Probable development of the Group

Corporate Operations

AmpegaGerling Asset Management: As a result of updated arm’s length comparisons, revenues are expected to contract by EUR 12 million on account of lower fee agreements with affiliated Group companies. If operating expenses are maintained on the level of 2010, the operating profit will decrease as planned to EUR 21 million (excluding income from profit transfer agreements).

AmpegaGerling Investment GmbH: Along with portfolio management of public and special funds, the company’s activities in 2011 will be concentrated on refining its business processes with a view to attaining UCITS IV compliance (management of foreign funds) as well as on further expansion of technical expertise for the administration of investments. All in all, the operating profit for 2011 is expected to be on the level of the previous year.

AmpegaGerling Immobilien Management GmbH: In view of the transfer of the mortgage lending business (and hence the loss of the associated revenues), it is anticipated that revenues will contract by around EUR 1 million despite the reorganization of commission structures and, among other things, the associated increase in portfolio margins. Driven by special project costs, a negative operating result of –EUR 0.7 million is planned for 2011. From 2012 onwards, following complete implementation of the new production structures and elimination of special project expenses, it is envisaged that an operating profit will be generated.

As things currently stand, it is to be anticipated that the profit generated by Protection Re in 2011 will surpass the level of the 2010 financial year.