("Süd-
zucker" or the "Südzucker Group") and to the Notes which is material in the context of the issue and
offering of the Notes, including all information which, according to the particular nature of the Issuer, the
Guarantor and the Notes is necessary to enable investors and their investment advisers to make an in-
formed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the
Issuer and the Südzucker Group and of the rights attached to the Notes; (ii) the statements contained in
this Prospectus relating to the Issuer, the Südzucker Group and the Notes are in every material particular
true and accurate and not misleading; (iii) there are no other facts in relation to the Issuer, the Südzucker
Group or the Notes the omission of which would, in the context of the issue and offering of the Notes,
make any statement in the Prospectus misleading in any material respect; and (iv) reasonable enquiries
have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and
statements.
NOTICE
No person is authorised to give any information or to make any representations other than those contained
in this Prospectus and, if given or made, such information or representations must not be relied upon as
having been authorised by or on behalf of the Issuer, the Guarantor or the Joint Lead Managers (as de-
fined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES"). Neither the delivery of this Pro-
spectus nor any offering or sale of any Notes made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the Issuer or the Guarantor or any of its affili-
ates since the date of this Prospectus, or that the information herein is correct at any time since its date.
This Prospectus contains certain forward-looking statements, in particular statements using the words
"believes", "anticipates" "intends", "expects" or other similar terms. This applies in particular to state-
ments under the caption "GENERAL INFORMATION ON THE ISSUER ­ Business" and under the cap-
tion "GENERAL INFORMATION ON THE GUARANTOR - Business" and statements elsewhere in this
Prospectus relating to, among other things, the future financial performance, plans and expectations re-
garding developments in the business of the Issuer and the Guarantor, as the case may be. These forward-
looking statements are subject to a number of risks, uncertainties, assumptions and other factors that may
cause the actual results, including the financial position and profitability of the Issuer and the Guarantor,
as the case may be, to be materially different from or worse than those expressed or implied by these for-
ward-looking statements. Neither the Issuer nor the Guarantor do assume any obligation to update such
forward-looking statements and to adapt them to future events or developments.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other documents incorporated herein by reference.
To the fullest extent permitted by law, neither the Joint Lead Managers nor any other person mentioned in
this Prospectus, except for the Issuer and the Guarantor, is responsible for the information contained in
this Prospectus or any other document incorporated herein by reference, and accordingly, and to the ex-
tent permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility
for the accuracy and completeness of the information contained in any of these documents. The Joint
Lead Managers have not independently verified any such information and accept no responsibility for the
accuracy thereof.
Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer and of the
Guarantor. This Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the
Issuer, the Guarantor or the Joint Lead Managers to purchase any Notes. Neither this Prospectus nor any
other information supplied in connection with the Notes should be considered as a recommendation by
the Issuer, the Guarantor or the Joint Lead Managers to a recipient hereof and thereof that such recipient
should purchase any Notes.
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This Prospectus does not constitute, and may not be used for the purposes of, 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.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the
Joint Lead Managers to inform themselves about and to observe any such restrictions. In particular, the
Notes have not been and will not be registered under the United States Securities Act of 1933, as amended
(the "Securities Act") and are subject to U.S. tax law requirements. Subject to certain limited exceptions,
the Notes may not be offered, sold or delivered within the United States of America ("United States") or
to U.S. persons. 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, SALE AND OFFER OF
THE NOTES ­ Selling Restrictions."
IN CONNECTION WITH THE ISSUE OF THE NOTES, DEUTSCHE BANK, LONDON
BRANCH (OR PERSONS ACTING ON ITS BEHALF) MAY OVER-ALLOT NOTES OR EF-
FECT 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 DEUTSCHE BANK, LONDON BRANCH (OR PERSONS
ACTING ON ITS BEHALF) WILL UNDERTAKE STABILISATION ACTION. ANY STABILI-
SATION ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC DISCLO-
SURE OF THE 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 CALENDAR
DAYS AFTER THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE BY THE
ISSUER AND 60 CALENDAR DAYS AFTER THE DATE OF THE ALLOTMENT OF THE
NOTES. SUCH STABILISING SHALL BE IN COMPLIANCE WITH ALL LAWS, DIREC-
TIVES, REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
In this Prospectus all references to "", "EUR" or "Euro" are to the currency introduced at the start of the
third stage of the European economic and monetary union, and as defined in Article 2 of Council Regula-
tion (EC) No 974/98 of 3 May 1998 on the introduction of the Euro, as amended.


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CONTENTS

Page
SUMMARY ..................................................................................................................................................... 1
ZUSAMMENFASSUNG .............................................................................................................................. 10
RISK FACTORS ........................................................................................................................................... 19
USE OF PROCEEDS .................................................................................................................................... 28
GENERAL INFORMATION ON THE ISSUER ......................................................................................... 29
GENERAL INFORMATION ON THE GUARANTOR ............................................................................. 48
TERMS AND CONDITIONS ....................................................................................................................... 51
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF NOTEHOLDERS ............................... 73
TAXATION ................................................................................................................................................... 75
SUBSCRIPTION, SALE AND OFFER OF THE NOTES .......................................................................... 81
GENERAL INFORMATION / INCORPORATION BY REFERENCE .................................................... 85
NAMES AND ADDRESSES ........................................................................................................................ 88

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SUMMARY
This summary must be read as an introduction to this Prospectus and any decision to invest in the Notes
should be based on a consideration of the Prospectus as a whole, including the documents incorporated
by reference. Following the implementation of the relevant provisions of the Prospectus Directive (Direc-
tive 2003/71/EC ) in each Member State of the European Economic Area no civil liability will attach to
the Responsible Persons in any such Member State solely on the basis of this summary, including any
translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the other
parts of this Prospectus, including any information incorporated by reference. Where a claim relating to
the information contained in this Prospectus is brought before a court in a Member State of the European
Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is
brought, be required to bear the costs of translating the Prospectus before the legal proceedings are ini-
tiated.
Summary in respect of the Notes
Words and expressions defined in the Terms and Conditions of the Notes reproduced elsewhere in this
Prospectus shall have the same meanings in this Summary.
Issuer:
Südzucker International Finance B.V.
Guarantor:
Südzucker Aktiengesellschaft Mannheim/Ochsenfurt
Joint Lead Managers:
Deutsche Bank AG, London Branch

DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am
Main

Landesbank Baden-Württemberg

UniCredit Bank AG
Principal Paying Agent:
Deutsche Bank Aktiengesellschaft
Listing Agent:
Deutsche Bank Luxembourg S.A.
Determination of Aggregate
The Issue Price and the aggregate principal amount of the Notes to be
Principal Amount, Issue Price issued, the interest rate, the issue proceeds and the yield of the issue will
and further information:
be included in the Pricing Notice (as defined in "SUBSCRIPTION,
SALE AND OFFER OF THE NOTES" below) which will be filed with
the CSSF and the Luxembourg Stock Exchange and published on the
website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior
to the Issue Date of the Notes.
Aggregate Principal Amount: EUR [·]
Issue Price:
[·] per cent of the Aggregate Principal Amount
Issue Date:
29 March 2011
Denomination:
The Notes will be issued in a denomination of EUR 1,000 each.
Form of Notes:
The Notes will initially be represented by a temporary global bearer Note
(the "Temporary Global Note") without interest coupons which will be
kept in custody by a common depository to Clearstream Banking société
anonyme and Euroclear Bank SA/NV (together the "Clearing System").
Notes represented by the Temporary Global Note will be exchangeable
for Notes represented by a permanent global bearer Note (the "Perma-
nent Global Note", and each of the Temporary Global Note and the
Permanent Global Note, a "Global Note") without interest coupons not
earlier than 40 days after the Issue Date in accordance with the provisions
set out in the Terms and Conditions. In particular such exchange and any
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payment of interest on Notes represented by the Temporary Global Note
shall only be made upon delivery of certifications as to non-U.S. benefi-
cial ownership, the contents and nature of which shall correspond to the
requirements of the laws of the United States of America and be in ac-
cordance with the rules and operating procedures of the Clearing System.
Payments on the Temporary Global Note will only be made against pres-
entation of such certifications. No definitive Notes or interest coupons
will be issued.
Interest:
The Notes will bear interest from and including 29 March 2011 to, but
excluding, 29 March 2018 at a rate of [·] per cent per annum, payable
annually in arrears on 29 March in each year, commencing on 29 March
2012.
Taxation:
Principal and interest shall be payable without withholding or deduction
for or on account of any present or future taxes or duties of whatever
nature imposed or levied by or on behalf of the Federal Republic of
Germany or The Netherlands or by or on behalf of any political subdivi-
sion or authority thereof or therein having power to tax (the "Withhold-
ing Taxes"), unless such withholding or deduction is required by law. In
such event, the Issuer will, subject to the exceptions set out in the Terms
and Conditions, pay such additional amounts as shall be necessary in
order that the net amounts received by the Noteholders after such with-
holding or deduction shall equal the respective amounts of principal and
interest which would otherwise have been receivable in respect of the
Notes in the absence of such withholding or deduction.
Early Redemption for Taxation Early redemption of the Notes by the Issuer for reasons of taxation will
Reasons:
be permitted, if as a result of any change in, or amendment to, the laws or
regulations (including any amendment to, or change in, an official inter-
pretation or application of such laws or regulations) of the Federal Re-
public of Germany or The Netherlands or any political subdivision or
taxing authority thereto or therein affecting taxation or the obligation to
pay duties of any kind, the Issuer will become obligated to pay additional
amounts on the Notes, all as more fully set out in the Terms and Condi-
tions.
Early Redemption in case of
If 80 per cent or more of the aggregate principal amount of the Notes
minimum outstanding amount: then outstanding have been redeemed following a Put Event (as defined
in the Terms and Conditions) or repurchased and cancelled, the Issuer
may redeem, at its option, the remaining Notes as a whole at the Re-
demption Price (as defined in the Terms and Conditions) plus interest
accrued to but excluding the date of such redemption.
Put Event:
The Terms and Conditions contain a change of control provision entitling
the Noteholders to require the Issuer to redeem the Notes following a Put
Event.
Status of the Notes:
The obligations under the Notes constitute unsecured and unsubordinated
obligations of the Issuer ranking pari passu among themselves and pari
passu with all other unsecured and unsubordinated obligations of the
Issuer, unless such obligations are accorded priority under mandatory
provisions of statutory law.
Status of the Guarantee:
The Guarantee constitutes an unconditional, unsecured and unsubordi-
nated obligation of the Guarantor and ranks pari passu with all other
unsecured and unsubordinated obligations of the Guarantor from time to
time outstanding
Negative Pledge:
In § 2 (2) of the Terms and Conditions the Issuer and the Guarantor agree
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not to provide any Security Interest for any Capital Market Indebtedness.
Events of Default:
The Terms and Conditions provide for events of default entitling Note-
holders to demand immediate redemption of the Notes, all as more fully
set out in the Terms and Conditions.
Cross Default:
The Terms and Conditions contain a cross default clause in relation to,
inter alia, non-payment of Borrowing Obligations.
German Act on Debt Securities The Terms and Conditions provide that Noteholders may agree by major-
(Gesetz über Schuldverschrei- ity resolution (certain material amendments requiring a majority of at
bungen aus Gesamtemissionen) least 75 per cent) to amendments of the Terms and Conditions and ap-
point a joint representative (gemeinsamer Vertreter) to exercise the
Noteholders' rights on behalf of each Noteholder. Except as provided in
section 18 para. 4 sentence 2 of the German Act on Debt Securities (Ge-
setz über Schuldverschreibungen aus Gesamtemissionen) all votes will
be taken exclusively by vote taken without a meeting.
Governing Law:
The Notes and the Guarantee will be governed by German law.
Jurisdiction:
Non-exclusive place of jurisdiction for any legal proceedings arising
under the Notes is Frankfurt am Main, Germany.
Credit Ratings
The Guarantor's long-term debt and short-term debt has been rated
"BBB" and "A-2", respectively, by Standard & Poor's Rating Services,
London ("Standard & Poor's") and "Baa2" and "P-2" by Moody's In-
vestors Service Ltd., London. Standard & Poors has assigned a rating of
BBB to the Notes. A rating is not a recommendation to buy, sell or hold
securities and may be subject to revision, suspension or withdrawal at
any time by the assigning rating organisation.
Listing and Admission to trad- Application has been made for the Notes to be admitted to trading on the
ing:
regulated market and to be listed on the official list of the Luxembourg
Stock Exchange.
Offer of the Notes
The Notes will be offered during an offer period which will commence
not earlier than 22 March 2011 and will be open until the Issue Date sub-
ject to a shortening or extension of the offer period. The Aggregate Prin-
cipal Amount, the number of Notes, the Issue Price, the Interest Rate, the
net proceeds before deduction of total expenses and the yield will be in-
cluded in a notice which will be filed with the CSSF and the Luxem-
bourg Stock Exchange and published on the website of the Luxembourg
Stock Exchange (www.bourse.lu) after the date of pricing and prior to
the Issue Date (the "Pricing Notice").
There are no conditions to which the offer is subject. Investors may sub-
mit their offers to buy Notes, using the information system Bloomberg or
any other commonly used information systems or, following the publica-
tion of the Pricing Notice, through banking institutions in Luxembourg,
Germany, Austria or The Netherlands. Any investor who has submitted
an order in relation to the Notes whose order is accepted will receive a
confirmation by electronic mail, fax or through commonly used informa-
tion systems relating to the respective allotment of Notes.
Delivery and payment of the Notes will be made within seven business
days after the date of pricing of the Notes and the confirmation of the
allotment to investors. The Notes will be delivered via book-entry
through the Clearing System and its accountholding banks against pay-
ment of the Issue Price.
Selling Restrictions:
The offer and the sale of the Notes and the distribution of offering mate-
rials are subject to specific restrictions. The relevant restrictions applica-
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ble in the European Economic Area, the United States of America, the
United Kingdom of Great Britain and Northern Ireland and the Republic
of Italy are set out under "SUBSCRIPTION, SALE AND OFFER OF
THE NOTES ­ Selling Restrictions".
Clearing and Settlement:
The Notes will be accepted for clearing through Clearstream Banking
société anonyme and Euroclear Bank SA/NV.
Availability of documents:
This Prospectus, any supplement thereto and the documents incorporated
by reference will be published on the website of the Luxembourg Stock
Exchange (www.bourse.lu).
Security Codes:
ISIN:
XS0606202454
Common Code: 060620245
WKN:
A1GNRQ

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Summary in respect of the Guarantor
Information about Südzucker AG
Südzucker Aktiengesellschaft Mannheim/Ochsenfurt ("Südzucker AG") was incorporated for an indefi-
nite period of time under the laws of Germany in 1926 under the name Süddeutsche Zucker-AG. The na-
me changed in 1988 to Südzucker Aktiengesellschaft Mannheim/Ochsenfurt after a merger with Zucker-
fabrik Franken GmbH. Südzucker AG is registered with the commercial register at the local court
(Amtsgericht) Mannheim under HRB No. 0042.
Südzucker AG's corporate seat is Mannheim, Germany, and its registered office is located at Maximilian-
strasse 10, D-68165 Mannheim. Südzucker AG can be reached under the telephone number +49 621 421
437.
Summary Financial Information
The following table sets out the key financial information about the Guarantor extracted from the audited
consolidated financial statements of Südzucker AG for the financial years ended on 28 February 2009 and
on 28 February 2010 and the unaudited consolidated interim financial statements of Südzucker AG for
the nine months ended on 30 November 2010:







9 months
9 months
Financial year
Financial year

ended 30 No-
ended 30 No-
ended 28
ended 28
vember 2010 vember 2009
February 2010
February 2009
EUR in million
Revenues

4,667
4,437
5,718
5,871
EBITDA
613
490
645
489
Operating profit
416
308
403
258
Net earnings
259
217
276
183
Cashflow from operating




activities
497
419
553
504
Investments in fixed assets and




intangible assets
159
151
217
384
Total assets
7,566
7,642
7,398
7,709
Subscribed capital
189
189
189
189
Capital reserve
1,189
1,189
1,189
1,138
Net financial debt
704
893
1,065
1,633

Business Overview
Südzucker AG is the parent company of the Südzucker Group which operates four business segments,
namely the segments sugar, special products, CropEnergies and fruit. In the sugar segment, the Südzucker
Group is currently, based on its own assessment the largest European sugar enterprise by revenues and
volume of productions for sugar in Europe. In the special products segment, the Südzucker Group com-
prises its functional food activities, pizza production, starche production and individually packaged por-
tions for the food industry. In the CropEnergies segment, the Südzucker Group concentrates its bioethanol
activities. In the fruit segment, the Südzucker Group comprises two divisions: the fruit preparation busi-
ness and the fruit juice concentrates business.
Administrative, Management and Supervisory Bodies
The management board of Südzucker AG is responsible for the management of Südzucker's business; the
Supervisory Board supervises the management board and appoints its members.
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The management board of Südzucker AG consists of the following members: Dr. Wolfgang Heer, Dr.
Thomas Kirchberg, Thomas Kölbl, Prof. Dr. Markwart Kunz and Dipl.-Ing. Johann Marihart.
Members of the supervisory board of Südzucker AG are: Dr. Hans-Jörg Gebhard (Chairman),
Dr. Christian Konrad (Deputy Chairman), Franz-Josef Möllenberg (Deputy Chairman), Dr. Ralf Bethke,
Ludwig Eidmann, Dr. Jochen Fenner, Manfred Fischer, Erwin Hameseder, Hans Hartl, Reinold Hofbauer,
Wolfgang Kirsch, Georg Koch, Klaus Kohler, Erhard Landes, Bernd Maiweg, Dr. Arnd Reinefeld, (until
28 February 2011), Joachim Rukwied, Ronny Schreiber, Franz-Rudolf Vogel, Wolfgang Vogl and Ro-
land Werner.
Share Capital
The issued share capital of the Guarantor amounts to 189,353,608 divided into 189,353,608 ordinary
non-par value bearer shares with an imputed share in the share capital of 1.00 each. The issued share
capital has been fully paid in.
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