Ann: Offer Document - Rights Issue, page-12

On some kind of legal wordings my English capabilities come to a certain limit. So I do not know if my understanding of that offer is correct.

And nevertheless for me in Germany its not possible to go for that offer.

Anyway, what I understand is, the offer shares are 14,29% of the current number of o/s.

So that means the o/s total number will increase by these 14,29%. which further means that the SP has a serious down potential by that 14,29% since the MC has to be the same w/o any fundamental change (based on good news or whatever).

But if somebody would like to execute this offer he only gets 10% discount of the SP from 2nd October, right?

So if 88E wanted to make this an attractive offer for shareholders, the discount price should be higher than the dilution rate of 14,29%.

Don´t know if this has been discussed here already but these are my thoughts about this offer and even I would be allowed to take the offer I would not do it based on the aforementioned.

And I also do not think, that we see a good news within the next lets say 2 weeks or so. In my opinion this offer is not linked to a certain PR to come.

88E also see´s that the SP has settled now on a more or lesse stable level and w/o any bad news the SP won´t go further down significantly. So this offer will bring rewards in the mid or long term, not in the short term. Theres a lot of potential remaining to lift the SP up.

But now, slowly, 88E has to come in a hurry to create REAL shareholder value. The years passing by and the only ones who made a good deal here are the traders.

We get dilution now (almost 15% is quite high) so we need to see some REAL value now as counterbalance!

Just my 2€ cents