
| Institution | Analyst | Recommendation |
| Bayern LB | Dr. Frank Wohlgemuth | Buy |
| CA Cheuvreux | Joachim Müller | 3/UP |
| Cazenove | Piers Brown | In-Line |
| Citigroup | Kiri Vijayarajah / Jeremy Sigee / Yann Goffinet | Sell |
| Commerzbank | Michael Dunst | Buy |
| Credit Suisse | Jagdeep Kalsi | Neutral |
| Deutsche Bank | Alexander Hendricks | Hold |
| Dresdner Kleinwort | Stefan Stahlmann | Buy |
| DZ Bank | Matthias Dürr | Buy |
| Equinet | Dr. Philipp Häßler | Buy |
| Execution | Anke Reingen | Not rated |
| Fairesearch | Dieter Hein | Sell |
| Fox-Pitt, Kelton | David Williams | Outperform |
| Goldman Sachs | Jernej Omahen | Not rated |
| HSBC | Johannes Thormann | Overweight |
| Independet Research | Pierre Drach | Buy |
| JP Morgan | Francesca Tondi | Underweight |
| Keefe, Bruyette & Woods | Matthew Clark | Market Perform |
| Kepler Equities | Dr. Dirk Becker | Buy |
| LB BW | Martin Peter | Buy |
| Lehman Brothers | Doreen Schmidt | Equal Weight |
| M.M. Warburg | Andreas Pläsier | Buy |
| MainFirst | Michael Rohr | Neutral |
| Merck Finck | Konrad Becker | Hold |
| Merrill Lynch | Britta Schmidt | Underperform |
| Bankhaus Metzler | Guido Hoymann | Sell |
| Morgan Stanley | Ronny Rehn | Not rated |
| Natixis Securities | Alex Koagne | Reduce |
| Nord LB | Michael Seufert | Buy |
| Redburn | Garth Leder | Unattractive |
| Sal. Oppenheim | Carsten Werle / Thomas Stoegner | Reduce |
| UBS | Dr. Philipp Zieschang | Buy |
| Unicredit | Kerstin Vitvar | Sell |
| WestLB | Christoph Bossmann | Buy |
| Recommendation |
Number of |
in % |
| Buy/Outperform |
14 |
41 |
| Hold/Neutral |
7 |
21 |
| Sell/Underperform |
10 |
29 |
| Not rated |
3 |
9 |
| Total |
34 |
100 |
As of 22.08.2008
Important note
The analysts’ assessments are a matter of subjective view and Hypo Real Estate Holding AG does not exert any influence on them. The assessments are not shared in every respect by Hypo Real Estate Holding AG. Their reproduction only provides a more convenient access and does not represent an exhaustive compilation of analysts’ assessments. The instance, that Hypo Real Estate Holding AG makes available the analysts’ assessments, does not imply its endorsement of or concurrence with them.
Hypo Real Estate Holding AG does not assume any warranty in conjunction with the analysts’ assessments and their reproduction and processing on these pages. In particular Hypo Real Estate Holding AG does not assume any warranty for the completeness, correctness and timeliness of the information and is not obliged to update, rectify or revise the information.
The presentation of the analysts’ assessments does in every respect not constitute an invitation to buy or to sell securities. In particular it does not constitute an invitation to buy or to sell shares of the Hypo Real Estate Holding AG.