TRACK RECORD CAPITAL INVESTMENTS

• Equity investment in real estate financing
  
  In 2005 within the scope of a bridge financing of a real estate the Stemas AG issued shares with a maturity of 18 months and an effective interest rate of 16%.
  
  
  
• Participation certificates as part of an acquisition process
  
  In 2006 the Stemas AG issued within the process of acquiring stakes in a manufacturing company for electronic components a participation certificate with a maturity of 7 years. Besides a fix basic interest rate of 6% p.a. investors receive a certain fraction of the associate companies EBITDA. In the first year the participation certificate’s effective interest rate was about 20%.

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