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Analysts' Recommendations.

2012.

Institute Date Rating Price target (EUR)
Deutsche Bank 14/05/12 Buy 39.00
Hauck & Aufhäuser 14/05/12 Buy 47.00
Warburg Research 10/05/12 Buy 40.00
WestLB 08/05/12 Hold n/a
Commerzbank 08/05/12 Sell 23.00
Berenberg 07/05/12 Buy 47.00
Warburg Research 21/03/12 Buy 40.00
LBBW 19/03/12 Buy 37.00
Hauck & Aufhäuser 16/03/12 Buy 47.00
WestLB 16/03/12 Hold n/a
Warburg Research 16/03/12 Buy 40.00
DZ Bank 16/03/12 Buy 37.00
Berenberg Bank 15/03/12 Buy 47.00
LBBW 15/03/12 Buy 33.00
Berenberg Bank 07/03/12 Buy 47.00
WestLB 07/03/12 Hold n/a
Commerzbank 02/03/12 Sell 23.00
Hauck & Aufhäuser 16/02/12 Buy 40.00
LBBW 15/02/12 Buy 33.00
GBC AG
14/02/12
Buy
37.00
WestLB 03/02/12 Hold n/a
Hauck & Aufhäuser 02/02/12 Buy 40.00
Warburg Research 02/02/12 Buy 38.00
LBBW 02/02/12 Buy 33.00
Commerzbank 20/01/12 Sell 23.00
LBBW 17/01/12 Buy 33.00
Warburg Research 12/01/12 Buy 37.00
West LB 09/01/12 Hold n/a
_

2011.

Institute Date Rating Price target (EUR)
Hauck & Aufhäuser 19/12/11 Buy 40.00
Warburg Research 19/12/11 Buy 37.00
fairesearch 07/12/11 Buy 34.00
West LB 14/11/11 Hold n/a
DZ Bank 11/11/11 Buy 30.00
Deutsche Bank 11/11/11 Buy 39.00
Hauck & Aufhäuser 11/11/11 Buy 41.00
LBBW 10/11/11 Buy 33.00
Commerzbank 10/11/11 Hold 26.00
Warburg Research 10/11/11 Buy 40.00
LBBW 10/11/11 Buy 36.00
Deutsche Bank 08/11/11 Buy 40.00
Warburg Research 03/11/11 Buy 40.00
Hauck & Aufhäuser 02/11/11 Buy 42.00
Commerzbank 01/11/11 Hold 26.00
LBBW 19/10/11 Buy 36.00
Metzler 19/10/11 Buy 36.00
DZ Bank 14/10/11 Buy 33.00
DZ Bank 11/08/11 Buy 33.00
Hauck & Aufhäuser 11/08/11 Buy 42.00
Deutsche Bank 10/08/11 Buy 40.00
Warburg Research 10/08/11 Buy 40.00
WestLB 09/08/11 Hold n/a
LBBW 02/08/11 Buy 36.00
WestLB 02/08/11 Buy 40.00
CBC AG 14/02/12 Buy 37.00