Ann: Change in substantial holding, page-3

Norman and co have bought 3m in the last 20 days or so.

Norman Rentrop is the chairman of Rentrop Investment Office (Rentropsche Vermögensverwaltung). He is an investor in both private and public equity. In private equity Norman has invested in 18 companies in Britain, Ireland, Germany, Austria, Switzerland, Poland, Romania, Russia, China and USA with an IRR of 16.5 % p.a. (1991 – 2002). Among his better known investments have been Sunday Business Post, N-TV (the German news channel) and ADI Auftragsdienst der Deutschen Industrie (Construction Market).

He presents a very entrepreneurial outlook towards investing by not being afraid of going against the crowd and sometimes, even investing against some high sentiment. Norman is a very hands-off investor like his great role model Warren Buffett. You can see him regularly at the Berkshire Hathaway Annual Shareholder meeting (1st Saturday in May in Omaha, NE). He presents a very entrepreneurial outlook towards investing by not being afraid of going against the crowd and sometimes, even investing against some high sentiment. Norman is a very hands-off investor like his great role model Warren Buffett. You can see him regularly at the Berkshire Hathaway Annual Shareholder meeting (1st Saturday in May in Omaha, NE).

Norman built a 100 million Euro professional publishing company from scratch. After his 40th birthday he moved from the operational side of the publishing company to chairman of the supervisory board to have more time for inner reflection and his family. Currently, the publishing company is run by excellent managers while Norman oversees the investing of his family office. His family office invests in:

a) undervalued public companies

b) merger arbitrage and special situations

c) enhanced indexing

d) Berkshire Hathaway

e) Private equity with a very long term (10+ years) outlook

Rentrop Family Office focuses on investing, growing family wealth and tax administrations and their goal is to grow family wealth 12% p.a. NOT preserve wealth.