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Expected earnings situation

The record result of financial year 2011 represents an exceptional result in the history of comdirect. It includes an extraordinary effect resulting from interest received on the tax refund. We have therefore considerably exceeded our expectations from the previous year. This is because even without the non-recurring extraordinary effect, the pro forma pre-tax profit of €98.8m would also have been a record result for comdirect.

We believe we are very well positioned for the future in terms of strategy and are in a strong operating position. Against this backdrop, if the environment develops as expected, we consider it is possible that our pre-tax profit will match the 2011 pro forma result in 2012 and surpass it in 2013.

Based on our assumptions for development of the market in 2012, we are forecasting a moderate rise in total income. With regard to net interest income, we expect a slight, mainly margin-related increase. Net commission income is heavily dependent on the trading environment and developments there are associated with great uncertainty even if the DAX rises as forecast. On the other hand, considerable price gains would lead to rising portfolio assets in investment funds resulting in higher sales follow-up commission.

We also plan to maintain our profitable growth course beyond 2012.