Seminar | Corporate Finance

SJ Berwin LLP Investment Forum
Wednesday 21st June 2006
at Poseidon-Haus, Hamburger Allee 1, 60486 Frankfurt am Main

Again, in our Investment Forum, we would like to address current issues of special interest:

On the 9th May 2006, Deutsche Börse AG, the German Stock Exchange company, started listing 2,600 actively managed investment funds. Investors may now, on every trading day and with continuous pricing, purchase units in those investment funds on the stock exchange without paying any sales charges. This trading primarily means new competition for the established distribution channels - and most importantly, their income structures, including the reliance on trailer fees. This leads to the question whether stock exchange trading of investment funds has the potential to substantially alter the investment fund landscape in Germany. We are pleased that the responsible project leader from Deutsche Börse AG, has agreed to give us a presentation and shed some light on the background and first experiences with the trading. Following on, we shall present the specific legal aspects of this trading and its consequences for the distribution architecture.

Our second core subject then positively pays tribute to the world's and our own football fever: The linking of financial products to sports events like the World Cup has recently taken off. We shall take a closer look at such "sporty" financial products and investigate the numerous legal issues (including trademark and competition aspects) arising in connection therewith.

Following the presentations; we would like to invite you to join us for some snacks and beer whilst we watch, firstly, as a warm up, the World Cup clash between Portugal and Mexico (replay) and then, for the persistent aficionados, the Netherlands vs. Argentina game.

We look forward to an interesting seminar and sharing a truly diversified evening with you!

Timetable

16.30 Registration and coffee
17.00  Seminar begins
19.00  Drinks / Portugal -v- Mexico
21.00  Netherlands -v- Argentina

Programme

Introduction
    Achim Pütz
    Partner, SJ Berwin LLP

Guest Presentation
Trading of investment funds on the German Stock Exchange

    Jochen Thiel
    Director, Head of Product Design Retail Trading, Deutsche Börse AG

Legal aspects of the stock exchange trading of investment funds and
its relevance for the existing distribution architecture

    Dr. Henning Starke, LL.M.
    Partner, SJ Berwin LLP

Structured products - legal issues relating to the structuring and the
marketing of financial products linked to sport events

    Dr. Hilger von Livonius
    Senior Associate, SJ Berwin LLP

RSVP
Please send your acceptance of this invitation together with your name and organisation to Ms. Jennifer Steidl (jennifer.steidl@sjberwin.com, Fax 069/50 50 32-499) by the 14th June 2006. Please also let us know whether you shall be able to stay for the football. Of course, any interested colleagues of yours are also more than welcome to participate in our seminar.