Analysts' recommendations

Our share has drawn the attention of numerous analysts. The following list is intended to provide you with an overview of the banks and financial institutions presently monitoring the performance of the Schaltbau share. The list is not to be regarded as a complete summary, but simply includes the financial institutions whose analysts are in contact with Schaltbau Holding AG.

These banks and institutions provide Schaltbau Holding AG with their analyses or studies for publication on our Investor Relations webpages. We ask you to acknowledge the disclaimer below.

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Institution Analyst	Recommen-dation	Price target in euros	Date

Landesbank Baden-Württemberg Harald Rehmet	Hold	82.--	19.01.2012
	Hold	82.--	17.11.2011
	Hold	82.--	07.11.2011

Close Brothers Seydler Research AG Ralf Marinoni Felix Parmantier	Buy	100.--	25.01.2012
	Buy	100.--	09.11.2011
	Buy	100.--	01.11.2011

DZ BANK Karsten Oblinger	Buy	83.--	26.01.2012
	Buy	83.--	09.11.2011
	Buy	78.--	10.08.2011

Solventis Klaus Soer	Hold	74.50	07.11.2011
	Buy	82.--	06.09.2011
	Buy	82.--	24.05.2011

fairesearch Heinz Steffen	Buy	84.00	01.12.2011
	Buy	92.00	26.07.2011
	Buy	83.50	11.05.2011

Disclaimer

The above reports were not written by Schaltbau Holding AG and the entire content of these studies is the sole responsibility of their authors. Schaltbau Holding AG does not accept any liability for the selection, topicality, completeness or correctness of the analysts’ recommendations and assessments reported. Any reference to recommendations and/or evaluations of this nature is solely intended as non-binding information for the reader.

The assessments and recommendations on this internet website do not constitute a request to buy, hold or sell securities and are not intended to be an advertisement for securities in any shape or form.

Contact

Schaltbau Holding AG

Hollerithstraße 5
D-81829 München

Wolfdieter Bloch
Public Relations

Phone +49 (0)89/93005-209
Fax +49 (0)89/93005-318
bloch@schaltbau.de