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Company statute Hrb4 May 2005 German Trade Register Announcements, Germany (26/04/2005)

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Gebhard & Co. Wertpapierhandelsbank AG, Gräfelfing (Ungenannte Str. ??, 82166 Gräfelfing, Germany). On the basis of the conditional capital (2003/I) decided on August 28, 2003, 300000 subscription shares were issued. By decision of April 4, 2005, the Supervisory Board decided to amend Section 3 (height and division of the share capital, conditional capital) of the Articles of Association. Conditional capital 2003/I is exhausted by the issuance of subscription shares in the 2005 financial year. 300000 shares, which are in the name, were issued at an additional cost of EUR 0.20 each.

This filing was translated from German to English. The filing refers to a past date, and does not necessarily reflect the current state. The current state is available on the following page: IPG Investment Partners Group AG, Munich, Germany.

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