MEDION AG, Essen. Separate Financial Statements. For the Year ended December 31, 2011

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1 MEDION AG, Essen Separate Financial Statements For the Year ended December 31, 2011

2 Combined Management Report of MEDION Group and MEDION AG Additional Disclosures for MEDION AG in Accordance with the German Commercial Code (HGB) The management report of MEDION AG and the Group management report for fiscal year 2011 have been combined pursuant to Sections 315 (3) and 298 (3) of the German Commercial Code (HGB). The financial statements of MEDION AG prepared in accordance with HGB and the combined management report are published at the same time in the electronic version of the German Federal Gazette. Financial performance of MEDION AG in accordance with HGB million % million % million /- Sales 1, , Cost of materials -1, , Gross earnings Personnel expenses Other expenses and income Depreciation/amortization EBIT Financial result EBT Taxes Net income MEDION AG In fiscal 2011, MEDION AG recognized sales of 1,423.8 million (previous year: 1,632.0 million, reflecting a decrease of million (-12.8%).

3 Combined Management Report of MEDION Group and MEDION AG However, despite the anticipated increase in price pressure in 2011, MEDION AG increased its gross margin from 11.0% to 12.4%. Despite the decline in sales, gross earnings of million were only slightly lower than the previous year s figure of million. Personnel expenses of MEDION AG in accordance with HGB Total personnel expense in thousand 28,222 27,641 Average number of employees Personnel expense per employee in 60,303 59,315 Number of employees as of the balance sheet date Personnel expenses at MEDION AG were 28.2 million in 2011, exceeding the previous year s level of 27.7 million by +2.1%. There was for the most part no change in the average number of employees of MEDION AG. A reduction in the number of employees in Service and Administration was offset by an increase in Sales.

4 Combined Management Report of MEDION Group and MEDION AG Other operating expenses/income of MEDION AG in accordance with HGB million million million +/- Other operating expenses Selling expenses for marketing for customer service for miscellaneous Administrative expenses Operating expenses Other Other operating income Other operating expenses, net

5 Combined Management Report of MEDION Group and MEDION AG Other operating expenses and income at MEDION AG decreased slightly from million to million. While the decreased expenses for customer service as a portion of selling expenses reflects the development of business volume, marketing expenses were increased for the purpose of expanding our online activities and launching new products. The increase in administrative expenses by 4.7 million to 17.7 million (previous year: 13.0 million) is primarily the result of expenses in connection with the acquisition of MEDION shares by Lenovo. Divestments caused depreciation and amortization to decrease by 0.6 million to 3.6 million in the period under review (previous year: 4.2 million). Operating and office equipment accounted for depreciation of 1.4 million. Despite a 12.8% decline in sales, MEDION achieved EBIT of 23.7 million in 2011, which is only slightly (-2.9%) lower than the 2010 figure of 24.4 million. The financial result includes 3.4 million in investment income from dividends of the subsidiaries. MEDION AG received no dividends in Furthermore, the financial result in 2010 included interest expenses from expected interest on back tax payments of 0.7 million. Due to minimum taxation regulations in Germany, MEDION AG incurred an effective income tax expense of 3.3 million in 2011, the same amount as in 2010 despite the existing tax loss carryforwards of MEDION AG. The reduction in the tax rate overall is due on the one hand to the receipt of tax-exempt dividends in 2011; on the other hand, the tax expenses in 2010 included 1.1 million in tax liabilities for prior years as a result of a tax audit for the years 2003 to Net income of MEDION AG for the year 2011 thus increased by 4.4 million to 25.7 million (previous year: 21.3 million). The Management and Supervisory Boards will propose a dividend of 0.21 for each dividend-entitled share.

6 Combined Management Report of MEDION Group and MEDION AG Balance sheet structure of MEDION AG in accordance with HGB million % million % million % Dec. 31, 2011 Dec. 31, /- Fixed assets Total fixed assets Inventories Trade accounts receivable Cash and cash equivalents Other assets thereof: term deposits Total current assets Total assets Shareholders equity Non-current liabilities Tax provisions Other provisions Trade payables Other current liabilities Total current liabilities Total shareholders equity and liabilities Compared with the previous year, the total assets of MEDION AG increased by 54.9 million (+8.1%) to million (previous year: million). The lower amount of funds tied up in inventories and trade receivables totaling 17.2 million was offset by increased trade payables of 52.1 million. This is reflected in correspondingly higher cash and cash equivalents. Apart from the increase in cash and cash equivalents by 47.8 million to million, medium-term cash investments increased by 37.9 million to 67.9 million. The equity-to-assets ratio decreased from 53.7% in the previous year to 51.9%.

7 Combined Management Report of MEDION Group and MEDION AG Abridged cash flow statement of MEDION AG in accordance with HGB million million million % /- Net income Depreciation, amortization and other non-cash expenses and income Gross cash flow Changes in net current assets >100.0 Changes in other provisions >100.0 Cash flow from operating activities >100.0 Cash used for investing activities Free cash flow >100.0 Cash used for financing activities Change in cash and cash equivalents > Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Consistent with the lower amount of funds tied up in working capital and the higher net income for the year, cash flow from operating activities increased to 71.7 million. While cash outflow from investing activities decreased slightly, cash outflow from financing activities increased due to a higher dividend distributed in 2011 for 2010, ( 0.23 per share; dividend distributed in 2010 for 2009: 0.20 per share). Overall, MEDION AG saw a net increase of 60.6 million in cash and cash equivalents to end the year at million.

8 Separate Financial Statements of MEDION AG Income Statement in thousand Sales 1,423,848 1,632, Other operating income 4,875 4, Cost of materials a) Cost of goods purchased 1,230,361 1,432,868 b) Cost of services purchased 16,976 18,832 1,247,337 1,451, Personnel expenses a) Wages and salaries 24,327 24,047 b) Social security contributions and pension expenses 3,895 3,594 28,222 27, Depreciation/amortization on intangible assets and property, plant and equipment 3,598 4, Other operating expenses 125, , Income from equity investments 3, Other interest and similar income 3,813 3, Impairment losses on financial assets and securities held as current assets Interest and similar expenses 1,645 2, Profit from ordinary activities 29,111 25, Extraordinary expenses Extraordinary result Taxes on income (thereof deferred taxes: -22 thousand; 2010: -95 thousand) 3,229 4, Other taxes ,387 4, Net income 25,724 21, Net income brought forward from prior years 21,327 25, Dividends paid 10,277 8, Allocation to other revenue reserves 11,050 16, Unappropriated retained earnings 25,724 21,327

9 Separate Financial Statements of MEDION AG Balance Sheet Assets in thousand Dec. 31, 2011 Dec. 31, 2010 A. Fixed assets I. Intangible assets 1. Industrial rights Software 1,692 2, Payments on account ,876 3,083 II. Tangible assets 1. Land and buildings 24,740 25, Other equipment, operating and office equipment 3,242 4, Payments on account and construction in progress ,324 30,262 III. Financial assets Shares in affiliated companies 3,906 3,906 35,106 37,251 B. Current assets I. Inventories Goods and merchandise 208, ,349 II. Receivables and other assets 1. Trade accounts receivable 235, , Receivables due from affiliated companies 8, Other assets 64,573 49, , ,239 III. Securities Other securities 37,875 34,910 IV. Cash on hand, bank balances and checks 139,481 91, , ,240 C. Prepaid expenses 769 1,118 D. Deferred taxes , ,952

10 Separate Financial Statements of MEDION AG Balance Sheet Shareholders equity in thousand Dec. 31, 2011 Dec. 31, 2010 A. Shareholders equity I. Subscribed capital 1. Issued capital 48,418 48, Nominal amount of treasury shares -3,737-3,806 - thereof common shares: 48,418 thousand - Authorized capital: 24,000 thousand (2010: 24,000 thousand) 44,681 44,612 II. Capital reserves 138, ,488 III. Retained earnings Other revenue reserves 169, ,561 IV. Unappropriated retained earnings 25,724 21, , ,988 B. Provisions 1. Pension provisions 2,801 2, Tax provisions 44 2, Other provisions 142, , , ,215 C. Liabilities 1. Trade accounts payable 178, , Liabilities due to affiliated companies 13,649 3, Other liabilities 12,456 8, , ,084 D. Deferred income 1, , ,952

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