Interim Report. 1 January to 30 June

Interim Report 1 January to 30 June 14

01 CONTENTS INTERIM MANAGEMENT REPORT 3 Results of Operations of the Group 3 Financial Position and Net Assets of the Group 4 Other Disclosures 5 Opportunities and Risks 6 Outlook 6 INTERIM FINANCIAL STATEMENTS 8 Condensed Consolidated Balance Sheet 8 Condensed Consolidated Income Statement 10 Statement of Comprehensive Income 11 Statement of Changes in Equity 12 Consolidated Cash Flow Statement 14 Condensed Segment Reporting 15 Selected Notes Disclosures 16 Responsibility Statement of the Legal Representatives 23 Acknowledgements 24

02 MAXINGVEST AG is the holding company for the Tchibo and Beiersdorf operating subgroups. maxingvest ag holds a 100% stake in Tchibo GmbH and controls more than 50% of the voting rights of Beiersdorf AG. As a management holding company, maxingvest ag monitors and supports its subsidiaries, which operate independently. maxingvest ag is committed to PRESERVING AND ENHANCING ADDED VALUE and increasing it in the long term. As a management holding company, we maintain strategic oversight of our equity investments, monitor their financial indicators and provide an economic foundation, allowing our subgroups to concentrate on their operating business.

Interim management report 03 INTERIM MANAGEMENT REPORT FOR THE PERIOD 1 JANUARY TO 30 JUNE 2014 RESULTS OF OPERATIONS OF THE GROUP Consolidated revenues down year-on-year in nominal terms The maxingvest Group generated revenues of 4,693 million in the first half of 2014, recording year-on-year organic revenue growth of 1.9%. In nominal terms, revenues decreased by 1.6% compared with the prior-year figure of 4,770 million. Beiersdorf accounted for 68% of revenues and Tchibo for 32%. Revenues at Beiersdorf were up year-onyear, while those at Tchibo were lower. Organic revenues at Tchibo declined by 4.1% year-on-year. In nominal terms, revenues decreased by 5.3% to 1,522 million (previous year: 1,607 million). As expected, the announced structural adjustments and the retail price cuts for roasted coffee depressed revenues. Revenue growth was also impacted by the ongoing business challenges in Eastern Europe, particularly in Russia, and by increasing competition in the non-food business. The espresso/caffè crema business performed well, and Tchibo again increased its market share. Organic revenue growth at Beiersdorf amounted to 5.0% in the first half of 2014. In nominal terms, revenues increased by 0.2%, from 3,163 million to 3,171 million. The Consumer business segment lifted organic revenues by 5.0% and the tesa business segment by 5.4%. The encouraging revenue growth in the Consumer business segment was due to the positive trend in most emerging markets, although growth has eased over the past few months in some markets. Stable growth rates were achieved and market share was increased around the world in many saturated markets. The tesa business segment continued the positive revenue trend observed in the previous year. Both the industrial business and the consumer business expanded their revenue. Revenues MAXINGVEST Group in million Change Jan. June 14 Jan. June 13 1 Jan. 30 June 14 1 Jan. 30 June 13 organic nominal Tchibo 1,522 1,607 4.1% 5.3% Beiersdorf 3,171 3,163 5.0% 0.2% Total 4,693 4,770 1.9% 1.6%

Interim management report 04 Consolidated EBIT and net profit for the first six months down year-on-year The maxingvest Group s EBIT amounted to 527 million in the first half of 2014, a year-on-year decrease of 38 million. EBIT at Tchibo amounted to 88 million, compared with the prior-year figure of 93 million. The EBIT margin for the first half of 2014 remained level year-on-year at 5.8%. Beiersdorf generated EBIT of 452 million, up 18 million on the prior-year figure ( 434 million). The EBIT margin for the first half of 2014 amounted to 14.3% (previous year: 13.7%). Earnings in the Consumer business segment rose from 351 million to 367 million. At 85 million, EBIT in the tesa business segment was also up on the prior-year figure of 83 million. EBIT for the Holding division amounted to 13 million in the period under review (previous year: 38 million). In the prior-year period, EBIT was boosted in particular by the effect of the reversal of provisions in connection with former equity investments. Net financial income amounted to 4 million in the first half of 2014 (prior-year period: 6 million). Net profit for the first six months stood at 364 million, down on the previous year s figure of 391 million. The change in net profit for the first six months was mainly due to the decrease in EBIT. Earnings per share in accordance with IFRSs after non-controlling interests amounted to 54.27 (previous year: 64.70). NET ASSETS AND FINANCIAL POSITION OF THE GROUP Sound balance sheet with a stable, high equity ratio The maxingvest Group s total assets amounted to 13,990 million as at 30 June 2014 ( 13,668 million as at the year-end reporting date). Non-current assets rose slightly from 7,533 million to 7,645 million. This was primarily due to an increase in property, plant and equipment at Beiersdorf, where investments were made in the Consumer business segment s new factory in Mexico and tesa s new headquarters. Current assets rose by 3% as against the year-end figure, to 6,345 million. This was mainly attributable to an increase in trade receivables, which was due to a seasonal rise at Beiersdorf.

Interim management report 05 Equity rose by 2% compared with the year-end figure of 8,233 million to 8,412 million, while the equity ratio remained unchanged as against 31 December 2013, at 60%. Non-current liabilities rose by 3%, from 2,488 million to 2,572 million. This rise was mainly attributable to the lower discount rate for pension provisions. Current liabilities increased by 2%, from 2,947 million to 3,006 million. This was mainly attributable to an increase in trade payables at Beiersdorf due to operational factors. As at 30 June 2014, the fair value of the bond issued by maxingvest ag, which is measured on the basis of its quoted price, was 616 million after adjustment for repurchased bonds (year-end figure: 630 million). Additional bonds in the amount of 3 million have been repurchased on the capital market since the year-end. Cash and cash equivalents Cash and cash equivalents amounted to 1,046 million as at the end of the first half of 2014, a decrease of 183 million compared with the year-end. Cash flow from operating activities amounted to 178 million. Outflows of funds from changes in working capital totalled 169 million and were due to changes in inventories, receivables and other assets as well as changes in liabilities and current provisions. Net cash used in investing activities amounted to 198 million. This figure primarily comprises the balance of securities purchases and sales, which led to a net cash outflow of 79 million, and investments in non-current assets of 174 million. Net cash used in financing activities amounted to 165 million. This consists of dividends paid to maxingvest ag shareholders amounting to 48 million and dividends paid to non-controlling interests (primarily dividend payments to non-controlling shareholders of Beiersdorf AG) of 86 million. OTHER DISCLOSURES Changes to the Executive Board of Beiersdorf and the management of Tchibo Three new members were appointed to the Executive Board of Beiersdorf as at 1 July 2014. This means that the Executive Board now has six members again. Thomas Ingelfinger is responsible for Europe (excluding Germany and Switzerland), Stefan De Loecker for the Near East (including Russia, Turkey, the Middle East, Africa and India) and Zhengrong Liu for Human Resources, Corporate Communications and Sustainability, including the position of Labour Relations Director. Dirk Engehausen was appointed as a member of Tchibo GmbH s management effective 1 January 2014. He is responsible for the branch and outlet business in Germany, and for the Austrian and Swiss country organisations. Peter Rikowski has moved to a new corporate role within the maxingvest Group.

Interim management report 06 OPPORTUNITIES AND RISKS For an assessment of the opportunities and risks to which the maxingvest Group is exposed, please refer to the Risk Report on pages 36 to 41 of the 2013 Annual Report of maxingvest ag. There were no significant changes to the opportunities and risks as at 30 June 2014. OUTLOOK Macroeconomic parameters The statements made in the Report on Expected Developments in the 2013 Annual Report differ only marginally from current developments. The Institut für Weltwirtschaft (IfW Institute for the World Economy) expects the global economy to pick up in the second half of 2014. Despite this, elements of uncertainty remain with respect to developments in individual European countries, the financial markets and a potential increase in commodity prices. The industrialised nations continue to drive economic development and expansion, while growth in the emerging markets will be somewhat lower than in previous years. Eurozone GDP is expected to increase slowly as the year progresses. The IfW expects German GDP growth to outpace that of the eurozone as a whole. The European Central Bank s low benchmark interest rate is expected to lead to a rise in capital expenditure, while the fall in the unemployment rate is expected to boost consumer spending in Germany. The consumer confidence index also points towards positive growth. Despite the uncertain political situation and the possibility of additional sanctions being imposed by or against Russia, the country s growth rate is likely to show a slight improvement on the 2013 figure. After a weak first quarter due to the particularly cold winter, there is an upward trend in the United States. The recovery in the labour market is progressing and slight growth is expected for 2014. Growth is likely to ease off in China, where there are uncertainties relating to fiscal policy and the reforms that have been announced. Beiersdorf s Research and Development and Quality Management functions will work together to identify alternative sources of supplies and to define more open specifications, further securing supplies of raw materials for the company s production facilities. This will also continue to reduce dependence on individual suppliers and specific raw materials. As in the past, strategic partnerships with suppliers will secure the availability of raw materials in 2014, ensuring supplies for production facilities. In 2014, the price of oil will probably remain at a high but stable level of just over USD 100 per barrel. Overall, Beiersdorf expects moderate increases in the commodities markets, which can be further minimised by targeted measures in the area of procurement. Raw coffee prices surged at the beginning of the year due to a weaker harvest in Brazil following a severe drought. Purchasing prices are currently at a stable but high level. There is considerable uncertainty about how raw coffee prices will develop, with weather conditions in Brazil in the coming months set to play a substantial role.

Interim management report 07 Business development Our forecasts for the Group s expected development have changed with regard to revenue expectations for Tchibo since the publication of the Group management report in the 2013 Annual Report. The forecast for Beiersdorf is still applicable. Tchibo is anticipating that its 2014 revenues will be slightly below those of 2013 and that its earnings will remain at the prior-year level. Beiersdorf is aiming for its revenue growth to outperform the market in 2014 and is maintaining its existing revenue growth forecast of between 4% and 6%. The company s EBIT margin from operations is expected to exceed 13%.

08 INTERIM FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEET ASSETS in million 30 June 2014 31 Dec. 2013 NON-CURRENT ASSETS Intangible assets 5,335 5,335 Property, plant and equipment 1,239 1,174 Non-current financial assets 848 832 Income tax receivables 19 19 Other non-current assets 6 5 Deferred tax assets 198 168 7,645 7,533 CURRENT ASSETS Inventories 1,331 1,226 Trade receivables 1,519 1,308 Other current financial assets 279 351 Income tax receivables 157 81 Other current assets 180 154 Securities 1,799 1,741 Cash and cash equivalents 1,080 1,274 6,345 6,135 13,990 13,668

09 EQUITY AND LIABILITIES in million 30 June 2014 31 Dec. 2013 EQUITY Shares held by shareholders of maxingvest ag 5,241 5,116 Non-controlling interests 3,171 3,117 8,412 8,233 NON-CURRENT LIABILITIES Provisions for pensions and other post-employment benefits 653 554 Other non-current provisions 104 107 Non-current financial liabilities 579 581 Other non-current liabilities 3 3 Deferred tax liabilities 1,233 1,243 2,572 2,488 CURRENT LIABILITIES Current provisions 640 653 Income tax liabilities 134 135 Trade payables 1,322 1,233 Other current financial liabilities 724 755 Other current liabilities 186 171 3,006 2,947 13,990 13,668

10 CONDENSED CONSOLIDATED INCOME STATEMENT in million Jan. June 2014 Jan. June 2013 Revenues 4,693 4,770 Cost of sales 1,951 1,984 Gross profit 2,742 2,786 Marketing and selling expenses 1,934 1,973 Research and development costs 82 76 General administrative expenses 211 212 Net other operating expenses 12 40 Operating profit (EBIT) 527 565 Net financial income 4 6 Profit for the period before tax 531 559 Income taxes 167 168 Profit for the period after tax 364 391 of which attributable to shareholders of maxingvest ag 199 237 of which attributable to non-controlling interests 165 154 Basic/diluted earnings per share (in ) 54.27 64.70

11 STATEMENT OF COMPREHENSIVE INCOME Jan. June 2014 Jan. June 2013 in million Total Shareholders of maxingvest ag Non- controlling interests Total Shareholders of maxingvest ag Non- controlling interests Net profit 364 199 165 391 237 154 Items that may be reclassified subsequently to profit or loss Changes in cash flow hedges 10 5 5 5 2 3 Deferred taxes on changes in cash flow hedges 3 2 1 2 1 1 Changes in cash flow hedges recognised in other comprehensive income 7 3 4 3 1 2 Remeasurement gains and losses on available-for-sale financial assets 10 4 6 4 3 1 Deferred taxes on remeasurement gains and losses on available-for-sale financial assets 4 2 2 1 1 Remeasurement gains and losses on available-for-sale financial assets recognised in other comprehensive income 6 2 4 3 2 1 Exchange differences 15 8 7 69 36 33 Items that will not be reclassified to profit or loss Remeasurements of defined benefit pension plans 95 48 47 10 5 5 Deferred taxes on remeasurements of defined benefit pension plans 30 15 15 3 2 1 Remeasurements of defined benefit pension plans recognised in other comprehensive income 65 33 32 7 3 4 Total other comprehensive income after tax 51 26 25 76 40 36 Total comprehensive income 313 173 140 315 197 118

12 STATEMENT OF CHANGES IN EQUITY in million Subscribed capital Capital reserves Retained earnings JANUARY JUNE 2014 1 January 2014 125 173 4,825 Total comprehensive income 166 maxingvest ag dividend for the previous year 48 Dividends paid to non-controlling interests for the previous year 30 June 2014 125 173 4,943 in million Subscribed capital Capital reserves Retained earnings JANUARY JUNE 2013 1 January 2013 125 173 4,423 Total comprehensive income 234 maxingvest ag dividend for the previous year 48 Dividends paid to non-controlling interests for the previous year 30 June 2013 125 173 4,609

13 Other equity Currency translation differences Cash flow hedging instruments Available-for-sale financial assets Shareholders of maxingvest ag Non-controlling interests Total 21 1 13 5,116 3,117 8,233 8 3 2 173 140 313 48 48 86 86 13 2 15 5,241 3,171 8,412 Other equity Currency translation differences Cash flow hedging instruments Available-for-sale financial assets Shareholders of maxingvest ag Non-controlling interests Total 45 1 9 4,776 2,980 7,756 36 1 2 197 118 315 48 48 79 79 9 2 7 4,925 3,019 7,944

14 CONSOLIDATED CASH FLOW STATEMENT in million Jan. June 2014 Jan. June 2013 Operating profit (EBIT) 527 565 Income taxes paid 257 225 Depreciation, amortisation and impairment losses of intangible assets and property, plant and equipment 88 87 Change in non-current provisions (excluding interest) 8 10 Result on disposal of intangible assets and property, plant and equipment 3 2 Change in inventories 105 2 Change in receivables and other assets 147 211 Change in liabilities and provisions 83 1 Cash flow from operating activities 178 223 Investments in non-current assets 174 119 Proceeds from divestments and the sale of non-current assets 21 13 Payments for the purchase of securities 866 924 Proceeds from the sale/maturity of securities 787 1,112 Interest received 10 41 Proceeds from dividends and other financing activities 24 12 Cash flow from investing activities 198 135 Free cash flow 20 358 Loan repayments 5 5 Interest paid 16 18 Other financial expenses paid 10 15 maxingvest ag dividend 48 48 Dividends paid to non-controlling interests 86 79 Cash flow used in financing activities 165 165 Effect of exchange rate changes on cash and cash equivalents 2 23 Net change in cash and cash equivalents 183 170 Cash and cash equivalents at 1 January 1,229 1,108 Cash and cash equivalents at 30 June 1,046 1,278 For details of cash and cash equivalents, see the selected notes disclosures on Cash and cash equivalents.

15 CONDENSED SEGMENT REPORTING January June 2014 in million Tchibo Beiersdorf Holding Group Revenues 1,522 3,171 4,693 Annual percentage change (organic) in % 4.1 5.0 1.9 Annual percentage change (nominal) in % 5.3 0.2 1.6 Share of Group revenues in % 32 68 100 Operating result 88 452 13 527 as % of revenues 5.8 14.3 11.2 January June 2013 in million Tchibo Beiersdorf Holding Group Revenues 1,607 3,163 4,770 Annual percentage change (organic) in % 4.6 6.6 2.5 Annual percentage change (nominal) in % 4.9 3.3 0.4 Share of Group revenues in % 34 66 100 Operating result 93 434 38 565 as % of revenues 5.8 13.7 11.8 The percentage changes relate to amounts in thousand. The maxingvest Group reports the Tchibo, Beiersdorf and Holding Company operating segments. These operating segments reflect the Group s internal management and reporting.

16 SELECTED NOTES DISCLOSURES Information about the Company and the Group maxingvest ag has its registered office at Überseering 18, Hamburg, and is entered in the commercial register at the Hamburg Local Court under the number HR B 21337. The condensed interim consolidated financial statements for the period from 1 January to 30 June 2014 were approved for publication by resolution of the Management Board. The purpose of maxingvest ag and its subsidiaries ( maxingvest Group ) is, in the case of Tchibo, to source and sell coffee, consumer merchandise, power, and services such as mobile communications services and travel. In the Beiersdorf segment, it is to manufacture and distribute branded consumer goods (especially the NIVEA brand) in the area of skin and body care, as well as to manufacture and distribute self-adhesive products and system solutions for industry, craft businesses and consumers. The Holding company segment mainly comprises the maxingvest Group s asset and investment management activities. Revenues and the segment operating results (EBIT) are presented in the condensed segment reporting section for the first half of 2014 and for the prior-year period. Basis of preparation The condensed interim consolidated financial statements for the period from 1 January to 30 June 2014 were prepared in accordance with IAS 34 Interim Financial Reporting. The condensed interim consolidated financial statements do not contain all the information and disclosures required for consolidated financial statements and must therefore be read in conjunction with the consolidated financial statements as at 31 December 2013. Accounting policies The amounts presented in this interim report were calculated in accordance with International Financial Reporting Standards (IFRSs). The same accounting policies were used in the interim consolidated financial statements as in the annual consolidated financial statements for 2013. The intraperiod income tax expense was calculated on the basis of the estimated effective tax rate for the full year. The interim report was not audited or reviewed by an auditor.

17 Seasonal effects on business activities The seasonal nature of the Tchibo business segment usually means that revenues for this segment are expected to be higher in the second half of the year than in the first half. Increased revenues in November and December are primarily attributable to higher demand for non-food articles in the Christmas season. Cash and cash equivalents The cash and cash equivalents reported in the consolidated balance sheet and cash flow statement consist of the f ollowing items: in million 30 June 2014 30 June 2013 Cash 879 1,034 Cash equivalents 201 270 Cash and cash equivalents reported in the balance sheet 1,080 1,304 Current bank debt 28 20 Overnight money borrowed from/invested in investees 6 6 Cash and cash equivalents reported in the cash flow statement 1,046 1,278

18 Additional disclosures on financial instruments The following tables present the financial instruments recognised by the maxingvest Group as at 30 June 2014 and 31 December 2013 by measurement categories and classes. in million Carrying amount in accordance with IAS 39 Fair value Carrying amount 30 June 2014 Amortised cost recognised directly in equity Fair value recognised in profit or loss Fair value 30 June 2014 ASSETS Loans and receivables 3,015 3,015 3,015 Trade receivables 1,519 1,519 1,519 Non-current financial assets 13 13 13 Other current financial assets 270 270 270 Securities 133 133 133 Cash and cash equivalents 1,080 1,080 1,080 Available-for-sale financial assets 1,293 20 1,273 1,293 Non-current financial assets 31 20 11 31 Securities 1,262 1,262 1,262 Held-to-maturity investments 1,208 1,208 1,218 Non-current financial assets (securities) 804 804 813 Securities 404 404 405 Financial assets at fair value through profit or loss 4 4 4 Other current financial assets 4 4 4 Derivative financial instruments included in a hedging relationship 5 3 2 5 EQUITY AND LIABILITIES Financial liabilities at fair value through profit or loss 617 617 617 Other current financial liabilities 617 617 617 Other financial liabilities 1,998 1,998 1,999 Trade payables 1,322 1,322 1,322 Non-current financial liabilities 579 579 580 Other current financial liabilities 97 97 97 Derivative financial instruments included in a hedging relationship 10 8 2 10

19 in million Carrying amount in accordance with IAS 39 Fair value Carrying amount 31 Dec. 2013 Amortised cost recognised directly in equity Fair value recognised in profit or loss Fair value 31 Dec. 2013 ASSETS Loans and receivables 2,941 2,941 2,941 Trade receivables 1,308 1,308 1,308 Non-current financial assets 12 12 12 Other current financial assets 334 334 334 Securities 13 13 13 Cash and cash equivalents 1,274 1,274 1,274 Available-for-sale financial assets 1,290 13 1,277 1,290 Non-current financial assets 26 13 13 26 Securities 1,264 1,264 1,264 Held-to-maturity investments 1,258 1,258 1,260 Non-current financial assets (securities) 794 794 796 Securities 464 464 464 Financial assets at fair value through profit or loss 4 4 4 Other current financial assets 4 4 4 Derivative financial instruments included in a hedging relationship 13 10 3 13 EQUITY AND LIABILITIES Financial liabilities at fair value through profit or loss 634 634 634 Other current financial liabilities 634 634 634 Other financial liabilities 1,924 1,924 1,925 Trade payables 1,233 1,233 1,233 Non-current financial liabilities 581 581 582 Other current financial liabilities 110 110 110 Derivative financial instruments included in a hedging relationship 11 5 6 11 The following hierarchy levels under IFRS 13 are used to measure and report the fair values of financial instruments: Level 1: fair values that are determined using quoted prices in active markets. Level 2: fair values that are determined using valuation techniques whose significant inputs are based on observable market data. Level 3: fair values that are determined using valuation techniques whose significant inputs are not based on observable market data.

20 The following overview shows the hierarchy levels used to categorise financial instruments that are measured at fair value on a recurring basis. in million Fair value hierarchy in accordance with IFRS 13 Level 1 Level 2 Level 3 Total fair value as at 30 June 2014 ASSETS Available-for-sale financial assets 1,262 11 1,273 Other non-current financial assets 11 11 Securities 1,262 1,262 Financial assets at fair value through profit or loss 4 4 Other current financial assets 4 4 Derivative financial instruments included in a hedging relationship 5 5 EQUITY AND LIABILITIES Financial liabilities at fair value through profit or loss 616 1 617 Other current financial liabilities 616 1 617 Derivative financial instruments included in a hedging relationship 10 10 in million Fair value hierarchy in accordance with IFRS 13 Level 1 Level 2 Level 3 Fair value 31 Dec. 2013 ASSETS Available-for-sale financial assets 1,264 13 1,277 Other non-current financial assets 13 13 Securities 1,264 1,264 Financial assets at fair value through profit or loss 4 4 Other current financial assets 4 4 Derivative financial instruments included in a hedging relationship 13 13 EQUITY AND LIABILITIES Financial liabilities at fair value through profit or loss 634 634 Other current financial liabilities 634 634 Derivative financial instruments included in a hedging relationship 11 11 No transfers between hierarchy levels took place in the first half of 2014. In the maxingvest Group, securities carried at fair value and the euro debut bond reported under current financial liabilities are allocated to fair value hierarchy level 1 and are measured at current quoted prices on the reporting date.

21 The derivative financial instruments reported in other current and non-current assets and liabilities are allocated to fair value hierarchy level 2. The fair values of currency forwards are calculated using the exchange rate as at the reporting date and discounted to the reporting date on the basis of their respective yield curves. The fair values of interest rate derivatives are calculated on the basis of current interest rates and yield curves as well as their remaining terms as at the reporting date using appropriate financial techniques. The fair values of commodities futures transactions are calculated by reference to current quoted prices for coffee and current exchange rates as at the reporting date using appropriate financial techniques. The equity investments in private equity funds reported in other non-current financial assets are allocated to fair value hierarchy level 3. The fair values of the assets in these funds are measured on the basis of reference prices for comparable market transactions using revenue and EBITDA multiples for the sector concerned. Changes in level 3 financial assets measured at fair value in million 2014 Balance at 1 January 2014 13 Remeasurement gains recognised in other comprehensive income 1 Disposals 1 Balance at 30 June 2014 11 Financial instruments that are not measured at fair value predominantly have remaining contractual maturities of less than 12 months as at the reporting date. Therefore, their carrying amounts at the reporting date correspond approximately to their fair value. Securities classified as held to maturity are an exception. Changes in the consolidated group As compared to 31 December 2013, there has not been any significant change in the companies included in the consolidated financial statements of maxingvest ag in the first six months of the financial year 2014. Related party disclosures Please refer to the related party disclosures in the consolidated financial statements as at 31 December 2013. There were no significant changes in the first six months of 2014.

22 Dividend paid maxingvest ag made a dividend distribution of 48 million in the first half of 2014. Events after the end of the period There were no significant events after the end of the period that will have a material effect on the maxingvest Group s business development.

23 RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year. Hamburg, August 2014 maxingvest ag The Management Board Michael Herz Thomas Holzgreve

24 ACKNOWLEDGEMENTS Published by maxingvest ag Überseering 18 22297 Hamburg Contact Corporate Communications Phone +49 40 6387 2876 Fax +49 40 6387 2530 E-mail presse@maxingvest.de Internet www.maxingvest.com Concept and design Berichtsmanufaktur GmbH, Hamburg English translation Fry & Bonthrone Partnerschaft, Mainz-Kastel EnglishBusiness AG, Hamburg