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Merger: Gebhard & Co. Asset Management AG Hrb22 Nov 2006 German Trade Register Announcements, Germany (17/11/2006)

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Gebhard & Co. Wertpapierhandelsbank AG, Gräfelfing (Ungenannte Str. ??, 82166 Gräfelfing, Germany). The Gebhand & Co. Asset Management AG with its registered office in Gräfelfing (District Court of Munich HRB 141190) was merged with the company on the same day on the basis of the merger agreement of July 19, 2006 and the resolution of the general meeting of the transferring company. Unregistered: The creditors of the entities participating in the merger shall, within six months of the date on which the registration of the merger in the register of the registered office of the entity of which they are creditors are deemed to be disclosed in writing, declare in writing, in so far a.s. they cannot claim satisfaction, in accordance with § 19 Abs. 3 UmwG. However, they are entitled to that right only if they demonstrate that the merger jeopardises the fulfilment of their claim.

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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