Syndicated loan for EUR 475 million

IWKA Aktiengesellschaft replaced debt and guarantee facilities previously provided primarily by bilateral short-term lines with various banks through a syndicated loan in the sum of EUR 475 million.

31 January 2007

The loan has a three year term which may be extended for a further one or two years under an agreement to that effect with participating banks. The syndicated loan places the Group's financing on a new basis.

The syndicated loan is in addition to the financing provided by the convertible bond issued on April 24, 2006 in the sum of EUR 69 million. An ABS program established in December 2006 (regular sale of receivables) in the sum of EUR 25 million completes the refinancing of the IWKA Group.

Karlsruhe, January 31, 2007

The Executive Board

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