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2 Update on growth initiatives 3 Managing the cost base 4 Growth and value creation Investor Relations 09/07 2 financial transparency. A dynamic business Initiatives & Acquisitions Expansion of distribution network Acquisition Market Relaunch Co-operations 2004 Investor Relations 09/07 3 2005 2006 2007 China CC financial transparency. with growth across the board In EUR bn Revenues CAGR 8% Invested assets 5.7 CAGR 10% 4.5 2004 197 31 Dec 2004 Not.

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