Initial Public Offering

Offering period:

May 19 and 20, 1999

IPO volume:

665,000 stocks without par value

Share type:

Bearer stocks

Market issued:

Neuer Markt, Frankfurt

Issuing method:

Bookbuilding

Fixed/subscription price:

23 EUR

1st price:

24 EUR

1st trading day:

May 25, 1999

Capital stock:

3,000,000 EUR

Outstanding and listed capital:

3,000,000 EUR

Underwriters:

Concord Effekten AG
Gontard & Metallbank AG
Deutsche Apotheker-
und Ärztebank e.G.